The approved resolution supports affordable housing at the Roosevelt Station TOD site.
This bases the valuation for the property, to maximize affordable housing creation by reducing acquisition costs, for development to those not earning more than 60% of area median income (AMI) and establish a base price in the offering commensurate to achieving that outcome.
the approved resolution outlines for the ”Restricted Value” of the site at $6.75 to $9M
PROPOSED ACTION (1) Declares that the Roosevelt Station – Central Transit-Oriented Development Site property is suitable for development as housing; (2) directs staff to offer the property first to qualified entities to support affordable housing creation pursuant to RCW 81.112.350; and (3) directs staff to offer the property through a process that prioritizes development of the maximum number of units affordable to those earning no greater than 60 percent of area median income and establish a base price in the offering commensurate to achieving that outcome.
Thanks to City Councilmember Rob Johnson (and ST Board member) for his strong support & leadership on this issue; to Mayor Murray; and also Mayor Marchione of Redmond WA for his succinct synopsis of the 3 options that the Sound Transit Board had in regard to this vote, and his persuasive direction.