Laserfiche WebLink
15 <br /> 1. Mitigation Available. Effective as of the date of this Agreement,the City <br /> will make available for purchase by the Diking District up to two acres of mitigation for <br /> Project use. At the City Public Works Director's option,the City may also make <br /> available for purchase by the Diking District up to two additional acres of mitigation for <br /> Project use. Accordingly,the maximum total of mitigation that may be purchased under <br /> this Agreement is four acres. <br /> 2. Rate Per Acre. The Diking District and City agree that a fair and equitable <br /> rate of compensation for the mitigation is $120,000 per acre. <br /> • <br /> 3. Procedure and Payment. The Diking District will notify the City of the <br /> amount of mitigation it requests for the Project. Along with this notification,the Diking <br /> District will deliver payment-in-full to the City for the requested mitigation at the rate of <br /> $120,000 per acre. Upon receipt of payment,the City will promptly deliver the requested <br /> mitigation to the Project. - <br /> 4. Termination and Refund for Failure to Begin Construction. If on-site <br /> construction of the Project does not begin prior to December 31,2013,the City may <br /> terminate this Agreement effective upon written notice to the Diking District. If the City <br /> so terminates this Agreement,the Diking District will promptly return to the City all <br /> unused mitigation, after which the City will promptly refund all amounts previously paid <br /> by the Diking District to the City for such unused mitigation. <br /> 5. Termination and Refund for Agency Failure to Approve. The parties <br /> recognize that the City's ability to deliver mitigation for Project use is dependent on the <br /> continuing approval of Ecology and possibly other agencies. If Ecology or such other <br /> agencies fail to so approve in a manner acceptable to City,the City may terminate this <br /> Agreement effective upon written notice to the Diking District,in which case the Diking <br /> District will promptly return to the City all unused mitigation,after which the City will <br /> promptly refund all amounts previously paid by the Diking District to the City for such <br /> unused mitigation. • <br /> 6 Termination for Breach. If either party breaches this Agreement,the non- <br /> breaching party shall deliver notice of the breach to the other party. If the breaching <br /> party does not cure the breach within thirty(30) days after delivery of such notice,then <br /> the non-breaching party may terminate this Agreement effective on written notice of <br /> termination to the breaching party. Upon such termination,the Diking District will <br /> promptly return to the City all unused mitigation,after which the City will promptly <br /> refund all amounts previously paid by the Diking District to the City for such unused <br /> mitigation. Such a refund is the Diking District's sole and exclusive remedy for breach <br /> of this Agreement. <br /> 7. Property Transfer. The City and Diking District acknowledge that there <br /> are certain properties within the boundaries of the Diking District that may be useful to <br /> the City's utility operations, such as property beneath the dikes at planned breach <br /> locations for Snohomish County's Smith Island Restoration project. The City and Diking <br /> District have tentatively reviewed such properties, and anticipate that the value of the <br /> 2 • <br /> 135 <br />