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DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT is entered into this /7441 day of Maj 2002, by and <br /> between Housing Hope, 5830 Evergreen Way, Everett, Washington, 98201, and the City of <br /> Everett, a municipal corporation under the laws of the State of Washington (hereinafter the <br /> "City"). <br /> RECITALS <br /> A. Housing Hope controls approximately .4 acres of real property (hereinafter the <br /> "Property"), zoned R-2 (Single Family Detached Medium Density), as depicted in Exhibit A, and <br /> lying within the incorporated boundaries of the City. The Property is currently a vacant portion <br /> of three duplex lots. Housing Hope will apply to the City to subdivide the property in such a <br /> way as to establish the lot as a distinct parcel. Housing Hope desires to re-zone the Property <br /> (newly created lot) from R-2 to B-2 (Community Business). The intent is to use the property for <br /> an educational center and up to twelve (12) units of housing. Since the rezone involves <br /> conversion of an area currently zoned for residential use and since converting the zoning to a <br /> commercial zone could, without certain conditions being established pursuant to this agreement, <br /> create a situation where negative impacts could impact the surrounding residential areas. In <br /> addition there could be a loss in potential housing stock. Therefore, this Agreement is being <br /> used to provide that the public, the City and the property owner all benefit from the proposed <br /> rezone by limiting commercial uses while maintaining residential uses; and <br />