R-017-2019 - Approval Updating Debt Service Schedule for 2007A Bonds Issued by Salt Lake City for the constructio R 19-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO R_t 7_2n l
Redevelopment Agency Board Approval Updating Debt Service Schedule for 2007A Bonds
Issued by Salt Lake City for the Construction of the Westside Railroad Realignment
Project (Grant Tower)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
APPROVING AN UPDATED DEBT SERVICE SCHEDULE FOR 2007A BONDS ISSUED BY
SALT LAKE CITY CORPORATION FOR THE CONSTRUCTION OF THE WESTSIDE
RAILROAD REALIGNMENT PROJECT (GRANT TOWER)
WHEREAS, the Redevelopment Agency of Salt Lake City ("Agency") was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act.
WHEREAS, on January 11, 2008, the Agency and Salt Lake City Corporation ("City")
executed an interlocal agreement for the Agency's participation in the payment of debt service on
2007A bonds issued by the City for the construction of the westside railroad realignment (Grant
Tower) ("Grant Tower Interlocal").
WHEREAS,under the Grant Tower Interlocal,"neither the debt service schedule,nor any
of the material terms of the Agency's repayment obligation, shall change without prior approval
of the Agency's Board of Directors."
WHEREAS, the City intends to refund the 2007A bonds which shall change the debt
service schedule in the Grant Tower Interlocal, likely reducing the Agency's debt service
obligations.
WHEREAS, the Board has determined that it is in the Agency's best interest to approve
the anticipated change in the debt service schedule and any other related material terms of the
Agency's repayment obligation, which will be finalized when the bonds are issued at the end of
2019 or the beginning of 2020.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY,that it approves the anticipated
change in the debt service schedule for the 2007A bonds and any other related material terms of
the Agency's repayment obligation, which will be finalized when the bonds are issued at the end
of 2019 or the beginning of 2020.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this—8th—
day of October, 2019, to be effective upon adoption.
my F er it
Approved as to form:
Salt Lake City Attorney's Office
Katherine Lewis, Senior City Attorney
Date: S l G
Transmitted tq the Executive Director: 10-09-2019
The Executive Director:
✓ does not request reconsideration
requests reconsideration at the next regular Agency meeting.
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Jacq ne M. Biskupski, Executive Director
Attest:
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