HomeMy WebLinkAboutResolution No. 342CITY OF MEDINA, WASHINGTON
RESOLUTION NO. 342
A RESOLUTION authorizing the duly -appointed Administering
agency for ARCH to execute all documents necessary to enter
into Agreements for the funding of affordable housing projects, as
recommended by the ARCH Executive Board, utilizing funds from
the City's appropriation.
WHEREAS, A Regional Coalition for Housing (ARCH) was created by interlocal
agreement to help coordinate the efforts of Eastside cities to provide affordable housing;
and
WHEREAS, the ARCH Executive Board has recommended that the City of Medina
participate in the funding of certain affordable housing projects and programs hereinafter
described; and
WHEREAS, the ARCH Executive Board has developed a number of recommended
conditions to ensure that the City's affordable housing funds are used for their intended
purpose and that projects maintain their affordability over time; and
WHEREAS, the City Council has approved the Amended and Restated Interlocal
agreement for ARCH; and
WHEREAS, the City Council has approved the use of $ 15,000 from City funds as
designated below to finance the projects recommended by the ARCH Executive Board; now,
therefore,
THE CITY COUNCIL OF THE CITY OF MEDINA, WASHINGTON, DOES RESOLVE AS
FOLLOWS:
Sectionl . On the following dates the City Council approved funding for the following
project:
YWCA Issaquah Family Village II in the amount of $15,000 on October 12, 2009.
The City Council authorizes the duly -appointed administering agency of ARCH pursuant to
the Amended and Restated Interlocal Agreement for ARCH to execute all documents and
take all necessary actions to enter into Agreements for these projects on behalf of the City.
Section 2. The Agreements entered into pursuant to Section 1 of this resolution shall
be funded in a combined amount not to exceed that set forth in Section 1. Such
Agreements shall include terms and conditions to ensure that the City's funds are used for
their intended purpose and that the project maintains its affordability over time. In
determining what conditions should be included in the Agreements, the duly -appointed
administering agency of ARCH shall be guided by the recommendations set forth in the
ARCH Executive Board's memorandum(s) of June 15, 2009, a copy of which is attached.
Section 3. Pursuant to Section 12 of the Amended and Restated Interlocal
Agreement, City Council approves transmitting all [Affordable Housing funds] approved by
Council and not previously expended for projects for deposit into the City's Individual
Account within the Housing Trust Fund Account, which funds may be released only upon,
and in accordance with, the written direction of the City Council. Pursuant to Section 12.e of
the Amended and Restated Interlocal Agreement funds shall be invested by the
Administering Agency in investments permitted by state law for investment of public funds.
Investment earnings shall be credited to each Individual Account and Subaccount on a pro
rata basis.
Section 4. Pursuant to Section 12.f(v) of the Amended and Restated Interlocal
Agreement, the Council authorizes the Administering Agency to administer housing project
agreements entered into prior to the effective date of the Amended and Restated Interlocal
Agreement, upon terms consistent with the Amended and Restated Interlocal Agreement,
including repayments (if any) shall be applied pro rata to the funding Parties' Individual
Accounts based on the ratio of funding contributed to the project by each Party, unless the
funding Parties otherwise agree.
PASSED by the City Council of the City of Media -,this 1 qlay of June 2010,
and signed in authentification of its passage this 14 of J net 20
Br t a r .
ATTEST/AUTHENTICATED:
Ra el Baker, CITY CLERK
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY
BY
RESOLUTION NO. 342
Exhibit A: ARCH Executive Board's memorandum of June 15, 2009