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RESOLUTION NO. 767.01 / R-6-2016 March 15, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN REQUEST FROM FIELDING GROUP. LLC TO FUND RENOVATIONS AT 35 NORTH RIO GRANDE STREET, SALT LAKE CITY, UTAH IN THE DEPOT DISTRICT 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 Development and Renewal Agencies Act; and
WHEREAS, the Agency adopted a redevelopment plan effective October 15, 1998 entitled “Depot District Redevelopment Project Area Plan”; and
WHEREAS, the RDA has established a revolving loan fund to provide loans in its project areas; and
WHEREAS, the RDA adopted the Depot District 2014-2019 Strategic Plan; and
WHEREAS, Fielding Group, LLC has requested a loan in the amount of $2,010,000 from the RDA to execute building renovations to property located at 35 North Rio Grande Street, Salt Lake City UT (''Property"); and
WHEREAS, the RDA staff has negotiated the attached set of terms for a potential RDA loan to Fielding Group, LLC or the Project ("Term Sheet"); and
WHEREAS, the RDA is willing to provide a loan to Fielding Group, LLC to facilitate redevelopment of the Property.
NOW. THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby approve the loan outlined in the Term Sheet attached hereto.
BE IT FURTHER RESOLVED THAT we do hereby authorize the Chief Administrative Officer and the Interim Executive Director to negotiate and execute the legal documents attendant to such loan between the Redevelopment Agency of Salt Lake City and Fielding Group, LLC c/o Cicero Group, in accordance with the Term Sheet attached hereto. The documents shall also incorporate such other terms as recommended by RDA legal counsel.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 15th day of March, 2016.