SB 5350-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Authorizes the military department to dispose at public bid the state armory known as the Pier 91 property and acquire replacement property and improvements.

     Provides that before any sale, lease, or exchange is made under the provisions of this act the property must be independently appraised by a certified commercial real estate appraiser.  Any such sale, lease, or exchange shall be made to the highest competent bidder for a price not less than the independently appraised value of the property and pursuant to a call for bids published in at least one issue of a legal newspaper of general circulation in King county at least thirty days prior to the date fixed for the bid closing.