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NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: <br /> The following described right-of-ways: <br /> See Exhibit"A" attached hereto and incorporated herein by reference, <br /> be and the same are hereby vacated pursuant to the conditions set forth in this Ordinance. <br /> Section 2: <br /> The City shall not be responsible nor liable for storm drainage runoff resulting from existing <br /> drainage patterns as established on City rights-of-way that may currently, or in the future, go <br /> over, under or across the above described rights of way herein. <br /> Section 3: <br /> Notwithstanding Resolution No. 3147, as amended by Resolution No. 5083. this Ordinance shall <br /> become effective upon the recording of this Ordinance with the Snohomish County Auditor's <br /> Office. However, the Ordinance shall not be recorded until fifteen (15) days lapses from the time <br /> it becomes valid and Exhibit B (attached hereto and incorporated herem by reference) is executed <br /> by the Petitioner and the City. <br /> Section 4: <br /> Within a period of Thirty (30) months of the recording date of this Ordinance, but not later than <br /> July 31, 2009, the Petitioner as the owner of the property abutting upon the right of ways herein <br /> described, shall have compensated the City with the equivalent of the full appraised value of the <br /> rights-of-way herein being vacated totaling an amount of One Million Five Hundred Forty-One <br /> Thousand Fifty-Five Dollars($1,541,055.00)by the following compensation method: <br /> (a) A credit in the amount of$103,116.00 shall be applied toward the amount of compensation <br /> due from the Petitioner as specified under this Section 4 for that certain real property that was <br /> conveyed to the Cityby Petitioner by Statutory Warranty Deed dated September 29, 2005, and <br /> recorded with the nohomish County Auditors Office under recording # 200510040323. The <br /> value of said real property having been mutually agreed upon by the City and the Petitioner as <br /> established by appraisal report dated September 16, 2005, by Macaulay and Associates, Ltd. <br /> Therefore, $1,541,055.00 less a credit of $103,116.00 equals $1,437,939.00 which is the <br /> remainder due for the street vacations accomplished by this Ordinance. <br /> The remaining compensation in the amount of One Million Four Hundred Thirty-Seven Thousand <br /> Nine Hundred Thirty-Nine Dollars ($1,437,939.00) due from the Petitioner shall be provided by <br /> any one or a combination of the following methods: <br /> 2 <br />