Title
Agenda Item:
Confirmation of Funding Process for Acquisition of Isthmus Parcels
Body
Issue:
Confirmation of process for determining funding options for the acquisition of the Isthmus parcels located at 505 and 529 4th Avenue W in Olympia.
Committee Recommendation:
N/A
City Manager's Recommendation:
Move to confirm the funding process for the acquisition of the Isthmus parcels (Option 1).
Staff Contact:
Jay Burney, Assistant City Manager, 360.753.8740
Presenter(s):
Jay Burney, Assistant City Manager
Background and Analysis:
On April 23, 2013, the City of Olympia City Council authorized the City Manager to enter into a purchase and sale agreement for purchase of properties located on the Isthmus at 505 and 529 4th Avenue W. At the time, the City had a pending legislative request for one million dollars to help fund the acquisition of the Isthmus parcels. However, due to the extended legislative session, staff had not received confirmation of State funding.
On June 25, 2013, the City was still waiting on a decision from the State legislature about whether some or all of the City's request for one million dollars would be granted. However, because of a timeline to close on the property prior to June 30, 2013, the City was in a position of having to remove all purchase contingencies and close on the property prior to a final decision on the state budget. The City Council had to decide whether to acquire the parcels prior to knowing what amount of money the legislature was going to grant to the City. As a part of deciding to move forward on the purchase, staff identified a list of possible impacts to existing park projects in case the state did not grant the City the money it requested. Staff presented a reasonable and viable option of potential impacts to other park projects that could result if there was no state funding for the Isthmus.
Other potential funding options were and are also available. For example, the City...
Click here for full text