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RESOLUTION NO. 4 OF 2015
AUTHORIZING A LOAN FROM SALT LAKE CITY’S HOUSING TRUST FUND TO SHELTER THE HOMELESS
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, Shelter the Homeless has applied to the City for a loan for a renovation of an existing apartment building located at 204 West 200 North, which renovation shall facilitate the operations of a permanent supportive housing facility (the “Wendell Apartments”) consisting of 32 units. The clientele of the Wendell Apartments are formerly homeless individuals earning between 0-30% of the area median income.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. The City Council does hereby approve Salt Lake City to enter into a loan agreement with Shelter the Homeless for a loan in the amount of $265,000.00 at 1% interest per annum for 30 years with a balloon payment at 10 years and an option to extend the loan for an additional 10 years.
2. Shelter the Homeless will use the loan funds for renovation of the Wendell Apartments located at 204 West 200 North 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 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 3rd day of February, 2015.