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Home My WebLink About10-111 - WEA Southcenter Seafood City - Tri-Party Settlement Agreement 10-111 Council Approval N/A SETTLEMENT AGREEMENT �d 2318 i ll This Settlement Agreement "Agreement is entered this day of)-&a. t t61b by and among Seafood City, a corporation "Seafood City WEA Sbt{thcenter LLC "Westfield and the City of Tukwila, a Washington municipal corporation (the "City Recitals A. On April 16, 2010 Seafood City paid under protest traffic impact fees in the amount of $172,215.74 (the "Impact Fees for building permits associated with its renovation and reoccupancy of a portion of the former Mervyns premises located within the Westfield Mall, owned by Westfield. B. On April 30,2010 Seafood City filed a Notice of Appeal of the traffic filed a Notice of Appeal challenging the City's imposition of the Impact Fees (the "Appeal C. On July 9, 2010, the City and Westfield began negotiations on a proposed Development Agreement to address how the Westfield Mall should be treated for purposes of the City's imposition of traffic impact fees (the "Development Agreement with the intent that the Development Agreement could, among other things, resolve the Appeal. D. On October 25, 2010 the staff of the City and Westfield reached a tentative agreement on the Development Agreement. For it to become effective, the Development Agreement must be approved by the City Council after holding a public hearing and executed by the City and Westfield. E. As proposed, the Development Agreement recognizes the reduction in trips from the discontinuation of the former Mervyn's premises and a former Bank of America facility and provides for a portion of this reduction in trips to fully offset the added trips from the establishment of Seafood City so that the Seafood City project would have no net increase in traffic affecting the City's transportation infrastructure. Agreement NOW THEREFORE, in consideration of the mutual promises set forth herein, the parties agree as follows: 1. Deferral of Appeal. The Appeal shall be placed on hold in order to give the City Council time to consider adoption of the Development Agreement. 2. Tolling of Trip Expiration The City and Westfield, by separate letter agreement, agreed to retroactively toll to May 30, 2010, the expiration of trips from the former Bank of America building "BOA Building located on Parcel No. 3597000257, for use as credits against impact fees owing for other Westfield projects. Specifically, the City agrees to toll the twelve -month expiration period under TMC 9.48.040(B) and any other regulations under which the City presently or subsequently alleges the trips generated by the BOA Building may expire for use as credit against a TIF. The Parties agree that the Tolling Date has been automatically extended to the date of the adoption of the Development Agreement. 3. Development Agreement Approval In the event that the Development Agreement is approved by the City Council and executed by the City and Westfield, "Development Agreement Execution the City shall, within ten (10) days of Development Agreement Execution, refund to Seafood City the full amount of the Impact Fees it paid under protest "Refund Within ten (10) days of receiving the Refund, Seafood City shall formally dismiss its Appeal. 4. Development Agreement Revisions or Denial In the event that the Development Agreement is not approved by the City Council by December 31, 2010 or is approved with revisions to the draft agreed to by staff and Westfield, such that Westfield provides notice to the City that it will not execute the Development Agreement, this Agreement shall automatically terminate. 5. Counterparts This Settlement Agreement may be executed in any number of counterparts each of which shall be considered an original, but all of which shall constitute one and the same instrument. AGREED AND ACCEPTED BY WEA SOUTHCENTER LLC By: Name /Title Date: AGREED AND ACCEPTED BY SEAFOOD CITY By: Name /Title Date: AGREED AND ACCEPTED BY C TY OF TUKWILA B Na e/ itle Date: alleges the trips generated by the BOA Building may expire for use as credit against a TIF. The Parties agree that the Tolling Date has been automatically extended to the date of the adoption of the Development Agreement. 3. Development Agreement Approval In the event that the Development Agreement is approved by the City Council and executed by the City and Westfield, "Development Agreement Execution the City shall, within ten (10) days of Development Agreement Execution, refund to Seafood City the full amount of the Impact Fees it paid under protest "Refund Within ten (10) days of receiving the .Refund, Seafood City shall formally dismiss its Appeal, 4. Development Agreement Revisions or Denial In the event that the Development Agreement is not approved by the City Council by December 31, 2010 or is approved with revisions to the draft agreed to by staff and Westfield, such that Westfield provides notice to the City that it will not execute the Development Agreement, this Agreement shall automatically terminate. 5. Counterparts This Settlement Agreement may be executed in any number of counterparts each of which shall be considered an original, but all of which shall constitute one and the same instrument. AGREED AND ACCEPTED BY WEA SOUTHCENTER LLC By: Name/Title Date: AGREED AND' ACC Y SEAFOOD CITY By: L%iL4e C Gc C, Name/Titie Date: Ps i� i0 AGREED AND ACCEPTED BY C TY OF TUKWILA Na e Ale Da te: