Published July 2004

Business Briefs

Tulalips plan to reopen
old casino, attract younger crowd
The Tulalip Tribes, who opened a $78 million casino a year ago, now plan to spend about $1 million more to reopen the old casino in an effort to attract a younger crowd of gamblers.

The old casino on 33rd Avenue NE will have 10 to 12 table games and 500 to 600 slot machines, said Marci Fryberg, acting casino general manager. It will not offer keno or poker games, and likely will have one fast-food restaurant. It is expected to open by the end of the year.

“We’re in the planning stages,” Fryberg said. “We’re targeting a November date. If we can possibly complete a renovation, we will open sooner.”

Through studies over the past year, the Tulalips found that their main customers are 45 to 60 years old.

“We’re actually going to be looking at a younger clientele” at the old casino, she said. “It has a lot to do with the entertainment that we offer. We have a feeling that that facility will appeal to the local customer.”

Although there are no hard employment numbers yet, the old casino likely will create at least 100 new jobs, she said.

Construction begins
on Lake Stevens Transit Center
Community Transit recently broke ground on the Lake Stevens Transit Center, a $5 million project expected to open later this year.

The center, located just outside the city limits, will have 208 parking spaces, room for up to six buses at a time, custom shelters, lighting and security features. When the center opens in late fall, Community Transit will begin commuter service between Lake Stevens and downtown Seattle, the transit agency said.

Strider Construction of Bellingham is the contractor for the project. Community Transit is developing the facility with assistance from the Federal Transit Administration.

YMCA plans for Monroe facility
The Snohomish County YMCA recently acquired a 5.25-acre site on Fryelands Boulevard in Monroe to build a proposed $9 million YMCA facility, Executive Director Patsy Cudaback said.

The cost was a little less than $2 million, but the deal could not have been made if not for gifts from Ray Kirtley and the Petosa family, she said.

The proposed 40,000- to 50,000-square-foot Monroe YMCA facility will include a swimming pool with lockers and showers, gymnasium, racquet sports courts, community meeting rooms and a space for wellness and fitness activities.

“People have wanted a pool here for a long time,” Cudaback said. “We want this to be a center for the town to hold community events.

The organization’s board of trustees is preparing a fund-raising campaign for the facility this summer. Construction of the facility is expected to begin in 2006.

Snohomish City Council
OKs Sier annexation
The Snohomish City Council in June approved a 175-acre annexation north of the city known as the Sier annexation. The land is east of Highway 9 and stretches from Blackmans Lake to near U.S. 2.

The vote was 6-1, with Councilman Chris Lundvall dissenting.

The annexation is part of natural growth the city has experienced, Councilman Doug Thorndike said. Being part of the city will provide residents some benefits, such as city police service, Thorndike added.

The annexation, based on property owners’ signatures representing more than 60 percent of the assessed property value in the area, had been suspended for more than two years. The council was about to vote on the deal in 2002, but the issue came to a halt when the state Supreme Court struck down the petition method of annexations.

The annexation was resurrected this year after the state’s high court reversed its decision in late January.

Mill Creek apartment complex
sells for $51 million
Chicago-based Equity Residential recently bought the 389-unit Jefferson at Mill Creek apartment complex for more than $51 million, making it one of the county’s largest such transactions.

The seller was JPI, the Irving, Texas, company that built the 4-year-old development at 14420 North Creek Drive, just west of the Bothell-Everett Highway and north of Mill Creek’s new Town Center development.

The deal closed in late May, with the purchase price nearly $51.4 million, according to the deed filed with Snohomish County. The assessed value of the property and its structures exceeds $31.6 million, according to the County Assessor’s Office.

Equity Residential, a publicly traded company that owns more than 950 properties in 34 states, said the Mill Creek complex adds to its already significant holdings in the Puget Sound region, which numbers more than 10,000 apartment units.

Jefferson features floor plans ranging from one-bedroom units with 627 square feet to three-bedroom, 2-1/2-bath units with 1,550 square feet. The rents begin at $835 a month and top out at more than $1,800.

The purchase price Equity paid for the 40-acre development equals more than $132,000 per apartment unit.

Walt’s Auto Care Centers
expands its reach
Walt’s Radiator & Muffler LLC, operating as Walt’s Auto Care Centers, has agreed to acquire the assets of Austin’s Pro/Max Performance LLC’s five stores in King and Snohomish counties, including its location at 2801 Rucker Ave. in downtown Everett.

Walt’s, which is a division of Allied Exhaust Systems, will begin operating the stores, including three in Seattle and one in Kirkland, under the Walt’s Auto Care Centers name, the company said.

The acquisition brings Walt’s store count to 29 in the Puget Sound region.

“The last two years’ growth in Walt’s business has been tremendous,” said Doug Danstrom, president of Tacoma-based Walt’s. “Customer count shows continued, sustained increases across the company. This allows us to expand our number of locations, better serving our valued customers.”

PCL earns industry honors
for Everett Events Center
The Associated General Contractors of Washington recently awarded PCL Construction Services Inc. the 2004 Grand Award for Construction Excellence for the Everett Events Center during the association’s annual banquet. The project also won first place in the New Building (over $50 million) category.

The AGC awards are based on safety, teamwork, excellent client service, innovation, and sensitivity to the environment and surroundings.

