2007/06/13 Council Agenda Packet

• Staff would then apply for a State LIFT contribution of$500,000 per year for 25 years to be used for repayment of bonds issued to help finance the eligible public improvements within the Riverfront RDA for which the Everett is responsible, per the City's February 2007 agreement with OliverMcMillan. • Though the City can apply for up to $1.0 million of annual LIFT authority, staff proposes a lower request amount ($500,000) in an effort to make our application possibly more competitive, especially considering there is only a total of $2.5 million of LIFT authority available statewide in 2007. Our outside legal counsel advocates this approach. • The total cost of the City-funded public improvements within the proposed Riverfront RDA is estimated at approximately $36 million. Approximately $14 million of this total, including State and the City's matching contributions, would be borne by LIFT-related funding. Other resources available to finance the eligible public improvements within the Riverfront RDA include general funds, land-sale proceeds, solid-waste funds, and possible state and federal grant funds. • The proposed LIFT financing period would commence on July 1, 2010, and conclude in 2035. • It behooves the City to advance the formation of the Riverfront RDA and subsequent LIFT application in 2007, because (1) Everett is apparently the only jurisdiction submitting a LIFT proposal this year and (2) we need to establish the base tax year (2008) as soon as possible. Recommended Next Steps • Conduct the public hearing on the proposed formation of the Riverfront RDA (completed 5/9/07) • Adopt the Riverfront RDA formation ordinance • Staff will complete and submit the LIFT application to CERB t2