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HomeMy WebLinkAbout09/18/2024 - Meeting Materials MEETING OF THE REDEVELOPMENT AGENCY FINANCE COMMITTEE Wednesday September 18, 2024 2:00 p.m. 451 S State Street Room 118 Salt Lake City, UT 84111 The Redevelopment Agency (RDA) Finance Committee meeting will be a hybrid meeting which enables people to join remotely or in-person to listen to the meeting and participate during public comment items. To access and participate in the electronic meeting please visit https://us02web.zoom.us/j/87093887988?pwd=WmovdIVNbUhEQUVESVZGWEZpVmN4dzO9 Password: 509222 Agenda 1. Roll Call 2. Business A. Liberty Corner Daycare Loan Members will consider and may provide a recommendation for a$1.6M RDA Loan Program loan request from Cowboy Partners for daycare construction in the planned Liberty Corner affordable multifamily project. 3. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance to attend this Redevelopment Agency Finance Committee. Accommodation may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the RDA at 801-535- 7240. ( D SLCRDA RDA FINANCE COMMITTEE MEETING MEMORANDUM Liberty Corner Daycare Loan Meeting: Wednesday, September 18, 2024 2:00 PM, City and County Building,Room 126 or Zoom Meeting DATE: September 16,2024 TO: RDA Finance Committee 1. Redevelopment Advisory Committee: Amy Rowland 2. Redevelopment Advisory Committee: Baxter Reecer 3. Economic Development: Peter Makowski(or alternate) 4. Finance: Mary Beth Thompson(or alternate) 5. Redevelopment Agency: Danny Walz(or alternate) 6. Community and Neighborhoods: Blake Thomas (or alternate) 7. Housing and Neighborhood Development: Tony Milner(or alternate) FROM: Austin Taylor,RDA Project Manager RE: RDA Finance Committee Meeting—Funding recommendation and review of a$1.6M RDA Loan Program application from Cowboy Partners for daycare construction in the planned Liberty Corner affordable multifamily project EXECUTIVE SUMMARY/BACKGROUND Liberty Corner Associates, LLC ("Applicant"), an affiliate of Utah-based commercial real estate developer Cowboy Partners, is requesting an additional $1.6M in loan funds from the RDA Loan program to fund the construction of 3,000 additional square feet of retail space and tenant improvements for a commercial daycare in its planned project, Liberty Corner, in the RDA's State Street Project Area. Liberty Corner is a planned mixed-income affordable apartment community to be located on the northeast corner of 1300 South and 300 West in the Ballpark neighborhood ("Project"). The Project includes 200 apartment homes, ranging from two to four bedrooms with rents affordable to households earning between 30% and 80% of Area Median Income. The proposed building is seven stories with 264 garage parking stalls and family-oriented amenities such as a swimming pool, play areas, game rooms, and a public daycare facility(originally anticipated to span 4,950 square feet, now proposed at 7,950 square feet). The Applicant previously received a $4.5M1 loan commitment through the FY 2023-2024 RDA Housing Development Loan Program("HDLP") competitive Notice of Funding Availability ("NOFA") for the Project. If approved, this additional $1.6M would bring the total of RDA and 1 The$4.5M commitment consists of$2,767,391 of RDA HDLP funds as well as$1,732,609 of HOME program income from the City's Housing Stability Division. City funding commitment to $6.1M-4.8% of the Project's $128M total cost. The Applicant is applying for additional funds through the RDA Loan Program, which is generally used to fund commercial projects. This request has come to the RDA at a unique time as the Mayor and RDA Board of Directors ("RDA Board") have prioritized increasing the supply of daycares in Salt Lake City. The RDA anticipates adding in provisions within the upcoming competitive HDLP NOFA to allow for funding daycare uses as part of a larger affordable housing development. Therefore, future affordable housing developments with daycare uses will be able to apply for funding through our annual competitive HDLP NOFA. The RDA is using the RDA Loan Program as a funding source for this one-time request but is asking the RDA Board to waive the RDA Loan Program terms and instead use the loan terms associated with their already approved HDLP loan. ANALYSIS & ISSUES: 1. Property Details The Applicant owns 2.05 acres of land on the northeast corner of 1300 South and 300 Westcomprising of parcels 15-12-458-003, 15-12-458-002, 15-12-458-011, and 15-12- 458-007. Each parcel is zoned Commercial General, which generally allows mixed-use residential buildings up to 75' in height, with allowance up to 105' if outdoor usable space equal to at least 10% of the gross floor area of the additional floors above 75' height is provided. The properties currently contain retail, office, and light industrial buildings, which are planned for demolition and environmental remediation. Childcare Facility Details The proposed childcare facility has changed since Cowboy Partners applied for HDLP funding for this project. The proposed space is now 3,000 square feet larger, can serve approximately 60 more children, and has an identified childcare provider who is working on the design of the space and intends to operate within it. Furthermore,the space has become more difficult to build financially because the childcare provider is unable to afford tenant improvement costs or market-rate retail rents for the area. The Applicant will use the additional $1.6M to pay for tenant improvements and charge a below-market rent to get the provider into the space. The table below details what has changed in the proposed childcare facility space since the last HDLP application. Please note that the childcare provider has not yet signed a lease agreement and the specific childcare provider is subject to change. Past HDLP Application Current Application Facility Size 4,950 square feet 7,950 square feet Child Capacity 100 children 160 children Tenant Improvement Cost Paid by operator $1,045,000 paid by developer2 Projected Rent $32/psf $20/psf Childcare Provider None identified A to Z Building Blocks Outdoor Playground None identified Included 2. Funding Request, Financial Gap, and Overview The Applicant is requesting an additional $1.6M loan to pay for the construction of retail space and tenant improvements for a childcare facility in its planned Liberty Corner apartment community. Increasing the supply of childcare is a priority for both the Salt Lake City Mayor and Council, so the RDA is evaluating options for incentivizing the construction of childcare facilities through the HDLP. To that end, for the FY 2024-25 HDLP NOFA,the RDA plans to add childcare facility construction costs as an eligible use of HDLP funds; future HDLP NOFA applicants will be able to earn evaluation points and interest rate reductions for projects including childcare facilities. For this one-time request that was received before these changes to the HDLP were made, the RDA is using the RDA Loan Program as a funding source but is asking the RDA Board to waive the loan term section of the RDA Loan Program and instead use the loan terms associated with their HDLP loan. If approved, this loan would be in addition to the $4.5M commitment the Applicant received through the HDLP for construction costs related to the affordable housing portion of the building. As with many low-income housing developments, the Applicant's capital stack is built from many sources. The project has been awarded a 4% Low Income Housing Tax Credit("LIHTC") allocation, a Fannie Mae senior loan commitment, gap financing loan commitments from The Olene Walker Housing Loan Fund and Salt Lake County, 100% deferred developer fee, and owner's equity. Financial Gap This loan would provide gap financing to cover the difference between the project's funding sources and uses. The Applicant has demonstrated that projected revenues are not sufficient to leverage more money from its senior lender or equity investors. Specifically, the Project cannot leverage more primary financing because its senior lender is capping the construction loan to 80% loan to value based on restricted rents, so the z RDA loan will cover this cost.The remaining$555,000 will pay for other construction costs such as the retail "shell space"and outdoor playground. Project is as leveraged as its senior lender will allow given projected revenues. In addition, the Project includes investor equity as a source and is unlikely to attract more equity investment. The Project has a large amount of investor equity allocated and its projected Year 1 cash-on-cash return is only 1.56%. Furthermore, the developer has already committed to defer 100% of its developer fee. Debt Coverage An RDA loan with cash flow-based repayment will provide the Applicant with the funds needed to build out a commercial daycare without lowering their debt service coverage ratio ("DSCR") or cash-on-cash projections. Financing sources meet the RDA Loan Program's maximum limits to assistance metrics. The DSCR ratio is modeled at a 1.215, higher than the RDA's minimum DSCR of 1.1. The proposed loan's loan to value ("LTV")—inclusive of all debt—is at 42%, lower than the RDA's 95% LTV maximum. Financial Overview Source Amount % Tax Credit Equity $54,546,526 42.8% Owner Equity $8,907,464 7.0% Deferred Developer Fee $10,351,824 8.1% Fannie Mae Multifamily Tax-Exempt Bond $37,269,980 29.0% Salt Lake County Housing Trust Fund $6,530,640 5.1% Redevelopment Agency of Salt Lake City $6,100,000 4.8% Olene Walker Housing Loan Fund NHTF $2,000,000 1.6% UCNS HOME $1,500,000 1.2% Salt Lake County HOME $460,000 0.4% Olene Walker Housing Loan Fund LIH $200,000 0.2% Total Sources $127,866,434 Use Land Costs $15,602,369 12.2% Hard Costs $84,606,109 66.2% Soft Costs $27,657,956 21.6% Total Uses $127,866,434 3. Policy Alignment RDA staff is proposing to use the RDA Loan Program to fund the daycare portion of this Project. However, due to the unique nature of this Project, the terms needed to sustain the daycare portion of this project, and the Project's previous HDLP funding allocation, the Project is seeking a waiver of the Loan Amount, Interest Rate, and Terms section under the RDA Loan Program Policy. Instead of using the Loan Amount, Interest Rate, and Terms section under the RDA Loan Program, RDA staff is proposing to use the terms as approved through the Project's HDLP allocation. The distinction in loan terms between these two program policies is set forth more specifically in Section 4,below. RDA Loan Program The loan request aligns with the RDA Loan Program's mission and goals, eligible costs, applicant requirements,project objective requirements, and financing structure. HDLP Loan Terms and Conditions If the RDA Board approves the waiver of the RDA Loan Program loan terms and allows for this loan to be added to the existing HDLP funding allocation, the Project will meet or be required to meet the standard loan terms and conditions of the HDLP. These terms include a 40-year term, 40-year amortization, cashflow repayments, and a 2% interest rate. State Street CRA Plan The Liberty Corner Project aligns with the RDA's goals for the neighborhood, as adopted through the State Street Community Reinvestment Area Plan, as follows: • Neighborhood Revitalization o Use Crime Prevention Through Environmental Design principles to reduce hiding places for criminals, while creating welcoming and safe environments. o Ensure that RDA activities support high quality, enduring projects and promote sound architectural and urban design principles to encourage safe, sustainable, and livable neighborhoods. • Housing o Target RDA resources to promote new construction, rehabilitation, and adaptive reuse for a diverse range of housing options, from affordable to market rate, to accommodate a range of household incomes. o Utilize RDA programs and tools to support the implementation of mixed- income, mixed-use, and multifamily residential targeted to appropriate locations that are compatible with existing development. 