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3 . <br /> this Ordinance,restricting the use of the Project to student housing and committing to <br /> complying with the provisions of this Ordinance,including the parking requirement; <br /> 2)TLC records a covenant approved by the Planning Director and the City Attorney <br /> reserving one off-street parking space in the TLC garage at the southeast corner of <br /> California and Wetmore for each habitable student room in the building(which is <br /> anticipated to be approximately 58 units); and 3) The Developer submits and the City <br /> approves a parking management plan that describes how the Developer and/or TLC <br /> will ensure that student tenants park in the TLC garage,and discourage their parking <br /> in on-street spaces. The covenants shall run with the land for both the Developer's <br /> property and the TLC parking garage property; and shall be binding upon any future <br /> • owner,heir or assign. <br /> 9. The Project will be restricted exclusively to student housing. However,in the event <br /> that: . <br /> a) TLC is unable to provide student housing for the Project; <br /> b)Everett Community College has declined to assume TLC's obligation to . <br /> provide student housing for the Project; <br /> c)Washington State University Everett has declined to assume TLC's obligation <br /> to provide student housing for the Project; and <br /> d)All of these colleges combined or a combination thereof including other <br /> institutions of higher education cannot collectively meet TLC's obligation for <br /> student housing for the Project; <br /> Then in lieu of the continued student housing requirement,the building for the Project <br /> may be converted to non-subsidized,market-rate housing provided TLC, or its <br /> successor, owns the parking garage and is able to meet the minimum requirement of <br /> one parking space for every dwelling unit for the Project's building which requirement <br /> shall be in a revised covenant approved by the Planning Director and City Attorney, <br /> recorded on the TLC property. The converted dwelling units shall meet applicable <br /> building code requirements for multiple family dwellings, or, if the City has <br /> established regulations allowing"micro-housing"in the B-3 zone, and the Developer <br /> proposes converting the student housing to market rate micro-housing,the converted <br /> units shall meet applicable zoning and building code requirements for such housing. <br /> The building shall-be converted, occupied and managed in a manner so there is not a <br /> mix of both student housing and non-student housing. Nothing herein shall preclude a <br /> student from renting a market-rate housing unit within the building following <br /> conversion. <br /> 4 <br /> 18 <br />