Template revised September 22, 2016. COMMISSION AGENDA MEMORANDUM Item No. CTION ITEM April 11 , 2017 ACTION REQUESTED EXECUTIVE SUMMARY COMMISSION AGENDA Action Item No. _ Page of ��This version as revised 9/16/2016 JUSTIFICATION All of the other elements in the Master Plan Agreement have been successfully completed. The last issue is to convey to the City the storm water treatment and detention facility. The storm water facility is located on Tract “A.” The storm water facility will be owned, operated, and maintained by the City thus the need to convey the property to the City Scope of Work The scope of work is to sign all documents necessary for the conveyance of the property to the City Schedule Port staff expects to close the transaction in the second quarter of 2017. ALTERNATIVES AND IMPLICATIONS CONSIDERED Alternatives are not practically viable because of the existing Master Plan Agreement in place between the City and the Port that w agreed to in order to develop the Des Moines Creek Business Park. Alternative 1) The Port can refuse to convey the pr operty. Cost Implications: Estimated $20,000 per year for operating and maintenance Pros: (1) This would keep ownership of the land with the Port. Cons: (1) The Port would, mostly likely, be required to operate and maintain the storm water facility. The cos t estimate is based upon the “Puget Sound Storm ater B est anagement ractices Cost Database.” (2) The action would not honor the Master Plan greement with the City This is not the recommended alternative. Alternative 2) Convey the property to the ity Cost Implications: None Pros: (1) This alternative would honor the Master Plan A greement made with the City. (2) The action will fulfill the last key requirement for the Des Moines Creek Business Park development. (3) It would relieve the Port of any potential responsibility for maintaining the storm water facility and pond. COMMISSION AGENDA Action Item No. _ Page of ��This version as revised 9/16/2016 Cons: (1) The Port would no longer own the property. This is the recommended alternative FINANCIAL IMPLICATIONS The Port will not receive payment for the property; the dedication was a component of the ter Plan Agreement for the development of the Des Moines Creek Business Park. ATTACHMENTS TO THIS REQUEST (1) Draft Resolution No. 3731 (2) Presentation slide PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None