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RESOLUTION NO. 48 OF 2015
AUTHORIZING A LOAN FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO COWBOY PARNTERS, 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, Cowboy Partners has applied to the City for a loan to facilitate the construction of the Liberty BLVD., a mixed income housing apartment project located at 750 East 400 South SLC UT; and
WHEREAS, when complete, the Liberty BLVD. apartment project will consist of 266 units, 27 of which will be affordable to households at or below 50% 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 $1,200,000 to Cowboy Partners at 1% interest per annum for 40 years.
2. Cowboy Partners will use the loan funds for construction of the Liberty BLVD apartments located at 750 East 400 South 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 8th day of December, 2015.