BOTHELL, WA—The City of Bothell will mark the construction of its new city hall at the City Hall Groundbreaking Ceremony on Wednesday, Sept 3, at 10 am on site at 18305 101st Ave NE. A signature project in Bothell's ambitious vision for its downtown revitalization, the new city hall will be part of a vibrant, multi-use block known as the City Center. The development team is led by City Investors Development, an affiliate of Vulcan Real Estate.
“This is a historic moment for Bothell, one that has followed over a decade of public discussion,” said Bothell mayor Joshua Freed. “Bothell citizens can be proud that their vision is a success. Their vision reimagined Bothell's historic downtown in a way that would stimulate economic growth and ensure a revitalized downtown reflective of the values and fabric of their community, for current and future generations. The City Hall is an important piece of that vision.”
Located in the heart of Bothell's downtown, the city hall and multi-use campus is a key element of the City's downtown revitalization plan that has already attracted over $200 million in private investment and is expected to stimulate an additional $450 million in private investment over the coming years.
“It is Bothell's prudent fiscal policies and smart investments that have made it possible to move forward with the city hall project,” explained John Finke, senior program manager at National Development Council. “We're proud to be a partner in this exciting project.” Working with the National Development Council, the City of Bothell is facilitating the City Hall development financing through a lease/leaseback financing structure using 63-20 Bonds, a form of tax exempt bonds. Upon substantial completion of the project the facilitating non-profit, National Development Council, will leaseback the City Hall project to the City of Bothell. Ownership of the City Hall will transfer to the City at no additional cost when the lease (debt) payments are fully paid.
As a result of the City of Bothell's strong financial situation and fiscal outlook, bonds for the City Hall project received an interest rate and annual payments significantly lower than what was originally presented in June 2014, reducing the financing period by six years. The strong credit rating Standard & Poor's assigned to the bond issue (AA) provided not only a means to decrease the term of the financing period -- thereby significantly reducing the overall cost of the project by over $23 million - but also produced annual payment that is well under the original annual estimate.
The project will replace acity hall that was built in 1938. The inviting, pedestrian-friendly, mixed-use gathering place includes a three-story, 251-car parking structure beneath a 53,000 square foot office building and town hall/community meeting rooms and will be constructed with a target of LEED Gold. The development team led by City Investors Development, an affiliate of Vulcan Inc., includes Miller Hull and GLY Construction.
“It's an honor to be Bothell's development partner on such a significant project.” said Ada Healey, vice president of Vulcan Real Estate. “We look forward to delivering a highly sustainable and cost-effective building that will best meet the needs of the City of Bothell and its residents for years to come.”
“GLY is proud of our partnership with Vulcan, the City of Bothell, Miller Hull, and the National Development Council to complete the key element of Bothell's downtown revitalization and the focal point for their revitalized City Center,” said Mark Kane, EVP and principal, GLY Construction. “The collaborative public-private partnership leverages the efficiencies of a private development team to deliver the new City Hall and surrounding site development.”
“Our firm is pleased to work with the City of Bothell to design an important civic building that also serves as the cornerstone for a dynamic new urban center," said David Miller, FAIA, founding partner of The Miller Hull Partnership. "The design both reflects Bothell's unique character and incorporates progressive elements in a variety of welcoming and engaging places for citizens to come together to utilize city services and gather for a range of community events.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
