R-011-2018 - Station Center Site 1; 580 West 300 South' Depot District Project AreaR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-11-2018
Station Center Site 1
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF SALT LAKE CITY APPROVING THE SALES PRICE OF RDA -OWNED
PROPERTY LOCATED AT 580 WEST 300 SOUTH IN THE DEPOT DISTRICT
PROJECT AREA
WHEREAS, the RDA desires to dispose of real property located at 580 West 300
South, Salt Lake City ("Site 1") 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, Station Center Associates, LLC (the "Developer") desires to
construct a mixed use commercial and residential development on Site 1.
WHEREAS, under the Option to Purchase Agreement with Developer (the
"OPA"), the RDA is obligated to construct certain road and utility improvements (the
"Improvements") that are adjacent to Site 1.
WHEREAS, under the OPA, the sales price for Site 1 is equal to the as -is appraised
value of $4,750,000.
WHEREAS, the 70% design estimate for the construction of the Improvements is
$2,379,323.
WHEREAS, the Board desires to allow Developer to construct the Improvements,
and to discount the sales price of Site 1 by a maximum of 25% above the 70% design
estimate, for a total of $2,974,154 as consideration for Developer constructing the
Improvements.
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 1 to be $4,750,000 less the actual cost of constructing
the Improvements, up to a maximum credit of $2,974,154. The Board authorizes the
Executive Director to negotiate and execute ew or amended OPA and any other relevant
documents, incorporating such other to ► and agreements as recommended by the City
Attorney's office.
Passed by the Board of Directors of e Redevel. •ment Agency of Salt Lake City, this
20thday of March , 2018.
Derek Kitchen, 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.
Approved as to form:
CITY RECORDER
y/
Jacqueli e M. Biskupski, Executive` Director
Salt Lake City Attorney's Office
Katherine N.Lewis
Date: ((ft0(H' O�PON C
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HB ATTY-#67736-v2-RDA Station Center Site 1 Sales Price Credit.docx