The URL can be used to link to this page

Home My WebLink AboutA 20220923000542Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-1 of 13 Record Date:9/23/2022 12:42 PM Electronically Recorded King County, WA AFTER , MAILT; Jerk's Office City of Renton Renton, WA 98055 1V14AiF '14 MM Mk►;" �a;r�r i �- REFERENCE NUMBER( OF DOCUMENTS RELATED DOCUMENT. 200r 062t , r LEGAL DESCRIPTION: LOTS 11 THROUGH ;, < < BLOCK 27, TOWN OF RENTON, ACCORDING THE PLATTHEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, IN KING 4. O , EXCEPTTHE WEST5 FEETOF SAID LOTS FORALLEY ASSESSOR'SPROPERTY TAX PARCELIACCOUNT NUMBER(S)- 723150-2430 h Auditor/Recorder wii s rely on the information provided n-form. The staff will not read the document to verify the accuracy or completeness of the indexing information provided Extended Multi -Family Housing Property Tax Exemption Agreement Recording ♦' in o ;. Sheet Liberty Square Apartments Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-2 of 13 Record Date:9/23/2022 12:42 PM King County, WA EXTENDED MULTt-FAMILY HOUSING PROPERTY'TAX EXEMPTION AGREEMENT FOR LIBERTY SQUARE APARTMENTS THIS AGREEMENT is entered into this 15th day of _June 2022 by and between RENTON FIFTH AND WILLIAMS LIMITED PARTNERSHIP, a Washington limited partnership (hereinafter referred to as the "Applicant"), and the CITY OF RENTON, a Washington municipal corporation (hereinafter referred to as the "City"). 2. WHEREAS, the Parties entered into a Mulfi-Farnily Housing Property Tax Exemption Agreement for Liberty Square Apartments on May 281h, 2009, and recorded at B ing County Recorder's File No. 20090622001667(" Original Exemption"),-- and ,3 WHEREAS, the Applicant has completed construction of the Liberty Square Apartments with ninety-two (92) housing units (hereinafter referred to as the "Projecr) on property located at 415 and 417 Williams Ave S, Renton, Washington:, and more fully described in Exhibit A attached hereto, (hereinafter referred to as the "Property")- and . V 4. WHEREAS, the Applicant successfully completed the requirements of the twelve (I 2)year Mulfi-Family Housing Property Tax Exemption for the Original Exemption-, and 5. WHEREAS:, in 2021, the Washington State Legislature adopted Engrossed Second Substitute Senate Bill (ESSSB) 5287, amending Chapter 84.14 RCW, which authorizes multifamily property tax exemptions under certain conditions; and Extended Multi -Family Housing Property'Tax Exempbon Agreement Liberty Square Apartments Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-3 of 13 Record Date:9/23/2022 12:42 PM King County, WA . WHERE -AS, the Applicant's last year td property tax for the figil °Exemption 1-, and . WHEREAS, the li cnt applie,d to the City for an extendedlimited property tax 10. WHEREAS, the City has detennined that the Proiept will, if operated and maintained as proposed, satisfy the requirements for an Extended Certificate of Tax Exemption. NOW, THEREFORE, the City and Applicant do mutually agree as folio The City agrees to file an Extended Certificate of Tax Exemption with the King County Assessor within forty (40) days of receipt of evidence of recording of this Agreement, if Applicant has: a. Continued :,successfullyoperate n maintain h . Project in accordance with the of Agreement.'r' /.. b. Filed `M >x h the City for n Extended Certificate of Tax Exemptior., with the Department of CommunityEconomic n Administrator d d. Met all other requirernents!M'k ;try . J for issuanceof the Extended Certificate of Tax Exemption. Extended Multi -Family Housing Property -fax Exemption Agreement Liberty p« Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-4 of 13 Record Date:9/23/2022 12:42 PM King County, WA OVA I 141TA4, ., , 3 .. •� 1, .: � �� ♦ � �� Rl ';�,�_ :�� ;..,�, �� ♦ FurIre SF U17c• *I�F. .' requirement above. buildingIf the Project includes more than one (1) g affordableall of the ausing units required above shall notbe located in the same building. '"meanssingleperson, t; together. C. "Low income household" means a single person, family, or unrelated persons nil' together whoseadjusted income is at or below ( f0 h median iho; ExtendedWithin thirty (30) days after the first anniversary of the date the City issued the Certificate of Tax Exemption and for the duration hsH tax exemption period noted •! above, Applicant yip le an l report with the Administrator. The repl contain such as required by RCW 84.14 and as the Administrator may deem necessary or useful, andshall + include minimum the following: ExtendedMulti-Family Housing Property Agreement Liberty• Apartments Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-5 of 13 Record Date:9/23/2022 12:42 PM King County, WA Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-6 of 13 Record Date:9/23/2022 12:42 PM King County, WA IF i t ♦ ti noticein such t 4citation,or other notificationany extensionof period for compliancegranted by the Department of !; and Economic Development. CountyApplicant agrees to notify the Administrator within thirty (30) days of any transfer of Applicant's ownership interest in the Project, the Property, or any improvements made to the Property. Applicant further agrees to notify the Administrator and the King t days of change of use of any or family housing units on the Property to another use. Applicant acknowledges that a t' t �' ' t r::: M Ili ► i �: ♦. �. 