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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-13-2019
Loan to CW Urban for The Olive
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO CW URBAN FOR A RESIDENTIAL CONDOMINIUM DEVELOPMENT PROJECT LOCATED AT 378 WEST 300 SOUTH.
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 RDA and the governing body of Salt Lake City (the “City”) adopted a redevelopment plan for the Central Business District project area.
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas.
WHEREAS, one or more affiliates of CW Urban (the “Developer”") will construct a residential condominium development (“Project”) on 0.69 acres of property located at 378 West 300 South (“Property”).
WHEREAS, the Developer has requested a loan from the RDA to assist with construction costs for development of the Project.
WHEREAS, on August 1, 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 for a 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 24th day of September, 2019.