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<br /> 152
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<br /> April 27,1583
<br /> the state has loaned the City a consultant to work out the loan contract
<br /> with the development regarding terms,intereat,etc. He pointed out the
<br /> money paid on the loan would be paid directly to the City who would keep
<br /> h ' [ this money and then loan it out again to someone who qualified.
<br /> Councilman Aldcroft spoke in favor of this program and hoped there would
<br /> . .
<br />" 1 1 be additional projects like this in the future.
<br />$ , Councilman Michelson was concerned that the City might become liable
<br />. if the developer defaulted in his contract and Mr.Jones said it was
<br />) , , his understandingthere wouldbenoriabilityfor the City whatsoever.
<br />' 1,, Larry Ingraham,of Harmon p Associates,explained the Program and
<br /> projected there would be 470 permanent-type jobs created,plus there
<br /> would be additional business and sales tax to the City and this would
<br /> increase the assessed valuation of the City also.
<br /> 'll' Councilman Gipson asked if this was going to be a relocation of present
<br /> businesses from the downtown area and Mr.Ingraham said the major food
<br />' ',_ store going into this location would not go into a downtown area.and
<br /> they had no plans to take any of the stores from the downtown area to
<br /> , this location.
<br /> tvee:ulgioN:11zn Gipson,seconded by Councilman Overstreet,to close
<br /> 1-.' ,,.''d, President Pope asked if anyone further wished to speak a.no one
<br /> replied.
<br /> Roll was called on the motion with all Councilmen voting yes,except
<br />.. ,,,,, Councilmembichelson,who voted no.
<br />'..,:'')?K Motion Carried
<br /> t' '''1'j'' RESOLUTION
<br /> '4,i 1,1' : :,,,,Igoc.02v.=2,:gto:ronded 0,7.""""01400,to..pt
<br /> 1
<br /> A RESOLUTION authorizing submission of an
<br /> application to the United.States of America,
<br /> Department of Housing a.urban Development
<br /> 1. ,): 1 for an Urban Development Aetion Grant for the
<br />;.' ki11' Harm.and Associates-Retail Development.
<br />[ 41.1)4,', WHEREAS,Section 110 of the Housing and Community Development Act
<br /> of 1,77 authorizes the United States of America,Department of Sousing
<br /> , 44', a.Urban Pbvelopment to make Urban Development Action Grants WHAM to
<br /> ceitain distressed cities;and
<br />'. tliEREAS,the City of Everett qualifies under the UDAG regulations
<br /> , .
<br /> as a distress.city;and
<br /> I i., WHEREAS,the
<br /> itis d dist
<br /> puose of the UDAG program is to assist distressed
<br /> ceanressedrpurban counties which require increased public
<br /> assistance and private investment to alleviate physical and economic
<br /> deterioration;and
<br />) $ ' WHEREAS,ODAG's are available to support economic development
<br /> projects which are ready to implement and for which the applicant has
<br /> 4 a commitment from a private developer;and
<br /> . ,
<br />
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