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sd,x i 5yy� <br /> 9 <br /> ORDINANCE NO. <br /> An Ordinance Rezoning Property in the vicinity of Rockefeller Avenue,26th Street and <br /> Everett Avenue from R-5 with Development Agreement to R-5, Superseding certain <br /> provisions of Ordinance No.2847-05 and Repealing Resolution No. 5755. <br /> WHEREAS,the City Council finds the following: <br /> 1. In 2005 the City rezoned Lots 1-11,Block 610,Plat of Everett(property located east of <br /> Rockefeller Avenue between 26th Street and a point north of Everett Avenue,hereinafter <br /> referred to as "Property") from R-4 to R-5 and also changed the comprehensive plan land <br /> use designation from 1.7, Multiple Family, 30-50 dwellings per gross acre,to 1.8, <br /> Multiple Family, 50+ dwellings per acre; and <br /> 2. The rezone was approved by the adoption of Ordinance No. 2847-05,which contained <br /> conditions requiring that future development on Lots 6-10 be approved through a <br /> development agreement; and <br /> 3. Ordinance No. 2847-05 also changed the comprehensive plan map designation of the' <br /> Property from Multiple Family(1.7)to Multiple Family(1.8); and <br /> 4. Ordinance No. 2847-05 contained additional conditions requiring future development on <br /> Lots 1-12, Block 610 be consistent with historic overlay standards; and <br /> 5. Pursuant to Ordinance No. 2847-05,Rockefeller Avenue LLC and the City of Everett <br /> entered into a Development Agreement in 2005; and <br /> 6. In 2006 Rockefeller LLC proposed a modified building design that did not strictly <br /> comply with all requirements of the Development Agreement; and <br /> 7. The modified building design was approved by adoption of Resolution No. 5755 and an <br /> amended Development Agreement on April 15, 2006; and <br /> 8. The Applicant applied for permits to construct a 40-unit condominium building pursuant <br /> to the Amended Development Agreement; however, final construction permits were <br /> never issued; and <br /> 9. Approximately five years have passed since the approval of the Amended Development <br /> Agreement in 2006 and during that time the real estate market has changed substantially, <br /> thereby rendering the project no longer economically feasible; and <br /> 1 <br /> 116 <br />