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Committee briefed on planned purchase of 13305 Montford Drive for Central Park in Valley View Galleria; acquisition funded by 2024 bond
Summary
The committee discussed an upcoming council consideration to acquire about 79,933 square feet at 13305 Montford Drive for a future Central Park in the Valley View Galleria area; staff described funding sources, due diligence and that park operation funding is not yet allocated.
The Economic Development Committee received a briefing on March 3, 2025, about a planned acquisition of approximately 79,933 square feet of commercially improved land at 13305 Montford Drive for a future Central Park in the Valley View Galleria area. Staff said the acquisition is funded primarily by Proposition B in the 2024 bond program, which earmarked $20,000,000 for land acquisition in the International District.
Kevin (last name given in the packet as Smith, and addressed in discussion as Kevin Spath in his role) and other staff described the site27s history, ongoing city efforts to enable redevelopment in the Valley View area and the status of negotiations with private owners. Staff said redevelopment of the broader Valley View Galleria area has been slow; the council approved an area plan in 2013 and the city previously negotiated a development agreement that was later terminated when the developer did not perform. Staff said all three major owners of the former mall site have put their assembly of parcels on the market, which staff views as a positive step toward redevelopment.
The city has pursued acquisition of individual parcels needed for the park since 2021, and staff said the owner of 13305 Montford Drive has recently agreed to sell. The acquisition will go before city council for consideration on March 26, 2025; no final contract will be executed until council authorizes acquisition. Staff stated the Phase I environmental site assessment (ESA) is in progress and will be completed before any contract is entered into.
Committee members pressed staff on whether investing in a park makes sense if surrounding private redevelopment has not yet occurred and on how design, operations and maintenance will be funded. Staff said the $20,000,000 bond funds are anticipated for land acquisition only; there is no money in the bond or the current city budget specifically set aside for park design, operation or maintenance. Staff told the committee that park operation would ultimately rest with the Park and Recreation Department, which plans to pursue a partnership/management model with local groups (for example, Friends International Commons) to help operate and fund elements of the park. Staff also referenced PD-887 zoning district parkland dedication fee and potential TIF district contributions as additional funding sources for design and construction when the city is ready to develop the park.
Members asked about the due diligence timeline and ownership history. Staff told the committee the city made its first written offer to the owner about 11 months earlier and that the current owner has held the property for a decade or more; staff said the owner committed to a due diligence period in late 2024. The property would remain under existing tenants until the city completes acquisition and is ready to demolish and develop the park.
No council vote occurred in committee; staff said the acquisition item is scheduled for city council consideration on March 26, 2025.
