Resolution 5019 - Laserfiche WebLink

downtown Everett as a "safe and congenial place in which to...socialize." The proposed arena wilt contribute to the high - density use of downtown combined with the transportation depot, selected residential areas, and the strengthened retail base. Lastly, the proposed arena will "provide major civic spaces for important community functions." Findings: Other Potential Benefits and Costs The discussion of the value of sports arenas typically focuses on their economic development potential. However, the value of the proposed arena project to the City cannot be measured purely in terms of economic return on. investment. There are several less tangible components of benefit that must be identified and recognized as well. These include: 1. The enhancement of community quality of life, which will assist in better serving the City's current residents and in attracting new residents and business to the City and County. 2. The promotion of City, County and State identity and consequent enhancement of other economic development efforts by facilitating the attraction of residents and businesses. 3. The statement of the economic strength of the city and county implicit in having a professional minor league sports arena and the associated franchtse(s), supported within the community. STRATEGIC ANALYSIS o f Everett becoming a hub for County e ntertainment and activity. 2. Enhance and Develop Everett's and Sno/tontish County's Quality of Life with the Addition of Diversified Cultural and Entertaintttent Opportunities. The City of Everett has the opportunity to enhance the cultural and entertainment o pportunities available to residents of Snohomish and its adjacent counties. The 'ity of Everett is currently a shadow market o: ::he Seattle and Tacoma markets. Many of Snohomish County's residents, including the residents of Everett, travel to Seattle for e ntertainment purposes. The development of the proposed arena would define the City of Everett as a destination point outside of the Seattle market, becoming host to a variety of e ntertainment and sporting events previously u navailable. The City of Everett, through the development of a multipurpose arena facility, can create its own market and become the point o f destination for midsize events outside of the Seattle market. A facility outside of the Seattle market area, designed with the flexibility to accommodate sports events, concerts, flat shows/exhibitions, ice events and including amenities such as luxury suites, catering, and food service support would help to attract a wide ✓ ariety of cultural and entertainment events to the Everett area. 3. Maintain and Promote the Goals and Objectives in accordance with the City of Everett's Contpre/tensive Plan. The proposed arena, with its diversified and family -friendly events, will help to identify City of Everett — Arena Feasibility Analysis Page 8