Ordinance 2587-02 - Laserfiche WebLink

1.1 Description of Regional Center. The Regional Center shall be a multi-purpose event center with approximately 10,000 seats for end stage concert events and approximately 8,200 seats for viewing hockey and similar floor events, and shall have such other essential features as are described in the Feasibility Analysis, including associated parking facilities. The essential features of the Regional Center are summarized on Exhibit A attached hereto and incorporated herein by this reference. 1.2 Development of Regional Center. The District and the City shall cooperate in the development of a Regional Center consistent with the Feasibility Analysis as updated. The respective financial commitments of the District and the City for the Regional Center are based upon the concepts in the Feasibility Analysis. The development, acquisition and construction of the Regional Center by the District is sometimes referred to herein as the "Project." 2. TERM. This Agreement shall be effective upon the date that the City and the District have signed the Agreement and shall remain in force until the later of: (a) June 1, 2026, the date that is twenty-five (25) years from the date that taxes the District imposes pursuant to RCW 82.14.390 commenced being collected by the District; or (b) the date that the District has paid or defeased all bonds and other obligations (including refunding bonds or obligations) that were issued to finance or refinance the design, acquisition, construction, operation, or maintenance of the Regional Center. 3. ADMINISTRATION. For purposes of communicating between the District and the City and administering their cooperative undertakings in this Agreement, the lead person for the District shall be the Executive Director of the District, or such other person as may be designated by the Board of Directors of the District, and the lead person for the City shall be the Mayor or, if the Mayor is a member of the Board of Directors of the District, the Mayor's designee(the "City representative"). 4. FINANCING PLAN FOR ACQUISITION AND CONSTRUCTION OF REGIONAL CENTER. It is expected that the City will purchase the land required for the Regional Center at a cost of approximately $14,000,000 and lease that land to the District pursuant to a long-term ground lease with a term coextensive with the term of the financing for the Project. It is expected that the District will borrow a total of not to exceed $56,445,000 for the construction of the Project through the use of a commercial paper program to provide interim financing for a period of five years from the date of this Agreement. In addition, the City shall submit to the Hotel/Motel Tax Advisory Committee, in accordance with the City's established policy, a proposal to extend the annual $100,000 payment to the District from City hotel/motel excise tax revenues for a total of ten years. The City by resolution also has approved and authorized the District to incorporate into the Regional Center certain Project enhancements in an amount not to exceed $6,000,000, including changes to the building façade, relocation of the community ice rink support building, incorporation of additional public space within the community ice rink support building, and upgrading Project kitchen facilities to appropriate -3- INTERLOCAL FINANCING AGREEMENT 200203010680