4. Summary of Proposed Loan Terms This $1.6M application comes through the RDA Loan Program which funds commercial projects. However,because the childcare facility would not be financially possible under RDA Loan Program terms, staff is asking the Board to waive standard RDA loan terms in favor of HDLP terms. RDA Loan vs HDLP Terms The table below is a comparison of loan terms that the project would receive under both RDA Loan and HDLP terms. RDA staff is asking the Board to waive RDA Loan terms in favor of HDLP terms. RDA Loan HDLP Term 5 years 40 years Amortization 20 years 40 years Repayment Hard Cash flow Interest Rate 4.66% 2% Proposed Loan Terms • Amount: Not to exceed $1,600,000 • Interest Rate (HDLP) HDLP Base Rate (U.S. Treasury Yield Curve Rate plus 2%,with a maximum 4.0% base interest rate of 4%) Public Benefit Interest Rate Reduction3: • Family Housing -0.5% • Target Populations -0.5% • Transportation Opportunities -0.5% • Neighborhood Safety? -0.5% • Architecture &Urban Design -0.5% • Commercial Vitality9 -0.5% o Final Interest Rate10 2.0% • Term: 40 years • Amortization Period: 40 years • Repayment Terms: Cash Flow The loan will be contingent upon the retail space's use as a childcare facility. RDA staff will work with developer to create an early loan repayment provision in the loan documents so that $1.6M of the RDA loan must be repaid quickly if the retail space is no longer used for childcare. 5. Developer's Experience Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah. Cowboy Partners was established in 2001, rebranded from a company that had been developing housing in the Salt Lake Valley since the 1960s. Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing; the company has experience in developing luxury, market rate, mixed-income, and affordable housing s 2%maximum total interest rate reduction;must continue to meet commitment after construction to keep reduction 4 At least 15%of residential units will have 3 or more bedrooms 5 At least 15%of residential units will be rented at affordable rents to households earning 40%AMI or less 6 The project will be located within 1/3 mile of a TRAX station and provide bicycle storage for residents The project will be built within an RDA project area and utilize CPTED design strategies s The project will feature active ground floor uses,significant ground floor glass,durable building materials,and engaging building entrances 9 The project will include publicly-accessible retail space on the ground floor 10 2%maximum total interest rate reduction per HDLP policy communities through its development of dozens of communities within Salt Lake and across the State of Utah. Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for these communities. Cowboy Properties has deep experience with multifamily property management, including affordable housing and compliance, as the sole operator of Cowboy communities for decades. PREVIOUS BOARD ACTION: • October 2016: The RDA Board approved the RDA Loan Program Policy. • February 2021: The Board adopted the Housing Allocation Funds Policy. • March 2021: The Board adopted the Housing Development Loan Program Policy. • February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy. • March 8, 2022: The Board adopted revisions to the Housing Development Loan Program Policy to direct review of applications to the RDA Finance Committee. • January 2023: The RDA Board approved the competitive HDLP funding allocations which included $3,000,000 to the Applicant with the condition that these funds would need to be returned if the project does not receive 9%tax credits in the following Utah Housing Corporation allocation cycle. This project did not receive tax credits and their allocation was returned to the HDLP. • March 2024: The RDA Board approved the competitive HDLP funding allocations which included $4,500,000 to the Applicant from HDLP funds and HOME program income. ATTACHMENTS A. Loan Term Sheet B. Site Map C. Floor Plans and Renderings D. Photos E. Development Budget F. Unit Mix and Projected Rents G. FY 2023-24 HDLP Resolution H. Resolution ATTACHMENT A: RDA TERM SHEET LOAN TERM SHEET * RDALOAN LIBERTY CORNER RDA LOAN PROGRAM BORROWER Liberty Corner Associates, LLC ADDRESS 1265 South 300 West, Salt Lake City,UT 84111 PROPOSED LOAN TERMS • Amount: $1,600,000 • Interest Rate: HDLP Base Rate 4.0% (U.S. Treasury Yield Curve Rate plus 2%, with a maximum base interest rate of 4%) Public Benefit Interest Rate Reduction": • Family Housing12 -0.5% • Target Housing13 -0.5% • Transportation Opportunities" • Neighborhood Safety15 -0.5% • Architecture&Urban Design16 -0.5% • Commercial Vitality" -0.5% -0.5% Final Interest Rate18 2.0% 11 2%maximum total interest rate reduction;must continue to meet commitment after construction to keep reduction 12 At least 15%of residential units will have 3 or more bedrooms 13 At least 15%of residential units will be rented at affordable rents to households earning 40%AMI or less 14 The project will be located within 1/3 mile of a TRAX station and incorporates the majority of parking within a primary structure to minimize the need for a surface parking lot. 15 The project will be built within a RDA project area and utilize CPTED design strategies 16 The project will feature active ground floor uses,significant ground floor glass,durable building materials,and engaging building entrances 17 The project is mixed-use and establishes publicly-accessible commercial spaces within the development that are lacking and desired. "2%maximum total interest rate reduction per HDLP policy • Term: 40 years • Amortization: 40 years • Repayment Terms: Cash flow • Expenses: Borrower will pay all loan expenses and closing costs, including title insurance. • Recourse: full recourse until Stabilization COLLATERAL AND GUARANTEES • Lien on the properties included in this project, including those with parcel numbers 15-12-458- 003, 15-12-458-002, 15-12-458-011, and 15-12-458-007. Lien