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CONTACT SCBJ Kurt Batdorf, Editor kbatdorf@scbj.com

Real Estate Briefs for January 2010

KeyBank and Raymond James partnership to offer affordable Tulalip Tribal housing becomes reality
A dedication event was held Dec. 21 to showcase the 32 newly constructed units that will house Tulalip Tribes members. The multi-million dollar cooperative effort between KeyBank and Raymond James solidifies each party’s commitment to the Tulalip Native American community, which is working hard to solve a housing shortage for more than 225 families.
A total of 66 affordable homes will eventually be built on the Tulalip Reservation in Snohomish County.
KeyBank is investing $7.3 million of Low-Income Housing Tax Credits in the project, and the deal is the second transaction in the five-year, $50 million Native American Housing Opportunities Fund II. The Fund was created in 2007 between KeyBank and Raymond James.
As the fiduciary of KeyBank’s investment, Raymond James has underwritten the deal and will manage and regulate the transaction on KeyBank’s behalf.
KeyBank’s ability to focus on the needs of Native American clients is made possible through its Native American Financial Services segment, which consists of specialists who focus on Native American tribal governments and their business enterprises.
Currently, KeyBank provides capital and financial services to more than 60 Native American tribes and corporations, with a total credit commitment of approximately $1 billion. Of the 562 federally recognized tribes in the United States, 305 reside in KeyBank’s retail footprint. Raymond James has a history of investing in Native American housing developments, partnering with 37 tribes over the last 10 years and investing more than $300 million in tribal Low-Income Housing Tax Credit transactions that have resulted in over 2800 homes being built or renovated.

Residents invited to participate in new Downtown Snohomish tourism survey
Historic Downtown Snohomish has launched an initiative to improve the attractiveness of downtown Snohomish as a visitor destination. The organization has engaged Northwest based tourism marketing specialists, Total Destination Management to develop a Visitor Readiness Report for Snohomish.
The public is invited to contribute comments and insights until January 6, 2010 by completing the survey at www.destinationbranding.com/snohomishsurvey. Respondents will be entered into a drawing to receive a Downtown Snohomish shopping certificate.
The hired professionals will assess the area’s attractions, retail shopping, infrastructure, services, and communications through the eyes of objective outsiders with a view to identifying changes that would ensure that downtown puts its best foot forward.
City of Snohomish’s Economic Development Manager Debbie Emge said the Visitor Readiness Report that Historic Downtown Snohomish is preparing will be a beneficial tool for the City of Snohomish as it analyzes where to best invest the public’s money.

M.A. Mortenson selected as contractor for Lynnwood Recreation Center project
M.A. Mortenson Company, a Bellevue general contractor, has been selected by City of Lynnwood as General Contractor/Construction Manager for the Lynnwood Recreation Center Renovation and Expansion Project. The construction contract worth $17 million was approved by Lynnwood City Council at the Business Meeting on Dec. 14.
Construction on the project is scheduled to begin in early February. Total project cost is an estimated $25.5 million and features a new leisure pool, a new partially retractable pool roof, an additional 16,000 square feet of building, new family lockers rooms, expanded cardio/weight room, new group exercise room, new mechanical and electrical systems, and new interiors throughout the building.

Workforce Development Council Snohomish County’s AmeriCorps program results
As of Dec. 1, Workforce Development Council Snohomish County’s AmeriCorps team served over 10,029 hours providing referrals to weatherization and energy efficiency services, weatherizing homes, and providing information and referral services at Washington’s Information Network 2-1-1.
Overall, the team referred 11,418 clients to Snohomish County services, recruited 72 volunteers, who in turn have served 603 hours , worked to weatherize 120 homes and served 124 clients in housing weatherization or energy efficiency services.
In addition, the Workforce Development Council Snohomish County announced that participants in the YouthBuild program recently received their construction tools in preparation for the next phase of their year-long program. Until now, participants have been attending construction training courses and GED test preparation at Everett and Edmonds Community Colleges as well as helping with construction site cleanup and preparation at Housing Hope’s Stanwood Self-Help Housing site.