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RESOLUTION NO. 44 OF 2012
AUTHORIZING A LOAN FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO G, G & D WOODRUFF, LLC FOR
THE BRUNSWICK PLACE APARTMENT BUILDING
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, G, G & D Woodruff LLC, has applied to the City for a loan from the City’s Housing Trust Fund in order to newly construct the Brunswick Place Apartment Building located at 245 South 200 East in Salt Lake City that will consists of 132 apartment units, 127 of which are affordable rental housing units for residents at 75% of the City’s area median income or lower.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
5. Does hereby approve Salt Lake City to enter into a loan agreement with G, G & D Woodruff LLC, from Salt Lake City’s Housing Trust Fund in the amount of $500,000 at 3% simple interest per annum for thirty (30) years.
6. G, G & D Woodruff LLC, will use the loan funds to newly construct the Brunswick Place Apartment building at 245 South 200 East in Salt Lake City, Utah.
7. 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 13th day of November, 2012.