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Home My WebLink About21-081 - Holden at Southcenter, LLC - Multi-Family Residential Property Tax Exemption Agreementvia Federal Express & U.S. Mail December 16, 2024 City of Tukwila Office of the City Clerk 6200 Southcenter Blvd Tukwila, WA 98188 City of Tukwila Office of Economic Development 6200 Southcenter Blvd Tukwila, WA 98188 MG at Tukwila, LLC 1938 Fairview Ave. E. #300 Seattle, WA 98102 206-676-5600 RECEIVED CITY OF TUKVJILA CITY CLERK Reference 21-081 Re: MFTE Reporting due annually on December 31st Final Certificate dated October 21, 2021 Merrill Gardens at Tukwila located at 112 Andover Park E., Tukwila formerly known as The Holden at Southcenter (the "Property") Dear City of Tukwila, This letter is sent pursuant to the Multi -Family Residential Property Tax Exemption Agreement dated May 21, 2021 between the City of Tukwila and Holden at Southcenter, LLC under King County recording number 20210816001162 as assigned to MG at Tukwila, LLC under King County recording number 20240322000443 (collectively, the "Agreement"). A copy of the notice sent to you regarding the assignment is enclosed. We have complied with the terms of the Agreement and hereby submit our annual reporting in compliance with Section 4.a. of the Agreement. Section i. There are 134 residential units total in the Property*. 107 of these residential age - restricted units eligible for the exemption. 27* of these residential units are considered memory -care units and are not eligible for the exemption. Please see the attached table for occupancy information as of 11/30/24. Section ii. Section iii. Section iv. Section v. The Property has not changed use since the date of filing the Final Certificate and continues to be in compliance with the Agreement. The improvements constructed are in accordance with the plans approved by the C4 of Tukwila without change since the date of filing the Final Certificate. The value of the tax exemption is $29,266,300.00 per the King County Assessor's website. Please let us know if there is any other information you'd like reported. * There have been no changes to the configuration of units in this building. The former owner counted the shared memory care units as 1 unit per side of the shared unit, whereas we count the shared memory 1 care units as .5 units per side. For illustrative purposes we include the plan page from the Agreement and note this for your review: The yellow highlighted apartments are shared occupancy. These are the apartments where we count each side/resident as .5. The prior manager counted these as two units. We count it as one apartment. The blue highlighted apartments are the private apartments. There are 23 apartments highlighted in blue. There are 4 apartments highlighted in yellow. We count this as 27 apartments. The prior manager counted these as 31 units (23 single units and 8 units in the 4 shared apartments). Please contact me at 206-676-5616 if you have any questions about this submittal. Sincerely, MG at Tukwila, LLC Douglas D. Spear o(utherrized Signatory State of WcL(j'1(`®--� V County of This record was acknowledged before me on %(o JC'Ai by T�r), r;l c;.��.Sp<'r��' as Authorized Signatory of MG at Tukwila, LLC. NOTARY F!1)BLIC #36633 S°i°ATEE CF WASHINGTON QOMISSKAJ EXPIRES OCTOBER 19, 2027 (Stamp) ;0 (3ig`nafe ota' public) (Title of office) My Commission Expires: cf L2 (bate) Studio AL 512 3,495 44.0 33% 23.0 52% 21.0 48% 1 Bedroom AL 680 4,635 47.0 35% 23.0 49% 24.0 51% 2 Bedroom AL 1,068 6,727 16.0 12% 15.0 94% 1.0 6% Memory Care Private DM 387 7,733 23.0 17% 23.0 100% - 0% Memory Care Shared DM 338 6,557 4.0 3% 4.0 1010% - 0% Total/Avg. 606 5,591 134.0 100% 88.0 66% . ........ . — 46.0 34% As of 11/30/24 Instrument Number: 20210816001162 Document -AG Rec: $217.50 Page -10 of 15 Record Datc:8/16/2021 1:46 PM King County, WA 1 r-vr-1 1) 4 OF MEMORY CARE UNITS 27 MEMORY CARE UNIT TOTAL SQ FT 11,680 MEMORY CARE AMENITY SQ FT 3.377 MEMORY CARE CIRCULATION & SERVICE SQ FT 3,887 MEMORY CARE TOTAL, 80 FT 18,944 URBALK9 ARCHITECTURE URBAN�RURAL WON"l—A—L.J ....... s60lk voo-sa= i'1*Ub3bqhttd,n afn M181410 I 1 :11 11L IF—All IM9111A I malal 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 2 l" = 40'-0" 12/10/201912.43:26 PIVI HOLDEN AT SOUTHCENTER, LLC 1900 N'. Northlake Way, Suite 237 Seattle, Washington 98103 March 14, 2024 City of Tukwila, Washington Office of the City Clerk 6200 Southcenter Blvd. Tukwila, WA 98188 Reference: 21-081 RECEIVED OEM= CITY OF TUKWILA CITY CLERK T C 13 Re: Multi -Family Residential Property Tax Exemption Agreement, dated May 21, 2021 (the "Agreement"), by and between the City of Tukwila, Washington and Holden at Southcenter, LLC ("Holden") Greetings: