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HomeMy WebLinkAbout1678 ResolutionA trf Via , T. &AS „, orive l Aur F9R9 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