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MARKET <br />ANALYSIS <br />Comparable Facilities Analysis <br />Exhibit 3 provides a summary of the <br />vital characteristics of the small size to mid -size <br />arenas within the state of Washington. <br />There appears to be a need for a mid- <br />size venue within the Seattle metro area. Mercer <br />Arena, which is located approximately one-half <br />hour from Everett, has a capacity of 6,100 seats. <br />While funds for renovations to the Mercer Arena <br />were available, the niajorL,of those funds were <br />reallocated towards the construction of the Key <br />Arena. Mercer Arena does not have any luxury <br />suites or club seats and is used primarily for <br />intimate concerts. Key Arena currently supports <br />one professional team (Seattle Supersonics) and <br />two minor league teams (Seattle Thunderbirds <br />and Seattle Seadogs). <br />With the exception of Key Arena and <br />Mercer Arena, which are located in Seattle, all of <br />the facilities in the sate of Washington are <br />located at least one and one-half hour away from <br />the City of Everett. There is no mid -size facility <br />that can be easily accessed from Everett or <br />elsewhere in the Seattle metro market. The <br />Tacoma Dome is the nearest facility beyond Key <br />and Mercer. However, there is only one major <br />thoroughfare that connects Everett and Tacoma. <br />One of the major recurring themes is an aversion <br />to driving to or through Seattle because of <br />significant traffic. <br />Most of the markets evaluated, except <br />Kennewick, WA, have populations that are <br />similar in size to the Everett market. Each <br />facility, with the exception of Mercer Arena, <br />supports a minor league professional anchor <br />tenant. Further, each team has maintained strong <br />attendance figures (attendance is described in the <br />next paragraph) at those facilities. The <br />demographics for each of these secondary <br />markets have proven to maintain each anchor <br />and the arena. Of the markets examined, the <br />Everett (Snohomish County) population is <br />second only to Tacoma, WA. <br />Each of the arenas, with their respective <br />capacities, have fared extremely well in their <br />secondary markets in terms of attendance and <br />luxury suite/club seat sales. Attendance for each <br />of the minor league teams average over 50% of <br />the relevant facility's capacity. The Spokane <br />Chiefs average approximately 8,000 of the <br />facility's 11,000-seat capacity, the Tri-Cities <br />Americans average approximately 3,500 of the <br />facility's 6,000-seat capacity the Tacoma. <br />Sabercats average approximately 4,880 of the <br />facility's 9,000-seat capacity, and the Yakima <br />Sun Kings (CBA) average roughly 3,190 of the <br />facility's 5,300-seat capacity The strong <br />attendance within each of these secondary <br />markets illustrates each market's ability to <br />support a minor league team. <br />Each of the Washington arena facilities <br />examined that have luxury suites and club seats <br />are either at or near 100% leased. Spokane <br />Arena, which opened in 1994, has leased 95% of <br />their luxury suites and 100% of their club seats. <br />Key Arena, which opened in 1995 after <br />extensive renovations, has leased 95% of their <br />luxury suites and 90% of club seats. Tri-Cities <br />Arena, which opened in 1988, has leased 100% <br />of their luxury suites. The success of suites and <br />club seats within secondary markets reflect the <br />strong demand for these types of amenities. <br />City of Everett — Arena Feasibility Analysis <br />Page 20 <br />