HomeMy WebLinkAbout15-005 Howard Street CERB Grant Application Resolution 15-005
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RESOLUTION NO. 15-005
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT
TOWNSEND,WASHINGTON,AUTHORIZING SUBMISSION OF AN
APPLICATION FOR A COMMUNITY ECONOMIC REVITALIZATION
BOARD PROSPECTIVE DEVELOPMENT LOAN/GRANT IN THE
MAXIMUM AMOUNT OF $2,000,000 FOR HOWARD STREET
EXTENSION INFRASTRUCTURE
WHEREAS, Community Economic Development Board (CERB)
Prospective Development funds are available to support construction of public
infrastructure in furtherance of high-wage job growth and economic development;
and
WHEREAS, the City of Port Townsend desires to construct the Howard
Street Extension, including transportation and utility infrastructure necessary to
support economic development within the corridor consistent with the purposes of
the CERB; and
WHEREAS, CERB awarded the City with a Planning Grant on September
18, 2014 to conduct an Economic Feasibility Study on the Howard Street Corridor,
as the required first step before applying for public infrastructure funding through a
Prospective Development Application; and
WHEREAS, development of the Howard Street Corridor represents a
commitment of resources toward enhancing the long-term vitality of the area and
expansion of high-wage economic and employment opportunities of the City of Port
Townsend,together with increased tax revenues; and
WHEREAS, in the event the application for CERB funding is approved, and
the loan/grant is accepted by the City of Port Townsend, the City of Port Townsend
will comply with all applicable federal and State requirements in regard to
environmental impact of the project; and
WHEREAS, the project will not result in the transfer/relocation of jobs from
one part of the state of Washington to another; and
WHEREAS, the matching portion of the loan is minimum of 50% of the
total project amount, and the maximum grant amount is $300,000 based on financial
need. The City of Port Townsend will investigate and evaluate options for joint
participation in the matching obligations and repayment of the CERB loan/grant; and
WHEREAS, the City of Port Townsend finds that an application should be
submitted for consideration by CERB, and that such submission will promote
economic development within the City of Port Townsend;
Resolution 15-005
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NOW THEREFORE, BE IT RESOLVED that the City Council of the City
of Port Townsend, Washington, as follows:
1. That the City Manager or his/her designee, is hereby authorized to
submit an application to the Community Economic Revitalization Board, for
and on behalf of the City of Port Townsend for CERB low-interest loan
funding up to $2,000,000 for the CERB Project; and
2. That the City Manager is hereby further authorized to provide such
additional information as may be necessary to secure approval of such
application; and
3. That, in the event such application is approved,the City Manager is
authorized to enter into an agreement for such funding; and
4. That this Resolution shall be effective upon passage and signatures
heron in accordance with law.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 5th day of January, 2015.
r
David King
Mayor
Attest: Approved as to form:
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney