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RESOLUTION NO. ______________ <br />A RESOLUTION of the City of Everett, Washington, declaring its intent to issue general <br />indebtedness to be repaid with certain sales and use taxes that the City receives under the <br />Local Infrastructure Financing Tool program pursuant to chapter 39.102 RCW <br />WHEREAS, <br />1.Chapter 39.102 RCW and RCW 82.14.475 authorize the imposition of a local sales and use tax <br />(the “LIFT Tax”) for the purpose of financing certain Public Improvements (as defined in chapter <br />39.102 RCW) located within a Revenue Development Area (“RDA”), upon the satisfaction of <br />certain conditions, which tax is credited against the sales and use tax otherwise due to the State <br />under chapters 82.08 and 82.12, resulting in no net change in tax rate to the taxpayer; <br />2.Pursuant to this authority, the City Council, on June 13, 2007, passed Ordinance No. 2997-07 <br />establishing the Everett Riverfront Revenue Development Area (“Everett RDA”) as required <br />under RCW 39.102.060, for the purpose of financing Public Improvements located within the <br />Everett RDA. The City subsequently submitted its application for the use of the Local <br />Infrastructure Financing Tool Program (the “LIFT Program”) pursuant to RCW 39.102.040, and on <br />September 13, 2007, Community Economic Revitalization Board (the “Board”) approved the <br />City’s application granting a project award of up to $500,000 annually in State contribution of <br />sales and use tax for up to 25 years after it is first imposed; <br />3.By Resolution No. 6178, adopted on August 26, 2009, the City selected the maximum rate of tax <br />under RCW 82.14.475, which rate is not to exceed 0.02951%; <br />4.By Ordinance No. 3539-17, the City Council found that it had determined that the State Excise <br />Tax Allocation Revenues and the State Property Tax Allocation Revenues for 2016 equaled or <br />exceeded the amount of the project award approved by the Board under RCW 39.102.040, and <br />further found that the City had satisfied all prerequisites to imposing the LIFT Tax and receiving <br />the State Contribution, including without limitation, the conditions set forth in RCW 39.102.040 <br />and 82.14.475, and began imposing the LIFT Tax as of July 1, 2017; <br />5.The City commenced construction on Public Improvements within the Everett RDA [on July 1, <br />2017, which is prior to June 30, 2022, the fifth state fiscal year following the date the LIFT Tax <br />was first imposed; <br />6.On March 5, 2025, members of the public were given an opportunity to be heard on this <br />resolution of intent; <br />8151