Federal Way city leaders pressed developers with questions during heated discussion Tuesday night before narrowly granting them six more months to buy city land for building a three-tower skyscraper project reaching 45 stories in downtown.
The City Council voted 4 to 3 to extend the closing date to sell the property to Twin Development for $6.1 million from Sept. 30 to March 31.
Some council members voiced concerns about what steps Twin Development has planned to raise money for the project. They asked the developers to disclose any business and marketing plan they have to generate money for the project.
Steve Smith, one of Twin Development’s three partners, first said he would give the plan to the council. But after another partner, Luke Hwang, declined to do so because some of the details would become public, Smith said he misspoke.
“We’re going to be doing lots of things, and we don’t want to share that,” Smith said.
At one point, Hwang said Twin Development might move the project to another location in Federal Way if the council insisted on seeing a business plan without guaranteeing it – and any proprietary information in it – would be kept confidential.
Council members voting for the extension were: Jeanne Burbidge, Jack Dovey, Roger Freeman and Linda Kochmar. Voting against the extension were: Dini Duclos, Jim Ferrell and Mike Park.
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