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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-13-2020
Citywide Affordable Housing – Notice of Funding Availability (NOFA) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT FUNDING ALLOCATIONS.
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 (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the RDA Board of Directors (the “Board”) has set aside $3,953,799 for a Notice of Funding Availability (“NOFA”), contingent upon an application and review process administered by the RDA to facilitate funding of qualified projects that meet the goals established by the NOFA guidelines. The funding sources for this amount includes $2,590,000 in Funding Our Future revenues and $1,363,779 in tax-increment funds.
WHEREAS, the RDA facilitated a loan application and review process pursuant to the RDA’s NOFA policy set forth in resolution R-17-2018 (the “NOFA Policy”) that resulted in two requests for funding totaling $2,420,000.
WHEREAS, on August 27, 2020, a selection committee reviewed the NOFA applications and recommended funding allocations and preliminary terms as further described in on Exhibit A.
WHEREAS, based on the selection committee’s recommendations, the RDA staff recommends that the Board approve the funding allocations and preliminary terms described on Exhibit A, and that the RDA shall provide a conditional commitment period determined by the RDA, during which the approved applicant shall have the opportunity to obtain needed financial, legal, and regulatory approvals as well as satisfy other conditions determined by the RDA in order to finalize the loan terms.
WHEREAS, pursuant to the NOFA Policy, projects that successfully meet the conditions of the conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the funding allocations and preliminary terms as further described in Exhibit B, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. For approved applicants that successfully meet the required conditions, the Board authorizes the Executive Director to negotiate and execute the conditional commitment letter, the Letter of Commitment, and the loan agreements and other relevant documents consistent with the funding allocations and terms contained on Exhibit B, and incorporating such other terms and conditions as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 29th day of September, 2020.