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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-28-2018
901 Gale Street
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE SALES PRICE OF RDA-OWNED PROPERTY LOCATED AT 901 GALE STREET IN THE GRANARY DISTRICT PROJECT AREA.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) desires to dispose of real property located at 901 Gale Street (the “Property”) for the purpose of redeveloping it in a manner consistent with the RDA’s Granary District Project Area Plan.
WHEREAS, the Bicycle Collective (the “Bicycle Collective”) intends to acquire the Property and construct a multi-use facility that houses community bicycle uses (“Project”) on the Property.
WHEREAS, the Property was appraised in February 2017 for $280,000.
WHEREAS, the Bicycle Collective requests a complete write-down of the Property value in order to develop the Project
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City that the Board hereby authorizes the a complete write-down of the Property value and authorizes the disposition of the Property to the Bicycle Collective for $00.00 so long as the Bicycle Collective develops the Project pursuant to the terms of an agreement with the RDA, as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 21st day of August, 2018.