HomeMy WebLinkAboutR-2006-101 Fiesta Foods Yakima County Supporting Investments in Economic Development (SIED) Grant & Loan Application (Nob Hill BouRESOLUTION NO. R-2006-101
A RESOLUTION authorizing the City Manager to execute and submit a grant and loan
application with Yakima County for funding from the Yakima County
Supporting Investments in Economic Development (SIED) Fund for
infrastructure improvements necessary for the Nob Hill -Fair Avenue (Fiesta
Foods) Improvement 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
and
and
and
WHEREAS, Fiesta Foods will construct a new 45,000 square foot grocery store in Yakima;
WHEREAS, Fiesta Foods will create 75 new jobs in the city's federal Renewal Community;
WHEREAS, Fiesta Foods will invest approximately $5,000,000 to construct the new facility;
WHEREAS, in order to develop a new facility, Fiesta Foods needs to provide infrastructure
improvements estimated to cost $100,000.00; and
WHEREAS, funding (through a grant/loan) may be available from Yakima County through
the SIED Fund for infrastructure improvements; and
WHEREAS, Fiesta Foods has requested that the City submit a grant/loan application with
Yakima County to fund the infrastructure improvements from the SIED Fund; and
WHEREAS, the City Council deems it to be in the best interest of the City of Yakima to
authorize submittal of a grant/loan application with Yakima County for funding of said
infrastructure improvements from the SIED Fund, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Manager is hereby authorized and directed to execute and submit grant and loan
application with Yakima County for funding from the Yakima County Supporting Investments in
Economic Development (SIED) Fund for infrastructure improvements necessary for the Fiesta
Foods Improvement Project. The 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 27th day of June, 2006.
ATTEST: David Edler, Mayor
>41 11.—eLeA
City Clerk
SIED CONTRACT NO. YC FF 06
Amendment 2
YAKIMA COUNTY
and
CITY OF YAKIMA
(Fiesta Foods)
IT IS HEREBY AGREED between Yakima County and the City of Yakima that the third
paragraph of Subsection V.B. of SIED Contract No. YC FF 06 and SIED Contract No. YC FF
06, Amendment 01, relating to loan repayment of Cnty SIED funds for the City of Yakima's
Fiesta Foods project, is amended, effective, this �lg. day of` / , ...le10007, as set
forth below. This amendment is made to correct the length of the loaii. Except for the amended
terms of the third paragraph of Subsection V.B., which are set forth below, the original terms and
conditions of SIED Contract No. YC FF 06 shall remain in full force and effect.
V. MUTUAL CONSIDERATION
B. Repayment shall be made by the City of Yakima in five equal annual
installments (including principal and interest) payable on June 1, 2008, and
annually thereafter on June 1 of each year, with the final payment nevertheless
due on June 1, 2012, provided, however, that the final installment may be in such
greater or lesser amount as shall be required for full amortization of the repayment
amount.
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Page 1 of 2
YC FF 06
Amendment 02
IN WITNESS WHEREOF, the County and the City have executed this Contract as of the date and year
last written below.
CITY OF YAKIMA
Richard A. Zais, Jr., ' y Manager
Approved as to Form:
BOARD OF COUNTY COMMISSIONERS
Ray Paolella, City Attorney
Attest:
Michael D. Leita, Chairman
Ronald F. Gamache, Commissioner
nd Elliott, Commissioner
Approved as to Form:
Debbie Moore, City Clerk John
RESOLUTION NO: /Po?DG4'-/D/
Page 2 of 2
taffan, Deputy Prosecuting Attorney
CONTRACT AUTHORIZATIONaze".6�F t'�'"1 s`; •
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Attest:
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Tiera L. Girard
Deputy Clerk of the Board
Christina Steiner, Clerk of the Board
(31 -18 -0 -
Date
YC FF 06
Amendment 02
SIED CONTRACT NO. YC FF 06
YAKIMA COUNTY
and
CITY OF YAKIMA
(Fiesta Foods)
I PARTIES
This Supporting Investments in Economic Diversification (hereinafter referred to as
SIED) Contract is made by and between Yakima County (hereinafter referred to as the
County) whose address is 128 North Second Street, County Courthouse, Room 102,
Yakima, Washington 98901, and the City of Yakima (hereinafter referred to as the
City) whose address is 129 N 2'1 Street, Yakima, Washington 98901. Notices between
the parties shall be made where and as provided for on Page 8, Section XXII, NOTICES.
