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r <br /> ORDINANCE NO. 2391-99 <br /> AN ORDINANCE establishing the Parks and Recreational <br /> Improvements Program of 1999 (CIP 5) as a Reserve Account for <br /> Parks and Recreational Improvements, within Fund 162, Capital <br /> Improvements Reserve; clarifying and reaffirming City Council <br /> policy regarding high quality mixed-use redevelopment of certain <br /> riverfront properties; and amending Ordinance No. 1420-87. <br /> WHEREAS, on July 29, 1987, the City Council approved "A Pedestrian and Bicycle Access <br /> Plan For Everett's Snohomish Riverfront" which, in part, stated: <br /> The Riverbend Development is an important civic redevelopment project <br /> proposed in the Everett City Center Development Plan. It is intended as a joint <br /> private and public effort which will result in an eastern focus for the city center <br /> and the beginning of an exciting new direction in the riverfront's development. <br /> Public improvements necessary to provide a favorable development setting are <br /> the completion of the "frontage road" access system from the freeway, a water- <br /> oriented public park and perhaps other recreation facilities such as a field house <br /> or multi-purpose center. Private developments will most likely be those which <br /> benefit from the good freeway and highway access, excellent visibility, and the <br /> amenity of the riverfront, such as a motel and visitor's services, diversified <br /> retail, light industry (located away from the river unless water-dependent), <br /> professional offices, a movie theater complex (located away from the river), and <br /> multi-family housing. <br /> ; and <br /> WHEREAS, in December 1987, the City Council approved Ordinance No. 1420-87 <br /> establishing the Community and Recreational Improvements Fund of 1988 ("CIP 1") as a <br /> reserve fund for "civic, recreational, and cultural projects"; and <br /> WHEREAS, the City Council approved general obligation bonds which raised $30,000,000 to <br /> fund CIP 1 projects; and <br /> WHEREAS, the City Council, in Section 3 of Ordinance No. 1420-87, authorized surcharges <br /> on the City's B&O, utility, and gambling taxes to fund the CIP 1 bonds; and <br />