RESOLUTION NO. 857
A RESOLUTION OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, APPROVING A PHASE 3 PURCHASE AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF UNIVERSITY PLACE AND VERUS PARTNERS, LLC FOR DEVELOPMENT OF LOT 3 OF UNIVERSITY PLACE TOWN CENTER
WHEREAS, pursuant to Resolution 739 of the University Place City Council, and the Development Agreement approved therein, Town Center Lots 1, 2, 3, and 11 are under contract to Verus Partners, LLC, and as contemplated in the Development Agreement, Verus has completed and opened the University Place Whole Foods Market on Lot 7 as the northern anchor of Town Center, and is nearing completion of its construction on Lot 4. The Development Agreement allows Verus to continue to develop on any of the remaining contracted Lots in any sequence it chooses; and
WHEREAS, Verus' right to close on subsequent Lots occurred when Verus had both closed on Lot 7, and executed a lease with a major regional anchor use of approximately 38,000 square feet. (Whole Foods Market is 40,000 square feet.); and
WHEREAS, the Phase 3 Project will be developed on Lot 3 of the Town Center Property which is the lot west of the Latitude 47 Building, and south of Whole Foods, bounded by Bridgeport Way on the west and Market Place on the east, and is anticipated to be two commercial buildings totaling approximately 15,000 - 25,000 square feet, for multiple commercial tenants and with attention paid to consistency and harmony with the buildings already completed or under construction on Lots 4, 7, 8, 9, and 10; and
WHEREAS, for the Phase 3 Project the legislative policy consideration is whether Verus has met the requirement of the original Development Agreement to be allowed to proceed to Phase 3, and the City’s administration has thoroughly reviewed the matter and determined that Verus, as a matter of fact and law, has met the requirements of the Development Agreement, and consequently are recommending the Phase 3 Project for approval; and
WHEREAS, the construction and operation of such commercial buildings by Verus is consistent with, and in furtherance and fulfillment of, the Town Center Plan, the original Development Agreement and Resolution 739 of the University Place City Council;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, AS FOLLOWS:
Section 1. Incorporation of Recitals. The recitals are hereby incorporated herein as if set forth in full.
Section 2. Approval of Form of Documents. The City Council hereby approves execution of the Phase 3 Agreement in substantially the form of the documents accompanying this Resolution.
Section 3. 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, and the terms of this Resolution.
Section 4. Effective Date. This Resolution shall be effective immediately upon adoption by the City Council.
ADOPTED BY THE CITY COUNCIL AT AN OPEN PUBLIC MEETING ON APRIL 2, 2018.
Kent Keel, Mayor
Emelita Genetia, City Clerk
APPROVED AS TO FORM:
Matthew S. Kaser, City Attorney