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1 RESOLUTION NO. <br /> 2 <br /> 3 A RESOLUTION authorizing declination of conveyance of real property <br /> as compensation and to accept monetary conpensation for vacation <br /> 4 of Lake Street. <br /> 5 <br /> 6 WHEREAS, in 1974 the City of Everett vacated that portion of Lake Street lying <br /> 7 East of Fleming and West of Evergreen Way in consideration of the promise of <br /> 8 A. A. Wexler and Gilda J. Wexler, his wife, to deed an equivalent forty (40) foot <br /> 9 right-of-way easement to the City by January 1, 1984, for the establishment of a street <br /> 10 in lieu of Lake Street; and <br /> 11 WHEREAS, under the Agreement the City of Everett is required to improve the <br /> 12 equivalent forty (40) foot right-of-way easement established for street purposes, <br /> 13 including curbs and gutters, at its cost, towards which cost the Wexlers are required to <br /> 14 contribute the maximum sum of $6,000.00 plus six percent (6%) interest per annum. <br /> 15 the$on since 1975; and <br /> 16 WHEREAS, the cost to the City for establishing such a street in lieu of <br /> 17 'Ake Street is presently estimated to be in excess of $75,000.00; the forty (40) foot <br /> 18 right-of-way to be provided does not comply with the modern sixty (60) foot <br /> 19 requirement for the construction of urban roadways; there is no public need for the <br /> 20 establishment of such a street in lieu of Lake Street; and the sentiment of adjacent <br /> 21 residents is against the establishment of such a street; and <br /> 22 WHEREAS, the Wexlers are presently willing and able to tender to the City of <br /> 23 Everett a sum not to exceed one-half the current appraised value of vacated <br /> 24 Lake Street pursuant to RCW 35.79.030, which amount is estimated to be substantially <br /> 25 more than the $6,000.00 plus interest previously agreed to between the City of Everett <br /> 26 and Wexlers; and <br /> 27 WHEREAS, the aforementioned current appraised value is to be determined by <br /> 28 an independent fee appraiser. The appraisal is to be in accordance with the method of <br /> 29 appraising a street vacation as established within Section 3, Resolution No. 1724; and <br /> WHEREAS, according to its terms, the Agreement between the City of Everett <br /> 30 <br /> 31 and the Wexlers is to be completed by the parties by January 1, 1984; and <br /> 32 <br />