RESOLUTION NO.
A RESOLUTION OF THE CITY OF RIVERSIDE, CALIFORNIA, AUTHORIZING THE ESTABLISHMENT OF A COMMUNITY DEVELOPMENT ENTITY AND SUBMISSION OF AN APPLICATION TO THE FEDERAL NEW MARKETS TAX CREDITS PROGRAM ADMINISTERED BY THE U.S. DEPARTMENT OF THE TREASURY COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND AND AUTHORIZING THE EXECUTION OF ALL REQUIRED DOCUMENTS BY THE CITY MANAGER OR DESIGNEE.
WHEREAS, the Department of the Treasury New Markets Tax Credit Program (NMTC Program), established in 2000, helps economically distressed communities attract private capital by providing investors with a federal tax credit. Investments made through the NMTC Program are used to finance businesses which invest into neglected and underserved low-income communities. The program has recently been made permanent by the U.S. Congress; and WHEREAS, annually, the U.S. Department of the Treasury Community Development Financial Institutions Fund (“Grantor”), has heretofore invited eligible entities, including the City of Riverside (“City”), to submit applications to the NMTC Program (the “Tax Credits”) via a Notice of Funding Availability issued in approximately fall of each year; and WHEREAS, in response to the annual Notice of Availability, the City of Riverside, a California charter city and municipal corporation, wishes to apply for Tax Credits; and WHEREAS, the City has determined that it is in its best interests to submit an application for Tax Credits in a regional approach that would attract capital to fund residential and economic development projects that would be available to the City as well as provide eligible investment opportunities to areas of greater Riverside, San Bernardino, Imperial, Kern, Tulare, Kings, and Inyo Counties; and WHEREAS, the City must establish itself as a Treasury certified Community Development Entity (CDE) in order to receive, syndicate, and use the sale of Tax Credit proceeds to fund projects. Pursuant to the NMTC Program, the City would also form a Community Development Entity which would establish an Executive Committee and an Advisory Committee to guide NMTC activities; and WHEREAS, the City shall establish a CDE and submit an application to the Grantor for Tax Credits to implement residential and economic development projects; and WHEREAS, the City is familiar with the terms, conditions and limitations of any such Tax Credits; and WHEREAS, the City is willing and able to conform to each of the terms, conditions, and limitations imposed upon any such Tax Credits to the City and the CDE; and WHEREAS, the Grantor must approve said application and will require the City to execute necessary documents upon approval.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside, California, as follows:
Section 1: The City hereby authorizes the establishment of a Community Development Entity as prescribed by the NMTC Program including the establishment of an Executive Committee and an Advisory Committee to guide NMTC activities.
Section 2: That the City Manager or designee are hereby authorized to execute an application and any and all other necessary documents for the purpose of obtaining federal financial assistance provided by the Department of the Treasury New Markets Tax Credit Program, including any extensions and amendments thereof.
Section 3: The City of Riverside hereby agrees to comply with each and all of the terms, conditions, and limitations imposed by the Grantor upon said Tax Credits, and the City Manager or designee are hereby authorized and directed to execute any applications, agreements, assurance, or other documents as may be necessary in connection with acceptance and implementation of said Grant as may be required by the Grantor. / /
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ADOPTED by the City Council this _________ day of _____________, 2025. ___________________________
PATRICIA LOCK DAWSON
Mayor of the City of Riverside
Attest:
_____________________________
DONESIA GAUSE
City Clerk of the City of Riverside
I, Donesia Gause, City Clerk of the City of Riverside, California, hereby certify that the foregoing resolution was duly and regularly adopted at a meeting of the City Council of said City at its meeting held on the _________ day of _____________, 2025, by the following vote, to wit:
Ayes:
Noes:
Absent:
Abstain:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Riverside, California, this ________ day of ______________, 2025. _________________________________
DONESIA GAUSE
City Clerk of the City of Riverside
312174 SW 11/04/25
\\Rc-citylaw\cycom\WPDOCS\D011\P035\00712930.DOCX
2 City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567 City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567 City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567 City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
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