position will be determined before closing by loan amounts and the number of lenders on this project.19 • Completion and repayment guaranty. CONDITIONS FOR LOAN CLOSING Prior to loan closing,the Applicant will complete the following: • RDA approves all terms of the loan. • RDA and Borrower execute loan documents(e.g. promissory notes,loan agreements, security documents, and guarantees)as deemed necessary by the RDA and its legal counsel. • Borrower receives approval from the RDA and its legal counsel of all matters pertaining to title, legality of the loan,and the legality, sufficiency,and the form and substance of all documents that are deemed reasonably necessary for the loan transaction. • Borrower provides evidence of insurance in such amounts and with such coverage as deemed necessary by the RDA for the Property. • The Project shall obtain all financial,legal,and regulatory approvals required for the construction, completion, and operations of the Project. • The Project will demonstrate compliance with the RDA's Sustainable Development Policy. • Such other terms as recommended by the RDA's legal counsel and staff. • RDA memorializes childcare use in a Restrictive Use Agreement. The 7,950 square foot retail space identified in this application shall be leased to a childcare provider for 40 years or until the loan balance is paid in full. The Restrictive Use Agreement shall also detail the requirement for the property owner to charge a below-market lease rate to a childcare provider and for the provider to prioritize Project residents in childcare enrollment. • Borrower will provide letter of interest signed by a childcare provider that intends to lease the space. OTHER CONDITIONS • The Project shall remain in good financial and legal standing over the term. • Final terms shall comply with the standard loan terms and conditions within the Housing Development Loan Program Policy. • If the Borrower no longer leases the retail space to a childcare provider,the loan's interest rate will default to the US Treasury Yield Curve Rate plus 3%. The Borrower will also be required to 19 This lien does not provide additional security since it is already given with the$4.5M HDLP loan. pay a balloon payment for the balance of the loan at the end of the 15`h year after receiving certificate of occupancy, at the time the tax credit investor exits the deal. • In the event of any conflict in this term sheet and the Housing Development Loan Program ("HDLP")requirements, the terms of the HDLP shall control. ATTACHMENT B: SITE MAP - 7 WA "P ..'' it �o }1, 71 - 4 A 1% WO „ AW& dk � i r ► � r` Yellow—Liberty Corner Associates, LLC property ATTACHMENT C: FLOOR PLANS AND RENDERINGS zl1„r FINN E a FARE YU�TIa SET I II II�' SHORT fm• z,zs� _ I __ qF `a d r }7 i� oa a H } I -- E a 3 a cARAw III Pa ,T LASa.av — } INTENANC} 1 1 1 1 1 i l i l i i L i l i i i e _ GATE T ' T T T'TTT TTT T T T 4 _ 3Pus1 P n e l A EA ING= V 4 u e}ouRT itw V — - LPIR 1:lovnr ma z•onr 1300 S 0 8 O a1n LIBERTY CORNER LEVEL 1 PLAN SALT LAKE CITY,UT 66121 ,zi i �M Gs .azlE® 1116'-T-W e rmez�PRr clrf ml.axaam no¢sYr®A� DECEWER 27,2D23 Red highlight area: daycare space Please note plans have changed since these renderings were developed. The planned size of the childcare facility is now 7,950 square feet. S —_—_— ----- Nil -—-—-— — — — — — — — — — — ®2 ® 1vlvnu acxaa Locamx <9> - - - - - - -- - - - -- ---- - - - - - -- -- eo ��.�. -- —-- Ill — — — ---- - ------- UK - - �°e o -, LIBE0.TY CORNER EXTERIOR ELEVATIONS SALT LAKE CITY,UT W21 DECEMBE 2/20R N,2023 23 Red highlight area: daycare space — — —-—- ----- - --- ---= ---ems Bw ® mK mR a aL ---------- -------------------- ® N w a�axwRaMx R ® N EAST 2 ® coaRVc4nn N[r<L ® xcT<L LOVYfn OGuu SmRFmoxr L�XrL wlrWw a� Q alV wplL © umrumfcaeuxaTLDxETaI nR4 s —_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_ NORTH A2-2 LIBERTY CORNER EXTERIOR ELEVATIONS SALT LAKE CITY,UTU121 ¢� As nEicataC e�rnwrrw¢ mi.aam MKre.ay.em.vm OECEM6ER 27,2023 Red highlight area: daycare space 1 1 /f 1 Y Nil -7111"11 A28 LIBERi CORNER 3D PERSPECTNE SALT LAKE CRY,UT U121 izi L� DECWBER 2],2023 Red highlight area: daycare space ATTACHMENT D: SITE PHOTOS Aerial Photo r 010 i r �i r, p Photo from northwest corner of property i, - ,— Sa11 Wke Gb.UfaM1 •Googe Stree[Yiew oeo zazz see more ene: SCHMiDT san�ke�m.�� �Gue,�e Street Y wyzo,n seemaeaaes �/ Google T t - w _ • �n .:.,,yam ATTACHMENT E: DEVELOPMENT BUDGET 4 • Land Cost S13,862 $15,602,369 Direct Construction $73,859,807 Daycare, Current and Addition $2,611,644 Solar System $1,178,135 Demolition and Environmental Remediafia $761,735 A& EfEmlGeofTesting $2,549,831 Construction Interest $8,D27,176 Camman Area FF&E and Finishes $79B,644 Taxes & Insurance $292,160 Builders Risk Insurance $1,500,000 Cwner's C-onbngency $3,896,144 ESPI?A $1D,351,824 Reserves{TC I rwestao $1,791,997 Leasin}+Marketing $100,000 Cannectionfl mpact Fees $1,482,488 FinrancingVlssuance Costs $2,730,243 Soft Cost Contjrgency $0 Legal & Trfle $332,237 TOTAL BEVELGPMENT COSTS $127,866,434 ATTACHMENT F: UNIT MIX AND PROJECTED RENTS Proposed Unit Mix; Type # mix sq.faotage +ft rentlmonth Util AMI 2BD12BA 0 928 2.34 $2,134 5D 82.07% 3D%2BD12BA Restricted 6 6.25% 928 D.84 $780 577 30.00% 4D%28D126A Restricted 16 16.67% 928 1.12 $1,040 577 40.00% SD%2BD126A Restricted 18 18.75% 928 1.40 $1,300 577 50.00% 6D%2BD126A Restricted 16 16.67% 928 1.68 $1,560 577 60.00% 7D%2BD12BA Restricted 22 22.92% 928 1.96 $1.320 577 70.00% 80%2BD12BA Restricted 18 18.75% 928 2.24 $2,080 $77 80.00% Totals 96 100.00% 928 $147,160 $7,392 $139,768 Average $1,533 58.96% Type # mix sq. MM rentlmonth Util AMI 3BD12BA 0 1139 2.20 $2,506 30 83.42% 30%38D126A Restricted 6 7.50% 1139 D.79 $901 597 30.00% 4D%3BD12BA Restricted 12 15.011% 1139 1.05 $1,202 $97 40.00% SD%3BD12BA Restricted 16 20.00% 1139 1.32 $1,502 $97 50.00% -D 6D% 3BD126A Restricted 16 20.00% 1139 1_S9 $1,802 397 60.00% 7D% 36D126A Restricted 16 20.011% 1139 1.85 $2,103 397 70.00% SD% 36D126A Restricted 14 17.50% 1139 2.11 $2,403 $97 80.00% Totals 80 100.00% 1139 $139.978 $7,760 $132,218 Average $1,750 53- 5% Type # mix sq.faotage .fir rentfmonth Util AN 48D12_58A 0 1460 2.00 $2,920 $0 87.16% 3D%4BD12_SBA Restricted 2 8.33% 1460 D.69 $1,005 5117 30.00% 4D%4BD12.SBA Restricted 2 8.33% 1460 0.92 $1,340 $117 40.00% SD%48D12_58A Restricted 4 16.67% 1460 1.15 $1,675 $117 50.00% 6D%48D12.58A Restricted 8 33.33% 1460 1.38 $2,010 $117 60.00% 7D%4BD12_SBA Restricted 6 25.00% 1460 1.61 $2,345 3117 70.00% 80%48D12_58A Restricted 2 8.33% 1460 1.84 $2,680 $117 80.00% Totals 24 100.00% 1460 $46,900 $2,808 $44,092 Average $1,954 58.33% ATTACHMENT G: FY 2023-2034 HDLP RESOLUTION REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. 