RES 2010-24 DECLARING 7 CITY OWNED SHARES IN ISLANDER MOBILE HOME PARK TO SURPLUSRESOLUTION NO, 201 -
RESOLUTION declaring seven City -owned shares in the
Islander Mobile Home Park to he surplus to the needs of the City
of Bainbridge Island and authorizing the sale ofsuch shares as they
become available.
WHEREAS, in 2003, after 30 gears of ownership by a private individual, the Islander
Mobile Home Park property, located in downtown Winslow and just north of City Hall, was put
up for sale; and
WHEREAS, the residents formed the Islander Residents Association, a non-profit
corporation with the stated purpose of purchasing the majority of the property and thea owning
and operating it as a mobile home park in perpetuity (the "Association"); and
WHEREAS, the City purchased seven shares in the Association for affordable and
income qualified housing purposes (the `City's Shares"), all of which Shares were associated
with residents who wanted to remain at the park but were financially .ciall unable to purchase a share
in the Association; and
WHEREAS, on April 21, 2010, City Council passed a motion to authorize the City
Manager to initiate the necessary steps to divest the City's interest in one City Share lot which is
currently vacant, with the completed process of sale to be used as a model for divestiture of all
City interest in the City's Shares as future opportunities arise; and
WHEREAS, the City Council wishes to affirm that the City's Shares shall be sold only
as they become available, and current residents will be permitted to remain in accordance with
the terms of their respective sublease agreements; ars
WHEREAS, the City has conducted a public hearing on August 25, 2010 regarding the
sale of the City's S hares; and
WHEREAS-, the City Council finds that it is in the best interest of the City of Bainbridge
Island to declare the City's Shares surplus and authorize their sale as they become available;
now, therefore,
THE CITY - COUNCIL OF THE CITY ' OF ' BAINBRIDGE ISLAND,
.. WASHINGTON, DOES RESOLVE AS FOLLOWS:
1. The City's interest in the seven City -share lots at the Islander Mobile Home Park,
,
as evidenced by the Share Certificates attached hereto as Exhibit A and made a
hart hereof by this reference, is hereby declared surplus to the needs of the City of
Bainbridge Island.
2. It is in the best interest of the citizens of Bainbridge Island to sell said surplus
City's Shares.
3. The City Council affirms that the City's Shares shall be sold only as current
residents choose to vacate and the shares become available, and current residents
will be permitted to remain in accordance with the tens of their respective
sublease agreements.
4. Given the uniqueness. of the nature of the property and the lack f any reliable
comparables in the area, the sale price of the City's Shares will be generally
calculated based upon the Multiple Listing Service data for
2
appreciation/depreciation rates of residential real estate in the City, from the date
of the City's initial purchase of the City's Shares, which calculation .the City
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generally accepts as a fair and accurate estimate of the "fair market value" of the
City's Shares; provided, however, that the final sales price may be higher or lower
than the MLS data referenced herein by a reasonable factor, dependent upon then-
current
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current market et conditions and, demands, and
5. The City Manager and/or her designee(s) is hereby authorized to take all
necessary and appropriate steps to sell and transfer the City's Shares i
accordance with applicable federal, state and local law, including negotiation and
execution of all contracts,, real estate purchase and sale agreements, and other
legal documents required to sell the City's Shares, as they become available.
PASSED by the City Council this 25"' day of August, 2010.
AWNED by the Mayor this 3 I't day of August 2010.
Bob Scales, Mayor
ATT ST AU TH NTICAT :
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Rosalind I. Lasf%f, City berk
FILED WITH THE CITY CLERK: July 27, 2010
PASSED BY THE CITY COUNCIL; August 2, 2010
RESOLUTION N. 2010-24
3
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Copy of Share Certificates
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The rights of any holder of this Certificate' of-Membershipp aro sub' ec { to the provisions - f the
Restated A ticles of Incorporation, as they may be amended, and the Bylaws of the Islander
Residents Associate n (the "Association'), as -they may be amended, and • ll the terms, ovenants, .
conditions and pr vise s•of a certain proprietary lease rade he Ween the Ass ola ion, hs Lessor,
and the rson or persons in whose name or, es this Certificate i issued, ag Lessee, ee, b
manufactured,modular or mobile hone lot. in Islander Manufactur'ed Horno Park, Whin a is
owned by the Association and operated as a cooperative, _which Articles, Bylaws and p pr etu7
lease, as amended, Ifinit and restrict the tidd aiyd rights of any transferee of this Ce of cke,
impose a lion on this Certificate to secure payment of assessments, Common Expenses �nd other
sums which may become due to the Association from the holder hereof, and provide four' the right
of the Association -to charge a right of first refUsal or transfer fee upon- the transfer of W6
Membership.
