1205 CRAFTSMAN WAY HERITAGE MARINE ELECTRICAL 2022-01-14

SECTION ONE - INTRODUCTION Now, THEREFORE, the parties herein do mutually agree as follows: The City hereby adopts this Agreement in conjunction with the rezone of the Property described in Section Two of this Agreement to a PDO in accordance with provisions of Chapter 19.29 and 19.41.160 of the Everett Municipal Code. This Agreement supersedes and replaces the 2005 Development Agreement and any; other development agreement between the Port and City relating to the Property. The City and the Port agree that the purpose of this Agreement is to comply with the Everett Municipal Code and the Conditions of Approval for the PDO-WC Rezone. The City and the Port further agree that this Agreement establishes certain rights of the Port to develop the Property in accordance with the conditions specified herein. Provided, however, that additional SEPA review, and issuance of appropriate City approvals and permits are required as set forth below. The City and the Port agree that each has entered into this Agreement knowingly and voluntarily and agree to be bound by its terms and conditions. It is the intent of this Agreement that all of the major components of Waterfront Place Central will be completed in several phases beginning in 2014 and continuing to no later than 2034. The City and the Port recognize that phasing and construction time among the different components of the Waterfront Place Central will differ and that various structures and districts will be completed in different years. Nevertheless, the Port shall provide public infrastructure improvements in accordance with Section 4.4 below. SECTION TWO - ACTION PROPOSED DESCRIPTION 2.1 PROPOSED ACTION The proposed action is the approval by the City of a revised Planned Development Overlay (PDO) zone for the Property described in Section 2.2 for Waterfront Place Central. The PDO includes this Agreement and its exhibits. The general location of the proposed action is between the Port's existing marina, north of and adjoining the Waterfront — Commercial (W-C) zone boundary and the Jetty Landing Boat launch, and extending west of West Marine View Drive to the Snohomish River Channel. 5 1 P a g e