Sr 509 Surplus Des Moines Creek West Port Of Seattle Commission 2021-02-09 RM 8h Supp

Supporting Development of the Des Moines Creek West property Item No. 8h supp Date of Meeting February 9, 2021 Action Requested Request Commission authorization for the Executive Director to execute the purchase and sale agreement between WSDOT and the Port of Seattle, and approve $3.15 million, which includes $2.9 million and associated costs, in order to purchase a 14.3 acre section of the former SR509 right of way in the City of Des Moines, WA. The Site Location Adding Value to Port Des Moines Creek West Development Property Details • WSDOT acreage: 14.3 acres • Port acreage: 15.6 acres • Purchase price: $2.9 million • Street Improvements: $1.5 million Road improvements Light Industrial Development Supports SEA  Property acquisition enhances potential to support aviation supply chain (logistics companies, manufacturers, service providers, etc.) and SEA efficiencies  Property acquisition and subsequent larger development generates jobs and new tax revenues for City of Des Moines and surrounding communities  Property development will generate income to support airport operations and capital projects  Property development will support Port Diversity in Contracting and Workforce Development initiatives  The purchase protects and reserves land for industrial development Des Moines Creek West Development Schedule Q2 2O21 Q1 2022 Commission approval on ground Lease with Developer Q2 2023 Break ground and commence Port revenue Q3 2024 Distribute RFP Facility delivery and certificate of occupancy Strong Market for Industrial Development MARKET RENT PER SQUARE FEET Property Development Options Manufacturing Office Center Distribution Small Business Incubator Financial Summary Site…

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PSCAA Advisory Council Meeting Agenda
Add to CalendarMWednesday Mar 11, 9:00am - 11:35am
1904 3rd Avenue, Suite 105, Seattle, WA 98101
Call to order – Roll Call – Quorum Established – Land Acknowledgement We would like to acknowledge that our Agency operates in four present-day counties, which are the traditional lands of the Coast Salish people, past and present. This acknowledgement does not take the place of authentic relationships with indigenous communities in our jurisdiction and [...]