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RESOLUTION NO. ______________ <br />A RESOLUTION asking the Mayor to form a Baseball Stadium Fiscal Advisory Committee. <br />WHEREAS, <br />1.The Stadium Fiscal Advisory Committee (SFAC, the Committee) is established against the <br />backdrop of the pressing need for strategic fiscal guidance in the context of the <br />proposed remodeling or construction of a baseball stadium for the Everett Aquasox, a <br />minor league Major League Baseball (MLB) team. A crucial tenet underlying this <br />partnership is the responsible stewardship of taxpayer funds. <br />2.The current state of the Everett Aquasox's stadium infrastructure has raised concerns <br />regarding its suitability to meet evolving standards, fan experiences, and operational <br />requirements. MLB has specified requirements for the team’s facilities that must be met <br />in the coming years. To ensure the team's sustainability, competitiveness, and <br />community engagement, there is a recognized need for substantial upgrades or the <br />construction of a new facility. <br />3.The Committee recognizes the significance of this venture beyond sports entertainment, <br />acknowledging its potential economic impact on the local community, tourism, and the <br />overall enhancement of civic pride. Balancing these aspirations with fiscal prudence is <br />paramount, requiring comprehensive fiscal analysis and guidance to ensure responsible <br />investment of taxpayer resources and long-term financial viability. <br />4.The Committee shall undertake a rigorous evaluation of the financial implications, <br />potential revenue streams, cost-benefit analysis, and funding mechanisms associated <br />with the remodeling or construction of the Everett Aquasox's stadium. Additionally, it <br />shall consider alternative financing models, potential public-private partnerships, and <br />the allocation of resources to maximize the return on investment for the community <br />and stakeholders. <br />5.Through collaborative efforts with the Everett School District, Snohomish County, and <br />the Everett Aquasox team, the Committee aims to provide invaluable counsel to the <br />Mayor and members of the Everett City Council to enable well-informed decisions <br />regarding the future of the Everett Aquasox's stadium infrastructure, aligning financial <br />prudence with the community's aspirations and needs. <br />7968