HomeMy WebLinkAbout110325 City Council Business Meeting Packet- Added After Meeting....... ..
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Submitted By: Emma Bolin/ Steve King
Department: PCD/ Public Works
Agenda Bill AB24-XXX
Meeting Date: October 31, 2025
Agenda Item:
® Regular Business Meeting
❑ Workshop/Study Session
❑ Special Business Meeting
Date Submitted: 10/31/2025
Contact Phone: 360-390-4048
SUBJECT: Cherry Street Property Surplus Update
CATEGORY: BUDGET IMPACT:
❑ Consent ❑ Resolution Expenditure Amount: $
❑x Staff Report ❑ Ordinance Included in Budget? Yes ❑x No ❑
❑ Contract Approval ❑ Other: Discussion Item
❑ Public Hearing (Legislative, unless otherwise noted)
❑ 3-Year Strategic Plan: N/A
Cost Allocation Fund: Choose an item,
SUMMARY STATEMENT:
It has been some time since a Cherry Street property update; therefore, staff has
prepared a briefing on activities since the last Council Briefing on August 19, 2024.
Property line adjustments: The City is currently preparing a survey to effectuate lot
line adjustment applications to clean up property lines consistent with past City Council
briefings. This is so that the property is ready for transfer of ownership for housing. Staff
have been coordinating with neighbors to rectify encroachments and organize the
property configuration in an efficient manner for future development.
Zoning: The 2025 Comprehensive Plan Periodic Update and associated development
code regulation amendments proposed for adoption would upzone R-II, where the
property is located, from allowance of a maximum of 8 dwelling unit sper 40,000 sq ft to
32 units. This increase, along with outright allowance for a range of multiplexes,
simplified unit lot subdivisions instead of Planned Unit Developments, and other
changes may be added benefit to the achieving the Council's goals of housing density
and affordability on the property.
Deed restriction: Upon research associated with the golf park deed, this property is
subject to the same deed restriction —it must be used for municipal purposes. Legal
review has provided that affordable housing is a municipal purpose.
Property surplus: Staff will evaluate the previous surplus Resolution 17-021 which
declared the City -owned property is surplus to the City's needs based on findings and
conclusions. Given that there is debt on this property, the City does not expect there will
be any net proceeds. The accounting history is as follows current to October 2023:
$834,000 Bond Issue Amount in 2018.
$524,000 Amount expended as presented to Council on Oct. 16, 2023
$ 51,479 Amount additional spent since October 2023
Total Approximate Expenses to date = $580,000 including costs projected for this year
$61,896 Annual Debt Service (payable with affordable housing sales tax and property
tax)
Interest Rate: 4.35%
Term: 22 years from the date of issuance. Maturity date 2040
Conclusion: Delays have worked in the favor of the City to achieve Council goals for
housing. Change in staff recommendation is to move from listing the property from no
restrictions to surplus property for the municipal purpose of affordable housing.
ATTACHMENTS: Resolution 17-021
CITY COUNCIL COMMITTEE RECOMMENDATION: N/A
RECOMMENDED ACTION: None requested at this time.
ALTERNATIVES:
❑x Take No Action ❑ Refer to Committee ❑ Refer to Staff ❑ Postpone Action
❑ Remove from Consent Agenda ❑ Waive Council Rules and approve Ordinance
❑ Other: