The City of Yakima (City) received funding from Yakima County Supporting Investments in Economic Development (SIED) for the Russell Lane Realignment Project 2650. The project will realign and upgrade Russell Lane to allow for required revisions to the traffic signal for an additional leg to the current three-legged signal. This realignment will allow for the development of a 1.11- acre parcel for a restaurant development. A total of five acres will be supported for future commercial development.
The total grant award from Yakima County to the City is $416,000 in the form of a grant and $416,000 in a loan, and $168,000 local match. The property owners agree to repay the loan proceeds and provide the local match. The attached Developer Agreement assigns the responsibility of the SIED loan repayment to the Developer. |