R-028-2018 - Sales Price of RDA-owned property located at 901 Gale Street in the Granary District Project AreaR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-28-2018
901 Gale Street
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING THE SALES PRICE OF RDA -OWNED PROPERTY
LOCATED AT 901 GALE STREET IN THE GRANARY DISTRICT PROJECT AREA.
WHEREAS, the Redevelopment Agency of Salt Lake City ("RDA") desires to dispose of
real property located at 901 Gale Street (the "Property") for the purpose of redeveloping it in a
manner consistent with the RDA's Granary District Project Area Plan.
WHEREAS, the Bicycle Collective (the "Bicycle Collective") intends to acquire the
Property and construct a multi -use facility that houses community bicycle uses ("Project") on the
Property.
WHEREAS, the Property was appraised in February 2017 for $280,000.
WHEREAS, the Bicycle Collective requests a complete write -down of the Property value
in order to develop the Project
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY that the Board hereby authorizes the
a complete write -down of the Property value and authorizes the disposition of the Property to the
Bicycle Collective for $00.00 so long as the Bicycle Collective develops the Project pursuant to
the terms of an agreement with the RDA, as reco by the City Attorney's office.
t Passed by the Board of Directors of t ' edevel�: ment Agency of Salt Lake City, this
1 day of August, 2018.
Derek Kitc en, Chairman
Approved as to form:
c4
Salt Lake City Attorney's Office
Katherine N. Lewis
Date: ( j�� j P
Transmitted to the Executive Director on August 22, 2018.
The Executive Director:
does not request reconsideration
requests reconsideration at the next regulars gency meeting.
City Recorder
,To acqueline M. Biskupsi, Exeive- Directorr
Exae4-4-e., /
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HB_ATTY-#720 9 1 -v 1 -RDA_Reso lutionBicycle_Collective_Price_Write_Down.docx