027 of 2011 - authorizing a loan from the Housing Trust Fund to Woodruff Landmark LP for the Woodruff Apartment bu R 11-1
R 11-9
RESOLUTION NO, 27 OF 2011
AUTHORIZING A LOAN FROM
SALT LAKE CITY'S HOUSING TRUST FUND
TO WOODRUFF LANDMARK LIMITED PARTNERSHIP FOR
THE WOODRUFF APARTMENT BUILDING
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,Woodruff Landmark Limited Partnership,has applied to the City for a loan
from the City's Housing Trust Fund in order to acquire and renovate the Woodruff Apartment
Building located at 235 South 200 East in Salt Lake City that consists of 48 apartment units,45
of which are affordable rental housing units for residents at 50%of the City's area median
income or lower.
THEREFORE,BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. Does hereby approve Salt Lake City to enter into a loan agreement with
Woodruff Landmark Limited Partnership,from Salt Lake City's Housing Trust Fund in the
amount of$500,000 at 3%simple interest per annum for thirty(30)years.
2. Woodruff Landmark Limited Partnership,will use the loan funds to acquire and
renovate the Woodruff Apartment building at 235 South 200 East 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 agreement 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 19 day of
2011.
SALT LAKE CITY COUNCIL
By: \1a
CHAIR
ATTEST:
APPROVED AS TO FORM
SALT LA JO IITTORN Y'S OFFICE
/ BY: /
DAT �
CITY CORD
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