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HomeMy WebLinkAbout2882 Resolution RESOLUTION NO. 2-$02_ A RESOLUTION reimbursing Nicholson Investment Properties, Inc. for a portion of the costs incurred for the underground conversion of electrical utilities in the downtown area. WHEREAS, the existence of overhead electric and communication facilities, particularly in the older downtown commercial area, fosters visual clutter as well as potential electrical hazards, both of which can be eliminated by their conversion to underground facilities; and WHEREAS, the high cost of converting overhead electric and communication facilities to underground is often a deterrent to the inclusion of such elements in redevelopment projects; and WHEREAS, RCW 35.96.010 explicitly declares underground conversion of overhead facilities to be a substantial benefit to public safety and welfare, is in the public interest and is a public purpose; and WHEREAS, on July 5, 2005, the City Council adopted Resolution #2880 establishing specific criteria for providing financial assistance for the undergrounding of overhead electrical service; and WHEREAS, the City Council finds the Rite-Aid redevelopment project sponsored by Nicholson Investment Properties to be a substantial advancement in the rehabilitation of the downtown area and further finds that the voluntary conversion of existing overhead electrical utilities adjacent the project by the project sponsor should be encouraged by way of financial participation by the City. NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DOES RESOLVE AS FOLLOWS: Section 1. The City Council authorizes the City Manager to reimburse Nicholson Investment Properties for 50 percent of the cost of undergrounding electrical utilities for the downtown Rite-Aid project; said reimbursement not to exceed $32,500. PASSED by the City Council of the City of Pasco, this JL day of ,2005. CITY OF PASCO: Michael L. Garrison Mayor ATTEST: APPROVED AS TO FORM: Sandy L. K6iworthy Leland B. Kerr Deputy City Clerk City Attorney