R-010-2018 - Sales Prices of Station Center Site 3; Depot District Project AreaR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-10-2018
Station Center Site 3
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF SALT LAKE CITY APPROVING THE SALES PRICE OF RDA -OWNED
PROPERTY LOCATED AT 346 SOUTH 500 WEST IN THE DEPOT DISTRICT
PROJECT AREA
WHEREAS, the RDA desires to dispose of real property located at 346 South 500
West, Salt Lake City ("Site 3") in the development known as "Station Center" for the
purpose of redeveloping it in a manner consistent with the Depot District Project Area Plan.
WHEREAS, Housing Authority of Salt Lake City (the "Developer") desires to
construct a residential development including affordable housing on Site 3.
WHEREAS, the RDA completed an appraisal on Site 3 dated September 28, 2016,
resulting in an as -is appraised value of $4,650,000.
WHEREAS, there are certain utility and street improvements (the
"Improvements") adjacent to Site 3 that are part of the improvements for the Station Center
development, and Site 3 will require soil removal to remediate contamination.
WHEREAS, the RDA has budgeted $200,000 for the cost to remove contaminated
soil, and the total estimated cost is $647,410.
WHEREAS, the 70% design estimate for the construction of the Improvements is
$3,360,880.
WHEREAS, the Board desires to allow the Developer to construct the
Improvements and to discount the sales price of Site 3 by a maximum of 25% above the
70% design estimate, for a total of $4,201,100, as consideration for Developer constructing
the Improvements and remediating the contaminated soil.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the Board does
hereby approve the sales price of Site 3 to be $4,650,000 less the actual cost of constructing
the Improvements, up to a maximum credit of $4,201,100. The Board authorizes the
Executive Director to negotiate and execute an Option to Purchase Agreement and any
other relevant documents, reflecting this sales price and incorporating such other terms and
agreements as recommended by the City Attorney's office.
Passed by the Board of Directors of th Redevelopment Agency of Salt Lake City, this
20thday of March , 2018.
DerKitchen, Chairman
Transmitted to the Executive Director on Apri 1 30, 2018
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
e M. Biskupski, Executive Director
Approved as to form: c - r f
Salt Lake City Attorney's Office
irsrow
Katherine N. Lewis BE
..OPMEN
Date:
ATTEST:
HB ATTY-#67914-vl-RDA Resolution Station Center Site 3 Sales Price Write down
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