RDA Resolution R-23-2016

 

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RESOLUTION NO. 771.01 / R-23-2016                                                      June 14, 2016

 

Tax Increment Reimbursement Agreement Vivint Smart Home Arena.

 

RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERMS OF A TAX INCREMENT REIMBURSEMENT AND FUNDING AGREEMENT WITH THE VIVINT SMART HOME ARENA CORPORATION RELATED TO IMPROVEMENTS TO THE VIVINT SMART HOME ARENA.

 

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; and

 

WHEREAS, the RDA adopted the "C.B.D. Neighborhood Development Plan" on May 1, l982; and

 

WHEREAS, the RDA adopted the Central Business District Project Area 2014-2019 Strategic Plan; and

 

WHEREAS, the RDA owns the land located at 301 West South Temple (the "Property"); and

 

WHEREAS, the RDA entered into a 50-year land lease with the Larry H. Miller Arena Corporation on June 8, 1990; and

 

WHEREAS, the Larry H. Miller Arena Corporation dba Vivint Smart Home Arena Corporation owns the Arena located on the Property; and

 

WHEREAS, the Vivint Smart Home Arena Corporation is seeking a Tax Increment Reimbursement Agreement (the "Agreement") not to exceed $22,700,000 in order to make renovation improvements to the Arena and 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 Term Sheet for the Agreement.

 

Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 14th day of June, 2016.