PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH
TUESDAY, DECEMBER 17, 1985
THE CITY COUNCIL OF SALT LAKE CITY, UTAH, MET IN REGULAR SESSION ON TUESDAY, DECEMBER 17, 1985, AT 4:00 P.M. IN ROOM 211 CITY AND COUNTY BUILDING.
THE FOLLOWING COUNCIL MEMBERS WERE PRESENT: RONALD WHITEHEAD THOMAS M. GODFREY GRANT MABEY EDWARD W. PARKER SYDNEY R. FONNESBECK.
Councilmembers Hardwick and Kirk were absent from the meeting.
Larry Spendlove, assistant city attorney, and Lynda Domino, chief deputy recorder, were present.
Mayor Palmer DePaulis, Albert Haines, chief administrative officer, and Kathryn Marshall, city recorder, were absent.
Council Chairperson Fonnesbeck presided at the meeting.
DEPARTMENTAL BUSINESS
DEVELOPMENT SERVICES
#1. RE: Hartland Ltd. Housing Development Grant.
ACTION: Councilmember Mabey moved and Councilmember Parker seconded to adopt Resolution 164 of 1985 authorizing the execution of a grant agreement between Salt Lake City Corporation and the U. S. Department of Housing and Urban Development for the Hartland Ltd. Housing Development Grant, which motion carried, all members present voting aye.
DISCUSSION: Arlo Nelson, capital planning and programming, explained that they were waiting for the agreement to be executed and returned by BUD at which time it would be carefully checked and then forwarded to the Mayor for his signature. He said that Council action would authorize the Mayor to sign the executed agreement. Mr. Nelson said that the grant agreement would set forth $5,671,385 in funds to be used as follows: $3,582,887 for an interest rate buy down, $1,607,842 for investment in the ARP account for assisted rental payments to 40% of the units, and $480,656 for project development costs. He said that the owner would provide $1,486,275 as equity to be used for project development costs.
(C 85-605)
The meeting adjourned at 4:30 p.m.