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Y. .NI. <br /> EUEREIT,UITI� C" "CINCIyL, AG tDA'L,T M C6�1E �,miti gg <br /> sr,:a r. i. ai.xf ri._ .k :.�, rn.. � xry+ r_ � r �t `r`r ` aew�: a`'.. ai Yax �' z, ;`x, > , .n�tiw j: 8 <br /> PROJECT TITLE: <br /> Interlocal Agreement between Consent COUNCIL BILL # <br /> the City of Everett and the X Action Originating Department <br /> Everett Public Facilities First Reading Contact Person Debra Bryant <br /> District to assist in the Second Reading Phone Number X8608 <br /> reduction of the Everett Events Third Reading FOR AGENDA OF 1/24/07 <br /> Center indebtedness Public Hearing <br /> Initialed by: �� <br /> Department Head <br /> CAA <br /> Council President �,�►� <br /> Location Preceding Action Attachments Department(s) Approval <br /> Amount Budgeted $500,000 <br /> Expenditure Required $500,000 Account Number(s): Fund 009 Non-Departmental <br /> Budget Remaining 0 • <br /> Additional Required 0 <br /> DETAILED SUMMARY STATEMENT: When the debt issued to finance the construction of the Everett <br /> Events Center debt is retired, ownership of the facility will transfer from the Everett Public Facilities District • <br /> to the City. Accordingly, as reflected in the attached agreement, the Everett Public Facilities District and the <br /> City have agreed it is in the best interest of both parties that the City assist in payments of the District's <br /> outstanding indebtedness. This agreement obliges the City to pay the District $500,000.00 per year to be <br /> applied toward payments on the District's outstanding indebtedness. <br /> RECOMMENDATION: Authorize the Mayor to sign the Interlocal Agreement between the City of Everett <br /> and the Everett Public Facilities District to assist in the reduction of Everett Events Center indebtedness. <br /> 19 <br />