Title
Status Report on Water Street Redevelopment Area (WSRA) Plan
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Briefing only; no action requested.
Report
Issue:
Whether to receive an update of the WSRA timeline and next steps.
Staff Contact:
Renee Sunde, Economic Development Director, Community Planning & Development Department, 360.753.8591
Presenter(s):
Renee Sunde, Economic Development Director
Keith Stahley, Director Community Planning and Development Department
Background and Analysis:
On March 22, 2016, Council approved the Agreement and Scope of Work for Urban Design and Planning Services for the Water Street Redevelopment Area.
Key Components of the Scope of Work include the following:
1. Property Acquisition - Developer will begin dialogue with property owners to understand opportunities for possible assemblage.
2. Area Plan - Phase 1 will provide up to three alternatives and will include all properties in the WSRA. Phase II will include a "preferred alternative" for any property that Urban Olympia 5 controls or for which it intends to pursue through an Exclusive Negotiation Agreement (ENA)
3. Development Pro-Forma - The preferred alternative will include the preparation of a Predevelopment Cost Estimate.
4. Participation in Downtown Strategy will be ongoing through the pre-development phase.
5. City Review and Public participation to include regular meetings with Urban Olympia 5 team and to review on-going progress and deliverables and (3) Public Meetings.
Also included is the Process Timeline.
Neighborhood/Community Interests (if known):
None at this time
Options:
Debrief and Status Update Only
Financial Impact:
As outlined in the Development Agreement
1. Pre-Development Funding
The City will provide up to $25,000 in predevelopment matching grant funding towards work completed for the Area Plan and $10,000 offset cost f...
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