HomeMy WebLinkAboutCAG2021-383 - Original - Kent Downtown Partnership - Main Steet Tax Credit Portion of Downtown Revitalization Project - 07/01/2021ApprovalOriginator:Department:
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Agreement Routing Form
For Approvals, Signatures and Records Management
This form combines & replaces the Request for Mayor’s Signature and Contract Cover Sheet forms.
(Print on pink or cherry colored paper)
Visit Documents.KentWA.gov to obtain copies of all agreementsadccW22373_1_20
8/23/21
March 16, 2021
'i .,KENT
ECONOMIC AND COMMUNITY
DEVELOPi.IENT
Kurt Hanson
Director
220 Foufth Ave S
Kent, WA 98032
Fax: 253-856-6454
lVA6Hrrii,Trs
Tol
Fromr
Date:
Subject.'
PHONE: 253-856-5454
Gaila Haas, Kent Downtown Partnership (KDP), Executive Director
Bill Ellis, City of Kent, Chief Economic Development Officer
July 1, ZOZL
Agreement for City Financial Contribution to KDP 2O2L Mainstreet
Downtown Revitalizatlon Program
The Kent Downtown Partnership fKDP") is a Ceftified Main Street Program with the
Washington State Main Street Program and is participating in the Main Street Tax
Incentive Program ("Program"). The Program allows entities, including municipal
corporations, who make contributions to the designated Main Street Program participant
to take a 75o/o tax credit on their state business and occupation taxes or public utility
tax in the following year. Taking advantage of this tax incentive program would allow
greater opportunity for the Kent Downtown Partnership to expand their programs,
serving as a partner between businesses and property owners, residents, non-profits,
and the City of Kent to strengthen and develop a vibrant downtown.
The City Council authorized the Mayor to make an annual contribution to the KDP,
pursuant to an agreement which includes accountability measures, such as conditions
or restrictions on the use of the contributions, and a requirement that the Kent
Downtown Partnership provide the City with annual written reports accounting for the
use of the contribution and the benefits to the community. In accordance with City
Councilt authorization, KDP shall use the Cityt contribution in accordance with all Main
Street Tax Incentive Program requirements as they currently exist or as amended, KDP
shall also provide the City with a simple written report at the conclusion of the 2021
Mainstreet Downtown Revitalization Program, no later than December 31, 202t,
accounting for the use of the City's contribution and the benefits provided to the
community through the program.
TERM: This agreement will be for the execution of the KDP's 2021 Mainstreet Downtown
Revitalization Program.
FINANCIAL CONTRIBUTIONS: The CiW shall contribute $117,358.33 through the
Main Street Tax Credit Incentive Program for the 2021 Program year. The City shall
disburse -$80,000 to KDP as soon as reasonably possible, with the remainder to be
disbursed following the next Main Street Tax Incentive Program registration and
CIW of Kent Economlc & Communlty DcvGlopmtnt
eligibility determination in October ZAZL. The City's contribution of $117,358.33 may be
reduced if Program eligibility changes or tax credit availability is not as currently
anticipated.
Accepted and agreed to:
Dana Ralph, Mayor, City of Kent
?S,ve Di , Kent Downtown Partnership
CiW of Kent Economlc & Community Development