Resolution 14 of 2018

RESOLUTION NO. 14 OF 2018

Authorizing a Loan from Salt Lake City’s Housing Trust Fund

To Denver Partners LLC
(Denver Street Apartments)

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, Denver Partners LLC (“Denver Partners”) has applied to the City for a loan to facilitate the acquisition, development, and permanent financing of an affordable residential building located at 770 South Denver Street, Salt Lake City, Utah (the “Property”); and

WHEREAS, when complete, the “Denver Street Apartments” building is projected to consist of 22 affordable units to serve those at 50% area median income or below.

NOW THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:

1. That the City Council hereby approves issuing a single loan in the total amount of $500,000 to Denver Partners with the requirement that the loan proceeds shall be used to fund the acquisition, development, and permanent financing of an affordable housing project located at the Property. The loan documents that correspond to this loan shall include the following terms:

Loan Amount: $500,000

Loan Maturity: 30 years

Interest Rate: 0% per annum

Amortization: 30-year amortization

Collateral: First Position 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 20^th day of March, 2018.