2011/06/15 Council Agenda Packet

PROJECT TITLE: Fifth Amendment to Property Disposition Agreement with OliverMcMillan, LLC. Briefing Proposed Action Consent Action First Reading Second Reading Third Reading Public Hearing Budget Advisory Location Preceding Action Everett June 2005: City Selects OM & signs an Exclusive Riverfront Negotiating Agreement 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 April 30, 2009: City Council approves Third Amendment October 14, 2009: City Council approves Fourth Amendment COUNCIL BILL # Originating Department Contact Person Phone Number FOR AGENDA OF Initialed by: Department Head CAA Council President Public Works Dave Davis 425-257-8913 June 15, 2011 Attachments Department(s) Approval Fifth Legal, Administration, Amendment Public Works Amount Budgeted Expenditure Required Account Number(s): Budget Remaining Additfonal Required DETAILED SUMMARY STATEMENT: On February 21, 2007, the City Council passed Resolution 5871, which authorized the sale of City -owned Riverfront properties to OliverMcMillan. To accomplish the sale of February 21, 2007, the City and OlvierMcMillan entered into a Property disposition Agreement imposing certain conditions and allocating responsibilities to each parry. Proposed for Council consideration is the Fifth Amendment to the Property Disposition Agreement (PDA) between the City and OliverMcMillan. The Fifth Amendment extends time frames for completion of certain Work items as set forth in the PDA and revises certain technical requirements for grading and fill on parts of the Riverfront properties. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign Fifth Amendment to Property Disposition Agreement with OliverMcMillan, LLC. 1