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RESOLUTION NO. 26 OF 2016
AUTHORIZING A LOAN FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO NORTH TEMPLE FLATS, 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, North Temple Flats, LLC has applied to the City for a loan to facilitate construction of the North Temple Flats project, a multifamily development to be located at 1999 West North Temple, Salt Lake City, Utah (the “Property”); and
WHEREAS, when complete, the North Temple Flats project will consist of 168 units, including 97 affordable units specifically available to persons with area median incomes at or below 50% - with 29 of those units targeted for underserved populations.
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 one million dollars ($1,000,000.00) to North Temple Flats, LLC with the requirement that the loan proceeds shall be used to fund construction and development of the North Temple Flats project located at 1999 West North Temple, Salt Lake City, Utah. The loan documents that correspond to this loan shall include the following terms:
Loan Amount: $1,000,000.00
Loan Maturity: 17 years
Interest Rate: 1.0% per annum
Amortization: 35-year amortization
Interest Only: Only interest will be paid during the 2-year construction period
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 19th day of July, 2016.