HomeMy WebLinkAbout12-017 Interfund Loan in Connection with Main Street Tax Incentive Program Resolution 12-017
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RESOLUTION NO. 12-017
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON AUTHORIZING AN INTERFUND LOAN IN CONNECTION WITH
THE MAIN STREET TAX INCENTIVE PROGRAM
RECITALS:
A. RCW 82.73.030 creates a state tax incentive program for taxpayers to make a
contribution to Main Street for purposes of supporting downtown revitalization. The City
is a qualified taxpayer.
B. The City Council determines it appropriate to participate in the program in 2012 by
contributing $100,000 to Main Street (on a schedule detennined by the City Manager),
based on the benefits to the City that Main Street proposes in its 2012 work plan,
including:
1. Services that Main Street would undertake that relieve the City of expense:
Cotton Street rest room maintenance ($15,000); Seasonal portolettes ($1,600);
Flower Beds maintenance ($15,500).
2. Services that Main Street would perform that benefit downtown revitalization,
including: a building and business inventory(estimated cost $21,000); sidewalk
maintenance/bird abatement/clean up (estimated cost $18,000); and promotional
services (including, concerts on the dock, Girl's Night Out, Halloween Parade, Art
Affair, Art Wave, Winter Holiday festivities, including, downtown holiday
lighting).
C. This Resolution authorizes an interfund loan to the general fund to fund the City's
participating in the Main Street tax incentive program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
1. The City Manager is authorized to make an interfund loan in the amount of$100,000
from the OGWS Transmission Pipeline Fund to the general fund for purpose of funding
the City's participating in the Main Street tax incentive program.
2. The loan from the OGWS Transmission Pipeline Fund is to be repaid within three years
from general fund receipts as approved by the Council, with interest at the current rate
paid to the state treasurer for the local government investment pool (LGIP) administered
by the state treasurer.
Resolution 12-017
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ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this day of j0p, 2012.
DaviAing, Mayor
Attest: Approved as to form:
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Pamela Kolacy, MMC John P. Watts
City Clerk City Attorney