RESOLUTION NO. 714
A RESOLUTION OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, APPROVING THE EXCHANGE OF PROPERTIES FRONTING U.P. CROSSING BETWEEN THE CITY OF UNIVERSITY PLACE AND DONALD C. HELLAND, 110-12 TACOMA AVE. NORTH, LLC, AND ELMWOOD, LLC FOR MUTUAL FRONTAGE IMPROVEMENT BENEFITS
WHEREAS, Donald C. Helland, 110-12 Tacoma Ave. North, LLC and Elmwood, LLC (hereinafter collectively referred to herein as the “Developer”) are the owners of a commercial area in University Place known as UP Crossing, which is bounded by 27th Street West, Regents Boulevard and 67th Avenue West (“UP Crossing Property”); and
Whereas, the Developer desires to make improvements to the UP Crossing Property which will require the use of the adjacent City property along 27th Street West (27th Street Property”), which property is owned by the City; and
Whereas, the City desires that a sidewalk be constructed upon the City’s right-of-way on Regents Boulevard from 27th to 67th; and
Whereas, the Developer and the City agree to a mutually beneficial transaction in which the City will convey the 27th Street Property to Developer for its desired improvements on 27th, and in exchange, the Developer will construct upon the City’s right-of-way on Regents Boulevard from 27th to 67th a sidewalk and associated frontage improvements pursuant to the City’s plans and specifications. After the sidewalks and frontage improvements on City’s right-of-way on Regents Boulevard from 27th to 67th are complete, Developer will convey a small piece of property at the corner of Regents Boulevard and 27th to the City, and it will also convey to the City the real property of Developer located at the intersection of Regents Boulevard and 67th Avenue West (the “Corner Property”);
Whereas, the value of the real property and work being transferred and performed by the City and Developer are of an equal aggregate value, and the Developer’s proposed improvements to UP Crossing Property will benefit the City by promoting and improving economic development within the City; and
Whereas, the City and the Developer wish to exchange certain real property, perform certain work and otherwise develop the UP Crossing Property under the terms and conditions set forth in the Development Agreement attached hereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PLACE, WASHINGTON:
Section 1. Incorporation of Recitals. The recitals are hereby incorporated herein as if set forth in full.
Section 2. Legislative Determination of Consideration. The Council of the City of University Place has considered the proposed transaction, including the conveyance of property by the City and the Developer and the frontage improvements to be made by Developer, all as described in the proposed transaction documents, and hereby makes a legislative determination that the consideration of the value of the real property and work being transferred and performed by the City and the Developer are of an equal aggregate value, and are sufficient and appropriate consideration for the City and the Developer.
Section 3. Approval of Form of Documents. The City Council hereby approves execution of the Development Agreement and the Quit Claim Deeds in substantially the form of the documents accompanying this Resolution.
Section 4. Completion of Transaction. The City Manager is authorized to take and execute any additional measures or documents that may be necessary to complete this transaction, which are consistent with the approved form of documents attached to this Resolution, and this Resolution.
Section 5. Effective Date. This Resolution shall be effective immediately upon passage by the City Council.
ADOPTED BY THE CITY COUNCIL ON MARCH 4, 2013.
Ken Grassi, Mayor
Emelita Genetia, City Clerk
APPROVED AS TO FORM:
Steve Victor, City Attorney