004-07 - Resolution - Kitsap County Consolidated Housing Authority and New Market Tax CreditsRESOLUTION NO. 004-07
A RESOLUTION OF THE CITY OF PORT ORCHARD 1
WASHINGTON 1 AUTHORIZING THE KITSAP COUNTY
CONSOLIDATED HOUSING AUTHORITY TO EXERCISE
SPECIFIED POWERS OF A PUBLIC DEVELOPMENT
AUTHORITY RELATING TO NEW MARKET TAX CREDITS
WITHIN THE CITY OF PORT ORCHARD SUBJECT TO THE
TERMS OF AN INTERLOCAL AGREEMENT
WHEREAS, on February 12 1 2007 1 the City of Port Orchard passed Ordinance
No. 001-07 granting authority to Kitsap County Consolidated Housing Authority to exercise
certain powers of a public corporation/ commission or authority under chapter 35.21 RCW; and
WHEREAS 1 the City desires that the Kitsap County Consolidated Housing
Authority assist in the allocation of federal new markets tax credits within portions of the City
that may not be within the boundaries of a community renewal area; and
WHEREAS 1 the administration of the allocation of federal new market tax
credits is within the general authority granted to the Kitsap County Consolidated Housing
Authority under Ordinance No.001-07; and
WHEREAS 1 on January 22 1 2007 1 the City Council held its first reading of the
proposal to authorize the Kitsap County Consolidated Housing Authority to exercise the
authority as granted herein 1 and this Resolution and Ordinance No. 001-07 reflect the changes
required by Council for adoption; now1 therefore;
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON,
HEREBY RESOLVES AS FOllOWS:
THAT: The Kitsap County Consolidated Housing Authority is authorized to
exercise such public development authority powers solely in conjunction with the allocation and
use of "new markets tax credits" under Section 45D of the Internal Revenue Code in any
qualifying area of the City.
THAT: The grant of authority as contained herein is subject to the terms of a
mutually agreed upon Interlocal Agreement/ which shall be reviewed by Council under
Resolution No. 005-07 1 and shall be incorporated herein by reference. Kitsap County
Consolidated Housing Authority may not exercise the authority granted herein unless and until it
has executed an approved Interlocal Agreement with the City.
Resolution No. 004-07
Page 2 of 2
PASSED by the City Council of the City of Port Orchard, SIGNED by the Mayor and
attested by the Clerk in authentication of such passage this 26th day of March 2007.
KIM E. ABEL, MAYOR
ATTEST:
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Michelle Merlino, City Clerk