The Washington State Board of Natural Resources today approved three parcels of land in Pierce County for public auction after transferring a parcel into trust to generate revenue to support school construction and other public services.

 

The approved Land Bank Inter-Trust Exchange allows DNR to auction off parcels in Tacoma, Kapowsin, and Frederickson, with the revenue used to purchase lands that will better support schools and statewide services. The parcels are currently undeveloped but are suitable for development and total approximately 30 acres combined.

 

Public auction of the parcels is expected to occur on January 16, 2024. 

 

“This land transfer ensures that DNR continues to address the biggest issues facing our state and support the communities that desperately need more housing,” said Commissioner of Public Lands Hilary Franz. “By creating more opportunities for development while increasing investments in our schools, these transactions are a win-win for Washingtonians.”

 

The East Tacoma parcel totals 0.55 acres in size and is zoned for residential development. It previously was managed to benefit the Escheat trust, which funds K-12 school construction. The minimum bid the Board set for its auction is $144,000.

 

The Kapowsin parcel totals 28.92 acres in size and is zoned for residential development. It previously was managed to benefit the Charitable, Educational, Penal & Reformatory Institutions trust, which funds social services statewide. The minimum bid the Board set for its auction is $690,000.

 

The Frederickson North parcel totals 0.78 acres in size and is zoned for commercial development. The parcel was previously managed to benefit the Escheat trust, which funds K-12 school construction. The minimum bid the Board set for its auction is $99,000.

 

The Board’s approval of the inter-trust exchange transitions part of a commercial lease site in Arlington to land that will be managed in trust. The trusts will receive value in the leased commercial parcel equal to that of the three Pierce County parcels.

 

 

 ###

 

Communications Manager

360-902-1000