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RESOLUTION NO. 42 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 has applied to the City for a loan to facilitate the construction of the 9th East Lofts, a mixed income apartment project located at 444 South 900 East; and
WHEREAS, when complete, the 9th East Lofts apartment project will consist of 68 units, including 54 affordable units available to persons with a range of area median incomes between 25% and 50%.
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 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 expenses related to the construction of the 9th East Lofts located at 444 South 900 East 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 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 1st day of December, 2015.