HomeMy WebLinkAboutCOW 2008-08-11 Item 3C - Resolution - Multi-Family Condominium Development Agreement with Mastro Properties 9•,,
COUNCIL AGENDA SYNOPSIS
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ITE M INFORMATION=
1 CAS NUMBER: 08-098 I ORIGINAL AGENDA DATE: AUGUST 11, 2008
AGENDA ITEM TITLE A resolution authorizing the Mayor to enter into a Development Agreement with
Mastro Properties for a multi family condominium project.
CATEGORY Discussion Motion Resolution Ordinance Bid Award Public Hearing Other
t ftg Date 08 -11 -08 Mtg Date Mtg Date 08/18/08 Mtg Date Mtg Date Altg Date 08/18/08 lbftg Date
SPONSOR Council Mayor Adm Svcs DCD Finance Fire Legal P&R Police PIV I
SPONSOR'S Development AgYeement with Mastro Properties for a multi- family condominium project.
SUMMARY
REVIEWED BY COW Mtg. CA &P Cmte F &S Cmte Transportation Cmte
Utilities Cmte Arts Comm. Parks Comm. Planning Comm.
DATE: 07/28/08
RECOMMENDATIONS:
SPONSOR /ADMIN. Consideration and discussion by Council
CoMMIII 1EE Unanimous Approval; Forward to Committee of the Whole
COST IMP=ACT? FUND SOURCE=
EXPENDITURE REQUIRED AMOUNT BUDGETED APPROPRIATION REQUIRED
Fund Source:
Comments:
MTG DATE RECORD OF COUNCIL ACTION
08/11/08 1
MTG�ATE_ ATTACHMENTS
08/11/08 1 Informational memorandum dated 8/6/08
1 Draft resolution with attached Develoment Agreement with Mastro Properties
2006 Development Agreement with Fountain Park
Design schematics for the previously approved project
Minutes from the Community Affairs and Parks Committee meeting of 7/28/08
1
o:' p.. Irk City qf Tuki,vT Jim Haggerton, Mayor
�y�•,: Departnzent of Community Development Jack Pace, Director
1908
INFORMATION MEMORANDUM
To: Committee of the Whol
FROM: Jack Pace, DCD Director
DATE: August 6, 2008
SUBJECT: Development Agreement with Mastro Properties for a multi family
condominium project
ISSUE
Renew and update the City's previous Development Agreement with Fountain Park LLC
(Prium Companies) with the new owner (Mastro Properties).
BACKGROUND
The City previously entered into a Development Agreement with Fountain Park LLC in
2006 for the development of approximately 300 unit mixed use residential development
with about 5000 sq. ft. of retail space at the property located just south of I -405 between
the Union Pacific Railroad and the Burlington Northern Railroad tracks and north of
Longacres Way.
This development agreement also included a property exchange component to facilitate the
Strander extension project and Union Pacific Railroad relocation (UPRR). The City and
Fountain Park completed the property exchange and the only pending land exchange relates
to 43 feet of UPRR right -of -way. This will happen after the railroad is relocated and the
City acquires title to the property. The actions that have already been completed have been
removed from the new draft agreement with Mastro Properties.
ANALYSIS
Mastro Properties acquired the Fountain Park property by deed in lieu of foreclosure since
they were lenders to Fountain Park. Mastro Properties would like to proceed with the
development as contemplated in the Fountain Park development agreement. However the
Fountain Park Agreement has expired since the project was never built.
o the land use approvals (Conditional Use Permit and Design Also, pp gn Review) have expired.
Properties would extend the land use a
This new agreement with Mastro approvals and allow
p
Mastro Properties to apply for building permits for the construction of the previously
approved project. Mastro Properties has stated they would like to build the same the project
previously approved, which is approximately 300 condominium units and 5000 sq. ft. of
MD Pale 1 08 -06 -08
Q: \Conditional use permit \Tukwila Station mixed use- Development Agreement- CAP memo.DOC
6300 Southcenter Boulevard, Suite #100 e Tukwila, Washington 98188 Phone: 206 431 -3670 Fax: 206 431 -3665
retail space. Mastro Properties is also working with City of Renton and has offered to build
the berm for the new UPRR tracks.
RECOMMENDATION
Forward the Development Agreement between the City and Mastro Properties for a public
hearing to Regular City Council meeting on August 18.
MD Page 2 01 -23 -08
Q: \Conditional use permit \Tukwila Station mixed use- Development Agreement- CAP memo.DOC
DRAFT
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, AUTHORIZING THE MAYOR TO ENTER INTO A
DEVELOPMENT AGREEMENT WITH MASTRO PROPERTIES FOR THE
DEVELOPMENT OF A MULTI- FAMILY CONDOMINIUM PROJECT.
WHEREAS, the City previously entered into a Development Agreement with Fountain
Park, LLC, for the development of a mixed -use, owner occupied residential project at the
property located north of Longacres Way /south of I-405 and between Union Pacific
Railroad and Burlington Northern Santa Fe Railroad tracks, described as King County Tax
Parcel Number 2423049037; and
WHEREAS, that agreement was duly executed as Contract No. AG06 -097, and
recorded with the King County Recorder's Office Recording Number 20061120001126; and
WHEREAS, since construction of Fountain Park development did not commence, the
Fountain Park Development Agreement expired; and
WHEREAS, Mastro Properties subsequently acquired the property by deed in lieu of
foreclosure; and
WHEREAS, the City and Mastro Properties now mutually agree to enter into a
Development Agreement to proceed with the development as contemplated in the
Fountain Park Development Agreement and agree to be bound by its terms and conditions;
and
WHEREAS, on August 18, 2008, the Tukwila City Council held a public hearing to
consider this Development Agreement;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The City Council approves and hereby authorizes the Mayor to execute the
Development Agreement with Mastro Properties, attached hereto, and made a part hereof
by reference.
Section 2. The City Clerk is hereby directed to record a fully- executed copy of this
Development Agreement with the King County Recorder's Office.
Section 3. This resolution shall become effective immediately upon its adoption.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a
Regular Council Meeting thereof this day of 2008.
