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December 10, 1999

TOD project expected to move ahead

Journal staff

REDMOND -- The $40 million Overlake Park-and-Ride transit-oriented development will go before the King County Council Monday night for approval.

The council is expected to authorize King County Executive Ron Sims to enter a lease agreement with the developer, Langly Properties, which would pave the way for construction to begin in June.

Financing details for the $40 million project are not yet set. Langly Vice President Bill Angle said scraping together money for the innovative development -- which combines apartments, a transit center and structured parking on a five-acre site owned by King County -- has been an "interesting process."

"For one thing, interests rates are up from 5 percent to 6.5 percent from when we first started out," Angle said. "That means the cost of money is 15 percent greater."

After the council approves the project, Angle says Langly Properties and the King County Housing Authority will work out the details of the project's complex financing structure, which combines tax credits and tax-exempt affordable housing bonds.

The design team includes Hewitt Architects, Baugh Construction and Walsh Construction.




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