HomeMy WebLinkAboutGreen River Professional Center AMENDMENT TO
DEVELOPMENT AND LEASE AGREEMENT
THIS LEASE AMENDMENT AGREEMENT, made and entered into this ,/~
day of ~-'3~../.. , 200_'3 , by and between the City of Auburn, a
Washington Municipal Corporation in King County, Washington, hereinafter referred to
as "City" and Green River Professional Center, LLP, a Washington limited liability
partnership, hereinafter referred to as "GRPC".
WITNESSETH:
WHEREAS, parties entered into a lease agreement, approved by the CITY in
Ordinance No. 5587, adopted November 5, 2001, providing for lease of a parking lot at
Scootie Brown Park,' located at the corner of 8th Street Northeast and Henry Road
Northeast in the City of Auburn, Washington, and more particularly described as follows:
Scootie Brown Park
Description for Parking Lot Agreement
A portion of the lands deeded to the City of Auburn under instruments
recorded under recording numbers 2321481 and 2321483, records of King
County, Washington, located in Government Lot 15 (the Northeast Quarter
of the Northeast Quarter) in Section 18, Township 21 North, Range 5
East, W.M., said portion more completely described as follows:
Commencing at the Northeast corner of said Section 18; Thence North
89°51'31'' West along the north line of said Section 18 a distance of
617.70 feet; Thence South 0008'29'' West a distance of 260.00 feet to the
True Point of Beginning of this description; Thence continuing South
0o08'29'' West along the west line of said lands deeded to the City of
Auburn under instruments recorded under recording numbers 2321481
and 2321483 a distance of 230.42 feet, more or less, to the northwesterly
marginal line of Henry Road; Thence Northeasterly along said
northwesterly marginal line a distance of 124.39 feet, more or less, to a
line parallel with and 98.00 feet easterly of (when measured at right angles
to) said west line; Thence North 0008'29'' East along said parallel line a
Parking Lot Lease Agreement Amendment
February 18, 2003
Page 1 of 5
distance of 153.81 feet, more or less, to a line that bears South 89°51'31"
East from the True Point of Beginning; Thence North 89°51'31'' West
98.00 feet to the True Point of Beginning.
The basis of bearings for this description is identical with the deeds
recorded under recording numbers 2321481 and 2321483, records of King
County, Washington, using a bearing of North 89°51'31" West along the
north line of said Section 18;
and
WHEREAS, at the time that the original lease agreement was executed, the total
costs of the parking lot improvements were not known; and
WHEREAS, it is appropriate amend the lease agreement to reflect the full costs
wnhich are now known.
NOW THEREFORE, for and in consideration of the mutual exchange of
covenants and obligations contained here, the parties agree as follows:
The lease agreement, approved by the CITY in Ordinance No. 5587, adopted
November 5, 2001, is amended as follows:
1. Early Termination (Formerly Paragraph 5 of the original Agreement)
a. Early Termination. City reserves the right to terminate the lease with
GRPC after the first fifteen (15) years by paying a termination fee to
GRPC.
1. For the purposes of definition of this paragraph, the first fifteen (15)
years of the Lease are hereby declared to be the years 2003
through 2017; the Development Improvements havincl not been
finally accepted for beneficial use by the City of Auburn Public
Works Department until December 2002. (See City of Auburn
Developer Extension Aqreement #FAC02-0004.)
2. The Early Termination provisions cannot be exercised until January
1, 2018, the first day of the sixteenth (16th) year of the
Development and Lease Aqreement.
b. Termination Fee. In the event the City elects to terminate the lease
after the first fifteen (15) years, the termination fee shall be a cash sum
Parking Lot Lease Agreement Amendment
February 18, 2003
Page 2 of 5
equivalent to the annual amortization of the Total As-Built Project Cost
o~: ¢4 ~ nnn nn~ 63,000.00, for the portion of the Early Termination.
