HomeMy WebLinkAbout10/19/2010 09 Yakima Sawmill Redevelopment Area SIED fund Loan Application • BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No
For Meeting Of October 19, 2010
ITEM TITLE Consideration of a resolution authorizing the City Manager to
execute and submit a loan application to the Yakima County Supporting
Investments in Economic Diversification (SIED) fund in the amount of
$500,000 00 for the infrastructure design of the Yakima Sawmill,
Redevelopment Area.
SUBMITTED BY Michael Morales, Director of CED
CONTACT PERSON/TELEPHONE Michael Morales, 575 -3533
SUMMARY EXPLANATION The Yakima County SIED fund provides financing for capital
improvement projects that create economic development activity The Department of
Community and Economic Development requests authorization to submit a $500,000 loan
application for design engineering of the Phase 1 infrastructure needs related to the proposed
0 redevelopment project. The SIED loan will serve as bridge financing instrument, to be repaid to
the county with the city's first LIFT bond issuance While design costs are eligible for
reimbursement by LIFT, the city Tacks sufficient general funds to advance these costs
With council approval, CED will submit an application for consideration by the SIED board on
October 21, with action by the county commissioners expected in November At that time, a
bridge loan agreement will be negotiated with the County
Resolution X Ordinance _ Contract _ Other
Funding Source Yakima County SIED Fund
Approval for Submittal , _ J City Manager
STAFF RECOMMENDATION Staff recommends approval of the resolution
BOARD RECOMMENDATION
COUNCIL ACTION
•
1
RESOLUTION NO R -2010-
A RESOLUTION authorizing the City Manager to execute and submit a loan application
and related documents in the amount of $500,000 to the Yakima County
Supporting Investments in Economic Diversification fund for infrastructure
design related to the Cascade Mill District Redevelopment Project.
WHEREAS, Yakima County has established the Supporting Investments in Economic
Diversification (SIED) fund to assist the growth of business in the County; and
WHEREAS, economic development is a priority for the City of Yakima, and the City
intends to approach economic development on an inclusive, comprehensive basis which
involves public, private and community -based efforts to achieve new investment and
redevelopment in the City; and
WHEREAS, regional cooperation is an important part of our economic development
efforts, and
WHEREAS, the Cascade Mill District is a high priority economic development initiative of
the City Council, and
WHEREAS, the city is eligible to receive up to $25,000,000 of infrastructure financing
from the State of Washington to assist with redevelopment of the Cascade Mill District; and
WHEREAS, the property owners of the Cascade Mill District will undertake an extensive
land use planning process in the near future, and
WHEREAS, analysis of options for the location of infrastructure and public facilities
within the redevelopment area has been conducted as a necessary component of the overall
planning process, and
WHEREAS, interim financing of engineering design for infrastructure may be available
from Yakima County through the SIED Fund for activities that are eligible for reimbursement
from state LIFT funds, and
WHEREAS, the City Council deems it to be in the best interest of the City of Yakima to
authorize submittal of a loan application with Yakima County for funding of said design
engineering activities from the SIED Fund, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA.
The City Manager is authorized to execute and submit a loan application and related documents
in the amount of $500,000 to the Yakima County Supporting Investments in Economic
Diversification fund for transportation and public facilities planning related to the Cascade. Mill
District. The Yakima City Manager is hereby designated as the official representative of the City
to act in connection with that funding application and is authorized to take such additional
actions as may be necessary and prudent to complete the project.
ADOPTED BY THE CITY COUNCIL this 19 day of October, 2010
ATTEST Micah Cawley, Mayor
City Clerk