Proposed Resolution - 10/15/2021RESOLUTION NO. _____ 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 __________ day of ____________,
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: __________________________ March 24, 2021