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What are the terms and conditions for the sale and development of the site?

April 26, 2017Conditions Development sale site terms

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What are the terms and conditions for the sale and development of the site?

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Following the close of a public hearing 5/24/10 the Council passed Ordinance 10-0309 that provided authorization for the City Manager to execute an amended and restated Disposition and Development Agreement with RECP/UP Kenmore LP (formerly Kenmore Partners LLC). The amended and restated Disposition and Development Agreement was executed and is effective as of 5/24/10. This agreement supersedes the prior DDA executed 7/9/07 and all six subsequent amendments. The City as property owner of the 9.6 acre site is also the property manager for the Kenmore Village shopping center located on the northwest corner of 68th Avenue NE and NE 181st Street. On 5/24/10 the Council provided authorization for the City Manager to execute a Ground Lease with RECP/UP Kenmore LP. The ground lease passes the management and operation responsibility to RECP/UP, Kenmore LP (as tenant) until either the property is acquired under the terms of the Disposition and Development Agreement (DDA), the DDA is terminated