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<br />(206) 849-6260 | 1700 7th Ave, Suite 2100, PMB 552, Seattle, WA 98101 | publicfaclitiesgroup.org <br />August 28, 2025 <br /> <br />Mayor Cassie Franklin <br />City of Everett <br />2930 Wetmore Ave, Suite 10-A <br />Everett, WA 98201 <br /> <br />Re: Engagement letter for Exploratory Period for Everett Outdoor Events Center <br />Project <br /> <br />Dear Mayor Franklin, <br /> <br />The purpose of this engagement letter (this “Agreement”) is to define a limited exploratory <br />scope of services to be performed by Public Facilities Group or a single purpose entity to be formed <br />by Public Facilities Group (collectively, “PFG”), in connection with the development of the project <br />known as the Everett Outdoor Event Center (the “Project”). The City of Everett (the “City”) issued <br />Request for Proposal #2025-042 on May 16, 2025 for a non-profit facilitator or issuer of a <br />financing structure similar to a 63-20 financing and delivery method (the “RFP”). PFG submitted <br />its response to the RFP. The City has decided to engage PFG to facilitate exploration of PFG’s <br />proposed financing and delivery method. If the City determines to use the method for the financing <br />and development of the Project, then the City and PFG will execute an additional agreement or <br />agreements for that purpose. Accordingly, the parties desire to execute this Agreement to <br />memorialize the terms of the City’s engagement of PFG for the exploration of PFG’s proposed <br />financing and delivery method. <br /> <br />AGREEMENTS <br />1. Exploratory Period. The term of this Agreement (the “Exploratory Period”) will <br />commence upon the mutual execution hereof and terminate upon the earliest of (a) the mutual of <br />execution of the additional agreement(s) described above, (b) November 1, 2025, or (c) when <br />either party has received written notice from the other terminating this Agreement. If the <br />Exploratory Period will terminate pursuant to Clause (b) of this Section, the parties may elect, at <br />each party’s discretion, to extend the Exploratory Period in writing for up to an additional ninety <br />(90) days. <br />2. Elements of PFG’s Proposed Financing and Delivery Method. The elements of <br />PFG’s proposed financing and delivery method under evaluation by the City during the <br />Exploratory Period are anticipated to be as follows: