2007/02/14 Council Agenda Packet

5 EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET PROJECT TITLE: Consent COUNCIL BILL# Special deed of trust on the X Action Originating Department _ Real Property Everpark Garage to secure 1.8 First Reading Contact Person Mike Palacios million dollar grant from the Dave Davis Washington State Department Second Reading Phone Number 425-257-8938 of Transportation. 425-257-8913 Third Reading FOR AGENDA OF February 14, 2007 Public Hearing Initialed by: Department Head CAA Council President Location Preceding Action Attachments Department(s) Approval 2823 Hoyt Ave Real Estate Committee Special Deed of Trust Legal (Everpark Garage) 12/20/06 Real Property Amount Budgeted -0- Expenditure Required -0- Account Number(s): Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: The Washington State Department of Transportation(WSDOT) is providing 1.8 million dollars in grant funding for the relocation of rail road tracks located at the City's Riverfront properties. As a condition of the agreement between the City of Everett and WSDOT dated December 13, 2006, a special deed of trust must be provided to the State to secure the 1.8 million dollars in funding until all of the work has been completed as specified under the agreement. To secure the 1.8 million dollars, the City is providing the State with a special deed of trust on the City's Everpark Garage property located at 2823 Hoyt Ave. In accordance with the agreement, once the work has been completed, the special deed of trust will be released from the Everpark Garage property. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to execute the special deed of trust on the Everpark Garage to secure 1.8 million dollar grant from the Washington State Department of Transportation. r