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7 <br /> WHEREAS, the Interlocal Agreement Between the City of Everett and the <br /> Everett Public Facilities District for Financing A Regional Center(the Everett Events <br /> Center) dated February 25, 2002, committed to distribute $100,000 of Hotel/Motel Tax <br /> funds to the Everett Events Center for a total of ten (10) years commencing in 2001; and <br /> WHEREAS, the Everett Events Center's long-term outlook will benefit from an <br /> extended commitment to distribute $100,000 of Hotel/Motel Tax funds annually to the <br /> Everett Events Center through the year 2036, or until the indebtedness is paid in full, <br /> whichever occurs first; <br /> NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS <br /> HEREIN CONTAINED, THE CITY AND THE DISTRICT AGREE TO AMEND <br /> THE FEBRUARY 25, 2002 INTERLOCAL AGREEMENT BETWEEN THE CITY <br /> OF EVERETT AND THE EVERETT PUBLIC FACILITIES DISTRICT AS <br /> FOLLOWS: <br /> Section 1: Amendment to Section 4. <br /> 4. FINANCING PLAN FOR ACQUISITION AND CONSTRUCTION OF REGIONAL <br /> CENTER. It is expected that the City will purchase the land required for the Regional Center at a <br /> cost of approximately $14,000,000 and lease that land to the District pursuant to a long-term <br /> ground lease with a term coextensive with the term of the financing for the Project. It is expected <br /> that the District will borrow a total of not to exceed $56,445,000 for the construction of the <br /> Project through the use of a commercial paper program to provide interim financing for a period <br /> of five years from the date of this Agreement. In addition, the City shall submit to the <br /> Hotel/Motel Tax Advisory Committee, in accordance with the City's established policy, a <br /> proposal to extend the annual $100,000 payment to the District from City hotel/motel excise tax <br /> revenues for a total of ten years. The City hereby covenants and agrees to distribute $100,000 of <br /> Hotel/Motel Tax funds annually on or prior to each February 15 for thirty years to the District <br /> through the year 2036, or until the indebtedness of the District is paid in full, whichever <br /> occurs first. The City by resolution also has approved and authorized the District to incorporate <br /> into the Regional Center certain Project enhancements in an amount not to exceed $6,000,000, <br /> including changes to the building facade, relocation of the community ice rink support building, <br /> incorporation of additional public space within the community ice rink support building, and <br /> upgrading Project kitchen facilities to appropriate program size, of which cost$5,000,000 may be <br /> paid with proceeds of limited tax general obligation bonds of the City and $1,000,000 would be <br /> paid with grants and other contributions to the Project. Following completion of the Project and a <br /> start-up period of operations of the Regional Center sufficient to provide an objective basis for <br /> making reasonable projections of net operating revenues of the Regional Center, the interim <br /> financing shall be converted to long-term permanent financing through the issuance by the <br /> District of long-term bonds. However, the interim financing may be extended for additional <br /> periods if the City and the District jointly agree that such extensions are in the best financial <br /> interests of the City and District. No financing of the Regional Center shall mature later than <br /> thirty(30)years from the date of issue. <br /> Section 2: Amendment to Section 4.2.1. The second sentence of Section 4.2.1 is <br /> hereby amended to read as follows: "The Bonds are expected to be issued in series <br /> corresponding to the then-outstanding series of Notes, and shall have such security and <br /> other terms and conditions as are satisfactory to the District and City." <br /> 2 17 <br />