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\\ <br /> �4�t �Na�.1r*J ti. y.. <br /> � � ..'L' ' 4 "��. .. .`}fl(1Yn�l�t i�...��L . t� . ' . . . .��� .. .,.t',. ��x:tl� �i+• <br /> � 1 ` '�, � . � ' • ' ���•' <br /> �1 � . <br /> t <br /> � 7HIS AGREEMENT entered into thIs 7 =t day of , �' 1980, <br /> ! by and between the Clty of Everett, a municipal corporation under the laws <br /> of the State of Washington, hereInafter referred to as the "C1TY" and Parkview <br /> Development, Inc., prtncipal owners Klau;• Hann and John F. Hansen of 15800 <br /> Woodlnvillo-Redmond Road, WoodInville, Q'ASH, 98072, hereinafter referred <br /> to as the "DEVELOPER". <br /> i WITNESSETH THAT: <br /> � WHEREAS, the CITY b awaze of a storm draInage problem on East <br /> Glen Drlve which would be further aggravated by new development in upotream <br /> area�; and <br /> WHEREAS, the CITY reoognlza the need for a new storm dralnage <br /> line on Ea+t Glen Drivef and <br /> WHEREAS, the CITY reallus that it would be of mutual benefit to <br /> both raldents oi the East Glen Dr[ve area and developers wIshing to develop <br /> In that area and upsueam.8reas to provide a storm drainage llne for East <br /> i Glen Drlvr, and � <br /> WHEREAS, the DEVELOPER has applied for a bulldtng permlt for a <br /> 3�unit condominlum project at 101 West Casino Road, Everett, WASH; and <br /> WHEREAS, thls development would aggravate the drNnage problem . <br /> at East Glen along SR526; and <br /> WHEREAS, the DEVELOPER has expressed his willingness to particlpate <br /> In cost for the construction of a storm drain Iine on East Glen; and <br /> WHEREAS, the City Council did authorize the Mayor to enter Into an <br /> agreement with the DEVELOPER to partIcipate In costs for the constructIon <br /> of a storm drain lIne on East Glen. <br /> NOW� THEREFORE, the CITY and [IEVELOPER mutual(y agree as <br /> followss <br /> 1. The DEVELOPER agrees to particlpate In 25%of the total project <br /> cost up to $13,676.00 ($13,676.00 based on 25%of e3timated cosb, <br /> excluding interest and art fee). <br /> 2. The DEVELOPER agrees to pay on receipt of involce 3096 of $13,676.00 <br /> wlth the rcmainIng 70%of tliis amount payable to the CiTY 90� days <br /> from date of invoice. <br /> 3. The DEVELOPER al�ees to pay Interest fees Incurred, should <br /> the 90 day waiting perlod for the rema[ning monIes owed to the <br /> CITY by the DEVELOPER piace the CITY in a pbsition that Interim <br /> financing i� necessary to cover the outstanding monies owed by <br /> the DEVELOPER. <br /> 4. Should the DEVELOPER'S particIpation be less than $13,676.00 <br /> after project ls completed and actual total costs are obtained, <br /> the DEVELOPER will bc reimhursed by thc CITY tl-�r difference <br /> �ctwecn 2S�X, of iotat project �ost, excluding th� nrt 1re arid tl�use <br /> interest fees that are not subject to paragraph three of this agreement, <br /> and the $13,676.00. <br />