2007/08/22 Council Agenda Packet

9 2. The Applicant agrees to construct on the Site multifamily residential housing substantially as described in the most recent site plans, floor plans, and elevations on file with the City as of the date of City Council approval of this Agreement. Building design and design elevations must be consistent with the Notice of Decision and SEPA Mitigated Determination of Non-Significance No. 06-074 dated January 30, 2007. Any changes in the building design must be approved by the Planning Director. If the Director determines that the proposed changes are substantial, the tax exemption certification may be withdrawn and a new tax exemption review may be required by the City. With certain exceptions, such construction shall provide a minimum of eight(8)new multifamily permanent residential units. 3. The Applicant agrees to complete construction of the agreed upon improvements within three years from the date the City issues the Conditional Certificate of Acceptance of Tax Exemption, or within any extension thereof granted by the City. 4. The Applicant agrees, upon completion of the improvements and upon issuance by the City of a temporary or permanent certificate of occupancy, to file with the City's Planning and Community Development Department the following: (a) a statement of expenditures made with respect to each multifamily housing unit and the total expenditures made with respect to the entire property; (b) a description of the completed work and a statement of qualification for the exemption; and (c) a statement that the work was completed within the required three-year period or any authorized extension. 5. The City agrees, conditioned on the Applicant's successful completion of the improvements in accordance with the terms of this Agreement and on the Applicant's filing of the materials described in Paragraph 4 above, to file a Final Certificate of Tax Exemption with the Snohomish County Assessor. 6. The applicant agrees, within 30 days following the first anniversary of the City's filing of the Final Certificate of Tax Exemption and each year thereafter for a period of ten years,to file a notarized declaration with the City's Department of Planning and Community Services indicating the following; (a) a statement of occupancy and vacancy of the multifamily units during the previous year; (b) a certification that the property continues to be in compliance with this Agreement; and (c) a description of any subsequent improvements or changes to the property. 7. If the Applicant converts to another use any of the new multifamily residential housing units constructed under this Agreement, the Applicant shall notify the Snohomish County Assessor and the City's Department of Planning and Community Development with 60 days of such change in use. 8. The Applicant agrees to notify the City promptly of any transfer of Applicant's ownership interest in the Site or in the improvements made to the Site under this Agreement. 2