R-031-2018 - Citywide Affordable Housing – Notice of Funding Availability (NOFA) AllocationsR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO.
R-31-2018
Citywide Affordable Housing — Notice of Funding Availability (NOFA) Funding
Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Redevelopment Agency of Salt Lake City ("RDA") was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act (the "Act").
WHEREAS, the Act provides that tax increment funds may be used for the purpose of
increasing the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, pursuant to a motion adopted by the RDA Board of Directors (the "Board")
on December 5, 2017, the Board set aside $10,000,000 for a "Notice of Funding Availability"
(NOFA), contingent upon an application and review process administered by the RDA to
facilitate funding of qualified projects which meet the goals established by the NOFA guidelines
with $4,500,000 of the funds to be dedicated toward areas of high opportunity.
WHEREAS, the RDA facilitated a loan application and review process pursuant to the
RDA's NOFA policy as provided through resolution R-17-2018.
WHEREAS, on September 12, 2018, the RDA's Finance Committee reviewed the
NOFA applications and recommended funding allocations and preliminary terms for the
applicants and projects further described on Exhibit A.
WHEREAS, based on the Finance Committee's recommendations, the RDA staff
recommends that the Board approve the applicants and projects described on Exhibit A and enter
into a conditional commitment period with such approved applicants during which the applicants
will obtain financial, legal, and regulatory approvals for each respective project. Applicants that
successfully meet the conditions of a loan from NOFA shall be extended a loan by the RDA
pursuant to the terms of this Resolution and the NOFA policy.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City that it approves the funding allocations and preliminary
terms for the applicants and projects further described on Exhibit B, subject to revisions that do
not materially affect the rights and obligations of the RDA hereunder. For approved applicants that
successfully meet the conditions to receive a NOFA loan, the Board authorizes the Executive
Director to negotiate and execute the loan agreements and any other relevant documents consistent
with the funding allocations and terms contained herein, and incorporating such other terms and
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agreements as recommended by the City Attorney's office. Passed by the Board of Directors of
the Redevelopment Agency of Salt Lake City, this/ clay of October, 2018.
Approved as to form:
Derek Kitchen, Chairman
Salt rake City Atorney's Office
Kimberly K. ChytrJaus
Date: j 1�inke' P1 � 't
Transmitted to the Executive Director on October 16, 2018
The Executive Director:
I does not request reconsideration
requests reconsideration at the next regular ency meeting.
acqueline M. Biskupski, Exeputijve Directir
1 �r
City Recorder tcr
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HB_ATTY-#72952-v3-RDA_Resolution_NOFA_10-9-18.docx �1
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EXHIBIT A
NOFA RDA FINANCE COMMITTEE RECOMMENDED FUNDING ALLOCATIONS
PROJECT
The Exchange
338 E 400 S
State Street
255 S State St
SPARK!
1500 W North
Temple
Book Cliffs Lodge
1159 S West
Temple
APPLICANT
Downtown SLC B
LLC
Brinshore
Development,
LLC
Brinshore
Development, LLC /
Housing Assistance
Management
Enterprise
Housing
Assistance
Management
Enterprise
FUNDING
RECOMMENDATION*
$1,600,000**
$2,000,000
$2,500,000
$1,000,000
CONDITIONAL
COMMITMENT
PERIOD
9 months
18 months
18 months
12 months
INTEREST RATE
2%
1% to 3%
1% to 3%
1%
TERM
35 years
up to 40 years
up to 40 years
30 years
REPAYMENT
Cash flow
Cash flow
Cash flow
Cash flow
*Note: Funding Recommendations are maximums. The actual amount of funding may be lower based on
project needs.
** The Committee recommends The Exchange as a high opportunity funded project. Although the project
is not technically in a high opportunity census tract, the committee believes the location provides high
access to transit, jobs, information, education, food, etc., and should be considered as a high opportunity
location.
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EXHIBIT B
NOFA RDA BOARD FUNDING ALLOCATIONS
PROJECT
State Street
255 5 State St
SPARK!
1500 W North
Temple
Book Cliffs Lodge
1159 S West
Temple
APPLICANT
Brinshore
Development,
LLC
Brinshore
Development, LLC /
Housing Assistance
Management
Enterprise
Housing
Assistance
Management
Enterprise
FUNDING
RECOMMENDATION*
$2,000,000
$2,500,000
$1,000,000
CONDITIONAL
COMMITMENT
PERIOD
18 months
18 months
12 months
INTEREST RATE
1% to 3%
1% to 3%
1%
TERM
up to 40 years
up to 40 years
30 years
REPAYMENT
Cash flow
Cash flow
Cash flow
*Note: Funding Recommendations are maximums. The actual amount of funding may be lower based on
project needs.
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