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Redmond approves $275,000 SDC buy down for 612 Southwest Fifth Street mixed-use housing
Summary
The agency approved a $275,000 system development charge buy down for a proposed mixed-use, multifamily project at 612 Southwest Fifth Street; advisory committee and staff said the project meets downtown renewal goals and the agency expected a return on investment in about five years.
The Redmond Urban Renewal Agency approved a $275,000 system development charge (SDC) buy down for a proposed mixed-use multifamily project at 612 Southwest Fifth Street and authorized the city manager to sign the agreement.
Chuck Arnold, renewal program manager, described the project as consistent with the downtown urban renewal plan and said the housing development opportunity fund originally held about $10,300,000 and has roughly $5,300,000 remaining. "The goal of this fund...is to raise the assessed value in the district," Arnold said, and staff estimates the agency’s investment will be…
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