Ordinance 2997-07 - Laserfiche WebLink

Section 6. Date for Commencement of use of Revenues. The City's use of local excise tax allocation revenues and local property tax allocation revenues with respect to the Everett Riverfront RDA is anticipated to commence on January 1, 2010. Section 7. Findings Required by RCW 39.102.070 of the Act. The City Council finds and determines that the conditions of RCW 39.102.070 are met with respect to the Everett Riverfront RDA. Specifically, the City Council finds and determines that: (a) No funds will be used to finance, design, acquire, construct, equip, operate, maintain, remodel, repair, or reequip public facilities funded with taxes collected under RCW 82.14.048; (b) The Public Improvements are projects that are or will be identified within the capital facilities, utilities, housing, or transportation elements of the City's comprehensive plan under Chapter 36.70A RCW or are historic preservation projects under RCW 39.89.020; (c) The Public Improvements are expected to encourage private development within the RDA and to increase the fair market value of real property within Everett Riverfront RDA; (d) The City has entered into a contract with a private developer relating to the Everett Riverfront RDA; (e) Private development is anticipated to occur within the Everett Riverfront RDA, as a result of the public improvements, which will be consistent with the countywide planning policy adopted by Snohomish County under RCW 36.70A.210 and the City's comprehensive plan and development regulations adopted under Chapter 36.70A RCW; (0 The local infrastructure financing with respect to the Everett Riverfront RDA is not expected to be used for the purpose of relocating a business from outside the RDA but within Washington State, into the RDA, and the Everett Riverfront will improve the viability of existing business entities within the Everett Riverfront RDA; (g) The Public Improvements are reasonably likely to (i) increase private residential and commercial investment within the Everett Riverfront RDA; (ii) increase employment within the Everett Riverfront RDA; (iii) improve the viability of existing communities that are based on mixed-use development within the Everett Riverfront RDA; and (iv) generate, over the period of time that local option sales and use taxes will be imposed under RCW 82.14.475, state excise tax allocation revenues and state property tax allocation revenues (as defined in the Act) derived from the Everett Riverfront RDA that are equal to or greater than the respective state contributions made under the Act; and (h) The local infrastructure financing will be used only in the Everett Riverfront RDA, which is an area deemed by the City to be in need of economic development or redevelopment and is within the City's boundaries. Section 8. Findings Required by RCW 39.102.080 of the Act. Pursuant to RCW 39.102.080, the estimated impact of the Everett Riverfront RDA on small business and low- -3-