Beaverton council will spend $8.65 million to buy Round building
Unanimous vote OKs money from contingency fund
After a parade of public approval, the Beaverton City Council voted unanimously tonight to purchase the 108,000-square-foot South Office/Coldwell Banker building at The Round at Beaverton Central for $8.65 million.
The city purchased the structure, also known as the Metro or Coldwell Banker building, largely to eliminate a $400,000 annual lease payment for the space that houses the city-owned and operated Central Plant. The plant serves the buildings and Loft condominiums at The Round. The financial impact to the city's general fund over the remaining 33-year life of the lease would have totaled $13.3 million.
'The City Council really made a sound financial decision tonight,' said Mayor Dennis Doyle. 'This eliminates a very expensive lease and provides the public with a substantial asset at the same time.'
City Attorney Bill Kirby and Community and Economic Development Director Don Mazziotti provided details of the purchase and also highlighted Portland-based Scanlan Kemper Bard's plans for reinvesting in The Round.
As part of the recent agreement with SKB, the city will receive nearly $1 million in cash and real estate that was still owed the city for public improvements at The Round. The agreement will also help the city move forward with its Creekside District, a key portion of the Civic Plan.
The Beaverton Committee for Citizen Involvement hosted a forum last Thursday that updated citizens on the recent activity surrounding The Round. Nearly 70 people attended the forum, which was aired on Tualatin Valley Community Television.
Look for more details on the meeting and the purchase process in this week's edition of the Beaverton Valley Times.
For additional information from the city, visit www.BeavertonOregon.gov/The Round .