The land to be purchased is the Borden Chemical Plant propertyand adjacent Burlington Northern Santa Fe Railroad property, whichis located between James and Smith streets, and spans from 4th S.and 1st S. Because the two properties cost a total of $12 million,the city plans to borrow money internally to make up thedifference. Once developed, Kent officials believe the land willgenerate 10 times the sales and property tax revenue it nowgenerates.

The city's plan is to clean up the Borden land and then resellthe two properties to a private developer under specific designguidelines that would mandate the mix of residential, retail andoffice space envisioned by the city. Brent McFall, the city's chiefadministrative officer, says that more than five developers havealready expressed interest in the project.

The city is anxious to close on the property and hopes to haveredevelopment well under way within three years. Before anythingcan happen, however, the site, which contains contaminates thatinclude methanol and urea formaldehyde, would have to be cleaned.Environmental consultants are now evaluating the property todetermine what contaminants exist and how much it will cost toclean it up. The city of Kent is in negotiations with Bordenofficials over the costs associated with the cleanup anddemolition.