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.�' err` <br /> 'r� J - <br /> RESOLUTION NO. 6524 <br /> A Resolution Concerning Deployment of <br /> City of Everett CDE LLC New Markets Tax Credit Allocation <br /> WHEREAS, as set forth in Resolution No. 6118 passed and approved on February 25, <br /> 2009, the Everett City Council ("Council") authorized the City of Everett ("City") to <br /> create City of Everett CDE LLC ("Company") as a Washington limited liability company <br /> comprised of the City as its sole member and manager, and caused the Company to be <br /> recognized by the United States Department of the Treasury's Community Development <br /> Financial Institutions Fund ("CDFI") as a qualified community development entity for <br /> purposes of the new markets tax credit ("NMTC") program; <br /> WHEREAS, the Company applied for and was awarded by the CDFI in 2009 the right to <br /> award $25,000,000 of NMTC allocation to NMTC eligible investments ("City NMTC <br /> Allocation"); <br /> WHEREAS, the terms and conditions under which the City NMTC Allocation was <br /> awarded are set forth in that certain Allocation Agreement by and between Company and <br /> CDFI dated effective as of November 24, 2009 ("Allocation Agreement"); <br /> WHEREAS, pursuant to the Allocation Agreement, Company must use a majority <br /> portion of its City NMTC Allocation no later than September 30, 2012 ("Expiration <br /> Date"), and failure to use the City NMTC Allocation by the Expiration Date may result in <br /> the loss of the City NMTC Allocation and possibly jeopardize the City's ability for any <br /> future allocations; <br /> WHEREAS, as of the date hereof, despite persistent and diligent search, the City has <br /> been unsuccessful in finding one or more suitable qualified active low-income <br /> community businesses in which the City NMTC Allocation may be used; <br /> WHEREAS, the Council has determined City NMTC Allocation is a valuable resource <br /> that could provide much-needed economic benefit to low-income communities; <br /> WHEREAS, the Council deems it in the best interest of the City and the Company to <br /> ensure that the City NMTC Allocation is used within the State of Washington, and to that <br /> end, to take such steps as may be necessary and/or reasonable for the Company to expand <br /> its service area to include Spokane County and King County; <br /> WHEREAS, the Council finds that to achieve the preceding steps it is necessary to (i) <br /> expand the City of Everett CDE Advisory Board ("Advisory Board") to include <br /> representatives of Spokane County and King County, (ii) create and obtain CDFI <br />