R-023-2019 - Sales price of RDA-owned property located at 144-158 South Main Street in the Central Business Distr R 19-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-23-2019
144— 158 South Main Street (Utah Theater)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING THE SALES PRICE OF RDA-OWNED PROPERTY
LOCATED AT 144— 15 8 SOUTH MAIN STREET IN THE CENTRAL BUSINESS DISTRICT
PROJECT AREA.
WHEREAS,the Redevelopment Agency of Salt Lake City("RDA") desires to dispose of
real property located at 144 — 158 South Main Street (the "Property") for the purpose of
redeveloping it in a manner consistent with the RDA's-Central Business District Project Area Plan.
WHEREAS,Hines Acquisitions,LLC and 160 Main,LLC(collectively,the"Developer")
intend to acquire the Property and construct a mixed-use tower of 375 feet or more in height,public
space, and parking ("Project") on the Property.
WHEREAS, the market value of the Property as of an appraisal conducted on May 31,
2019 is $4,070,000.
WHEREAS, the RDA is requiring certain public benefits in the Project, including (1) a
minimum of ION of the residential units must be affordable for households earning between 60%
and 80% of the area median income; (2) a privately-maintained publicly-accessible midblock
walkway of no less than 14 feet wide by approximately 200 feet long that extends into the interior
of the block from Main Street; and (3) the reclamation and incorporation of historic theater
elements into the Project, which specific elements will be identified through a collaborative effort
between Developer and RDA in coordination with historic preservation experts ("Public
Benefits").
WHEREAS, the RDA has agreed to reduce the value of the Property in exchange for
Developer's commitment to include the Public Benefits in the Project and subject to the following
contingencies.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY that the Board hereby authorizes the
disposition of the Property to Developer for $00.00 so long as Developer develops the Project
pursuant to the terms of an agreement with the RDA which shall include Developer's commitment
to include the Public Benefits in the Project, and will include any other terms as recommended by
the City Attorney's office and pursuant to the following contingencies:
1. Confirmation that the Developer intends to build green open space in addition to a
midblock walkway as part of the proposed Project,and prior to closing,the Developer will
provide to the Board of Directors detailed plans for the open space, and proposed costs to
(a) construct the open space, (b) ensure the open space is publicly accessible and (c)
maintain the open space. Prior to closing, the Board of Directors may consider providing
incentives to the Developer, or through the City Council, related to the open space.
2. That, prior to demolishing the Utah Theater, the RDA ensures historic elements of the
theater are sufficiently documented through measured drawings, film,photographs, and/or
written data to provide a detailed record to the Board of Directors and public of the
property's significance.
Passed by the Board of Directors of the Redevelop ent Agency o Salt Lake City, this 3rd
day of December 2019.
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Approved as to form:
Salt Lake City Attorney's Office
Katherine N. Lewis
Date:
Transmitted to the Executive Director on:
The ExecutiveDirector:
V does not request reconsideration
requests reconsideration at the next regular Agency meeting:
Ja queline M. Biskupski, Executive Director
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