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Planning Commission Resolution 23-04 <br />PLANNING COMMISSION RESOLUTION NO. 2 3 -0 4 <br />A Resolution Recommending that the City Council Approve an Amendment to the Riverfront Planned <br />Development Overlay and Development Agreement <br />WHEREAS, THE PLANNING COMMISSION FINDS THE FOLLOWING: <br />A.The City and Developer are parties to the Development Agreement dated June 2, 2009, which was <br />amended by the First Amendment dated April 3, 2014, the Second Amendment to Development <br />Agreement dated May 17, 2019, and the Addendum to Second Amendment dated as of May 4, <br />2021 (the 2021 addendum, the “Initial Addendum”; the 2019 amendment the “Second <br />Amendment”; the development agreement as amended by both amendments and the Initial <br />Addendum, the “Development Agreement”). Unless otherwise defined herein, all capitalized <br />terms in this Addendum have the meaning set forth in the Second Amendment. The names of <br />the lots in the paragraph above are as defined in the Assignment and Assumption Agreement by <br />and among the parties dated December 20, 2019, recorded under Snohomish County recording <br />no. 202001090614 (“Assignment Agreement”). <br />B.On October 21, 2019, the City approved a minor amendment to the Final Development Plan in <br />accordance with EMC 19.29, which revised the second page of Attachment E-1 to the Second <br />Amendment. The amended version of the second page of Attachment E-1 was attached to the <br />Initial Addendum as Exhibit A. Now the parties are further amending the Final Development Plan <br />as set forth in this Addendum. The revised Attachment E-1 Final Development Plan is attached to <br />this Addendum as Exhibit A. <br />C.As acknowledged in the Initial Addendum the COVID-19 pandemic has occurred since the <br />execution of the Second Amendment and has impacted the viability and timing of certain <br />elements of the Everett Riverfront Development. Specifically, Developer has determined that the <br />Cinema Element of the Everett Riverfront Development is no longer viable. As further <br />contemplated by the Initial Addendum, Developer has proposed and the City desires to approve, <br />replacement of the Cinema Element with an anchor food and recreational use, as set forth in this <br />Addendum. <br />D.On August 1, 2013, PNW Riverfront, LLC assigned and Riverfront assumed all of the rights, <br />obligations and liabilities of PNW Riverfront with respect to the Development Agreement and <br />other agreements related to the Property pursuant to that Riverfront Assignment and Assumption <br />Agreement recorded under Snohomish County recording no. 201311180486. Riverfront has <br />subsequently assigned and Riverfront Phase 1, LLC, Riverfront Phase 2, LLC, Riverfront Phase 3, <br />LLC, Riverfront Phase 4, LLC, Riverfront Grocer, LLC and Riverfront Theater, LLC have assumed <br />rights, obligations and liabilities under the Development Agreement as more particularly set forth <br />in the Assignment Agreement. PNW Riverfront does not hold any interest in the Property or under <br />the Development Agreement. The parties now desire to remove PNW Riverfront as a party to the <br />Development Agreement.