Laserfiche WebLink
EVERETT CITY COUNCIL AGENDA I LEM COVER SHEET 2 <br /> PROJECT TITLE: <br /> Authorization to Proceed with Briefmg COUNCIL BILL# <br /> Use of New Markets Tax Proposed Action Originating Department Public Works <br /> Credits for Projects(Loan#4, Legal <br /> Loan#5,and Loan#6) Consent Contact Person . Richard Tarry <br /> Tim Benedict <br /> Action Phone Number 425-257-8922 <br /> 425-257-8669 <br /> First Reading FOR AGENDA OF 12/17/14 <br /> Second Reading <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head 11 <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> City of Everett • (12-10-13) None Public Works <br /> Loan Program Legal <br /> • <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The funds generated from the city's New Markets Tax Credits $25 M allocation allow Heritage Bank to <br /> market lower-than-market rate loans to businesses. Loan#1 and Loan#6 are 7 year interest-only loans at 3% <br /> fixed interest. Loan#5 has a 99 year amortization to meet federal Small Business Administration loan <br /> requirements for the project's additional funding. These loans meet the federal requirements and are <br /> recommended to City Council by the New Markets Tax Credit Advisory Board: <br /> Loan#4: Alpine Vision Clinic-Loan Amount: $1.48M <br /> A recent building purchase and renovation at 17432 Smokey Point Blvd,Arlington,WA <br /> Loan#5: Seattle Galvanizing,Inc. -Loan Amount: $4.5M <br /> Permanent financing for a recently constructed facility at 6010 199th St.NE, Arlington, WA. <br /> Loan#6: Goldfinch Properties,LLC -Loan Amount: $1.0M <br /> Construction of a new building at 10910 Holly Dr., Everett,WA. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Authorize the Mayor on behalf of City of Everett CDE LLC and its subsidiaries to take all actions and <br /> execute all documents necessary to close Loan#4, Loan#5,and Loan#6. <br /> 1 <br />