HomeMy WebLinkAboutContractAFTER RECORDING, MAIL TO:
City Clerk's Office
City of Renton
1055 S Grady Way
Renton, WA 98055
DOCUMENT TITLE: MUL Tl-FAMILY HOUSING PROPERTY TAX EXEMPTION
AGREEMENTFOR SUNSET TERRACE APARTMENTS
REFERENCE NUMBER(S) OF DOCUMENTS ASSIGNED OR RELEASED: N/A
GRANTOR: COLPITTS SUNSET LLC, a Washington limited liability company
GRANTEE: CITY OF RENTON, a Washington municipal corporation
LEGAL DESCRIPTION:
LOT A OF THE CITY OF RENTON LOT LINE ADJUSTMENT NO. LUA 13-001114, AS
RECORDED IN VOLUME 302 OF SURVEYS, PAGES 162 AND 163, RECORDED
OCTOBER 02, 2013 UNDER RECORDING NUMBER 20131002900011 RECORDS OF
KING COUNTY, WASHINGTON. SITUATE IN THE CITY OF RENTON, COUNTY
OF KING, STATE OF WASHINGTON
ASSESSOR'S PROPERTY TAX PARCEL/ACCOUNT NUMBER(S): 7227801075
The Auditor/Recorder will rely on the information provided on the form. The staff will not
read the document to verify the accuracy or completeness of the indexing information
provided herein.
CAG-21-266
MULTI-FAMILY HOUSING PROPERTY TAX EXEMPTION
AGREEMENT FOR SUNSET TERRACE APARTMENTS
THIS AGREEMENT is entered into this __ day of _____, 2021 by and between
COLPITTS SUNSET LLC, a Washington limited liability company (hereinafter referred
to as the "Applicant"}, and the CITY OF RENTON, a Washington municipal corporation
(hereinafter referred to as the "City").
Recitals.
1.Applicant has applied to the City for a limited property tax exemption as provided
for in Chapter 84.14 RCW and RMC 4-1-220 for multi-family housing residential
rental housing located in the Center Village (CV) zone as part of the Sunset Area
residential targeted area and the Department of Community and Economic
Development Administrator has approved the application; and
2.Applicant has submitted to the City preliminary site plans, floor plans, and
elevations for Sunset Terrace Apartments with one hundred and eight (108) new
multi-family housing units to be constructed as part of a mixed-use project
(hereinafter referred to as the "Project") on property located at 2715 Sunset Lane
NE, Renton, Washington, and more fully described in Exhibit A attached hereto
and incorporated by this reference, (hereinafter referred to as the "Property");
and
3.The Applicant is the owner of the Property; and
4.The City has determined that the Project will, if developed as proposed, satisfy
the requirements for a Final Certificate of Tax Exemption.
NOW, THEREFORE, the City and Applicant do mutually agree as follows:
1.Conditional Certificate of Acceptance of Tax Exemption.
City agrees, upon execution of this Agreement following approval by the City
Council, to issue a Conditional Certificate of Acceptance of Tax Exemption, which
conditional certificate shall expire three (3) years from the date of approval of this
Agreement by the City Council, unless extended by the Administrator of the Department
of Community and Economic Development (or any other City office, department or
agency that shall succeed to its functions}, or his or her designee, (hereafter referred to
as "Administrator") as provided in RMC 4-1-2201.
Multi-Family Housing Property Tax Exemption Agreement
Sunset Terrace Apartments
NOV17th
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day
and year written above.
COLPITTS SUNSET LLC, A Washington Limited Liability Company
By: iCap Pacific NW Management LLC
Its: Manager
CITY OF RENTON, A Washington Municipal Corporation
Armondo Pavone, Mayor
APPROVED AS TO FORM:
Shane Moloney, City Attorney Jason Seth, City Clerk
Multi-Family Housing Property Tax Exemption Agreement
Sunset Terrace Apartments 8
11/17/2021