File #: 2004-0321    Version: 1
Type: Motion Status: Passed
File created: 7/6/2004 In control: Natural Resources and Utilities Committee
On agenda: Final action: 7/12/2004
Enactment date: Enactment #: 11964
Title: A MOTION approving of the Washington Economic Development Finance Authority's plan to issue non-recourse economic development revenue bonds, a portion of the proceeds of which will be loaned to Cedar Grove Composting, Inc., for capital improvements at the Cedar Grove Composting, Inc., facility located in unincorporated King County.
Sponsors: Larry Phillips, Pete von Reichbauer, Jane Hague
Indexes: Bonds, Economic Development, Finance, King County, Washington, State of
Attachments: 1. Motion 11964.pdf, 2. 2004-0321 REVISED Staff Report WEDFA financing for Cedar Grove.doc, 3. 2004-0321 Staff Report WEDFA financing for Cedar Grove.doc, 4. A. Resolution No. W-2003-003, 5. B. Resolution No. W-2003-015
Drafter
Clerk 07/01/2004
Title
A MOTION approving of the Washington Economic Development Finance Authority's plan to issue non-recourse economic development revenue bonds, a portion of the proceeds of which will be loaned to Cedar Grove Composting, Inc., for capital improvements at the Cedar Grove Composting, Inc., facility located in unincorporated King County.
Body
WHEREAS, on April 4, 2003, the Washington Economic Development Finance Authority ("WEDFA") approved Resolution No. W-2003-003, that was amended on December 23, 2003, by Resolution No. W-2003-015, copies of which are attached to this motion, declaring official intent to issue non-recourse economic development revenue bonds in a maximum amount not to exceed $37,270,000, and
WHEREAS, a portion of the proceeds of the bonds would be loaned to Cedar Grove Composting, Inc., to finance costs of acquiring, constructing, equipping and improving real or personal property for a capital improvement project at the facilities of Cedar Grove Composting, Inc., located in unincorporated King County, in accordance with a loan agreement or other appropriate financing agreement, and used for the purpose of constructing and equipping the portions of the project located within the boundaries of unincorporated King County and to pay certain costs of issuance of the bonds, and
WHEREAS, the capital improvements to be financed at the facilities of Cedar Grove Composting, Inc., located in unincorporated King County would modernize and improve the existing facility and enclose the unloading facility to reduce odor and any other air quality impacts of the facility, and
WHEREAS, it is the policy of the WEDFA not to issue revenue bonds except upon the approval of the county, city or town within whose planning jurisdiction the proposed industrial development facility lies, and
WHEREAS, certain operations comprising a part of the project lie within the boundaries of unincorporated King County, and
WHEREAS, neighbor...

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