Susan Carlson, the Renton's economic development director,announced the "serious negotiations" during a public hearing beforethe City Council to discuss a Port Quendall development moratoriumenacted last month. Both parties hope to finalize an agreementbefore next Monday, said Carlson at the hearing.

Neither the Cugini family or Vulcan Northwest could immediatelybe reached for comment. The Cuginis previously rejected an$11-million purchase offer from Vulcan. The King County assessorestimates the property is worth $16 million.

Allen already owns 20 acres in the area, and will likely acquireanother 23-acre parcel that is slated for donation to the city,which would pay for soil remediation and then sell it to Allen. Themill property would give Allen more than 60 acres of waterfrontproperty that at one time he planned for a massive office campusfor his myriad companies. More recently, talk has been of amixed-use development similar to Carillon Point in Kirkland, withhigh-tech offices, luxury condominiums, restaurants, retail shopsand hotels.