Brownfields Assessment Grant Progress Update ECDC 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 Analysis Near term = 1-5 years Mid term = 5-10 years Long term = 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?