Council Provided Information - 5/10/2022REDEVELOPMENT AGENCY OF SLC
WEST END DEVELOPMENT
COMMERCIAL REVOLVING LOAN FUND
LOAN TERM AMENDMENT
RDA BOD MEETING –MAY 10, 2022
PROJECT OVERVIEW 740 West 900 SOUTH
DEVELOPER
•West End LLC
PROJECT DETAILS
•In 2019, a $3.1 M RDA loan was approved to support the adaptive reuse
of two existing warehouses by West End LLC
•Construction was completed in Fall 2021
•Created 10,800 SF of rentable commercial
•The pandemic slowed construction and leasing of the buildings
PROJECT SUMMARY
SITE PHOTOS
PROPOSED LOAN TERM AMENDMENT
AMOUNT
$3,100,000
INTEREST RATE
*The option to extend requires an interest rate increase of 2% at the 5-year extension
TERM
5 years, with a preauthorized 5-year extension for a total preauthorized term of 10 years.
COLLATERAL & GUARANTEES
First-position lien & personal guarantee
RDA Loan Program Base Rate (U.S. Treasury Yield + 3%)3.46%
Public Benefit Interest Rate Reductions:
•Adaptive Reuse
•Public Amenities
•Economic Impact
•Transit Alternatives
•Architecture & Urban Design
•Sustainability
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
Final Interest Rate (Years 1-5)0.46%
Final Interest Rate (Years 6-10)*2.46%
CONSIDERATIONS AND NEXT STEPS
•The RDA Finance Committee has recommended approval of the
proposed amendment to RDA Board