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RESOLUTION NO. R-6-2017 June 13, 2017
[Amendment to Participation and Reimbursement Agreement]
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING EXECUTION OF AN AMENDMENT TO A PARTICIPATION AND REIMBURSEMENT AGREEMENT WITH ALTA GATEWAY OWNER, LLC
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) and Alta Gateway Owner, LLC (“Alta Gateway”) executed that certain Participation and Reimbursement Agreement (“Original Agreement”) on January 13, 2015, in which RDA agreed to reimburse Alta Gateway for certain costs incurred in connection with the construction of a parking garage (“Developer Improvements”) connected to a residential apartment building located at 108-136 South 500 West in Salt Lake City; and
WHEREAS, under the Original Agreement, Alta Gateway was required to complete the Developer Improvements by June 30, 2017 (“Completion Deadline”); and
WHEREAS, Alta Gateway has requested an extension of the Completion Deadline, and intends to complete the Developer Improvements by December 31, 2017.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the First Amendment to Participation and Reimbursement Agreement, in the form attached, is hereby approved.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 13th day of June, 2017.