2008/04/30 Council Agenda Packet

PROJECT TITLE: Third Amendment to Property Consent COUNCIL BILL # Disposition Agreement x Action between the City of Everett and First Reading OliverMcMillan, LLC Second Reading Third Reading Public Hearing Originating Department Engineering Contact Person Dave Davis Phone Number FOR AGENDA OF 257-8913 April 30, 2008 Initialed by: Department Head CAA Council President Location Preceding Action Attachments Department(s) Approval Everett June, 2005: City selects OM and signs an Exclusive Agreement Legal, Administration, Riverfront Negotiating Agreement Engineering Properties June, 2006: City and OM sign MOU Nov., 2006: City Council passes Resolution 5834 Feb., 2007: City Council passes Resolution 5871 Sept. 2007: City Council approves First Amendment to Property Disposition Agreement Jan, 2008: City Council approves Second Amendment Amount Budgeted Expenditure Required Account Number: Budget Remaining Additional Required DETAILED SUMMARY STATEMENT: On February 21, 2007, the City Council passed Resolution 5871, which authorized the sale of City - owned Riverftont properties to OliverMcMillan, LLC. To accomplish the sale, on February 21, 2007, the City and OliverMcMillan entered into a Property Disposition Agreement imposing certain conditions and allocating responsibilities to each party both before and after the closing date for the sale. Proposed for Council consideration is the Third Amendment to the Property Disposition Agreement between the City and OliverMcMillan, LLC, which incorporates final closing terms. Exhibits to the agreement will be provided Council prior to April 30. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign Third Amendment to Property Disposition Agreement between the City of Everett and OliverMcMillan, LLC, and all necessary documents for closing including any minor revisions thereto Riverfront Council agenda 3rd amendment april 08.DOC 5