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construction deferral request 10-9-17
LIEULIEINFO@LIMELITEDEVELOPMENT.COMI14508NE20thSt,#200IBellevue,WA98007I0425.881.5131IIimelitedevelopment.comOCTOBER9,2017CHIPVINCENTCITYOFRENTONDEPARTMENTOFCOMMUNITY&ECONOMICDEVELOPMENT1055SOUTHGRADYWAYRENTON,WA98057DearMr.Vincent,ThisletterisinresponsetoyourletterdatedAugust9,2017regardingdeferralofimprovementinstallationforourproject,underyourrecordsasU15006542.Weunderstandthatpersection0.8ofRMC4-9-060alldeferralsmustbecash,letterofcredit,orsetasideletter.Thissectionalsonotesthatthecitywillacceptaperformancebondininstanceswheretheapplicantcanshowhardship.Inthiscase,thetotalamountoftheestimatedimprovementsare$232,670.24andat150%persectionB.3ofRMC4-9-060,thetotaldeferralis$349,005.36.Thecostofthelandwasapproximately$365,000.00.Easedontheabove,adeveloperwouldneedtospendapproximately$946,675.60todevelopthesefivelotsintheCityofRenton.Thisamountwouldcauseanunduehardshipforourcompany,orapotentialbuyer.Weunderstandthisissubstantiallymorethananaveragedevelopmentprojectandassuchwearerequestingtheuseofaperformancebondinlieuofthecashdeferral.Ithasbeenourexperiencewithotherlocalmunicipalitiesthataperformancebondintheamountoftheimprovementshasbeensufficient.Itseemsunreasonabletorequirecashinlieuofaperformancebond,againespeciallyduetothedollaramounts.Asareminder,ourshortplatisduetoexpireOctober18,2017sotimeisoftheutmostimportance.Pleaseletmeknowifyouhaveanyquestions.Thankyouforyourtimeandconsiderationregardingthismatter.Thanksyoufortheconsideration,WillHeaton,Member