Resolution 5871 - Laserfiche WebLink

which is in furtherance of the City's vision for the City Property as expressed in the City's Comprehensive Plan and Shoreline Master Program. 16.2 Minimum Elements, Schedule and Deadlines 16.2.1 Minimum Development Elements Required for Completion The Development Plan includes certain elements (the "Minimum Development Elements") that are regarded as essential to the Development Plan and to the City's willingness to sell the City Property to OM. The Minimum Development Elements include the following: (A) An area comprised of least 400,000 rentable square feet of retail space has been constructed (excluding tenant improvements) on the Landfill Site (the "Designated Retail Element") with at least fifty percent (50%) of the Designated Retail Element leased to tenants (excluding for purposes of the foregoing calculation any retail space in the Designated Retail Element that is leased to an Existing Prospective Tenant as defined below) who are New to the Everett Market Area and no more than fifteen percent (15%) of the Designated Retail Element (excluding for purposes of the foregoing calculation any retail space leased to an Existing Prospective Tenant) is occupied by Off-Price Tenants. For the avoidance of doubt, OM may include Off-Price Tenants exceeding fifteen percent (15%) of the total retail space on the Landfill Site, but the Designated Retail Element portion of the retail space must comply with the foregoing requirements. (B) At least 150,000 rentable square feet of Small Shop Space has been constructed (excluding tenant improvements) on the Landfill Site. (C) At least 100 residential and/or hospitality units have been constructed on the Landfill Site. (D) The Development has obtained a LEED Neighborhood Development (LEED-ND) certification level of at least Silver from the U.S. Green Building Council based on the LEED- ND rating system as and to the extent required by Section 16.5 below; provided, however, if OM has otherwise satisfied all of the other requirements of this Section 16.2.1 but a Silver LEED certification has not yet been obtained then the requirement for a Silver LEED certification, or the exhaustion of all best efforts, as applicable, shall not be a prerequisite for the issuance of a Final Certificate of Completion but the delivery of a Final Certificate of Completion shall not release or relieve OM of its obligation under Section 16.5 unless OM has paid, after the Final Completion Date, the liquidated damages described in Section 17.2 or, if the City has not demanded payment of the liquidated damages described in Section 17.2, OM's receipt of the Silver LEED certification for the Development or the exhaustion of all best efforts, as applicable. (E) A road (the "Main Road") and the associated Wet Utilities have been constructed as and to the required by Section 16.4 below. (F) An electrical backbone 12 kv distribution system, as designed by the Snohomish County PUD to accommodate all of the Minimum Retail Elements,has been installed. -25- 06107-0063 25- 06107-0063,LEGAL 13023969.1