01 Affordable Housing—FY2023-2024 Competitive Housing Development Loan Program (HDLP) Funding Allocations Including High Opportunity Area Allocations RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT FUNDING ALLOCATIONS. 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, the Act provides that tax increment funds may be used for the purpose of increasing the affordable housing supply within the boundaries of Salt Lake City. WHEREAS, the RDA Board of Directors ("Board") approved the Housing Funds Allocation Policy ("Funds Policy"), Resolution R-1-2022, which establishes policies with respect to dedicating and directing resources for the development and preservation of housing based on funding source("Housing Funds"). WHEREAS, the Board has set aside $13,761,164 of Housing Funds for affordable housing through the RDA's Competitive Housing Development Loan Program ("HDLP"). The Board may also allocate an additional $1,665,000, which is the result of loan commitments from FY2022- 2023 that were rescinded, for a total of$15,426,164 of HDLP fiends available (the "Competitive HDLP Funds"). The allocation of funds is contingent upon an application and review process administered by the RDA to facilitate funding of qualified projects that meet the goals established by the HDLP. WHEREAS, pursuant to a motion adopted by the Board on December 5, 2017, the Board also set aside $4,500,000 to be dedicated to funding for affordable housing in areas of high opportunity (the "High Opportunity Funds"). WHEREAS, the High Opportunity Funds were released for allocation pursuant to the Affordable Housing Notice of Funding Availability Policy ("NOFA Policy"), passed by the Board as Resolution R-17-2018. WHEREAS, the Board subsequently approved Resolution R-25-2019, which allocated $1,800,000 of the High Opportunity Funds to Community Development Corporation of Utah for affordable housing in a high opportunity area, leaving $2,700,000 of High Opportunity Funds to allocate to additional projects. WHEREAS, through a Notice of Funding Availability ("NOFA"), the RDA administered a loan 1 application and review process for the Competitive HDLP Funds pursuant to the HDLP policy set forth in resolution R-2-2022 (the "HDLP Policy") and the RDA's Housing Funding Priorities for Fiscal Year 2023-2024 set forth in R-8-2023 ("Funding Priorities") that resulted in fifteen eligible requests for funding totaling $27,464,243 (the "Competitive HDLP Applications"). WHEREAS,through a separate NOFA and pursuant to the same HDLP Policy and Funding Priorities, the RDA also administered a loan application and review process for the High Opportunity Funds that resulted in two requests for funding totaling $5,350,000 (the "High Opportunity Applications"). The HDLP Policy repealed and replaced the NOFA Policy and now governs the High Opportunity Funds as well. WHEREAS, on February 1, 2024, the RDA's Finance Committee ("Finance Committee") reviewed the High Opportunity Applications and recommended funding allocations and preliminary terms for the High Opportunity Funds, as further described in Exhibit A l. WHEREAS, on February 21, 2024, the Finance Committee reviewed the Competitive HDLP Applications, and recommended funding allocations and preliminary terms as further described in on Exhibit A2. WHEREAS, based on the Finance Committee's recommendations, RDA staff recommends that the Board approve the funding allocations and preliminary terms described in Exhibits Al and A2. WHEREAS, following the Board's approval of the funding allocations and preliminary terms as set forth on Exhibits B 1 and B2,the RDA shall provide a 24-month conditional commitment period during which the approved applicant shall have the opportunity to obtain needed financial, legal, and regulatory approvals, as well as satisfy other conditions determined by the RDA, to finalize the loan terms. WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan terms, subject to a set of conditions precedent to closing of the loan. NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the funding allocations and preliminary terms as further described in Exhibits B 1 (High Opportunity Area Funding Allocations) and B2 (Competitive HDLP Funding Allocations), subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. For approved applicants that successfully meet the required conditions, the Board authorizes the Executive Director to negotiate and execute the conditional commitment letter, the Letter of Commitment, the loan agreements, and other relevant documents consistent with the funding allocations and preliminary terms contained on Exhibits B 1 and B2 and incorporating such other terms and conditions as recommended by the City Attorney's office. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 19th day of March 2024. 2 naz Alejandro Puy, Chair Approved as to form: Salt Lake City Attorney's Office Sara Montoya Date: May 13,2024 The Executive Director: ✓❑ does not request reconsideration I requests reconsideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Attest: ���VpPMENT- OR%c�2n City Recorder ►SF+ 1 �y P� SqA' �f N/ I 3 EXHIBIT Al: RDA FINANCE COMMITTEE RECOMMENDED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS The RDA Finance Committee recommends that funding be allocated to projects in order of funding ranking. 