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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-33-2018
Loan to CW The Charli Partnership, LP
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO CW THE CHARLI PARTNERSHIP FOR A RESIDENTIAL CONDOMINIUM DEVELOPMENT PROJECT LOCATED AT 55 WEST 800 SOUTH.
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.
WHEREAS, the RDA and the governing body of Salt Lake City (the “City”) adopted a redevelopment plan entitled “West Temple Gateway Project Area Plan (“Project Area Plan”)” on August 1, 1987.
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas.
WHEREAS, CW The Charli Partnership, LP, a limited partnership (the “Developer”") will construct a residential condominium development (“Project”) on 0.79 acres of property located at 55 West 800 South (“Property”).
WHEREAS, the Developer has requested a loan from the RDA to assist with construction costs for development of the Project.
WHEREAS, on November 2, 2018, the RDA Finance Committee reviewed the loan application.
WHEREAS, based on the RDA Finance Committee’s recommendations, the RDA staff recommends the attached set of terms for a loan to the Developer, 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 it approves the loan outlined in the Term Sheet attached hereto, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. The Board authorizes the Executive Director to negotiate and execute the loan agreement and any other relevant documents consistent with the Term Sheet, 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 27th day of November, 2018.