RES 15-691 - Approving Section 108 Loan Application for PAEC RESOLUTION NO. #15-691
A RESOLUTION of the City Council of the City of Federal Way,
Washington, approving a Section 108 Loan Application in support of
development of the Performing Arts and Events Center and authorizing
its submission to the U.S. Department of Housing and Community
Development, and authorizing the Mayor to execute all documents
associated with the application and loan.
WHEREAS, the City Council, via Resolution 14-665, unanimously voted to approve
development of the Performing Arts and Events Center in downtown Federal Way; and
WHEREAS, estimates that construction of the facility will create direct spending of$59
million in the downtown and create more than 300 family wage, union jobs; and
WHEREAS, ongoing operation of the facility will generate each year approximately $5.6
million in direct spending and 49 new jobs; and
WHEREAS, construction and operation of the Performing Arts and Events Center is
expected to spur additional business investment in Federal Way's downtown,thus creating additional
jobs for Federal Way residents; and
WHEREAS, the City of Federal Way has estimated development costs for the Performing
Arts and Events Center to be $32.75 million; and
WHEREAS,the City of Federal Way is seeking to complete project funding through a variety
of sources including state and federal funding,private and public grants, a local capital campaign,
selling of naming rights and New Market Tax Credits; and
WHEREAS, the City of Federal Way applied for the establishment of a Section 108
Guaranteed Loan Fund from the U.S. Department of Housing and Community Development, and
received approval for the Loan Fund on May 15, 2014; and
Resolution No. 15-691 Page 1 of 3
WHEREAS,this Section 108 Loan Application is the first application under the Guaranteed
Loan Fund and is seeking a loan in the amount of$3,030,000.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
RESOLVES AS FOLLOWS:
Section 1. The Section 108 Loan Application in support of development of the Federal Way
Performing Arts and Events Center is approved, and its submission to the U.S. Department of
Housing and Community Development authorized. Furthermore,the Mayor is authorized to execute
all documents associated with the Application and Loan.
Section 2. 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 3. 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 4. Ratification. Any act consistent with the authority and prior to the effective date
of this resolution is hereby ratified and affirmed.
Section 5. Effective Date. This resolution shall be effective immediately upon passage by
the Federal Way City Council.
Resolution No. 15-691 Page 2 of 3
RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON this 16th day of June, 2015.
CITY OF FEDERAL WAY
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M• • ' , FERRELL
ATTEST:
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1 ERK, STEPHANIE CO
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APPROVED AS TO FORM:
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&7✓CITY ATTORNEY, AMY JO PEARSALL
FILED WITH THE CITY CLERK: 06/12/2015
PASSED BY THE CITY COUNCIL: 06/16/2015
RESOLUTION NO.: #15-691
Resolution No. 15-691 Page 3 of 3