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RESOLUTION NO. 13 OF 2016
AUTHORIZING A LOAN FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO TENFIFTEEN PARTNERS LLC
WHEREAS, Salt Lake City Corporation (the City) has a Housing Trust Fund to encourage affordable and special needs housing development within the City; and
WHEREAS, TenFifteen Partners LLC has applied to the City for a loan to facilitate construction of the TenFifteen apartment project, a majority market rate development with 20% affordable units, to be located at 1015 South 200 West Salt Lake City, Utah (the “Property”); and
WHEREAS, when complete, the TenFifteen apartment project will consist of 54 units, including 11 units that will be specifically available to persons with area median incomes at or below 50%.
NOW THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. That the City Council hereby approves issuing a loan in the amount of $380,000.00 to TenFifteen Partners LLC with the requirement that the loan proceeds shall be used to fund construction of the TenFifteen apartment project located at 1015 South 200 West, Salt Lake City, Utah. The loan documents that correspond to this loan shall include the following terms:
Loan Amount: $380,000.00
Loan Maturity: 42 years
Interest Rate: 3.5% per annum
Amortization: 40-year amortization
Interest Only: Only interest will be paid during the 2-year construction period
Affordability Term: 55 years
Collateral: Trust Deed on the Property
2. That Jacqueline M. Biskupski, Mayor of Salt Lake City, Utah, following approval of the City Attorney, is hereby authorized to execute the requisite loan documents on behalf of Salt Lake City Corporation and to act in accordance with their terms.
Passed by the City Council of Salt Lake City, Utah, this 26th day of April, 2016.