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Fields Industrial Property: Pre Development Update
Lloyd Purdy, Community Development
Update, Discussion, Direct Staff
Council Business Mtg - Study Sess.
In November, the public/private partnership we created, to explore ways to convert 42 acres of vacant property into an economic asset, achieved two important benchmarks. We completed a public infrastructure finance plan for the Fields Industrial Property as part of a DLCD funded grant. As part of the process of creating a public infrastructure finance plan, the Fields Trust brought a developer to the partnership through the completion of a purchase and sale agreement.
Trammel Crow is interested in developing 17 acres of the Fields Property for Industrial/flex space. To support this private sector investment, we have begun negotiating a non-binding Memorandum of Understanding with Trammel Crow Construction. The purpose of this non-binding MOU is to align goals, expectations and timing so that site preparation for industrial development can begin in summer 2015.
The draft MOU under consideration outlines the actions the City, Trammel Crow Construction, and the Fields Trust must take individually and in partnership on this project. Along with this MOU, the developer has requested a pre-application meeting in early December to begin the site development process for the 17 acres of industrial zoned property that can best be put to use for industrial/flex space.
Industrial/flex space development on the 17 acres of the Fields Property fronting Wall Street is the first phase of a mixed use development that may ultimately include residential development on the remaining portion of the property.
STAFF RECOMMENDATION / ACTION REQUEST
No Council action needed at this time.
KEY FACTS AND INFORMATION SUMMARY
Trammel Crow Construction intends to build industrial/flex space facilities on approximately 17 acres of the Fields Property fronting Wall Street. Industrial development on this portion of the site has the potential to create the following economic impact:
Estimated 225,000 SF of new space for industrial/flex use.
This combination of industrial/flex space typically supports at least 115 full time jobs.
Estimated construction cost for a project of this size is $22.9 Million.
This scale of development creates an estimated real market value of $27.9 Million;
an estimated total annual property taxes of $344,377; and
an estimated property tax revenue for the City of $51,702 per year.
A second phase of development will involve the upland portion of the property (about 26 acres). Given current market conditions, this development will likely include a large portion of multi-family residential development.
COUNCIL GOALS, POLICIES, APPROVED MASTER PLANS
Industrial development on the Fields Property is consistent with Tigard's Comprehensive Plan Goal 9 supported by the city's 2011 Economic Opportunity Analysis.
This work also furthers Council Goal #6 to develop and adopt strategic priorities, resources, and programs that support the local economy.
DATES OF PREVIOUS COUNCIL CONSIDERATION
August 9, 2014 Council Meeting - Update on Public Infrastructure Finance Plan
February 18, 2014 Council Meeting - Fields Site Analysis Study
Fields Development Update
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