05-009.01 Letter of Release as-oo9. of
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11707 E Sprague Ave Suite 106♦Spokane Valley WA 99206
509.921.1000♦ Fax: 509.921.1008♦cityhatl@spokanevaltey.org
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September 28,2005
Gary P. Swartout,Vice President
US Bank National Association
Commercial Real Estate
428 West Riverside, Second Floor
Spokane, WA 99201
Re: Set aside letter for Qualchan Investments Spokane,Inc. on Spokane Valley
Pines/Mansfield Mitigation Agreement
Dear Mr. Swartout:
On February 8, 2005, the City of Spokane Valley and Qualchan Investments Spokane,
Inc., (QIS) entered into a voluntary development mitigation agreement for the
Pines/Mansfield area of Spokane Valley. One requirement of that agreement was for QIS
to provide a letter from a qualified financial institution guaranteeing that$54,926.26 was
being set aside for exclusive use in fulfilling a financial obligation QIS would have for
impacts resulting from future development QIS would do in the Pines/Mansfield area.
QIS made arrangements with US Bank to meet the financial requirements of that
agreement. As a result, US Bank issued a set aside letter to the City on February 25,
2005 in compliance with this requirement. (See attached letter from US Bank)
The City of Spokane Valley received funds today directly from QIS that fully satisfy the
financial requirements of the Pines/Mansfield Mitigation Agreement between QIS and
the City of Spokane Valley. As such, the City of Spokane Valley hereby releases US
Bank from any financial obligation represented by its February 25,2005 letter.
If you have any questions or comments,please feel free to contact me.
Very truly yours,
•
Nina Regor
Acting City Manager
NR/pd
Enc.
c: Neil Kersten,Public Works Director(w/enc.)
Dave Mercier, City Manager(w/enc.)
Escrow No. 20119965-501 S31 Check Date: 09/28/2005 Check No. 00086398
DESCRIPTION . CODE1 AMOUNT DESCRIPTION CODE I AMOUNT-
Mitigation Agreement 8R27/Mansfield Road $54,926.26
Check Total $54,926.26
FILA COPY
Seller/Buyer: Qualchan Investments Spokane/Pinehurst Development
Property Address: PTN of Sec 10,Twnsp 25N,R44 Spokane Valley,WA
Tax Parcel Id: 45102.9011 Title Order Number: 20119965
Memo: MITtGRL ION AGREEMENT
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LandAmerica WASHINdTONTRUSTBANK
P.O.90:2227 NO. 00086398
Transnation Spokane,WA 982142127
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_ 105 W.Third Avenue
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s I (509)922-2222 Flt E•:NUMBER::..:::; ;. ,GATE =s.:
:i I 20119965-501 SB1 09/28/2005 $54,926.26
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41 PAY FIFTY-FOUR THOUSAND NINE HUNDRED TWENTY-SIX DOLLARS and 26/100
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I WASHINGTON TRUST BANK
ESCROW TRUST TiigSTAccOUNT
TO THE CITY OF SPOKANE VALLEY
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