ATTEST /AUTHENTICATED:
Joe Duffle, Council President
Christy O'Flaherty, CMC, City Clerk
APPROVED AS TO FORM BY:
Filed with the City Clerk:
Passed by the City Council:
Office of the City Attorney Resolution Number:
Attachment Development Agreement with Mastro Properties
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DEVELOPMENT AGREEMENT BETWEEN MASTRO PROPERTIES
AND THE CITY OF TUKWILA FOR THE DEVELOPMENT OF A
MULTI FAMILY CONDOMINIUM PROJECT
I. PREAMBLE
This DEVELOPMENT AGREEMENT "Agreement between MASTRO
PROPERTIES "Developer and the CITY OF TUKWILA "City is entered into pursuant to
the authority of RCW 36.70B.170 through .210, under which a local government may enter into
a development agreement with any entity having ownership or control of real property within its
jurisdiction.
II. RECITALS
A. The City previously entered into development agreement #06 -097 with Fountain
Park, LLC "Fountain Park King County recording no. 20061120001126, for the development
of a mixed -use, owner occupied residential project in the Transit- Oriented Development
"TOD area of the Tukwila Urban Center "TUC It was contemplated that this
development, commonly known as "Tukwila Townhomes," would be an approximately 300 unit
mixed -use residential development with approximately 5,000 square feet of retail space, more
fully explained in the design schematics submitted to the City on September 12, 2006 by a prior
developer.
B. The Fountain Park development agreement also included a property exchange and
a temporary easement provision to facilitate the "Strander Project." This project included the
relocation of Union Pacific Railroad "UPRR right -of -way and track from its current location
to a location adjacent to and west of the existing Burlington Northern right -of -way. It was
agreed that upon UPRR's vacation of its current right-of-way to the City, the City would also
convey a portion of the vacated right -of -way to Fountain Park.
C. The City and Fountain Park completed the property exchange and the only
pending land exchange relates to 43 feet of the UPRR right -of -way. The condition for the
expiration of the temporary easement has been met; therefore, the temporary easement has
expired.
D. The Tukwila Station development proposed by Fountain Park, however, was
never built. A portion of the land transaction was completed, and 43 feet of UPRR right -of -way
exchange is pending. However since the construction of Fountain Park development did not
commence, the Fountain Park development agreement expired.
E. The Developer subsequently acquired the Fountain Park property by deed in lieu
of foreclosure since the Developer was the lender to Fountain Park. The Developer would like to
proceed with the development as contemplated in the Fountain Park development agreement,
which was for the development of a mixed -use, owner- occupied residential project with
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approximately 300 residential units and approximately 5,000 square feet of retail space, more
fully explained in the design schematics submitted to the City on September 12, 2006, by a prior
developer. This is agreeable to the City.
F. As portions of the Fountain Park development agreement are no longer applicable
and to clarify those portions that are still in effect, the parties have agreed to enter into this
development agreement.
G. A development agreement must be approved by ordinance or resolution after a
public hearing (RCW 36.70B.200).
H. A public hearing for this development agreement was held on August 18, 2008,
and the City Council approved this development agreement by Resolution on
BASED ON THE FOREGOING, and because successful development will be of long
term benefit to the City and Developer, the parties hereby agree as follows:
III. AGREEMENT
3.1. The Property. The property is legally described in Exhibit A, attached hereto and
incorporated herein by this reference, located at 7300 South 158 Street, Tukwila, WA,
Assessor's property tax number 2423049137, "Property
3.2 Parties.
A. The "City" is the City of Tukwila, 6200 Southcenter Blvd., Tukwila, WA 98188.
B. The "Developer" is a private enterprise which owns the Property in fee, and
whose principal office is located as follows: Mastro Properties, 510 Rainier Avenue South,
Seattle, WA 98144.
3.3 Effective Date. This Agreement shall become effective upon approval by the Tukwila
City Council and execution by both Parties.
3.4 Tei itiination of Previous Agreements. All previous development agreements entered into
by the City related to this Property and/or the Tukwila Station development are teiiuinated. This
provision shall survive the expiration of this Agreement.
3.5 Vested Rights. Developer shall be vested to the following approvals for three years from
the effective date of this Agreement:
A. Design Review Approval granted by the City's Board of Architectural Review
dated April 29, 2005. File Number L05 -015.
B. Conditional use permit approved by the City's Planning Commission on April 29,
2005. File Number L05 -014.
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3.6 Previously Agreed Upon Terms.
A. Upon completion of the relocation of the UPRR tracks and the City's acquisition
of the existing UPRR right -of -way "Union Pacific Site more fully described in Exhibit B,
attached hereto, the City shall convey to Developer for permanent parking purposes the Union
Pacific Site. This conveyance shall be detailed in a foinial conveyance document that will be
executed at the time the City acquires the Union Pacific Site. As part of the conveyance,
Developer shall provide the City with a bond or assigned saving account for 150% of the
estimated cost of constructing permanent parking on the Union Pacific Site. This permanent
parking shall be in confoiniance with all applicable City regulations and shall be completed
within two years of the City's conveyance of the Union Pacific Site.
B. Upon public notice by the City of its intent to sell the approximately 57 feet of
remaining vacated UPRR right -of -way running adjacent to the Union Pacific Site, Developer
shall submit a bid to the City in confoiniance with the City's bid requirements for the purchase
of this property. Developer's bid shall be no less than the property's Fair Market Value at the
time the City makes the property available for sale.
C. Developer shall extend the existing sidewalk, located on the north side of the
Tukwila Station property, west to the intersection with West Valley Highway. The construction
and design standards of the sidewalk must be acceptable to the City's Public Works Director.
D. The City is not responsible for procuring parking for Developer's development
that was lost due to the termination of the Fountain Park temporary parking easement.
E. This Agreement does not guarantee any project approval or that other conditions
outside the terns of this Agreement will not be imposed by the City.
3.7 Termination.
A. This Agreement may be teiniinated upon mutual agreement of the Parties.
B. This Agreement shall terminate upon the abandonment of the development by
Developer or if Developer does not construct the development as contemplated by the approval
identified above.
C. This Agreement shall terminate if Developer fails to submit complete
development peiniit applications within one year from the effective date of this agreement.
IV. GENERAL PROVISIONS
4.1 Covenants Running With the Land. The conditions and covenants set forth in this
Agreement and incorporated herein by the exhibits shall run with the land and the benefits and
burdens shall bind and inure to the benefit of the parties. The Developer and every purchaser,
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assignee or transferee of an interest in the Property, or any portion thereof, shall be obligated and
bound by the teens and conditions of this Agreement, and shall be the beneficiary thereof and a
party thereto, but only with respect to the Property, or such portion thereof, sold, assigned or
transferred to it. Any such purchaser, assignee or transferee shall observe and fully perform all
of the duties and obligations of a Developer contained in this Agreement, as such duties and
obligations pertain to the portion of the Property sold, assigned or transferred to it.
