017 of 2022 - Spark! Project Gap LoanREDEVELOP:\:l!E T AGE CY OF SALT LAKE. CITY
RESOLUTIO.. 0. _____ _
LOAK TO BR.ffiSHORE DEli/ELOP_•IENT, LLC RESOLUTION OF THE :BO.ARD OF DIRECTORS OF THE REDBVEL0PJ\ffiNT AGENCYOF SALT LAKE CITY APPRO\/IN"G THE TERM SHEET OF A LOAN TO BR.IN" HORE DEVELOP:M:ENT L.LC. FOR CO ISTR CTION OF A MIXED-SE DEVELOPMENT PR0IBCTL0CA1'ED AT APPROXTh-fATEL Y 1500 WESTN0RIH 1'E:tvIPL E Vi-'HEREAS, the Redevelopment Agency of Salt Lake City ('"RDA") v,ras Cfie atied to transact the business and exercise the powers provided for n1 the tab Community Reinvestmerwt Age,ncy Act (the Act"). '\J\ HEREAS the Act provides tha.t bx increment :funds may be used for the. purpo e of increasingt1he affordable housing s upply ,•irrthm the bo undaries of Sah Lake City. \1\-'HEREA.S on Oc tober ...;4, _017 the Board of Dnectors of the RDA (the "'Board") approved Resolution R-11-2017 appropriating $4,000,00 0 for the pur pose of acquiring the certaim rea,J property ]ocated ait 1500 West ortJi Temple (the "Property") (the Selle.r's Note") ,,ri th the intentto dispo e of tihe Pmpe,rty pu:rswnt to a Reque st for Proposals ('"RFP,,) ,.-,,,hich listed a sell price of$4 000�000. \1\• HERE.!\.S Brinshore De. elopment L.L. C., or one o:r more of its affiliates ( co]lectirvely, the '"De\ eloper') has been sdect.ed through the RFP process to purchas e and redevelop the Prnpe.rty. ,::vHEREAS the De,;. eloper will acquire the Property through one or more transactions, and will rnnstruct a mixed -inoome, mi!xed-use project (the «PrnjocC)."\NHEREAS, pursuant to a. motion adopted by the Boa.rd on December S, 2017, the Board set. aside $10,000,000 for a "'Notice of Funding A1. adability" ("N OF A") tlu:oug h the Housing Developme ntLoan Pmgram ,('"HDLP") contingent up on a,n application and review process admii.nist:e:red by the RDA t:0 facilitate fonding of quarnifie.d projects whic h med the goals established by the NOF A gnidelme s with $4, 500,000 of the fonds to be dedicated to ward a,reas of high opportuunity. The high oppommi:tie.s funds rema.in open on an on going basis until :funds are expended. \1\• HERE.AS, the. Developer sub11111tted a loG,n applitca.tion foe HDLP funds for construction of the Project pursmm.t to the HDLP po]icy elt forth :in :resolution R -17-2018 ( the • HDLP Loan Po]icy"),and tihe Board awarded .$2 500,000 .tS set forth rn :resolution R-31·--018 (fihe ,�_o 18 HDLP Loan")_ WHERE.!\.S pur suant to a motion adopted by the Board on Septembe:r 24, _019, the Board se.taside $10,746,096 for a NOFA through HDLP, contmgent upon an application and review process administered by the RDA to facilitcate fun dmg of quaMied projects which meet the goals established by the NOFA guideline .. The $,10 746,096 ,,ras :iippropriated as follo,,rs: M 500,000 was allocai.ted through F iscaJ Yea:r C'FY,,) .:.018 Budget Amendment 3 for projects located in areas of the c1ty designated as: high opporturuty; $5,136,455 was aUocated through FY 2019 Budget 17 of 2022
10th November
Nov 18, 2022
Ana Valdemoros (Nov 19, 2022 09:04 MST)
Erin Mendenhall (Nov 21, 2022 13:54 MST)
4