II TERM
This Contract takes effect upon execution hereof by the authorized representatives of
both parties and continues in effect until all payments required under Section V,
MUTUAL CONSIDERATION, Subsection B. REPAYMENT OF COUNTY LOAN,
have been made or until terminated as provided for in Section VIII, SUSPENSION,
TERMINATION, AND CLOSEOUT, provided, the County's right under Section V,
MUTUAL CONSIDERATION, Subsection D. OWNERSHIP AND USE, to use the
Project shall continue so long as the Project remains in use.
III PURPOSE
The purpose of this Contract is to provide for the construction of certain infrastructure
improvements (hereinafter referred to as the Project) using certain County funds
designated for such infrastructure. The Project shall consist of improving the intersection
of Nob Hill Boulevard and Fair Avenue by widening the approach to the intersection and
creating sidewalks, curbs and gutters, storm drains, fire hydrants, and streetlights.
IV RECITALS
The Parties make this Contract based on and in recognition of certain relevant facts and
circumstances including:
A. Sales and use taxes are collected in and for the County under authority of RCW
82.14.370 and Yakima County Code 3.10.010 for the purpose of financing public
facilities in the County, and the proceeds are deposited in the Yakima County
Filed Page 1 of 10 Contract No. YC FF 06
Infrastructure Fund (also referred to as SIED Fund), according to YCC 3.10.040.
B. The City proposes to construct the Project with a combination of City, private,
and County funds, including $100,000.00 from the SIED Fund, $50,000.00 to
be in the form of a loan and $50,000.00 to be in the form of a grant, and
thereafter to own and operate the Project for the benefit of the City and the
County.
C. RCW 82.14.370 was adopted to serve the goals of promoting business in rural
distressed areas, providing family wage jobs and the development of communities
of excellence in such areas, and the parties expect the Project to further these
goals.
D. RCW 43.160 and 43.160.020 adopted and amended for related purposes with
those of RCW 82.14.370, define public facilities to include various buildings,
structures and works, such as the Project.
E. The County, under authority of RCW 36.01.085, and by agreement of February
19, 1999, has engaged the Yakima County Development Association, also known
as New Vision, to provide administrative and technical assistance in furtherance
of the County's economic development.
F. The County has also created the SIED Board to review applications for grants
from the SIED Fund and make recommendations for SIED Fund investments
based on commitment of other funds, potential for resulting job creation, and
other factors.
G. New Vision has investigated the Project and assisted in preparing the pending
application for SIED funds, and the SIED Board has reviewed the application for
SIED funds and has recommended approval.
H. The SIED Fund balance is sufficient to make the requested contribution to the
Project.
I. RCW 39.34 authorizes interlocal agreements whereby municipal governments
may jointly exercise the powers granted to each.
V MUTUAL CONSIDERATION
A. COUNTY LOAN—The County shall loan Fifty Thousand Dollars and Zero
Cents ($50,000.00) for the Project described herein. This loan amount shall be
by County warrant drawn on the SIED Fund and payable to the City
immediately upon approval of this agreement by Board of County
Commissioners following signatures from the City.
Filed Page 2 of 10 Contract No. YC FF 06
B. REPAYMENT OF COUNTY LOAN—The City shall repay the County's loan
of Fifty Thousand Dollars and Zero Cents ($50,000.00) with interest on
unpaid principal, at an annual per annum rate of(o. I'bcjS11.1'/o, which is the
Yakima County Interfund Loan Rate on the date this Contract is approved by the
County. Interest shall accrue from the date this contract is approved by the
County.
Repayment shall be made by the City in five equal annual installments
(including principal and interest) payable on June 1, 2007, and annually
thereafter on June 1 of each year, with the final payment nevertheless due on
June 1, 2011; Provided, however, that the final installment may be in such
greater or lesser amount as shall be required for full amortization of the
repayment amount.
These payments shall be by check payable to Yakima County Infrastructure
Fund and delivered to Yakima County Treasurer, Yakima County
Courthouse, Room 115, 128 North 2nd Street, Yakima, WA 98901. The City
obligation hereunder shall be a limited general obligation of the City, payable
from any legally available source of funds. Exhibit A attached hereto and
incorporated herein reflects the Debt Service Schedule as noted. The loan is not
subject to redemption prior to maturity (final date of repayment schedule).
