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A. In this chapter, the term “development regulations” shall have the meaning as set forth in RCW 36.70A.030.

B. A development agreement shall be consistent with applicable development regulations and with the applicable policies and goals of the city’s comprehensive plan.

C. Any modification of the development standards of this code authorized through a development agreement shall be offset by provision of a public benefit of equal or greater value relative to the extent of the requested modification, as determined by the city. Equivalent value need not be measured monetarily, and the offsetting public benefit need not be of the same type as the existing development standard requirement. For example, the benefit of a public open space dedication may be considered against the benefit of a required street improvement.

D. A development agreement may be approved only for properties in the following zoning districts: C-1 mixed use commercial, C-2 general commercial, C-3 heavy commercial, M-1 light industrial, and R-M medium density residential.

E. A development agreement does not supplant any other required land use decision, approval and/or procedure required by this code, including without limitation a rezone, a subdivision, a shoreline permit, a site plan review, or environmental review under AMC Title 16.

F. A development agreement shall set forth the development standards and other provisions that will govern the use and development of the subject property, including without limitation the following, as applicable:

1. Project components which define and detail the permitted uses, residential densities, nonresidential densities and intensities or building sizes;

2. Design standards such as architectural treatment, maximum heights, setbacks, landscaping, drainage and water quality requirements and other development features;

3. Parking;

4. Provisions for affordable housing;

5. Parks and common open space preservation;

6. Amount and payment of impact fees imposed or agreed to in accordance with any applicable provisions of state law, any reimbursement provisions, other financial contributions by the owner, inspection fees or dedications;

7. Mitigation measures, development conditions and other requirements of Chapter 43.21C RCW;

8. Phasing;

9. Build-out or vesting periods for applicable standards; and

10. Other appropriate development requirements or procedures.

G. A development agreement may obligate a party to dedicate land or easements, or fund or provide services, infrastructure or other facilities.

H. Subsequently adopted development standards which differ from those of an approved development agreement shall apply to the subject property only where necessary to address a serious threat to public health and safety. Subsequently adopted development standards which differ from those of an approved development agreement also shall apply following expiration of any phase or time period specified in the development agreement during which identified standards cannot be modified. (Ord. 1172-19 § 3 (Exh. A)).