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RESOLUTION NO. 16 OF 2017
Authorizing a Loan from Salt Lake City’s Housing Trust Fund
To Centro Civico
Housing Company LLC
(Centro Civico)
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, Centro Civico Housing Company LLC (“Centro Civico”) has applied to the City for a loan to facilitate the development of a mixed income senior housing development located at 155 South 600 West, Salt Lake City, Utah (the “Property”); and
WHEREAS, when complete, the “Centro Civico Senior Housing” project will consist of 61 units with 43 considered tax credit units targeting those at 50% area median income and below, with 5 of the 43 set aside for special populations (2 units for senior refugees and 3 units for senior veterans).
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 $635,000 to Centro Civico with the requirement that the loan proceeds shall be used to fund development of a mixed income senior housing project located at 155 South 600 West, Salt Lake City, Utah. The loan documents that correspond to this loan shall include the following terms:
Loan Amount: $635,000
Loan Maturity: 30 years + 2 years for Construction
Interest Rate: 2% per annum
Amortization: 30-year amortization
Interest Only: Only interest will be paid during the 2-year construction period
Collateral: Trust Deed on the Property – Shared second position with Olene Walker Housing Trust Fund, Second Mortgage Lien
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 25th day of July, 2017.