2015/01/07 Council Agenda Packet

AMENDED AND RESTATED DEVELOPMENT AGREEMENT THIS AMENDED AND RESTATED DEVELOPMENT AGREEMENT (this "Agreement") is entered into on this day of , by and between the Port of Everett, a Washington Port District (hereinafter the "Port") and the City of Everett, a municipal corporation under the laws of the State of Washington(hereinafter the"City"). RECITALS 1. The Port is the owner of property located in the City's central harborfront area containing approximately 119.62 acres of uplands and water, the legal description of which is contained in Section 2.2 (the " Property"). 2. The Property includes the central portion of the Port's existing Marina, including the Central Marina water area and buildings leased to the Everett Yacht Club and Milltown Sailing Club, and Port-operated boat haul-out and wash-down facilities, boat repair work yards, and maintenance shop, impound yard, and net shed. 3. In 2005, the Port wished to develop the Property as the North Marina Redevelopment Project ("NMRP"). The NMRP planned development overlay was approved by the City in 2005, along with the Development Agreement by and between the City and the Port dated December 28, 2005 (the "2005 Development Agreement"). The NMRP was a multi-district, multi-phase master planned effort to create a new mixed-use development on the site. 4. Because of economic circumstances, the Port has revised the NMRP. As revised, the NMRP is renamed Waterfront Place Central. 5. Accordingly, the Port desires to modify the 2005 planned development overlay and the 2005 Development Agreement in accordance with its Waterfront Place Central plans. 6. Waterfront Place Central maintains the heights and densities approved by the City Council in 2005. 7. The Waterfront Place Central is consistent with and would implement the goals and policies of the Everett Comprehensive Plan. 8. Waterfront Place Central is consistent with the Port's Comprehensive Scheme of Harbor Improvements and Port Resolution No. 994.