HomeMy WebLinkAboutres1984-0191
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INTRODUCED BY s Becker
PROPOSED BY: Public Works Dept.
DATE INTRODUCED: .Tuna 91 r 1 qR4
RESOLUTION N0. 84 -199 ,
A RESOLUTION AUTHORIZING THE COUNTY
EXECUTIVE TO PREPARE AND ENTER INTO AN
AGREEMENT DEFINING THE RESPONSIBILITIES yl'
OF TRILLIUM CORPORATION AND WHATCOM b
COUNTY FOR REPAYMENT OF THE COMMUNITY
ECONOMIC REVITALIZATION BOARD LOAN FOR
WHICH WHATCOM COUNTY IS THE SPONSORING
AGENCY.
WHEREAS, Whatcom County Resolution 84 -18 authorizes the County
Executive to execute an agreement between the Washington State Community
Economic Revitalization Board and Whatcom County accepting a loan of $450,000 to
finance the costs of public facilities described in said resolution; and
WHEREAS, Whatcom County's participation is limited to one -half of the
design and construction costs, but in no event shall the County's contribution
exceed the sum of $15,000 plus interest at 6.8% per annum; and
WHEREAS, Resolution 84 -8, Section 1.(c) resolves that Whatcom County
participate in the loan repayment provided that Trillium Corporation
provides adequate security for that part of the loan which Whatcom County does
not undertake directly, in the form of security bond, deed of trust, an accep-
table letter of credit or other approved security.
NOW, THEREFORE, BE IT RESOLVED pursuant to Resolution 84 -8 that the
County Executive, through the Public Works Director, is hereby authorized to
prepare and enter into an agreement by and between Whatcom County and Trillium
Corporation defining the responsibilities of Trillium Corporation and the County
for repayment of the Community Economic Revitalization Board loan. Provided
that Trillium Corporation shall furnish adequate security in the amount of
$315,000 plus interest at the rate of 6.8% per annum in the form of security
bond, deed of trust, acceptable letter of credit, or other securities as
approved by the Whatcom County Prosecuting Attorney's office. Provided forth
that Trillium Corporation pay to the County the remaining amount of payments
RESOLUTION - 1.
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due on the Community Economic Revitalization Board loan for that portion of the
project financially participated in by the County, if said development should be
annexed to the City of Bellingham prior to repayment of-the-Community Economic
Revitalization Board loan.
Provided further that Trillium Corporation shall reimburse the County
for all costs incurred for engineering consulting services if the project is not
funded through the Community Revitalization Board.
PASSED this 21st day of .Tune 1984.
WH OTCCOOM COUNTY COUNC L
WH COU NTY f N06N,,
ATTEST':
C-Ve.HC-of-the—Counc
APPROVED AS TO FORM:
Civil Deputy Prosecuting Attorney
date drafted: 4HOH4 X84 5/7/84
RESOLUTION - 2.
Chairperson