2009/03/25 Council Agenda Packet

Exhibit 3 to Ordinance No. 7 PDA, at closing OM, LLC and OM also entered into various environmental agreements pertaining to the respective individual properties, easements and other instruments and the City and OME entered into the Landfill Consent Decree and Cleanup Action Plan as amended (collectively herein the "Environmental Agreements"). E. On December 14, 2007, the City issued the Draft Environmental Impact Statement for the Everett Riverfront Redevelopment Project, accepted public comment, and on June 11, 2008, the City issued the Final Environmental Impact Statement (the"EIS"). The EIS describes and considers the potential environmental impacts of the proposed OM commercial/residential development as well as future City actions to develop recreational opportunities and restore the habitat and environmental features of this riverfront area. On November 24, 2008, the City issued Addendum No. 1 to the Final EIS which describes certain Project changes and additional information. F. The City has the authority to enter into this Agreement pursuant to RCW 36.70B.170 et seq. and Titles 15 and 19 EMC. AGREEMENT 1. Introduction. Upon approval of the PDO and this Agreement, the provisions of this Agreement, in addition to the provisions of the PDA and the Environmental Agreements, as applicable, shall govern the development of the Riverfront Property described below. The parties recognize that the development, including conformance with the conditions in this Agreement, is subject to third party permits and approvals outside of the control of the City or OM. Nothing in this Agreement is intended to or shall in any way limit, expand, impair or otherwise amend any of the terms, conditions, rights, remedies or obligations of the Parties under the PDA or the Environmental Agreements. 2. Property and Project Description; Proposed Action. 2.1 Property Description. The property that is the subject of this Agreement consists of the following parcels: • Landfill Pad described at Attachment A to this Agreement ("Landfill Pad"); • Simpson Pad described at Attachment B to this Agreement("Simpson Pad"); and - • Eclipse Mill Property described at Attachment C to this Agreement ("Mill Property"). These parcels are referred to collectively as the"Riverfront Property" and are depicted on the drawing at Attachment D to this Agreement. 2.2 Project Description. The proposed development project("Project") that is the subject of this Agreement is a high quality mixed-use commercial/residential development to fulfill the City's vision for the Property as set forth in the City's Comprehensive Plan and 6 8 -2-