Pursuant to Section 6 of the Agreement, notice is hereby given that on March 14, 2024, Holden conveyed the Property to MG at Tukwila, LLC, a Delaware limited liability company ("Buyer"), pursuant to the Bargain and Sale Deed attached hereto as Exhibit A, and assigned all of its rights, interests, and obligations under the Agreement to Buyer pursuant to the MFTE Assignment and Assumption Agreement attached hereto as Exhibit B. Please address all future notices, demands and correspondence under the Agreement to Property Owner to Buyer as follows: MG at Tukwila, LLC c/o AEW Capital Management, L,P, 2 Seaport Lane Boston, MA 02210 Attn: Brian Sunday With a copy to: c/o Merrill Gardens, L.L.C. 1938 Fairview Ave E, Ste 300 Seattle, WA 98102 Attn: Doug Spear Proskauer Rose LLP One International Place Boston, MA 02110 Attn: Sean T, Boulger Capitalized terms used herein and not defined shall have the meanings assigned to such terms in the Agreement. Very truly yours, HOLDEN AT SOUTHCENTER, LLC, a Delaware limited liability company By: V. Ja Authorized Signatory cc: City of Tukwila Office of Economic Development 6200 Southcenter Blvd, Tukwila, WA 98188 Signature Page to Letter to City Exhibit A Instrument Number: 20240325000646 Document:D Rec: $3W50 Page -1 of'6 Excise Does: 3274816 Selling Price: S29,847,200.00 Tax Amount: S1,013,732.00 Record Date:3/25/2024 2:32 PM Electronically Recorded King County, WA AFTER RECORDING MAM TO. Proskauer Rose LLP One International Place Boston, Massachusetts 02100 Attcntiom Scan T. Boulger, Esq. CT NCS - 23,4416 -NCS Document Title(s); (or transactions contained herein) Bargain and Sale Deed Reference Nurnher(s) of Documents assigned or released: N/A Grantor(s). (Last name first, then first name and initials) Holden at Southcentcr, LLC, a Delaware limited liability company Grantee($)., (Last name first, then first time and initiats) MG at Tukwila, LLC, a Delaware limited liability company Abbreviated Legal Description as follows. (i,e, lot/block/plat or section/township/range/quarter/quartet) Ptn Tracts 4 & 5, Andover Industrial Park No. 1, Vol. 66, Pg- 36 Complete legal description attached as Exhibit A - Assessor's Property Tax Parcel/Account Number(s); 022300-0045-08 022300-0045-99 M Instrument Number 2024032,5000646 Docurnent:D Rec: 5308.50 Page -2 of 6 Record Date -3/25/2024 2:32 PM King Count),, WA T= GRANTOR, HOLDI:N AT SOUTHCENTER, LLC, a Delaware limited liability company ("Grantor"'), for and in consideration of'Ten Dollars in hand paid, bargains, sells, and conveys to MG AT TUKWTLA, LLC, a Delaware limited liability company ("Grantee'), the following described real estate, situated in the County of King, State of Washington: See Exhibit A attached hereto and incorporated herein by this reference. Subject to and excepting those matters Listed in Exhibit B attached hereto and incorporated herein by this reference. [Signature appears on the following page.] I hi,strunient Number: 2024032-5000646 Docurnen(:D Ree: S308.50 Page -3 of 6 Record Datc,3/25/2024 2:32 PM King County, WA Dated this I t4 day of M=14 2024, HOLDEN AT SOUTHCENTER, LLC, a Delaware limited liability company By: Narg- 170al Hiemenz Title: Authorized Signatory NNA200'� W I certify that I know or have satisfactory evidence that V. Jay Hiernenz is the person who appeared before me, and said person acknowledged that he signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Authorized Signatory of Holden of Southeenter, LLC, a Delaware limited liability company, to be the free and voluntary act of such party for the uses and purposes stated therein. Dated March 14, 2024. Name: VON, PrjntNa&p1 '(�48j� 2% zap w:? NOTARY PUBLIC, State of Arizona My appointment expires 91'2 X11' z9a5 Qumptim- PaiYA to Piffunin Anti qmlft TIOPA Instrument Number: 20240325000640 Document.1) Ree: $308.50 Page -4 of 6 Record Date:3/25/2024 2:32 PM King County, WA EXITIZIT A LEGAL DESCR11PTION The Land referred to herein below is situated in the County of King, State of Wasbington, and is described as follows� THE SOUTH 28 FEET OF TRACT 4, AND THE NORTH 200.00 FEET OF TRACT 5, SAID 200 FEET BEING MEASURED PARALLEL TO ANDOVER PARK EAST (67TI-I AVENUE SOUTH), ANDOVER INDUSTRIAL PARK NO. 1, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 66 OF PLATS, ])AGE 36, IN KING COUNTY, WASHINGTON; EXCEPT THAT PORTION THEREOF CONDEMNED IN KING COUNTY SUPERIOR COURT CAUSE NUMBER 592245 FOR PRIMARY STATE HIGHWAY NO. 1. A-1 Tn— Instrument Number 20240325000646 Document:][) Rec: $308.50 Page -5 of 6 Record Date:3/25/2024 2:32 PM King County, WA 4. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a EXIUBIT B PERNnTTED EXCEPTIONS 1. 