King County TDR Proposal
Property Counselors' Evaluation of Regional TRD (Sept. 2008)
Bel-Red Capital Project Funding Strategy
The Bel-Red Subarea Plan identifies transportation, parks, open spaces, and stream enhancement projects that could cost on the order of $400 to $500 million. Opportunities for funding this investment and draft financing principles were discussed with the City Council on December 7, 2007, and April 14, 2008. Initial estimates of public infrastructure costs and potential revenues for funding were developed for the City Council retreat on June 10, 2008. A Bel-Red funding strategy will be developed as an integrated component of the City long range capital planning.
Bel-Red Capital Projects Funding Strategy - Approaches Under Consideration (8/19/08)
April 14, 2008, Council study session item and draft finance plan principles
October 13,2008, City Council review and discussion of long range capital planning, including Bel-Red.
Bellevue-Redmond Interlocal Agreement (BROTS)
The Bellevue Redmond Overlake Transportation Study interlocal agreement helps to manage the traffic impacts shared by both cities as a result of new commercial development occuring in the Bel-Red and Overlake areas. In parallel with the Bel-Red project and Subarea Plan, the BROTS agreement is in the process of being updated.
The Bel-Red Corridor is a 900-acre area that stretches between State Route 520 and Bel-Red Road, extending from Interstate 405 to 148th Avenue Northeast. Bel-Red is a major employment area for Bellevue, but some large employers have moved out or reduced operations, in part due to changing market pressures in the area.
Change has been dynamic in the areas surrounding Bel-Red (Downtown Bellevue and Overlake), and the area had not been considered in a comprehensive manner in several years. At the same time, Sound Transit is proposing to build a light rail line through the Bel-Red Corridor into Redmond. If light rail is built, with stations in Bel-Red, it would have the potential to support changes to the land-use patterns in the area by providing additional transportation capacity.
In 2006 and 2007 Bellevue staff, consultants and a project steering committee — with involvement from business and property owners and residents —developed a long-range plan for future land use and transportation in the corridor to determine the area's role in the city's overall growth and economic development. The objective was to work with the community to plan and manage change rather than to accommodate the inevitable change in a haphazard, piecemeal way.
In September 2007, the Bel-Red Steering Committee approved a final preferred alternative and presented it to the City Council. Implementation of the Bel-Red Final Report requires new Comprehensive Plan policies and land use code regulations. The Council asked five of the city's boards and commissions to craft new Comprehensive Plan policies and land use code regulations to implement the new plan.
On February 27, 2008, four boards and commissions presented their policy recommendations for Bel-Red to the Planning Commission. A staff report and draft Subarea Plan, zoning, and Land Use Code amendments were published May 8, 2008. On May 28, 2008, the Planning Commission conducted a public hearing and considered a wide range of numerous public comments on the draft. (Table of Public Comments and Preliminary Staff Responses, 6/3/08). Following deliberation over six meetings and detailed review of many issues, the Planning Commission made a recommendation to the City Council to approve the Bel-Red Subarea Plan, zoning, Land Use Code and related amendments, as revised.