1032 W MARINE VIEW DR POLARIS 2018-01-01 MF Import

AGREEMENT THI� AGREEMENT between Norton Industries, a Washington Corporation hereinafter called "Owner," and the City of Everett, hereinafter called "City," acknowledges: WHEREAS, Owner has applied fur a building permet for certain property 1028 W. Marine View Drive, Everett, Washington (Exhibit 1, legal description incoi�porated herein by reference); and WHEREAS, Ordinance No. 793-81 requires in connection with the improvements under the said building permit that certain improvements be performed on the street, curb, storm drainage system and sidewalks adjacent to said property and West Marine View Drive; and WHEREAS, Section 2 of Ordinance No. 793-81 provides for an exception to said street, curb, storm drainage and sidewalk improvements where plans for a more comprehensive improvement exist which would alter the improvements re- quired to be constructed under current City standards; and WHEREAS, the City Ccuncil finds that the Port of Everett area in the vicinity of said property is in a transition wherein str�at improvements may be modified within the next iive years. NOW, THEREFORE, Owner and City of Everett agree that, in consideration of issuance of a building permit to improve the said property and occupancy permit therefore by the Cit;, Owner agrees to prepare engineering plans and specifi- cations, surveys, pay permit fees and install the improvements required under Ordinance No. 793-81 (limited to pavement and baye, curb and gutter, storm drain- age system and sidewalk, driveway approaches and utility relocations to City standards) at such time as the adjacent private property owners to either the north or to the south of the Owner's pi�operty have installed similar public im- provements; pruvided that in any :��ent said publir improvements to the above Owner's prupert.y shall be installed on or before July 1, 1991. Uwner acknowledges that he has reviewed and understands the nature and extent of the public improvements stipulated to be installed and f�rther ack- nowledges that said improvements ure necessary to constitute a finished ap- pearance to the Owner's property and to inte9rate the Owner's improvement with the public right-of-way and the surrounding property. This agreement shall be a covenant touching, concerning and running with tlie land and shall be binding on Owner's heirs, assigns or successors in in- terest. In the event that the said improvements are not installed by July 1, 1991, or at such time as public improvements are performed either to the northerly or southerly adjacent property, Owner shall thereafter pay the City an amount equal to the costs of the improvements. It is agreed #:iat the costs af the sa�.i public improvements are presently estimated at $16.476 per attached estimate (Exhibit 2), payment to the City shall be based on said costs estimated at the time of execution of this agreement subject to reasonable escalation which shall not exceed the Enqineering N�� ; Record Ir�dex of consLru�tion costs for the Seattle area between the date of execution hereof and the date of pay- ment. As the sole condition precedent to collection of said amount, tlie City Engineer shall submit to the Qwner a demand for payment on the Engineer's up- � �QC.�A � l.f� �� VOL I.�%�PFGE ��0