Item Coversheet

BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT

Item No. 6.J.
For Meeting of: February 21, 2023

ITEM TITLE:Resolution authorizing acceptance of a Supporting Investments in Economic Development (SIED) grant and loan funding for the Russell Lane Realignment Project 2650
SUBMITTED BY:

Scott Schafer, Director of Public Works
*  Bill Preston, City Engineer - (509) 576-6754

SUMMARY EXPLANATION:
The City of Yakima 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 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 of Yakima 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 agreement is attached for City Council review.
ITEM BUDGETED:No
STRATEGIC PRIORITY:Economic Development
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Adopt Resolution.
ATTACHMENTS:
DescriptionUpload DateType
resolution2/16/2023Cover Memo
Sied Contract12/15/2022Contract