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011 <br /> ORDINANCE NO. 3207-10144 P 1/ 1 I y <br /> AN ORDINANCE creating the special construction fund entitled "Allen <br /> Buick Redevelopment Project", Fund 342, Program 017, authorizing the <br /> accumulation of all costs to perform City site preparation work. <br /> WHEREAS, the City owns the property on the corner of Colby Avenue and Wall Street <br /> (known as the Allen Buick property) which is currently surplus to the City's needs and <br /> available for development and sale to private parties; and <br /> WHEREAS, the City Council has approved a Property Purchase Agreement with <br /> Touchstone Corporation, for the purchase and redevelopment of the Allen Buick <br /> property. This Agreement sets forth the City's responsibilities regarding certain site <br /> preparation work that has been identified related to the Allen Buick redevelopment site; <br /> and <br /> WHEREAS, in accordance with the Project Construction Covenant the City has now <br /> agreed to performing certain site preparation work in conjunction with the City turning <br /> the premises over to Touchstone Corporation for the development of a hotel on the <br /> site; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: A special construction fund is hereby established as Fund 342, Program 017 <br /> entitled "Allen Buick Redevelopment Project" to accumulate the funds for the City <br /> related site preparation work costs in accordance with the Project Construction <br /> Covenant. These costs include, but are not limited to, the removal of contaminated <br /> soils on site, removal of unsuitable soils on the site, relocation of an underground PUD <br /> electrical vault, removal of a parking lot light pole, removal and relocation of an <br /> overhead wire feed from the Police HQ building to the Culmback Building, completion of <br /> a boundary line adjustment of the property, and the removal and replacement of a traffic <br /> signal support pole and control box. <br /> Section 2: Authorization is hereby granted to the Facilities/Property Management <br /> Director under the administration of the Mayor, to assume full responsibility for <br /> conducting all tasks and performing all necessary steps to accomplish the actions <br /> authorized by this Ordinance. <br />