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RESOLUTION# 6178 <br /> A RESOLUTION DECLARING THE CITY'S INTENT TO RESERVE A PORTION OF THE STATE OF <br /> WASHINGTON'S SALES AND USE EXCISE TAX FOR LOCAL INFRASTRUCTURE FINANCING <br /> WHEREAS,The State of Washington created the Local Infrastructure Financing Tool (LIFT) program to <br /> assist local governments in financing authorized public infrastructure projects designed to promote <br /> economic development in the jurisdiction; and <br /> WHEREAS,The City of Everett adopted Ordinance#2997-07,which created the Everett Riverfront <br /> Revenue Development Area pursuant to Chapter 39.102 RCW(LIFT Program); and <br /> WHEREAS,The Community Economic Revitalization Board awarded a LIFT grant to the City of Everett <br /> for infrastructure improvements in the Riverfront Revenue Development Area; and <br /> WHEREAS, in accordance with RCW 82.14.475(4),the City of Everett must declare its intent to <br /> reserve a portion of the State of Washington's sales and use excise tax to be used to fund <br /> infrastructure improvements in the Riverfront Revenue Development Area; <br /> WHEREAS,the sales and use excise tax rate is currently 9.2%,and this action will not cause that rate <br /> to change; <br /> NOW,THEREFORE, it is hereby resolved by the City Council of the City of Everett to declare its intent <br /> to reserve 0.02951%of the State of Washington's sales and use excise tax for local infrastructure <br /> financing . <br /> /1/ree"-I .t..t-itt"---- <br /> Councilperson I roducing Resolution <br /> PASSED and APPROVED this 26 day of August, 2009. <br /> 7/ <br /> Council President--V te- <br />