Drafter
Clerk 08/19/2010
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AN ORDINANCE authorizing the King County executive to execute an amendment to the purchase and sale agreement dated June 21, 2007, in order to complete the sale of the county-owned property known as the North Half of the Former Kingdome Parking Lot parcel, located in council district 8, to North Lot Development, L.L.C.
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BE IT ORDAINED BY THE COUNTY COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. King County ("the Seller") owns a 3.85 acre (167,513 square feet) parcel of land, commonly known as the North Half of the Former Kingdome Parking Lot ("the Property"), in the city of Seattle, Washington, located adjacent to the King Street Center, the King Street Station, the Weller Street Pedestrian Bridge, and a surface parking lot owned by the Washington State Public Stadium Authority ("the PSA") and operated by First and Goal, Inc. ("FGI"). King County facilities management division is the custodian.
B. In accordance with Ordinance 15820, the King County executive executed a purchase and sale agreement ("the Agreement"), dated June 21, 2007, for the sale of the Property to North Lot Development, L.L.C. ("the Buyer").
C. Section 5.1 of the Agreement establishes the Buyer's due diligence contingency (as defined in the Agreement) to be satisfied and removed by the Buyer within the Due Diligence Period.
D. Section 5.2 of the Agreement establishes the Seller's due diligence contingency (as defined in the Agreement) to be satisfied and removed by the Seller within the Due Diligence Period.
E. Section 5.4 of the Agreement establishes a deadline for the parties to agree on the form of the Deed and Covenants (as defined in the Agreement) and the Reserved Easements (as defined in the Agreement).
F. The dates for the parties to agree on the forms of the Deed and Covenants and the Reserved Easements were extended by a First Amendment dated September 28, 2007; a Second Amendment dated October 28, 2007; a Third Amendment dated N...
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