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RESOLUTION NO. 766.02 / R-4-2016 February 9, 2016
CONSIDERATION AND ADOPTION OF A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY REVISING THE TERMS FOR THE PURCHASE AND SALE AGREEMENT, DEVELOPMENT AGREEMENT, SPECIAL WARRANTY DEED, AND GUARANTY OF COMPLETION AND PERFORMANCE WITH EVEREST BUILDERS FOR PARCEL 4 OF THE MARMALADE DISTRICT SUBDIVISION
WHEREAS, the Redevelopment Agency of Salt Lake City ("Agency") was created to transact the business and exercise the powers provided for in the Utah Community Development and Renewal Agencies Act; and
WHEREAS, the Agency adopted the "West Capitol Hill Neighborhood Development Plan" in 1996; and
WHEREAS, Agency owns certain real property between 500 and 600 North and 300 West and Arctic Court ("Marmalade District Subdivision") and desires to redevelop it in accordance with the "Capitol Hill Master Plan"; and
WHEREAS, Agency approved the terms of a Request for Qualifications for the development of the various parcels constituting the Marmalade District Subdivision, including parcel 4 therein (Parcel 4"); and
WHEREAS, a Request for Qualifications was issued for the Property on June 5, 2013; and
WHEREAS, responses to the Request for Qualifications were due on August 2, 2013; and
WHEREAS, the designated Selection Committee recommended Everest Builders to develop Parcel 4 based upon its review and consideration of all submittals in accordance with the Request for Qualifications; and
WHEREAS, Agency determined that Everest Builders has responded with a proposal that meets the requirements to develop Parcel 4 of the Marmalade District Subdivision; and
WHEREAS, Agency entered into an exclusive negotiation period with Everest Builders on September 17, 2013;
WHEREAS, the RDA adopted Resolution No. 752.03 on December 9, 2014 approving the terms for a Purchase and Sale Agreement with Everest Builders with regard to the development of the Property;
WHEREAS, the RDA and the Developer entered into a Purchase and Sale Agreement, Development Agreement, Special Warranty Deed, and Guaranty of Completion and Performance on February 12, 2015.
WHEREAS, the RDA is extending the closing date of the Purchase & Sale Agreement from February 12, 2016 to May 23, 2016.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve the extension of the Purchase and Sale Agreement closing date.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 9th day of February, 2016.