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RESOLUTION NO. 767.03 / R-8-2016 March 15, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING THE RDA TO EXECUTE AN AMENDMENT TO EXCLUSIVE NEGOTIATION AGREEMENT WITH THE BOYER COMPANY/COWBOY PARTNERS FOR THE SALE OF RDA-OWNED PROPERTY LOCATED BETWEEN 200 SOUTH AND 300 SOUTH, AND 500 WEST AND 600 WEST.
WHEREAS, the Redevelopment Agency of Salt Lake City ("RDA") was created to transact the business and exercise the powers provided for in Utah Code Ann. § 17C-1-101, et. seq. ("Limited Purpose Local Government Entities - Community Development and Renewal Agencies"); and
WHEREAS, the Agency adopted a redevelopment plan effective October 15, 1998 entitled "Depot District Redevelopment Project Area Plan;" and
WHEREAS, on September 16, 2014, the RDA Board adopted the Hub Development Implementation Strategy ("Station Center Implementation Strategy"); and
WHEREAS, the RDA owns certain real property ("Property") between 200 and 400 South, and 500 and 600 West ("Parcels 1-5") and desires to redevelop it in accordance with the Station Center Implementation Strategy; and
WHEREAS, the RDA determined through a Request for Qualifications process that Boyer Cowboy Station LC ("Developer") submitted a response to the RFQ that met the requirements to develop the Parcel 1 property; and
WHEREAS, on October 14, 2015, the RDA entered into an Exclusive Negotiation Agreement with the Developer to sell the Parcel 1 property; and
WHEREAS, the RDA desires to amend the Station Center Design Standards & Guidelines ("Design Guidelines") to reflect an optimal design for Parcel 1 that results in providing at-grade pedestrian access; and
WHEREAS, the RDA desires to extend the Negotiations Period under the Exclusive Negotiation Agreement with the Developer to provide additional time to amend the Design Guidelines from March 22, 2016 until May 12, 2016.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby authorize the RDA to amend the Exclusive Negotiations Agreement with Boyer Cowboy Station L.C. to extend the Negotiations Period to prior to May 12, 2016. The Basic Concept Design Drawings, and terms for the Purchase and Sale Agreement, and Development Agreement for Parcel 1 will be presented to the Board for approval, and shall incorporate such other terms as recommended by RDA's legal counsel.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 15th day of March, 2016.