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7 <br /> ORDINANCE NO. <br /> An Ordinance Rezoning Everett Riverfront District Properties from M-1 Office and <br /> Industrial Park and C-2 Heavy Commercial/Light Industrial to Waterfront <br /> Commercial and Approving a Planned Development Overlay Zone and a <br /> Development Agreement for the OliverMcMillan Development <br /> WHEREAS,the City of Everett (City) intends that the Everett Riverfront District <br /> (depicted in Exhibit 3) be redeveloped with high-quality mixed residential, commercial <br /> and retail uses, public open space, recreation opportunities, and other public amenities, <br /> consistent with the vision expressed in the City's Comprehensive Plan, Shoreline <br /> Management Program, development regulations, and other City plans and programs, to <br /> create a community where people can live, work, shop, recreate, and enjoy the amenities <br /> of the Snohomish River; and <br /> WHEREAS, rezoning the Riverfront District properties to Waterfront.Commercial, as <br /> shown in Exhibits 1 and 2, is consistent with and will implement the City's goals and <br /> objectives for the Riverfront District contained in the above plans,programs, and <br /> regulations (collectively, the "Riverfront Redevelopment Plan"); and <br /> WHEREAS, a portion of the Riverfront District previously owned by the City, <br /> consisting of properties commonly known as the former Everett Landfill Site,the <br /> Simpson Site and the Eclipse Mill Site, were transferred by the City to OM Everett, Inc., <br /> and OMH Transfer Agent, LLC (collectively "OM") pursuant to a property disposition <br /> agreement("PDA") that requires development of these properties (depicted in Exhibit 3, <br /> Attachments A, B, C, and D) and hereinafter referred to as the "OM Development") <br /> consistent with the Riverfront Redevelopment Plan; and <br /> WHEREAS, the Planned Development Overlay ("PDO") Zone provides flexibility to <br /> modify standards of the underlying zone to allow innovative, high-quality development <br /> such as that envisioned for the Riverfront District, when such development will produce <br /> greater public benefit than would result from strict application of the underlying <br /> standards; and <br /> WHEREAS, the Development Agreement between the City and OM, attached as Exhibit <br /> 3, includes zoning and development standards,including a development site plan, that <br /> shall apply to, govern and vest the development, use, and mitigation of the OM <br /> Development; and <br /> WHEREAS, the standards in the Development Agreement are consistent with the <br /> Waterfront Commercial and PDO zones approved by this ordinance, are consistent with <br /> and implement the PDA and the Riverfront Redevelopment Plan, and will result in a <br /> high-quality development with more public benefit than could be achieved under strict <br /> compliance with the Waterfront Commercial development standards; and <br /> 58 <br /> 1 <br />