It seems Butch was a free spirited harbor seal who made Lake Sammamish home for 25 years before dying in 1975. Nobody is quite sure how Butch came to the lake. There were several theories that he swam through Lake Washington and up the slough to Lake Sammamish. But the fact that he had a collar on�gave more credibility to the theory that he escaped the circus.�

At any rate, he was probably a far more welcome resident than the recent reports of Nutria.� Would have been neat to see him but it was far before my time.

This Week’s Pensco Trust ‘Wednesday Webinar’ is on Anatomy of a Commercial Real Estate Transaction Using Your IRA

Wednesday, April 4th, 2007 | 11 a.m. PDT / 12 p.m. MST / 1 p.m. CST / 2 p.m

Hosted By:
Tom Anderson, President & CEO, PENSCO Trust Company
Robyn Levin, Marketing Director, PENSCO Trust Company

Guest Speaker:
Jim Wilson

Topics:

• How to Perform Due Diligence When Buying Investment Properties
• How to Lend Your IRA to Developers
• Get safety first preferred positions in development and re-development projects like small shopping centers.
• Triple-Net Lease Considerations
• How to Get into Larger Projects with Less Money
• How to Get Mailbox Money for Your IRA

Learn more about this seminar and other information at  www.PENSCOTrust.com

A draft proposal is expected in July but public commentary is starting now.� You can learn more about the Shoreline Management Program and review the draft analysis at http://www.metrokc.gov/shorelines/ . Email shorelines@metrokc.gov or call 206-205-8090 to comment.

Public meetings will be held on the following dates below, with a second round of meetings later this spring.

While this certainly means more capital chasing after the available inventory, the increasing rental rates is still going to improve the CAP rate in the local market over the 4-5% we’ve seen for the last few years.

So what word help sell your home?  Curb appeal, move-in condition, granite, gourmet, golf, etc.

This isn’t terribly surprising conclusion to me. The marketing of your home should paint a verbal picture that appeals to the buyers sense of style more than their sense of value. For more on this study, see Ann Brenoff’s article.

The city council is expected to approve an interlocal agreement with King County on October 2nd which will result in the transfer of King County parks and open spaces here to the city by the end of the year.

The agreement will result in the transfer to Issaquah of Meerwood Park, Timberlake Park, Sammamish Cove park and the Lewis Creek open space.  No money will change hands, but the city must promise to maintain these properties or “equivalent properties” as parks equally available to city and non-city residents.

Sammamish Cove Park consists of undeveloped meadows adjacent to the state park.  This property is specifically restricted in that it cannot be used for active recreation (such as sports fields) because it was originally purchased by the county with an “Open Space” grant.

The agreement states that the city must take into account the role of the Meerwood Homeowners Association in maintaining Meerwood park.

This issue will next be discussed by the city council Services Committee, which meets on September 20, 5:00 p.m. City Hall/Police Station in the Eagle Room.  Agenda bill #5532, which contains all the details, is expected to be referred to the full council for approval on October 2nd.

The King County Critical Areas Ordinance (CAO), which had silently taken effect for Lake Sammamish shoreline in 2005, expired upon our annexation to Issaquah. To comply with state law, the city is now working on drafting a new CAO.

The goals of the CAO will be to protect Lake Sammamish water quality, which is threatened by phosphorous and chemical run-off, to improve habitat for salmon and other wildlife, and to reduce danger from flooding.

The city is attempting to draft a CAO which protects the lake environment while fully considering the realities of existing suburban development. Notably, Issaquah’s entire shoreline is already developed with the exception of three vacant lots.

While the county had imposed a 130 foot building set back, the city recognizes that existing homes are typically just 50 feet from the water. So, the city considering a plan which would establish a 35 foot buffer from the ordinary high water mark (OHWM) plus a 15 foot building setback from that buffer. In the case of new development, homeowners would be required to leave the buffer in a natural state and planted with native vegetation.  Existing homeowners would be grandfathered, but could be asked to perform buffer “improvements” as mitigation for certain permit applications, such as bulkhead or dock changes or home expansion. 

Some homeowners, such as me (David Bangs), have expressed the concern that such regulations could turn out to be inflexible and frustrating for homeowners while also taking a very long time to improve the lakeshore. So, planning department director Mark Hinthorne agreed to hold a couple of meetings with a group of lakeshore homeowners to discuss alternative ideas, such as education, assistance and incentives to encourage lakeshore improvements.

The city has is committed to involving effected homeowners in this process.  All lakeshore residents will receive mailings notifying them of upcoming public meetings.  The city hopes to have the new CAO adopted by the end of March 2007.