Resolution 4350 - Laserfiche WebLink

RESOLUTION NO. 4350 A RESOLUTION authorizing a loan for low income housing, to Bethany Of The Northwest,pursuant to RCW 35.21.685 WHEREAS, Bethany of the Northwest is a Washington non-profit corporation, located in the City of Everett, has begun necessary preparations to construct approximately 58 low- income senior housing units in the Silver Lake area of the City of Everett, Washington; and WHEREAS, said low-income senior housing project will constitute a low-income housing project as defined by RCW 35.21.695; and WHEREAS, Bethany has requested that the City of Everett make a loan in the amount of approximately six percent (6%) of the required financing for the construction of said project, in the amount of Three Hundred Thousand dollars ($300,000); and WHEREAS, the City of Everett is empowered pursuant to RCW 35.21.685 to assist in the development of publicly or privately owned housing for persons of low income by providing loans of general municipal funds to the owners or developers of such housing; and WHEREAS, the Everett City Council having reviewed the request, having obtained the advice of its staff and city attorney, and being fully advised, believes this loan to be in the City's best interest and to provide an appropriate investment vehicle for general municipal funds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT as follows: 1. The City is authorized to loan to Bethany of the Northwest the sum of up to Three Hundred Thousand dollars ($300,000) to be used to finance a portion of the cost of construction, reconstruction, acquisition or rehabilitation of housing that will be occupied by a person or persons of low income, as the term "low income" is defined in RCW 35.21.685, on the terms and conditions set forth in the Loan and Repurchase Agreement, which terms and conditions are hereby incorporated by reference; and 2. That this specific loan by the City shall constitute a suitable investment of City funds available for such investment by exception to the Investment Policy of the City.