2025/06/18 Council Agenda Packet

City Council Agenda Item Cover Sheet Project title: Riverfront 3rd Amendment to Amended and Restated Property Disposition Agreement Council Bill # interoffice use Project: Riverfront Third Amendment to Amended and Restated Property Disposition Agreement Partner/Supplier: Shelter Holdings Location: Riverfront Preceding action: Prior Amendments in 2021 and 2024 Fund: N/A Agenda dates requested: Briefing 06/18/25 Action 06/25/25 Ordinance Public hearing Yes X No Budget amendment: Yes X No PowerPoint presentation: X Yes No Attachments: ARPDA Third Amendment Department(s) involved: Planning, Legal Contact person: Yorik Stevens-Wajda Phone number: (425) 257-8725 Email: ystevens@everettwa.gov Initialed by: Department head Administration Council President Fiscal summary statement: N/A Project summary statement: The 2019 Amended and Restated Property Disposition Agreement (ARPDA) is one the agreements that governs the Riverfront. It contains deadlines and other real estate matters. On the former Landfill site, the ARPDA currently requires the “First Phase” to be completed by July 1, 2025. The First Phase elements and their current statuses are shown in the table below. First Phase Element Status Two Mixed Use Buildings Completed Public Plaza (First Phase Elements) Completed First Phase Parking Completed First Phase Park Project Under the amendment approved by City Council in 2024, Shelter’s First Phase Park Project at the Eclipse Mill Park must be completed within 18 months after the City completes its portion of the Eclipse Mill Park. The City Council awarded the City’s park project in May 2025, so the City’s project should be complete by 2026. This means Shelter’s project should be completed in 2026-2027. Grocery Store Shelter reports that grocery store operators want to see additional surrounding population density to support a grocery store at the Riverfront. Shelter has proposed to extend the deadline for the grocery store by five years to July 1, 2030. Shelter has requested the grocery store deadline be extended for five years, to allow more residential buildings to be built and population density to increase. City staff recommends this extension. The short proposed third amendment updates the ARPDA to include a five-year deadline extension for the grocery store. It also acknowledges the current deadline for the park project and the already completed First Phase elements. Recommendation (exact action requested of Council): Authorize Mayor to sign the 3rd Amendment to the Amended and Restated Property Disposition Agreement in the form substantially as provided.