HomeMy WebLinkAbout1979 - Development Agreement - SPEEA Properties / Solly Bruce W / Bowen Bruce W - 7911300709DEVELOPMENT AGREEMENT
THIS AGREEMENT executed this date in favor of the City
of Tukwila, a municipal corporation of the State of Washington
(hereinafter called "City SPEEA Properties, Inc., a non
profit corporation of the State of Washington, Bruce W.
Solly, and Leroy Bowen (hereinafter collectively called
"Owner
W I T N E S S E T H:
WHEREAS, SPEEA Properties, Inc. is presently the owner
in fee of the property located in the City of Tukwila, described
on Exhibit "X attached hereto (hereinafter called "the Property
and whereas Bruce Solly and Leroy Bowen anticipate that they will
be acquiring the Property at some future date;
WHEREAS, Robert W. Bradford is authorized to sign this
Agreement on behalf of SPEEA Properties, Inc.;
WHEREAS, the City's Department of Public Works has deter-
mined that in order to provide for the public heath, safety
and general welfare with respect to the subject Property and
other property located in the vicinity of the Property; one
local improvement district (hereinafter called "the Local
Improvement District may be formed for the purpose of improving
52nd Avenue South, providing for arterial street improvements,
and including but not limited to, utilities such as power,
undergrounding, storm and sanitary sewers and water services;
WHEREAS, Owner is willing to equitably participate in the
Local Improvement District in the event it is created;
NOW, THEREFORE, the parties hereto covenant and agree as
follows:
1. In the event the City finds that the creation of the
Local Improvement District is within the public health, safety
and general welfare, and such District includes within its
boundaries the Property subject to this Agreement, the Owner
CD
agrees to participate equitably in the Local Improvement District,
and hereby waives any right to protest the formation of it;
provided, however, that the improvements constructed within the
Local Improvement District especially benefit the Property and
that the share of the cost is equitable to the Owner.
2. In the event the Local Improvement District is formed
and Owner has already constructed at its expense improvements
to its portion of the street which conform with all applicable
federal, state and local laws, rules and regulations, then to
the extent those improvements reduce the benefit to the Property
from the Local Improvement District, the Owner shall be given
credit by the City for purposes of evaluating the special
benefit to the Property from the Local Improvement District. In
any event, the Owner shall not be assessed by the City where
the Property is not benefited by the Local Improvement District,
but, to the extent the Property does specially benefit from the
Local Improvement District, the Property shall be assessed to pay
its equitable share of the cost of such project.
3. The City will, if all other legal and administrative
prerequisites are complied with by the Owner, issue the street
use and utility permits needed by the Owner for the Property.
4. This Development Agreement shall be recorded, and
shall be binding on all persons who in the future acquire any
property interest in the Property, except as provided in
paragraph 5.
5. It is anticipated that the Owner shall obtain construc-
tion financing from a third -party lender (hereinafter called
"the Lender for purposes of improving the Property,
and further, that the Owner will give the Lender a first
mortgage on that Property. In the event the Lender should
foreclose on the mortgage taken in connection with the construc-
tion financing, the terms of paragraph 1 of this Agreement shall
not apply to the Lender or to subsequent takers of the Property;
provided, however, that if any of the signers of this Agreement
acquire any substantial interest in the Property following a
foreclosure by the Lender, then paragraph l shall apply fully
and shall encumber the Property in the same manner as if no
foreclosure had ever occurred.
DATED:
ATTEST:
By /J/ B
Clerk, City of Tukwila Mayor(/ City of Tukwila
Approved as to form:
City Attorney
Approved as to adequacy:
STATE-OF :WASHINGTON
COUNTY OF KING
1
Phil Fraser, Acting Dire�c or
Department of Public Works
ROBERT W. BRADFORD and
and
ss.
SPEEA Properties, Inc.
By
By
Robert W. Bradford
ACCEPTED:
On this 4,f 'day of
1979, personally appeared
to me known to be the
respectively, of SPEEA
Properties, Inc., the corporation that executed the foregoing
instrument, and acknowledged said instrument to be the free and
voluntary act and deed of said corporation, for the uses and
purposes therein mentioned, and on oath stated that they
were authorized to execute said instrument.
STATE OF WASHINGTON
ss.
CD COUNTY OF KING
M
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year first above written.
On this day personally appeared before me BRUCE SOLLY to me
known to be the individual described in and who executed the
within and foregoing instrument, and acknowledged that he signed
the same as his free and voluntary act and deed for the uses and
purposes therein mentioned.
GIVEN under my hand and official seal this ''day of
1979.
STATE OF WASHINGTON
ss.
COUNTY OF KING
Notary Public in and for the State of
Washington, residing at
Notary Public in and for the State of
Washington, residing at
On this day personally appeared before me LEROY BOWEN to me
known to be the individual described in and who executed the
within and foregoing instrument, and acknowledged that he signed
the same as his free and voluntary act and deed for the uses and
purposes therein mentioned.
/i
GIVEN under my hand and official seal this yj day of
4 l 1979.
J
Notary Public in and for
Washington, residing at
the\ StatO
J
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