Snoqualmie moves forward on plan to pay off City Hall debt
June 3, 2010
By Dan Catchpole
City officials plan to pay off debt with financial reserves, development tax revenue and sale of surplus city properties
Snoqualmie is moving forward with plans to pay off debt on its new City Hall free and clear.
It is not clear exactly how much the city owes on the building, which cost more than $6 million. City officials will only say that the numbers are being revised and will be released to the City Council before being made public in June.
The city is still settling disputes over payments with the architect, Gensler, and construction manager, Harris and Associates. How those disputes are settled could affect what the city owes by more than $200,000.
City officials plan to pay off that debt using a combination of real estate excise tax, reserves and revenue from selling surplus city properties.
City officials want to sell four properties in downtown Snoqualmie — the old library, the former administrative building on Railroad Avenue, the former planning office on the corner of Falls Avenue and River Street, and the empty lot on the corner of King Street and Railroad Avenue.
The Snoqualmie City Council voted 6-1 May 10 to surplus the old library. Councilman Charlie Peterson was the only dissenting vote.
Based on a 2006 assessment, the building’s value is about $305,000, according to City Administrator Bob Larson.
The building and land were valued at $493,000 in 2009 by the King County assessor.
The city paid $152,500 in 2006 to buy out the King County Library System’s share of the old library building, at Southeast River Street and Maple Avenue Southeast. In 2007, the library moved to a new site on Snoqualmie Ridge.
City officials declined to give specific amounts for how much money the city will use from taxes and reserves, and how much is expected to come from the sale or leasing of downtown properties. Those numbers are being revised, and won’t be available until they are given to council members, according to city spokeswoman Joan Pliego.
In paying off the debt on City Hall, Mayor Matt Larson said he wants to minimize how much the city dips into its roughly $3 million of financial reserves, which will be needed to pay for upcoming infrastructure maintenance and repairs.
Dan Catchpole: 392-6434, ext. 246, or email@example.com. Comment at www.snovalleystar.com.