421 85TH PL SW 2018-01-02 MF Import

Mr. Brad Cattle Starch 9, 1981 Page Two W 0 e �J MAR 10 1981 tf ....... . CITY OF EVERETT Public WOrks Oeul. Both 821 Associates and Fenton Associates have also executed Powers of Attorney in connection with the above -referenced projects authorizing the City of Everett to enter into a local improvement district for the ultimate street improvements contemplated by Ordinance rip. 556-78. At thte time, our clients are approaching the final stages of construction on tho two projects described above and they desire to use the money that has been set aside by their respective lenders for the completion of those projects. We recognize that, if the City should clocide to proceed with the construction of the interim Improvements as provided for in ordinance No. 556-78, prompt payment of the funds necessary to complete those improvements would be required. Our clients are willing to execute ten- day demand notes for the required amounts and to occurs the payment of those notes with deeds of trust on the respective properties. Our clients fully intend to make the payments required for the interim improvements when the demand for such payment is made; however, should some problem arias, provision for the cost, expenses, and attorneys' fees incurred by the City in collecting those notes would, of course, be included in the notes. i will be giving you a call to discuss this matter to see if we can agree on a method of proceeding that would accommodate our clients' desires while protecting the City's interest. in the meantime, if you should have any questions ploase feel free to give me a call. GAK:jr cell Ids. Celia Strong, Renton Associates 021 Associates Very truly yours, George A. Kresovich City of Everot•.t 1,,,gir,eering Department To Larry Crawford, Public Works Departme F nOM Brad Cattle, City Attorney 1 OATS April Up 1981 6ealECT Promissory Notes fog -�. 1981 ... CITY OF E%WfI TTt V€ ETTftReI fTON publlc Vlorks 1)ept. Attached are copies of two 30-day demand promissory notes which were given In lieu of the "set aside" letters for the financing of interim improvements pursuant to the Casino Road ordinance. These notes were executed on behalf of the Kenton Associates and 821 Associates so that they would be able to get the monies held by the banks released. The release letter was signed by Al Theale. if you don't have copies of (hose for your files, pleasoi let me know and I will send them down. By copy of this memo I am requesting that Elaine MoschiBi keep the originals of the notes in the City Clerk's vault. If either you or Elaine have any questions, don't hesitate to contact me. Attachments co. Elaine Moschilli