Laserfiche WebLink
LOW-INCOME HOUSING COVENANT AND AGREEMENT <br /> THIS LOW-INCOME HOUSING COVENANT AND AGREEMENT (this <br /> "Covenant") is dated as of •4941 2/5 , 2018 (the "Effective Date"), <br /> between the CITY OF EVERETT, a Washington municipal corporation ("City" or <br /> "Grantee"), and HOPEWORKS SOCIAL ENTERPRISES, a Washington non-profit <br /> corporation("Developer"or"Owner"or"Grantor"). <br /> RECITALS <br /> A. The real property that is the subject of this Covenant is located at 3315 <br /> Broadway in Everett, Washington and is legally described in Exhibit A attached hereto <br /> (the"Property"). <br /> B. The Owner is developing a low-income housing project on the Property <br /> (the"Project"). <br /> C. In accordance with Ordinance No. 3504-16 (EMC 18.40.145), the <br /> Developer is receiving a partial exemption from payment of City fees for planned <br /> system improvements regarding transportation. <br /> D. In accordance with Ordinance No. 3579-17, the Owner is receiving a <br /> partial exemption from payment of City special connection charges, which are imposed <br /> under EMC 14.08.135. <br /> E. Both of the fee exemption ordinances set forth in Recitals D and E <br /> require the recording of a covenant that "prohibits using the property for any purpose <br /> other than for low income housing." In addition, "the covenant must address price <br /> restrictions and household income limits for the low income housing, and require that, if <br /> the property is converted to a use other than for low income housing as defined in the <br /> covenant, the property owner must pay the applicable fees in effect at the time of any <br /> conversion." <br /> See EMC 18.40.145(3) and Ordinance No. 3579-17 §1. <br /> F. Accordingly, the purpose of this Covenant is comply with the <br /> requirements of EMC 18.40.145 and Ordinance No. 3579-17. <br /> 2 <br />