(King County Assessor’s Office photo of 4041-4045 California SW)
One week ago, we reported that the city was moving forward on buying a 5,750-square-foot site north of Dakota Place Park so the park, dominated by its remodeled, landmarked ex-substation building, can be expanded. One key piece of information was missing at the time, however: How much the city will pay. That information is available today, along with other details of the city’s plan for the site, now that the legislation is officially in the council’s online files. From its “fiscal note” document:
… The City presented several offers to the previous owner; however, there was never any agreement on price. A developer acquired the property, subdivided it into two parcels, each now owned by a different limited liability company controlled by the same managing member. Both limited liability companies are willing to sell to the City. The two parcels will be acquired under separate purchase and sale agreements and conveyed under separate deeds. It is anticipated that after the acquisitions close, the City will manage the site until park design/construction funding becomes available by demolishing the three residential cottages and two small outbuildings on one parcel and managing the lease in the commercial building on the other parcel until it is time to develop the park, depending on the terms of the lease and the condition of the building. …
The current budget for this project is $795,087. The costs of negotiations with previous owner were $20,087. The current purchase price is $477,000 for one parcel and $238,000 for the other for a total purchase price of $715,000. The additional budget of $60,000 is for appraisals,administrative time, title insurance and closing costs, environmental testing, survey, and demolition of the residential structures and outbuildings. The acquisitions are scheduled to close at the end of March 2014 with demolition of the structures happening at the end of 2014. …
We checked on the site’s history; its longtime owner sold it for $550,000 last October, according to county records. The subdivision mentioned in the city “fiscal note” above was not actually a step taken by a developer, but a confirmation they sought from the city that the site could be considered two separate lots, since there is currently a commercial building fronting California and three homes behind it. The city issued a confirmation letter last December.
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