Resolution 6524 - Laserfiche WebLink

certification for three limited liability companies controlled by the Company ("Subsidiaries") to facilitate use of the City NMTC Allocation, (iii) obtain Advisory Board recommendations for qualified projects in which the City NMTC Allocation may be used, and (iv) close on the use of the City NMTC Allocation by the Company and the Subsidiaries in such qualifying projects; and WHEREAS, the Council finds that the City is acting in compliance with the City Charter and RCW Chapter 35.22. NOW, THEREFORE, it is hereby Resolved by the City Council of the City of Everett as follows: Section 1. The recitals above are hereby incorporated into this Resolution by this reference. Section 2. The Mayor is authorized to take all actions necessary to apply to the U.S. Treasury for permission to use the credits elsewhere in Washington State, including: (a) execute, deliver and file (or cause to be executed, delivered and filed) for each of the Subsidiaries a certificate of formation, an operating agreement and all forms, certificates, applications and other documents that are necessary to form the Subsidiaries; (b) approve, execute and deliver an application to the CDFI to certify each of the Subsidiaries as a Community Development Entity, to amend the Advisory Board to include representatives of Spokane County and King County and to provide any collateral documentation that is deemed reasonable in order to certify each of the Subsidiaries as a Community Development Entity; (c) take such actions and approve, execute and deliver such documents as is necessary to (i) expand the Company's service areas to include Spokane County and King County, and (ii) designate, pursue and close on the use of the City NMTC Allocation by the Company and the Subsidiaries prior to the Expiration date for projects recommended by the Advisory Board; and (d) take any other action that is deemed necessary and advisable to give effect to this Resolution and the transactions contemplated herein. Section 3. The Council appoints Rick Friedhoff of Seattle, Washington and Tim Henkel of Spokane, Washington to the City's New Markets Tax Credit Advisory Board. Section 4. Any actions of the City, or the Mayor, taken prior to the date hereof and consistent with the intent of this Resolution are hereby ratified and confirmed.