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RESOLUTION NO. 772.03 / R-30-2016 July 12, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY TO NEGOTIATE AN AGREEMENT WITH THE JOINT VENTURE OF HINES INTERESTS LIMITED PARTNERSHIP AND THE LaSALLE GROUP FOR REDEVELOPMENT OF RDA-OWNED PROPERTY LOCATED AT 144 AND 156 SOUTH MAIN STREET
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 adopted the Central Business District Project Area 2014-2019 Strategic
Plan; and
WHEREAS, the RDA owns the former Utah Theater property located at 144 and 156 South Main, and the Strategic Plan identifies the redevelopment of this property as a priority project; and
WHEREAS, existing RDA land sale policy permits the agency to exclusively negotiate the sale of its property to immediately adjacent landowners; and
WHEREAS, Hines Interests Limited Partnership ("Hines") is the owner of the immediately adjacent Kearns Building property located at 136 South Main, and the LaSalle Group is the owner of immediately adjacent property located at 160 South Main; and
WHEREAS, Hines and the LaSalle Group intend to form a joint venture to redevelop the Utah Theater property, including a restoration of the theater; and
WHEREAS, the RDA wishes to enter into an Exclusive Negotiations Agreement with Hines and the LaSalle Group for the purpose of negotiating an Option to Purchase Agreement, Development Agreement, and other agreements related to redeveloping the Utah Theater property; and
WHEREAS, the terms of such agreements will be finalized upon approval of the Board or in such manner that is consistent with the RDA's land disposition policy; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve entering into the Exclusive Negotiations Agreement with Hines and the LaSalle Group.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 12th day of July, 2016.