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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-9-2018
NeighborWorks Loan Extension
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY EXTENDING THE MATURITY DATE OF A LOAN TO NEIGHBORWORKS SALT LAKE
WHEREAS, on December 10, 2013, the Board of Directors (“Board”) of the Redevelopment Agency of Salt Lake City (“RDA”) approved a loan in the amount of $175,000 (the “Loan”) to NeighborWorks Salt Lake (“NWSL”) in connection with the acquisition of property at 775 North 300 West and construction of 23 new townhomes (the “Project”) in the RDA’s West Capitol Hill Project Area. The Board concurrently approved a second loan and grant to NWSL in connection with the Project, which was repaid in December 2017.
WHEREAS, in December 2016, the RDA granted to NWSL a one-year extension to the Loan maturity date. The extension was granted through the administrative process pursuant to the RDA’s loan policy.
WHEREAS, the Loan maturity date was December 20, 2017. Prior to the maturity date, NWSL requested an additional 6-month extension of the maturity date for its repayment of the Loan due to permitting and construction related delays of the Project.
WHEREAS, the RDA Finance Committee has recommended that the Board approve the 6-month extension request subject to the conditions that the lien on title evidencing the first priority loan by Morgan Stanley has been released, and that the Loan maturity date will not be extended beyond June 20, 2018.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY that subject to satisfaction of the conditions recommended by the Finance Committee, the Board hereby authorizes the extension of the Loan maturity date to June 20, 2018. Further, the Board authorizes the Executive Director to negotiate and execute an amendment to the Loan agreement and any other relevant documents for such extension, which documents shall also incorporate such other terms as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 20th day of March, 2018.