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5 <br /> F. OM responded to the RFQ with a Statement of Qualification and was <br /> selected by the City as the Preferred Developer. OM is an experienced and <br /> sophisticated commercial real estate developer and operator. OM has successfully <br /> developed a number of other mixed use commercial projects on property similar to <br /> the City Property. <br /> G. OM and the City subsequently entered an Exclusive Negotiating <br /> Agreement with the City dated June 15, 2005 (the "ENA"), which has been extended. <br /> H. OM and the City also entered into a Right of Access Agreement dated <br /> March 3, 2005 (the "Access Agreement") to permit OM to conduct certain <br /> investigations on and testings of the City Property. <br /> I. Since entering into the ENA and Access Agreement, the City and OM <br /> have held extensive discussions concerning the potential development and utilization <br /> of the property described in the RFQ, the larger City Property and the needs of the <br /> City, its residents and the interests of other constituents. In addition, OM has spent <br /> significant time and incurred significant costs investigating and evaluating the City <br /> Property, the surrounding market and the development prospects and alternatives for <br /> the City Property. <br /> J. Based on such discussions, investigations and evaluations, the City and <br /> OM are now prepared to proceed with the preparation of the contractual documents <br /> that would be necessary to effect a transfer of the City Property to OM, which would <br /> impose certain conditions, restrictions, and allocations of responsibilities, including <br /> the condition that OM develop the City Property pursuant to a specific development <br /> program that will result in a high quality mixed use residential and retail project that <br /> is environmentally sensitive and responsible and otherwise compatible with the <br /> surrounding environment (the "Project"). <br /> K. The Project would necessitate a public roadway and utility system and <br /> certain specific public amenities and benefits, including conservation protection areas, <br /> habitat enhancements, open spaces and recreational trail systems, multi-use parking <br /> areas, bike paths and strong pedestrian connections between residential areas and the <br /> waterfront with opportunities for boating and other amenities to enhance waterfront <br /> activities. The Project envisions that the City will retain or be granted a protective <br /> interest in the important wetland areas and will jointly oversee the enhancement and <br /> mitigation within these areas with OM. <br /> L. OM understands and has reviewed a number of agreements that affect <br /> development of the City Property and the Project, including a consent decree entered <br /> into between the City and the Department of Ecology in 2001 which includes a <br /> detailed cleanup action plan and remedial program for a portion of the City Property, <br /> 17 <br />