4i.;x ;' ,! r' � ":.; !% Extended n Housing Property N LibertyaApartments Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-7 of 13 Record Date:9/23/2022 12:42 PM King County, WA G. p termining thata tax exemption is be canceled, the Administrator shall notify the property rty r by certified ra il, return receipt requested. The property owner may appeal the deteirmination in ran i _1® 1. . 7. Amendments. No modification of this r t shall be made unless mutuallyagreed iupon by the parties in writingaind unless in compliance with the provisions of RMC 4-1-220.H, inclu ldinq but not limited to the Applicant's tr payment of a five; hundred r oll r ) retract amendment fee. B. Bind in_q.ffft.ct. 11, Notices. All notices to be given pursuant ant to this Agreement shall be in writing and shall b deemed'i rr ° he n Ihand-delivered within nonnal bUsiness hours, when actually received by facsimile transmission, or ') business y after havinig been mailed, postage prepaid, to the parfiles hereto t the addresses set forth below, or to such other pl party may kom time to time diesignate in writing. LibertyExtended Multi. -Family Housing Property Tax Exemption Agreement Apartments Instrument Numbem20220923000542 Ooume twG R cS21s3n#aeS«!3 Record Oke9/2g02124 #M Vin County, WA APPLICANT - Kim Loveallf«. ±dam»w?vz&H*«2f 1018 2<:1th ?. #e3»x WA«t< WDne f2d¥ff*--&V ?\ CITY: 2»» of f>y#» #« » w« 055 South Grady Way Renton, Washington 98055 Phone 25)420-592 Fax. (425) 430-7300 Attention: Administrator IfIT33<«« .>. 4\ n the event<«:w2`m°»: clause «§ this Agreement conflicts with applicable law, such conflict shall«,: affect other terms #\ this Agreement which can egiven effect without the conflicting terms or clause,»e this end, the terms of the Agreement « are declared to be severable. 11 ?1111111111 1111111«11 111�1111 11 # «Stew v«f» » #1 m » C,« «\ f»� ExtendedMulti-Family Homx,y«ertyTa Exemption Agreement Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-9 of 13 Record Date:9/23/2022 12:42 PM King County, WA MPS WITNESS WHEREOF, the parties heireto have executed this Agreement on the day and year written above. RENTON FIFTH AND WILLIAMS LIMITED PARTNERSHIP Washington Litt a m i Renton 'i h and Williams,Washington li it Partnership DASH Development, LLC, a Washington Corporation, its general partner. Downtown Action to Save, a Washington non- profit corporation, its sole member and manager ecutiv,Director Downtown Action to Save Housing ~~ 06/15/2022 ATTEST: Jason Seth, City :Irk Extended Multi -Family Housing Property Tax Exemption Agreement Liberty Square Apartments Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-10 of 13 Record Date:9/23/2022 12:42 PM King County, WA STATE O.. COUNTYOF KING gAr On this 16d» undersigned, a r ' w l,�forsiaie--ofWaiiiiir�gton,-duly the free and voluntary i deed of F' party,1 and purposes mentioned, ` +M oaih stated that she was authorized to execute said In witness whereof I have hereunto set my hand and affixed my official seal t1i Vay and year first above (ExtendedMulti-i° rniiy Housing Property"Taxbon Agreement Liberty Square Apartments 9 Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-11 of 13 Record Date:9/23/2022 12:42 PM King County, WA STATE OF WASHINGTON ems. COUNTY OF KING In witness whereof I have hereunto set imy hand and affixed my official seal time day and year first above rittem [n ails NOTARY PUBLIC Printed e: Sandra J. Weir Residing at Kent y commission expires 0 /19/2023 Extended iTiudi-Family Housing 01roperty TaTi'-Zxemption Agreement LibertyApartments Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-12 of 13 Record Date:9/23/2022 12:42 PM King County, WA XX0lJFT*r0TJTJR-7 LOTS 11 THROUGH 17, INCLUSIVE, BLOCK 27, TOWN OF RENTON, ACCORDING TO THE PLATTHEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 135, IN KING t' O EXCEPTTHE WEST5 FEET OF SAID LOTS FORALLEY PURPOSES; • � � �� ; � i i ' �, it . ; Exhibit A Extended i ulfi.-Family Housing rop rty Tax Exerriphon Agreement Exhibit A — Legal Description Liberty Square Apartnientsi Instrument Number: 20220923000542 Document:AG Rec: $215.50 Page-13 of 13 Record Date:9/23/2022 12:42 PM King County, WA