HomeMy WebLinkAboutPermit File BLD-2021-0077 4319 Oakes Avenue (4) CITY OF ANACORTES Don Measamer
Planning, Community & Economic Director
Development Department
904 6th Street
Anacortes,WA 98221 i't Y
360-299-1984 / G q '
pced(a cityofanacortes.orq
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Assignment of Savings
Agreement and Understanding in Lieu Surety of Bond
THIS AGREEMENT is made and entered into this 3rd day of December ,2021
by and between Cascade Building Designs, hereinafter referred to as "Developer"
and Peoples Bank, Mount Vernon Branch, located at
1801 Riverside Dr., Mount Vernon, WA 98273 hereinafter
referred to as "Bank".
WITNESSETH:
WHEREAS, the Developer has cause to be deposited in a restricted interest bearing
account the total sum of: eighteen thousand, six hundred four dollars and eighty cents
($18,604.80 ), representing landscaping requirements as defined by City of Anacortes
permit number BLD-2021-0077 and
WHEREAS, the Bank and Developer have agreed that the funds may be withdrawn
only in accordance with this Agreement and Understanding in Lieu of Surety Bond;
NOW, THEREFORE, it is agreed by the parties hereto as follows:
1. The Developer has deposited the sum of eighteen thousand, six hundred four
dollars and eighty cents ($18,604.80) in an interest bearing account,
account number 6111876006, in the name of Cascade Building Designs for
the express purpose of guaranteeing the completion and ensuring the
satisfactory performance of the land ca ping requirements with the terms of
City of Anacortes Permit number BLD-2021-0077 which is hereby
incorporated by reference.
2. The funds held in account number 6111876006 are restricted in that the
Developer may not withdraw any part thereof until City of Anacortes has
provided the Bank with a written release of funds.
Landscaping Completion Page 1 of 3
Assignment of Savings BLD-2021-0077 December 2021
3. If said requirements are not completed pursuant to terms and conditions of
said City of Anacortes Permit no later than December 3, 2022, or another
date approved by City of Anacortes, the funds held in account number
6111876006 may be withdrawn by City of Anacortes and utilized to
complete said requirements in accordance with said terms or utilized to
complete equivalent improvements.
4. The Developer agrees to hold City of Anacortes harmless from any loss, cost,
or damage caused by its failure to complete said improvements.
5. The Bank is responsible for holding the funds in account number 6111876006
_in accordance with applicable laws and banking regulations, and to release
said funds only in accordance with this agreement.
6. After inspection of required landscaping improvements and a finding of
satisfactory completion, City of Anacortes shall provide to the Bank a release
of the remaining funds in this account.
Landscaping Completion Page 2 of 3
Assignment of Savings BLD-2021-0077 December 2021
Signature of Developer Signature of Bank
(Authorized Personnel)
On this day of On this day of
Y i,,� _k before �,- .•t l before
me personally appeared me personally appeared
v'i ,v tt---- , know to ,c. t c ek, , know
be the person individually or jointly to be the person individually or jointly
described in and who executed the described in and who executed the
above instrument and acknowledged to above instrument and acknowledged to
be the act of signing and sealing thereof. be the act of signing and sealing thereof.
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Printed Narrr6 Printed Nanle
City of Anacortes Acknowledgment
1 ,
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Libby Grage, Planning Manager
December 3, 2021
Landscaping Completion Page 3 of 3
Assignment of Savings BLD-2021-0077 December 2021
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