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RESOLUTION Page 2 of 3 <br /> <br /> <br />6. The Stadium Fiscal Advisory Committee (SFAC) is needed to create transparency for <br />Everett taxpayers and provide independent recommendations and guidance on fiscal <br />matters to the Mayor and City Council of Everett, Washington. <br /> <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT AS <br />FOLLOWS: <br />The Council requests that the Mayor form a Stadium Fiscal Advisory Committee, using this <br />resolution as a guiding document for their functions and purpose. <br />1. Primary objectives of a SFAC should be to analyze the financing alternatives, including <br />private partnerships, for both construction and ongoing support of the stadium and to <br />recommend a financing plan to the Everett Mayor and City Council. <br />2. Membership of a SFAC should consist of no less than nine voting (9) members selected <br />as follows: <br />• Four members of the public by the Everett Mayor <br />• Four members of the public by the Everett City Council <br />• One representative selected by the eight appointed members of the Committee. <br />In addition, the SFAC should also include the following non-voting members: <br />• One representative from the Washington State legislature <br />• One representative from the Snohomish County Council <br />• One representative from the Everett School Board <br />• One representative from the Everett Aquasox team <br />• Two representatives from the Everett City Council <br />3. Members of the Committee should be evaluated for their expertise and experience in <br />fields including, but not limited to finance, economics, accounting, public policy, <br />tourism, or related fields. The composition shall reflect diversity in perspectives, <br />backgrounds, and expertise. <br />4. The SFAC should serve in an advisory capacity, providing recommendations and expert <br />advice to the Everett Mayor and City Council members. It should receive information <br />from City of Everett staff and consultants hired to support the stadium planning, and <br />will conduct independent research, analysis, and evaluation of fiscal policies, trends, and <br />proposals to provide informed recommendations. <br />5. The SFAC should produce periodic reports and presentations outlining findings, <br />recommendations, and potential impacts for review by the City of Everett Mayor and <br />City Council members. <br />6. The SFAC will promote public engagement to encourage public understanding and <br />engagement on fiscal matters related to the stadium project. <br />7. The SFAC should convene at least once per month, with additional meetings as <br />necessary. Decisions and recommendations should be made by majority vote, ensuring <br />open discussion and consideration of diverse viewpoints.