HomeMy WebLinkAboutR-2023-030 Resolution authorizing acceptance of a Supporting Investments in Economic Development (SIED) grant and loan funding for the Russell Lane Realignment Project 2650A RESOLUTION
RESOLUTION NO. R-2023-030
accepting and authorizing the execution of the "Supporting Investments in
Economic Development" (SIED) Grant and Loan funding from Yakima
County for contract 2650 — Russell Lane Realignment.
WHEREAS, the Yakima City Council has established that development of commercial
properties and increasing jobs for residents of the City is an Economic Development priority for
the City of Yakima; and
WHEREAS, All American Investment Group proposes to develop the property located at
2018 S 1st Street into a fast food establishment and other commercial buildings resulting in
added jobs for the community; and
WHEREAS, Russell Lane needs to be realigned to provide a safe and efficient access to
the site; and
WHEREAS, Yakima County has established the Supporting Investments in Economic
Development (SIED) funds to assist the growth of business; and
WHEREAS, The City of Yakima requested and was approved for funding from the Yakima
County "Supporting Investments in Economic Diversification" (SIED) Board a $416,000 grant and
a $416,000 loan for improvements to the intersection of South 1st Street and Russell Lane; and
WHEREAS, the property owner agrees to repay the loan proceeds from the SIED Fund
to the City of Yakima through a written agreement to be executed after the City accepts the
SIED funding; and
WHEREAS, the City Council deems it too be in the best interest of the City of Yakima
and its residents to accept the Yakima County SIED funding for the realignment project
associated with Russell Lane; now, therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Manager is hereby authorized to accept and execute the Supporting Investments
in Economic Development (SIED) Grant and Loan Agreement with Yakima County for contract
2650 — Russell Lane Realignment. attached hereto.
ADOPTED BY THE CITY COUNCIL this 21st day of February, 2023.
ATTEST:
(2-
Sonya C parTee, City Clerk
Janice Deccio, Mayor
C.)
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.J.
For Meeting of: February 21, 2023
ITEM TITLE:Resolution authorizing acceptance of a Supporting Investments in
Economic Development (SIED) grant and loan funding for the
Russell Lane Realignment Project 2650
SUBMITTED BY:Scott Schafer, Director of Public Works
* Bill Preston, City Engineer - (509) 576-6754
SUMMARY EXPLANATION:
The City of Yakima received funding from Yakima County Supporting Investments in Economic
Development (SIED) for the Russell Lane Realignment Project 2650. The project will realign
and upgrade Russell Lane to allow for required revisions to the traffic signal for an additional leg
to the current three-legged signal. This realignment will allow for the development a 1.11- acre
parcel for a restaurant development. A total of five acres will be supported for future commercial
development. The total grant award from Yakima County to the City of Yakima is $416,000 in the
form of a grant and $416,000 in a loan, and $168,000 local match. The property owners agree to
repay the loan proceeds and provide the local match. The agreement is attached for City Council
review.
ITEM BUDGETED:No
STRATEGIC PRIORITY:Economic Development
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Adopt Resolution.
ATTACHMENTS:
Description Upload Date Type
resolution 2/16/2023 Cover Memo
Sied Contract 12/15/2022 Contract
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