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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-3-2018
Citywide Affordable Housing – Capitol Motel Properties
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO HOUSING ASSISTANCE MANAGEMENT ENTERPRISE FOR A CITYWIDE AFFORDABLE HOUSING PROJECT LOCATED AT 1749 SOUTH STATE STREET, 1767 SOUTH STATE STREET, AND 120 EAST WILSON AVENUE.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the business and exercise the powers provided for in the Utah Title 17C Community Reinvestment Agency Act (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used outside of a project area 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 on December 12, 2017, the Board set aside $3,200,000, contingent upon an application and review process, to facilitate the redevelopment of property located at 1729 South State Street, 1749 South State Street, 1767 South State Street, and 120 East Wilson Avenue (collectively, the “Capitol Motel Assemblage”).
WHEREAS, the RDA facilitated a loan application and review process pursuant to the RDA’s loan program policy for a proposed mixed-income housing development to be constructed at the Capitol Motel Assemblage (“Project”).
WHEREAS, on December 21, 2017, the RDA’s Finance Committee reviewed the loan application.
WHEREAS, based on the Finance Committee’s recommendations, the RDA staff recommends the attached set of terms for an affordable housing loan for site acquisition and predevelopment costs to Housing Assistance Management Enterprise, a Utah nonprofit corporation, as Borrower, for the Project (“Term Sheet”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the loan outlined in the Term Sheet attached hereto is approved, subject to minor changes that do not materially affect the rights and obligations of the RDA hereunder.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 9th day of January, 2018.