4.2 Incorporation of Recitals. The Recitals contained in this Agreement, and the Preamble
paragraph preceding the Recitals, are hereby incorporated into this Agreement as if fully set forth
herein.
4.3 Severabilitv. If any tend or provision in this Agreement, or the application of any terns or
provision in this Agreement to a particular situation, is held by a court of competent jurisdiction
to be invalid, void, or unenforceable, the remaining teens and provisions of this Agreement, or
application of this Agreement to other situations, shall continue in full force and effect unless
amended or modified by mutual consent of the Parties. Notwithstanding the foregoing, if any
material provision of this Agreement or the application of such provision to a particular situation
is held to be invalid, void, or unenforceable, either Party may terminate this Agreement by
providing written notice of termination to the other Party.
4.4 Applicable Law/Venue. This Agreement shall be construed and enforced in accordance
with the laws of the State of Washington. The venue for any dispute arising under this
Agreement shall be King County Superior Court.
4.5 Notice of Default/Orportunity to Cure/Disnute Resolution. In the event a Party, acting in
good faith, believes the other Party has violated the terms of this Agreement, the aggrieved Party
shall give the alleged offending Party written notice of the alleged violation by sending a detailed
written statement of the alleged breach. The alleged offending Party shall have thirty (30) days
from receipt of written notice in which to cure the alleged breach. This notice requirement is
intended to facilitate a resolution by the Parties of any dispute prior to the initiation of litigation.
providing on notice of an alleged breach, the Parties agree to meet and agree upon a process
P
for attempting to resolve any dispute arising out of this Agreement. A lawsuit to enforce the
terms of this Agreement shall not be filed until the latter of (a) the end of the 30 -day cure period,
or (b) the conclusion of any dispute resolution process.
4.6 Attorneys' Fees. In the event of any litigation or dispute resolution process between the
Parties regarding an alleged breach of this Agreement, neither Party shall be entitled to any
award of attorneys' fees.
4.7 No Third Party Beneficiaries. This Agreement is for the benefit of the Parties hereto
only and is not intended to benefit any other person or entity, and no person or entity not a
signatory to this Agreement shall have any third -party beneficiary or other rights whatsoever
under this Agreement. No other person or entity not a Party to this Agreement may enforce the
teidrs and provisions of this Agreement.
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4.8 Entire Agreement. This Agreement and its exhibits represent the entire agreement of the
Parties with respect to the subject matter hereof There are no other agreements, oral or written,
except as expressly set forth herein.
4.9 Authority. The Parties each represent and warrant that they have full power and actual
authority to enter into this Agreement and to carry out all actions required of them by this
Agreement. All persons are executing this Agreement in their representative capacities and
represent and warrant that they have full power and authority to bind their respective
organizations.
4.10 Recording.. The Tukwila City Clerk shall record an executed copy of this Agreement
with the King County Auditor, pursuant to RCW 36.70B.190, no later than fourteen (14) days
after all parties have signed the agreement.
4.11 Legal Representation. In entering into this Agreement, Developer represents that it has
been advised to seek legal advice and counsel from its attorney concerning the legal
consequences of this Agreement; that it has carefully read the foregoing Agreement and knows
the contents thereof, and signs the same of its own free act; and that it fully understands and
voluntarily accepts the teuus and conditions of this Agreement.
4.12 Minor Modifications. Minor modifications from the approved development or the
exhibits attached hereto may be approved by the City's Department of Community Development
Director in accordance with the provisions of the City's code and shall not require an amendment
to this Agreement.
4.13 Police Power. Nothing in this Agreement shall be construed to diminish, restrict or limit
the police powers of the City granted by the Washington State Constitution or by general law.
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N WITNESS WHEREOF, this Agreement has been entered into by and between
Developer and the City of Tukwila.
PVIASTRO PROPERTIES CITY OF TUKWILA
Date: Date:
By: By:
Its: Jim Haggerton, Mayor
Approved as to Form:
Shelley Kerslake, City Attorney
STATE OF WASHINGTON
ss:
COUNTY OF KING
On this day of 2008, before me personally appeared
in (his/her) capacity as of Mastro
Properties, a who executed the within and foregoing instrument,
and acknowledged the said instrument to be a free and voluntary act and deed for the uses and
purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year first above written.
Printed Name:
NOTARY PUBLIC in and for the State of
Washington
Residing at:
My commission expires:
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STATE OF WASHINGTON
ss:
COUNTY OF KING
On this day of 2008, before me personally appeared
Jim Haggerton, known to me to be the Mayor of the City of Tukwila, a Washington municipal
corporation that executed the within and foregoing instrument, and acknowledged the said
instrument to be the free and voluntary act and deed of the City of Tukwila for the uses and
purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year first above written.
Printed Name:
NOTARY PUBLIC in and for the State of
Washington
Residing at:
My commission expires:
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Exhibit A
LEGAL DESCRIPTION
LOTS 1 AND 2 OF CITY OF TUKWILA SHORT PLAT NO. L98 -0007 AS FILED UNDER KING COUNTY
RECORDING NUMBER 9803129013, RECORDS OF KING COUNTY, WASHINGTON.
AND THAT PORTION OF THE HENRY MEADER DONATION CLAIM NO. 46 AND OF SECTION 24,
TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, LYING WEST OF
THE BURLINGTON NORTHERN RAILROAD RIGHT —OF —WAY, EAST OF THE UNION PACIFIC RAILROAD
RIGHT —OF —WAY, AND SOUTH OF A LINE 137 FEET SOUTH OF THE NORTH LINE OF SAID
DONATION CLAIM AND NORTH OF THE CENTERLINE OF LONGACRES WAY.
AND THE EAST 43.00 FEET OF THAT PORTION OF THE 100 FOOT WIDE UNION PACIFIC RAILROAD
RIGHT OF WAY (A.K.A. CHICAGO MILWAUKEE ST. PAUL AND PACIFIC RAILROAD) LOCATED IN
THE SOUTHWEST QUARTER OF SECTION 24, TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M., IN
KING COUNTY, WASHINGTON, WHICH LIES NORTHERLY OF THE CENTERLINE OF LONGACRES WAY
AND SOUTHERLY OF PRIMARY STATE HIGHWAY NUMBER 1 (INTERSTATE 405)
EXCEPT THE EAST 100.00 FEET OF ALL OF THE ABOVE.
