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CONSIDERATION AND ADOPTION OF A RESOLUTION APPROVING THE TERMS FOR AN OPTION TO PURCHASE AGREEMENT, SCHEDULE OF DEVELOPMENT, AND OTHER AGREEMENTS WITH BOYER COWBOY STATION, LC FOR THE DEVELOPMENT OF RDA OWNED PROPERTY AT 580 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 Utah Code Ann. § 17C-l-101, et. seq. ("Limited Purpose Local Government Entities - Community Development and Renewal Agencies"); and
WHEREAS, the Agency adopted a redevelopment plan effective October 15, 1998 entitled "Depot District Redevelopment Project Area Plan;" and
WHEREAS, on September 16, 2014, the RDA Board adopted the Hub Development Implementation Strategy ("Station Center Implementation Strategy"); and
WHEREAS, the RDA owns certain real property ("Property") between 200 and 400 South, and 500 and 600 West ("Parcels 1-5") and desires to redevelop it in accordance with the Station Center Implementation Strategy; and
WHEREAS, the RDA determined through a Request for Qualifications process that Boyer Cowboy Station, LC ("Developer") submitted a response to the RFQ that met the requirements to develop the Parcel 1 property; and
WHEREAS, on September 9, 2015, the RDA entered into an Exclusive Negotiation Agreement with the Developer regarding the possible sale of the Parcel 1 property; and
WHEREAS, as required by the Exclusive Negotiation Agreement with the Developer, the RDA Board has approved the Basic Concept Drawings, Schedule of Development, and Term Sheet for the sale and development of the Parcel 1 property; and
WHEREAS, the RDA Board and Developer desire to enter into an Option to Purchase Agreement, Schedule of Development, and other agreements required for the sale of the Parcel 1 property to the Developer.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby authorize the RDA to enter into an Option to Purchase Agreement, Schedule of Development, and other agreements to transact the sale of the Parcel 1 property as further described in the Term Sheet attached hereto.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 12th day of April, 2016.