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RESOLUTION NO. 771.04 / R-26-2016 June 14, 2016
Utah Paperbox Exclusive Negotiations Agreement Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING AN AMENDMENT TO THE EXCLUSIVE NEGOTIATIONS AGREEMENT WITH THE JOINT VENTURE OF PEG DEVELOPMENT AND CLEARWATER HOMES REGARDING THE DEVELOPMENT OF RDA-OWNED PROPERTY LOCATED AT 340 WEST 200 SOUTH 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 Reinvestment Agency Act; and
WHEREAS, the RDA adopted the “C.B.D. Neighborhood Development Plan” on May 1, 1982; and
WHEREAS, the RDA adopted the Central Business District Project Area 2014-2019 Strategic Plan; and
WHEREAS, the joint venture of PEG Development and Clearwater Homes (the “Developer”) entered into an exclusive negotiations agreement (the “Agreement”) with the RDA for the purpose of negotiating the terms upon which the RDA would be willing to sell its property located at 340 West 200 South (the “Property”, also known as Utah Paperbox) to Developer, and the attendant agreements necessary to effectuate such sale in a manner consistent with the negotiated terms (“Transaction Documents”); and
WHEREAS, the RDA has worked with the Developer during the exclusive negotiation period to revise the Concept Plan to reflect Board-approved direction, to arrive at a reasonable Development Schedule, and to negotiate the terms of the Option to Purchase Agreement; and
WHEREAS, the Developer requests an additional 30 days to negotiate items relevant to the Option to Purchase Agreement 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 extending the exclusive negotiations period by 30 days.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 14th day of June, 2016.