10' utility casement as contained andlor delineated on the face of the Plat of Andover Industrial Park, No. I recorded in Volume 60 of Plais, Page 36, in King County, Washiligton- Recording No-: Recording No. 5256442 Affects: 2. Covenants, conditions and restrictions as set forth in the document: Recording Date: August 22, 2019 Recording No-: 20190822000625 3. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document: August 16,2022 Granted to: Puget Sound Energy, Inc. Purpose: One or more utility systems for purposes of transmission, Assumption Agreement, dated as of March 14, 2024. distribution and sale of electricity and appurtenances Recording Date: October 8, 2020 Recording No.: 20201008002380 Affect& Portion of said premises 4. Easement(s) for the purpose(s) shown below and rights incidental thereto, as granted in a document: Granted to: Comeast Cable Communications Management, LLC Purpose;, Broadband communications systems and appurtenances Recording Date: June 2, 2021 Recording No-: 20210602002641 Affects: Portion of said premises as described therein 5. Matters contained in that certain document: Entitled- Multi -Family Residential Property Tax Exemption Agreement Between: Holden at Southcenter, LLC Recording Date: August 16,2022 Recording No.: 20210816001162 As. assigned by Holden at Southeenter, LLC to MK at Tukwila, LLC pursuant to the MF,TE Assignment and Assumption Agreement, dated as of March 14, 2024. 6. Real estate taxes and assessments for the year 2024 and subsequent years, a lien not yet due and payable. mm Instrument Number 20240325000646 Doctiment:D Rec: 5308.50 Page -6 of 6 Record Date.3/25/2024 2:3,2 PM King County, WA The rights of the residents and tenants (as residents and tenants only, and without any right or option to purchase said premises or any portion thereof) under the resident agreements mid leases. Potential charges for the King County Treatment Capacity Charge as authorized under RCW 35.58 and King County Code 28,84,050, All charges due and payable are paid in full. B-2 Exhibit B MFTE Assignment and Assumption Agreement Instrument Number 20240322000443 Docunient.A Rec: $306.50 Page -1 ot'4 Record Date:3/22/2024 11.47 AM Electronically Recorded King County, WA AFTER RECORDING MAIL TO: Proskauer Rose LLP One International Place Boston, Massachusetts 02100 Attention.- Sean T. Boulger, Esq. CT NCS - 234416 -NCS Document Titic(s): (or transactions contained herein) Assignment and Assiuription Agreement ReferenceNumber(s) of Documents assigned orreleased: 20210816001162 Grantor(s): (Last name first, then first name and initials) Holden at Southccnter, LLC, a Delaww•are limited liability company Grantee(x): (Last name first, then fust name and initials) MG at Tukwila, LLC, a Delaware limited liability company Abbreviated Legal ]Description as fallaws: (i.e. lot/Wocklplat or section/townsbjplrangolquatter/qtiarter) Ptn Tracts 4 & 5, Andover Industrial Park No. 1, Vol. 66, Pg. 36 Complete legal description attached as Exhibit A Assessor's Property Tax Parcel/Account Nurnber(s): 022300-0045 Instrument Number: 202403220(10443 Document:A Rec: 5306.50 Page -2 of=4 Record Date:3/22/2024 11:47 AM King County, WA MFTE ASSIGNMYNT AND ASSUMPTION AGRERIMT NT FOR VALUABLE 'CONSIDERATION, receipt of which is hereby acknowledged, the undersigned, 14OLDEN A -l' SOUTHCENTER, LLC, a Delaware limited liability company C'Seller"), hereby sells, transfers, assigns and conveys to MG AT TUKWILA, LLC, a Delaware limited liability company ("Buyer"), all right, title and interest ofSeller in and to the Multi -Family Residential Property 'faux Exemption Agreement, dated May 21, 2021, between Seller and the City, recorded as Instrument Number 202108160,01162 in the Official Records of King County, Washington (the "NEP TE Agreement"), This Assigmucut and Assumption (this "Agreement") is, given pursuant to that certain Purchase Agreement (the "Purchase Agreement'") dated as of February 23, 2024, between Seller and Buyer (or its predecessor in interest), providing for the sale of the Property. 'The covenants, agreements, and limitations (including, but not lUnited to, the limitations provided in Sections 7.3, 7.4, 8 and 10.2 of the Purchase Agreement) provided in the Purchase Agreement with respect to the property conveyed hereunder are hereby incorporated herein by this reference as if herein set out in MI. Buyer hereby accepts the foregoing assignment and agrees to assume and discharge, in accordance with the terms thereof,, all of the obligations of Seller under the MFTE Agreement, to The extent the same arise on Or after the date hereof. This Agreement shall inure to the benefit of and shall be binding upon Seller and Buyer, and their respective successors and assigns. The rights, title and interest of Seller in the METE. Agreement are conveyed "as N" without representation or warranty, except as may be set forth in the Purchase Agreement, TO HAVE AND 1'0 HOLD all of said rights, title and interest unto Buyer, its successors and assigns, to its own use forever. This Agreement shal I inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 'Mis Agreement shall, in all respects, be governed, construed, applied, and enforced in accordance with the laws of the State of Washington, [Ibis space intentionally left blank) X111!