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(1) Low-income housing preservation agreements submitted in accordance with SCC 30.76.040 shall require that deed restrictions be recorded against the property upon which the proposed low-income housing project is to be built which require that the property be retained as low-income housing for a period of not less than 15 consecutive years beginning on the day the preservation agreement is executed by the director. The agreement shall also include a provision by which the applicant agrees that the initial value to the applicant of the priority permit processing benefit provided by the county is at least one percent of the estimated value of the improvements for which permits are sought, as determined by the director. A low-income housing preservation agreement shall be accompanied by deeds of trust or other securities that secure the county’s interest in the agreement. A preservation agreement shall be executed by the director pursuant to SCC 30.76.040(2) only after the director determines the county’s interest in the agreement is adequately secured.

(2) A low-income housing preservation agreement shall include provisions addressing default and termination which require, in the event of default or premature termination of an agreement, that the owner pay the county an amount as liquidated damages which equals the initial value to the applicant of the priority permit processing benefit multiplied by the percentage increase or decrease in the shelter component of the Seattle-Tacoma area consumer price index for urban workers (CPI-U) as compiled by the U.S. Bureau of Labor Statistics for the years and fractions thereof from the date of execution of the agreement through the date of recording of a notice of termination.

(3) Any and all liquidated damages received by the county shall be paid into the housing trust fund established by chapter 4.68 SCC in order to fund replacement low-income housing.

(4) In the event an agreement is terminated prior to the expiration of its term either due to default or mutual agreement, a notice of termination shall be filed of record by the director only after liquidated damages owed to the county, if any, have been paid. The notice of termination shall remove the encumbrance of the agreement from the property upon which the low-income housing project is situated. (Added by Amended Ord. 02-064, Dec. 9, 2002, Eff date Feb. 1, 2003).