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RESOLUTION NO. 17 OF 2015
AUTHORIZING A LOAN FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO HOUSING AUTHORITY OF SALT LAKE
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, the Housing Authority of Salt Lake City has applied to the City for a loan to facilitate the construction of Taylor Gardens, a mixed income senior housing project located at 1776 South West Temple; and
WHEREAS, when complete, the Taylor Gardens apartment project will consist of 112 units restricted to seniors at 55 years and older, including 66 affordable units available to persons with a range of area median incomes between 25% and 49%.
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 $750,000.00 to the Housing Authority of Salt Lake City at 2% interest per annum for 30 years with the requirement that the Housing Authority of Salt Lake City use the loan funds for construction of the Taylor Gardens apartments located at 1776 South West Temple in Salt Lake City, Utah.
2. That Ralph Becker, Mayor of Salt Lake City, Utah, following approval of the City Attorney, is hereby authorized to execute the requisite loan agreement 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 19th day of May, 2015.