2006/06/21 Council Agenda Packet

5 MEMORANDUM OF UNDERSTANDING FOR THE EVERETT RIVERFRONT PROJECT THIS MEMORANDUM OF UNDERSTANDING ("MOU"), dated as of the day of June, 2006, is made by and between the CITY OF EVERETT, a municipal corporation of the State of Washington (the "City"), and OLIVERMCMILLAN, LLC, a California limited liability company ("OM"). The City and OM are collectively referred to herein as the "Parties" and individually as a "Party," as the context requires. RECITALS: A. The City is currently or is in the process of becoming the owner of the property described or depicted on Exhibit A attached hereto (collectively the "City Property"). B. City staff believes that it is in the public interest to sell and dispose of the City Property in a consolidated transaction. C. The City Property contains environmentally sensitive areas, including wetlands, and has the potential for unique and valuable public amenities, including public recreational trails, open spaces and access to the adjacent Snohomish River. The City also recognizes that the development of the City Property will provide important economic and other benefits to the City in a manner that will act to regulate any development to preserve the environmentally sensitive areas and realize the public amenities potential. D. In November 2004, pursuant to Resolution No. 5554, the City declared as surplus two significant portions of the City Property and directed that they be sold pursuant to a process outlined in the Resolution. E. Also in November of 2004 the City prepared a Request for Qualifications ("RFQ"), which was made available to members of the development community in Washington and other states, asking for qualified developers to provide certain information to the City and indicate their interest in developing portions of the City Property. The RFQ did not obligate the City to proceed with the development of the property described therein or to actually engage or contract with any development company. 16