In the event of payment by the City of any one or more installments, or of the
entire loan balance, before the date prescribed in Exhibit A, interest shall
accrue on such installment(s) or balance until, but not beyond, the June 1
next succeeding the date of such payment(s). If more than one installment is
paid during any repayment year, then the repayment period recited above
shall be correspondingly shortened and the scheduled of payments reflected
in Exhibit A shall be correspondingly advanced.
C. COUNTY GRANT—The County shall grant Fifty Thousand Dollars and Zero
Cents ($50,000.00) to the City for the Project described herein. This grant shall
be by County warrant drawn on the SIED Fund and payable to the City
within thirty (30) days of the County's receipt of a signed copy of the Project
engineer's certificate that 50% of the work on the Project has been
completed and the City's invoice for said grant.
D. OWNERSHIP AND USE—The City shall construct, own, maintain, and operate
the Project as a part of its public infrastructure for economic development,
available for use by manufacturing and industrial concerns proximate to the
Project. The City shall also permit the use of the Project by the County and its
departments on like terms with other users, at such time as the Board of Yakima
County Commissioners may deem expedient. For purposes of this paragraph,
ownership, maintenance, and operation of the Project or any portion thereof by
another municipality, under any conveyance or dedication which is subject to and
Filed Page 3 of 10 Contract No. YC FF 06
preserves the County's right of use, shall be deemed ownership, maintenance, and
operation by the City.
VI RECORDS, REPORTS AND AUDITS
The City agrees to maintain such records, make such reports and follow such procedures
as may be required by the County, pertaining to this Contract. All records pertaining to
this Contract and work undertaken hereunder shall be retained by the City for a period of
three years after final audit unless a longer period is required to resolve audit findings or
litigation. The County and other authorized representatives of the State and Federal
government shall have access to any books, documents, papers, and records of the City
which pertain to this Contract or work undertaken hereunder for the purpose of making
audit, examination, excerpts, and transcriptions.
VII RELATIONSHIP OF PARTIES AND AGENTS
The relationship of the City to the County, with regard to construction of the Project,
shall be that of an independent contractor rendering professional services. The City shall
have no authority to execute contracts or to make commitments on behalf of the County
and nothing contained herein shall be deemed to create the relationship of employer and
employee or principal and agent between the County and the City.
The City represents that it has or will secure at its own expense all personnel, contractors,
and/or subcontractors required in order to perform work under this Contract. Such
personnel shall not be employees of the County. All such personnel, contractors, and/or
subcontractors shall be fully qualified and authorized/permitted under State and/or local
law to perform such services.
All services required hereunder will be performed by the City or under its supervision
and all personnel engaged in the work shall be fully qualified and shall be authorized or
permitted under State or local law to perform such services.
VIII SUSPENSION, TERMINATION, AND CLOSEOUT
If the City fails to comply with the terms and conditions of this Contract, the County may
pursue such remedies as are legally available, including, but not limited to, the
suspension or termination of this Contract in the manner specified herein:
A. SUSPENSION—If the City fails to comply with terms and conditions of this
Contract, or whenever the City is unable to substantiate full compliance with
provisions of this Contract, the County may suspend this Contract pending
corrective action or investigation, effective not less than seven days following
written notification to the City or its authorized representative. The suspension
will remain in full force and effect until the City has taken corrective action to the
satisfaction of the County and is able to substantiate its full compliance with the
terms and conditions of this Contract. No obligations incurred by the City or its
Filed Page 4 of 10 Contract No. YC FF 06
authorized representative during the period of suspension will be allowable under
this Contract, except:
1. Reasonable, proper, and otherwise allowable costs which the City
could not avoid during the period of suspension;
2. Otherwise allowable costs incurred during the period of suspension,
if upon investigation, the County is satisfied of the City's
compliance with the terms and conditions of this Contract to the
extent of the compensation claimed by the City.
