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the license and has discretion to impose additional conditions upon continuance of the <br /> license. The decision of the hearing examiner shall be final. <br /> 5. No suspension or revocation of a license issued pursuant to the provisions of this Chapter <br /> shall take effect until three (3) days after the mailing of the notice thereof by the director, <br /> and if appeal is taken as herein prescribed the suspension or revocation shall be stayed <br /> pending final action by the hearing examiner. All licenses which are suspended or <br /> revoked shall be surrendered to the City on the effective date of such suspension or <br /> revocation. <br /> 6. The licensee and/or the City may seek review of the decision by the Snohomish County <br /> superior court within twenty (20) days from the date of the decision. If review is sought <br /> as herein prescribed, the suspension or revocation shall be stayed pending final action by <br /> the superior court. <br /> C. Upon suspension or revocation of any license as provided in this section, no portion of the <br /> license fee shall be returned to the licensee. <br /> D. Suspension or revocation under this section shall in no event relieve a taxpayer or the <br /> obligation to pay taxes owing under Chapters 3.20, 3.24, 3.28, or 3.36. <br /> Section 5. Ordinance No. 2810-04 (Chapter 3.24 EMC) is hereby amended as follows: <br /> A. Ordinance No. 2810-04 (Chapter 3.24 EMC) is hereby amended by the addition of the <br /> following section, as of January 1, 2006, entitled "Code Clarification": <br /> Code Clarification. <br /> A. Findings and Purpose. The City of Everett, the State of Washington, the Port of Everett, and <br /> The Boeing Company on December 19, 2003, entered into the "Project Olympus Master Site <br /> Development and Location Agreement" concerning the location in the City of the facility for <br /> the manufacturing of the aircraft commonly referred to as the 7E7. The purpose of said <br /> Agreement was to assist Boeing in obtaining a suitable site including buildings, related <br /> facilities, infrastructure, and other improvements for the location of the final assembly of the <br /> 7E7 aircraft and other operations related thereto. As a result of diligent good faith <br /> negotiations, the City and Boeing have agreed on a Business and Occupation Tax reduction <br /> to be permanent for the calendar years 2006 through 2023. During such period the City <br /> agrees not to suspend, revoke, or require repayment of such reduction as authorized by its <br /> Business and Occupation Tax reduction, provided that final assembly of the 7E7 aircraft <br /> begins by December 31, 2007. The rate reduction by the City is intended by the parties to <br /> create an estimated net present value reduction of approximately thirty-five million dollars <br /> ($35,000,000), which amount is calculated using a six percent (6%) discount over a twenty <br /> (20) year period beginning 2004 and based on current estimated aircraft production and sales. <br /> B. Intent. In 2002 the City enacted Ordinance No. 2582-02, relating to Business and Occupation <br /> Tax. Ordinance No. 2759-04 subsequently made several changes to the City's Business and <br /> 8 <br />