We need to raise approximately $11 million to pay back Forterra and give the property to the City of Bothell.
At the time of purchase, a grant of $1 million had been awarded by the King County Conservation Futures program. This was accomplished by the team with leadership from King County Councilmember Rod Dembowski. With the help of Senator Rosemary McAuliffe and Representative Derek Stanford, an additional $1 million was committed for the project by the State. Several million dollars’ worth of recreation and salmon-recovery habitat grants have also been submitted for funding consideration.
Hopes for successful funding are high, given the tract’s special features. Abutting the Burke-Gilman Trail and adjacent to popular Blyth Park and the Tolt pipeline, the potential new park could provide hiking, biking and running trails, as well as public river access. It has 4,800 feet of riverbank, representing more than 4 percent of the 14 mile-long Sammamish River, making it an attractive project for river restoration and conservation interests. Other features include an historic apple orchard and farmhouse, together with acres of woods. The site is one of the last large, private, undeveloped riverfront properties anywhere in the central Puget Sound metropolitan area.
However, if the purchase of the Wayne property cannot be fully funded through the pending public grant requests, we can explore community fundraising, private or corporate foundations, or through the City of Bothell.
If that is not successful, Forterra will be forced to cover its acquisition costs to pay back its loan. This would likely be done through selling part of the property for conservation sensitive development.