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Federal Way committee backs resolution to extend interfund loan for former Target property
Summary
FedRAC voted to forward a resolution authorizing a two‑year, interest‑only interfund loan (paying internal interest at ~3.8%) for the former Target property to document intent for auditors and provide time for the buyer (Trent Development) to complete a planned purchase by Jan. 2027; staff outlined options if the sale falls through.
Federal Way’s finance director presented a detailed recap of the city’s ownership and financing history for the former Target property and the committee voted Jan. 27 to forward a resolution extending an interfund loan for two years.
Finance Director Steve Groom summarized the chronology: the city bought the property in 2013 for approximately $8.2 million; a partial sale in 2017 left…
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