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RESOLUTION NO. 765.01 / R-1-2016 January 12, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING THE RDA TO ENTER INTO AN EXCLUSIVE NEGOTIATIONS AGREEMENT WITH THE JOINT VENTURE OF PEG DEVELOPMENT AND CLEARWATER HOMES REGARDING THE DEVELOPMENT OF RDA-OWNED PROPERTY LOCATED AT 340 WEST 200 SOUTH IN THE CENTRAL BUSINESS DISTRICT PROJECT AREA.
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 Development and Renewal Agencies Act; and
WHEREAS, the RDA adopted the "C.B.D. Neighborhood Development Plan" on May
1, 1982; and
WHEREAS, the RDA adopted the Central Business District Project Area 2014-2019 Strategic Plan; and
WHEREAS, the joint venture of PEG Development and Clearwater Homes (the "Developer") wishes to enter into an exclusive negotiations agreement (the "Agreement") with the RDA for the purpose of negotiating the terms upon which the RDA would be willing to sell its property located at 340 West 200 South (the "Property", also known as Utah Paperbox) to Developer, and the attendant agreements necessary to effectuate such sale in a manner consistent with the negotiated terms ("Transaction Documents''); and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve entering into the Agreement with the Developer, with the expectation that RDA staff identify with the developer ways to expand the proposed range of affordability of the project and what financial support may be required from the RDA to achieve this objective for the Board's consideration and approval.
BE IT FURTHER RESOLVED that assuming acceptable terms consistent with the UDA Documents and Proposal attached hereto are reached, we do hereby authorize the Chief Administrative Officer and the Executive Director to finalize and execute the Transaction Documents.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 12th day of January, 2016.