Click here to view entire resolution
RESOLUTION NO. 4 OF 2018
Authorizing approval of a Development Agreement between Salt Lake City Corporation, the Redevelopment Agency of Salt Lake City, and NWQ, LLC, a Utah limited liability company
WHEREAS, NWQ, LLC, a Utah limited liability company (“Developer”) owns certain real property (“Property”) located within the Northwest Quadrant Project Area created by the Redevelopment Agency of Salt Lake City (“RDA”).
WHEREAS, the RDA, Salt Lake City Corporation (“City”), and Developer have negotiated a development agreement (“Development Agreement”) which will, among other things, vest Developer in the zoning as it currently exists on the Property, and facilitate a process for Developer to apply for tax increment reimbursement from the Agency as the Property is developed.
WHEREAS, City desires to execute the Development Agreement with Developer and RDA.
THEREFORE, BE IT RESOLVED, by the City Council of Salt Lake City, Utah as follows:
1. It does hereby approve the execution and delivery of the following:
DEVELOPMENT AGREEMENT BETWEEN SALT LAKE CITY CORPORATION, REDEVELOPMENT AGENCY OF SALT LAKE CITY, AND NWQ, LLC, EFFECTIVE ON THE DATE IT IS SIGNED BY ALL PARTIES.
2. Jacqueline M. Biskupski, Mayor of Salt Lake City, Utah or her designee is hereby authorized to approve, execute, and deliver said agreement on behalf of Salt Lake City Corporation, in substantially the same form as now before the City Council and attached hereto as Exhibit A, subject to such minor changes that do not materially affect the rights and obligations of the City thereunder and as shall be approved by the Mayor, her execution thereof to constitute conclusive evidence of such approval.
PASSED by the City Council of Salt Lake City this 16th day of January, 2018.