Notes
Port Of Seattle Commission agenda memorandum (Action Item 8d, July 9, 2024) from Kyra Lise and Dave McFadden requesting $700,000 authorization for the Executive Director to execute a Purchase and Sale Agreement (PSA) for Tract C, a 19,881 square foot parcel at the intersection of South 216th Street and 20th Avenue South in Des Moines, WA, purchased from the City of Des Moines at appraised fair market value of $690,000 (appraised by Kidder Mathews). The parcel is needed for commercial cargo truck access to the Des Moines Creek West development site leased to Panattoni Development Company under a ground lease executed August 2022. The purchase also requires a ground lease amendment to reflect increased square footage and lease revenues. Originally deeded to the City of Des Moines via a 2014 Interlocal Agreement related to the Des Moines Creek Business Park. Panattoni is currently in the SEPA process and in discussions with the City of Des Moines regarding short platting of Tract C.