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RESOLUTION NO. 771.05 / R-27-2016 June 14, 2016
Amendment to Purchase & Sale Agreement with Benchmark Modern
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING AN AMENDMENT TO THE PURCHASE AND SALE AGREEMENT WITH BENCHMARK MODERN FOR THE ACQUISITION OF AGENCY-OWNED PROPERTY LOCATED AT 830 & 836 SOUTH JEFFERSON STREET, AND 833 & 839 SOUTH 200 WEST.
WHEREAS, the Redevelopment Agency of Salt Lake City ("Agency") was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act; and
WHEREAS, the Agency adopted the West Temple Gateway Neighborhood Development Plan on August 1, 1987; and
WHEREAS, the Salt Lake City Council adopted the Central Community Master Plan on November 1, 2005; and
WHEREAS, the Agency adopted the West Temple Gateway and Granary District
Redevelopment Strategy on June 7, 2011; and
WHEREAS, the Agency plans to redevelop its property in the West Temple Gateway Project Area in accordance with objectives set forth in the West Temple Gateway Neighborhood Plan, Central Community Master Plan, and West Temple Gateway and Granary District Redevelopment Strategy; and
WHEREAS, the Agency owns property located at 830 & 836 South Jefferson Street, and 833 & 839 South 200 West in the West Temple Gateway Project Area (the "Property); and
WHEREAS, the RDA adopted Resolution 720.02 approving the terms for a Request for Qualifications for the development of the Property; and
WHEREAS, the Agency issued a Request for Qualifications for the Property on February 6, 2014; and
WHEREAS, responses to the Request for Qualifications were due on March 20, 2014; and
WHEREAS, Benchmark Modern submitted a response to the Request for Qualifications on March 20, 2014; and
WHEREAS, a Selection Committee recommended Benchmark Modern as the first ranked developer based upon its review and consideration of all submittals received in accordance with the Request for Qualifications; and
WHEREAS, the Agency concurred with the recommendations of the Selection Committee and adopted Resolution 746.03 authorizing the Agency to enter into a six month exclusive negotiation period with Benchmark Modern for the acquisition of the Property; and
WHEREAS, the Agency approved a redevelopment concept for the Property September 16, 2014; and
WHEREAS, the RDA adopted Resolution 750.04 approving the terms of the Purchase and Sale Agreement for the Property; and
WHEREAS, the RDA adopted Resolution 762.02 approving an amendment to the terms of the Purchase and Sale Agreement for the Property; and
WHEREAS, the RDA adopted Resolution 768.06 approving an amendment to the terms of the Purchase and Sale Agreement for the Property; and
WHEREAS, the Agency desires to amend the Purchase and Sale Agreement to extend the outside closing date by 30 days;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby grant a 30 day extension to the outside closing date of the Purchase and Sale Agreement between the Agency and Benchmark for Benchmark's acquisition of the Property. The Purchase Agreement and Development Agreement terms will incorporate such other terms as recommended by RDA's legal counsel.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 14th day of June, 2016.