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• The rights of any holder of this Certificate of Meerbl are subject to the provisions of the
Restated "icles of Ineorratlo, as they may be amended, and the Bylaws -of the Islaer
Residents AssociationOhe " s o iai on"), as they war be amended, and all the terns, covenants,
conditions and provisions of a certainro rleta tY lease made between the As elatio ; 4s lie s r,
and the person or persons .In whose name or names this Certificate is issued, as Lessee, ror a
7a u a red, modular or mobile hone lot in Islander Manufactured Home Park, which is
owned by the Ass6ciation and operatedeon erative Vbieh Articles, Bylaws a nd.prdprietary
lease, as amended, limit and restrict the title and,rights of any transferee of this Cele,
impose a filen on this Certificate to secure payment of assessments, Cor -mon Expenses and other
sums which may become due to the Association from he holder hereof, and provide for the aright
of the Association to ohar& a. right of first ref'u al or transfer fee upon the transfer of the
Membership. ;
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The rights of any holder Oftbls Certificate of Membership are subi cot to the provislon df 'the.
Restated Articles of Incorporation, as they may be amendcd, and the Bylaws of the Islander
Residents Association the "Association"),- as they may be amended, and all the terfns, covenants,
conditions and provision: of a certain proprietary lease made between the Association', Lessor,
and the r on or persons in whos c name or names tbis Corti cate •is issued, as Lessee, for a.
manufactured, modular or mobile home lot in Islander Manufactured Hone Park, which i
owned by the Association and o e'rated as a coo ' r tive, which Articles, Bylaws Andproprietary
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lease, as amended, limit and restrict the title and Frights of any transferee of this Certificate,
impose a lion on this Cortifieat to secure payment of a ssme' nts, Codon Expenses o fid other
sums which may become due to the Association, from the holder hereof, and provide fox the right
of the Association- to change a riht of first refusal or transfer fee upon -the transfer of the
Membership.
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•holder+ ' ' ' * �e b shl subject. t theProvisions the
h rights c any Cert fieM
Restated Articlos of ler oration, its :their may be =ended, and the Bylaws of the Islander ' •,
Residents Association (the "A s i fioW) , as they'rhay be amended, and all, the terms, covenants, -
• dltion and a certain.. pro �rieta lease made beti ee t the Assocla l , l�esso ,
and the person o persons i chose r 6 ame or naru this. Certificate is lisped, a esse ,1� . .
manufactured, modularr or mobile hcrrre lot in Islander Mau 'a turd Home Park which is
owned by the Association and operated as a cooperative, which Aricles, Bylaws and propfletary
lease as amended limit and restrict the title and rights of any transferee of this Certificate,
impose lien o tis Certificate to secure a mOnt assc. er�t , �o�rnon yes other
sums which may become due t the Association from -the holder he ' o , and re rde o the right
of the Association to chare a right of first - refusal 'ter transfer .fee, upon the transfer of the
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The rights of afiyholdor of•thisCertificate of Membership are, subject tb the provis'onsofthe
Restated Articles of I cor oration, as they may be amended, and tho Bylaws of the Isla ider
Residents Ass cat on th "Association' , as they may, be amended, and all the terns, covenants,
conditions and ro ision f a certain proprietWy lease niade between the Association, ds Lessor,
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and. the person or persons in whose ,name or name& this Cert"ficateis 's ued, as Ussee, or a
manufactured, modular or mobile homo lot ih Islander Manufactured Home Park, which is
owned by the Association and operated as a 000perative, which Articles, Bylaws and prOprietary.
lease, as amended, Emit and restrict the title and Frights of any transferee of this Cer i c e,
impose a lien on this Certificate to securep a ment f assessments, Coon Expenses dnd other
sins which may become due to the Aisociation from the holder erf, and provide for the right
of the-Associat*16n.to charge a rigbt of first reful or- transfer fee upon the tremsfer of the
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Therights of any holder f this Certificate M
rnbersh acre subject the P rovisfons f the f
Teles o Inco oration anendd, aid the Bylaws o the Islander
Restated r y
Residents ,association (the "As cc,1atloWP), as they may be amended, ad all the terns, ovenants,
conditions and Provisions -of a certain proprietary lease made between the Association, q8 Lessor,
and the person or persons in whose name or names this Certificate is issued, as Lessee, for
manufactured- modular or mobile hone lot In Islander Manufactured Horne Park, which is
owned by the Assooiation and operated as a cooperative, wbich Artioles, Bylaws and PfdPrietarY
lease, as amended, limit and restrict the, title and rights of any transferee of tbis- Corti
impose a lien on this Certificate t secure payment of assessments, Co nn Expenses dother
rims wbich may becomc due to thy+ Asseclatiou form the holder hereof, and provide for the aright
f the Association to charge night o first renal or transfer fee upon the transfer of th�
Membership.
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f an holder of t i Ce ;if is to fMemburshiparescab `ect to the provisions� �the rets r .�
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