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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-20-2019
Loan to Central Ninth Development Partners II, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO AN AFFILIATE OF CENTRAL NINTH DEVELOPMENT PARTNERS II, LLC FOR A MIXED USE PROJECT LOCATED AT APPROXIMATELY 912-916 JEFFERSON 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 Board of Directors of the RDA (the Board”) and the governing body of Salt Lake City (the “City”) adopted a redevelopment plan for the West Temple Gateway project area.
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas.
WHEREAS, an affiliate of Central Ninth Development Partners II, LLC, a Utah limited liability company (the “Developer”) will construct a mixed use development with three affordable housing units (“Project”) on 0.25 acres of property located at approximately 912-916 Jefferson Street (“Property”).
WHEREAS, the Developer is purchasing the Property from the RDA for $0 pursuant to the Board Resolution R-29-2018 approved on August 21, 2018.
WHEREAS, the Developer has requested a loan from the RDA to assist with construction costs for development of the Project.
WHEREAS, on October 15, 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 for a loan to the Developer, as borrower, for the Project (“Term Sheet”).
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City 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 12th day of November, 2019.