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 ��Template revised September 22, 2016 ; format updates October 19, 2016 The subject property is part of the Lora Lake Apartments Cleanup being conduct ed under a Consent Decree (CD) with the Washington State Department of Ecology. All requirements contained in the CD will be included in the purchase and sale agreement with WSDOT. JUSTIFICATION The joint vision of the ity and the Port for all of NERA is to develop airport compatible uses that will help serve and enhance the air cargo business at Sea ttle Tac oma International Airport (“Airport”) and create family wage jobs. Access to the area is a key component for the development. This off ramp will p rovide direct access for traffic coming from the waterfront to the businesses that will locate in this area. Staff’s efforts to pursue development of air cargo support facilities in NERA supports the Century Agenda Strategy to “Position the Puget Sound region as a premier international logistics hub by tripling air cargo volume to 750,000 metric tons.” This action also supports the Airport ’s trategic oal of maximizing non aeronautical net operating income. Schedule Port staff expects to close the tr ansaction in the second quarter of 2017. ALTERNATIVES AND IMPLICATIONS CONSIDERED Alternative 1) The Port can refuse to sell the property. Cost Implications: The Port would not receive Fair market Value of $11 00.00 , includes the Fair Market Value of the property ($113,000.00) plus the value of the temporary construction easement ($ ,500.00) for the property. Pros: (1) This would keep public access out of the Runway Protection Zone. Cons: (2) The Port would be required to maintain the property. (3) WSDOT does have condemnation authority and there have been extensive studies validating the appropriateness of an off ramp at this location. (4) The Port would incur litigation costs. This is not the recommended alternative. COMMISSION AGENDA Action Item No. _ Page of ��Template revised September 22, 2016 ; format updates October 19, 2016 Alternative 2) Sell the property t WSDOT Cost Implications: The Port would receive Fair market Value of $11 00.00 , includes the Fair Market Value of the property ($113,000.00) plus the value of the temporary construction easement ($ ,500.00) for the property. Pros: (1) This alternative will put the property back into productive use. (2) The action will fulfill one of the key requirements for developing the city of Burien and Port property in the area. (3) This will permit easier access to the community for traffic coming from d owntown Seattle. (4) The Port will receive fair market value, $11 0.00, for the property. Cons: (1) The Runway Protection Zone will have traffic within its boundaries. This is the recommended alternative. FINANCIAL IMPLICATIONS The Port will receive $11 00 for the sale of the property. There will be no impact on passenger airline cost per enplanement (CPE). ATTACHMENTS TO THIS REQUEST Draft Resolution No. 3732 Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None