The Metropolitan King County Council today approved legislation providing short-term financing to complete the purchase of development rights to the Snoqualmie Forest, ensuring the parcel will remain free of residential, commercial or industrial development.

“We have made a commitment to protecting this area, nearly twice the size of Seattle and a gateway to the Cascades, from development,” said Council Chair Larry Phillips, who has worked on the effort to preserve this area for nearly a decade. “It took creativity and teamwork to come up with a way to fund this project. The Council’s action today is fulfilling the County’s obligation to ensure this purchase is made in a fiscally responsible way.”

Last year, the County purchased the development rights to the parcel east of Carnation between Interstate 90 and Highway 2, formerly known as the Snoqualmie Forest, from the Hancock Timber Resources Group which owns the property. Hancock continues to own and harvest the land. Purchasing the development rights ensures that if Hancock or a future landowner decides to stop harvesting the Snoqualmie Forest, the land cannot be converted to strip malls or subdivisions.

The County will be issuing $30 million in Bond Anticipation Notes (BANs) for the purchase of open space. Along with the Snoqualmie Forest, these funds will also be used for the Juanita Woodlands Open Space Acquisition Project and and other open space initiatives.

BANs are issued by the County to serve as a “line of credit” or short-term loan, pending the issuance of bonds to cover long-term debt financing. The use of BANs allows the County to be more precise with the final amounts issued when the projects are converted to long-term financing.

Read more about this legislation on the King County Council’s LEGISEARCH system.
Type in “2005-0312.2”