Ordinance 2759-04 - Laserfiche WebLink

r}yay ORDINANCE NO. 2759-04 An Ordinance Repealing Section 8 of Ordinance No. 2582-02, (EMC 3.24.080), adding a Section to Ordinance No. 2582-02 (EMC 3.24.080) and Amending Section 5 of Ordinance No. 2582-02, (EMC 3.24.080) relating to Business and Occupation Tax, effective January 1, 2006. WHEREAS, the City of Everett, the State of Washington, the Port of Everett and The Boeing Company on December 19, 2003, entered into "Project Olympus Master Site Development and Location Agreement" concerning the location in the City of Everett the facility for the maunfacturing of the aircraft commonly refered to as the 7E7; and WHEREAS, The Boeing Company was seeking a suitable site including buildings, related facilities, infrastructure and other improvement for the location of the final assembly of the 7E7 Aircraft and other operations related thereto; and WHEREAS, the City of Everett agreed in paragraph 4.3 of said Agreement to "negotiate in good faith and use all diligent efforts to reach an agreement with Boeing on a permanent B & 0 Tax reduction;" and WHEREAS, the City of Everett agreed not to suspend, revoke or require repayment of such reduction as authorized by its rate reduction; and WHEREAS, the City of Everett agreed that the rate reduction would take effect no later than January 1, 2006, and continue through 2023; and WHEREAS, the City of Everett agreed the standard rate of B & 0 tax of .001 shall apply to manufacturing receipts up to including$6 billion of receipts; and WHEREAS, the City of Everett agreed the rate of .00025 for manufacturing gross receipts will apply to those amounts in excess of$6 billion of gross receipts; and WHEREAS, the City of Everett agreed that the value of the excess amount against which the .00025 rate will be applied will increase to $7 billion on January 1, 2010, and to $8 billion on January 1, 2016; NOW, THEREFORE,THE CITY OF EVERETT DOES ORDAIN: Section 1: Ordinance No. 2582-02 (EMC 3.24) is hereby amended by the addition of the following Section: Findings and Purpose. The City of Everett, the State of Washington, the Port of Everett and The Boeing Company on December 19, 2003, entered into "Project Olympus Master Site Development and Location Agreement" concerning the location in the City of Everett the facility for the maunfacturing of the aircraft commonly referred to as the 7E7. The pupose of said Agreement was to assist The Boeing Company in 1