2015/01/07 Council Agenda Packet

f � • a RESOLUTION NO. A Resolution Amending Resolution No. 5382, as Amended by Resolution No. 5703, and Amending Exhibit A of Resolution No. 5703, the Development Agreement for the project formerly known as the Port of Everett North Marina Redevelopment Planned Development Overlay Zone, and Authorizing the Mayor to Execute the Amended and Restated Development Agreement for the Port of Everett Waterfront Place Central Planned Development Overlay Zone. WHEREAS,the City Council finds the following: 1. The City Council adopted Resolution No. 5382 on September 17, 2003, which rezoned the Port of Everett's North Marina Redevelopment Area to WC-PDO (Waterfront Commercial—Planned Development Overlay). 2. Rezone Resolution No. 5382 included as an exhibit a Development Agreement between the Port of Everett and the City of Everett establishing development standards and conditions for the North Marina Redevelopment Area. 3. The City Council adopted Resolution No. 5703 on November 16, 2005, which amended the Development Agreement exhibit to Resolution No. 5382, amending development standards and conditions for the North Marine Redevelopment Area. 4. The Port of Everett sold property to Maritime Trust to develop the property in accordance with the amended Development Agreement. 5. As a result of the recession, Maritime Trust declared bankruptcy prior to developing the property. 6. Following the Port of Everett's reacquisition of the property following bankruptcy proceedings, the Port did conduct a planning exercise to determine if it should consider a different development concept and master plan for the property than authorized in the Development Agreement. 7. The Port Commission decided to pursue a different development concept in light of changed economic circumstances, and the Port did apply to amend the Planned Development Overlay zone master plan pursuant to EMC Chapter 19.29. 1