Council Endorses MOU with Mainstreet Property Group

2 months ago

At its June 18, 2019 meeting, the City Council reviewed a Memorandum of Understanding (MOU) with Mainstreet Property Group. Passing by a vote of 5-2, the non-binding MOU establishes a conceptual deal structure forming the basis for a future Purchase and Sale Agreement, Development Agreement, and other related agreements, targeted for finalization by the end of 2019. In related discussion, the Council also voted 7-0 to terminate a MOU allowing the consideration of Mercerdale Park as the potential future site of the proposed Mercer Island Center for the Arts (MICA), which will instead seek to be a major tenant in the mixed-use facility.

Read Council’s supporting materials (Agenda Bill 5578) or download the Mainstreet MOU from the Document Library. Currently, the City is working on the environmental cleanup plan for the former Tully's property, which was once owned by BP/ARCO.