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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-8-2019
Loan to Congregation Group, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR THE LOAN TO CONGREGATION GROUP, LLC FOR CONSTRUCTION OF CONGREGATION SPIRITS DISTILLERY ON PROPERTY LOCATED AT 25 NORTH 900 WEST.
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 North Temple Project Area.
WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas.
WHEREAS, Congregation Group, LLC (the “Developer”) will construct the Congregation Spirits Distillery (“Project”) on property located at 25 North 900 West (“Property”). The Project includes the adaptive reuse of the 12,000-square foot Utah Quality Service building for the development of a distillery, bar and grill, and working urban fruit orchard.
WHEREAS, the Developer has applied for a loan from the RDA to assist with construction costs for the Project.
WHEREAS, on May 20, 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 11th day of June, 2019.