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8 <br /> INTERLOCAL <br /> BETWEEN THE CITY OF EVERETT <br /> AND THE <br /> EVERETT PUBLIC FACILITIES DISTRICT <br /> TO ASSIST IN THE REDUCTION OF EVERETT EVENTS CENTER <br /> INDEBTEDNESS <br /> This Interlocal Agreement (Agreement) is made and entered into this day of <br /> , 2007 by and between the CITY OF EVERETT, a Washington municipal <br /> corporation (City) and the EVERETT PUBLIC FACILITIES DISTRICT, a Washington <br /> municipal corporation, (District) to assist in the reduction of the Events Center <br /> indebtedness. <br /> RECITALS <br /> WHEREAS, the parties hereto are municipal corporations, are governed by the <br /> provisions of Chapter 39.34 RCW, the Interlocal Cooperation Act, and intend to proceed <br /> thereunder; and <br /> WHEREAS, the City, under Chapter 35.57 RCW formed the District and the <br /> District constructed and now operates the Everett Events Center (Events Center): and <br /> WHEREAS, the Events Center serves as a tourism-related facility and is a <br /> destination for community attractions and entertainment events and attracts tourists and <br /> visitors to the City of Everett; and <br /> WHEREAS, the Everett City Council finds that it is in the best long term interest <br /> of the City to assure that the District is financially viable in the management of the <br /> Everett Events Center services so that the facility will maintain its first-class status in <br /> attracting events and maintaining public interest and participation, as well as be <br /> physically maintained in first class condition for the City's eventual acquisition of the <br /> facility; and <br /> WHEREAS, the City and the District agree that the City's desire for the welfare <br /> of the Events Center can be best accomplished by the City's payments of Five Hundred <br /> Thousand dollars ($500,000.00) per year for 30 years, or until the indebtedness of the <br /> District is paid in full, whichever occurs first, to pay debt service on the outstanding <br /> indebtedness of the District; <br /> NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS <br /> HEREINAFTER CONTAINED, THE CITY AND THE DISTRICT COVENANT <br /> AND AGREE AS FOLLOWS: <br /> Section 1: Payment of Funds. The City shall transfer to the District Five <br /> Hundred Thousand Dollars ($500,000.00) no later than February 15th of 2007 and each <br /> year thereafter to February 15`h, 2036, or until the indebtedness of the District is paid in <br /> full, whichever occurs first. <br /> 20 1 <br />