4 EXHIBIT AI: RDA FINANCE COMMITTEE RECOMMENDED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS PROJECT PRIORITIES/INTEREST RATE I REDUCTION AND WEIGHTED FUNDING HDLP High Opportunity PROJECT/APPLICANT ADDRESS PRIORITY SCORE** REQUEST PRELIMINARY TERMS* Funds:$2,700,000 Family Housing: 3 Target Populations: 3 Transportation Opportunities: 1 2%interest rate,15-year term, 515 E 100 S Expand Opportunity: 1 $2,650,000 15-year amortization,cash flow $2,650,000 Commercial Vitality: 1 repayments Historic Preservation/Adaptive Reuse: 1 TOTAL: 10 Acquisition:1%interest rate,2- Target Populations: 3 year term,balloon payment or 2257 S 1100 Transportation Opportunities: 1 $2 700,000 conversion to permanent loan. E Expand Opportunity: 1 Construction to permanent:16- Architecture and Urban Design: 1 year term,40-year amortization, TOTAL: 6 hard repayments TOTAL " f!D *Final Terms shall comply with the requirements,standard loan terms and conditions,interest-rate reductions,and all other details laid out within the High Opportunity Area Housing Development Loan Program(HDLP)Guidelines(updated November 2023).Changes to repayment type may occur(hard repayment versus cash flow repayment) and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender.Changes in repayment type will cause a change in the base interest rate.Repayment priority and lien position shall be based on the size of the loans;consideration may be made for othergovernment entities loans ifrequired through their policies.Funds may be disbursed in a lump sum if required by senior lender(s), **Projects receive a 0.5%interest rate reduction for each included priority.Sustainability allows for a 1%or 2%reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows:Base Interest Rate minus(-)Interest Rate Reductions(up to 2%)=proposed interest rate; Base interest rate shall be locked within a month of closing.Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorities met may require Board approval. Total Funds: $ 2,700,000 Recommended Funding: $ 2,650,000 Remaining Funds: $ 50,000 4 EXHIBIT A2: RDA FINANCE COMMITTEE RECOMMENDED COMPETITIVE HDLP FUNDING ALLOCATIONS The RDA Finance Committee recommends that funding be allocated to projects in order of funding ranking 5 EXHIBIT A2: RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS The RDA Fina r=Committee recommends that fimding be aUccob c]m p jest in the order cf Funding Ranking. WEIGHTED PROJECT PRIORITY RDACommitted Possible Addifional HOMEPrc9ram HOMED evelopm,nl ROMEARP TOTAL LANDING PROJECT/APPLICANT ADDRESS SCOREONTEREST RATE REDUCTION' FUNDING REQUEST PRELIMINARY TERMS- Funds RDA Funds Income Fund Development RECOMMENDATION Target Populations:3 Transportation Opportunities:1 Interest Rate:1.0% NHghbomood Safety:1 Term:30 year 511 W 200 S Arch0eclure S.Urban Design:1 $895,000 Ten:30 y e,30 year SB95,000 $895.000 7 Coma¢mPuVitality:1 ArmorHard Repayments Public Art:1 TOTAL:8 Trenapatlibb,Opportunities:1 Interest Rat:1.5% 269 W Brooklyn Ave' Nelghbomood Safety:1 $3,000,000 Ten^'11 year $0 14 P.M.And 1 Amortization:40 year TOTAL;3. Hard Repayments Target Populations:3 Interest Rate:2.5% 1966 S 200E Commerarn Vied 1 $895,000 To.:40 year $895D00 $695,000 5 Halonc PressrvationlAdaidw Reuse:1 Amortization:40 year TOTAL:5 Cash Flow Repayment,.. Family Housing:3 Tager Populations:3 In%rest Rate: Expand Opportunityy 7 Tenn:l5 year 515E1005 Historic Pnm...tionlAddi".Reuse:1 $2,850,000 Amortizallon:l5 year S0^ 3 Transportation Opportunities:1 Cash Flout Repayments Commercial VibNN:7 TOTAL:10 Family Housing:3 Interest Rate:2,0% Target Populations:3 7enn:30 year 934-948 W 200 S Transpodation Oppomy lust 1 $3,000,000 Amod¢ation:30 year TOTAL:If $2,420.000 $2;420.000 6 Public Ad:1 Cash Fide Repayment The C.thanirn.Phase 1 Transportation Opportunities:1 Interest Rate:30% ArchiddIn.B UrbanDesign 1 Tenn 16 year 1881 WN Temple Commerc(Vitality:1 $2,524,802 AmoNZmion'40 year TOTAL:4 $1,000,000 $1,000.000 10 Public Art:1 Cash Flow Repayments Famlly Housing 3 Interest Rale:20% Transportation Opportunities:1 Term:TByear 1881 W N Temple Commemie Vitality:1 $1,569,441 Term 16 ye 40 $134323 $134,323 10 22 community. Public Art:7 Areartlyear TOTAL 6 Cash Flow Repayment Famlly Housing:3 Target Populations:3 Interest Rate:1.0% Transportation Oppon"iB¢s:1 Term 15 year 515 W 300.N Architecture B Urban Design:1 S400,000 Term tion:30 year $400,000 $400.000 2 Carroll Commercial Vitality:1 Amor Public An:7 Ham Repayments TOTAL:10 Target P WI-fdra 3 Interest Rate:1.0% Expantl Opportunity:1 Acquisition Term:2-year Balloon 255751100E Transportation Opportunities:1 $32DD,000 Taconversionto Permanent; 81.000,000 $7,000,000 13 ArchOessma&UrbanOesicn:1 Term:i6 Year TOTAL 6 Had R a aymen year Hard Repayments Family Hcusing:3 Homeownership:3. Missing Middle:3 Interest Rate:1.0% 529 W400N Transportation OpP0rNnb`1 1111,111 Term:11-11 $710,000 $710.000 1 Architecture S Urban Design:1 Bar.,Repayment Public Art:1 TOTAL:12 Target Populaticna:3 Interest Rate:2.5% Tans lotion 0 rNnites:1 Tenn.15 year 915W200.N Neiahbadwotl SatN:1 $680,000 Amortization:40 year $47,10T $728,291 $106.608 $880.000 12 TOTAL:5 Cash Flu Repayments Target Populations:3 Interest Rat:2.5% Trap lotion 0 ortnitles:1 Tenn:15 year 1159 S W Temple. �° VV 5740,000 y $740,000 $]40.000 11 Nelahbarlwotl Seth:1 Amodizelion:30 year TOTAL:5 Cash Flu Repayments Famlly Housing:3 Target Populatims:3 Interest Rate:20% Transportation Opportunities:1 Term'.40 year 1265 S 300W Neighborhood Salary:1 $4;500,000 To.Amo 4lion 40 year $1,236714 31,530,677 $1,732,609 $4,500.000 4 Architectureo8 Urban Design:1 Cash Fbw Repayment Commercial Vitality:1 TOTAL:10 Target P.Pulationa:3 Transmitted. ransmitted n Opp.mmites:1 Interest Rate:20% 910 W NTemple Neighborhood Sat":1 $z,000,OW Tenn 16year $7.000.000 $1,000,000 9 Commercial Muddily:1 Amerfib ion'.40 year Public An: Cash Flow Repayment TOTAL:7 Target Populations:3 Interest Rate:2.5% 1805 S Main St Missing Middle:3 $600 000 