RDA Resolution R-17-2019

REDEVELOPMENT AGENCY OF SALT LAKE CITY

RESOLUTION NO. R-17-2019

Redevelopment Agency Board Approval Updating Debt Service Schedule for 2007A Bonds Issued by Salt Lake City for the Construction of the Westside Railroad Realignment Project (Grant Tower)

RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY APPROVING AN UPDATED DEBT SERVICE SCHEDULE FOR 2007a bonds issued by salt lake city corporation for the construction of the westside railroad realignment project (grant tower)

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 Reinvestment Agency Act.

WHEREAS, on January 11, 2008, the Agency and Salt Lake City Corporation (“City”) executed an interlocal agreement for the Agency’s participation in the payment of debt service on 2007A bonds issued by the City for the construction of the westside railroad realignment (Grant Tower) (“Grant Tower Interlocal”).

WHEREAS, under the Grant Tower Interlocal, “neither the debt service schedule, nor any of the material terms of the Agency’s repayment obligation, shall change without prior approval of the Agency’s Board of Directors.”

WHEREAS, the City intends to refund the 2007A bonds which shall change the debt service schedule in the Grant Tower Interlocal, likely reducing the Agency’s debt service obligations.

WHEREAS, the Board has determined that it is in the Agency’s best interest to approve the anticipated change in the debt service schedule and any other related material terms of the Agency’s repayment obligation, which will be finalized when the bonds are issued at the end of 2019 or the beginning of 2020.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that it approves the anticipated change in the debt service schedule for the 2007A bonds and any other related material terms of the Agency’s repayment obligation, which will be finalized when the bonds are issued at the end of 2019 or the beginning of 2020.

Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 8^th day of October, 2019, to be effective upon adoption.