Text of letter on Panel Review of SLU Sale and Purchase Agreement

from Margaret Pageler
(City Council President)

to Bob Mahon
(Chair, South Lake Union Subpanel of the Public-Private Partnership Review Panel)

May 17, 2001

Mr. Bob Mahon
Chair, South Lake Union Subpanel of the Public-Private Partnership Review Panel
Perkins Coie
1201 3^rd Avenue, Suite 4800
Seattle, WA 98101

Re: South Lake Union City Property Redevelopment

Dear Bob:

The Public-Private Partnership Review Panel (P4 Panel) is expected to receive the P4 protocol for the sale of City property in the South Lake Union area on May 18, 2001 for review. Along with the P4 protocol, the P4 Panel will receive the proposed Purchase and Sale Agreement, summaries of property appraisals and other supporting documentation. While the Purchase and Sale Agreement will be signed by the Mayor prior to the P4 Panel’s receipt, it is still subject to review and comment by the P4 Panel, and then review and approval by the City Council. The Council is very interested in the P4 Panel’s perspective, so on behalf of the Council, I thought it would be helpful to highlight some key questions from the Council.

The Council is looking for feedback from the P4 Panel on five main questions:

1. What is the P4 Panel’s view of the overall package?

2. Did the City do a good job on negotiating the price?

3. Did the City adequately address, or does it have a credible plan to address, the public objectives listed in Resolution 30080 (through the Purchase and Sale Agreement, proposed use of proceeds, and/or some other mechanism)?

4. Are the timelines for permitting and constructing improvements aggressive, yet realistic?

5. Does this package adequately balance risks to the City with returns?

Any other feedback and recommendations the P4 Panel has to offer the Council are also welcome.

We understand that you have been working with Sara Levin to allow adequate time for the P4 Panel to review and comment on the proposed transaction. The Council has tentatively scheduled a public hearing for June 19 and hopes that the P4 Panel will be able to make its comments available for public distribution sufficiently in advance of the public hearing so that citizens testifying can benefit from the P4 Panel’s work. I also hope you or another Subpanel member could be available to testify regarding your work and findings at the beginning of the public hearing. If this timeline proves impractical for the P4 Panel to meet, we are committed to working with you to craft a mutually agreeable schedule.

On behalf of the City Council, I want to thank you in advance for your leadership and the work of the P4 Panel. We look forward to your comments and recommendations. If you have any questions, please feel free to contact me or Bill Alves, Council Central Staff, at 684-4678.

Sincerely,

Margaret Pageler
City Council President
Cc: P4 South Lake Union Subpanel Members
Sara Levin, CBO
Councilmembers
Mary Jean Ryan, OED