Ordinance 2997-07 - Laserfiche WebLink

hearing, and notice of which was posted in at least six conspicuous public places located in the proposed revenue development area(see Attachment A); and WHEREAS, notice of the pubic hearing in the form attached as Attachment A was sent by United States mail to the property owners, community-based organizations, and business enterprises listed on Attachment B, incorporated herein by reference, such notices being sent at least thirty days prior to the public hearing; and WHEREAS, a certified copy of the proposed form of this ordinance was delivered to the Washington State Community Economic Revitalization Board and to the Washington Department of Revenue; and WHEREAS, the City Council heard testimony at the public hearing and carefully considered the comments and opinions presented; and WHEREAS, the City Council finds that this Ordinance complies with the Act and that the creation and adoption of a revenue development area with the boundaries described in Attachment C (the "Everett Riverfront RDA") is in the best interest of the City of Everett and its citizens; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. Incorporation of Recitals and Attachments. The recitals set forth above are incorporated herein by reference as if set forth in this section in full. All attachments to this ordinance are incorporated herein by reference. Section 2. Description of Public Improvements. The public improvements currently estimated to be made in the Everett Riverfront RDA are described in Attachment D ("Public Improvements"). This list does not imply City Council approval of any specific projects at this time. City Council will consider and finalize the list of approved public improvements as part of the development agreement between the City and the private developer of the Everett Riverfront area. Section 3. Description of Boundaries. The City Council adopts the boundaries of the Everett Riverfront RDA as described and depicted in Attachment C. Section 4. Estimates of Costs. As further described in Attachment D, the current estimated cost of the Public Improvements is approximately $36 million in 2007 dollars, and the current estimated portion of this cost to be financed by local infrastructure financing, including LIFT State funding and local government LIFT contributions consistent with the Act, is $14 million (or approximately 38%) to be received over 25 years. Section 5. Time of Tax and Revenue Collection. The estimated time during which local excise tax allocation revenues, local property tax allocation revenues, and other revenues from local public sources are to be used as part of the local infrastructure financing for the Everett Riverfront RDA is 25 years (2010 - 2035). -2-