THE ABOVE DESCRIBED PARCEL CAN BE MORE PARTICULARLY DESCRIBED AS FOLLOWS:
THAT PORTION OF LOTS 1 AND 2 OF CITY OF TUKWILA SHORT PLAT NO. L98 -0007 AS FILED
UNDER KING COUNTY RECORDING NUMBER 9803129013, RECORDS OF KING COUNTY,
WASHINGTON. AND THAT PORTION OF THE HENRY MEADER DONATION CLAIM NO. 46 AND OF
SECTION 24, TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M. BEING DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1 THENCE 1\166'2,3'08"E ALONG THE NORTH
LINE THEREOF 25.89 FEET TO POINT ON A CURVE WHOSE RADIUS POINT BEARS 567'28'24 "W A
DISTANCE OF 1735.00 FEET, THENCE SOUTHERLY ALONG SAID CURVE TO THE RIGHT, SAID
CURVE ALSO BEING PARALLEL TO AND 100 FEET WESTERLY OF THE WESTERLY MARGIN OF THE
BURLINGTON NORTHERN RAILROAD RIGHT OF WAY, THROUGH A CENTRAL ANGLE OF 18'27'07"
AN ARC LENGTH OF 558.75 FEET TO A POINT OF COMPOUND CURVATURE; THENCE SOUTHERLY
ALONG A CURVE TO THE RIGHT SAID CURVE ALSO BEING PARALLEL TO AND 100 FEET
WESTERLY OF THE WESTERLY MARGIN OF SAID RAILROAD RIGHT OF WAY, HAVING A RADIUS OF
2328.49 FEET THROUGH A CENTRAL ANGLE OF 06'11'57 AN ARC LENGTH OF 251.93 FEET,
THENCE S02'07'28 "W ALONG A LINE WHICH IS PARALLEL TO AND 100 FEET WESTERLY OF THE
WESTERLY MARGIN OF SAID RAILROAD RIGHT OF WAY A DISTANCE OF 555.03 FEET TO THE
CENTERLINE OF LONGACRES WAY; THENCE S87'07'47 "W ALONG SAID CENTERLINE 239.32 FEET
TO THE CENTERLINE OF THE EXISTING TRACKS OF THE UNION PACIFIC RAILROAD; THENCE
NO337'43 "E ALONG SAID CENTERLINE 969.09 FEET; TO A POINT OF CURVE TO THE LEFT;
THENCE NORTHERLY ALONG SAID CURVE TO THE LEFT HAVING A RADIUS OF 3730.49 FEET
THROUGH A CENTRAL ANGLE OF 02'44'10 AN ARC LENGTH OF 178.14 FEET TO A POINT OF
COMPOUND CURVATURE; THENCE NORTHERLY ALONG SAID CURVE TO THE LEFT HAVING A
RADIUS OF 1878.02 FEET THROUGH A CENTRAL ANGLE OF 06'44'42 AN ARC LENGTH OF
221.08 FEET TO THE SOUTHERLY RIGHT OF WAY MARGIN OF PRIMARY STATE HIGHWAY NO. 1;
THENCE N66 23'08 "E ALONG SAID RIGHT OF WAY MARGIN 45.10 FEET TO A POINT ON A CURVE
WHOSE RADIUS POINT BEARS S83 44'15 "W A DISTANCE OF 1921.02 FEET; THENCE SOUTHERLY
ALONG SAID CURVE TO THE RIGHT THROUGH A CENTRAL ANGLE OF 01'02'03 AN ARC LENGTH
OF 34.67 FEET TO THE POINT OF BEGINNING.
SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON.
CONTAINING AN AREA OF 262,050 SQUARE FEET MORE OR LESS.
TUKWILA TOWNHOMES EXHIBIT 'A' Pacific 15445 53R1) AVE. S.,
SEATTLE, WA 95188
Engineering PNDNE
PROJECT NO.: 08008 F�) 431 7970
DRAWN BY: CM Design, LLC (0) 388 -1648
ISSUE DATE 07 -23-08
EG IIBIT 1 Civil Engineering and v.Ea ATE
PACEyG.Co
PAGE 1 OF 1 Planning Consultants
08006EX -A LEGAL DESCRP.OWG
EaIIBIT B1
PROPOSED LEGAL DESCRIPTION
AREA TO BE ABANDONED BY UNION PACIFIC RAILROAD
AND ACQUIRED BY MASTRO PROPERTIES
THE EAST 43.00 FEET OF THE FOLLOWING DESCRIBED PARCEL:
THAT PORTION OF. THE 106 FOOT WIDE UNION PACIFIC RAILROAD
RIGHT OF WAY (A.K.A:CHICAGO MILWAUKEE ST. -PAUL AMP PACIFIC
RAILROAD) LOCATED IN THE SOUTHWEST QUARTER OF SECTION,24,
-TOWNSHIP 23 NORTHt "RANG?.4 EAST,- INKING COUNTY,`
WASHINGTON, WHICH LIES NORTHERLY OF THE CENTERLINE OF
LONGACRES WAY AND SOUTHERLY OF PRIMARY STATE HIGHWAY
NUMBER_ 1- (INTERSTATE 405)
CONTAINING :AN AREA PT 59,180 SQUARE FEET MORE OR LESS.
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DEVELOPMENT AGREEMENT BETWEEN FOUNTAIN PARK LLC AND THE CITY
OF TUKWILA
FOR THE DEVELOPMENT
OF A MULTI FAMILY CONDOMINIUM PROJECT
I. PREAMBLE
This DEVELOPMENT AGREEMENT "Agreement between Fountain Park LLC, a
wholly owned entity of Prium Companies LLC "Fountain Park and the CITY OF TUKWILA,
a municipal corporation of the State of Washington "Tukwila" or "City is entered into
pursuant to the authority of RCW 36.70B.170 through .210, under which a local government
may enter into a development agreement with any entity having ownership or control of real
property within its jurisdiction.
II. RECITALS
A. Fountain Park has a contract for purchase and sale dated March 8, 2006, to purchase
property located in the City of Tukwila, King County, Washington, more particularly described
as King County Tax Parcel Nos. 2423049137 and 0005800013, equaling approximately 6.2
acres.
B. Fountain Park intends to close on the above referenced sale on or before October 7,
2006.
