RDA Resolution R-33-2016

 

Click here to view entire resolution

 

RESOLUTION NO. R-33-2016                                                                   September 13, 2016

 

Utah Paperbox Housing Matrix

 

RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING A HOUSING MATRIX ALTERNATIVE FOR RDA­ OWNED PROPERTY AT 340 WEST 200 SOUTH IN THE CENTRAL BUSINESS DISTRICT PROJECT AREA.

 

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; 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 joint venture of PEG Development and Clearwater Homes (the "Developer") executed an exclusive negotiations agreement (the "Agreement") with the RDA for the purpose of negotiating the terms upon which the RDA would be willing to sell its property located at 340 West 200 South (the "Property", also known as Utah Paperbox) to Developer; and

 

WHEREAS, the RDA has worked with the Developer during the exclusive negotiation period to arrive at alternatives to the affordable housing mix and associated purchase price (the "Housing Matrix" ) for the Property that provide the Board-required number of affordable units, are consistent with the City' s housing needs, and achieve the Developer' s required financial returns.

 

WHEREAS, the Board has made the policy determination that the Property should be sold to Developer at less-than fair market value because Developer' s proposed development of the Property meets the Board's goals for developing the CBD Project Area, including providing affordable housing and open space.

 

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE

REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve Housing Matrix alternative B, with a deed restriction on the property requiring affordability for thirty years, which will have an enforcement mechanism for the first thirteen years and a reporting mechanism for the subsequent seventeen years. The Board also authorizes the RDA's sale of the Property at less than fair market value.

 

Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 13th day of September, 2016.