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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-11-2018
Station Center Site 1
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE SALES PRICE OF RDA-OWNED PROPERTY LOCATED AT 580 WEST 300 SOUTH IN THE DEPOT DISTRICT PROJECT AREA
WHEREAS, the RDA desires to dispose of real property located at 580 West 300 South, Salt Lake City (“Site 1”) in the development known as “Station Center” for the purpose of redeveloping it in a manner consistent with the Depot District Project Area Plan.
WHEREAS, Station Center Associates, LLC (the “Developer”) desires to construct a mixed use commercial and residential development on Site 1.
WHEREAS, under the Option to Purchase Agreement with Developer (the “OPA”), the RDA is obligated to construct certain road and utility improvements (the “Improvements”) that are adjacent to Site 1.
WHEREAS, under the OPA, the sales price for Site 1 is equal to the as-is appraised value of $4,750,000.
WHEREAS, the 70% design estimate for the construction of the Improvements is $2,379,323.
WHEREAS, the Board desires to allow Developer to construct the Improvements, and to discount the sales price of Site 1 by a maximum of 25% above the 70% design estimate, for a total of $2,974,154 as consideration for Developer constructing the Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the Board does hereby approve the sales price of Site 1 to be $4,750,000 less the actual cost of constructing the Improvements, up to a maximum credit of $2,974,154. The Board authorizes the Executive Director to negotiate and execute a new or amended OPA and any other relevant documents, 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 20th day of March, 2018.