C. Fountain Park desires to develop this property for a mixed -use owner occupied
residential project to be constructed within the Transit Oriented Development "TOD area of
the Tukwila Urban Center "TUC This development, commonly known as "Tukwila Station,"
will be an approximately 300 unit mixed -use residential development with approximately 5,000
square feet of retail space. This development is more fully explained in the design schematics
submitted to the City on March 16, 2005 by a prior developer.
D. Land uses within the TUC were adopted prior to the presence of the Commuter
Rail/Amtrak Station. Tukwila is currently in the final stages of developing a new plan for the
TUC that recognizes that the Commuter Rail/Amtrak Station is a transportation amenity.
E. The City issued a threshold determination dated April 22, 2005, and approved a
conditional use and design review on April 29, 2005. These approvals shall be honored by the
City and run with the ownership of the property. The City has further determined that this
development meets the City's concurrency standards and that impact fees shall be due at the time
of permit issuance.
F. The City of Renton has identified a preferred alternative for the future extension of
Strander Boulevard eastward from West Valley Highway "Strander Project This alternative
would require the relocation of the Union Pacific Railroad "UPRR right -of -way from its
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current location to a location adjacent and west of the existing Burlington Northern right -of -way.
This ortion of the property would be owned by Fountain Park.
P
G. To facilitate the relocation of the UPRR, Tukwila would be required to acquire
through condemnation, or other negotiated means, the property required for the Strander Project.
This would be costly to the City if the property were fully developed at the time of
condemnation.
H. Tukwila owns approximately 1.63 acres of land immediately north of the Tukwila
Station site, of which approximately 36,000 square feet are subject to this Agreement.
I. Thus, the Parties wish to exchange certain parcels of property for their mutual benefit.
J. To provide certainty and efficiency to Fountain Park and the City with respect to the
development of this property, to encourage mixed -use owner occupied residential development
of this property, and to ensure acquisition of property needed for the Strander Project for the
City, the Parties wish to enter into this mutually beneficial Development Agreement.
BASED ON THE FOREGOING, and because successful development of this site will be
of long -term benefit to both Tukwila and Fountain Park, Tukwila and Fountain Park hereby
agree as follows:
III. AGREEMENT
1.0 Effective Date and Term.
1.1 This Agreement shall become effective upon approval by the Tukwila City
Council, execution by both Parties, and proof in a fowl acceptable to the City of Fountain Park's
ownership of the subject property not later than October 7, 2006; provided, however, that the
Mayor in his sole discretion may extend this deadline to November 7, 2006, without further
authorization of the City Council.
1.2 The term of this Agreement shall commence upon the Effective Date and
continue for a period of ten (10) years.
2.0 Terms.
2.1 Fountain Park shall convey by statutory warranty deed to Tukwila the portion of
its property (estimated to be an approximately 100 -foot strip) needed for relocation of the UPRR
right -of -way, more fully described in Exhibit `B" "Fountain Park Portion attached hereto.
exchange, Tukwila shall convey by statutory warranty In tY deed to Fountain Park a
Y Y rY
portion of its property adjacent to the proposed Tukwila Station site, more fully described in
Exhibit "A" "Tukwila Portion attached hereto.
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2.3 Fountain Park will retain a temporary easement for parking purposes on the
Fountain Park Portion, in a folin substantially similar to the attached Exhibit "C" "Fountain
Park Easement In utilizing the Fountain Park Easement, Fountain Park agrees to the following
Indemnity and Insurance provisions.
2.3.1. Indemnity. Fountain Park shall indemnify, defend, and hold harmless
Tukwila, its agents, and employees from and against any and all liability arising from injury or
death to persons or damage to property resulting in whole or in part from negligent acts or
omissions of Fountain Park, its agents, servants, officers, or employees, irrespective of whether
in connection with such act or omission it is alleged or claimed that an act of Fountain Park, its
agents, or employees caused or contributed thereto. In the event that Tukwila shall elect to
defend itself against any claim or suit arising from such injury, death, or damage, Fountain Park
shall, in addition to indemnifying and holding Tukwila harmless from any liability, indemnify
Tukwila for any and all expenses incurred by Tukwila in defending such claim or suit, including
reasonable attorneys' fees.
2.3.2. Insurance.
2.3.2(i). Fountain Park shall procure and maintain in full force throughout the
duration of its use of the Fountain Park Easement comprehensive general liability insurance with
a minimum coverage of $1,000,000.00 per occurrence /aggregate for personal injury and property
damage. Said policy shall name the City of Tukwila as an additional named insured and shall
include a provision prohibiting cancellation or reduction in the amount of said policy except
thirty thi
upon days prior written notice to Tukwila. Cancellation of the required insurance
(30)
shall automatically result in termination of Fountain Park's use of the Fountain Park Easement.
2.3.2(ii). Certificates of coverage as required by Paragraph 2.3.2(i) above
shall be delivered to Tukwila prior to Fountain Park's use of the Fountain Park Easement.
2.4 Upon commencement of the Strander Project and any associated relocation of the
UPRR tracks, the Fountain Park Easement identified in paragraph 2.3 shall terminate and be
extinguished. Upon completion of the relocation of the UPRR tracks and the City's acquisition
of the existing UPRR right -of -way "Union Pacific Site more fully described in Exhibit "D"
attached hereto, the City shall convey to Fountain Park for permanent parking purposes the
Union Pacific Site. The property exchange contemplated by this provision will be detailed in a
formal Property Exchange Agreement that will be executed at the time the City acquires the
Union Pacific Site. As part of the Property Exchange Agreement, Fountain Park shall provide
the City with a bond for 150% of the estimated cost of constructing permanent parking on the
Union Pacific Site. This permanent parking shall be in conformance with all applicable City
regulations and shall be completed within two years of the execution of the Property Exchange
Agreement.
2.4.1. Upon public notice by the City of its intent to sell the approximately 57
feet of remaining vacated UPRR right -of -way running adjacent to the Union Pacific Site,
Fountain Park shall submit a bid to the City in conformance with the City's bid requirements for
Page 3 of 9
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the purchase of this property. Fountain Park's bid shall be no less than the property's Fair
Market Value at the time the City makes the property available for sale.
2.5 The City shall exercise its best efforts to provide 180 days advance written notice
to Fountain Park of the termination and extinguishment of the Fountain Park Easement. The
City shall not be responsible for procuring interim parking for Fountain Park's development
during the associated relocation of the UPRR right -of -way.
