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ORDINANCE NO. 2987-07 - <br /> An ORDINANCE creating a special construction fund entitled "Riverfront District <br /> Development Fund" Fund 308 to accumulate design and construction costs related to <br /> Riverfront District Development Projects. <br /> WHEREAS, The City of Everett has completed feasibility studies to identify the highest and <br /> best use of the Riverfront District property; and <br /> WHEREAS, the Mayor and City Council of the City of Everett have entered into an agreement <br /> with OliverMcMillan to purchase the Riverfront District and create a mixed-use development <br /> project, while retaining a portion for natural and enhanced wetlands; and <br /> WHEREAS, the City of Everett has committed to fund certain improvements to the Riverfront <br /> District, including road access, railroad track relocation, site grading, public trail and park <br /> amenities, and wetlands restoration; and <br /> WHEREAS, in order to facilitate full accountability of the resources assigned to each project, it <br /> is necessary to establish a separate construction fund to segregate financial activity related to <br /> general government Riverfront District development projects; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: <br /> A special construction fund is hereby established as Fund 308, entitled "Riverfront District <br /> Development Fund" to accumulate all costs for authorized general government riverfront <br /> district development projects. <br /> Section 2: <br /> Authorization is hereby given to accumulate costs and distribute payments from Fund 308 for <br /> design and construction of city riverfront district development projects as established by plans <br /> and systems ordinances. <br />