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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-30-2018
2.07 acres located between 500 and 600 North on 300 West (550 North 300 West)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE DISCOUNTED SALES PRICE OF RDA-OWNED PROPERTY LOCATED between 500 and 600 North ON 300 West (550 North 300 West).
WHEREAS, on August 25, 2016, the Redevelopment Agency of Salt Lake City (“RDA”) executed a Purchase and Sale Agreement (“Agreement”) with ClearWater Homes, LLC (“ClearWater”) for the sale of that certain RDA-owned real property located between 500 and 600 North on 300 West (address: 550 North 300 West)(the “Property”).
WHEREAS, pursuant to the Agreement, the RDA and ClearWater agreed that the purchase price for the Property was $1,725,000 (“Purchase Price”).
WHEREAS, pursuant to the First Amendment to Purchase and Sale Agreement between ClearWater and the RDA, RDA committed to construct “the staircase associated with Capitol Villa Apartments and Arctic Court and the land drain.”
WHEREAS, ClearWater has agreed to construct the land drain, in exchange for a write-down of the Purchase Price in the equivalent amount of the cost of the land drain.
WHEREAS, ClearWater and the RDA have obtained bids for the installation of the land drain and the cost will be approximately $350,000.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City that the Board hereby authorizes the discount of the Purchase Price of up to $400,000, with the final discount to be the equivalent cost of the land drain installation so long as such cost is $400,000 or less. The discount will be memorialized in an amendment to the Agreement.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 11th day of September, 2018.