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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-19-2019
Loan to West End LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO WEST END LLC FOR A COMMERCIAL DEVELOPMENT PROJECT LOCATED AT APPROXIMATELY 740 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.
WHEREAS, the RDA and the governing body of Salt Lake City (the “City”) adopted the 9 Line Community Reinvestment Plan on October 2, 2018.
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas.
WHEREAS, West End LLC, a Utah limited liability company (the “Developer”) will construct a commercial development called West End Development which includes the adaptive reuse of two warehouses (the “Project”) on approximately one acre of property located at approximately 740 West 900 South (the “Property”).
WHEREAS, the Developer has applied for a loan from the RDA to assist with construction costs for development of the Project.
WHEREAS, on September 17, 2019, the RDA Finance Committee reviewed the loan application.
WHEREAS, based on the RDA Finance Committee’s recommendations, the RDA staff recommends the attached set of terms (the “Term Sheet”) for a loan to the Developer, as borrower, for the Project.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City (the “Board”) that it approves the loan outlined in the Term Sheet 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 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 8th day of October, 2019.