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RESOLUTION NO. 765.02 / R-2-2016: January 12, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO IO CLIFT, LLC FOR RENOVATIONS TO THE CLIFT BUILDING LOCATED AT IO WEST BROADWAY IN THE CENTRAL BUSINESS DISTRICT PROJECT AREA.
Consideration and Adoption of a Resolution Approving the Term Sheet for a Loan to 10 Clift, LLC for Renovations to the Clift Building located at 10 West Broadway in the Central Business District Project Area.
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 Development and Renewal Agencies Act; and
WHEREAS, the RDA adopted the "C.B.D. Neighborhood Development Plan" on May 1,
1982; and
WHEREAS, the RDA has established a revolving loan fund to provide loans in its project areas; and
WHEREAS, the RDA adopted the Central Business District Project Area 2014-2019 Strategic Plan; and
WHEREAS, 10 Clift, LLC purchased the Clift Building at 10 West Broadway ("Property") in October 2015; and
WHEREAS, 10 Clift, LLC has requested a loan from the RDA to execute renovations to the Property; and
WHEREAS, the RDA is willing to provide a Building Renovation Loan to 10 Clift, LLC to facilitate redevelopment of the Property; and
WHEREAS, the RDA staff has negotiated the attached set of terms for a Building Renovation Loan to 10 Clift, LLC for the Project ("Term Sheet").
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve the Building Renovation Loan outlined in the Term Sheet attached hereto.
BE IT FURTHER RESOLVED THAT we do hereby authorize the Chief Administrative Officer and the Executive Director to negotiate and execute a loan agreement and legal documents attendant thereto subject to the terms set forth in the attached Term Sheet. 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 12th day of January, 2016.