Resolution 6608 - Laserfiche WebLink

00111r RESOLUTION NO. 6608 A Resolution Concerning Deployment of City of Everett CDE LLC New Markets Tax Credit Allocation WHEREAS, as set forth in Resolution No. 6118 passed and approved on February 25, 2009, the Everett City Council ("Council") authorized the City of Everett ("City") to create City of Everett CDE LLC ("Company") as a Washington limited liability company comprised of the City as its sole member and manager, and caused the Company to be recognized by the United States Department of the Treasury's Community Development Financial Institutions Fund ("CDFI") as a qualified community development entity for purposes of the new markets tax credit ("NMTC") program; WHEREAS, the Company applied for and was awarded by the CDFI in 2009 the right to award $25,000,000 of NMTC allocation to NMTC eligible investments ("City NMTC Allocation"); WHEREAS, the terms and conditions under which the City NMTC Allocation was awarded are set forth in that certain Allocation Agreement by and between Company and CDFI dated effective as of November 24, 2009 ("Allocation Agreement"); WHEREAS, the Council has determined City NMTC Allocation is a valuable resource that could provide much-needed economic benefit to low-income communities; WHEREAS, despite persistent and diligent search, the City had difficulty in finding one or more suitable qualified active low-income community businesses in which the City NMTC Allocation may be used; WHEREAS, because of the difficulty in finding local qualified active low-income community businesses for the City NMTC allocation, the Council adopted a resolution on August 1, 2012, in which the Council authorized the Mayor to take such steps as may be necessary and/or reasonable for the Company to expand its service area beyond Snohomish County and to deploy the City NMTC Allocation elsewhere in Washington state; WHEREAS, in the resolution dated August 1, 2012, in anticipation of the service area expansion, the Council appointed two additional members to the City of Everett CDE Advisory Board (the "Advisory Board") from outside of Company's Snohomish County service area; WHEREAS, the CDFI has not allowed the expansion of the Company service area, and so the appointment of the additional members to the Advisory Board from beyond Snohomish County has never taken effect; WHEREAS, the Advisory Board now consists of five members from the City of Everett, all of whom were appointed or reappointed earlier in 2013;