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EXHIBIT 1 <br /> FIRST AMENDMENT <br /> TO <br /> DEVELOPMENT AGREEMENT <br /> This First Amendment to Development Agreement (this "First Amendment") is dated for <br /> reference purposes March_, 2014, and is made and entered into by and between the CITY OF <br /> EVERETT, a municipal corporation of the State of Washington (the "City"), and PNW <br /> RIVERFRONT, L.L.C., a Washington limited liability company ("Polygon Residential <br /> Developer"), and RIVERFRONT COMMERCIAL, LLC, a Washington limited liability <br /> company ("Polygon Commercial Developer"). Polygon Residential Developer and Polygon <br /> Commercial Developer are collectively referred to in this First Amendment as 'Polygon." <br /> RECITALS <br /> A. The City, OM Everett, Inc., a Washington corporation ("OM INC"), and OMH <br /> Transfer Agent, LLC, a Delaware limited liability company ("OMH") were parties to the <br /> Development Agreement dated June 2, 2009 (the "Development Agreement"). The <br /> Development Agreement concerns the Riverfront Property, which includes the Landfill Pad, the <br /> Simpson Pad, and the Mill Property. <br /> B. Under the Riverfront Assignment and Assumption Agreement dated July 5, 2013, <br /> OM, OM INC and OMH assigned to Polygon Residential Developer, and Polygon Residential <br /> Developer assumed, all of the rights, obligations, and liabilities of OM, OM INC and OMH <br /> under the Riverfront Agreements (as defined therein), including the Development Agreement. <br /> Under the Landfill Assignment and Assumption Agreement dated August 1, 2013, Polygon <br /> Commercial Developer with respect to the Landfill Pad assumed, all of the rights, obligations, <br /> and liabilities of Polygon Residential Developer under the Riverfront Agreements (as defined <br /> therein), including the Development Agreement. <br /> C. Polygon has developed a plan for the Simpson Pad that is all single-family <br /> detached housing. Polygon has also developed a plan for the Mill Property. The City's Planning <br /> Commission and City Council have reviewed the plans. Accordingly, the purpose of this First <br /> Amendment is to amend the Development Agreement so that Polygon Residential Developer <br /> may develop the Simpson Pad and the Mill Property, as presented to Planning Commission and <br /> City Council. <br /> D. Polygon is still working on its plan for the Landfill Pad. Once that work is <br /> complete, Polygon intends to seek a second amendment to the Development Agreement, in order <br /> to implement its plan for the Landfill Pad <br /> AGREEMENT <br /> The City and Polygon agree as follows: <br /> 1. Amendments to Development Agreement. The Development Agreement is <br /> amended as follows: <br /> 1 <br />