Tenn:40 year $500,000 $500.000 8 Neighborhood SatN:1 Amortization:40year TOTAL;7 Cash Flow Repayments TOTAL $27.464,243 $4,241,714 $1,665,000 $6,939,710 $126,291 $1,501,608 §15,074,343 'Projects acatve a 0.5%interest rate reduction for earn,included pill Suslainablllty allows for a 1%or 2%reduWon..The maximum reduction per development IS 21.The Interest ate 6cabul,nm as follows:Base Interest Rate minus(-)Interest Rate Reductions(up to:2%)=imp osed Interest mte;Bass,interest rateahall be Iobvid within a month of closing.Projects shall maintain project prlaMias and the same mighled score at closing.Deviation from Project Pnomes met may require Board approval. Flnal Terms shall comply with the requirement.standard loan terms and conditions,Interests to reducfions,and all other debate laid oN within the.FY2023-2024 Housing Development Loan Program(HDLP)Guidelines.Changes to repayment type may occur(had apennant versus cash Dow repayment)and shall be based on requirements listed in the HDIP Guidelines or if required by a senior lender.Changes In repayment type will cause a charge In the base interest rate.Repayment m ar0y and lien position shall be based on the sons,of the loan;consioerafion may be made for other govemment entity loans If required through Nair policies.Fund,may be dab uaed in a lump sum If required by senior lentlea(s). While reviewing applications,the Committee took Into consideration their February 1,2024 High Opporwrty,Area HOLP funding remmmem ion and agreed to maintain their submitted recommendation to fund 515 Tower-Conversion 1 0h High Opportunity Aaa funds.The CommiOee's.mmpettive HOLP funding ms,ndations ho.rmnst.the prevleusly submfd High Oppm mlty Aaa recommendation. NOTE:For all loan awards greater than$899.999.the Sustainable Development Policy requires buildings to be designed to moseld without fossil fuels,but 0 woub not ms0bt the ability to have backup groom,for dru gbrom. Funds Availability Total Available Recommendetl Funtling Funds Remaining Legend: RDA Committed Funds S4,241,714 $4.241.714$ Possible Additional RDA Funds $1,665,000 $1,fi85,000$ HOME Program Income $6,939,710 $fi,939,710$ - HOMEDeveiopmentFund $726,291 $726291 8 HOME ARP Oevelopmenl $1,501,608 $1,501,608$ - HOME C,mmunity Housing Development Oganhamit Funds $351,841 $0$ 351,641 Total PobMlal HDLP Funds $15,428,184 $15.074.323 $351,641 EXHIBIT B1: RDA BOARD APPROVED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS 6 EXHIBIT Bl: RDA BOARD APPROVED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS RDA BOARD FUNDING ALLOCATIONS PROJECT PRIORITIES/INTEREST RATE REDUCTION AND WEIGHTED FUNDING HDLP High Opportunity PROJECT/APPLICANT ADDRESS PRIORITY SCORE" REQUEST PRELIMINARY TERMS Funds:$2,700,000 Family Housing: 3 Target Populations: 3 Transportation Opportunities: 1 2%interest rate,15-year term, 515 E 100 S Expand Opportunity: 1 $2,650,000 15-year amortization,cash flow $2,650,000 Commercial Vitality: 1 repayments Historic Preservation/Adaptive Reuse: 1 TOTAL: 10 Acquisition:1%interest rate,2- Target Populations: 3 year term,balloon payment or 2257 S 1100 Transportation Opportunities: 1 $2 700,000 conversion to permanent loan. E Expand Opportunity: 1 Construction to permanent:16- Architecture and Urban Design: 1 year term,40-year amortization, TOTAL: 6 hard repayments TOTAL St35lr0.00;; $2,650,000 'Final Terms shall comply with the requirements,standard loan terms and conditions,interest-rate reductions,and all other details laid out within the High Opportunity Area Housing Development Loan Program(HDLP)Guidelines(updated November 2023).Changes to repayment type may occur(hard repayment versus cash flow repayment) and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender.Changes in repayment type will cause a change in the base interest rate.Repayment priority and lien position shall be based on the size of the loans;consideration may be made for othergovernment entity loans if required through their policies. Funds may be disbursed in a lump sum if required by senior lender(s). "Projects receive a 0.5%interest rate reduction for each included priority.Sustainability allows for a 1%or 2%reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows:Base Interest Rate minus()Interest Rate Reductions(up to 2%)=proposed interest rate; Base interest rate shall be locked within a month of closing.Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorities met may require Board approval. Total Funds: $ 2,700,000 Recommended Funding: $ 2,650,000 Remaining Funds: $ 50,000 5 EXHIBIT BZ: RDA BOARD APPROVED COMPETITIVE HDLP FUNDING ALLOCATIONS 7 EXHIBIT B2: RDA BOARD APPROVED FY2023-2024 COMPETITIVE HDLP FUNDING ALLOCATIONS WEIGHTED PROJECT PRIORITY RDACommitlad Possible Addifional HOMEPregram HOMEDevelopmenl HOMEARP TOTAL FUNDIN6 PROJECT/APPLICANT ADDRESS SCOREIINTEREST RATE REDUCTION' FUNDING REQUEST PRELIMINARY TERMS- Funds RDAFunds Income Fund Development AVOCATION Target Populatlons:3 Trenspodation Opportunities:1 Irms Rate:1.0% Ndghbomood Safety:1 Term:30 year 511 W200S Architecture S.Urban Design:1 $895,000 Ten:3Arand00on:30 year SB95,000 $895.000 7 Commercial Vitality:1 Hard Repayments Public Art:1 TOTAL:8 Trenspodation Opportunities:1 Interest Rat:1.5% 269 W Brooklyn Ave Nelghbomood Safety:1 $3,000,000 Tenn'11 year $0 14 Public Art:1 AmmidefiJ 40 year TOTAL;3. Hard Repayments Target Populations:3 Interest Rate:2.5% 1966 S 200 E Cbm"Ird"Vimiity:1 $895,000 To.:40 year $895 000 $895,000 5 Hldodc PieservatiWAdeotive Reuse:1 Amortization:40 year TOTAL:5 Cash Flow Repayment,.. Fairly Housing:3 Target Popula$ons:3 Interest Rate:Expand Opportunity:1 Tenn:t year 515 E 100 3 Historic proservafionlAd"".Reuse:1 $2,650,000 Ammunition:year year $0 3 Trenspodation Oppommities:1 Cash Flout Repayment Commercial Vltaft 7 TOTAL:10 Family Housing:3 Inured Rate:2,0% Target Populations:3 7enn:30 934-948 W 200S Transportation Oppodubut 1 $3,000,000 Amod¢miyea year r year $2,420.000 $2;420,000 6 Public Ad:1 TOTAL: Cash Fin Repayment B The C.thJ Phase 