Resolution 4292 - Laserfiche WebLink

E!/ERETT RESOLUTION NO. 4292 A RESOLUTION to the Snohomish County Council regarding the additional funding for the Everett Aquasox. WHEREAS, the Everett City Council considered a proposal relating to the funding of improvements to Everett Memorial Stadium gathering public input on December 21, 1994; and WHEREAS, as a result of the testimony before the City Council and the available financing options and forecasted project needs for improvements to the Everett Memorial Stadium, the Everett City Council adopted resolution 4043 on December 21, 1994 expressing support for the specific commitments contained in the resolution; and WHEREAS, resolution 4043 specifically limits the commitment of the City of Everett to a contribution from its hotel / motel funds of$52,311 per year until the year 2014; and WHEREAS, Snohomish County revenues from a newly instituted hotel / motel tax collected from within the City of Everett have also been pledged in support of this project in an estimated amount of$4.1 million until the year 2018; and WHEREAS, Snohomish County is considering a proposal to increase the debt by $1.5 million and extending the repayment period from 2018 to 2027 in order to provide additional funds for the project; and WHEREAS, the Everett City Council adopted resolution 4043 and made commitments under the resolution based on the project budget and funding arrangements made by the parties at that time; and WHEREAS, the understanding of a one-third allocation was included in the initial recommendations of the county's advisory board established for this purpose; and WHEREAS, we understand that the revenues to this account have exceeded projections and the need for funds for this project; and WHEREAS, the current demands for funds as made available by the hotel / motel taxes far exceeds the funds available as evidenced by requests for Everett hotel / motel taxes;