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RESOLUTION NO. R-39-2016 November 15, 2016
208 West 900 South Disposition
CONSIDERATION AND ADOPTION OF A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE SALES PRICE OF AGENCY-OWNED PROPERTY LOCATED AT 208 WEST 900 SOUTH IN THE WEST TEMPLE GATEWAY 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 Redevelopment Agency 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; and
WHEREAS, the Agency desires to dispose of real property located at 208 West 900 South (the "Property") for the purpose of redeveloping it in a manner consistent with the Redevelopment Plan; and
WHEREAS, Spy Hop Productions, Inc. (the "Developer") will construct a community- services oriented development on the Property; and
WHEREAS, the RDA completed an appraisal (the "Appraisal") on the Property in March 2016, resulting in an as-is appraised value of $497,000; and
WHEREAS, the purchase price of the Property is $0.00 to incentivize public benefits and to ensure a financially viable development; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the Board does hereby authorize the sale of the property to Spy Hop Productions, Inc. for a one hundred percent (100%) land write-down to incentivize public benefits and to ensure a financially viable development. The transaction shall also incorporate such other terms and agreements as recommended by Agency counsel.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 15th day of November, 2016.