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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-1-2019
Amendment of Loan to Ribbon Properties, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR THE AMENDED LOAN TO RIBBON PROPERTIES LLC FOR A PERMANENT SUPPORTIVE HOUSING PROJECT LOCATED AT 525 SOUTH 500 WEST.
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, the Act provides that tax increment funds may be used outside of a project area for the purpose of increasing the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the RDA may loan tax increment funds through its revolving loan fund (the “RDA Loan Fund”).
WHEREAS, on June 30, 2017, the RDA provided a loan to Ribbon Properties LLC, a Utah limited liability company (the “Developer”) in the amount of Five Hundred Thousand Dollars ($500,000) for the acquisition of real property located at 525 South 500 West (“Property”).
WHEREAS, the Developer has applied to the RDA for an amendment to its existing loan to facilitate the long-term financing of the development of a permanent supportive housing located on the Property that combines affordable housing with supportive services to comprehensively address the needs of homeless individuals project (the “Project”).
WHEREAS, when completed, the Project, to be known as “Pamela’s Place,” will include 100 residential units, targeted to 30% of the area median income (“AMI”) and below, with 4,000 square feet dedicated to supportive service uses.
WHEREAS, on January 23, 2019, the RDA Finance Committee reviewed the loan application.
WHEREAS, based on the RDA Finance Committee’s recommendations, the RDA staff recommends the attached set of terms to amend the loan to the Developer, as borrower, for the Project (“Term Sheet”).
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City that it approves the loan outlined in the Term Sheet attached hereto, 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 12th day of February, 2019.