Resolution 6814 with exhibits - Laserfiche WebLink

• Interior cross street through Phase 4 • Relocation of existing Weyerhaeuser Building and renovation for public use/ access. SECTION FIVE - GENERAL TERMS 5.1 VESTING OF DEVELOPMENT STANDARDS Pursuant to RCW 36.70B.170 et seq., all development within the Property shall be governed by this Agreement. A "Buildout Period" of twenty (20) years from the date of this Agreement is established for the development and construction of the uses on the Property permitted and carried out in accordance with the provisions of this Agreement. During the Buildout Period, the City shall not modify or impose new or additional zoning standards beyond those set forth in this Agreement. To the extent this Agreement does not establish zoning standards addressing a certain subject, element or condition of the approved site plan, then the Project shall be governed by the zoning regulations in effect upon the date of this Agreement (i.e., those regulations set forth in Title 19 EMC). After the date of execution of this Agreement, the City may adopt new zoning standards or generally-applicable standards relating to particular subject matters specified under this Agreement or under presently-existing zoning standards. If, in adoption of the new zoning standards, the City elects to make such zoning standards available for development of the Property, then the Port, as an alternative to satisfying one or more of the zoning standards, may upon the approval of the City, develop the Property in accordance with the new zoning standards. To the extent that the Port proposes a major amendment to the Project(as defined in EMC 19.29 and in this agreement), the City may elect to make the Project,as amended, subject to the zoning standards in effect at the time of the City's approval of such amendment. 5.2 CHANGE OF DEVELOPER The approval granted herein shall be binding upon the Port and any successors or assigns. 5.3 TERM The term of this Agreement shall continue at a minimum through the Buildout Period, and shall continue after the Buildout Period unless and until the City gives a notice of termination. The City shall mail notice of termination to the Port under Section 5.4. No sooner than three (3) months after delivery of the notice of termination, the City shall hold public hearing(s) and shall adopt whatever zoning standards for the Property determined appropriate by the City. Such zoning standards shall consist of a continuation of the zoning standards in this Agreement, modification of such zoning standards, or new zoning standards. Upon such adoption, this Agreement shall terminate and thereafter the Property shall be governed by the newly adopted zoning standards. 5.4 NOTICES 21IPage