Resolution 6608 - Laserfiche WebLink

WHEREAS, in downtown Everett a Hampton Inn Hotel project is currently under construction (the "Hampton Project"), and the project developer has requested use of $12,000,000 of the City NMTC Allocation; WHEREAS, on Pacific Avenue in Everett an assisted living project is almost ready to commence construction (the "Pacific Assisted Living Project"), and the project developer has requested use of$13,000,000 of the City NMTC Allocation; WHEREAS, use of the City NMTC Allocation on the Hampton Project and the Pacific Assisted Living Project would not require any expansion of the Company's service area; WHEREAS, the Advisory Board met on April 4, 2013, and has recommended to Council that the Council approve use of the City NMTC Allocation on the Hampton Project and the Pacific Assisted Living Project; WHEREAS, the Council desires to authorize the Mayor to take all actions necessary to deploy the City NMTC Allocation to the Hampton Project and the Pacific Assisted Living Project; 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 deploy City NMTC Allocation to the Hampton Project and Pacific Assisted Living Project, including without limitation authority to execute and deliver any and all documents necessary to deliver City NMTC Allocation to the Hampton Project and the Pacific Assisted Living Project. If for any reason one of these projects is unable to proceed, the Mayor remains authorized to take all actions necessary to deploy the City NMTC Allocation to the remaining project. t� IQ )41 11 11",,,..' C ncilperson Introduc' g Resion PASSED and APPROVED this 24 day of Apri 1 ,2013. Council President