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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-11-2019
NWQ LLC Phase I Tax Increment Reimbursement Agreement
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING A TAX INCREMENT REIMBURSEMENT AGREEMENT WITH NWQ LLC FOR ITS PHASE I DEVELOPMENT.
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.
WHEREAS, pursuant to RDA Resolution No. R-1-2018 and Salt Lake City (“City”) Ordinance 1-2018, the RDA and City adopted the Northwest Quadrant Community Reinvestment Area (“Project Area”).
WHEREAS, pursuant to RDA Resolution No. R-2-2018 and City Resolution 1-2018, the RDA and City entered into an interlocal agreement authorizing use of 75% of the City’s tax increment (“Project Area Increment”) to support the implementation of the Project Area plan.
WHEREAS, pursuant to RDA Resolution No. R-6-2018, the RDA entered into a Master Development and Reimbursement Agreement with NWQ LLC (“Developer”) that specifies up to 70% of Project Area Increment generated from Developer’s respective property shall be available for reimbursement pending the execution of a tax increment reimbursement agreement (“Agreement”).
WHEREAS, pursuant to RDA Resolution No. R-26-2018, the RDA has established a tax increment reimbursement policy for the Northwest Quadrant Community Reinvestment Area (“TI Policy”) that establishes the policies and procedures for entering into an Agreement with Developer.
WHEREAS, Developer intends to develop 378-acres within the Project Area (“Property”) for the purpose of constructing an industrial development that can accommodate manufacturing, warehouse, and distribution tenants of varying size (“Project-Specific Improvements”).
WHEREAS, Developer also intends to develop utility and street infrastructure that will facilitate the development of the larger Project Area (“Systemwide Improvements”).
WHEREAS, in order to facilitate Developer’s development of the Project-Specific Improvements and Systemwide Improvements, the RDA is willing to provide a reimbursement of Project Area Increment from the Property to Developer in the maximum amount of $28,000,000.
NOW, THEREFORE. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the term sheet for the tax increment reimbursement between the RDA and Developer which attached hereto as Exhibit A is hereby approved.
The Board hereby authorizes the Executive Director to negotiate and execute a tax increment reimbursement agreement with Developer pursuant to the terms of the attached term sheet. The documents shall also incorporate such other terms as recommended by the Salt Lake City Attorney’s Office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 27th day of August, 2019.