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EMMETT <br /> RESOLUTION NO. <br /> A Resolution Concerning Deployment of <br /> City of Everett CDE LLC New Markets Tax Credit Allocation <br /> WHEREAS, as set forth in Resolution No. 6118 passed and approved on February 25, <br /> 2009, the Everett City Council ("Council") authorized the City of Everett ("City") to <br /> create City of Everett CDE LLC ("Company") as a Washington limited liability company <br /> comprised of the City as its sole member and manager, and caused the Company to be <br /> recognized by the United States Department of the Treasury's Community Development <br /> Financial Institutions Fund ("CDFI") as a qualified community development entity for <br /> purposes of the new markets tax credit("NMTC")program; <br /> WHEREAS, the Company applied for and was awarded by the CDFI in 2009 the right to <br /> award $25,000,000 of NMTC allocation to NMTC eligible investments ("City NMTC <br /> Allocation"); <br /> WHEREAS, the terms and conditions under which the City NMTC Allocation was <br /> awarded are set forth in that certain Allocation Agreement by and between Company and <br /> CDFI dated effective as of November 24, 2009 ("Allocation Agreement"); <br /> WHEREAS, the Council has determined City NMTC Allocation is a valuable resource <br /> that could provide much-needed economic benefit to low-income communities; <br /> WHEREAS, it is in the City's interest to deploy the entire City NMTC Allocation by the <br /> end of 2013,which will allow the City to apply for more NMTC allocation in 2014; <br /> WHEREAS, in downtown Everett a Hampton Inn Hotel project is currently under <br /> construction (the "Hampton Project"), and the project developer has requested use of <br /> $12,000,000 of the City NMTC Allocation; <br /> WHEREAS, the Council by Resolution dated April 24, 2013, authorized the Mayor to <br /> take all actions necessary to deploy the City NMTC Allocation to the Hampton Project, <br /> and the City expects to close transactions necessary to make such deployment by the end <br /> of 2013 (the"April Resolution"); <br /> WHEREAS, Whidbey Island Bank has approached the City with a proposal to use the <br /> remaining $13,000,000 of the City NMTC Allocation to facilitate small business loans, <br /> with first priority for businesses in Everett and second priority for businesses elsewhere <br /> in Snohomish County(the"Small Business Loan Project"); <br /> 6 <br />