Ordinance 3410-14 - Laserfiche WebLink

California and Wetmore for each habitable unit of the building (which is anticipated to be approximately 100 units); and 3). The Developer submits and the City approves a parking management plan that describes how the Developer and/or TLC will ensure that student tenants park in the TLC garage, and discourage their parking in on-street spaces. The covenants shall run with the land for both the Developer's property and the TLC parking garage property, and shall be binding upon any future owner, heir or assign. 9. The Project will be restricted exclusively to student housing. However, in the event that: a) TLC is unable to provide student housing for the Project; and b) Everett Community College has declined to assume TLC's obligation to provide student housing for the Project; and c) Washington State University Everett has declined to assume TLC's obligation to provide student housing for the Project; and d) All of these colleges combined or a combination thereof including other institutions of higher education cannot collectively meet TLC's obligation for student housing for the Project; Then in lieu of the continued student housing requirement, the building for the Project may be converted to non-subsidized, market-rate housing provided TLC, or its successor, owns the parking garage and is able to meet the minimum requirement of one parking space for every dwelling unit for the Project's building which requirement shall be in a revised covenant approved by the Planning Director and City Attorney, recorded on the TLC property. The converted dwelling units shall meet applicable building code requirements for multiple family dwellings, or, if the City has established regulations allowing "micro-housing" in the B-3 zone, and the Developer proposes converting the student housing to market rate micro-housing, the converted units shall meet applicable zoning and building code requirements for such housing. The building shall be converted, occupied and managed in a manner so there is not a mix of both student housing and non-student housing. Nothing herein shall preclude a student from renting a market-rate housing unit within the building following conversion. Section 3. Section 4 of Ordinance No. 3380-14, which reads as follows: Effective Date - Termination. This Ordinance becomes effective 15 days after the date it becomes valid. This Ordinance shall terminate and become null and void if Footprint has failed 6