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RESOLUTION NO. 44 OF 2015
AUTHORIZING A LOAN FROM
SALT LAKE CITY'S HOUSING TRUST FUND
TO WASATCH RESIDENTIAL GROUP, 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, the Wasatch Residential Group has applied to the City for a loan to facilitate the construction of the 616 Lofts, an affordable housing apartment project located at 616 South State Street; and
WHEREAS, when complete, the 616 Lofts apartment project will consist of 274 units, all of which will be affordable to households at or below 60% of the area median income.
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 $1,000,000 to Wasatch Residential Group at 2% interest per annum for 40 years.
2. Wasatch Residential Group will use the loan funds for construction of the 616 Lofts located at 616 South State Street in Salt Lake City, Utah.
3. 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 1st day of December, 2015.