HomeMy WebLinkAbout2025-0036 - RES 5766 - - Auburn 18 Business Park Development Agreement - Amendment 1 Docusign Envelope ID:35AE2E47-E603-4E4F-8803-BEBA9B3F61 F3
DEVELOPMENT AGREEMENT
CITY OF AUBURN AND AUBURN 18 BUSINESS PARK, LLC AND AUBURN LAND,
LLC
FIRST AMENDMENT TO DEVLEOPMENT AGREEMENT EXECUTED THE 1ST DAY
OF JUNE, 2024
THIS FIRST AMENDMENT TO THE AGREEMENT is made and entered into by and
between the CITY OF AUBURN, a municipal corporation of the State of Washington (hereinafter
referred to as the "CITY"), and AUBURN 18 BUSINESS PARK, LLC AND AUBURN LAND, LLC
(collectively, "OWNER"). The City and Owner agree to amend DEVELOPMENT AGREEMENT,
herein incorporated by reference, executed on the 1ST DAY of JUNE, 2024.The changes to the
Agreement are to Paragraph 2.f under the"Development Standards" section which shall, as
amended, now read as follows:
f. 15th Street SW and C Street SW Railroad Crossings. The Owner shall be responsible
for any improvements to either of the existing railroad crossings on 15th Street SW and C
Street SW that serves the Property ("Crossing Improvements")that may be required by the
Washington Utilities and Transportation Commission (UTC) due to any new or increased rail
service to/from the Property associated with Development of the Property under this
Agreement. Improvements may include, but are not limited to, crossing gates, flashing lights,
interconnect conduit and cabling, additional street lighting, signage, and pavement
markings. Nothing in this Agreement relieves the City or others of responsibility (if any) for
completion of Crossing Improvements that may be required for reasons not related to the
Owner's uses or Development of the Property under this Agreement.
The Parties agree this amendment to Paragraph 2.f is a minor amendment under the terms of
the initial Development Agreement, and as outlined in paragraph 7.
REMAINING TERMS UNCHANGED: All other provisions of the Development Agreement
between the parties executed on the 1ST DAY of JUNE 2024, shall remain unchanged, and in
full force and effect.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and
year first above written.
FIRST AMENDMENT TO DEVLEOPMENT AGREEMENT EXECUTED THE 1ST DAY OF JUNE, 2024
CITY OF AUBURN AND AUBURN 18 BUSINESS PARK, LLC AND AUBURN LAND, LLC
Date: 16th day of January , 20 25.
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Docusign Envelope ID:35AE2E47-E603-4E4F-8803-BEBA9B3F61 F3
AUBURN 18 BUSINESS PARK, LLC,
A Delaware limited liability company.
By: IRG Value Fund I Manager, LLC,
A Delaware limited liability company,
By: J
a d a Klein
Chief Financial Officer
Authorized signature
Date: \J/ J 7 472-5-
Approved as to form (Optional):
Attorney for(Other Party)
AUBURN LAND, LLC,
A Delaware limited liability company.
By: IRG Value Fund I Manager, LLC,
cA limited liability company,
By:
Ic rd . Klein
Chief Financial Officer
Authorized signature
Date: 71-.%) q- 20 2-4.—
Approved as to form (Optional):
Attorney for(Other Party)
FIRST AMENDMENT TO DEVLEOPMENT AGREEMENT EXECUTED THE 1ST DAY OF JUNE, 2024
CITY OF AUBURN AND AUBURN 18 BUSINESS PARK, LLC AND AUBURN LAND, LLC
Date:l6th day of.3anuary , 2025.
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Docusign Envelope ID:35AE2E47-E603-4E4F-8803-BEBA9B3F61 F3
CITY OF AUBURN,
A Washington municipal corporation.
C DocuSigned by:
By:
Nancy Backus, Mayor
Authorized signature
Date: 1/16/202 5
Approved as to form:
rSigned by:
ig SO-iv wA-Q(, N
Jason A/Waren'(or Designee)
City Attorney
Date:1/16/202 5
FIRST AMENDMENT TO DEVLEOPMENT AGREEMENT EXECUTED THE 1ST DAY OF JUNE, 2024
CITY OF AUBURN AND AUBURN 18 BUSINESS PARK, LLC AND AUBURN LAND, LLC
Date:16th day of January ,2025.
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