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December 3,2008 <br /> ARTSPACE PRESENTATION <br /> Tim Benedict,Legal,introduced Agenda Items No.3 and 4 which concern <br /> the Arlspace project. He spoke regarding Adspace Limited Partnership, <br /> the basic concept for the Everett Artspace project at 2919 Hoyt Avenue, <br /> the current schedule for the project,and what the City is receiving in <br /> return for the properly.He explained that Agenda Item No.4 concerns a <br /> piece of the financing which includes HOME funds from HUD and Federal <br /> Housing Trost 2060 funds.He stated that yesterday they became aware <br /> of a financing Issue with respect to$175,000.00 which Snohomish County <br /> has committed to the project.Snohomish County is unable to act on that <br /> commitment until early next year.In order to facilitate closing,City staff is <br /> requesting that council add to the financing resolution,Agenda Item No.4, <br /> authorization for the Mayor to sign an agreement far backup financing for <br /> the$175,000.00. He stated that the City has been assured that the <br /> County 11 allocate those funds as soon as they are available. <br /> RESOLUTION—SURPLUS PROPERTY/2919 HOYT AVENUE <br /> Moved by Council Member Olson,seconded by Council Member <br /> Stonecipher to adopt Resolution No.6088 declaring surplus the City- <br /> owned reel property located at 2818 Hoyt Avenue commonly known <br /> as the Hoyt Avenue Parking Garage and authorizing the Mayor to <br /> acute an agreement with Arispaee Limited Partnership On the form <br /> substantially as provided)as well as all documents necessary to <br /> effectuate the cones.yance. <br /> Council Member Roberts disclosed that he s n the finance <br /> committee which is raising private funds for the Arlspace project. He <br /> questioned whether there were any concerns regarding his perrioipation in <br /> this matter.There was no response. <br /> Roll was called with all council members voting yes. <br /> Motion carried. <br /> 406 <br />