Sound Transit 10/19/2020 - Laserfiche WebLink

DocuSign Envelope ID:FCF6800B-OAF1-462A-9F3B-0855DE2AFB01 20 operation and maintenance costs of the Project will be thereafter shared by the Parties in accordance with the Everett Station parking operation and maintenance agreement in effect at that time. 7 Signage.Any new identification signage that is placed after this Agreement goes into effect and during the construction of the Project shall identify Sound Transit as a funding partner. 8 Relationship to EVLE. 8.1. The Project and Sound Transit's EVLE project have independent utility. The current parking expansion Project will serve existing commuters and does not depend on the EVLE for its justification. The parking expansion at Everett Station will offset parking previously lost as a result of the Community Transit SWIFT bus terminal construction, and it will address the growing demand for additional parking at the Station. 8.2. The EVLE project will serve future commuters and does not depend on the current parking expansion project. Moreover, completion of the parking expansion Project at Everett Station will not restrict consideration of alternatives for other reasonably foreseeable transportation improvements including the Everett Link Extension. 8.3. Sound Transit has the option to incorporate the Project into the parking projects outlined in ST3 for the EVLE.The decision whether to incorporate the Project as a permanent part of the Everett Link Extension will be made by the Sound Transit Board as part of the EVLE project to be built decision after completion of the EVLE environmental review process. 8.4. Sound Transit's early contribution to this Project will not have a negative impact on the Project schedule to get light rail to Everett as planned. 8.5. If Sound Transit Board includes the Project as part of EVLE,Sound Transit will have an option to purchase the Project(the"Purchase Option"). In order to exercise the Purchase Option,Sound Transit must deliver written notice of exercise no later than the date that Sound Transit has completed construction of EVLE or 25 years after Project completion,whichever is earlier(such earlier date,the"Option End Date").The Purchase Option under this Section 8.5 is only effective if Sound Transit has paid the Project Contribution in full within six months after the date of full execution of this Agreement. The Parties will record a memorandum of the option to purchase in the real property records of Snohomish County after execution of this Agreement. If Sound Transit so exercises the Purchase Option,then the parties shall proceed as follows: 8.5.1..The property subject to the Purchase Option is the real property shown in Exhibit A, which is the real property upon which the Project is located. If such real property is not a separately conveyable parcel,the parties will cooperate to accomplish a boundary line adjustment or other process to cause the creation of a conveyable parcel. For the purposes of the Purchase Option,this property and all improvements thereon, including without limitation the Project, is referred to as the "Project Property." 8.5.2.The purchase price for the Project Property will be the value of the Project Property determined in accordance with this Section 8.5.2 (the "Purchase Price"). 1 GA 0255-19