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l <br /> INTERLOCAL AGREEMENT <br /> XFINITY ARENA SCOREBOARD LOAN <br /> This Interlocal Agreement(this"Agreement") is entered into as of <br /> , 2015, by and between the CITY OF EVERETT, a Washington <br /> municipal corporation(the "City"), EVERETT PUBLIC FACILITIES DISTRICT, a <br /> Washington municipal corporation(the"District"). <br /> RECITALS <br /> A. The District was formed by the City for the specific purpose of acquiring, <br /> constructing, owning, remodeling,maintaining, equipping, re-equipping, repairing, <br /> financing, and operating (either directly or by contract) a multi-purpose regional special <br /> XFINITY Arena(the "XFINITYArena"). <br /> B. The District has determined that it is necessary to replace the scoreboard <br /> in the XFINITY Arena(the"Scoreboard Project'). The District has determined that <br /> failure to replace the scoreboard will have a detrimental impact on XFINITY Arena's <br /> ability to retain and attract users. <br /> C. The City owns the land on which XFINITY Arena is located. In <br /> -accordance with certain agreements relating to XFINITY Arena, it is anticipated that the <br /> City will take title to the XFINITY Arena on or about December 31, 2026. The City also <br /> has obligations under the bonds relating to the XFINITY Arena. As set forth in the bond <br /> instruments, these obligations include certain guaranty and payment obligations. <br /> Accordingly, it is in the City's interest that XFINITY Arena be financially and <br /> operationally sound. The City and the District are also parties to the Interlocal <br /> Agreement dated October 1, 2014,which was in connection with the 2014 District <br /> Refunding Bonds, as defined therein (the"2014 Interlocal Agreement'). <br /> D. The City agrees that the Scoreboard Project is necessary for the XFINITY <br /> Arena. The City also believes that, in light of the City's upcoming ownership of the <br /> XFINITY Arena and the City's bond obligations, the Scoreboard Project is in the best <br /> interest of the City. Therefore, the City has agreed to loan $665,000 to District for the <br /> Scoreboard Project. <br /> E. Under the 2014 Interlocal Agreement, the City is making Repayment <br /> Deficiency Loans to the District, which the District repays from its Excess Revenues <br /> Fund. The City and District have agreed that the District will repay the scoreboard loan <br /> from the Excess Revenues Fund after payment in full of all outstanding Repayment <br /> Deficiency Loans. The City and District have also agreed that the remaining amount of <br /> the scoreboard loan will be repaid on December 31, 2026, unless the•City as anticipated <br /> takes title to the XFINITY Arena on such date, in which case any portion of the <br /> scoreboard loan remaining outstanding and unpaid on such date shall be deemed fully <br /> satisfied by the transfer. <br /> 1 <br /> 2 <br />