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10 -099 <br /> Council Approval 9/20/10 <br /> KING COUNTY FLOOD HAZARD REDUCTION PROGRAM �1 ~o :34 <br /> TUKWILA 205 PROJECT <br /> LILY POINTE PARCEL <br /> REAL ESTATE PURCHASE AND SALE AGREEMENT <br /> EASEMENT <br /> This Agreement is made as of the date this instrument is fully executed by and among LILY <br /> POINTE INVESTMENTS, LLC, a Washington limited liability company "Seller THE CITY <br /> OF TUKWILA, a municipal corporation of the State of Washington "City and KING <br /> COUNTY FLOOD CONTROL ZONE DISTRICT, a quasi municipal corporation of the State of <br /> Washington ("District") (sometimes the City and the District are collectively referred to herein as <br /> "Buyer"), for purchase and sale of certain easements situated in King County, Washington, <br /> described on Attachment "A and all rights appurtenant thereto (the "Easement"). <br /> RECITALS: <br /> 1. The City and the Green River Flood Control Zone District "GRFCZD a predecessor <br /> of the District, entered into an Interlocal Cooperation Agreement "ILA to provide for <br /> maintenance of the United States Army Corps of Engineers Lower Green River Section <br /> 205 Flood Protection Project "Tukwila 205 Project Said ILA was ratified by the <br /> Board of Supervisors of the GRFCZD under Resolution No. GR1994 -1, on February 7, <br /> 1994 and by the City on February 7, 1994. As successor in interest to the GRFCZD, the <br /> District has certain operation and maintenance responsibilities under the terms of the ILA <br /> for the Tukwila 205 Project. <br /> 2. Seller, through that certain Possession and Use Agreement Revised between Seller <br /> and the City dated October 14, 2008, as amended by that certain Amendment to <br /> Possession and Use Agreement Revised dated September 9, 2010 (together, the <br /> "PUA agreed to provide certain easements to the City and the District. A form of the <br /> proposed easement was attached to the PUA as Attachment 1. <br /> 3. The City in conjunction with the District agreed to pay the appraised value of the <br /> easement rights being granted. <br /> 4. The City contracted with Andrew T. Robinson, MAI, to appraise the Easement, has <br /> reviewed the appraisal and agrees with the conclusions of the appraiser. The Distnct <br /> concurs with the City as to this determination of value. <br /> 5. Pursuant to the PUA, the City has agreed to pay (and Seller has agreed to accept) <br /> interest on the value of the Easement at a rate of 9% per annum from May 19, 2008 <br /> until closing, so long as closing occurs no later than October 15, 2010. <br /> 18775202_1 DOC Page 1 of 20 September 2, 2010 <br /> 67893- 0003 /LEGAL19087945 3 <br />