Interim City Hall Building Sold
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.