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CITY OF EVERETT <br /> RESOLUTION NO. goZ4VoZ <br /> A RESOLUTION authorizing a loan for low income <br /> housing, to BETHANY OF THE NORTHWEST, pursuant to <br /> RCW 35 . 21 . 685 . <br /> WHEREAS, Bethany of the Northwest is a Washington non-profit <br /> corporation, located in the City of Everett, currently engaged in <br /> the construction of a 120 bed nursing home facility to be located <br /> at 2235 Lake Heights Road, Everett, Washington; and <br /> WHEREAS, said nursing home facility will constitute a low <br /> income housing project as defined in Ch. 35 . 82 RCW; and <br /> WHEREAS, Bethany has requested that the City of Everett make <br /> a loan in the approximate amount of five percent ( 5% ) of the <br /> required financing for the construction of said project, in the <br /> amount of THREE HUNDRED THOUSAND DOLLARS ( $300 , 000 . 00 ) ; and <br /> WHEREAS, the City of Everett is empowered pursuant to <br /> RCW 35 . 21 . 685 to assist in the development of publicly or <br /> privately owned housing for persons of low income by providing <br /> loans of general municipal funds to the owners or developers of <br /> such housing; and <br /> WHEREAS, the Everett City Council having reviewed the <br /> request, having obtained the advice of its staff and city <br /> attorney, and being fully advised, believes this loan to be in <br /> the City' s best interest and to provide an appropriate investment <br /> vehicle for general municipal funds ; <br /> NOW, THEREFORE, <br /> BE IT RESOLVED by the City Council of the City of Everett as <br /> follows : <br /> 1 . The City shall loan to Bethany of the Northwest the sum <br /> of THREE HUNDRED THOUSAND DOLLARS ( $300, 000 . 00 ) to be used to <br /> finance a portion of the cost of construction, reconstruction, <br /> - 1 - <br /> 484GDF <br />