Resolution 5871 - Laserfiche WebLink

Certificate of Completion property sufficient to allow the completion of the Minimum Development Elements. Such a Partial Certificates of Completion for the Landfill Site shall release the relevant portions of the Landfill Site from the remedies set forth in Section 17.1 below. (d) Certificate of Partial Completion for the Mill Site When (i) OM imposes design guidelines and requirements, a development plan or other covenants on the Mill Site that are otherwise consistent with the Development Plan, which guidelines are reasonably acceptable to the City and may not be materially changed without the consent of the City, which will not be unreasonably withheld, (ii) a development proposal has been approved by the City (a "Mill Site Development Proposal"), which shall include at a minimum (A) a schematic design for the proposed development on the Mill Site; (B) a deadline date by which development will be substantially completed; and (C) assurances reasonably acceptable to the City that OM has or will have financing resources sufficient to complete the proposed development, and (iii) OM is in compliance with this Agreement, then the City will provide a Partial Certificate of Completion to OM for the portion of the Mill Site that is the subject of the approved Mill Site Development Proposal. Partial Certificates of Completion for the Mill Site shall release the relevant portions of the Mill Site from the remedies set forth in Section 17.1 below. 16.3 Minimum Retail Elements for Commencement of Construction on the Landfill and Mill Sites 16.3.1 Minimum Retail Elements Except as otherwise provided by Section 16.4 below, OM shall not implement the Development Plan with respect to construction of the retail elements on City Property (including but not limited to the construction of any buildings or parking facilities) unless and until (i) OM imposes design guidelines and requirements that are consistent with the Development Plan, which design guidelines are reasonably acceptable to the City and may not be materially changed without the consent to the City, and (ii) OM submits a retail development proposal to the City, and the City approves such proposal for purposes of this Agreement. Any such proposal shall contain, at a minimum, the following requirements ("Minimum Retail Elements"): (A) (i) a schematic design for the proposed retail development on the Landfill Site, which design includes a design for a "central gathering place" of at least 1.5 acres; (ii) a written commitment from at least one (1) Anchor tenant who is not then operating in the Everett Market Area to operate a retail store on the Landfill Site; (iii) plans for one or more retail buildings (excluding tenant improvements) containing at least 100,000 rentable square feet of retail space for Small Shop tenants on the Landfill Site (the "Small Shop Space"), together with reasonable indications that such tenants are interested in leasing the Small Shop Space, for a total, with the Anchor, Small Shop Space and other retail tenants, of at least 250,000 rentable square feet; (iv) reasonable assurances that at least fifty percent (50%) of the total retail space (excluding for purposes of the foregoing calculation any retail space to be leased to an Existing Prospective Tenant) will be leased to tenants who are New to the Everett Market Area and that no more than ten percent (10%) of the retail space (excluding for purposes of the foregoing -28- 06107-0063'LEGAL 13023969.1