HomeMy WebLinkAboutCAG1999-0365 - Original - Silver Springs Apartments, LLC - Exemption from Kent's School Impact Fee Program - 12/16/1999 Please return to:
Preston Gates& Ellis LLP
701 Fifth Avenue, Suite 5000
Seattle, WA 98104-7078
Attn: Denise L. Stiffarm
Name of Document: SUPPLEMENTAL,AGREEMENT
Grantor: SILVER SPRINGS APARTMENTS, LLC
Grantee: KENT SCHOOL DISTRICT NO. 415
Grantee: CITY OF KENT
Legal Description:
Abbreviated form:
Additional legal description on Exhibit A of Supplemental Agreement
Assessor's Property Tax Parcel Account Number(s):
Reference number(s) of related/assigned/released/document(s):
Reference(s)to document(s) appears on page(s)i of document
SUPPLEMENTAL AGREEMENT
'DecTHIS SUPPLEMENTAL AGREEMENT is dated as of this /b3 day of
D , 1999, by and between Silver Springs Apartments, LLC, a Washington
limited liability company, the City of Kent, a Washington municipal corporation, and the
Kent School District No. 415, a Washington municipal corporation.
WHEREAS, Silver Springs Apartments, LLC, (the "Company") is developing a
251 unit multi-family low income housing complex known as the Silver Springs
Apartments (the"Project"); and
WHEREAS, the Company requested an exemption from the City of Kent's school
impact fee program pursuant to Ch.12.13 KCC for eighty-eight (88) multi-family low
income housing units; and
WHEREAS, the Company agrees to execute the Supplemental Agreement with the
City of Kent(the"City") and the Kent School District No. 415 (the "District"); and
WHEREAS, the Supplemental Agreement will be supplemental and subordinate to,
in all respects, the State of Washington's Regulatory Agreement (Extended Use
Agreement) (the "State Regulatory Agreement") and the Deeds of Trust executed by the
Company as grantor and having as its beneficiary Municipal Mortgage & Equity, LLC, a
Delaware limited liability company, U.S. Bank Trust National Association, its successors
and assigns.
WHEREAS, the City agrees to issue the building permits for the Project, subject to
the execution of the Supplemental Agreement by all parties and the completion of all
required City development processes and approvals.
NOW THEREFORE,the parties hereby covenant and agree as follows:
1. The Company agrees to execute and record the State Regulatory Agreement, and
the City and the District are willing to accept, as a substitute for the City's
"Regulatory Agreement and Declaration of Restrictive Covenant," the State
Regulatory Agreement.
2. The State Regulatory Agreement imposes certain restrictions on the Company's
operation of the Project inasmuch as the Project is to be operated as a low income
housing project, qualifying for tax credits under Section 42 of the Internal Revenue
Code, as amended.
3. This Supplemental Agreement is subject to, and in all respects subordinate to, the
State Regulatory Agreement and the Deeds of Trust.
4. Eighty-eight (88) low income multi-family units will be exempt from the City's
school impact fee program; provided that, if any of the eighty-eight low income
multi-family units are converted from low income units to fair-market. units, the
Company, its heirs, successors and assigns agree to pay the applicable school
impact fees at the current 1999 school impact fee rate, in the amount of$1,888.40
per unit.
IN WITNESS WHEREOF, the Parties hereto have executed this Supplemental
Agreement as of the day and year first written above.
CITY OF KENT
By:.11N d,, iR;
Its: 1;tiggm_
KENT SCHOOL DISTRICT NO. 415
By:
Its: Superintendent
SILVER SPRINTS APARTMENTS, LLC
a Washington limited liability company
B
Its: Managing Member
-2-
STATE OF WASHINGTON )
) ss.
COUNTY OF KING )
I certify that I know or have satisfactory evidence that 6a G r'C n X e
is the person who appeared before me, and said person acknowledged that he/she signed
this instrument, on oath stated that he/she was authorized to execute the instrument and
acknowledged it to be a free and voluntary act for the uses and purposes mentioned in the
instrument.
Dated: A/aaot /G 1999.
.oz'
Notary Public
Print Name Sa/,
f My commission expires to-o8-o l
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(Use this space for notarial stamp/seal)
-3-
STATE OF WASHINGTON )
) ss.
COUNTY OF KING )
I certify that I know or have satisfactory evidence that Rn&&z- Lo . e7 jUttQ
is the person who appeared before me, and said person acknowledged that he/she signed
this instrument, on oath stated that he/she was authorized to execute the instrument and
acknowledged it to be a free and voluntary act for the uses and purposes mentioned in the
instrument.
Dated: Dra-, rnisco— (L 1999. v
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Notary Public
Print Name f f)I G► q-LL,f, STfrz✓
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STATE OF WASHINGTON )
) ss.
COUNTY OF KING )
I certify that I know or have satisfactory evidence that VIA w0u
is the person who appeared before me, and said person acknowledged tha /she signed
this instrument, on oath stated that&4he was authorized to execute the instrument and
acknowledged it to be a free and voluntary act for the uses and purposes mentioned in the
instrument.
Dated: t 1�2iw , 1999.
irra NOt Public
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*Cyr`s My commission expires
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-5-
EXHIBIT A
Name of Project: Silver S rings;AgWrtments
Name of Applicant: Silver S12ri ngs Apartments. LLC
Mailing Address: 600 - 108th Avenue NE, Suite 600
Bellevue WA 98004
Legal description and tax identification number
Lots 1,2,3 & 4 CITY OF KENT SHORT PLAT No. SPC-82-5 (SP-81-16),
RECORDED UNDER RECORDING No. 8207130706, (AS AMENDED BY CITY
OF KENT LOT LINE REVISION RECORDED UNDER RECORDING No.
9211191047), IN KING COUNTY, WASHINGTON, SAID SHORT PLAT AND
LOT LINE REVISION BEING A PORTION OF THE NORTHWEST QUARTER
OF SECTION 18, TOWNSHIP 22 NORTH, RANGE 5 EAST, WILLAMETTE
MERIDIAN, IN KING COUNTY, WASHINGTON.
b. Tax identification number. LOT 1: 182205-9008-02
LOT 2: 182205-9338-03
LOT 3: 182205-9319-06
LOT 4: 182205-9339-02