2009/03/25 Council Agenda Packet

Exhibit 3 to Ordinance No. 9. Impact Fees. If OM receives the permits and approvals necessary to develop the Project, it will pay the following impact fees: 9.1 Transportation Impact Fees. Chapter 18.40 EMC requires project applicants to prepare a traffic analysis that studies the amount of traffic to be generated by the project, the potential transportation effects of the project, and measures to avoid or otherwise mitigate adverse transportation effects. The code requires that traffic impact fees be collected for projects that generate more than 50 peak hour trips. A traffic analysis is included in the EIS for the Project which shows that the Project will generate more than 50 peak hour trips. OM will pay the traffic impact fees required by Ch. 18.40 EMC. In 2009 or 2010, the City may revise its transportation impact fees in Ch. 18.40 EMC. If it does, OM will pay the 2009/2010-revised fees for each new building prior to issuance of a building permit for each structure. The 2009/2010- revised fees shall apply to the Project for eight years from the date of this Agreement. If the City does not revise its transportation impact fees in Ch. 18.40 EMC in 2009 or 2010, OM will pay the fees in Ch. 18.40 EMC in effect on the date of this Agreement and these fees shall apply to the Project for eight years from the date of this Agreement. 9.2 School Impact Fees. OM and the Everett School District No. 2 (the "School District")have entered into three agreements regarding the amount of school impact mitigation fees related to the residential development in the Project, copies of which are included in Attachment J to this Agreement. The school impact fees shall be paid to the School District for each residential structure prior to City issuance of a building permit for each residential structure as set forth in Attachment J. 10. Vesting of Development Standards. 10.1 Vesting. Pursuant to RCW 36.70B.170 et seq., the Development Standards and other provisions of this Agreement, and the Development Regulations specified in Section 10.3 below, shall apply to and govern and vest the development, use, and mitigation of development on the Riverfront Property for a period of twenty years from the date of this Agreement(the "Vesting Period"). During the Vesting Period,the City shall not modify or impose new or additional development standards beyond those set forth in this Agreement except as stated below. To the extent this Agreement does not establish Development Standards or provisions addressing a certain subject, element or condition of the Project, then the Project shall be governed by the City's Development Regulations specified in Section 10.3 below. To the extent that neither(a)this Agreement's Development Standards or other provisions nor(b)the City's Development Regulations specified in Section 10.3 below address a certain subject, element or condition of the Project,then the Project shall be governed by the City's then-existing development regulations. 10.2 Modification. After the date of this Agreement, the City may adopt new or modified laws and regulations relating to a particular subject matter specified in this Agreement or under the presently-existing development regulations specified below, but these new or modified standards will not apply to the Project unless OM so chooses, except for new laws and regulations which the City determines must be applied to development of the Riverfront Property to avoid a serious threat to public health and safety. If, in adopting the new laws and regulations, the City elects to make them available for development of the Riverfront Property, OM may, -10-