2014/10/29 Council Agenda Packet

7 garage at the southeast corner of California and Wetmore for each habitable unit of the Footprint-building(which is anticipated to be approximately 100 units); and 3). Footprint-The Developer submits and the City approves a parking management plan that describes how Foote the Developer and/or TLC will ensure that student tenants park in the TLC garage, and discourage their parking in on-street spaces. The covenants shall run with the land for both Footprint-the Developer's property and the TLC parking garage property, and shall be binding upon any future owner,heir or assign. 9. The Project will be restricted exclusively to student housing. The use and the parking requirements established by this Ordinance can be changed only as described in Subsection 6 of this Section(for parking only), or by Council amending this Ordinance upon a finding that such change is in the best long-term interest of the community. In the event a new use is proposed, City Council shall have the authority to establish a new off-street parking standard for said use at the time it considers the change in use.However, in the event that: a) TLC is unable to provide student housing for the Project;and b)Everett Community College has declined to assume TLC's obligation to provide student housing for the Project; and c)Washington State University Everett has declined to assume TLC's obligation to provide student housing for the Project; and d)All of these colleges combined or a combination thereof including other institutions of higher education cannot collectively meet TLC's obligation for student housing for the Project; Then in lieu of the continued student housing requirement,the building for the Project may be converted to non-subsidized,market-rate housing provided TLC, or its successor,owns the parking garage and is able to meet the minimum requirement of one parking space for every rentable room for the Project's building which requirement shall be in a revised covenant approved by the Planning Director and City Attorney,recorded on the TLC property. Section 3. Section 4 of Ordinance No. 3380-14, which reads as follows: Effective Date- Termination. This Ordinance becomes effective 15 days after the date it becomes valid. This Ordinance shall terminate and become null and void if Footprint has failed obtain building permits for the student housing on the Property and commenced construction of the student housing building prior to December 31, 2015. rs lisrebu <l,,__�oded.to read as fellows: 0 15