2.6 The development is subject to the obligation of each Party to convey clear title to
affected parcels.
2.7 The City shall designate in its sole discretion, and on any reasonable conditions, a
portion of its property, described ink Exhibit "E" attached hereto, for Fountain Park's use as a
temporary construction staging area during development of the Tukwila Station site "Staging
Area In utilizing the Staging Area, Fountain Park agrees to the following Indemnity and
Insurance provisions.
2.7.1. Indemnity. Fountain Park shall indemnify, defend, and hold harmless
Tukwila, its agents, and employees from and against any and all liability arising from injury or
death to persons or damage to property resulting in whole or in part from negligent acts or
omissions of Fountain Park, its agents, servants, officers, or employees, irrespective of whether
in connection with such act or omission it is alleged or claimed that an act of Fountain Park, its
agents, or employees caused or contributed thereto. In the event that Tukwila shall elect to
defend itself against any claim or suit arising from such injury, death, or damage, Fountain Park
shall, in addition to indemnifying and holding Tukwila harmless from any liability, indemnify
Tukwila for any and all expenses incurred by Tukwila in defending such claim or suit, including
reasonable attorneys' fees.
2.7.2. Insurance.
2.7.2(i), Fountain Park shall procure and maintain in full force throughout
the duration of its use of the Staging Area comprehensive general liability insurance with a
minimum coverage of $1,000,000.00 per occurrence /aggregate for personal injury and property
damage. Said policy shall name the City of Tukwila as an additional named insured and shall
include a provision prohibiting cancellation or reduction in the amount of said policy except
upon thirty (30) days prior written notice to Tukwila. Cancellation of the required insurance
shall automatically result in termination of Fountain Park's use of the Staging Area.
2.7.2(ii). Certificates of coverage as required by Paragraph 2.7.2(i) above
shall be delivered to Tukwila prior to Fountain Park's use of the Staging Area.
2.8 Fountain Park shall hydro seed, vegetate, and otherwise restore the Staging Area
to its original condition and to the reasonable satisfaction of the City upon completion of
Fountain Park's use of the Staging Area. The City shall thereafter maintain the restored Staging
Area site.
Page 4 of 9
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2.9 Fountain Park shall extend the existing sidewalk, located on the north side of the
Tukwila Station property, west to the intersection with West Valley Highway. The construction
and design standards of the sidewalk must be acceptable to the City's Public Works director.
2.10 The details of the property exchange are set forth in a separate Property
Exchange Agreement, which is incorporated by this reference as if fully set forth herein.
2.11 This Agreement does not guarantee any project approval or that other conditions
outside the terms of this Agreement will not be imposed by the City.
2.12 This Agreement supersedes any and all other Development Agreements related
to the property that is the subject of this Agreement.
2.13 Fountain Park's development shall be consistent with the approvals granted by
the City's Planning Commission and Board of Architectural Review dated April 2005. The
conditional use permit approved by the City on April 29, 2005, is renewed.
3.0 General Provisions.
3.1 AssiEnment of Interests. Ri>?hts. and Obligations. This Agreement shall be
binding and inure to the benefit of the Parties. No Party may assign its rights under this
Agreement without the written consent of the other Party, which consent shall not unreasonably
be withheld. This Agreement shall be binding upon and shall inure to the benefit of the heirs,
successors, and assigns of Fountain Park and the City.
3.2 Incorporation of Recitals. The Recitals contained in this Agreement, and the
Preamble paragraph preceding the Recitals, are hereby incorporated into this Agreement as if
fully set forth herein.
3.3 Severability. If any term or provision in this Agreement, or the application of
any term or provision in this Agreement to a particular situation, is held by a court of competent
jurisdiction to be invalid, void, or unenforceable, the remaining terms and provisions of this
Agreement, or application of this Agreement to other situations, shall continue in full force and
effect unless amended or modified by mutual consent of the Parties. Notwithstanding the
foregoing, if any material provision of this Agreement or the application of such provision to a
particular situation is held to be invalid, void, or unenforceable, either Party may terminate this
Agreement by providing written notice of termination to the other Party.
3.4 Termination.
3.4.1 This Agreement may be terminated upon mutual agreement of the Parties.
3.4.2 This Agreement shall terminate upon the abandonment of the development
by Fountain Park. Fountain Park shall be deemed to have abandoned the development if
Fountain Park fails to take title to the property andlor fails to submit development applications
before October 7, 2006.
Page 5 of
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3.4.3 This Agreement shall expire and be of no further force and effect if
Fountain Park LLC does not construct the development as contemplated by the approvals
identified in Paragraph 2.13 of this Agreement, and submits applications for development that
are inconsistent with such approvals.
3.5 Enforceability. The Parties acknowledge that any willful and material breach of
this Agreement will result in irreparable harm, and therefore, in addition to any other remedies
that the Party would have, the non breaching Party would be entitled to temporary, preliminary
and permanent injunctions prohibiting the breaching Party from any such willful and material
breach. The Parties agree that monetary damages from a breach of this Agreement would be
difficult to ascertain and quantify; thus, specific performance is the proper remedy for any breach
of this Agreement.
3.6 Applicable Law/Venue. This Agreement shall be construed and enforced in
accordance with the laws of the State of Washington. The venue for any dispute arising under
this Agreement shall be King County Superior Court.
3.7 Notice of Default/Opportunity to Cure/Dispute Resolution. In the event a Party,
acting in good faith, believes the other Party has violated the terms of this Agreement, the
aggrieved Party shall give the alleged offending Party written notice of the alleged violation by
sending a detailed written statement of the alleged breach. The alleged offending Party shall
have thirty (30) days from receipt of written notice in which to cure the alleged breach. This
notice requirement is intended to facilitate a resolution by the Parties of any dispute prior to the
initiation of litigation. Upon providing notice of an alleged breach, the Parties agree to meet and
agree upon a process for attempting to resolve any dispute arising out of this Agreement. A
lawsuit to enforce the terms of this Agreement shall not be filed until the latter of (a) the end of
the 30 day cure period or (b) the conclusion of any dispute resolution process.
3.8 Attorneys' Fees. In the event of any litigation or dispute resolution process
between the Parties regarding_ an alleged breach of this Agreement, neither Party shall be entitled
to any award of attomeys' fees.
3.9 No Third -Party Beneficiaries. This Agreement is for the benefit of the Parties
hereto only and is not intended to benefit any other person or entity, and no person or entity not a
signatory to this Agreement shall have any third -party beneficiary or other rights whatsoever
under this Agreement. No other person or entity not a Party to this Agreement may enforce the
terms and provisions of this Agreement.