Amortization Cost Factor. The annual amortization cost for purposes
of determining the Lease Term will be the rate of ,, ...... 4~)$5,434.00
per year, payable by the CITY to GRPC in accordance with the below
schedule, said schedule reflectinq the annually amortized portion of the
~163,000.00 Total "As-Built" Project Costs over the thirty (30) year
original forecast term of the Development and Lease Aqreement, i.e.,
$163,000.00 divided by 30 years equals $5,434.33 per year.'-:
~ar of I:;:orl,, T~rminofir;~Q
2016 ~¢o ~nn onoa $38~00
2017 77 nnn ono~ qq nnn
20!8 74 ~nn ono~ 27,500
2019 nn nnn ono7 oo nnn
2020 60,500 onon 4n ~nn
2021 ~ nnn onto 1! nnn
onoo 4o ~nn onqn n ~nn
onoq 44 nnn onql 0
Amount of Early Termination Payment
Based upon the Year of Early Termination
2003 Base Year Cb.. $163,0004
Year Amount Year
Amount
2018 (16th yr.) $81,500 2026 (24t
2019 (17th yr.) 76,067 2027 (25t
2020 (18th yr.) 70,633 2028 (26'
2021 (19th yr.) 65,200 2029 (27'
2022 (20th yr.) 59,767 2030 (28
2023 (21st yr.) 54,333 2031 (29
2024 (22nd yr.) 48,900 2032 (30
2025 (23rd yr.) 43,467
'yr.) $38,033
yr.) 32,600
yr.) 27,167
yr.) 21,733.
yr.) 16,300
yr.) 10,867
yr.) 5,433
2. All Other Terms Remain in Full Force and Effect. All other terms,
conditions and provisions of the Lease Agreement shall remain unchanged and
in full force and effect.
~ Amounts rounded off to the nearest whole dollar.
Parking Lot Lease Agreement Amendment
February 18, 2003
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed effective the day and year first set forth above.
GREEN RIVER PROFESSIONAL
CENTER, LLP
By:
Title:
CITY OF AUBURN
Peter B. Lewis, Mayor
Date: ,~':-//~ dP_5'
ATTEST:
Dan-lelle E. Daskam, City Clerk
~~~ ~~T~~ty Att°rney''-
Parking Lot Lease Agreement Amendment
February 18, 2003
Page 4 of 5
STATE OF WASHINGTON )
) ss
COUNTY OF King )
On this ~ day of///~ ,200,.~ , before me, the undersigned, a
Notary Pul~i~ in and f~r-th~_.JState of Washington, personally agpeare, d
~7~~~,4/'~]~).~3~, to me known to be the ,~/~~~
o(:' ~/~~-~~7~ ~4~ the (corporation, ~ole ~oprJetorship,
pa~n~ip, o~ indiviSuai~'who ex~cu~e~' the within and foregoing instrument, and
acknowledged said instrument to be the free and voluntaw act and deed of said
(corporation, sole proprietorship, pa~nership, or individual), for the uses and purposed
therein mentioned, and on oath stated that he/she is authorized to execute said
instrument on behalf of said (corporation, sole proprietorship, pa~nership or individual).
IN WITNESS WHEREOF, I have hereunto set my ~and an y o
se:the date hereinabove set fo~h. ~~/~
N~~~~and for the State of
~ ~' ~-.: ~ ~a~n~, resi~ing at.
~-' -' ~~MISSION expos 1/-~~
COUNTY OF King )
On this ~ day~-~:~ ,200~ , before me, the undersigned, a
Nota~ Public in a~ ~or the ~ate ~f Wa~hingto~,~ co~missioned and sworn,
personally appeare~ ~ ~",~ ~ an~.~ ~;~ ~:~_~o me known to be
the Mayor and City Clerk, resp~i~eiy, of the ~ity of AUburn, a municipal corporation,
and the corporation that executed the foregoing instrument, and acknowledged said
instrument to be the free and volunta~ act and deed of said corporation, for the uses
and purposes therein mentioned, and on oath stated that they are authorized to execute
the said instrument and that the seal affixed is the corporate seal of said corporation.
WITNESS my hand and official seal hereto affixed the day and year first above
written.
NOT,~,F~ ~UBLIC in an~,,~r t~e State of
Washington, residing at
MY COMMISSION expire~
Parking Lot Lease Agreement Amendment
February 18, 2003
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