Laserfiche WebLink
7 <br /> PROPERTY EXCHANGE AND TRACK CONSTRUCTION AGREEMENT <br /> THIS PROPERTY EXCHANGE AND TRACK CONSTRUCTION AGREEMENT <br /> ("Agreement") is entered into as of the day of May 2006 (the "Effective Date"), between <br /> BNSF RAILWAY COMPANY, a Delaware corporation ("BNSF"), and CITY OF EVERETT, a <br /> Washington municipal corporation and charter city("City"). <br /> RECITALS <br /> A. BNSF owns certain parcels of real property totaling approximately 29.10 acres, <br /> which parcels are located at or near the Snohomish River in the City of Everett, Snohomish <br /> County, Washington (collectively, such parcels are referred to herein as the "BNSF Property"). <br /> The BNSF Property is depicted as Parcels 1, 2, 3, 4, 5, 6, 7, 8 and 11 on the drawing attached <br /> hereto as Exhibit A and incorporated herein by this reference. <br /> B. City owns (or, as to portions of Parcels El, E2 and E3, shall acquire at the <br /> Closing) certain parcels of real property totaling approximately 14.41 acres, which parcels are <br /> located at or near the Snohomish River in the City of Everett, Snohomish County, Washington <br /> (collectively, such parcels are referred to herein as the "City Property"). The City Property is <br /> depicted as Parcels 9, 10, 12, 13, 14, 15, El, E2, E3 and on the drawing attached hereto as <br /> Exhibit A and incorporated herein by this reference. The BNSF Property and the City Property <br /> are sometimes collectively referred to herein as the "Exchange Properties" or individually as an <br /> "Exchange Property". <br /> C. In connection with its public land use objectives, City desires to acquire the BNSF <br /> Property for public use and development. City is prepared to institute eminent domain <br /> proceedings to acquire the BNSF Property. In order to avoid the expense and delay of such <br /> condemnation action by City, BNSF is willing to quitclaim to City, and City is willing to accept, <br /> all of BNSF's right, title and interest in and to the BNSF Property in lieu of such condemnation <br /> action on the terms and conditions set forth in this Agreement. <br /> D. As part of this transaction, the City desires that BNSF terminate use of and <br /> remove the multiple tracks located on the BNSF Property, such tracks being shown on Exhibit A <br /> (the "Removal Tracks"), such Removal Tracks to include without limitation rails, ties and other <br /> track material (but excluding ballast). <br /> E. As additional consideration for BNSF quitclaiming the BNSF Property to City <br /> and agreeing to remove the Removal Tracks in accordance with the terms of this Agreement, the <br /> City has agreed to reimburse BNSF for costs in connection with certain improvements, including <br /> without limitation, its construction of certain new connecting track as shown on Exhibit A-2 (the <br /> "Connecting Track") and its rehabilitation of the track known as the "Turkey Trail Track" <br /> and certain other track, all as shown on Exhibit A-2 (the "Rehabilitation Track"). The <br /> Connecting Track and Rehabilitation Track will support BNSF's operation of its mainline track <br /> shown on Exhibit A-2 ("Mainline Track") and will allow for the termination and removal of <br /> Exchange Agreement 2 8 -1- DRAFT 5/23/06 <br />