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Home My WebLink AboutLetter of Intent - Sale of Renton Highlands Library - 01/23/2017 AC-106 Letter of Intent Sale of Renton Highlands Library To whom it may concern Re: Letter of Intent between City of Renton and Renton Housing Authority This letter of intent is between the City of Renton ("Seller") and the Renton Housing Authority ("Buyer"), and involves a piece of property generally known as the "Renton Highlands Library" parcel (the "Property"), located at 2902 NE 12�Street, Renton, Washington, and more particularly described in Attachment A, Legal Description graphically shown on Attachment B as the portion south of the mid-block pedestrian connection between Index Avenue NE and Jefferson Avenue NE; and WHEREAS the Property is one part of a much larger redevelopment known as the Sunset Area Community Revitalization and the Sunset Terrace Redevelopment; and WHEREAS the Property is currently owned by the Seller and formerly leased to the King County Library System for use as the Renton Highlands Library; and WHEREAS the Seller and KCLS constructed a new Renton Highlands Library on a portion of the site of the former Sunset Terrace public housing project at the southwest corner of Sunset Boulevard NE and NE 10th Street; and WHEREAS KCLS moved into the new Renton Highlands Library which opened in March 2016; and WHEREAS,the King County Library System vacated the Property which is no longer needed by the Seller and can be repurposed by the Seller; and WHEREAS the Seller plans to sell the Property to generate funds to help support the development of the new Sunset Neighborhood Park on a portion of the former Sunset Terrace public housing project; and WHEREAS the Property will be used by the Buyer to create a new Sunset Multi-Service and , Career Developmer�t Ceriter for residents of the Sunset Area as part of the Sunset Area Transformation Plan; and , WHEREA$the Renton City Council adopted the Sunset Area Community Revitalization !I Investment Strategy in 2009 which included supporting the Sunset Terrace Redevelopment as the Seller's highest priority community revitalization investment strategy; and WHEREAS the Property was appraised on June 10, 2016, by Gregory Goodman, MAI, from Valbridge Property Advisors/Allen, Brackett Shedd with a fair market value of$885,000; and 1 WHEREAS the Seller and Buyer intend to enter into a Purchase and Sale Agreement for the Property at the fair market value of$885,000 as determined by appraisal and subject to the terms noted below; and WHEREAS this transaction is necessary for the Seller and Buyer to accomplish the Sunset Area Transformation Plan included in the CNI application; NOW,THEREFORE, ' Buyer and Seller agree that it is their intention to enter into and consummate a real property conveyance from Seller to the Buyer of the Property, at the appraised fair market value of$885,000. Buyer agrees to pay$85,000 to Seller at closing. Seller agrees to provide a loan for the balance of$800,000 with an interest rate of 1.70% annual percentage rate. Buyer agrees to pay$160,000 per year plus applicable accrued interest on the anniversary date of closing for five years. Contingent upon the Renton City Council's surplus property declaration,this transaction will be completed by the latter of April 30, 2017, or sixty days after the City Council's surplus property declaration. Signed this�of January, 2017 BUYER: SELLER: Renton Housing Aut ority City of Renton B By Mark Gr er Denis Law Executive Director Mayor Attest: By ` � Jas Set Ci Cler .��`y�pF,RF�� ►,, o �r ''�. ;..4�.��,,,,,,,,,,,,,,,,,,,,,roy,',, = x '- = _ * = SEAL � * ' i y �i�' � w � � �` O '',',��o�A�RATED SEQ�6��``` ��qu��t►��N��`�` 2 Letter of Intent Sale of Renton Highlands Library Attachment A, Legal Description That portion of the `Public Use Area' tract of Block 46 of the Corrected Plat of Renton Highlands No.2, as recorded in Volume 57 of Plats, pages 92-98, records of King County, Washington, including a portion of the NE 12th St right of way vacated by City of Renton Ordinance #3466 and recorded under Rec. No. 8008280678 records of said County, lying northerly of a line 25' north of and parallel with the south line of Southwest quarter of Section 4, Township 23 North, Range 5 East,W.M., said parallel line also being the northerly right of way margin of N� 12th �t, and lying s�uth�rly of� line �arall�l with saic� nt�rth�rly m�r�in running thr�u�h �h� nc�r�hw��t��rn�r�f(,c�t 17 c�Fs�i�l F�I��k �1E,; All situate in said Southwest quarter in the City of Renton, King County,Washington. 3 Letter af Intent; S�le af Sunset Court Park; Att��:hment B � �..n.••��.s�o�r,�.�;�� y,l�5 ; :� — t;!_,�w 1 ,� ��tj�Y �t�t��° � ,:� �� ' � ��. � � .`` Y, ti� ;� t- � + : �+. •i ♦ �I� J •,,,�"y, � ��♦ +`� ]s,�,�,+,`�`�`' ,� � �`,,' . . � � ,'�w. .... .� .�" z,. ;�'i �� ,, ._ ' , �, .� � _ � � ., � '�j,i �*t/r,: - ,,,. G .� � ' - r � ' • .. "r j� _ �• y. � S .f.b �� .�_ <� � ` i, . i �1 p.- �� '��" ,. ia�r � ��"�aI ,�+, �� ' �'r'r � ��.i:ta r; � � � �� - �� -�,�', � � 'Mi':'"�. 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