018 of 2021 - Housing Trust Fund Loan Amendment to Garden Lofts Holdings, LP, at 154 West 600 SouthRESOLUTION NO. __18___ OF 2021
Authorizing a loan amendment from Salt Lake City’s Housing Trust Fund
To Garden Lofts Holdings, LP
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, Garden Lofts Holdings, LP (the “Borrower”), has an existing loan (the
“Loan”) for the construction and long-term financing of an affordable multifamily housing
development with 272 units (the “Project”) located at 154 West 600 South, Salt Lake City, Utah
(the “Property”); and
WHEREAS, the Project construction is complete; and
WHEREAS, the Borrower has requested that the terms of the Loan be amended as
described on the attached term sheet (the “Term Sheet”); and
WHEREAS, on November 4, 2020 and February 3, 2021, the Housing Trust Fund
Advisory Board (the “Board”) recommended approval of the loan amendment as set forth on the
Term Sheet; and
WHEREAS, the City recommends the loan amendment described on the attached Term
Sheet based on its underwriting of the Project.
NOW THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. That the City Council hereby approves amending the existing loan documents as
set forth on the Term Sheet, subject to revisions that do not materially adversely affect the rights
and obligations of the City hereunder.
2. That Erin Mendenhall, Mayor of Salt Lake City, Utah, on behalf of Salt Lake City
Corporation is hereby authorized to negotiate and execute the requisite loan documents 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, and to act in accordance with their
terms.
Passed by the City Council of Salt Lake City, Utah, this 18th day of May, 2021.
SALT LAKE CITY COUNCIL
By
CHAIR
ATTEST:
CITY RECORDER
Approved As To Form
Salt Lake City Attorney’s Office
By: ____________________________
Kimberly K. Chytraus
Date: __________________________
Kimberly Chytraus (Oct 4, 2021 10:10 MDT)
Oct 4, 2021
Amy Fowler (Oct 11, 2021 12:25 MDT)
Cindy Trishman (Oct 11, 2021 15:14 MDT)
Loan Amendment Term Sheet
Project: Garden Lofts
Borrower: Garden Lofts Holdings, LP
Address: 54 West 600 South
Loan Amount: $1,000,000
Loan Maturity: 38-year term
Interest Rate: 2.5% simple interest per annum
Interest Accrual: Current interest accrual is $12,500 (payments are current)
Repayment Terms: Payment is interest only for the first 3 years. First payment is due
April 1, 2021 in the amount of $75,000. Then surplus cash
payments.
Collateral and Priority: Current – Second priority Deed of Trust behind Citibank
Amendment – Third priority Deed of Trust behind Citibank
(Original Citibank loan and new Citibank loan)
(Olene Walker Housing Loan Fund has a loan that is junior to the
City)
Conditions: Standard loan conditions approved by City Attorney’s Office
Unit Affordability
Requirements:
Current – All units are 60% Area Median Income (AMI) or below
Amendment – All units income average to 60% AMI or below
(range from 20% AMI – 80% AMI)
Resolution 18 of 2021 - Housing Trust Fund
Loan Amendment to Garden Lofts Holdings, LP,
at 154 West 600 South
Final Audit Report 2021-10-11
Created:2021-10-01
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAP9EDogQMnO42jyIuNVw22PRfIXIdjNJQ
"Resolution 18 of 2021 - Housing Trust Fund Loan Amendment t
o Garden Lofts Holdings, LP, at 154 West 600 South" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2021-10-01 - 8:49:41 PM GMT- IP address: 204.124.13.151
Document emailed to Kimberly Chytraus (kimberly.chytraus@slcgov.com) for signature
2021-10-01 - 8:51:30 PM GMT
Email viewed by Kimberly Chytraus (kimberly.chytraus@slcgov.com)
2021-10-01 - 11:39:10 PM GMT- IP address: 136.36.137.18
Document e-signed by Kimberly Chytraus (kimberly.chytraus@slcgov.com)
Signature Date: 2021-10-04 - 4:10:42 PM GMT - Time Source: server- IP address: 136.36.137.18
Document emailed to Amy Fowler (amy.fowler@slcgov.com) for signature
2021-10-04 - 4:10:44 PM GMT
Email viewed by Amy Fowler (amy.fowler@slcgov.com)
2021-10-11 - 6:25:03 PM GMT
Document e-signed by Amy Fowler (amy.fowler@slcgov.com)
Signature Date: 2021-10-11 - 6:25:20 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2021-10-11 - 6:25:21 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2021-10-11 - 9:14:07 PM GMT - Time Source: server
Agreement completed.
2021-10-11 - 9:14:07 PM GMT