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RESOLUTION NO. 769.01 / R-18-2016 May 10, 2016
CONSIDERATION AND ADOPTION OF A RESOLUTION APPROVING THE TERMS FOR AN OPTION TO PURCHASE AGREEMENT, DEVELOPMENT AGREEMENT, SCHEDULE OF DEVELOPMENT, AND OTHER AGREEMENTS WITH LAND-FORGE, INC. FOR THE DEVELOPMENT OF AGENCY-OWNED PROPERTY LOCATED AT 863, 865, 873 SOUTH 200 WEST.
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 West Temple Gateway Neighborhood Development Plan on August 1, 1987; and
WHEREAS, the Salt Lake City Council adopted the Central Community Master Plan on November 1, 2005; and
WHEREAS, the Agency adopted the West Temple Gateway and Granary District
Redevelopment Strategy on June 7, 2011; and
WHEREAS, the Agency plans to redevelop its property in the West Temple Gateway Project Area in accordance with objectives set forth in the West Temple Gateway Neighborhood Plan, Central Community Master Plan, and West Temple Gateway and Granary District Redevelopment Strategy; and
WHEREAS, the Agency owns property located at 863, 865, 873, South 200 West in the West Temple Gateway Project Area (the "Property); and
WHEREAS, the Agency adopted Resolution 742.01 on January 14, 2013 approving the terms for a Request for Proposals and authorizing the preparation and distribution of Requests for Proposals for the development of the Property; and
WHEREAS, the Agency issued a Request for Proposals for the Property on October 2, 2015; and
WHEREAS, responses to the Request for Proposals were due on December 18, 2015; and
WHEREAS, Land-Forge, Inc. submitted a response to the Request for Proposals on
December 18, 2015; and
WHEREAS, in January 2016, a Selection Committee selected Land-Forge, Inc. as the developer based upon its review and consideration of all submittals received in accordance with the Request for Proposals; and
WHEREAS, on January 25, 2016 the Agency concurred with the recommendations of the Selection Committee and entered into an exclusive negotiation period with Land-Forge, Inc. for the acquisition of the Property effective until May 13,2016; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby authorize the Agency to enter into an Option to Purchase Agreement, Development Agreement, Schedule of Development, and other agreements to transact the sale of the Property (Green Warehouse assemblage) as further described in the Term Sheet attached hereto.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 10th day of May, 2016.