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MT'MY <br /> COMM A ANDA HEM COVER'MOT 0 <br /> PROJECT TITLE: <br /> Authorize the Mayor to sign the Consent COUNCIL BILL# <br /> EHA/City Agreement including the X Action Originating Department Legal <br /> Contingent Funding Agreement for First Reading Contact Person Iles/Soine <br /> the cleanup and redevelopment of the Second Reading Phone Number 257-8739 <br /> area in and adjacent to the former Third Reading FOR AGENDA OF July 2,2004 <br /> Asarco Smelter(Redevelopment Public Hearing <br /> Area). Initialed by: <br /> Department Head ► . <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> The area in and adjacent City Council approval of Proposed Agreement(to Legal <br /> to the former Asarco deal points between City be provided) <br /> Smelter(Redevelopment and EHA on May 5, <br /> Area).Northeast Everett 2004 <br /> between approx. <br /> Broadway, W. Marine <br /> View Dr.,Hawthorne <br /> and Butler Streets. <br /> Council approval of this agenda item authorizes a budget revision in the additional amount requested. <br /> Expenditure Required $ -0- Account Number(s): <br /> Amount Budgeted $ -0- <br /> Additional Required $ -0- <br /> DETAILED SUMMARY STATEMENT: <br /> City Council approved a set of deal points with the Everett Housing Authority(EHA) on 5/5/04 to cooperate <br /> on EHA's facilitation of the cleanup and redevelopment of the area in and adjacent to the former Asarco <br /> Smelter(Redevelopment Area)—including a commitment to guarantee EHA's bank line of credit not to <br /> exceed$5.7 million. EHA will repay the City from the proceeds of the sale of the cleaned up properties. <br /> City Council directed staff to prepare a final agreement. The final agreement, including a contingent funding <br /> agreement,incorporates and is consistent with the deal points. EHA has obtained all of the approvals and <br /> commitments from third parties that City Council required in the deal points. <br /> RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign the EHA/City <br /> Agreement including the Contingent Funding Agreement for the cleanup and redevelopment of the area in <br /> and adjacent to the former Asarco Smelter(Redevelopment Area). <br /> 36 <br />