HomeMy WebLinkAboutDowntown Pasco Development Authority Funding Agreement 2012-2014DOWNTOWN PASCO DEVELOPMENT AUTHORITY
FUNDING AGREEMENT
THIS AGREEMENT is made and entered into this Z %n`day of December 2011, by
and between the City of Pasco, Washington, a Municipal Corporation, hereinafter referred to as
"City," and the Downtown Pasco Development Authority, a non -profit Washington Corporation,
hereinafter referred to as "DPDA."
WHEREAS, the City Council desires to foster revitalization of the downtown business
area and created the Downtown Pasco Development Authority (DPDA) in December 2010 under
Ordinance No. 3985, with the expectation of providing a three -year funding commitment to
permit the new agency to establish operations and demonstrate its ability to fulfill the
revitalization goals enunciated in Ordinance No. 3985 and the DPDA Charter; and
WHEREAS, DPDA has spent calendar year 2011 to organize and has received a
certificate of incorporation from the State of Washington as a non - profit corporation and expects
to incur operational expenditures in calendar year 2012 as well as overseeing operation of the
Pasco Farmers Market and Pasco Commercial Kitchen; NOW THEREFORE,
IN CONSIDERATION of the mutual covenants contained herein and other valuable
consideration, it is agreed as follows:
Section 1: DPDA Responsibilities
The DPDA shall organize and conduct its activities and efforts that further the purpose of
the DPDA as identified in Pasco Ordinance 3985 and Article IV of its Charter to include but not
be limited to:
• Review of City plans and policies. The DPDA shall review existing and evolving City
land use and capital improvement plans and policies affecting the Downtown Area and
advise the city of appropriate considerations.
• Facade Improvement Program. The DPDA shall provide information, applications and
professional assistance to Downtown Area property owners wishing to participate in an
approved and funded Community Development Block Grant fagade program.
• Promotional Events. The DPDA should conduct or implement promotional or special
events that contribute to the success of the Downtown Area or otherwise advance the
goals of the DPDA.
• Financing Strategy_ In collaboration with City staff and/or other professionals, the DPDA
will develop a comprehensive inventory of public and private capital and development
financing tools and incentives that may be available to foster and support its revitalization
efforts. These should include tax credits or other incentives and identification of
infrastructure and other public capital investments that may be necessary to support
private redevelopment projects.
• Marketing. The DPDA shall develop a strategy to identify and promote economic vitality
of the Downtown Area including the opportunities associated with the Farmer's Market
and Specialty Kitchen. Such a marketing strategy shall include but not be limited to web
based strategies, information and promotional brochures and videos.
DPDA Funding Agreement - 1 d 3 4 l
• Farmer's Market and Pasco Specialty Kitchen. The DPDA shall optimize the
opportunities associated with the Farmer's Market and Specialty Kitchen to increase
economic activity and promote recognition of the Downtown. Operation of these
facilities must be in accordance with the associated lease agreement.
Reports: A formal presentation to the City Council by the DPDA board shall be given on
or before March 1 each year. The DPDA shall deliver quarterly written status reports to the
Pasco City Manager detailing the activities, accomplishments and financial status of the DPDA.
Section 2: City Responsibilities
The City of Pasco will remit to DPDA or its designated bank $5,000 by the 10`h day of
each month.
Section 3: Term
This agreement shall be effective January 1, 2012 and shall expire on December 31,
2014; provided, however, either party may terminate the agreement with at least 180 days written
notice delivered to the President of the DPDA or the Pasco City Manager.
Section 4: General Provisions
For the purpose of this Agreement, time is of the essence. Failure of the DPDA to either
provide the accounting or remit disallowed funds as required herein shall constitute a breach of
this agreement. The remedies available to the City shall include but not be limited to, return of
all funds delivered to the DPDA and denial of the right of the DPDA to apply for any future
funding. In the event of a dispute regarding the enforcement, breach, default or interpretation of
this Agreement, the parties shall first meet in a good faith effort to resolve such dispute. In the
event the dispute cannot be resolved by agreement of the parties, said dispute shall be resolved
by arbitration pursuant to RCW 7.04A, as amended, and the Mandatory Arbitration Rules
(MAR); venue shall be placed in Franklin County, Washington, the laws of the State of
Washington shall apply; and the prevailing party shall be entitled to its reasonable attorney fees
and costs.
IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed
this Z2, day of L2Z sr, r 2011.
DPDA Funding Agreement - 2
DOWNTOWN PASCO DEVELOPMENT
AUTHORITY
Michael Miller, President