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RESOLUTION NO. 9 OF 2018
(Authorizing Below-Market Seller Financing Loan Terms to Violin Commons, LLC, for Development of Historic and Affordable Housing)
WHEREAS, Salt Lake City desires to dispose of certain real property, including the former Salt Lake City Public Safety Building, located at approximately 315 East 200 South (“Building”); and
WHEREAS, Salt Lake City desires to sell the Building and certain real property surrounding it, for the development of permanent supportive housing, mixed-income housing, and a historic rehabilitation of the Building; and
WHEREAS, Utah Code Section 10-8-2(1)(a)(i) allows public entities to “appropriate money for corporate purposes only”; and
WHEREAS, Utah Code Section 10-8-2(3) provides that “a corporate purpose” is the appropriation of money for any purpose that “in the judgment of the municipal legislative body, provides for the safety, health, prosperity, moral well-being, peace, order, comfort, or convenience of the inhabitants of the municipality” so long as the procedures set forth under Utah Code Section 10-8-2 are followed; and
WHEREAS, Utah Code Section 10-8-2(3)(d) requires “the municipal legislative body making any decision to appropriate any funds for a corporate purpose under this section,” to hold a public hearing after notice of at least 14 days; and
WHEREAS, Utah Code Section 10-8-2(3)(e) requires a study “demonstrating the purpose for the appropriation” to be performed, taking into consideration the following factors: “(i) what identified benefit the municipality will receive in return for any money or resources appropriated; (ii) the municipality’s purpose for the appropriation, including an analysis of the way the appropriation will be used to enhance the safety, health, prosperity, moral well-being, peace, order, comfort, or convenience of the inhabitants of the municipality; and (iii) whether the appropriation is necessary and appropriate to accomplish the reasonable goals and objectives of the municipality in the area of economic development, job creation, affordable housing, blight elimination, job preservation, the preservation of historic structures and property, and any other public purpose” (“Study”); and
WHEREAS, the City Council has, following the giving of not less than fourteen (14) days public notice and posting of the Study, conducted a public hearing relating to the foregoing, in satisfaction of the requirements of Utah Code Section 10-8-2; and
WHEREAS, the Council has reviewed the Study, and has fully considered the conclusions set forth therein, and all comments made during the public hearing.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as follows:
1. The City Council hereby adopts the conclusions set forth in the Study, and hereby finds and determines that, for all the reasons set forth in the Study, the Below-Market Loan Terms are appropriate under these circumstances.
Passed by the City Council of Salt Lake City, Utah, this 20th day of February, 2018.