- —1. Instminent Number 20240322000443 Docurnent:A Rec: 5306.50 Page -3 of 4 Record Datc.3/22/2024 11:47 AM King County, WA DATED: As of 1A arch _, 2024 OUNNOV HOLDEN AT SOUTHCENTER, LLC, a Delaware limited liability company By: Nrp*,JVaW-l'i�e enz Title: Authorized Signatory STATE OF ARIZONA COUNTY OF MARICOPA I certify that I know or have satisfactory evidence that V. Jay Hiemenz is the person who appeared before me, and said person acknowledged that lie signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Authorized Signatory of Holden of Southeenter, LLC, a Delaware limited liability company, to be the free and voluntary act or such party for the uses and purposes stated therein. Dated March —, 2024, Name: P , rint Nw. . . .................... NO -to of Arizona TARY PURL WICNLIa My appointment expires 02040e.5 Signature Page to MiFTE Assignment and Assumption Agreement Instrument Nunjbcr 20240322000443 Doeument:A Rec: 5306.50 Page -4 of 4 Record Date:3/22/2024 11:47 AM King County, WA MG AT TLJKIAtILA, LLC, a Delaware limited liability company By: Nator—; Doug VS"<pear Title: Authorized Signatory STATE OF COUNTYOF VQnL. I certify that I know or have satisfactory evidence that Douglas Spear is the person who appeared before me, and said person acknowledged that he signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Authorized Signatory of MG at Tukwila, LLC, a Delaware limited liability company, to be the free and voluntary act of such party for the uses and purposes stated therein. Dated Match J.,& 2024. =3 Name: JENNIFER A VAC -.'i Print Nan c 11 6T R� P NOTARYPUBLIC 89683 L STATE OF WASHINGTON S [N NOTARY UBLIC, State 0 Y I IC "t' C MM OMMISSlON EXPIRES oirit=ex�irest My appointment expires OCTO 'BER 19,,2027 Signature Page lu MFTE Assignment and Assumption Agreement Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -1 of 15 Record Date:8/16/2021 1:46 PM Electronically Recorded King County, WA Return Address: Tukwila City Clerk 6200 Southcenter Blvd. Tukwila, WA 98188 ATTN: Brandon Miles Please print or type information WASHINGTON STATE RECORDER'S Cover Sheet (RCW65.04) Document Title(s) (or transactions contained therein): (all areas applicable to your document must be filled in) 1. Multi -Family Residential Property Tax Exemption Agreement 2. 3. 4. Reference Number(s) of Documents assigned or released N/A Additional reference Ws on page of document Grantor(s) Exactly as name(s) appear on document 1. City of Tukwila, a non -charter, optional code city 2. Additional names on page ___ of document. Grantee(s) Exactly as name(s) appear on document 1. Holden at Southcenter, LLC 2. Additional names on page of document. Legal description (abbreviated: i.e. lot, block, plat or section, township, range) ANDOVER INDUSTRIAL PARK # 1 S 28 FT OF 4 & N 200 FT OF 5 LESS ST HWY Additional legal is on page of document. Assessor's Property Tax Parcel/Account Number ❑ Assessor Tax # not yet assigned 022300-0045 The Auditor[Recorder will rely on the information provided on this form. The staff will not read the document to verify the accuracy or completeness of the indexing information provided herein. "I am signing below and paying an additional $50 recording fee (as provided in RCW 36.18.010 and referred to as an emergency nonstandard document), because this document does not meet margin and formatting requirements. Furthermore, I hereby understand that the recording process may cover up or otherwise obscure some part of the text of the original document as a result of this request." Signature of Requesting Party Note to submitter: Do not sign above nor pay additional $50 fee if the document meets margin/formatting requirements Instrument Number: 20210816001162 DocKU00ent:AG Rec: $217.50Pof 15 ��U��/ �/�� 1:46 PM County, WA - Record _-__-_- - '------'—� _ —~�, ,.-- 21'O81 Council Approval N/A Ille .11110-00101 Valf.37601,44k, THIS AGREEMENT /« ent") is entered into this 21st dayof_May 2021, by and between the City ofTukwila, Washington /the "City"), a non -charter, optional code city organized under the laws of the State of Washington, and Holden at 3outhceote[ LLC /the "Property Owner"). WHEREAS, the City desires tO 8DCOUr88e increased residential opportunities and to stimulate the construction Ofnew multi -family housing within a portion of the City's Tukwila Urban Center -TraDsit Oriented Development /TUC-TOD\ zoning district; and WHEREAS, Chapter 84.14 RCVV permits cities to designate n residential targeted area for certain property tax exemptions; and WHEREAS, on December 1, 2014, the Tukwila City Council adopted City Council Ordinance No. 2462 (as amended by Ordinance 2538), enacting a limited property tax exemption for eligible OnUiti-faD1||y development projects within the City's designated r2Sid8D1iG1 target area, located within the Tukwila Urban Center - Transit Oriented Development (TUC-TOD) zoning district; and WHEREAS, the Property 0xVDer owns 8 parcel located at 112 Andover Park East /"the Property"\within the residential targeted area; and UUBEWE/\S/ the Property Owner is constructing a residential or [nixed -Use development project on the Property which will include multi -family residential units (the "Project"); and WHEREAS, in connection with the Project, the P[OpenLyOVVD2F has submitted a complete application for the City's multi -family tax exemption in accordance with Chapter 3.90 of the Tukwila Municipal Code /TMQand WHEREAS, the City has determined that the Project meets the eligibility criteria for issuance of a Conditional Certificate of Acceptance of Tax Exemption ("Conditional Certificate") for the multi -family tax exemption /"K4FTE"\; and VVMEREAS.TK4C 3.90.070(A) requires the Property Owner to enter into an agreement with the City regarding the terms and conditions ofthe Project ande|igib||itvforthernu!ti-farnj|ytax exemption prior toissuance ofaConditional Certificate; NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the City and the Property Owner mutually agree as Instrument Number: 20210816001162 DocKU00ent:AG Rec: $217.50Pof 15 ��U��/ �/�� 1:46 PM County, WA - Record _-__-_- - '------'—� _ —~�, ,.-- Section 1: Definitions Un|ess otherwise specified in this document, the terms in this Agreement shall be interpreted consistent with the definitions contained in Tukwila Municipal Code ("TMC") Section 3.90.20. Section 2: Property 01A�� A. The Property DvvUer will construct on the Property a residential or mixed-use project substantially consistent with the plans depicted in the attached Exhibit A, which is incorporated herein by this [efen2DC8. Construction shall be considered substantially consistent for the purposes of this Agreement if, at a UliDiDlUn1, construction of the Project meets the following requirements: L The residential units must be located within the residential targeted area, as defined in TMC 3,90,030; ii The residential units must have an average size of at least five hundred (500) square feet per unit; iii. A [niDinoVDl of a least four dwelling units shall be constructed in either a mixed use or residential building; iv. A minimum of fifteen percent (15%) of the residential units must be at least nine hundred /9OO\square feet and contain atleast two bedrooms; v. The residential units must be designed and used for permanent residential occupancy as defined buTMC 3,9O.O2OA\; vi. Each residential unit must have its own private bathroom and a private kitchen. Units that utilize common kitchens or shared bathrooms are not eligible for the multi -family residential property tax exemption; and Vii. The Project shall comply with all applicable ZODiDg requirements, land Use regulations, environmental requirements, building codes and fire code r2qUin2[DeDLS, as outlined in the TMC. B. Construction of the residential units must be completed and receive City -issued o certificate of occupancy, within three (3) years from the date of issuance of the Conditional Certificate by the City, or within authorized extension limits. C. After completion of construction of the Project and issuance of a permanent certificate of occupancy for the residential UO|1s' but before expiration of the Conditional Certificate, Property Owner shall request Final Certificate and file with the City's Economic Development Administrator ("Administrator") the following supporting information: L A statement of expenditures made with respect to each multi -family housing unit, including phasing if applicable, and of the total expenditures made with respect to the entire Property; ii. Adescription ofthe completed work and astatement ofqualifications for the exemption; iii. Astatement that the work was completed inthe timeframe outlined inSection 2.Bofthis Agreement, or within the time limit of any approved extension granted pursuant to TMC Instrument Number: 20210816001162 DocKU00ent:AG Rec: $217.50Pof 15 ��U��/ �/�� 1:46 PM County, WA — Record _—__—_— — '—-----'—� _ —~�, ,.