HomeMy WebLinkAboutContractDocusign Envelope ID: 61162523-4CDA-44B0-9BD2-DF6060365CFE
OPTION TO PURCHASE AGREEMENT CAG #
This Option To Purchase Agreement ("Agreement") is dated for reference purposes the
12th day of May, 2025, by and between the City of Renton, a Washington municipal corporation
("City"), and Richard S. Cook and Louanna R. Cook, husband and wife (collectively "Cook"), each
a "Party" and collectively the "Parties." The Agreement, including the exhibits referenced and
incorporated herein, shall be effective and binding on the Parties as of the date last signed by the
Parties.
WHEREAS, Cook owns that certain real property located at 2712 Duvall Ave NE, Renton,
Washington 98059, legally described as follows:
THE EAST 1,130 FEET OF THE NORTH 250 FEET OF THE NORTHEAST QUARTER OF
THE NORTHWEST QUARTER OF SECTION 3, TOWNSHIP 23 NORTH, RANGE 5 EAST,
W.M., IN KING COUNTY, WASHING TON, LYING NORTH AND EAST OF THE RENTON
NEWCASTLE ROAD AS LOCATED ON JULY 1, 1943;
EXCEPT THAT PORTION CONVEYED TO KING COUNTY FOR THE RENTON
NEWCASTLE ROAD NO. 19, REVISION, BY DEED RECORDED UNDER RECORDING
NUMBER 3960226;
AND EXCEPT THE EAST 830 FEET THEREOF;
TOGETHER WITH AN EASEMENT FOR INGRESS AND EGRESS OVER AND ACROSS
THE SOUTH 30 FEET OF THE NORTH 280 FEET OF THE WESTERLY 384 FEET OF THE
NORTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 3, TOWNSHIP
23 NORTH, RANGE 5 EAST, W.M., IN KING COUNTY, WASHINGTON, AS CREATED
BY DEED RECORDED UNDER RECORDING NUMBER 6349146, LYING NORTH AND
EAST OF THE RENTON-NEWCASTLE ROAD, AS LOCATED ON JULY 1, 1943.
Tax parcel no. 032305-9112 (the "Property");
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25-243
CAG-25-243
Docusign Envelope ID: 61162523-4CDA-44B0-9BD2-DF6060365CFE
WHEREAS, the Property is a unique real property surrounded by City-owned property,
including a stormwater facility, and lands that the City intends to develop into a park for the
benefit of the public;
WHEREAS, City desires to purchase the Property to incorporate into the future park; and
WHEREAS, Cook does not wish to sell the Property at this time, but is willing to provide
the City with an exclusive option to purchase the Property when Cook is ready to sell;
NOW, THEREFORE, the Parties agree as follows:
1.Preemptive Option. Cook grants the City an exclusive option to purchase the Property
pursuant to the terms set forth in this Agreement (the "Option").
2.Consideration for Option. Within 30 days of the Parties executing this Agreement, the City
will pay Cook a non-refundable option fee of two thousand dollars ($2,000.00) as consideration
for its option created by this Agreement. This amount is in addition to and separate from the
purchase price.
3.Purchase Price. If the City exercises its option to purchase, it agrees to pay, and Cook
agrees to accept, the property's fair market value as the "Purchase Price." The fair market value
shall be based upon the Property's value as of the date the City delivers its Notice of Exercise,
hereinafter referred to as the "Option Exercise Date."
4.Option Period. The term of the Option shall commence upon full execution of this
Agreement and expire upon the earlier of twenty (20) years from the date this Agreement is
signed by both Parties or upon the City declining or failing to timely exercise its Option pursuant
to the terms of this Agreement (the "Option Period"). If the City has not first exercised its Option,
this Agreement shall terminate upon expiration of the Option Period.
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7/29/2025
Approved by Blythe Phillips via memo 5/12/2025
Docusign Envelope ID:6 1 1 62523-4CDA-4480-9BD2-DF6060365CFE
STATE OF Wp )SS
COUNTY OF
On this 2[) day of a 11 , 20 2-5 , before me personally appeared
Richard S. Cook and Louanna R. Cook, and to me known to be (or upon satisfactory evidence)to
be the person(s) who executed the within instrument, and acknowledged the execution of said
instrument to be their free and voluntary act and deed for the uses and purposes therein
mentioned, and on oath stated that they were authorized to execute said instrument.
GLENN WELLS Notary (Print) 6-(pA - t9---Ct
NQTARYPUBUC#19110014 Notary Public in and for the State of 11��
s STATE OF WASHINGTON
COM .+SSION EXPIRES Residing at ik
r-IvF AiiER 19. 2017 My appointment expires: (t((e{(Zozl
STATE OFs\\,(v--\\rvir ) SS
COUNTY OF F-v 0
On this __ day of , 2q?S—, before me personally appeared
Armondo Pavone, and to me know be (oruponsatisfactory evidence) to be the person who
executed the within instrument, and on oath stated that he was authorized to execute the
instrument and acknowledge it as the Mayor of the City of Renton to be the free and voluntary
act of such party for the uses and purposes mentioned in the instrument.
s SOYA
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}i = g91''u ' Notary fit)
'° Sput'•ti_ z_ Notary PubliJn-and for the e��Sttate of
21`'-- GP - Residing at i/�/Isr11TE OF � My appointment expires: a3— 9'7
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