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EVERETT;CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: 1 1 <br /> First Amendment to Property Consent COUNCIL BILL# <br /> Disposition Agreement between the x Action Originating Department Engineering <br /> City of Everett and OliverMcMillan, First Reading Contact Person Dave Davis <br /> LLC Second Reading Phone Number 425 257-8913 <br /> Third Reading FOR AGENDA OF Sept. 26,2007 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President =rte <br /> Location Preceding Action Attachments Department(s)Approval <br /> Everett June, 2005: City selects OM and signs an Agreement Legal, Administration, <br /> Riverfront Exclusive Negotiating Agreement Engineering <br /> Properties June, 2006: City and OM sign MOU <br /> Nov., 2006: City Council passes Resolution 5834 <br /> Feb., 2007: City Council passes Resolution 5871 <br /> Amount Budgeted <br /> Expenditure Required Account Number(s): <br /> Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: <br /> On February 21, 2007, the City Council passed Resolution 5871,which authorized the sale of City- <br /> owned Riverfront properties to OliverMcMillan LLC. The Riverfront properties include portions of the <br /> former Simpson Mill site,the former City landfill site, former Eclipse mill site, former BNSF rail right-of- <br /> way parcels and certain waterfront parcels. <br /> To accomplish the sale, on February 21, 2007, the City and OliverMcMillan entered into a Property <br /> Disposition Agreement(PDA) imposing certain conditions and allocating responsibilities to each party both <br /> before and after the closing date for the sale. The PDA provides a date by which certain contingencies are to <br /> be met to comply with the October 20, 2007 closing date. <br /> Since entering into the PDA, the City and OliverMcMillan have been acting in good faith and with <br /> diligence to satisfy closing conditions. Both parties remain committed and interested in accomplishing the <br /> work necessary to complete the proposed Riverfront development. Nevertheless, additional time is necessary <br /> to satisfy certain remaining contingencies. The attached proposed First Amendment to Property Disposition <br /> Agreement would establish an outside date of January 31, 2008 to satisfy closing contingencies and would <br /> establish February 20, 2008 as the new outside date by which closing must occur. In addition, both parties <br /> would agree to use diligent efforts to satisfy all of the remaining conditions precedent as soon as reasonably <br /> possible. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Authorize the Mayor to sign First Amendment to Property Disposition Agreement between the City of <br /> Everett and OliverMcMillan, LLC. <br /> 9 <br /> 06107-0063/LEGAL13576063.1 '' <br />