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HomeMy WebLinkAboutR-1994-002 Suncrest III Plat• • 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 (:„1„4,, Cit\ Clerk F= -(24;e- 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: