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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-4-2018
Authorizing approval of a Development Agreement between Salt Lake City Corporation, the Redevelopment Agency of Salt Lake City, and NWQ, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING APPROVAL OF A DEVELOPMENT AGREEMENT BETWEEN SALT LAKE CITY CORPORATION, THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, AND NWQ, LLC.
WHEREAS, NWQ, LLC (“Developer”) owns certain real property (“Property”) located within the Northwest Quadrant Project Area created by the Redevelopment Agency of Salt Lake City (“RDA”).
WHEREAS, the RDA, Salt Lake City Corporation (“City”), and Developer have negotiated a development agreement (“Development Agreement”) which will, among other things, vest Developer in the zoning as it currently exists on the Property, and facilitate a process for Developer to apply for tax increment reimbursement from the Agency as the Property is developed.
WHEREAS, RDA desires to execute the Development Agreement with Developer and City.
THEREFORE, BE IT RESOLVED, by the Board of Directors of the Redevelopment Agency of Salt Lake City as follows:
1. It does hereby approve the execution and delivery of the following:
DEVELOPMENT AGREEMENT BETWEEN SALT LAKE CITY CORPORATION, REDEVELOPMENT AGENCY OF SALT LAKE CITY, AND NWQ, LLC, EFFECTIVE ON THE DATE IT IS SIGNED BY ALL PARTIES.
2. Jacqueline M. Biskupski, Executive Director of the Redevelopment Agency of Salt Lake City, or her designee is hereby authorized to approve, execute, and deliver said agreement on behalf of the Redevelopment Agency of Salt Lake City, in substantially the same form as now before the Board of Directors of the Redevelopment Agency of Salt Lake City and attached hereto as Exhibit A, subject to such minor changes that do not materially affect the rights and obligations of the Redevelopment Agency thereunder and as shall be approved by the Executive Director, her execution thereof to constitute conclusive evidence of such approval.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 16th day of January, 2018