RES 14-669RESOLUTION NO. 14 -669
A RESOLUTION of the City Council of the City of Federal Way,
Washington, Concerning the Creation of a Federal Way Economic
Redevelopment Zone.
WHEREAS, the area bounded by South 320'h Street to the south, Interstate 5 to the east,
South 312th Street to the north, and Pacific Highway South to the west (the "Redevelopment Zone'),
is recognized as particularly economically distressed area of the City resulting from retail and
commercial business closures causing permanent layoffs and unusually high commercial vacancy;
and
WHEREAS, the Redevelopment Zone suffers from significant poverty, unemployment, and
other general economic distress; and
WHEREAS, the City of Federal Way desires to stimulate economic development of the
Redevelopment Zone by prioritizing investment of economic development financing, including HUD
Section 108 loans and New Markets Tax Credit financing, and by attracting investment by private
businesses, in projects and businesses located within the Redevelopment Zone ( "Economic
Redevelopment Activities "); and
WHEREAS, the Council has determined that prioritizing Economic Redevelopment
Activities in the Redevelopment Zone could provide much - needed economic benefit to the
Redevelopment Zone and, in -turn, the City of Federal Way as a whole; and
WHEREAS, the Council desires to authorize the Mayor to take all actions necessary to
prioritize Economic Redevelopment Activities in the Redevelopment Zone.
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NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
RESOLVES AS FOLLOWS:
Section 1. The recitals above are hereby incorporated into this Resolution by this reference.
Section 2. The Mayor is authorized to take all actions necessary to prioritize Economic
Redevelopment Activities in the Redevelopment Zone, including without limitation HUD Section
108 loans and New Markets Tax Credit financing, in projects located within the Recovery Zone.
Section 3. Severability. If any section, sentence, clause or phrase of this resolution should
be held to be invalid or unconstitutional by a court of competent jurisdiction, such invalidity or
unconstitutionality shall not affect the validity or constitutionality of any other section, sentence,
clause or phrase of this resolution.
Section 4. Corrections. The City Clerk and the codifiers of this resolution are authorized to
make necessary corrections to this resolution including, but not limited to, the correction of
scrivener /clerical errors, references, resolution numbering, section/subsection numbers and any
references thereto.
Section 5. Ratification. Any act consistent with the authority and prior to the effective date
of this resolution is hereby ratified and affirmed.
Section 6. Effective Date. This resolution shall be effective immediately upon passage by
the Federal Way City Council.
RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON this 2nd day of September, 2014.
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CITY OF FEDERAL WAY
ATTEST:
iy�jlam,
APPROVED AS TO FORM:
INTERIM TY ATTORNEY, AMY JO PEARSALL
FILED WITH THE CITY CLERK: 08 -26 -2014
PASSED BY THE CITY COUNCIL: 09 -02 -2014
RESOLUTION NO.: 14 -669
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