B. TERMINATION FOR CAUSE—If the City fails to comply with the terms and
conditions of this Contract and any of the following conditions exist:
1. The lack of compliance with the provisions of this Contract were of
such scope and nature that the County deems continuation of this
Contract to be substantially detrimental to the interests of the
County;
2. The City has failed to take satisfactory action as directed by the
County or its authorized representative within the time period
specified by same;
3. The City has failed within the time specified by the County or its
authorized representative to satisfactorily substantiate its
compliance with the terms and conditions of this Contract; then,
The County may terminate this Contract in whole or in part, and thereupon shall
notify the City of termination, the reasons therefore, and the effective date,
provided such effective date shall not be prior to notification of the City. After
this effective date, no charges incurred under any terminated portions outlined in
the application for funding are allowable.
C. TERMINATION FOR OTHER GROUNDS—This Contract may also be
terminated in whole or in part by mutual consent and written agreement setting forth
the conditions of termination, including effective date and, in case of termination in
part, that portion to be terminated.
IX COPYRIGHT RESTRICTION
No report, maps, or other documents produced in whole or in part under this Contract
shall be the subject of an application for copyright by or on behalf of the City.
Filed Page 5 of 10 Contract No. YC FF 06
X COMPLIANCE WITH LAWS
The County and the City shall comply with all applicable laws, ordinances, and codes of
the Federal, State and local governments with regard to the performance of this Contract.
XI TITLE VI OF THE CIVIL RIGHT ACT OF 1964
Under Title VI of the Civil Rights Act of 1964, no person shall, on the grounds of race,
color, creed, religion, sex, or national origin, be excluded from participation in, be denied
the benefits of, or be subjected to discrimination under any program or activity receiving
Federal financial assistance.
XII SECTION 109—HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974
No person in the United States shall on the grounds of race, color, creed, religion, sex, or
national origin be excluded from participation in, be denied benefits of, or be subjected to
discrimination under any program or activity funded in whole or in part with funds made
available under this title.
XIII AGE DISCRIMINATION ACT OF 1975 (As Amended)
No person shall be excluded from participation, denied program benefits, or subjected to
discrimination on the basis of age under any program or activity receiving Federal
funding assistance. (42 U.S.C. 610 et. seq.)
XIV SECTION 504 OF THE REHABILITATION ACT OF 1973 (As Amended)
No otherwise qualified individual shall, solely by reason of his or her handicap, be
excluded from participation (including employment), denied program benefits, or
subjected to discrimination under any program or activity receiving Federal funds (29
U.S.C. 794).
XV INTEREST OF MEMBERS OF THE COUNTY AND THE CITY
No member of the governing body of either party and no other officer, employee, or
agent of either party who exercises any functions or responsibilities in connection with
the planning or carrying out of the Project shall have any personal financial interest,
direct or indirect, in this Contract.
Filed Page 6 of 10 Contract No. YC FF 06
XVI HOLD HARMLESS AND INDEMNITY
The City shall indemnify and hold harmless the County, its officers, agents, and
employees, from all liability, loss or damage, including costs of defense they may suffer
as a result of claims, demands, actions costs, or judgments which result from the
activities to be performed by the City, its agents, employees, or subcontractors pursuant
to this Contract.
XVII PUBLIC LIABILITY
The City or its contractor(s) shall maintain for the duration of work under this Contract,
issued on an occurrence basis, comprehensive liability insurance with a combined single
limit of not less than one million dollars ($1,000,000) from a company authorized to
provide insurance in the State of Washington. Said policies shall provide that the policy
shall not be canceled or altered by any party without written notice to Yakima County,
delivered not less than thirty (30) days prior to such cancellation or alteration. Applicant
certifies that comprehensive liability insurance with a combined single limit of not less
than $1,000,000.00 is in effect.
XVIII ASSIGNABILITY
The City shall not assign any interest in this Contract and shall not transfer any interest in
this Contract (whether by assignment or novation) without prior written consent of the
County thereto, provided, however, that claims for money by the City from the County
under this Contract may be assigned to a bank, trust company, or other financial
institution without such approval. Written notice of any such assignment or transfer shall
be furnished promptly to the County by the City.
XIX NON -WAIVER
The failure of either party to insist upon strict performance of any provision of this
Contract or to exercise any right based upon a breach thereof or the acceptance of any
performance during such breach shall not constitute a waiver of any right under this
Contract.
XX CONTRACT MODIFICATIONS
It is mutually agreed and understood that no modification or waiver of any clause or
condition of this Contract is binding upon either party unless such modification or waiver
is in writing and executed by the County and the City.
