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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> I <br /> PROJECT TITLE: <br /> An Interlocal Agreement 4/29/15 Briefing COUNCIL BILL# <br /> between the City of Everett and Proposed Action Originating Department Administration <br /> the Everett Public Facilities Consent Contact Person Debra Bryant <br /> District to establish a loan Action Phone Number X8608 <br /> agreement for the acquisition First Reading FOR AGENDA OF 4/29/15 <br /> of a video scoreboard for Second Reading <br /> XFINITY Arena. Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA dc) <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Amount Budgeted -0- <br /> Expenditure Required 665,000 Account Number(s): <br /> Budget Remaining -0- CIP 4 Fund 162 <br /> Additional Required 665,000 <br /> DETAILED SUMMARY STATEMENT: The existing scoreboard at the XFINITY Arena has reached the <br /> end of its useful life and must be replaced. The Everett Public Facilities District has determined that failure <br /> to replace the scoreboard would have a detrimental impact on the Arena's ability to retain and attract users. <br /> It is in the City's best interest that the Arena is financially and operationally sound. <br /> Because the District does not have sufficient funds to purchase the scoreboard at this time,a loan from the <br /> City is necessary to complete the transaction. This agreement establishes the terms and conditions of that <br /> loan. <br /> RECOMMENDATION: Authorize the Mayor to sign the Interlocal Agreement between the City of Everett <br /> and the Everett Public Facilities District to establish a loan agreement for the acquisition of a video <br /> scoreboard for XFINITY Arena. <br /> 1 <br />