The City of SeaTac announced this week that it has secured funding to purchase land for its future Civic Campus and City Hall, marking what officials described as a major step in the long term development project.

The city estimates the cost of constructing the project to be between $85 million and $216 million, according to documents posted by the city.

The SeaTac City Council on Nov. 11 adopted an ordinance authorizing the use of Limited Tax General Obligation Bonds to purchase an 8.6 acre property at 2701 S. 200th Street (map below). The land will serve as the site of the planned Civic Campus and future City Hall. The city said the purchase is expected to be completed by mid December.

The city reported that it obtained favorable bond interest terms of less than 5 percent, citing SeaTac’s AA plus S and P Global rating as a factor in securing the rate.

The land acquisition builds on action taken earlier this year, when the council authorized the purchase of the 8.6 acre parcel to begin planning for the Civic Campus. City officials said the next phase will involve several months of work with consultants, community members and the council to create a master plan. That plan will identify project scope, costs, resources and key stakeholders.

Additional information can be found on the city’s Civic Campus Speak Up website. The city encouraged residents to participate and to sign up for updates about the project.