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, <br /> EXHIBIT B <br /> DEVELOPMENT AGREEMENT <br /> Anthem Self Storage (EM) L.L.C. —Everett Mall Way Rezone <br /> THIS AGREEMENT is entered into this 'ice day of NCU 2007, by <br /> and between Anthem Self Storage (EM) L.L.C., 8115 Broadway, Suite 204, Everett WA <br /> 98203 (hereinafter "Anthem") and the City of Everett, a municipal corporation under the <br /> laws of the State of Washington (hereinafter the "City"). <br /> RECITALS <br /> A. Anthem is under contract to purchase approximately 1.75 acres of real <br /> property located on the West side of Everett Mall Way,Northerly of the Everett Mall, <br /> adjacent to the WSDOT Interstate 5 Right of Way, zoned C-1R(Regional Commercial <br /> Office), legally described in Exhibit A (the "Anthem Property"), and lying within the <br /> incorporated boundaries of the City. The Anthem Property is currently vacant. Anthem <br /> desires to rezone the property to C-1 (General Commercial) in order to allow for a <br /> planned self-storage facility to be a permitted use of the site. The City agrees that the <br /> community would benefit from such an action in this location, provided certain <br /> conditions are met. <br /> B. This Agreement sets forth design appearance guidelines for a new self- <br /> storage facility structure proposed for the site. <br /> C. This Agreement is entered into pursuant to RCW 36.70B.170, .180, and <br /> .190. The purpose of this Agreement is to ensure that the new self-storage facility <br /> structure proposed for the Anthem Property will be constructed according to the <br /> guidelines set forth in this Agreement. <br /> D. The parties hereto agree, as conditioned by this Agreement, that <br /> ANTHEM satisfies the criteria for the approval of the rezone of the Anthem Property <br /> 1 <br />