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ADDENDUM NO. 1 TO INTERLOCAL AGREEMENT FOR DEVELOPMENT <br /> OF THE COMCAST ARENA AT THE EVERETT EVENTS CENTER <br /> This Addendum No, 1 ("Addendum") is made and entered into as of the day of <br /> , 2008, among the City of Everett, a city duly organized and existing under and by virtue <br /> of the laws of the State of Washington (the "City"); the Snohomish County Public Facilities <br /> District, a municipal corporation duly organized and existing under the laws of the State of <br /> Washington (the "County PFD"); Snohomish County, a political subdivision of and duly <br /> organized and existing under the laws of the State of Washington and the Charter of Snohomish <br /> County (the "County"); and the Everett Public Facility District, a municipal corporation duly <br /> organized and existing under and by virtue of the laws of the State of Washington, established by <br /> the City of Everett(the "City PFD"). <br /> RECITALS <br /> A. The City, County PFD, County, and City PFD (collectively the "Parties") entered <br /> into an Interlocal Agreement dated December 20, 2001, recorded with the Auditor of the County <br /> of Snohomish, State of Washington under recording number 20021160349 (the "Interlocal <br /> Agreement") to provide for the development of a Regional Center as defined in RCW 35.57.020 <br /> known as the "Comcast Arena at the Everett Events Center" (the "Regional Center"); and <br /> B. The County PFD, under the authority of RCW 82.14.390 has imposed a Sales and <br /> Use Tax "Sales and Use Tax" a portion of which the County PFD has allocated and agreed to <br /> contribute through intergovernmental project payments to the payment of debt service on the <br /> bonds issued to finance the Regional Center in accordance with and subject to the terms and <br /> conditions of the Interlocal Agreement, including without limitation, in accordance with the <br /> schedule contained in Exhibit "B", of the Interlocal Agreement(the "Tier 1 Allocation"); and <br /> C. The County PFD has entered into similar interlocal agreements to provide funding <br /> for three (3) other regional centers, which were recorded with the Auditor of Snohomish County <br /> under recording numbers 200211060003, 200212260514, and 200312260486 pursuant to which <br /> the County PFD has allocated and committed contributions from the Sales and Use Tax for the <br /> payment of debt service on the respective bonds issued to finance the development thereof, <br /> which when added to the Tier 1 Allocation shall be referred to herein as the "Aggregate Tier 1 <br /> Allocations" (the Aggregate Tier 1 Allocations are in a fixed amount allocated prior to the date <br /> of this Addendum); and <br /> D. The County PFD has experienced actual Sales and Use Tax revenue collection <br /> substantially in excess of the current Aggregate Tier 1 Allocations and, further, the County PFD <br /> anticipates that the Sales and Use Tax collections will continue to exceed the Aggregate Tier 1 <br /> Allocations over the period for which the Sales and Use Tax has been imposed; and <br /> E. The County PFD Board of Directors has determined that the Sales and Use Tax <br /> revenue collected by the County PFD in excess of the sum of the Aggregate Tier 1 Allocations, <br /> the County PFD's administrative expenses, and reserves (as established, from time-to-time by the <br /> County PFD Board of Directors), should be additionally allocated among the four regional center <br /> 6g 1 <br />