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Council extends interfund loan tied to former Target property as developer timeline continues
Summary
Council approved a resolution extending an existing interfund loan for the former Target site, citing an executed developer agreement and the city's intent to sell the property by Jan. 2027; staff argued internal financing is cheaper than outside borrowing.
The Federal Way City Council voted unanimously Feb. 3 to extend an interfund loan that finances the city's holding of the former Target property in the city center.
Steve Groom, the city's finance director, outlined the property's financial history and the rationale for extending the internal loan. He said the city purchased the property in November…
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