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DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT is entered into this ZS day of MarCN 2000, by and <br /> between ARC Materials Corporation, a Nevada corporation, d/b/a CSR-Associated (hereinafter <br /> "CSR-Associated"), Food Services of America, a Delaware corporation (hereinafter"FSA"), and <br /> the City of Everett, a municipal corporation under the laws of the State of Washington <br /> (hereinafter the"City"). <br /> RECITALS <br /> A. CSR-Associated owns approximately 288 acres and FSA owns approximately 32 <br /> acres of real property(hereinafter the"Property"), legally described in attached Exhibit A, and <br /> lying within the incorporated boundaries of the City. The Property is currently used by CSR- <br /> Associated for aggregate mining and processing, asphalt and concrete production, landfill <br /> disposal, and for fabrication of concrete pipe products and by FSA for warehouse storage and <br /> food distribution services. Aggregate resources on the site will be exhausted at some point in the <br /> near future, and CSR-Associated and FSA desire to re-develop the Property to its highest and <br /> best use under the City's adopted Comprehensive Plan policies, Zoning Code regulations, and <br /> the terms of this Agreement; and <br /> B. This Agreement sets forth mitigation measures and development standards <br /> through which CSR-Associated and FSA intend to develop the Property in an innovative manner <br /> which will be beneficial to the community. The intent is to provide for a high quality <br /> development which will benefit the City more than would a development strictly in accordance <br /> with the underlying M-1 standards. The public will be benefited by the establishment of <br /> development standards together with the implementation of mitigation measures through the <br /> non-project rezone/planned development overlay process; and <br /> S:\GDoughty\WIN WORD\CSR\AgreementFinal.doc <br /> Seattle/3.28.00 p p ® U 41 10 3 0 7 <br />