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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-10-2020
Term Sheet Amendment for Loan to
Community
Development Corporation of Utah
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING AN AMENDED TERM SHEET FOR A LOAN TO COMMUNITY DEVELOPMENT CORPORATION OF UTAH FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 2960 SOUTH RICHMOND STREET, 2964 SOUTH RICHMOND STREET, AND 2970 SOUTH RICHMOND STREET.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act (the “Act”).
WHEREAS, on October 10, 2019, the Board of Directors of the RDA (the “Board”) approved resolution R-25-2019 allocating the funding and approving the preliminary terms of a loan to Community Development Corporation of Utah (the “Developer”) in connection with a mixed-income housing project to be known as “Richmond Flats” located at approximately 2960 S Richmond Street, 2964 Richmond Street, and 2970 Richmond Street (the “Project”).
WHEREAS, the final terms of the loan were to be reviewed by the RDA’s Finance Committee.
WHEREAS, Developer has requested an amendment to the approved preliminary terms of the loan.
WHEREAS, on April 7, 2020, the RDA’s Finance Committee reviewed the Developer’s final loan terms and proposed amendment to the preliminary loan terms approved by the Board.
WHEREAS, based on the Finance Committee’s recommendations, the RDA staff recommends the attached set of terms (the “Term Sheet”) for an affordable housing loan to Developer, as Borrower, for the Project.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the loan to Developer outlined in the Term Sheet attached hereto is approved, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. The Board authorizes the Executive Director to negotiate and execute the loan agreement and any other relevant documents consistent with the Term Sheet, and incorporating such other terms and agreements as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 5th day of May, 2020.