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RESOLUTION NO. 769.02 / R-19-2016 May 10, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING A LOAN TO BENCHMARK MODERN FOR THE FOR THE CONSTRUCTION OF THE JEFFERSON WALKWAY PROJECT LOCATED AT 830 & 836 SOUTH JEFFERSON STREET, AND 833 & 839 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 830 & 836 South Jefferson Street, and 833 & 839 South 200 West in the West Temple Gateway Project Area (the "Property); and
WHEREAS, the RDA adopted Resolution 720.02 approving the terms for a Request for Proposals for the development of the Property; and
WHEREAS, the Agency issued a Request for Qualifications for the Property on February 6, 2014; and
WHEREAS, responses to the Request for Qualifications were due on March 20, 2014; and
WHEREAS, Benchmark Modern submitted a response to the Request for Qualifications on March 20, 2014; and
WHEREAS, a Selection Committee recommended Benchmark Modern as the first ranked developer based upon its review and consideration of all submittals received in accordance with the Request for Qualifications; and
WHEREAS, Benchmark Modern, Inc. has requested a loan in the amount of $1,994,922 from the RDA to construct the Jefferson Walkway Project on the Property; and
WHEREAS, the RDA staff has negotiated the attached set of terms for a potential RDA loan to Benchmark Modern, Inc. for the Project ("Term Sheet"); and
WHEREAS, the RDA is willing to provide a loan to Benchmark Modern, Inc. to facilitate the redevelopment of the Property.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve the loan outlined in the Term Sheet attached hereto.
BE IT FURTHER RESOLVED THAT we do hereby authorize the Chief Administrative Officer and the Interim Executive Director to negotiate and execute the legal documents attendant to such loan between the Redevelopment Agency of Salt Lake City and Benchmark Modern, Inc., in accordance with the Term Sheet attached hereto. The documents shall also incorporate such other terms as recommended by RDA legal counsel.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 10th day of May, 2016.