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(1) Pursuant to RCW 36.70B.020, development agreements are not land use applications and are not subject to processing deadlines. A signed written waiver of the deadline to issue a final decision on any land use application for the covered property shall accompany a request for a development agreement.

(2) No proposed development agreement shall be presented to the decision-making body unless in a form approved by the City Attorney. Prior to any public hearing held for the purpose of authorizing execution of the development agreement, a development agreement shall be signed by the property owner and all other parties with a substantial beneficial interest in the property that is the subject of the development agreement.

(3) Term.

(a) A development agreement may be approved up to a maximum period of 20 years.

(b) In determining the appropriate term for a development agreement, the City Council should consider the type, size, and location of development and phasing, if proposed. The City Council may consider shorter terms with extensions.

(c) Extensions. If extensions are authorized in a development agreement, an applicant must request the extension at least 60 days prior to expiration of the development agreement. For a development agreement associated with a land use application, the Director may grant an extension for up to five years, not to exceed a total of 25 years, if the applicant can satisfactorily show that at least 50 percent of the gross floor area is constructed. All other requests for extensions shall be reviewed by the City Council unless another process is expressly provided for in the development agreement.

(4) Recording. A development agreement shall be recorded against the property in the real property records of the King County Assessor’s office. Recording costs shall be paid by the applicant as provided for in the current fee schedule. During the term of the development agreement the agreement is binding on the parties and their successors, including the property owners in any area that is annexed to the City. (Ord. 06-13 § 1 (Exh. A))