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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-18-2020
Term Sheet Amendment for
Loans to Brinshore
Development, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE AMENDED TERM SHEET FOR THE LOANS TO BRINSHORE DEVELOPMENT, LLC FOR ACQUISITION AND REDEVELOPMENT OF REAL PROPERTY LOCATED AT 255 SOUTH STATE STREET.
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.
WHEREAS, the RDA and the governing body of Salt Lake City adopted a redevelopment plan for the Central Business District (“CBD”).
WHEREAS, the RDA has a revolving loan fund (the “RLF”) to provide construction loans for projects located in its project areas.
WHEREAS, the RDA has funds within the CBD fund for the purpose of commercial and residential loans (from the CBD Commercial Development Loan Program and CBD Residential Development Loan Program), collectively the “CBD Loan Program Funds”.
WHEREAS, on October 9, 2018 through Resolution R-31-2018, the Board of Directors of the Redevelopment Agency of Salt Lake City (the “Board”) approved a Notice of Funding Availability (the “NOFA”) that approved the funding allocation and preliminary terms of $2,000,000 to Brinshore Development, LLC, or one or more of its affiliate (collectively, the “Developer”) for a mixed-income, mixed-use project (the “Project”) located at 255 South State Street (the “Property”). .
WHEREAS, on July 9, 2019 through Resolution R-10-2019, the Board approved loans to the Developer to provide seller financing for the acquisition of the Property and to assist with the construction costs and permanent financing of the Project.
WHEREAS, the Developer has requested modification of the approved loan terms due to construction cost escalations, refinements of the Project’s design, and delays related to the COVID-19 pandemic.
WHEREAS, on October 23, 2020, the RDA Finance Committee reviewed the loan application.
WHEREAS, based on the RDA Finance Committee’s recommendations, the RDA staff recommends the attached sets of amended terms (the “Term Sheets”) for loans to the Developer(s), as borrower(s), for construction and permanent financing of the Project. The term sheets provide for one or more loans for the construction costs and permanent financing of the Project funded from the NOFA, CBD Loan Program Funds, and RLF.
NOW, THEREFORE, BE IT RESOLVED by the Board that it approves the loans outlined in the Term Sheets attached hereto, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. The Board authorizes the Executive Director to negotiate and execute the one or more loan agreements, promissory notes, deeds of trust, and any other relevant documents consistent with the Term Sheets, 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 10th day of November, 2020.