Proposed Resolution - 9/16/20211
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Term Sheet Amendment No. 2 for Loan to
Community Development Corporation of Utah
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING A SECOND 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 (“CDCU”) 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, on May 5, 2020, the Board approved resolution R-10-2020 amending the terms of
the loan to CDCU for the Project that structures the loan into two phases. Phase I was executed
and funded in 2020 as a short-term loan in the amount of $1,520,000 for land acquisition. Phase
II was approved as a construction-to-permanent financing loan in an amount of up to $1,800,000,
which would include the outstanding balance of the loan provided through Phase I and any
additional funds up to $1,800,000.
WHEREAS, prior to funding Phase II of the loan, certain conditions must be achieved pursuant
to the approved terms. One condition is that the loan is secured with a lien on both the land and
improvements.
WHEREAS, CDCU has entered into a partnership with __________ as Richmond Flats, LLLP
(the “Developer”). CDCU will continue to own the land and will lease the land to the Developer
for development of the Project. CDCU has requested an amendment to the loan terms in order to
facilitate the development of the Project.
WHEREAS, on _________, the RDA’s Finance Committee reviewed the proposed second
amendment to the loan terms previously approved by the Board.
WHEREAS, based on the Finance Committee’s recommendations, the RDA staff recommends
the attached set of amended terms (the “Term Sheet”) for the Phase II loan to CDCU.
ATTACHMENT C: RESOLUTION (2021)
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NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the loan to CDCU 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
Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______
day of _______________, 2021.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Kimberly K. Chytraus
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
August 26, 2021
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