Click here to view entire resolution
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-18-2018
SPY HOP FORGIVABLE LOAN
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO SPY HOP PRODUCTIONS FOR A DEVELOPMENT PROJECT LOCATED AT 208 WEST 900 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; and
WHEREAS, the RDA and the governing body of Salt Lake City (the “City”) adopted a redevelopment plan entitled “West Temple Gateway Project Area Plan (“Project Area Plan”)” on August 1, 1987; and
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas; and
WHEREAS, Spy Hop Productions, Inc., a Utah nonprofit corporation (the “Developer”) will construct a community-services oriented development (“Project”) on 0.40 acres of property located at 208 West 900 South (“Property”); and
WHEREAS, the Developer has requested a loan from the RDA to assist with construction costs for development of the Project; and
WHEREAS, the Developer has requested a waiver from RDA Loan Program Policy and requests that the loan be provided as a forgivable loan; and
WHEREAS, on May 21, 2018, the RDA Finance Committee reviewed the loan application; and
WHEREAS, based on the RDA Finance Committee’s recommendations, RDA staff recommends approval of the attached set of terms for a loan to Developer, as borrower, for the Project (“Term Sheet”).
THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City that the loan outlined in the Term Sheet attached hereto is approved, subject to revisions that do not materially affect the rights and obligations of the RDA thereunder. 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 12th day of June, 2018.