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RI tRFRO T CC eL.RCL& ,i T C <br /> 11624 SE 5=ri STREET,SUITE 200 BM j,r VUE WA 98005 <br /> TEL.425.536.1700 <br /> i <br /> March 1, 2015 <br /> Mayor Stephanson City Council President Bader <br /> City of Everett City of Everett I <br /> 2930 Wetmore Avenue 2930 Wetmore Avenue I <br /> Everett, WA 98201 Everett,WA 98201 <br /> RE: Update Regarding ding Rive► oiif Project/Notice Regarding Development Pro cs € <br /> i <br /> 3 <br /> Dear Mayor Stephanson and President Bader, . <br /> e <br /> F <br /> i <br /> The purpose of this fetter is to give you short update regarding the Riverfront I <br /> project. As you know,the River f rani is now under two separate ownerships. The <br /> residential portions (Mill Site and Simpson Pad) are owned by William Lyon. The <br /> commercial portion (the Landfill Site) is owned by Riverfront Commercial,which E <br /> ownership includes myself and.the original, majority partners.Although the Riverfront <br /> ownerships are separate, the overall personnel remain essentially the same, and we all <br /> u <br /> work together closely. <br /> i <br /> a <br /> The Riverfront project is progressing. With respect to the Mill Site and Simpson l <br /> Pad, significantwork is occurring now. William Lyon expects to be building houses on <br /> Simpson Pad in six months. William Lyon is also working hard on the WI Site, and 1 <br /> expects to be building residences there in about twelve months. <br /> i <br /> L <br /> i <br /> With regard to the Landfill Site, we are presently in negotiations with several <br /> prospective tenants. We are making every e oort to have a firm tenant mix and a I <br /> development plan for the Landfill Site by the end of this year. Of course,these tenant <br /> negotiations are sensitive and confidential. Tenants do not want their interest in the <br /> property made public until they are ready to commit:As is usual practice in commercial l <br /> real estate, we have signed non-disclosure agreements with the prospective tenants. In <br /> addition, negotiation with tenants for a large development is a complex puzzle, because <br /> some tenants will not commit before other tenants commit,whin many times practically 1 <br /> a E <br /> means that no one commits until everyone commits. 1 <br /> I <br /> Under the Section 4.0 of Seventh Amendment to the Property Disposition I <br /> Agreement, we are required to submit a commercial development proposal by March s <br /> 31, 2015. However, it was anticipated that date might not make sense for the project <br /> i <br /> Section 4.e also provides that "it-Polygon believes it will be unable to submit the <br /> proposal on such data, Polygon shall use its best efforts to notify the City as soon as <br /> practically possible. if Polygon is unable to submit the propose/by March 31, 2015, it <br /> Polygon shall instead be availablepresent a comprehensive briefing to City Council <br /> i <br /> r <br /> 63 <br />