HomeMy WebLinkAboutAffordable Senior Housing Covenent, AFN 2010021800074420100218000744.001
AFTER RECORDING RETURN TO:
Annmarie Petricb
1900 W. Nickerson Street, Ste 209
Seattle, WA 98119
201l��218000744
e2/18/281a 1OP
A-13
ICING COUNTY, I rr
COVENANT
Grantors: Village Green of Federal Way, A Retirement
Community LLC; Monte B. Powell; Diane E.
Powell
Grantee: The City of Federal Way
Legal Description (Abbreviated): Lot B and Lot D of BLA 00-104014-00-SU
Assessor's Tax Parcel Nos.:
Reference No. of Documents
Released or Assigned:
302104-9146;302104-9017
N/A
N/A
THIS AFFORDABLE HOUSING COVENANT ("Covenant") is made as of
2010, by VILLAGE GREEN OF FEDERAL WAY, A
RETIREMENT COMMUNITY LLC, a Washington limited liability company, Monte B.
Powell and Diane E. Powell (collectively "Owners"), for the benefit of THE CITY OF
FEDERAL WAY, a municipal corporation ("City"), with reference to the following facts:
A. Village Green of Federal Way, A Retirement Community LLC is the
owner of that certain parcel of real property commonly known as Cottages West (referred
to as the "VG Property") and legally described as:
RESUBMITTED
AUG 2 8 2019
CO'AMU I Q�v� WAY
2010621800 7444.002
Lot B, City of Federal Way Boundary Line Adjustment No. 00-104014-00-
SU, recorded under King County Recording Number 20011205900002,
said Boundary Line Adjustment being a portion of the west half of the
northeast quarter of the northeast quarter in Section 30, Township 21
North, Range 4 East, W.M., in King County Washington.
Tax Parcel No. 302104-9146
B. Monte B. Powell and Diane E. Powell are the owners of that certain parcel
of real property legally described as:
Lot 1), City of Federal Way Boundary Line Add ustment No. 00-104014-
00-SU, recorded under King County Recording Number 20011205900002,
said Boundary Line Adjustment being a portion of the west half of the
northeast quarter of the northeast quarter in Section 30, Township 21
North, Range 4 East, W.M., in icing County Washington.
Less: A portion of the Northeast Quarter of the Northeast Quarter of
Section 30, Township 21 North, Range 4 East, W.M., in King County,
Washington described as follows: Beginning at the intersection of the
centerline of 2" Avenue Southwest with the west line of Lot D, City of
Federal Way Boundary Line Adjustment No. 00-104014-00-SU, recorders
under King County Recording Number 20011205900002; Thence along
the northerly projection of the centerline of said 2" d Avenue Southwest and
the west line of said Lot 1), North 01027'52" East, 133.60 feet to a point of
intersection with the north line of 2"d Avenue Southwest; Thence along the
easterly projection of said north line, South 88047'44" East, 30.00 feet to a
point on the northerly projection of the east line of said god Avenue
Southwest; Thence along the northerly projection of said east line, South
01 027'52" West, 133.76 feet to a point of intersection on the exterior
boundary of said Lot D; Thence along said exterior boundary, North
88*30' 11" West, 30.00 feet to the point of beginning; Containing 4,010
square feet, more or less.
Tax Parcel No. 302104-9017
C. The VG Property and the Powell property are collectively referred to as the
"Property".
D. The City has granted Owners approval to construct on the Property a
senior housing development.(the "Project") subject to the following requirement: That a
minimum of five percent (5%) of the Project housing units be established as Affordable
Housing units as defined below.
2
2010021 ti000744.003
E. If the Affordable Housing units are provided, in accordance with City of
Federal Way Revised Code Section 19.110.010(3)(a), the Project may exceed 205 units.
F. The total Affordable Housing units required for the Project may be
provided within units constructed solely on the Powell property.
G. As a condition of the City's approval of the Project, Owners are required
to impose certain covenants on the Property.
NOW, THEREFORE, in consideration of the foregoing recitals and for other
valuable consideration, the receipt and sufficicncy of which are hereby acknowledged,
Owners agree as follows:
1. Definition$. For the purposes of this Covenant, the following terms shall have
the following meanings:
a. "Affordable Housing" means dwelling units that are offered for rent at
a Rental Rate that is affordable to those individuals and families having incomes that are
80 percent or below the median county income.
b. "Rental Rate" means charges for occupancy of a unit exclusive of
charges for utilities (including, but not limited to, electricity, sewer, garbage, water, gas,
telephone and cable television), activities, transportation, housekeeping, yard
maintenance, meals, and personal care services.
2. Affordable Housing Covenant. Owners agree that a minimum of five percent
(5%) of the constructed Project units (trot including any bonus market rate units allowed
by FWRC 19.110.0I0(3)(a)) will be Affordable Housing units.
3. Duration. This Covenant shall terminate and be of no further force and effect
at the end of the life of the Project.
4. Governing Law. This Covenant shall be construed under and enforced in
accordance with the laws of the State of Washington without regard to any conflicts of
laws principals.
5. Successors and Assigns. All of the terms and conditions of this Covenant
shall run with the land and shall be binding upon the assigns, heirs and successors of
Owners.
2010021800074-4.004
IN WITNESS WHEREOF the parties have executed this Agreement the day and year first
written above.
" P, �/-" 2 � �' - X/' � Z?e, - , "
Monte B. Powell
Manager, Village Green of Federal Way,
A Retirement Community LLC.
Monte B. Powell
COUNTY OF KING } ss
STATE OF WASHINGTON )
Diane E. Powell
On this date personally appeared before me, Monte 13. PoNvel1, to me known to be the
Manager of Village Green of Federal Way, A Retirement Community LLC and who
executed within and foregoing instrument, and acknowledged that he/she or they signed
the same as his/her or their free and voluntary act and deed, for the use and purposes
therein mentioned.
Given under my hand and official seal this �^� day of
m2DJp
Printed Name:
NOTARY PUBLIC in and for the State of z
J =
Washington, residing at �• C1� .�
My Commission Expires
201002180007".005
COUNTY OF KING ) ss
STATE OF WASHINGTON )
On this date personally appeared before me Monte B. Powell, to me known to be the
individual or individuals described in and who executed within and foregoing instrument,
and acknowledged that he/she or they signed the same as his/her or their free and
voluntary act and deed, for the use and purposes therein mentioned.
Given under my hand and official seal this J& day of
Printed Name: 1, ,
NOTARY PUBLIC in and for a St to, ofjj_
Washington residing at Eli Yt
My Commission Expires - fl -
COUNTY OF KING ) ss
STATE OF WASHINGTON )
On this elate personally appeared before me Diane E. Powell , to me known to be the
individual or individuals described in and who executed within and foregoing instrument,
and acknowledged that he/she or they signed the same as his/her or their free and
voluntary act and deed, for the use and purposes therein mentioned.
Given under my hand and official seal this 'grd day of
Printed Name: t
NOTARY PUBLIC in and for th Sta a of
Washington, residing at — A.
My Commission Expires
