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� .t.��: 'awfp. .i i .: "' �Z,�. ' "t: '�r, i . . . � . . . . , . . . ., .�y,.ir `��pP� +�i: <br /> ; __ - =," � � 3 �i= <br /> � - . �, <br /> i <br /> I THIS AGREEMENT entered Into this '7 =� day of , � L980� <br /> � by and between the City of Evcrett, a municlpal corporation under the laws <br /> of the State of Washington, hereinafter referred to as the "CITY" and Parkview <br /> Development, Inc., principal owners Klaus Hann and John F. Hansen of 15800 <br /> Woodinvillo-Redmond Road, Woodinville, WASH, 98072, hereinafter referred <br /> to as the "DEVELOPER". <br /> i WITNESSETH THAT: <br /> � WtIEREAS, the CI1Y Is aware of a storm drainage problem on Ea�t <br /> Glen Drlve which would be further aggravated by new development In upatream <br /> areasj and <br /> WHEREAS, the CITY reaogrtizes the need for a new storm dralnage <br /> lIne on East Glen Drive= and <br /> WHEREAS, the CITY realius that lt would be of mutual beneflt to <br /> both resIdenb oi the East Glen Dr[ve area and developers alshing to develop <br /> in that area and upsueam,Areas to provide a storm draInage llne for East <br /> i Glen Drivr, and ' <br /> WHEREAS, the DEVELOPER has applied for a building permIt for a <br /> 33-unit condomWum project at !Ol West Casino Road, Everett, WASH; and <br /> WHEREAS, this development would aggravate the drair►age problem . <br /> at Ea+t Glen along SR526= and <br /> WHEREAS, the DBVELOPER has expraxd hIs willIngness to pardcipate <br /> in cost Sor the construction of a storm drain llne on East Glen; and <br /> WHEREAS, the City Councli did authorIze the Mayor to enter into an <br /> agreement wtth the DEVELOPER to part[cipate in costs for the construction <br /> of a atorm drain llne on East Glen. <br /> NOW, THEREFORE, the CITY and DEVELOPER mutually agree as <br /> follow�: <br /> L. The DEVELOPER agrees to partidpatc In 25%of the total project <br /> cost up to $13,676.00($13,676.00 based on 25%of estimated co�ts, <br /> excludIng Interest and art fee). <br /> 2. The DEVELOPER agrea to pay on receipt of Involce 30%of $13,676.00 <br /> wlth the remainIng 709K of tliic amount payable to the CITY 90�days <br /> from datc of involca. <br /> 3. The DEVELOPER agrees to pay Interest fees Sncurred, should <br /> the 90 day waiting perlod for the remaining monies owed to the <br /> CITY by the DEVELOPER place the CITY in a pbsition that lnterIm <br /> financing ta necessary to cover the outstanding monies owed by <br /> the DEVELOPER. <br /> 4. Should the DEVELOPER'S particlpation be less than $13,676.00 <br /> after project is completed and actual total costs are obtained, <br /> the DEVELOPER will be reimhursed by the CI'TY thr difference <br /> bctween 25`X,of total project i ost, ext:luding ilic art ice :nid thiose <br /> interest fees that are not subject to paragraph three of this agreemmt, <br /> and the $13,676.00. <br />