-- k. Information that the Administrator deems necessary and useful in order to evaluate the eligibility for the Final Certificate. A. The City will issue aConditional Certificate for the Project vvithin45 days ofmutual execution of this Agreement. The Conditional Certificate shall expire three /3\ years from the date of issuance unless aDextension isgranted under Chapter 3.9OTMC. B. Within thirty (30) days of receipt of all materials set forth in Section 2.C.Hv of this Agreement and 8 request f[oOO Property Owner for a Final Certificate, the Administrator shall determine whether the completed Project is: consistent with the Property Owner's application, consistent this Agreement, and qualified for limited exemption under Chapter 84.14 RCW, in addition to which specific improvements completed meet the requirements of this chapter and the required findings of RCVV 84.14.060. If the Administrator determines that the Projected completed meets said requirements, the requirements of Chapter 3.90 TMC, and the required findings of RCVV 84.14.060/ the Administrator shall file a Final Certificate with the King County Department OfAssessments. The Final Certificate must be filed with the King County Assessor nolater than 4Odays after the City's receipt ofall materials required for the FiDa| Certificate underTIVIC 3.90.090(A). C. The King County Department of Assessments sha|l be responsible for determining the allocation of the Property's assessed value to be attributed tothe multi -family portion of the A. Within thirty i30\ days of each anniversary of the filing date of the Final Certificate and for each year of the tax exemption period, the Property Owner shall submit to the Administrator anotarized declaration containing the following: L A statement identifying the total number of occupied and vacant multi -family units during the previous year; ii. A certification that the property has not changed use since the date of filing of the Final Certificate and continues to be in compliance with this Agreement, Chapter 3.90 TIVIC, iii. A description of any improvements or changes to the property made after the filing ofthe Final Certificate or after the last declaration, as applicable; iv. The value of tax exemption for the Project; and v. Any other information with respect to the units receiving a tax exemption necessary for the City tocomply with any reporting requirements hmthe State ofWashington and/or King County. B. The Property Owner shall maintain records supporting all information provided to the City and shall make such records available for inspection upon request by the City. Additionally, Instrument Number: 20210816001162 DocKU00ent:AG Rec: $217.50Pof 15 ��U��/ �/�� 1:46 PM County, WA — Record _—__—_— — '—-----'—� _ —~�, ,.-- pri0r notice, to ensure the COnbUUed 0ODlpU3DC2 with 8ppUC8b]8 ZODiOg requirements, land use regulations, building codes, fire codes, and housing codes asrequired bvthe TMC. C. Failure tosubmit the annual declaration osrequired bySection 4+4ofthis Agreement, urbm maintain adequate records, may result in cancellation of the tax exemption in accordance with Section 8 herein. Section 5: Conversion of Residential Units |fthe Property Owner converts any Ofthe multi -family residential housing units subject tOthis Agreement to another Use, the Property DvVDer shall notify the King County Department of Assessment and the Administrator within sixty /GO\days Vfsuch change inuse, Upon such change iDuse, the tax exemption shall becancelled pursuant toSection 8herein. Section If Property Owner transfers its entire legal interest in the Property, or in the improvements made to the Property subject tO this Agreement, Property Owner shall assign its rights, interests, and obligations under this Agreement tothe succeeding owner. Property Owner shall then notify the City of said transfer and assignment within thirty /30\ days. Failure to notify the City of said transfer or assignment, as required by this section, shall constitute grounds to terminate this Agreement bythe City pursuant tnSection 9herein, Section 7: Duration of Exemption The value of the improvements qualifying under this Agreement will be exempt from ad valorem property tax for eight (8) years beginning January 1 Of the year immediately following the calendar year ofissuance ofthe Final Certificate. Section 8: Cancellation by City The City will cancel the Final Certificate for any property or individual unitthat no longer complies with any of the terms and conditions of this Agreement or with the requirements of Chapter 3.90 TIVIC. Cancellation of the Final Certificate will subject the Property Owner (or any future property owner) tOadditional taxes, interest and penalties 3Sfurther described [DChapter Q4.14RCVVand TIVIC 3.90.100.H. Upon determining that a tax exemption shall be cancelled, the Administrator shall notify the Property Owner ofsaid cancellation by certified mail, return receipt requested. The Property Owner may appeal the cancellation determination as specified in TIVIC 3.90.100.1-1 within 3Odays ofthe date ofnotice ofcancellation. Section 9: General Provisions A. Termination L Automatic Termination. This Agreement Sh3|| 8u1onl8tioBl}y terminate Upon the expiration ofthe eight-year tax exemption, asoutlined in Section 7herein. ii. Termination by CitV. The City may terminate this Agreement 3tanytime under any ofthe following circumstances: Instrument Number: 20210816001162 DocKU00ent:AG Rec: $217.50Pof 15 ��U��/ �/�� 1:46 PM County, WA — Record _—__—_— — '—-----'—� _ —~�, ,.