3.10 Contin eenci es.
3.10.1. Should the Strander project not go forward or should the property
described in Exhibit `B" not be needed by the City, the easement granted by the City for parking
purposes on Exhibit "C" will become a pemanent easement.
Page 6 of 9
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3.10.2. This Agreement will terminate if development of the project described
herein is not commenced within 180 days of the effective date of this Agreement.
Commencement shall be defined as receiving the required foundation inspection, including
approval therefore by the City.
3.11 Entire Agreement. Counterparts. and Exhibits. This Agreement may be
executed in duplicate counterparts, each of which is deemed to be an original. The entire
Agreement consists of eight (8) pages, one (1) notary acknowledgement page, and five (5)
Exhibits, which constitutes in full the final and exclusive understanding and agreement of the
Parties and supersedes all negotiations and previous agreements between the Parties with respect
to all or any part of the subject matter hereof. All waivers of the provisions of this Agreement
shall be in writing and signed by the appropriate authorities of Fountain Park and the City of
Tukwila.
3.12 Authority. The Parties each represent and warrant that they have full power and
actual authority to enter into this Agreement and to carry out all actions required of them by this
Agreement. All persons are executing this Agreement in their representative capacities and
represent and warrant that they have full power and authority to bind their respective
organizations.
3.13 Recording. Fountain Park shall record an executed copy of this Agreement with
the King County Auditor, pursuant to RCW 36.70B.190, no later than fourteen (14) days after
the Effective Date.
3.14 Existing Easements. No easement, in existence prior to this Agreement, on the
properties subject to this Agreement, shall be affected by this Agreement.
3.15 Legal Representation. In entering into this Agreement, Fountain Park
represents that it has been advised to seek legal advice and counsel from its attorney concerning
the legal consequences of this Agreement; that it has carefully read the foregoing Agreement and
knows the contents thereof, and signs the same of its own free act; and that it fully understands
and voluntarily accepts the terms and conditions of this Agreement.
3.16 Minor Modifications. Minor modifications from the approved development or
the exhibits attached hereto may be approved by the City's Department of Community
Development Director in accordance with the provisions of the City's code and shall not require
an amendment to this Agreement.
IN WITNESS WHEREOF, this Agreement has been entered into by and between Pacific
Commercial Properties and the City of Tukwila as of the day and year first above written.
FOUNTAIN PARK LLC CITY OF TUKWILA
By: y
Hyun J. ember Steve Mullet, Mayor
Page 7 of 9
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Approved as to Foun:
Shelley Kerslake, City Attorney
Page 8 of 9
3: \City Attomey\PETER\Planning \Tukwila Station DA 7- 13.doc
STATE OF WASHINGTON
ss:
COUNTY OF KING
On this 7 day of J� v v Acs rL 2006, before me personally appeared
Hyun J. Um, the Member of Fountain Park LLC, a Washington limited liability company that
executed the within and foregoing instrument, and acknowledged the said instrument to be the
free and voluntary act and deed of said company, for the uses and purposes therein mentioned,
and on oath stated that he was authorized to execute said instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year first above written.
f Printed Name: K ri# �c -7�c 2 M c -1 t
NOTARY PUBLIC in and for the State of
ro es
Washington
rr+ Was >ngt on
"'r s Residing at: 1 A co 4
PUB LIG•'' My commission expires: g" -0 V
OP laSiNT,o`
..a Y P
STATE OF WAT-1 GTON
ss:
COUNTY OF KING
On this P day of 21- 2006, before me personally appeared
Steve Mullet, known to me to be the Mayor of the City of Tukwila, a Washington municipal
corporation that executed the within and foregoing instrument, and acknowledged the said
instrument to be the free and voluntary act, and deed of the City of Tukwila for the uses and
purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year first above written.
Pr ted Name: J YI1,� 16 -A! 71-1
Rr 11/1/., NOTARY PUBLIC in and for the State of
z
U Washington(
G mo o= Residing at: %i-9''.-
3,29A My commission expires: —A_ 5- 0
Page 9 of 9
G: \City Attomey\PETER\Planning \Tukwila Station DA 7- 13.doc
0
PR ;,USED pROPERTY- E XHIBIT
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4.4' ONUMENTED G 415 RAINIER BLVD. N.
ISSAOUAN, WA. 9802
EXTENDED 1 54. 158TH 5T •42G 1342 -5351
Exhibit A
PROPOSED LEGAL DESCRIPTION
CITY Of TUKWILA.TO FOUNTAIN PA E'K L.LC. PROPERTIES, Pic.
N
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C31 -CT1.
LOT-1 OF CITY OF TUKWILA SHORT PLAT NO. L98- 0007AS FILED UNDER
KING COUNTY RECORDING, NUMBER 9803129013, RECORDS OF'KJNGI
COUNTY, WASHINGTON:
EXCEPT THE EAST 100.00 FEET THEREOF..
CONTAINING AN AREA OF 36 SQUARE FEET MORE OR LESS.
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EXPIRES MAY 22 2005
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so. 158 5 1 TED r 1 415 RAINIER BLVD. N.
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S. 158TH 5 PH: 25]39- 5351
I EXTENDED
PROPOSED L.EGAL DESCRIPTION
,FOUNT/ /A/ PA, A( L. L C TO CITY GF TUKIWILA
EAST 100.00 FEET OF LOT 2 OF CITY OF TUKWILA SHORT.P_LAT NO.-
L98 -0007 AS FILED UNDER KING COUNTY RECORDING NUMBER
.9803129013,. RECORDS OF.KING COUNTY WASHINGTON.
TOGETHER -WITH THE EAST 100.00. FEET OFTHE FOLLOWING
DESCRIBED PARCEL:
THAT PORTION OF THE HENRY M FADER- DONATION CLAIM NO '46 AND
OF SECTION 24,.TOWNSHIP23 NORTH, RANGE 4 EAST, W_M. IN KING
COUNTY, WASHINGTON,-LYING WEST OF THE BURLINGTON- NORTHERN
RAILROAD RIGHT OF -WAY, EAST OF THE .UNION PACIFIC RAILROAD.
•RIGHT -OF -WAY, AND SOUTH OFA LINE 137 FEET SOUTH OF THE•NORTH
LINE OF SAID DONATION CLAIM AND NORTH OF CENTERLINE OF- z
.LONGACRES WAY
CONTAINING AN AREA OF.103,525 SQUARE FEET MORE OR LESS.
