2006/06/21 Council Agenda Packet

5 environmental deed restrictions and covenants on various portions of the City Property, an agreement between the City and the Tulalip Tribes of Washington and an agreement between the City and the Pilchuck Audubon Society and Public Employees for Environmental Responsibility, both of which impose certain development conditions on portion of the City Property, and which are reflected in the City's Shoreline Master Program. OM is aware of and plans to design the Project consistent with these requirements. The City will work together with OM to address development conditions for the Project in accordance with the terms and conditions of the foregoing agreements (herein the "Property-Related Agreements"). M. The City Property is currently zoned C-2 and M-1. A change in the zoning classification and other land use changes, including an overlay zone, through a public review process will be necessary for OM to include the anticipated and important residential components and to otherwise develop the Project as envisioned by the Parties. The Parties intend to work cooperatively within the constraints of the Property-related Agreements and applicable law, and the City shall consider any necessary or desirable changes to City codes and ordinances to ensure that the Project is consistent with the City's governing land use regulations; provided, however, OM understands that the City is not agreeing to and cannot agree to any future changes in the City codes and ordinances, including any zoning or other land use changes or designations of the City Property. N. The Parties have prepared this MOU to describe and confirm their understanding regarding the necessary steps and requirements before agreeing to any binding commitments relating to the City Property or proceeding with any definitive documentation related to the Project. NOW, THEREFORE, in consideration of the foregoing recitals,and in consideration of the mutual covenants, agreements and conditions hereinafter contained, the Parties agree as follows: ARTICLE I PROVISIONS 1.1 Non-Binding. This MOU is intended to express, document and confirm the current understanding of the parties with respect to the matters described herein so as to facilitate the efficient and timely drafting and implementation of the final definitive documentation and the processes to be utilized to complete the Project and related public facilities and public amenities. Other than with respect to the extension of the ENA as described in Section 1.3 below, this MOU is not intended to be legally binding on either Party although the Parties recognize and appreciate that each will be 18