Resolution 5871 - Laserfiche WebLink

L. On June 26, 2006, the City and OM signed a Memorandum of Understanding setting forth their mutual understanding of certain steps and requirements necessary for the Parties to enter into a definitive agreement describing the terms and conditions related to the City's conveyance of the City Property to OM and the Development. M. After a significant period of negotiation, the City and OM have prepared this Agreement to evidence the terms of the conveyance of the City Property to OM and the respective obligations of the Parties with respect thereto. N. By Resolution.6g , adopted on Fe/Dr/Lar , 2007, the recitals of which are incorporated herein by reference, the Everett City Council fbund that its existing SEPA review is adequate to enter into this Agreement and that entering into this Agreement is a plan-level decision that does not have an adverse environmental impact and does not limit the choice of reasonable alternatives, and authorized the City to enter into this Agreement, designating the Mayor as the person to have authority to act on behalf of the City with respect to the execution and delivery of this Agreement and all matters relating to the disposition of the City Property pursuant to this Agreement. AGREEMENT For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, OM and the City agree as follows: 1. THE SITE 1.1 City Property The Parties intend that the Development be developed by OM on the City Property after the City Property has been conveyed by the City to OM pursuant to this Agreement, which development is contingent upon the issuance of certain Key Development Permits (described below) and subject to Development Review. The Parties also acknowledge that the Development may also include, in the discretion of OM, certain other adjacent properties as described below. 1.2 Port Property In addition to the City Property, the Site may include two parcels of real property owned by the Port of Everett, lying adjacent to the City Property (the "Port Property"). The Port Property is identified as such on the Property Map. OM may attempt to negotiate an agreement with the Port of Everett for the purchase of the Port Property. If OM should acquire the Port Property, the City acknowledges that OM also may he interested in the vacation and acquisition of the adjacent right of way property directly south of the Port Property and owned by the City, as shown on the Property Map. The City acknowledges that OM may, in its discretion, include the Port Property, and potentially the adjacent right of way property, as part of the larger Development. However, the City shall have no obligation or responsibilities whatsoever with respect to the Port Property under this Agreement and the City is not and does not make any commitments in this Agreement regarding the possible vacation, surplusing or sale of the adjacent right of way property; provided, however, that the City will assist in making -3- 06107-0063 LEGAL13023969.1