Filed Page 7 of 10 Contract No. YC FF 06
XXI SEVERABILITY
If any portion of this Contract is changed per mutual contract or any portion is held
invalid, the remainder of this Contract shall remain in full force and effect.
XXII NOTICES
Unless stated otherwise herein, all notices and demands shall be in writing and sent or
hand -delivered to the parties to their addresses as follows:
TO CITY: Bill Cook
Director of Community & Economic Development
City of Yakima
129 N 2nd Street
Yakima, WA 98901
TO COUNTY: Steve Hill, Director
Yakima County Departments of
Community Services & Grant Management
128 North Second Street, Room 102
Yakima, WA 98901
or to such other addresses as the parties may hereafter designate in writing. Notices
and/or demands shall be sent by registered or certified mail, postage prepaid, or hand -
delivered. Such notices shall be deemed effective when mailed or hand -delivered at the
addresses specified above.
XXIII INTEGRATION
This Contract contains all terms and conditions agreed to by the County and the City.
There are no other oral or written agreements between the City and County as to the
subjects contained herein. No changes or additions to this Contract shall be valid or
binding upon either party unless such change or addition be in writing and executed by
both parties.
XXIV GOVERNING LAW AND VENUE
All questions of the validity, construction, and application of this Contract shall be
governed by the laws of the State of Washington. Venue for any suit between the parties
arising out of this Contract shall be the Superior Court of Yakima County, Washington.
Filed Page 8 of 10 Contract No. YC FF 06
XXV FILING
Upon execution by the authorized representatives of the parties, a copy of this Contract
shall be promptly filed with the Yakima County Auditor pursuant to RCW 39.34.040.
***************
Filed Page 9 of 10 Contract No. YC FF 06
IN WITNESS WHEREOF, the County and the City have executed this Contract as of the date
and year last written below.
CITY OF Yakima BOARD OF COUNTY COMMISSIONERS
Richard A. Zais, Jr., City Mager
Approved as to Form:
/fJA
Ray Paolella, City Attorney
Attest:
Karen.& Roberts, C Clerk
& rte+. h /`7oor'e-
(:-// Gi I,
Date
e0, cr aDd�mX3
Ronald F. Gamache,-Chairman
cotAMtS
Excused
Jesse S. Palacios, Commissioner- C -014r241'1-\4`•-1
ichael D. Leita, commissioner
Approved as to Form:
John/Staffan, Deputy Prosecuting Attorney
CONTRACT AUTHORIZATION0 '"f,a�, e
s
Attest:
y. /
Chris Ina -Steiner, Deputy Clerk oEtlie°Board
0 ' i O • L>
Date
Filed Page 10 of 10 Contract No. YC FF 06
Dated• 10/10/2006
Delivered 10/10/2006
Variable Rate Transactions
City of Yakzmi
SIED - Fiesta Foals
1
SIA 30/360 YRLY7/6
Sime Int
Coupon Int Calc Principal Effective Interest Credit Periodic
Period Date Day Cnts Payment Coupon Rate Payment Enhancements Debt Servece
1 6/1/2007 231/360 9,696.24 6.18750 1,98516 11,681 40
2 6/1/2008 360/360 9,187 60 6.18750 2,493.80 11,681 40
3 6/1/2009 360/360 9,756.09 6.18750 1,925.31 11,68140
4 6/1/2010 360/360 10,359 75 6.18750 1,321.65 11,681 40
5 6/1/2011 360/360 11,000.32 6.18750 680.64 11,680.96
Outstanding
Balance
40,303 76
31,116.16
21,360.07
11,000.32
$50,000.00 $8,406.56 $0.00 $58,406.56
True Interest Cost (TIC)
Arbitrage Yield Limit (AYL)
Average Life
6.1875000 Face Value of Bond Issue $50,000.00
0.0000000 Accrued Interest (+) $0.00
2.7172727 Original Issue Premium/Discount (+) $0.00
Underwriter Discount (+) $0.00
Lump -sum credit enhancements O $0.00
Prepared by: Yakima County Treasurer's
Prepared on: 10/16/2006 8:41 12.33 lips 01j
:MUNIDB
YCFF 06-2006-A
YAKIMA COUNTY
DEPARTMENT OF COMMUNITY SERVICES
October 17, 2006
Bill Cook, Director
Community & Economic Development
City of Yakima
129 N 2nd Street
Yakima, WA 98901-2613
Dear Bill:
Enclosed is your fully signed and executed copy of SIED Contract number YC FF 06 signed by
the Board of Yakima County Commissioners on October 10, 2006. Attached is your Debt Service
Schedule prepared by the Yakima County Treasurer's office.
