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RESOLUTION NO. 27 OF 2016
AUTHORIZING A GRANT FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO THE COMMUNITY FOUNDATION OF UTAH
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 Community Foundation of Utah has applied to the City for a grant to partially fund the “Low Wage Worker” project that provides subsidies to increase the availability of affordable housing available within the City; and
WHEREAS, it is intended that the grant funds at issue will be used to procure affordable housing for an affordability period of fifty-five years. If the projects funded by The Community Foundation of Utah do not meet the affordability requirements over this 55-year period, then The Community Foundation of Utah must return the grant funds to the City.
NOW THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. That the City Council hereby approves issuing a grant to The Community Foundation of Utah in an initial amount of $200,000 and a total amount of up to $500,000. Any grant funds in excess of the initial $200,000 amount shall only be disbursed to The Community Foundation of Utah after the City has received evidence that The Community Foundation of Utah has secured matching funds from other sources. The grant documents that correspond to this loan shall include the following terms:
Grant Amount: Initial amount of $200,000 with a total amount of up to $500,000
Affordability Period: 55 years
2. That Jacqueline M. Biskupski, Mayor of Salt Lake City, Utah, following approval of the City Attorney, is hereby authorized to execute the requisite grant 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.