TERJil SHEET FOR A LOAN TO BRINSHORE DEVELOPl\1£. ff. L.L.C. 15 00 ,,i est o!l·th Temple The terms described on this Term Sheet represent the terms fm a construction foau whi ch wiH oonve!!t t.o permanent financing oonsisting of funds fmm the 2018 HDLP Loan,, the _019 HDLP Loan,, and the Gap Loan. This loan,, toge.ther ,v:itJh the Seller's Note., r,epces•ent the RDA' s: maximumoontribution to the financiing of the Pmjec t. FoUowin:g receipt of tihe senim lender and tax uedli:tmves:t .o:r final commitments to the Pro ject and fin.al] profonnas fo:r the Project tihe RDA andBorrower shall \erify and adjust the tenru; of the loan listed below oonsistent ,virth the respectirve requirements of the RDA. LOANTER,JS BonoueiJ:: Bria.shore Devdopme11Jt, LL.C_ Property: 1500 West North Temple Amount: ot to exceaerl $10,456 ,000* So,n rces offu:nds indl!lde: -$:2,500 ,000 (2018 HDLP Loan): the RDA Board ofDii--ectiors set astdefof" tohe Prnje.ct. as part of tJhe 2018 Notice of Funding AvailabilityOFA) for afforoable ho1!1Sing t!hrot]gh t ohe Hol!ISing DevdopmentLoan Program (HDLP). The terms fo1" the $2,500,000 NOFA fonding�·ill mat.ch rue terms s!howu ha:e_-$3,956 ,0011 (2019, HDLP Loan): the RDA Board ofD:i.r-ectors set astdefo. the Pmj ect as part of the, 2019' N otioe of Fundwg A vaifabiiity fo.affurdable lwl!ISing tbrongh the HDLP .. The te.mis for the $3,9:56,000NOF A funding wil!1 match llhe te.ruis shown II.ere ..-Upto 4,000,000 (Gap Loan of Agency funding sha.1] be dassified asgap financing and shall ow.y be ·used if the Project ha..s a funding ga.p atthe ti.me of dosing after fue Agency has detetmined all ofuer 01!1,fC.es of pri.n:lary and sub ordinate fimmcmg have beesD. maximized_*Please note tihi.s Project ,vtll utilize RDA funding both in oon11ec:tion ,vitibllw.:s lo.an not t,o exceed $10,456 ,000, .md w the form ofa Seller's Notefinancing the Bonov.re:r's aoqui.siti.o!ll of the PTO]Jerty. The £ull RDAf'marnc.mg amount with tohe Seller-' ote inchided is not to exceed$14,456,000_P.rnj ed Desrnip·tioo: The o\·eral] projed c.olliststs: of tohe new c.om:wnctio:n of a irux,ed-.incom.e, mixeJ.-uge project with appro:runateliy: 200 b.ou.ffl.lg U'll:iits, --100 parking space , �-24 bicycle parking · pa.c.es, a --4,000 SF da ycare,. and apprnx.im.ate ly --5,000SF of netghborhood sc ale oomm.erc:ral space .. The estim.ated tota] project cost is $,93,000 000. WO¾i ohhe 200 n.ni.ts will be deed restricted affmdable hol!ISing . Affm·dai bi1ity Restdcti.ous: AU nll!i.ts v,;,jll be deed re "ricted for 50 ye.mm at 80 % AMI o!f les A max.i.m:lum of :50% oftb.e nll!its wi ll be at '60% Ai\11 or less .. Term: 30 y-erurs Amortization: 30 years, c ash flov.r repayment\
RDA Resolution 17 of 2022 - Spark! Project Gap
Loan
Final Audit Report 2022-11-21
Created:2022-11-18
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAApyB7nPy7RDbFcucxftgt3jimD8LYYLoL
"RDA Resolution 17 of 2022 - Spark! Project Gap Loan" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2022-11-18 - 0:46:12 AM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2022-11-18 - 0:48:04 AM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2022-11-18 - 11:56:01 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2022-11-18 - 11:57:21 PM GMT - Time Source: server
Document emailed to ana.valdemoros@slcgov.com for signature
2022-11-18 - 11:57:23 PM GMT
Email viewed by ana.valdemoros@slcgov.com
2022-11-19 - 3:47:33 AM GMT
Signer ana.valdemoros@slcgov.com entered name at signing as Ana Valdemoros
2022-11-19 - 4:04:47 PM GMT
Document e-signed by Ana Valdemoros (ana.valdemoros@slcgov.com)
Signature Date: 2022-11-19 - 4:04:49 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2022-11-19 - 4:04:50 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-11-20 - 3:48:19 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-11-21 - 8:18:31 PM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2022-11-21 - 8:54:23 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2022-11-21 - 8:54:24 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2022-11-21 - 9:33:40 PM GMT - Time Source: server
Agreement completed.
2022-11-21 - 9:33:40 PM GMT