HomeMy WebLinkAbout010 of 2020 - Loan Adjustment for an Affordable Housing Development in a High-opportunity Area at 2960 South RichmREDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Term Sheet Amendment for Loan to
Community Development Corporation of Utah
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING AN AMENDED TERM SHEET FOR A LOAN TO
COMMUNITY DEVELOPMENT CORPORATION OF UTAH FOR AN AFFORDABLE
HOUSING PROJECT LOCATED AT 2960 SOUTH RICHMOND STREET, 2964 SOUTH
RICHMOND STREET, AND 2970 SOUTH RICHMOND STREET.
WHEREAS, the Redevelopment Agency of Salt Lake City (RDA ) was created to transact the
business and exercise the powers provided for in the Utah Community Reinvestment Agency Act
(the Act ).
WHEREAS, on October 10, 2019, the Board of Directors of the RDA (the Board ) approved
resolution R-25-2019 allocating the funding and approving the preliminary terms of a loan to
Community Development Corporation of Utah (the Developer ) in connection with a mixed-
income housing project to be known as Richmond Flats located at approximately 2960 S
Richmond Street, 2964 Richmond Street, and 2970 Richmond Street (the Project ).
WHEREAS, the e Committee.
WHEREAS, Developer has requested an amendment to the approved preliminary terms of the
loan.
WHEREAS, on April 7, 2020, the RDA s Finance Committee reviewed the Developer s final
loan terms and proposed amendment to the preliminary loan terms approved by the Board.
WHEREAS, based on the Finance Committee s recommendations, the RDA staff recommends
the attached set of terms Term Sheet ) for an affordable housing loan to Developer, as
Borrower, for the Project.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY,that the loan to Developer outlined
in the Term Sheet attached hereto is approved, subject to revisions that do not materially affect
the rights and obligations of the RDA hereunder. The Board authorizes the Executive Director to
negotiate and execute the loan agreement and any other relevant documents consistent with the
Term Sheet, and incorporating such other terms and agreements as recommended by the City
/ Deputy
EXHIBIT A
Term Sheet Amendment for Loan to
Community Development Corporation of Utah