2012/03/07 Council Agenda Packet

l The property is commonly known as Lot A,located on Smith Street between 32nd and 33rd Streets. It measures approximately 95,000 square feet or 2.2 acres and is currently a level surface parking lot. See Exhibit B-Parcel Map. There are currently 242 surface parking spaces located on the property. One hundred forty six(146)of these stalls are designated for Sound Transit commuter parking and the balance are open to the public. 3.2 Land Use Regulations Chapter 11 of the City's 2025 Comprehensive Plan contains the Everett Station Area Plan. The plan lays out a framework for future development around the station and suggests regulatory mechanisms to achieve it. The plan contains provisions relating to ground floor uses,applicable height limits,floor-area ratios,and design standards. See Exhibit C—Everett Station Area Plan. Chapter 5,Use Standards,and Chapter 6,Development Standards, of the City of Everett Zoning code apply to the subject. See Exhibit D—Zoning Code Excerpts. The property is zoned C-2/ ES. The code generally allows for building height at this location to 65 feet,with potential to 85 feet for housing. It is the responsibility of the Developer to identify,review,and understand all the relevant City Zoning Code. Land use questions can be directed to Gerry Ervine,Land Use Manager,(425)257-7146. 3.3 Utilities Water,sewer,stormwater,and power are available to the Property. Utility maps showing the location and capacity of stormwater,sewer,and water are shown in Exhibit E-Utility Maps. For information about water,sewer and stormwater systems contact(425) . Snohomish County PUD distributes power to the area. For additional information regarding the location and capacity of the existing electrical system,contact: Ken Satre PUD,(425)783-1690. 3.4 Appraised Value The City commissioned an appraisal of the property on June 15,2011. The appraised value of the approximately 95,000 square foot Property is$1,900,000. See Exhibit F-Appraisal. Everett's Ordinance 2935-06 requires that prior to the sale of any City-owned real property,the property's fair market value must be determined based on the certified appraisal report of a state licensed and qualified appraiser. It further requires the sale price of City-owned real property to • be equal to or greater than 90 percent of its appraised fair market value. Prior to the execution of an agreement to purchase the Property as a result of this RFP,the City will commission an updated appraisal to establish fair market value at the time of the sale. The sale of the Property will be subject to a development agreement that will retain City parking capacity on the Property. It is reasonable to expect that the sale price for the Property will reflect the estimated fair market value for the property less the cost to provide parking capacity. 3.5 Other This site is in a census tract that qualifies for New Market Tax Credits. 4.0 SOLICITATION PROCESS 4.1 Solicitation Process Smith Street TOD-RFP Page 5