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HomeMy WebLinkAbout08-025 Authorizing submission of app for WA float loan programRESOLUTION NO. 08-025 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, WASHINGTON, AUTHORIZING SUBMISSION OF AN APPLICATION FOR A WASHINGTON FLOAT LOAN PROGRAM IN THE APPROXIMATE AMOUNT OF $x,000,000 WHEREAS, the 1890 Hastings Building located in Port Townsend's downtown Historic Commercial District is among the oldest and most elegant buildings in the City; and WHEREAS, the Hastings Building was designed by Elmer H. Fisher, Seattle's premier commercial architect during the late 19`x' century, and is one of the few surviving examples of his work which includes the Pioneer Building in Seattle's Pioneer Square; and WHEREAS, the Hastings Building and adjacent Hastings Landing located on Water and Taylor Streets were important centers of commercial activity in Port Townsend in the late l 9`h and early 20~' century; and WHEREAS, over the course of their 118 years, the Hastings Building and Hastings Landing have significantly deteriorated and exist today in a blighted state that threatens their continued existence; and WHEREAS, Taylor Hastings, LLC, has proposed to renovate the Hastings Building and Hastings Landing as a commercial mixed use project designed to respect the continuity and essential historic character of Water and Taylor Streets while infusing the area with renewed life and energy; and WHEREAS, the proposed Taylor Hastings, LLC project will renovate the Hastings Building and Hastings Landing and thereby eliminate blight in the heart of downtown Port Townsend; and WHEREAS, because of the complex nature of designing and permitting this historic renovation project, Taylor Hastings, LLC represents it cannot proceed with the project without an affordable source of interim financing in the amount of five million dollars ($5,000,000.00); and WHEREAS, the Washington Department of Community, Trade and Economic Development ("CTED") administers the use of most U.S. Department of Housing and Urban Development ("HUD") Community Development Block Grant ("CDBG") funds in this state; and WHEREAS, the Washington CDBG program provides funds for an array of public facilities, community facilities, economic development, blight elimination, housing rehabilitation, and public services that principally benefit low and moderate income households; and Resolution U8-025 WHEREAS, one of the Washington CDBG programs allows for short-term "float" loans at low interest rates to private businesses for projects that will eliminate blight; and WHEREAS, such float loans are made at the request of the local jurisdiction in which the project is located but do not create liability for the requesting jurisdiction; and WHEREAS, in order to secure such ashort-term loan for the Hastings Building and Hastings Landing project, the City of Port Townsend must make a request by resolution to C"TED for a grant of $5,000,000.00, which if approved will be loaned by the City to Taylor Hastings Development, LLC; and WHEREAS, notice was published in the City's official newspaper (Port Townsend & Jefferson County Leader) on July 9, 2008 that the City Council on July 21, 2008 would consider action on a resolution to make application for this Float Loan, and interested persons could provide comment in writing or in person, and all persons who wished to make comment or submit materials were allowed to do so, and the Council duly considered the same; and WHEREAS, by this Resolution, the City Council is not endorsing the project unless and until all required permits and approvals have been obtained, and the City Council is not pre- judging or concluding that the project does or does not meet all approval criteria and/or that all environmental impacts have or have not been properly addressed, until all required environmental, permitting and approval processes have been completed and permits and approvals have been issued and become final, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port Townsend as follows: 1. That the historic 1890 Hastings Building located on Water and Taylor Streets in the downtown Historic Commercial District is an important landmazk in. Port Townsend. That the Hastings Building and Hastings Landing are currently in a blighted condition that threatens their continued existence if not maintained, rehabilitated, or redeveloped. That the proposed Taylor Hastings, LLC, project, if approved, following receipt of all reyuired permits and approvals, will renew the Hastings Building and Hastings Landing and eliminate blight in the heart of downtown Port Townsend. 4. That because of the complex nature of designing and permitting this historic renovation project, Taylor Hastings, LLC cannot proceed with the project without an affordable source of interim financing in the amount of five million dollars ($5,000,000.00). 5. That the City of Port Townsend hereby requests that the Washington Department of Community, Trade and Economic Development provide a float loan of Community Development Block Grant funds through the City of Port Townsend to Taylor Hastings, LLC for the Hastings Building and Hastings Landing project. Resolution 08-025 6. The City Manager is hereby authorized to submit an application, and any additional information in connection therewith, to the State of Washington for and on behalf of the City of Port Townsend for Float Loan funding in the approximate amount of $5,000,000 for the Hastings Building and Hastings Landing project. In the event the loan application is approved, the matter shall come back before the Ciry Council to authorize execution of necessary grant and loan documents and other agreements. 8. This Resolution does not constitute an endorsement by the City Council of the project, unless and until all required permits and approvals have been obtained and are final. By this Resolution, the City Council is not pre-judging or concluding that the project does or does not meet all approval criteria and/or that all environmental impacts have or have not been properly addressed, until all required environmental, permitting and approval processes have been completed and permits and approvals have been issued and become final. The City Council at this time is agreeing to submit an application for block grant financing to allow the project to proceed through the permitting process, and if approvals ue obtained, to proceed to construction and completion. ADOPTED by the City Council of the City of Port Townsend at a regular meeting thereof, held this twenty-first day of July, 2008. Attest: Pamela Kolacy, MMC City Cleric 1 fi~-(~(~~ _ ~~-v-- .~Ol Michelle Sandoval, Mayor Approved as to form: John P. Watts City Attorney Resolution 08-02~