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1 <br /> a <br /> j. Executive Board. The"Executive Board" is the body described in Section 7 and <br /> shall be the governing body of the PORTAL AGENCY. <br /> k. Gross Receipts Taxes. "Gross Receipts Taxes" are taxes imposed by Participating <br /> Cities which are based on the gross receipts of certain businesses, specifically to include <br /> Business and Occupation Taxes as defined by RCW 35.102.030 as well as other taxes imposed <br /> by Participating Cities on utilities or businesses that are collected on basis of such gross receipts <br /> in accordance with applicable law. For purposes of this Agreement, Gross Receipts Taxes also <br /> includes square footage taxes imposed by a Participating City for the act or privilege of doing <br /> business in that city and calculated based on the amount of space occupied and used for those <br /> business activities within that city. <br /> 1. Initial Term. The"Initial Term"is the period from the effective date of this <br /> Agreement through December 31,2019. <br /> m. Labor Costs. "Labor Costs"include salary, benefits and other compensation <br /> provided to Portal Agency employees (if any) and/or loaned staff. <br /> n. Licensees. "Licensees" are businesses or individuals that apply for a Business <br /> License from a Participating City or Cities using the Portal. <br /> o. Manager. The"Manager" is the chief operating officer for PORTAL AGENCY <br /> appointed by and serving at the pleasure of the Executive Board. <br /> p. New Participant Capped Cost Increment. The"New Participant Capped Cost <br /> Increment" is an amount calculated each budget period to identify the maximum amount by <br /> which Capped Costs may increase in the Executive Board approved draft or final budget for such <br /> period without unanimous approval of the Executive Board Members representing all Original <br /> Principals, as further described in Section 13.b.iv.1 and Exhibit D. <br /> q. New Participant Labor Cost Increment. The"New Participant Labor Cost <br /> Increment" is an amount calculated each budget period to identify the maximum amount by <br /> which Labor Costs may increase to provide for additional full or partial staff positions in the <br /> Executive Board approved draft or final budget for such period without requiring unanimous <br /> approval of the Executive Board Members representing all Original Principals, as further <br /> described in Section 13.b.iv.2 and Exhibit D. <br /> r. Operations Committee. The"Operations Committee" or"Tax and Finance <br /> Operations Committee" is the committee described in Section 9. <br /> s. Original Principals. The Original Principals are those four cities initially signing <br /> this Agreement: the cities of Bellevue,Everett, Seattle and Tacoma. <br /> t. Participating Cities. All Principals, and all Subscribers, as they may be so <br /> constituted from time to time, are collectively referred to as the"Participating Cities"or <br /> "Participants," and individually referred to as a"Participating City" or "Participant." <br /> u. Population. "Population" is the residential population of a City, according to the <br /> most recent annual report issued by the State Office of Financial Management each year <br /> determining the population of each city for purposes of taxation and allocation of certain state <br /> shared revenues in the following calendar year. <br /> 4 <br /> v. 11.5.13 9 <br />