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EXECUTIVE SUMMARY The consulting firm of Brailsford & Dunlavey, Inc partnered with the architectural firm Ellerbe Becket, has completed a market, financial, and architectural feasibility study for a proposed multi -purpose center/arena in Everett, Washington. The results of that study include the following findings: ® The proposed project advances three goals implicit in the 1994 Everett Comprehensive Plan: 1. To promote the City of Everett's economic development 2. To enhance and develop Everett's and Snohomish County's quality of life with the addition of diversified cultural and entertainment opportunities; and 3. To promote these goals in accordance with the other policies and objectives of Everett's Comprehensive Plan. ® The demographic and statistical market analysis of Everett and its environs (including Snohomish, Island, and Skagit Counties) show that the area is a good market for an 8,000- to 10,000-seat multipurpose facility. The Everett market ranks well in comparison to other markets that successfully support such facilities, in terms of population size, number of households, median income, number and type of businesses, and growth trends. ® Focus groups and telephone interviews with local business representatives demonstrated an unusually high level of interest in the premium seating, advertising, sponsorship and naming opportunities which would • represent the key contractually obligated revenues of the proposed arena. A written survey of the general public demonstrated strong demand for a diverse range of events, including: Professional sports (minor lg. hockey); Popular music concerts; ▪ Family shows and exhibition sports; ▪ Trade shows and consumer shows; Conferences and conventions; and Community events and graduations Interviews with event promoters and sports leagues lead B&D to estimate an event calendar for the proposed Everett arena ranging from a conservative 108 events per year to an aggressive 184 events per year. The most likely event scenario is a moderate 143 events per year, with total annual attendance projected at over 600,000. ® To accommodate this range of events and spectator activity, an architectural program has been developed accommodating a fixed seating capacity of 8,000 (or 10,000 in concert configuration) with premium seating including 750 club seats and 18 suites. The cost to develop such a facility in downtown Everett is estimated at approximately $41 million. • A sales tax rebate of approximately $30 million dollars over 25 years is available to the city and it's local partners as an additional source of revenue for the development and operations of the proposed facility. This rebate significantly enhances the general viability of the proposed facility. Brailsford & Dunlavey/Ellerbe Becket Page 5