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RESOLUTION NO. 767.02 / R-7-2016 March 15. 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING A TAX INCREMENT REIMBURSEMENT AGREEMENT WITH FIELDING GROUP, LLC c/o CICERO GROUP.
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 tax increment reimbursement program to provide funding in its project areas; and
WHEREAS, the RDA adopted the Depot District 2014-2019 Strategic Plan; and
WHEREAS, Fielding Group, LLC has the Board of Directors has approved 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 is willing to provide a reimbursement of property tax increment to Fielding Group, LLC to further 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 effectuating a tax increment reimbursement agreement with Fielding Group, LLC.
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 tax increment reimbursement between the Redevelopment Agency of Salt Lake City and Fielding Group, LLC c/o Cicero Group, in accordance with the memorandum 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.