HomeMy WebLinkAboutR-1994-002 Suncrest III Plat•
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RESOLUTION NO R-94-
2
A RESOLUTION accepting Provision For Security In Lieu Of Bond And Lien for
the Suncrest III plat.
WHEREAS, on Jul} 20, 1993, the City Council approved the preliminary plat
and preliminary subdivision for Suncrest III, subject to certain conditions, and
WI-IEREAS, Yakima Municipal Code § 14 25 140 requires that the City Council
take action to accept or reject the proposed Bond or other method of security prior
to taking formal action on the final plat, and
WHEREAS, the City Council has determined that the Provision For Security
In Lieu Of Bond And Lien should be accepted, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The Provision For Security In Lieu Of Bond And Lien, a copy of NNhich is
attached hereto and incorporated herein, is accepted and approx ed
ADOPTED B) THE CITY COUNCIL this 18thday of January 1994
A<etAg_.„ .„4
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Cit\ Clerk
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May or
PROVISION FOR SECURITY IN LIEU OF BOND AND LIEN
PARTIES: United Builders of Washington, Inc., a Washington
Corporation, herein called the Developer.
AND
City: City of Yakima, a municipal corporation of the State of
Washington.
LEGAL DESCRIPTION OF SUNCREST III:
That part of the East 658.00 feet, as measured at right angles
to, and parallel with the East line of the Northeast quarter of
Section 34, Township 13 North, Range 18 East, W.M., lying
northerly of the centerline of Wide Hollow Creek.
RECITALS: The Developer has applied to the City for final approval of the
proposed plat of Suncrest III, a subdivision located in the
vicinity of West Mead Avenue and South 32nd Avenue in
the City of Yakima, Washington. The Developer has received
zoning and preliminary plat approval, by Resolution No.
R-93-75 of the City, dated July 20, 1993. Hearing Examiner
Philip A. Lamb has issued Recommendations dated June 15,
1993, with respect to required improvements and utility
services to the subject subdivision, which were adopted by
reference in said Resolution No. R-93-75. Pursuant to
Yakima City Code 14.25.140, the Developer is hereby
proposing this security document in lieu of a surety bond or in
lieu of actual installation of the required improvements in
order to obtain final amended plat approval from the City.
This document has been reviewed and tentatively approved by
the City Engineer.
AGREEMENT: The Developer, in consideration of the City's review and
approval of the above-described development, covenants as
follows:
1. The Developer has established a restricted savings account, Account
No. 308493059, at First Interstate Bank - First Street & Yakima Avenue,
Yakima, Washington, by depositing therein the sum of $16,192.00, said sum
being 110% of the estimated cost of the required improvements. Said account is
restricted such that only the City, not the Developer or any officer thereof, shall
be permitted to withdraw any principal or interest therefrom, which the City may
do upon the signature of the City Attorney or the City Manager. The Developer
has instructed the bank that this account :may be closed only with the written
permission of the City Attorney or the City Manager. (As interest income on said
account will be taxable to the Developer for income tax purposes, the City, at the
request of the Developer, shall withdraw accrued interest on such account and
deliver the same to the Developer, provided the I3eveloper shall not request the
same more than once per year.) Said restriction upon the withdrawal of
principal shall continue until the City notifies First Interstate Bank, by letter
from the City Attorney, that the City has no further interest in the subject
account.
2. The subject account has been established, in lieu of the Developer
posting a surety bond, as security that the Developer will make all the required
improvements in Suncrest III set forth in. the Hearing Examiner's
Recom.mendations of June 15, 1993. The Developer hereby agrees and
covenants to make all such improvements within one (1) year after final plat
approval, or as such deadline may be extended, at the sole option of the City
Engineer, and such obligation shall constitute a covenant against and shall run
with all Lots of Suncrest III.
3. In the event the Developer defaults in the making of the required
improvements, as determined by the City, the City, upon thirty (30) days written
notice to the Developer and the Developer's continued default thereafter as
determined by the City, may make such improvements and reimburse itself for
all costs and expense so incurred, from the subject savings account. There shall
be no time limitation within which the City must make any such withdrawals
To the extent such account is not sufficient to cover all of the same, the
Developer agrees to pay such deficiency, and the City shall have a lien against all
Lots Numbered 1-45 of the plat of Suncrest III, which lien may be foreclosed
as deeds of trust are foreclosed pursuant to Washington law.
4. Whe:n the required improvements have been installed and approved
by the City Engineer, the City shall, through the City Attorney, notify First
Interstate Bank in writing that it no longer has any interest in the subject
account, and upon that event, the Developer shall be free to deal with such
account as the Developer may see fit. The City Engineer may, in the interim,
permit. the Developer to withdraw portions of the principal balance of such
account from time to time, for example, as improvements are installed and th
need for full security thus diminished, but the same shall be discretionary with
the City, at its sole option, and not mandatory. While the Developer may request
that such reductions in principal be permitted, the Developer shall not have any
right to demand or force the City into granting the same.
5. Upon approval hereof by the City, the City may record this
Agreement with the Auditor of Yakima County, Washington, such recording to be
at the Developer's expense.
DATED this day of , 1994.
THE DEVELOPER:
United Builders of Washington, Inc.,
a Washington corporation
By:
Jerry Sturgill
Its: President
STATE OF WASHINGTON
:ss.
County of
On this day personally appeared before me to me
known to be the of , the
corporation that executed the within and foregoing instrument, and
acknowledged the same as the free and voluntary act and deed of said
corporation, for the uses and purposes therein mentioned and on oath stated
that he was authorized to execute the instrument and that the seal affixed
thereto is the corporate seal of said corporation.
Given under my hand and official seal this day of
1994
NOTARY PUBLIC in and for the State of
Washington, residing at
My commission expires: