King County Transit North Lake Union Upper Parcel Complex Purchase and Sale Agreement
Seattle, WA
Project Description
North Lake Union was a 1.7 acre site owned by King County that housed its Transit Maintenance and Repair Facility. The County desired to sell this property and obtain a replacement site with a quality facility in the same transaction. The existing site had an on-going DOE Action Plan and known contaminated soils that were to be specifically addressed in the P&S Agreement.
Project Responsibilities
- Conduct site analysis on proposed alternative sites
- Negotiate the Purchase and Sale Agreement which included third party environmental mediation with DOE and the Chevron Corporation
- Write the complex RFP for the sale of the property which included the requirements for a suitable replacement facility and site
- Facilitate multiple stakeholder consensus on the proposed transaction
Project Results
- Selected best site for relocation of current facility
- Negotiated a purchase price 20% above appraised value
- Negotiated specific language in the P&S Agreement which required the Buyer to bear the cost of all future removal of contaminated soil and a rebate to King County if Buyer's clean up costs were less than $2 million
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