R-009-2018 - NeighborWorks Loan ExtensionR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-9-2018
NeighborWorks Loan Extension
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF SALT LAKE CITY EXTENDING THE MATURITY DATE OF A LOAN
TO NEIGHBORWORKS SALT LAKE
WHEREAS, on December 10, 2013, the Board of Directors ("Board") of the
Redevelopment Agency of Salt Lake City ("RDA") approved a loan in the amount of
$175,000 (the "Loan") to NeighborWorks Salt Lake ("NWSL") in connection with the
acquisition of property at 775 North 300 West and construction of 23 new townhomes (the
"Project") in the RDA's West Capitol Hill Project Area. The Board concurrently approved
a second loan and grant to NWSL in connection with the Project, which was repaid in
December 2017.
WHEREAS, in December 2016, the RDA granted to NWSL a one-year extension
to the Loan maturity date. The extension was granted through the administrative process
pursuant to the RDA's loan policy.
WHEREAS, the Loan maturity date was December 20, 2017. Prior to the maturity
date, NWSL requested an additional 6-month extension of the maturity date for its
repayment of the Loan due to permitting and construction related delays of the Project.
WHEREAS, the RDA Finance Committee has recommended that the Board
approve the 6-month extension request subject to the conditions that the lien on title
evidencing the first priority loan by Morgan Stanley has been released, and that the Loan
maturity date will not be extended beyond June 20, 2018.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY that subject to
satisfaction of the conditions recommended by the Finance Committee, the Board hereby
authorizes the extension of the Loan maturity date to June 20, 2018. Further, the Board
authorizes the Executive Director to negotiate and ex an amendment to the Loan
agreement and any other relevant documents for exte sion, which documents shall
also incorporate such other terms as recommen• d by the Ci y Attorney's office.
Passed by the Board of Directors of the R evelopment ency of Salt Lake City, this
70th day of March , 2018.
Derek Kitc hairman
Approved as to form: toio-v
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ATTEST: $T LAKE
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TY RECORDER
Transmitted to the Executive Director on March 22, 2018.
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
u
J cqudine M. Biskupski, Execive Di
rector
Kimberly K. Chytraus
Date:-''G,27,
HB_ATTY-#67734-v 1-RDA_Resolution_Neighborworks_Extension
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