R-004-2018 - Development Agreement Authorization between Salt Lake City Corporation, the Redevelopment Agency ofR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-4-2018
Authorizing approval of a Development Agreement between Salt Lake City Corporation, the
Redevelopment Agency of Salt Lake City, and NWQ, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AUTHORIZING APPROVAL OF A DEVELOPMENT AGREEMENT
BETWEEN SALT LAKE CITY CORPORATION, THE REDEVELOPMENT AGENCY OF
SALT LAKE CITY, AND NWQ, LLC.
WHEREAS, NWQ, LLC ("Developer") owns certain real property ("Property") located
within the Northwest Quadrant Project Area created by the Redevelopment Agency of Salt Lake
City ("RDA").
WHEREAS, the RDA, Salt Lake City Corporation ("City"), and Developer have
negotiated a development agreement ("Development Agreement") which will, among other things,
vest Developer in the zoning as it currently exists on the Property, and facilitate a process for
Developer to apply for tax increment reimbursement from the Agency as the Property is developed.
WHEREAS, RDA desires to execute the Development Agreement with Developer and
City.
THEREFORE, BE IT RESOLVED, by the Board of Directors of the Redevelopment
Agency of Salt Lake City as follows:
1. It does hereby approve the execution and delivery of the following:
DEVELOPMENT AGREEMENT BETWEEN SALT LAKE CITY CORPORATION,
REDEVELOPMENT AGENCY OF SALT LAKE CITY, AND NWQ, LLC, EFFECTIVE
ON THE DATE IT IS SIGNED BY ALL PARTIES.
2. Jacqueline M. Biskupski, Executive Director of the Redevelopment Agency of Salt Lake
City, or her designee is hereby authorized to approve, execute, and deliver said agreement
on behalf of the Redevelopment Agency of Salt Lake City, in substantially the same form
as now before the Board of Directors of the Redevelopment Agency of Salt Lake City and
attached hereto as Exhibit A, subject to such minor changes that do not materially affect
the rights and obligations of the Redevelopment Agency thereunder and as shall be
approved by the Executive Director, her execution thereof to constitute conclusive
evidence of such approval.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
16th day of Jan, 2018
Amy Fowler Vice
Transmitted to the Executive Director on January 17, 2018
The Executive Director:
, Chairperson
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Jacqueline M. Biskupski, Executive Director
Approved as to form: _
Salt Lake City Attorney's Office
Katherine N. Lewis
Attest:
City Recorder
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HB_ATTY-#66300-v 1-RDA_Resolution_Development_Agreement_(N WQ)_(N W Q_LLC).docx
EXHIBIT A
[Attach Development Agreement]