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J <br /> RESOLUTION NO. <br /> A Resolution Concerning New Market Tax Credits <br /> Whereas, the Everett City Council finds that certain population census tracts located <br /> within the City of Everett ("City") have both i) poverty rates in excess of twenty percent <br /> (20%), and ii) median family income not in excess of eighty percent (80%) of the <br /> Seattle-Tacoma-Olympia area median income (each of these population census tracts, an <br /> "LIC Census Tract"); and <br /> Whereas, the Everett City Council finds that it is in the best interest of the City to pursue <br /> certain economic development strategies to alleviate poverty and incentivize investment <br /> into LIC Census Tracts; and <br /> Whereas, the Everett City Council finds that a New Markets Tax Credit Program <br /> allocation ("NMTC Allocation") in connection with financing the development of <br /> community and other facilities within identified LIC Census Tracts would substantially <br /> benefit and further its economic development strategies; and <br /> Whereas, the Everett City Council finds that it is in the best interests of the City to form <br /> and to undertake those steps as may be necessary and/or reasonable for it to form the City <br /> of Everett CDE LLC, a Washington limited liability company ("Company"), of which the <br /> City shall serve as the sole member and manager, for the sole purpose of applying for, <br /> obtaining, and administering an NMTC Allocation on behalf of the City; and <br /> Whereas, the Everett City Council finds that it is in the best interests of the City and the <br /> Company to take such steps as may be necessary and/or reasonable for the Company to <br /> submit an application for an NMTC Allocation to the Community Development Financial <br /> Institutions Fund("CDFI"); and <br /> Whereas, the Everett City Council finds that it is in the best interests of the City and the <br /> Company to take such steps as may be necessary and/or reasonable for the Company to <br /> submit an application to the CDFI to certify the Company as a Community Development <br /> Entity, and for an NMTC Allocation and to seek investors to purchase the New Markets <br /> Tax Credits allocated to the Company; and <br /> Whereas, the Everett City Council finds that it is in the best interests of the City and the <br /> Company to i) establish the City of Everett CDE Advisory Board ("Advisory Board") <br /> pursuant to section 45(D)(c)(1)(B) of the Internal Revenue Code and the Treasury <br /> Regulations and Guidance thereunder, ii) submit information regarding potential recipient <br /> qualified active low income community businesses ("QALICB") under review by the <br /> Company for receipt of a qualified low-income community investment ("QLICI") to the <br /> Advisory Board; and to iii) receive, review and take into consideration any and all <br /> comments regarding potential QLICIs that the Advisory Board provides to the Company <br /> prior to its approval of any NMTC project financing; and, <br /> Whereas, the Everett City Council finds that the City is acting in compliance with the <br /> City Charter and RCW section 35.21.735(8); <br /> 13 <br />