Brownfields Assessment Grant Progress Update ECDC 6/8/15

Brownfields Assessment Grant

Progress UpdateECDC 6/8/15

Inventory• 1,000 potential brownfield sites• Scored and ranked using environmental & economic indicators• Narrowed to 36 “high opportunity brownfield sites”

Focus Areas• Kent Highlands

• Meeker Corridor

• Midway

Kent Highlands Focus Area Stakeholders Design Charrette• Residents: Riverview, The Lakes, LUPB member• Agencies: SPU, KC Metro, Kent PW & ECD• Developer, Realtor, Property owners• 3 groups, 3 layouts, many similarities in the vision• See this area as a gateway to Kent• Proximity to I-5 provides potential regional draw• Want to see a broad mix of uses with open space

• Housing: near-term opportunity

• Neighborhood retail: near to mid-term opportunity

• Hotel: Mid-term opportunity Next peak expected in 2022

• Office: Long-term opportunity

Market AnalysisNear term = 1-5 yearsMid term = 5-10 yearsLong term = 10-20 years +

Meeker Corridor Focus Area• Former dry cleaner

• Former Shell gas station

• Cancer Care property

• Sound Transit gravel lot

Midway Focus Area• Pending Sound Transit’s selection of preferred light rail route

• Reserving some grant funding for brownfield sites that won’t be assessed or purchased by Sound Transit

Maralco aluminum smelter

• Bankrupt owner• Vacant/underutilized for 30 years• 20,000 cu yds of “black dross”• Hazardous waste inside building• Stream & wetland on-site• Desirable parcel with rail spur• 2 developers have shown interest

What we stand to gain

• Brownfield parcels in Kent have an average taxable value of $13.13/square foot less than comparable properties.

• If cleaned up, these parcels could gain up to $21 million in increased taxable value.

Questions?