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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-31-2018
Citywide Affordable Housing – Notice of Funding Availability (NOFA) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT FUNDING ALLOCATIONS.
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 (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, pursuant to a motion adopted by the RDA Board of Directors (the “Board”) on December 5, 2017, the Board set aside $10,000,000 for a “Notice of Funding Availability” (NOFA), contingent upon an application and review process administered by the RDA to facilitate funding of qualified projects which meet the goals established by the NOFA guidelines with $4,500,000 of the funds to be dedicated toward areas of high opportunity.
WHEREAS, the RDA facilitated a loan application and review process pursuant to the RDA’s NOFA policy as provided through resolution R-17-2018.
WHEREAS, on September 12, 2018, the RDA’s Finance Committee reviewed the NOFA applications and recommended funding allocations and preliminary terms for the applicants and projects further described on Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, the RDA staff recommends that the Board approve the applicants and projects described on Exhibit A and enter into a conditional commitment period with such approved applicants during which the applicants will obtain financial, legal, and regulatory approvals for each respective project. Applicants that successfully meet the conditions of a loan from NOFA shall be extended a loan by the RDA pursuant to the terms of this Resolution and the NOFA policy.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City that it approves the funding allocations and preliminary terms for the applicants and projects further described on Exhibit B, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. For approved applicants that successfully meet the conditions to receive a NOFA loan, the Board authorizes the Executive Director to negotiate and execute the loan agreements and any other relevant documents consistent with the funding allocations and terms contained herein, and incorporating such other terms and agreements as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 9th day of October, 2018.