031 of 2021 - Utah State Infrastructure Bank Loan Application1
RESOLUTION NO. 31 OF 2021
(Authorizing a Utah State Infrastructure Bank Loan for a Neighborhood Parking Structure
Located between 400 West and 500 West and 600 South and 700 South)
WHEREAS, Utah Code section 72-2-202 created a revolving fund called the Utah State
Infrastructure Bank Fund (the “SIB Fund”) and authorized the Utah Department of Transportation
(UDOT) to use moneys in the SIB Fund to make infrastructure loans to cities for transportation
projects, including the construction or improvement of parking facilities; and
WHEREAS, Salt Lake City, Utah (the “City) applied for a $7,000,000 infrastructure loan
to finance a portion of the cost of a neighborhood parking structure, a 926-stall garage, located
between 400 West and 500 West and 600 South and 700 South in Salt Lake City, Utah (the
“Project”); and
WHEREAS, on April 23, 2021, the Transportation Commission approved that $7,000,000
loan (the “SIB Loan”) to the City for the Project; and
WHEREAS, the SIB Loan will bear interest at rate of 1.96 percent per annum, the SIB
Loan term will be 15 years, the first payment will be due May 31, 2022, and the City will pledge
all or a portion of its sales tax revenue as a revenue source to repay the SIB loan; and
WHEREAS, to secure the repayment of the SIB Loan, the City will pledge the funds
allocated to it by H.B. 244 (2021), consisting of (1) a one-time distribution to the City of
$1,100,000 for fiscal year 2020-2021 and (2) an annual distribution to the City of $1,100,000 for
the next 15 years, beginning on or after July 1, 2021; and
WHEREAS, Utah Code section 72-2-204 requires that the City, before obtaining the SIB
Loan, (1) publish its intention to obtain the SIB Loan in accordance with the publication of notice
requirements of Utah Code section 11-14-316 and (2) adopt an ordinance or resolution authorizing
the SIB Loan; and
WHEREAS, in compliance with Utah Code section 72-2-204(6), the City Council of Salt
Lake City, Utah (the City Council”) desires to authorize the City to enter into the SIB Loan for the
Project and approve the City entering into a loan agreement and other loan-related documents in
connection with the SIB Loan;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as
follows:
Section 1. The City Council hereby authorizes the City to enter into the SIB Loan for the
Project and approves the City entering into a loan agreement and other loan-related documents in
connection with the SIB Loan.
Section 2. This Resolution shall take effect immediately upon its adoption.
2
Passed by the City Council of Salt Lake City, Utah on September 7, 2021.
SALT LAKE CITY COUNCIL
By _______________________________
Vice Chairperson
ATTEST:
______________________________
City Recorder
Salt Lake City Attorney’s Office
Approved As To Form
___________________________
Boyd Ferguson
Sep 10, 2021
Rogers James (Sep 10, 2021 16:16 MDT)
Cindy Trishman (Sep 10, 2021 16:19 MDT)
Resolution 31 of 2021 authorizing Utah State
Infrastructure Bank Loan
Final Audit Report 2021-09-10
Created:2021-09-10
By:Cindy Trishman (cindy.trishman@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAhHt8cw_R8KVBsYpn2g_T9t1NNzjUPF00
"Resolution 31 of 2021 authorizing Utah State Infrastructure Ban
k Loan" History
Document created by Cindy Trishman (cindy.trishman@slcgov.com)
2021-09-10 - 9:12:30 PM GMT- IP address: 204.124.13.222
Document emailed to Boyd Ferguson (boyd.ferguson@slcgov.com) for signature
2021-09-10 - 9:14:25 PM GMT
Email viewed by Boyd Ferguson (boyd.ferguson@slcgov.com)
2021-09-10 - 9:15:40 PM GMT- IP address: 204.124.13.222
Document e-signed by Boyd Ferguson (boyd.ferguson@slcgov.com)
Signature Date: 2021-09-10 - 9:15:52 PM GMT - Time Source: server- IP address: 204.124.13.222
Document emailed to Rogers James (james.rogers@slcgov.com) for signature
2021-09-10 - 9:15:54 PM GMT
Email viewed by Rogers James (james.rogers@slcgov.com)
2021-09-10 - 10:16:36 PM GMT- IP address: 174.242.232.114
Document e-signed by Rogers James (james.rogers@slcgov.com)
Signature Date: 2021-09-10 - 10:16:57 PM GMT - Time Source: server- IP address: 174.242.232.114
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2021-09-10 - 10:16:59 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2021-09-10 - 10:19:00 PM GMT - Time Source: server- IP address: 204.124.13.222
Agreement completed.
2021-09-10 - 10:19:00 PM GMT