PCL completed the Everett Events Center in August 2003, almost five months ahead of the proposed schedule and on budget, according to Global Spectrum, the center’s management company. The project had more than 400,000 worker hours with zero loss-time accidents.

“Teamwork and cooperation of everyone involved made this project successful. The design team, the subcontractors, the PFD, Global Spectrum and the city of Everett have been a pleasure to work with,” said Ed Olsgard, district manager of PCL’s Bellevue office.

The Everett Events Center, a $71.5 million multi-purpose complex, was developed by the Everett Public Facilities District. The venue includes a 10,000-seat arena, the adjacent Comcast Community Ice Rink and a conference center.

Brien Ford completes
expansion project
Brien Ford in Everett has just completed a 6,000-square-foot, $450,000 expansion of its customer-service area and used-car offices.

The new service reception area provides a spacious, heated area for guests, and the remodeled used-car office is triple the size of the former office and will share space with the dealer’s Internet department as well, said owner Rock Peterson.

Parkinson Architects performed the design work, and Wilcox Construction was the contractor.

Tiz’s, Providence Hospice
earn AWB honors
Tiz’s Door Sales Inc. and Providence Hospice of Snohomish County, both based in Everett, have been honored by the Association of Washington Business with the 2004 Community Service Award.

Providence Hospice helped develop “Camp Erin,” a free bereavement camp, in response to the special needs of grieving children and teens. Tiz’s Door Sales participates in the Everett Community College Foundation and is a leader in volunteer activities, the AWB said.

Port of Everett votes to sell bonds
The Port of Everett commission voted 2-1 in June to sell $10 million worth of bonds to investors to raise the money needed to complete a host of major projects within the next several years.

Paying the bonds off over the next 20 years will cost the port $5.07 million.

Commissioner Phil Bannan voted no, saying the move was too costly and not needed.

Commissioners Don Hopkins and Jim Shaffer voted yes, saying that the projects, including redeveloping the north marina, adding a new boat marina and building a pier and rail spur for Boeing barge cargo, were too important to put in jeopardy without adequate funding.

Port officials were told by financial advisers that the bonds had been ordered and would pay investors about 4.45 percent.

Issaquah Bank joins
Cascade Bank family
The merger of Issaquah Bancshares and Everett-based Cascade Financial Corp. was completed June 3.

In a special meeting held by shareholders of Issaquah Bancshares a week earlier, the sale to Cascade was overwhelmingly approved, according to Cascade. All necessary regulatory approvals also have been received.

The transaction increases Cascade’s assets to more than $1 billion and its banking offices to 17.

“We are delighted to welcome Issaquah Bank to the Cascade family,” said Carol Nelson, president and chief executive of Cascade Financial. “The combination of our two companies enhances our commercial banking franchise, expands Cascade’s footprint and establishes us as the number-one independent bank in the attractive and growing Issaquah market.”

Cocoon House receives $500,000
Gates Foundation matching grant
Everett-based Cocoon House recently raised $477,000 in 30 days in order to meet the Bill & Melinda Gates Foundation matching grant challenge.

As a result, the foundation released the final $500,000, bringing the Cocoon House fund-raising total to more than $3.1 million, 86 percent of the $3.6 million goal set for its Building Dreams Capital Campaign.

The campaign, which the nonprofit organization launched in 2002, will fund the construction of two new teen emergency shelters, enabling Cocoon House to house 300 more teens each year, the group said. It also will fund the renovation of existing facilities, expansion of prevention and advocacy programs, upgrade of technological systems to increase efficiency and provide learning opportunities for Cocoon youth, and it will increase the endowment fund.

Eighteen months ago, the Gates Foundation pledged $750,000 to Cocoon House’s campaign. With an initial gift of $250,000, the foundation challenged Cocoon House to raise $2.25 million by April 30, 2004, before it would release the last $500,000.

Port Gardner Bay CU merges
with NorthWest Plus
In June, NorthWest Plus Credit Union grew its membership by 2,400 and its assets by $7 million in a merger with Port Gardner Bay Credit Union.

Under the deal, Port Gardner Bay’s Edmonds office inside Stevens Hospital will remain open but its Broadway location in Everett will close, Everett-based NorthWest Plus said. Also, three of Port Gardner Bay’s staff have accepted positions with NorthWest Plus.

Begun in 1939, NorthWest Plus is a nonprofit financial institution with seven branches, more than 15,000 members and $83 million in assets.

Boeing nears deal on 7E7, 777 order
Air New Zealand plans to become the second airline to order 7E7s, buying two from the Boeing Co., while also acquiring eight new 777-200ERs.

The deal, announced in early June, is valued at more than $800 million. Due to the deal’s size, however, Air New Zealand will be required to seek shareholder approval, under New Zealand stock exchange rules.

Boeing spokesman John Kvasnosky said the company expects that would be concluded in a matter of weeks.

The airline said it plans to take delivery of the first 777s in September 2005, with all eight to be delivered by the end of 2006. The delivery dates on the 7E7s, which won’t be available until 2008, haven’t been set.

The airline also secured purchase rights to as many as 42 777s or 7E7s.

In April, Boeing formally launched the 7E7 program with an order of 50 planes from All Nippon Airways of Japan.

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