HomeMy WebLinkAboutITEM II-C-1MEMORANDUM
Date:
To:
From:
Cc:
Re~
December 15, 2003
Finance Committee
Shelley Coleman, Finance Director
Pete Lewis, Mayor
City Council
Certification of Cost and Expense of Improvement and Benefit to Proposed
District.
The City entered into an agreement with Central Puget Sound Regional Transit Authority
(Sound Transit) on June 27, 2002 to lease 180 parking stalls and have exclusive use of
those stalls over a period of 99 years or, if applicable, sdch earlier time as the end of the
useful life of the Parking Garage.
The total estimated cost and expense of the improvement fOr the 180 stalls in the parking
garage is $1,477,080 (see Exhibit "A"). The City is paying Sound Transit for the
improvements with annual installments over a three-year period. The first two installment
payments have been made and the third and final payment is budgeted and will be paid in
July 2004.
The City has called for a public hearing on January 5, 2004, via Resolution 3672 to form
LID 250, where parking improvements at the Sound Transit parking garage benefit
certain properties. The proposed district encompasses two parcels of property (see
Exhibit "B") owned by one individual. The benefit to the property is the exclusive use
of 85 of the 180 parking stalls in the parking improvement and a portion of the cost of the
improvement should be borne by the proposed district.
As Finance Director for the City of Auburn, I certify the above as true.
Exhibit "A"
Source: Schedule in Sound Transit Board Minutes of November 16, 2000.
Cost of 180 parking stall improvement at the Sound Transit station:
(Authorized by City of Auburn Reso. 3278)
120 parking stalls
60 parking stalls
Sub Total
Additional Costs
(City of Auburn Reso. 3377)
Sub Total
Fagade Improvements
Legal/Consultant Fees
Total Parking Improvement
Cost per Stall
Estimated LID Legal and
Finance Costs $5,000, cost
per stall
Total per Stall Cost
X 85 Stalls
$ 682,000
360,000
1,042,500
283,696
1,326,196
80,000
70,884
$1,477,080
$ 8,2O6
59
$8,265
$702,525
Local Improvement District (LID) 250
Parking Improvement Area
MA~N
781570-016{
781570-011~ 781570-011
781570-0170
781870z0t2
iS-
0-0270
781570-0240
781
8 Os S T, S, W,
Exhibit A continued
Exhibit "B"
Property Benefited from Improvement:
Owner of Record per King County Assessor 12/7/2003
Lehnertz Family LLC
3420 W 26th Ave
Spokane, WA 99204
Parcel #'s 781570-0145 and 781570-0146
Legal Description: Lot 1, Block 3, Town of Slaughter, according to the plat recorded,
in Volume 2 of plats, page 56, records of the County of King, State of Washington..
Local Improvement District (LID) 250
Benefit Area
MAIN
781570-016[
781570-0115 781570-01
781570-0170 781570-01
781570-0240
781570-
781570-C
781570-02~ 781570-025[
781
Exhibit B continued