Interim City Hall Building Sold

Interim City Hall Building Sold

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The Redstone Building just west of I-5 on 220th recently sold for $24.6 million. Developed in 1999, the five-story building includes the Interim Mountlake Terrace City Hall among other tenants. The City has a lease through 2019 but will need to extend it one more year through 2020 when the construction of a new City Hall at 232nd and 58th should be complete. A 0.5% real estate excise tax (REET) is applied to all real estate transactions within the city so this transaction alone will bring in over $120,000 of tax revenue. By law, REET funds must be spent on capital projects and, in MLT, are typically spent on sidewalk and street projects.

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Terrace Station (formerly Gateway TOD) project sold, construction likely to begin this Spring

Terrace Station (formerly Gateway TOD) project sold, construction likely to begin this Spring

City Receives Funding Towards Main Street Project Phase 2

City Receives Funding Towards Main Street Project Phase 2