'$s A LAN
1 XPIRES MAY 22 2005
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PROPOSED EASEMENT FJESCRIPTION
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Y EP ARED BY:
WA EASTSIDE CONSULTANTS. INC,
1 1 i I -MONUA.4ENTED q I 415 RAINIER EILW). N.
UAH, WA. 98027
I SO. ST ISSAQ
1 1 1 1 PH: (4251392-5351
Exhibit C
PROPOSED EASEMENT DESCRIPTION
CITY OF TUKWILA TO FOUNTA //V PAR L L
THE WEST 30 FEET OF THE EAST 100.00 FEET OF LOTS 1 AND 2 OF
CITY OF TUKWILA SHORT PLAT NO. L98- 0007AS FILED UNDER KING
COUNTY RECORDING NUMBER 9803129013, RECORDS OF KING COUNTY,
WASHINGTON.
TOGETHER W1TH WEST 30FrEET 100.00 FEET OFTI-IE
FOLLOWING DESCRIBED PARCEL:
THAT PORTION OF THE HENRY MEADER DONATION: CLAIM NO 46 AND
OF SECTION 24, TOWNSHIP 23 NORTH, RANGE 4 EAST, -WM., IN KING'
COUNTY, WASHINGTON, LYING WEST OF THE BURL.INGTON'NORTHERN
'RAILROAD RIGHT-OF-WAY, EAST OF -THE UNION PACIFIC RAILROAD
RIGHT -OF- WAY, AND SOUTH OFA LINE 137 FEET SOUTH OF THE NORTH
LINE QF SAID DONATION- CLAIM AND NORTH 'OF THE CENTERLINE OF
LONGACRES WAY.
1 J I J
EXPIRES MAY 22 2007,
PROPOSED PROPERTY EXHIBIT
ABA TO BE ABANDONED BY UNION PACIFJC R..AILROAD
AND ACQUIRED SY L
FOUNTAHV Rk. L..C...
PA
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ABANDONED BY UNION •pt ta:.-
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i 57 43
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11 1 1 •MONUMEN TED q.
1 415 RAINIER BLVD. N.
5 EXTEND 8TH ST
1
I ED 1SSAOU AH, WA. 98027
PH: [4253392
Exhibit D
PROPOSED LEGAL DESCRIPTION
AREA TO BE ABANDONED BY UNION PACIFIC RAILROAD
AND ACQUIRED BY JUNTA /NPARx LLC
THE EAST 43.00 FEET OF THE FOLLOWING DESCRIBED PARCEL:
THAT PORTION OF THE 100 FOOT WIDE UNION PACIFIC RAILROAD
RIGHT OF WAY (A.K.A. CHICAGO MILWAUKEE ST. PAUL AMD PACIFIC
RAILROAD) LOCATED IN THE SOUTHWEST QUARTER OF SECTION Z4,
TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M., IN COUNTY,
WASHINGTON, WHICH LIES NORTHEJZLY OF THE CENTERLINE OF
LONGACRES WAY AND SOUTHERLY OF PRIMARY STATE HIGHWAY
NUMBER 1 (INTERSTATE 405)
CONTAINING AN AREA OF 59,180 SQUARE FEET MORE OR LESS.
Glg} 44 f O OA O0iii LA S
•EXPIRES MAY 22 2005
PROPOSED PROPERTY EXHIBIT
OUNTA /NPA- g L.L. G i COMBINED PARCEL
te e.
A5 BUILT C TEA
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CON5TRUCTION 570KAGE
STAGING AREA
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ti City of Tukwila io
N R Community Affairs and Parks Committee
0
1908
COMMUNITY AFFAIRS AND PARKS COMMITTEE Meeting Minutes
July 28, 2008 5:00 p.m.; Conference Room #3
PRESENT
Councilmembers: Joan Hernandez, Chair; Verna Griffin and De'Sean Quinn
Staff: Bruce Fletcher, Jack Pace and Kimberly Matej
CALL TO ORDER: Chair Hernandez called the meeting to order at 5:04 p.m.
I. PRESENTATIONS No presentations.
II. BUSINESS AGENDA
A. A Resolution Authorizing Application to the Washington Recreation Conservation Office for Funding Assistance
for the Duwamish Riverbend Hill Development Proiect
Staff is seeking full Council approval of a resolution authorizing a grant application to the Washington Recreation
Conservation Office (RCO) for the Duwamish Riverbend Hill development project. A resolution is required as
part of the grant application process.
The application will request $220,000 in federal assistance funding from RCO relative to the Land and Water
Conservation Fund. Matching grant funds in the amount of $110,000 are required if the City's grant application is
successful. These matching funds are budgeted for in the CIP. If this grant funding is awarded, over $600,000 will
be secured for this project. UNANIMOUS APPROVAL. FORWARD TO AUGUST 11 COW FOR
DISCUSSION.
B. Development Agreement with Mastro Properties for a Multi Family Condominium Proiect
Staff is seeking full Council approval to enter into a development agreement with Mastro Properties for a multi-
family condominium property located just south of I -405 between the Union Pacific Railroad tracks and the
Burlington Northern Railroad tracks, and north of Longacres Way.
This current agreement is actually the third development agreement for this property location. The previous
agreement was between the City and Fountain Park, LLC. Due to unforeseen events, Mastro Properties acquired
the Fountain Park property in lieu of foreclosure.
Mastro Properties intent is to build the same project with same design as set forth in the previous agreement
between the City and Fountain Park. The new agreement calls for a 300 unit mixed -use owner- occupied
residential development with approximately 5,000 square feet of retail space (as before).
The new agreement will provide the following vested rights to Mastro Properties:
Design Review Approval Approved by City on April 29, 2005 File No. L05 -015
Coniditional Use Permit Approved by City on April 29, 2005 File No. L05 -014
Mastro Properties will have one year from the date the agreement is signed to submit a building permit or the
agreement will be terminated. A permit is expected to be submitted in August. UNANIMOUS APPROVAL.
FORWARD TO AUGUST 11 COW FOR DISCUSSION.
M. MISCELLANEOUS Meeting adjourned at 5:30 p.m.
Next meeting: Monday, August 11, 2008 5:00 p.m. Conference Room #3
.rJu2 Committee Chair Approval
M„hutes by KAM. Reviewed by BF.