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I' <br /> RESOLUTION NO". 4/ <br /> A RESOLUTION authorizing submission <br /> of an application to the United States of <br /> America, Department of Housing and <br /> Urban Development for an Urban <br /> Development Action Grant for the <br /> Monte Cristo Hotel <br /> WHEREAS, Section 110 of the Housing and Community Development Act of <br /> 1977 authorizes the United States of America, Department of Housing and <br /> Urban Development to make Urban Development Action Grants (UDAG) to certain <br /> distressed cities; and <br /> WHEREAS, the City of Everett qualifies under the UDAG regulations as <br /> a distressed city; and <br /> WHEREAS, the purpose of the UDAG program is to assist distressed <br /> cities and distressed urban counties which require increased public <br /> assistance and private investment to alleviate physical and economic <br /> deterioration; and <br /> WHEREAS, UDAGs are available to support economic development projects <br /> which are ready to implement and for which the applicant has a commitment <br /> from a private developer; and <br /> WHEREAS, the Mayor has determined that said project is eligible under <br /> UDAG program criteria; and <br /> WHEREAS, the Monte Cristo Hotel Development represents a substantial <br /> commitment of private resources towards enhancing the vitality of the area <br /> and expanding the vitality of Everett's downtown and expanding the City's <br /> tax base and employment opportunities; and <br /> WHEREAS, the Monte Cristo Hotel Development requires some public <br /> assistance to assure its feasibility, and to enhance its marketability; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> EVERETT: <br /> That the Mayor is hereby authorized to submit an application to the <br /> Department of Housing and Urban Development for an Urban Development <br /> Action Grant in the amount up to $600,000 to assist in development of <br /> the Monte Cristo Hotel. <br />