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ti <br /> EVERETT CITE CbUNCII,'AGENDA ITEM COVER SHEET R ` <br /> u <br /> PROJECT TITLE: <br /> An Interlocal Agreement Consent COUNCIL BILL# <br /> between the City of Everett and X Action Originating Department <br /> the Everett Public Facilities First Reading Contact Person Debra Bryant <br /> District amending the Events Second Reading Phone Number X8608 <br /> Center Ground Lease Third Reading FOR AGENDA OF 1/24/07 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President • ' <br /> Location Preceding Action Attachments Department(s) Approval <br /> Proposed Ground Lease <br /> Amendment <br /> Amount Budgeted <br /> Expenditure Required Account Number(s): <br /> Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: The Everett Public Facilities District is in the process of <br /> securing permanent financing for the Events Center with the support of the City of Everett. A review of the <br /> Event's Center's financial projections indicates it is in the best interest of both parties to eliminate the <br /> provision of the Lease (Section 4.2 and Exhibit"D") requiring a set minimum payment and agree to the <br /> provision that calls for an annual rental payment of 50 percent of net cash flow after permitted debt service. <br /> RECOMMENDATION: Authorize the Mayor to sign the Interlocal Agreement between the City of Everett <br /> and the Everett Public Facilities District amending the Events Center Ground Lease. <br /> 7 <br />