Bonney Lake City Council will discuss the rehabilitation of a house on the city’s ‘Reed Property’ — a residential 18.79 acre parcel located on Barkubein Road East and a 1.31 acre vacant lot — at the council workshop held tonight, Tuesday.

The city of Bonney Lake purchased the property for $1,060,000 in 2010, in the hopes of establishing a water right claim on the White River Basin per an agreement with Cascade Water Alliance, according to a city White Paper regarding the property (begins on page 27). A test well on the property did not yield a sufficient water source for the city’s needs, leading engineers to look northwest of the property.

With no viable water source, the city is looking at other means to make the property a revenue source, one possibility being a lease on the pasture by Anderson Dairy.

Council will discuss the renovations tonight. The current list of repairs includes a roof replacement, gutter repair or replacement, chimney inspection and sweeping, floor replacement, replacement of the water tank compressor and miscellaneous improvements to bring the interior up to code. The repairs are estimated to cost $44,500 of an earmarked $50,000.

If the repairs lead to a lease on the house, it is expected to bring in $1,600 a month in rental income. Assuming five years of steady renting, the property would present a net gain of $84,260 to the city after all expenses and taking into account the city money that would no longer be spent paying utility costs on the land.