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<br /> Page 2 of 4 <br /> <br />• In April 2025, Everett City Council adopted Ordinance No. 4087-25 approving the <br />appropriations of the 2025 revised City of Everett Budget, including project-related costs. <br />• In August 2025, Everett City Council adopted Ordinance 4098-25 approving funding in the <br />amount of $4,800,000 to advance the design, consulting, and property acquisition costs for <br />the Everett Outdoor Event Center. <br />D. The City plans to issue limited tax general obligation (LTGO) bonds. The bond proceeds will be <br />used to repay an interfund loan as authorized by, and consistent with Resolution 2925 <br />E. An additional $10,600,000 is needed to advance the design and for partial property acquisition <br />costs for the Everett Outdoor Event Center. <br />NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br />Section 1. Section 3 of Ordinance no 4098-25 which reads as follows: <br />The estimated cost of partial design, consultant services, and initial property acquisition is <br />$4,800,000. <br />Be and the same is hereby amended to read as follows: <br />The estimated cost of design, consultant services, and partial property acquisition is <br />$15,400,000. <br />Section 2. Section 4 of Ordinance no. 4098-25 which reads as follows: <br /> <br />The sum of $4,800,000 is hereby appropriated for the “Everett Outdoor Event Center” as <br />follows: <br /> <br />A. Use of Funds <br />Design Services $3,000,000 <br />Consultant and Legal Services $ 550,000 <br />Initial Property Acquisition Costs, such as earnest money <br />or option payments $1,250,000 <br />Total $4,800,000 <br /> <br />B. Source of Funds <br />Fund 148 – Park Impact Fees $1,300,000 <br />Fund 162 – CIP 4 $ 500,000 <br />Fund 162 – CIP 2 $3,000,000 <br />Total $4,800,000 <br />Be and the same is hereby amended to read as follows: