HomeMy WebLinkAboutLetter of Intent - unsigned Letter of Intent
Sale of Sunset Court Park
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 "Sunset Court
Park" parcel (the "Property"), located at 1150 Harrington Avenue NE, Renton, Washington,
and more particularly described in Attachment A, Legal Description; and
WHEREAS the Property is one part of a much larger redevelopment known as
the Sunset Area Community Revitalization and the Sunset Terrace Redevelopment
("Revitalization Plan"), a graphic of which is attached as Attachment B; and
WHEREAS the Sunset Terrace Redevelopment includes the development of a new 3.1-acre
Sunset Neighborhood Park on a portion of the site of the existing Sunset Terrace public
housing project; and
WHEREAS the Seller and Buyer have previously agreed that the development of the new
park will provide for the neighborhood's need for recreation and open space, and that the
Sunset Court Park is no longer needed as park space, and can be repurposed for housing;
and
WHEREAS the Property will be used by the Buyer for replacement housing for the Sunset
Terrace public housing project; and
WHEREAS the Renton City Council adopted the Sunset Area Community Revitalization
Investment Strategy in 2009 which included supporting the Sunset Terrace Redevelopment
as the Seller's highest priority community revitalization investment strategy; and
WHEREAS the Sunset Court Park site was included as a planned housing site for the Buyer
in the Sunset Area Planned Action Environmental Impact Statement adopted by the Renton
City Council in 2011; and
WHEREAS the Sunset Court Park site was included as a planned housing site for the Buyer
in the Sunset Master Site Plan for the Sunset Terrace Redevelopment scheduled for
adoption shortly by the Renton City Council; and
WHEREAS the Buyer is applying for an allocation of Low Income Housing Tax Credits to
fund the development of affordable housing on multiple sites in the Sunset Area including
the Sunset Court Park site and needs to document site control for that application; and
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WHEREAS the Seller and Buyer intend to enter into a Purchase and Sale Agreement for the
Property, graphically shown on Attachment B as the eastern portion of Parcel G, at the fair
market value as determined by appraisal; and
WHEREAS this transaction is necessary for the Buyer to accomplish the Sunset Terrace
Redevelopment;
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. This transaction will be completed in calendar year 2015.
Signed this_of December, 2014
BUYER: SELLER:
Renton Housing Authority City of Renton
By By
Mark Gropper Denis Law
Executive Director Mayor
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Letter of Intent
Sale of Sunset Court Park
Attachment A, Legal Description
RENTON HIGHLANDS #2 CORRECT PLAT POR TRACT 46B TGW POR PUBLIC USE AREA LY
S OF A LN DAF - BEG SE COR LOT 21 BLK 46 OF CORRECTED PLAT OF RENTON
HIGHLANDS NO 2 TH E TO SW COR OF TRACT 46A TGW 10 FT WALKWAY LY BTW
TRACTS 46A&46B & LY BTW LOTS 20 & 21 OF SD BLK 46 TGW POR VAC HARRINGTON
PLACE NE ADJ ALL OF ABOVE DESC PARCEL LY N OF A LN DAF - BAAP S 03-35-47 W 25.58
FT FR SW COR OF LOT 19 BLK 46 TH S 86-34-36 E 200.80 FT TO C/L OF VAC
HARRINGTON PLACE NE LESS POR NWLY 1/2 OF VAC HARRINGTON PLACE NE ADJ TR
46B LY NELY OF FOLG DESC LN - BEG SW COR LOT 19 BLK 46 TH S 03-35-47 W ALG E LN
OF HARRINGTON AVE NE 25.08 FT TO INTERSECTION OF C/L OF A 50 FT STRIP OF LAND
CONVEYED TO CITY OF RENTON UNDER AUD FILE NO 6471625 TH CONTG S 03-35-47 W
0.50 FT TO TPOB TH S 86-34-36 E 200.80 FT TO C/L OF VAC HARRINGTON PLACE NE &
TERM SD LN TGW POR OF SD TR 46B &SD VAC HARRINGTON PL NE DAF COMM NXN OF
WLY LN OF TR 46B & NLY LN OF 50 FT STRIP OF LAND DEEDED IN AUD FL NO 6471625
TH N 32-15-58 E ALG SD WLY LN 216.08 FT TO TPOB TH S 57-44-02 E 110 FT TO WLY
MGN OF SD HARRINGTON PL NE TH S 32-15-58 W ALG SD MGN 187.69 FT TO S LN OF
RENTON LLA 7-83 TH S 86-34-36 E ALG SD S LN 6.03 FT TH N 31-24-45 E 186.09 FT TH N
58-24-13 W 110.21 FT TH N 30-56-11 E 99.11 FT TO NWLY COR OF SD TR 46B TH S 32-15-
58 W ALG WLY LN OF SD TR 99.09 FT TO TPOB IN KING COUNTY, WASHINGTON.
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Letter of Intent
Sale of Sunset Court Park
Attachment B, Revitalization Plan
SUNSET TERRACE REDEVELOPMENT � ��_
SUNSET AREA COMMUNITY REVITALIZATION PR�JECTS
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