16 of 2024 - Public Benefits Analysis - 2257 S 1100 E Affordable HousingRESOLUTION NO. OF 2024
(Approving the Public Benefit Analysis for the Fairmont Heights Project located at
2257 South 1100 East, Salt Lake City)
WHEREAS, Fairmont Heights Apartments, LP, a Utah limited partnership, or another
special purpose entity owned or to be owned by Housing Assistance Management Enterprise
(“HAME”) in partnership with Lincoln Avenue Communities (the “Developer”), desires to develop
an affordable housing project that will be targeted to seniors, with approximately 110 units, that
are a mix of one and two-bedrooms, with approximately 80% of the units affordable to
households at 80% of the area median income (AMI) and below and approximately half of the
units affordable to 50% AMI and below (the “Project”); and
WHEREAS, Developer and the City desire to locate the Project on approximately
0.81 acres of the real property that may be acquired by HAME or the City and that is located at
2257 South 1100 East, Salt Lake City (the “Property”);
WHEREAS, the primary beneficiaries of the construction of the Project will be low
income seniors in an effort to expand the city’s affordable housing stock near transit, green
space, healthcare, recreation, and services for economically insecure older adults; and
WHEREAS, if the City provides assistance in the form of either a below-market lease rate or
a below-market loan interest rate, the City’s assistance will ensure the financial viability and timely
development of the Project; and
WHEREAS, the City is willing to provide assistance to Developer in either the form of a
99-year below-market ground lease or an acquisition loan converting to a permanent loan at
below-market interest rate (individually and together, the “City Assistance”); and
WHEREAS, Utah Code Section 10-8-2(1)(a)(i) allows public entities to provide
nonmonetary assistance and waive fees to and for nonprofit entities after a public hearing; and
WHEREAS, though Utah Code Section 10-8-2 does not require a study for such waiver or
assistance, in this case the Administration voluntarily performed an analysis of the nonmonetary
16
assistance to the nonprofit corporation (the “Analysis”); and
WHEREAS, the City Council has conducted a public hearing relating to the foregoing, in
satisfaction of the requirements of Utah Code Section 10-8-2; and
WHEREAS, the Council has reviewed the Analysis, and has fully considered the
conclusions set forth therein, and all comments made during the public hearing;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as
follows:
1. The City Council hereby adopts the conclusions set forth in the Analysis, and
hereby finds and determines that, for all the reasons set forth in the Analysis, the City Assistance is
appropriate under these circumstances.
2. The City Council hereby authorizes the City administration to negotiate the final
terms of the transaction for the purchase and ground lease of the Property or loan secured by the
Property, and execute the relevant documents consistent with this Resolution and incorporating
such other terms and agreements as recommended by the City Attorney’s office.
Passed by the City Council of Salt Lake City, Utah, on , 2024.
SALT LAKE CITY COUNCIL
By:
CHAIRPERSON
ATTEST:
CITY RECORDER
2
APPROVED AS TO FORM:
Salt Lake City Attorney’s Office
By:
Kimberly Chytraus, Senior City Attorney
May 21
Kimberly Chytraus, SLC Attorney's Office
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Resolution Fairmont Heights Public Benefits
Analysis (1)
Final Audit Report 2024-06-10
Created:2024-06-10
By:STEPHANIE ELLIOTT (stephanie.elliott@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAeOUCEA4bnHWk_Rg65549NtvkEYS4aKif
"Resolution Fairmont Heights Public Benefits Analysis (1)" Histor
y
Document created by STEPHANIE ELLIOTT (stephanie.elliott@slcgov.com)
2024-06-10 - 3:56:38 PM GMT
Document emailed to Kimberly Chytraus (kimberly.chytraus@slcgov.com) for signature
2024-06-10 - 3:58:21 PM GMT
Email viewed by Kimberly Chytraus (kimberly.chytraus@slcgov.com)
2024-06-10 - 6:13:40 PM GMT
Document e-signed by Kimberly Chytraus (kimberly.chytraus@slcgov.com)
Signature Date: 2024-06-10 - 7:30:19 PM GMT - Time Source: server
Document emailed to victoria.petro@slcgov.com for signature
2024-06-10 - 7:30:20 PM GMT
STEPHANIE ELLIOTT (stephanie.elliott@slcgov.com) added alternate signer Chris Wharton
(Chris.Wharton@slcgov.com). The original signer victoria.petro@slcgov.com can still sign.
2024-06-10 - 8:50:19 PM GMT
Document emailed to Chris Wharton (Chris.Wharton@slcgov.com) for signature
2024-06-10 - 8:50:20 PM GMT
Signer victoria.petro@slcgov.com entered name at signing as Victoria Petro
2024-06-10 - 10:26:46 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slcgov.com)
Signature Date: 2024-06-10 - 10:26:48 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2024-06-10 - 10:26:49 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
E-signature obtained using URL retrieved through the Adobe Acrobat Sign API
Signature Date: 2024-06-10 - 10:30:26 PM GMT - Time Source: server
Agreement completed.
2024-06-10 - 10:30:26 PM GMT