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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: 1 <br /> Addendum No. 1 to Interlocal Consent COUNCIL BILL# <br /> Agreement for Development of Action x Originating Department FINANCE <br /> the Comcast Arena at the First Reading Contact Person Debra Bryant <br /> Everett Events Center. Second Reading Phone Number X8608 <br /> Third Reading FOR AGENDA OF 8/27/08 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President , <br /> Location Preceding Action Attachments Department(s) Approval <br /> Budget Committee ADDENDUM Legal <br /> 8/13/08 <br /> Amount Budgeted <br /> Expenditure Required Account Number(s): <br /> Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: The Snohomish County PFD has collected sales tax credit <br /> revenue in excess of its original (Tier 1) estimates, and expects the positive collections to continue into the <br /> future. This Addendum allocates 30.4035 percent of the additional sales tax credit receipts (Tier 2)to the <br /> Comcast Arena at the Everett Events Center for debt retirement. <br /> The Tier 1 distribution to the Comcast Arena at the Everett Events Center is $529,640. The additional Tier 2 <br /> distribution is expected to average approximately $275,000 over the forecast period: 2008 - 2026. <br /> RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign Addendum No. <br /> 1 to Interlocal Agreement for Development of the Comcast Arena at the Everett Events Center. <br /> 68 <br />