Bill > H3831

This bill authorizes the city of Everett to establish a Community Enhancement Fee Stabilization Fund, which will be used to hold payments made under a specific Host Community Agreement with Wynn, MA, LLC, and other funds appropriated by the Everett City Council. This fund can be used for capital projects, defined as acquisitions or projects with a useful life of at least five years and costing at least $50,000, including land acquisition, tangible assets, or projects that involve paying off debt for such projects, even if they were approved before this bill becomes law. Additionally, the fund can be used for non-capital projects, but only up to 2.5% of the city's most recent certified tax revenue and requires a two-thirds vote from the Everett City Council.