HomeMy WebLinkAboutAdden 1DocuSign Envelope ID: 91D7503E-177F-4067-95DD-58C6B8FD6E5D
CAG-20-321, Adden #1-20
0
AMENDMENT NO. 1 TO STANDSTILL AGREEMENT
THIS AMENDMENT ("Amendment"), dated for reference purposes only as August 31, 2020, is
by and between the City of Renton (the "City'), a Washington municipal corporation, and
Solera, LLC, DevCo, LLC, and Solera Manager, LLC, each a Washington limited liability company
(collectively, "DevCo"). The City and DevCo are each a "Party," and are collectively the "Parties"
to this Amendment. Once fully executed by the Parties, this Amendment is effective as of the
last date signed by the Parties.
Whereas, the City and DevCo entered into a Standstill Agreement dated June 24, 2020 (referred
to herein as the "Agreement"); and
Whereas, pursuant to the Agreement, the Standstill Period set forth in the Agreement's Section
1.1 will expire on August 31, 2020; and
Whereas, the Parties wish to amend the Agreement in order to extend the Standstill Period for
a short duration; and
Whereas, the Parties intend to use the short extension to attempt to negotiate, in good faith, a
longer extension of the Standstill Period and substantive modifications to the Agreement, tc
the mutual benefit of the Parties
NOW THEREFORE, It is mutually agreed upon that the Agreement is amended as follows:
1. Section 1.1 of the Agreement is amended to extend the Standstill Period to end on October
1, 2020.
2. The Parties will use the period between August 31, 2020 and October 1, 2020 to attempt, in
good faith, to agree on a further extension of the Standstill Period and further amendments
to the Agreement. As an element of this good faith attempt, by September 24, 2020, DevCo
will provide to the City a Colored Rendering (as that term is defined in RMC 4-8-120.D.3)
depicting proposed materials and design concepts from multiple angles of the Solera
project; the color rendering and design concepts will include the corner of Sunset & 11tn,
Jefferson & 11t", Kirkland & Sunset, and the townhomes along Jefferson.
3. Within 2 business days after mutual execution of this Amendment, the Parties shall jointly
request an extension of the stay of the Appeal through October 1, 2020. If the Hearing
Examiner denies that request in whole or in part for any reason, then the Amendment and
DocuSign Envelope ID: 91D7503E-177F-4067-95DD-58C6B8FD6E5D
the Agreement will automatically terminate with no liability or further obligation arising on
the part of any Party.
4. The Parties agree that this Amendment responds to a time -sensitive situation due to the
Agreement's original expiration of the Standstill Period on August 31, 2020, causing the
Parties to need to execute this Amendment prior to review by the City Council. Accordingly,
this Amendment is subject to City Council consideration, and City staff will present the
Amendment to the City Council at its first availability after the City's date of execution. If
the City Council considers the Amendment and does not ratify it, then the Amendment and
the Agreement will automatically terminate with no liability or further obligation arising on
the part of any Party.
5. All terms of the Agreement not explicitly modified herein shall remain in full force and
effect.
IN WITNESS WHEREOF, the Parties have voluntarily entered into this Amendment as of the
date last signed by the Parties below.
DEVCO, LLC
SOLERA, LLC
SOLERA MANAGER, LLC
By:
David Ratliff
Vice President/Managing Member
8/31/2020
Date
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DocuSigned by:
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DocuSign Envelope ID: 91D7503E-177F-4067-95DD-58C6B8FD6E5D
CITY
DocuSigned by:
Chip Vincent
C.E. "Chip" Vincent
Community & Economic Development
Administrator
9/1/2020 1 10:09 AM PDT
Date
Approved as to Legal Form:
By:
Approved by Leslie Clark via 9/ 1/2020 email
Shane Moloney, City Attorney
Contract Template Updated 01-15-2020
IL
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