Real Estate & Property Law

Washington City Buys Land

By Alan Ackerman

Washignton, as with so many other states, has former viable commercial areas lying fallow.

Federal Way city leaders chose to have a voluntary purchase pending an eminent domain proceeding in order to expedite the process whereby it will finally construct a performing arts and conference center. As in so many other cities, Federal Way is attempting to re-ignite activity in the community.

This is a very tough route, especially when the funding for the center is not available. Concerns about the budgeting process within the community are of paramount import. Most of the communities are not taking these type of risks for fear of depleting the diminishing asset base created by declining tax revenues.

News Tribune

Facing a use-it-or-lose-it deadline for state money, Federal Way city leaders have reached an agreement to buy the vacant Toys R Us property for $5.375 million so they can eventually build a performing arts and conference center.

The purchase will be funded with $5 million state lawmakers awarded for the project in 2009. That money must be spent by Dec. 30 or the state will take it back, City Attorney Pat Richardson said.

But an envisioned 700-seat auditorium and conference facility isn''t expected to rise from the empty big-box store property anytime soon.

Neither the state nor the city has money to build it. It would cost $25 million to $40 million, said Patrick Doherty, the city''s economic development director.

Full post as published by National Eminent Domain Blog on November 24, 2010 (boomark / email).