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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-4-2020
Diamond Rail Apartments LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO DIAMOND RAIL APARTMENTS LLC FOR AN AFFORDABLE HOUSING DEVELOPMENT PROJECT LOCATED AT APPROXIMATELY 535 WEST 300 NORTH
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, in the FY 2020 budget, the Salt Lake City Council (“Council”) allocated $2,590,000 in Funding Our Future revenues to the RDA to be provided as loans for the development of affordable housing.
WHEREAS, pursuant to legislative intent provided by the Council when the FY 2020 budget was adopted, the Council intends to establish a housing trust fund within the RDA and any application that comes to Salt Lake City be handled by the RDA in a manner that is consistent with the current rules and purposes guiding the Salt Lake City Housing Trust Fund and the Housing Trust Fund Advisory Board as established by Salt Lake City code Chapter 2.80.
WHEREAS, Diamond Rail Apartments LLC (the “Developer”) will construct a development called Diamond Rail Apartments which consists of the new construction of a six-story, mixed-income, mixed-use project with approximately 80 residential units, with 55 of the units deed restricted as affordable housing for 50-years (the “Project”) on approximately one acre of property located at approximately 535 West 300 North (the “Property”).
WHEREAS, the Developer has applied for a loan from the RDA to assist with construction costs for development of the Project.
WHEREAS, on September 23, 2020, the Housing Trust Fund Advisory Board (“HTFAB”) reviewed and recommended approval of the loan application.
WHEREAS, the RDA staff recommends the attached set of terms (the “Term Sheet”) for a loan to the Developer, as borrower, for the Project.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City (the “Board”) 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 11th day of February, 2020.