A. The city previously passed Ordinance No. 1999 (2008) creating the Bothell Revenue Development Area (“RDA”) and received approval on November 25, 2008, from the Community Economic Revitalization Board (“CERB”) to use the Local Infrastructure Financing Tool (“LIFT”) under Chapter 39.102 RCW to finance certain Public Improvements within the RDA.

B. RCW 82.14.475 authorizes the city to impose a local option sales and use tax within the city, which is to be credited against the state sales and use taxes imposed under RCW 82.08.020(1) and 82.12.020, resulting in no net change in tax rate to the taxpayer.

C. The city has reported to the Department of Revenue (“DOR”) and to CERB that the state has benefited through the receipt of State Excise Tax Allocation Revenues and State Property Tax Allocation Revenues, in accordance with RCW 82.14.475(6)(a)(ii). A copy of that report is attached as Exhibit A to the ordinance codified in this chapter.

D. By Resolution No. 1242, adopted on September 15, 2009, the city selected a maximum rate of tax under RCW 82.14.475, which rate is not to exceed 0.001616 (0.1616 percent).

E. The city council finds that the city has satisfied all prerequisites to imposing the LIFT Tax and receiving the State Contribution, including, without limitation, the conditions set forth in RCW 39.102.040 and 82.14.475.

F. Prior to July 1, 2014, the city intends to incur general indebtedness, and to issue bonds, pursuant to RCW 39.102.150, in a maximum principal amount of approximately $30,000,000 to finance the Public Improvements (the “LIFT Bonds”). The city intends to retire such indebtedness in whole or in part from the tax revenues received under RCW 82.14.475 and dedicates such revenues to that purpose.

G. State-Shared Sales and Use Tax Imposed as of July 1, 2014. The sales and use tax authorized under RCW 82.14.475 is imposed as of July 1, 2014, as follows in the rest of this chapter. (Ord. 2132 § 2, 2013).