-- I. The Property Owner obtained the property tax exemption under deceit or false pretenses, including providing incorrect or inadequate information to the Cho regarding the intended use ofthe building onthe property; 2. The Project nulongeruon1pliesvviththerequi[ennentsufChapter3.9OTK4{;or 3. The Final Certificate iscancelled pursuant toSection 8herein; and 4. Property Owner fails to substantially comply with the terms of this Agreement. iii. Termination bv Propertv Owner. The Property Owner may terminate its rights and obligations under this Agreement byproviding 3Ddays' written notice tOthe City. iv. Termination Effect on Final Certificate. |fthis Agreement isterminated for any reason, the City shall automatically cancel any Final Certificate that may have been issued tothe Property Owner for the Project, Cancellation of the Fina/ Certificate will subject the Property Owner (or any future property owner) to additional taxes, interest and penalties as further described in Chapter 84.14 RCW and TIVIC 3.90.100.H. The Property Owner may appeal the cancellation determination as specified inTIVIC 3.90.100.1-1 within 30 days of the date Ofnotice ofcancellation. B. Potential Tax Liability. The Property Owner acknowledges and agrees that, regardless of the reason therefor, termination of this Agreement may subject Property Owner to potential tax liabilities and penalties under state law. C. King County Assessment Fee, King County Assessment charges a fee for the review and processing of MFTE application requests. The Property Owner shall either pay this fee directly to King County orreimburse the City for payment ofthis fee. D. Governing Law and Venue. This Agreement shall be construed and enforced in accordance with the laws ofthe State 0fWashington. Venue for any action arising under this Agreement shall lie inKing County Superior Court. E. Compliance with Tukwila Municipal Code. The Property Owner shall ensure that the site and Project comply with all applicable sections ofthe Tukwila Municipal Code, including, but not limited to, the zoning code, sign code, building code, fire code, and public works standards. |f the event of conflict between this Agreement and any provision of the Tul(xvi|a Municipal Code, the more stringent requirement shall govern. Additionally, this Agreement shall not be interpreted to prevent the City from enforcing any provisions of the Tukwila Municipal Code as currently written or amended. Norshall the Agreement preclude the Property Ownerfrom pursuing any administrative appeals or rights permitted under applicable provisions of the Tukwila Municipal Code. F. Assignability. Except as 81loYV8d in Section 6 of this Agreement, neither party may assign its rights, interests, orobligations under this Agreement. G. Recording. Upon execution ofthis Agreement by both parties, the Property DvvOa[ shall record this Agreement with the King County Recorder's Office and provide 3 copy of the recorded document tothe City. H. Indemnification. The Property Owner shall indemnify, defend, and hold harmless the City, its officers, officials, employees, and volunteers from any and all claims, injuries, damages, losses Instrument Number: 20210816001162 DocKU00ent:AG Rec: $217.50Pof 15 ��U��/ �/�� 1:46 PM County, WA - Record _-__-_- - '------'—� _ —~�, ,.-- o[suitsarisiM#oUtVforr8SUltingƒro[ntheacts,erno[sOFO[nbsiODs8fthePn3pe[t/OVVDe[iO performance ofthis Agreement. |. Attorney Fees. In the event a lawsuit is filed regarding the subject matter of this Agreement, the prevailing party shall beentitled topayment ofattorneys' fee bythe other party. J. NoThird'PartyBeneficlaries. This Agreement iafor the benefit Ofthe 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 VVh8tsO8Ve[ under this Agreement. No other person or entity not a Party tothis Agreement may enforce the terms and provisions ofthis Agreement. K. Severability. The provisions ofthis Agreement are separate and severable. The invalidity of any clause, sentence, paragraph, subdivision, section/ or portion or the invalidity of