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Rubstello, City Attorney Gre
R ESC:31_1_1T ION NO. 1678
A RESOLUTION of the City Council of the City of Pasco
supporting and allocating CDBG funds for
the Regional Revolving Loan Fund
WHEREAS, the establishment of a regional revolving loan fund
will enhance opportunities for business development and create jobs
for the Tr-City area and Pasco residents, and
WHEREAS, the Benton-Franklin Governmental Conference is establishing
a Regional Revolving Loan Fund Administrative Plan under which the
Fund will be administered in a manner consistent with Pasco CDBG
objectives, and
WHEREAS, each of the respective cities will be a part of the administra-
tive plan and the loan fund review committee, and
WHEREAS, the cities of Kennewick, Richland and Pasco will use
respective Community Development Block Grant funds as leverage and
as a local match to receive a grant from Economic Development Administration,
and
WHEREAS, it is vitally important to allocate the matching funds
in a timely manner to obtain the Economic Development Administration
grant, and
WHEREAS, the City of Pasco has allocated $100,000 within its Community
Development Block Grant Program for the capitalization of a revolving
loan fund, and
WHEREAS, the City of Pasco's respective CDBG funds will be
used in a manner consistent with its Revolving Loan Fund Management
Plan, NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO
That the City of Pasco allocate $75,000 of its Community Development
Block Grant funds for the Regional Revolving Loan fund
pa D by the City Council of the City of Pasco this
day of , 1985
AT
Evelyn Wells, City Clerk