2007/01/31 Council Agenda Packet

6 Whereas, the fair market value of the Property has been determined, based upon the certified appraisal report of a state licensed and qualified appraiser, and such certified appraisal report was prepared in conformity with the Code of Professional Ethics of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation; and Whereas, the Property Disposition Agreement attached hereto as Exhibit B ("PDA"), sets forth reasonable and lawful terms for sale of the Property by private sale, including but not limited to, a purchase price that is not less than 90% of the appraised fair market value of the Property; and Whereas, entering into the PDA is consistent with the City Adopted Plans and Development Regulations, and the City SEPA Responsible Official has determined that the City's existing plan-level SEPA review is adequate to enter into the PDA under the City's SEPA phased review process; and Whereas, on October 16, 2006, in furtherance of the SEPA phased review process, the City issued a Determination of Significance/S coping Notice determining that a SEPA environmental impact statement will be prepared for the proposed redevelopment project referenced in the PDA, and for which project-specific review will be undertaken by the City and any other agency with jurisdiction over such matters; and Whereas, the PDA also contains appropriate remedies that preserve the City's reasonable alternatives under SEPA while project-specific review of the proposed redevelopment is underway; and Whereas, the decision to sell the Property and enter into the PDA does not have an adverse environmental impact and does not limit the choice of reasonable alternatives, including any project-specific mitigation measures for the proposed redevelopment that may be required through project-specific review; and Whereas, OliverMcMillan's redevelopment project is a private project to be implemented on privately-owned land, and notwithstanding any dedications to be made under City Adopted Plans and Development Regulations, if the project is approved through the project review process, nothing in the PDA is intended or should be construed to characterize OliverMcMillan's project as a public project; and Whereas, no City employee or City elected official involved in the decision to sell or dispose of the Property, or involved in administering the sale or disposition of the Property, will benefit from such sale or disposition; and Whereas, the recitals in the PDA are hereby incorporated as additional legislative findings in this Resolution; and 2