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RESOLUTION NO. 768.01 / R-12-2016 April 12, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Approving a Revised Conceptual Design and Modifying the Terms of the Option to Purchase Agreement with Fann Development for the RDA-owned Property Located at 167-169 South Regent Street.
WHEREAS, the Redevelopment Agency of Salt Lake City ("Agency") was created to transact the business and exercise the powers provided for in the Utah Community Development and Renewal Agencies Act; and
WHEREAS, the Agency adopted the "Central Business District Neighborhood Development Plan" on May 1, 1982; and
WHEREAS, the RDA created the Block 70 CDA for the purpose of funding improvements related to the Eccles Theater and other projects that support the establishment of a cultural core on this block; and
WHEREAS, the RDA owns certain real property located at 167-169 South Regent Street (the "Property"); and
WHEREAS, on January 2015, the Board approved and adopted the Regent Street Urban Design Guidelines; and
WHEREAS, the RDA will redevelop the Property in accordance with the Regent Street Urban Design Guidelines; and
WHEREAS, Form Development (the "Developer") will construct a hotel project (the "Regent Street Hotel") on the Property; and
WHEREAS, the Board approved the terms of an Option to Purchase Agreement with Form Development for the 167-169 South Regent Street property that also provided the RDA the ability to purchase the property located at 45 East 200 South (the "200 South Property"); and
WHEREAS, the Board approved a modification of the terms of the Option to Purchase Agreement to expand the terms for the RDA's purchase of the 200 South Property; and
WHEREAS the Developer wishes to revise the approved conceptual design with an updated conceptual design that incorporates the property located at 165 South Regent Street.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve the modifications to the approved term sheet as outlined in the attachment hereto, and approve the updated conceptual design for the Regent Street Hotel.
BE IT FURTHER RESOLVED THAT we do hereby authorize the Executive Director to amend the Option to Purchase Agreement and documents related thereto (the "Agreements") between the Redevelopment Agency of Salt Lake City and the Developer, for the Property as modified by the attachment hereto. The Agreements shall also incorporate such other terms as recommended by RDA legal counsel.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 12th day of April, 2016.