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EVERETT SMELTER SITE <br /> EHA/CITY OF EVERETT DEAL POINTS <br /> 1) Land Use. The City of Everett will at EHA's expense process as expeditiously as possible <br /> but within existing procedures and limitations, including consistency with the Integrated <br /> Cleanup Plan(FCAP/FEIS as amended), Final Design Report for the Everett Smelter Site, <br /> and land use codes, any land use, demolition, or construction permit, application or <br /> request(prepared by and at expense of EHA) including but not limited to: <br /> a) Rezoning the existing R-2 zone(Fenced and Adjacent Area)to R-1A. <br /> b) Subdivision and associated vacation of public rights-of-way(at no cost to EHA), <br /> including a new street at the northern portion of the site with a new controlled <br /> intersection with East Marine View Drive (at no cost to the City). <br /> c) Demolition, public works, industrial waste discharge, and other required permits for <br /> remediation work, structures,roadways,utilities, and redevelopment activities. <br /> d) Any supplemental environmental review required for the above actions. <br /> 2) Terms of Loan Guarantee. The City of Everett will guarantee EHA's Line of Credit loan <br /> in an amount not exceeding approximately$5,700,000, and in a form mutually acceptable <br /> to the parties and the City of Everett and EHA's lender. The City of Everett and EHA will <br /> enter into an agreement under which: <br /> a) Prior to drawing on the Line of Credit, EHA shall review the project budget with the <br /> City of Everett and then adopt a project budget and a contingency funding plan for <br /> project costs in excess of the approved budget. <br /> b) The City of Everett may require its approval prior to any draw by EHA on the Line of <br /> Credit. <br /> c) If the project costs at any time exceed a, % of the original approved budget(prior to <br /> change orders), the City reserves the right to suspend cover any of the Line of Credit <br /> yet to be drawn down until the budget issue is resolved. <br /> d) Fifty percent of any funds remaining from the proceeds of the sale of these properties <br /> by EHA after the payment of the Line of Credit will be paid by EHA to the City of <br /> Everett in consideration of the unreimbursed project support and risk borne by the City <br /> of Everett. <br /> e) Require Asarco to accept all cleanup costs. <br /> 3) Review Process. The City of Everett and EHA will establish a review process for <br /> monitoring project implementation which will include, at a minimum, EHA providing to <br /> the City of Everett: <br /> a) The ability to review, prior to execution, all contracts and agreements to be entered <br /> into by EHA for this project, including but not limited to purchase and sales <br /> agreements, construction and remediation contracts, and financing documents. <br /> b) A weekly status report by the EHA project construction manager. <br /> c) An updated budget whenever there is a cumulative budget or change orders of$20,000 <br /> or greater. <br /> Page 1 of 3 <br />