the application thereof to any person or circumstance, shall not affect the validity of the remainder of this Agreement, or the validity of its application to other persons or circumstances. L. Amendment to Agreement; Effect of Agreement on Future Actions. This Agreement may be amended by mutual consent of all of the parties, provided that any such amendments are in writing. M. Notices. Unless otherwise specified in this Agreement, notices, demands, and correspondence between the City and Property Owner shall be deemed sufficiently given if dispatched by pre -paid first-class mail tothe addresses of the parties as designated in this Section. The parties hereto may, from time to time, advise the other ofnew addresses for such notices, demands Drcorrespondence. To Propertv Owner: HOLDEN ATS3UTHCENTER,LLC 19OONNorthlakeWay, Suite 237 Seattle, WA98115 Attn: Jeremiah ]oiiooeur With a ggpy To. DentonsUSLLP 2OOOW4cKinneyAvenue, Suite 19OO Dallas, Texas 752Dl Attn: Toni Weinstein To City: City ofTukwila Office Ofthe City Clerk 520OSVUthuePteFBlvd Tukwila, \NA8818A Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -8 of 15 Record Date:8/16/2021 1:46 PM King County, WA With a Copy To: City of Tukwila Office of Economic Development 6200 Southcenter Blvd Tukwila, WA 98188 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the dates set forth below: CITY OF TUI<W1 LA ... ... 7'2 .. . ....... By: Allan Ekberg, Mayor 05/21/2021 APPROVED AS TO FORM: By Office of the City Attorney ATTEST: ByI �6r%rc`QCy ��,�'�Cczfze�t ty l City Clerk HOLDEN AT SOUTHCENTER, LLC By: Jeremiah Jolicoeur - Member Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -9 of 15 Record Date:8/16/2021 1:46 PM King County, WA LEVEL 1 # OF RESIDENTIAL UNITS 0 RESIDENTIAL UNIT TOTAL SQ FT 0 RESIDENTIAL AMENITY SQ FT 7,957 RESIDENTIAL CIRCULATION & SERVICE SO FT 6,708 RESIDENTIAL TOTAL SQ FT 14,665 U R B A L 0? ARCHITECTURE URBAN I RURAL S.dlk vo.%9aw 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 1 1" = 40'-0" 12/10/2019 12:43:25 PM Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -10 of 15 Record Date:8/16/2021 1:46 PM King County, WA LEVEL # OF MEMORY CARE UNITS 27 MEMORY CARE UNIT TOTAL SQ FT 11,680 MEMORY CARE AMENITY SQ FT 3,377 MEMORY CARE CIRCULATION & SERVICE SO FT 3,887 MEMORY GARS TOTAL SQ FT 18,944 U R B A L 09 ARCHITECTURE URBAN I RUR AL. 1939 A— —E-1 v0A9MM 0vAM5w&0)wx'-lm com 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 2 1" = 40'-0" 9 M161-1�1*0. 1 12/10/2019 12:43:26 PM Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -11 of 15 Record Date:8/16/2021 1:46 PM King County, WA I FVFl .1 # OF RESIDENTIAL UNITS 23 RESIDENTIAL UNIT TOTAL SQ FT 15,809 RESIDENTIAL AMENITY SQ FT 105 RESIDENTIAL CIRCULATION& SERVICE SQ FT 3,149 LRESIDENTIAL TOTAL SQ FT 19,063 U R B A L 49 h Mt,49-040, HOLDEN AT SOUTHCENTER 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 3 1" = 40'-0" 12/10/2019 12:43:27 PIVI Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -12 of 15 Record Date:8/16/2021 1:46 PM King County, WA -J�- - -- INATPA IV, # OF RESIDENTIAL UNITS 23 RESIDENTIAL UNIT TOTAL SQ FT 15,809 RESIDENTIAL AMENITY SO FT RESIDENTIAL CIRCULATION &SERVICE SOFT 105 3,146 RESIDENTIAL TOTAL SQ FT . 19,060 U R BA L 69 ARCHITECTURE URB AN I RUR A L S..tik, WA9a'W I M-W-wa 112 ANDOVER PARK EAST, TU KWI LA, WA 98188 LEVEL 4 1" = 40'-0" 12/10/2019 12:43:28 PIVI Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -13 of 15 Record Date:8/16/2021 1:46 PM King County, WA # OF RESIDENTIAL UNITS 19 RESIDENTIAL UNIT TOTAL SQ FT 12,459 AMENITY SQ FT 1,522 -RESIDENTIAL RESIDENTIAL CIRCULATION &SERVICE SQ FT 2,961 RESIDENTIAL TOTAL SQ FT 16,942 U R B A L 40 ARCHITECTURE UP. BAN I RURAL 1018 F,iM.. A-Fi.1 S.OA4 WA9M HOLDEN AT SOUTHCENTER 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 5 I" = 40'-0" 12/10/2019 12:43:28 PIVI Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -14 of 15 Record Date:8/16/2021 1:46 PM King County, WA LEVEL 6 # OF RESIDENTIAL UNITS 21 RESIDENTIAL UNIT TOTAL SQ FT 13,893 RESIDENTIAL AMENITY SQ FT 105 RESIDENTIAL CIRCULATION& SERVICE SQ FT 2,943 RESIDENTIAL TOTAL SQ FT 16,941 UR B A L00 ARCHITECTURE URB AN I RUR AL S.Olk srvw�.uhaluClBscl us rasa � MI-Al-e0a HOLDEN AT SOLITHCENTER 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 6 1" = 40'-0" 12/10/2019 12:43:29 PIVI Instrument Number: 20210816001162 Document:AG Rec: $217.50 Page -15 of 15 Record Date:8/16/2021 1:46 PM King County, WA -J�- -- - I FVFl 7 # OF RESIDENTIAL UNITS 21 RESIDENTIAL UNIT TOTAL SQ FT 13,893 RESIDENTIAL AMENITY SQ FT RESIDENTIAL CIRCULATION& SERVICE SQ FT 2,943 RESIDENTIAL TOTAL SQ FT 16,941 U R B A L.49 ARCHITECTURE UP BAN I RUR At. 112 ANDOVER PARK EAST, TUKWILA, WA 98188 LEVEL 7 I" = 40'-0" 12/10/2019 12:43:30 PIVI