1 Trenspodation Opportunities:1 Interest Rate:30% Architecture B Urban Design:1 Term 16 year 1881 WN Temple Commem(Vitality:1 $2,524,802 Ta-16]on'40 year $1,000,000 $1,000.000 10 Public Ad:1 firmorbecCash Flow Repayments TOTAL:4 Famlly Housing 3 InterestRde:20% Transportation Oppoduni5es:1 Into ]Rude: 1881 W N Temple CommercialViaiity:1 $1,569,441 Term 16ye 40 $134323 $134,323 10 Public Art:7 Antabrillyear TOTAL 6 Cash Flow Repayment Famlly Housing:3 Teryet Populations:3 Intmesl Rate:1.0% T2neumbefion Oppoduni0ee:1 Ten:15 year 515 W 300.N Architecture B Urban Design:1 S400,000 Ten:115 ye 30 year $400,000 $400.000 2 Carroll Commercial Vitality:1 Ham Repayment Public An:7 TOTAL:10 Target P""fions:3 1 mrs-A Rate:1.0% Espand Opporlunity:1 AcgUIJ Term:2-year Balbon 255751100E Transportation Opmummities:1 $32W,000 mrn:16cor's yiea to Permanent; $1.000,000 $1,000.000 13 Architecture S Urban DesiOn:1 Term:l6 year TOTAL 6 Hard R a Repayment year Hard Repayments Family Hcueing:3 Homeownership:3. Missing Middle:3 Interest RBIe:1.0% 529 W400N Tansporal OppoMnities:1 1111,111 Term:11-11 $710,000 $710.000 1 Architecture S Urban Design:1 Barogn Repayment Public An:1 TOTAL:12 Target Populatlana:3 Interest Rate:2.5% Trans lotion 0 MniOes:1 Tenn.15 year 915 W200.N Neiahbarlwotl Seth:1 $680,000 Armfidal'an:40 year $47,101. $728,291. $106.608 $880.000 12 TOTAL:5 Cash Flu Repayment Target Populatlons:3 Insured Rate:2.5% Trap dadon 0 odunitles:1 Terrn:15 year 1159 S W Temple. �° VV $74g000 y $740,000 $]40.000 11 Nelahbarlwotl Seth:1 Amodizelion:30 year TOTAL:5 Cash Flu Repayment Family Housing:3 Target Populmons:3 Interest Rate:20% Transportation Oppodunitlea:1 Term'.40 year 1265 S 300W Neighborhood Satly:1 $4;500,000 To.4tion 40 year $1,236 Ito 31,530,677 $1,732,609 $4,500.000 4 Architecture d Urban Design:1 AmoCash Fin Repayment Commercial VialiN:1 TOTAL:10 Tarot Pepula00ns:3 Trompormon Oppoduni0es:1 Inre test Rate:20% 910 W NTemple Neighborhood Sat":1 $z,DDD,000 Tana 16 year $1.000.000 $1,000.000 9 Commends]Vitality:i Amm¢ation'.40 year Public Ad: Cash Flow Repayment TOTAL:7 Target Populations:3 Intend Rate:2.5% 1805 S Main Ss Missing 13 5600 000 Tenn:40 year $500,000 $500.000 8 Nelghborlwod Seth:1 Amotizalion:40 year TOTAL 7 Cash Flow Repayments TOTAL $27,464,243 $4,241,714 $1.665,000 $6,939,710 $126,221 $1,501,608 $15,074,323 'Projects a ove a 0.5%interest tale eeductlan for each included pdonty.Sustlnab5ity allows tot a 1%or2%retluctibn.The madmum reduclbnp rdevelopment is 2%.The Interest ate t calculated asfollows:Base Interest Rate minus(-(Interest Rate RetlucOans(up l02%)=propasetl(reared ate;Hasa interest tale shall be lobbed within a month of closing.Projects shall maintm project pule ties and the same wdghted scomat dosing.Deviation fmm Project Pdomta met may require Board approval. FlMIT..shell complywlth the roquiremen6,dandard loan terms and centllfiona,Interes4 rate reductions,and all dhertletlls laid oN within The.FV202&2024 Housing Development Loan Program(HOLP)Gultlellnes.Changes to repayment type may occur(herd repayment versus cash Oow repaymenl(and shall be based on requirement listed in the HDLP Guidelines or if required by a senior lender.Changes In repayment type will cause a change In the base Interest rate.Repayment pdort y and(fen position shall be based on the not.of the loan;cansitleration may be made for other 9ovemmen[entity loans If required Through Nair policies.Fund,may d,died...d in a lump sum d required by senior Iantler(s). NOTE:For all loan a end.greater been$899,999,the Sustainable Development Policy requires bulltlings W ba designed to operate without fossil luck,but it would not restrict the ability to have backup generators for emergencies. Funds Availability Total Available Recommended Funding Funds Remaining Legend: RDA Committed Funds $4,241,714 $4.241.714$ Possible Additional RDA Funds $1,665,000 $1,685 '$ HOME Program Income $6,39,710 $fi,939,710$ - HOME0mairpmentFund $726,291 $726291$ HOME ARP Development $1,501,608 $1.501.608$ - HOME Community Housing Development Organhaficn Funds $351,841 $0$ 351,641 Total Potential HDLP Funds 575,428,164 915.074.323 $351,641 Combined FY23-24 HDLP NOFA Resolution - Competitive and High Opportunity Area (clean) (003) Final Audit Report 2024-05-14 Created: 2024-04-22 By: Michelle Barney(michelle.barney@slcgov.com) Status: Signed Transaction ID: CBJCHBCAABAAvcllDh9y5MzuW9z5TTJ1PvgJ_GrSxex9 "Combined FY23-24 HDLP NOFA Resolution - Competitive and High Opportunity Area (clean) (003)" History Document created by Michelle Barney(michelle.barney@slcgov.com) 2024-04-22-8:25:08 PM GMT Document emailed to alejandro.puy@slcgov.com for signature 2024-04-22-8:28:20 PM GMT Email viewed by alejandro.puy@slcgov.com 2024-04-22-10:18:36 PM GMT Email viewed by alejandro.puy@slcgov.com 2024-05-06-3:35:08 PM GMT Signer alejandro.puy@slcgov.com entered name at signing as Alejandro Puy 2024-05-06-4:11:20 PM GMT Document e-signed by Alejandro Puy(alejandro.puy@slcgov.com) Signature Date:2024-05-06-4:11:22 PM GMT-Time Source:server Document emailed to Sara Montoya (sara.montoya@slcgov.com)for signature 2024-05-06-4:11:24 PM GMT Email viewed by Sara Montoya (sara.montoya@slcgov.com) 2024-05-10-8:59:55 PM GMT Email viewed by Sara Montoya (sara.montoya@slcgov.com) 2024-05-13-4:07:12 PM GMT Powered by Adobe I( Acrobat Sign Document e-signed by Sara Montoya (sara.montoya@slcgov.com) Signature Date:2024-05-13-4:12:20 PM GMT-Time Source:server Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature 2024-05-13-4:12:22 PM GMT Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2024-05-13-6:09:52 PM GMT Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com) Signature Date:2024-05-13-10:13:54 PM GMT-Time Source:server Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature 2024-05-13-10:13:55 PM GMT " Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com) Signature Date:2024-05-14-1:12:35 AM GMT-Time Source:server Agreement completed. 2024-05-14- 1:12:35 AM GMT Powered by Adobe y Acrobat Sign