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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-5-2019
Loan to Athens Hotel Development, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR THE LOAN TO ATHENS HOTEL DEVELOPMENT, LLC FOR CONSTRUCTION OF A HOTEL LOCATED AT 18 NORTH RIO GRANDE STREET.
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 adopted a redevelopment plan for the Depot District Project Area.
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas.
WHEREAS, Athens Hotel Development, LLC (the “Developer”) will construct a hotel project that includes the adaptive reuse of the Union Pacific Station building and construction of a new mid-rise guestroom structure (the “Project”) on the property consisting of approximately 1.7211 acres located at 18 North Rio Grande Street (“Property”).
WHEREAS, the Developer has applied for a loan from the RDA to assist with construction costs for the Project.
WHEREAS, on March 14, 2019, 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 (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 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 23rd day of April, 2019.