Resolution 4162 - Laserfiche WebLink

RESOLUTION NO. 4162 EVEJRETT 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, currently engaged in the construction of a 120 unit housing project to serve low-income seniors to be located at Pacific and Oakes Avenues, 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, Snohomish County is anticipated to make a loan in the amount of ONE HUNDRED EIGHTY SEVEN THOUSAND, FIVE HUNDRED DOLLARS ($187,500) to Bethany of the Northwest for this project; and WHEREAS, Bethany has requested that the City of Everett make a loan in the amount of approximately two and one-half percent (2.5%) of the required financing for the construction of said project, in the amount of ONE HUNDRED EIGHTY SEVEN THOUSAND, FIVE HUNDRED DOLLARS ($187,500); 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, representatives of Bethany of the Northwest presented this proposal to the Council's Finance and Budget Committee and after discussion and deliberations, the Finance and Budget Committee recommends adoption of the resolution authorizing a loan for low income housing to Bethany of the Northwest; 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 ONE HUNDRED EIGHTY SEVEN THOUSAND, FIVE HUNDRED DOLLARS ($187,500) 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 a Loan and Repurchase Agreement, which terms and conditions shall be provided by or approved of by the City Attorney's Office; and