A warrant in the amount of $50,000 will be issued and mailed by the Auditor's office on their
next regular warrant issue date.
Sincerely,
Autumn Halloway
Office Specialist
Enclosure: 1
128 North Second Street, Room 102 9.0 Yakima, Washington . 98901
' (509) 574-1520 V. (509) 574-1521 v.. (800) 572-7354, extension 1520
YAKIMA COUNTY
DEPARTMENT OF COMMUNITY SERVICES
_7,_/ Ccanrr!
September 6, 2007
Debbie Moore
City of Yakima
129 N 2nd Street
Yakima, WA 98901-2613
Dear Debbie:
RE: SIED Contract Number YC FF 06, Amendment 02
/ 9
rizod .14
z
Enclosed are five originals of SIED Contract Number YC FF 06, Amendment 02 between Yakima
County and City of Yakima/Fiesta Foods for signatures by the City of Yakima officials.
Amendment 01 had the correct dates for deferring the loan repayment, but unfortunately, had the
wrong number of years listed in the paragraph.
Please return all five signed originals to this office. We will send you one original for your files
after approval by the Yakima County Board of Commissioners.
Thank you.
Sincerely,
Autumn Halloway
Enclosures: 5
128 North Second Street, Room 102 v.. Yakima, Washington v.. 98901
(509) 574-1520 v.. (509) 574-1521 v.. (800) 572-7354, extension 1520
ITEM TITLE:
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No.
For Meeting Of: June 27, 2006
Consideration of a resolution authorizing the City Manager to
execute and submit a grant/loan application to the Yakima County
Supporting Investments in Economic Diversification (SIED) fund for
th? Nob Hill -Fair Avenue (Fiesta Foods) Improvement Project.
SUBMITTED BY: Bill Cook, Director of Community and Economic Development
CONTACT: Michael Morales, Deputy Director 575-3533
SUMMARY EXPLANATION:
Fiesta Foods is an independent grocer with stores in Pasco and Sunnyside. Fiesta has
selected Yakima for its next site, and has acquired the former Bowden's Auto Parts
store at southeast corner of Nob Hill Boulevard and Fair Avenue. The Bowden's store
has been demolished, and Fiesta has submitted plans to build a 45,000 square foot
store.
This intersection is part of the Six Year TIP, but funding has not been secured to
improve all four approaches. The Fiesta site is the only one of the four corners where
new development will occur, and, as such, their participation in the intersection
improvements is substantially higher than the others. Fiesta has requested the City
utilize SIED funding to offset the cost of required infrastructure improvements including
road paving, storm drainage, curb and sidewalks. The total estimated cost of the
infrastructure improvements is estimated at $100,000.00. With Council approval, the
City will apply for a SIED loan of $50,000 and a grant of $50,000. Local match will
come from right-of-way contribution and other transportation grants.
CONTINUED ON NEXT PAGE
Resolution X Ordinance Contract Other: Grant & Loan Application
Funding Source: Yakima County SIED Fund
Approval for Submittal:
City Manager
STAFF RECOMMENDATION: Staff recommends approval of the resolution.
BOARD RECOMMENDATION:
COUNCIL ACTION: Resolution adopted. RESOLUTION NO. R-2006-101
1
Upon award, the City will enter into a loan agreement with Yakima County for
repayment of the loan portion (50%), and will also enter into an agreement with Fiesta
Foods for repayment to the City of the aforementioned obligation.
The SIED program is a Yakima County funding source for economic development that
originates from a refund of County tax revenue from the State of Washington. SIED is
administered for the County by YCDA/New Vision, and the advisory board is appointed
by the County, with nominations from the cities.
SIED funds are available only for construction of public infrastructure, and only in
association with new private sector development that creates or retains jobs. SIED
funding consists of a loan and grant award from Yakima County to the applicant
municipality or port district. Funding is limited to $500,000 per project.
2