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November 1,2006 <br /> We will continue our efforts to expand access to higher education In the <br /> region through development of a four-year university with a polytechnic <br /> foss, We are working with elected leaders to!dentHy funding sources <br /> and a location that will best serve the north Puget Sound Region. In <br /> addition to providing better education opportunities,the realization of this <br /> goal will also help our dty attract employers with family wage Jobs who <br /> need to locate in a community with an educated workforce. <br /> I'm pleased to report that the fundraising effort to build a premier artist <br /> live-work complex is well underway. The proposed long-term ground <br /> lease of the Hoyt property in the heart of the cental business district is <br /> serving as the cornerstone in efforts to raise$22 million for the Artspace <br /> project.The vast majority of the$22 million needed will be raised from <br /> federal and state affordable housing so The Arts Council of <br /> Snohomish County will launch their$6 million capital ampaign in early <br /> 2007. We will continue to partner with the Arts Council of Snohomish <br /> County and Artspace in the coming year to move this exciting project <br /> forward. <br /> We will continue our efforts to redevelop the city's riverfront property, <br /> between Pacific Avenue and Rotary Park. We have been diligently <br /> negotiating with Oliver McMillan,the chosen developer of the site. We <br /> anticipate that within a few weeks a development agreement will be <br /> brought forward for Council's consideration. If this is approved,the <br /> developer will proceed with the permitting process and the creation of a <br /> master plan for the area.The initial site development could begin as early <br /> as next fall. <br /> In order to attract and retain quality businesses,tire must provide a sound <br /> infrastructure.Everett is the second-largest utility supplier of water in the <br /> State of Washington.Through long-term planning,we are well-positioned <br /> to accommodate residential and commercial growth over the next 34 <br /> years.This budget upholds our investment to preserve and expand our <br /> regional utility. We also propose to spend$1.0 million in 2007 for our <br /> street overlay program that keeps our streets In good condition.Investing <br /> in our streets today will help us avoid more costly repairs In the future. <br /> 2 <br />