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Council Provided Information - 10/9/2024MAYOR ERIN MENDENHALL Executive Director DATE: PREPARED BY: MA REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO September 20, 2024 Austin Taylor, Project Manager RDA Loan: Liberty Corner Daycare DANNY WALZ Director REQUESTED ACTION: Consider a resolution approving a $1.6M RDA Loan Program loan for the construction of a childcare facility in the planned Liberty Corner affordable multifamily project POLICY ITEM: RDA Loan Program BUDGET IMPACTS: $1.6M from State Street Project Area Funds EXECUTIVE SUMMARY/BACKGROUND Liberty Corner Associates, LLC ("Applicant"), an affiliate of Utah -based commercial real estate developer Cowboy Partners, is requesting an additional $1.6M in loan funds from the RDA Loan program to fund the construction of 3,000 additional square feet of retail space and tenant improvements for a commercial daycare in its planned project, Liberty Corner, in the RDA's State Street Project Area. Liberty Corner is a planned mixed -income affordable apartment community to be located on the northeast corner of 1300 South and 300 West in the Ballpark neighborhood ("Project"). The Project includes 200 apartment homes, ranging from two to four bedrooms with rents affordable to households earning between 30% and 80% of Area Median Income. The proposed building is seven stories with 264 garage parking stalls and family -oriented amenities such as a swimming pool, play areas, game rooms, and a public daycare facility (originally anticipated to span 4,950 square feet, now proposed at 7,950 square feet). The Applicant previously received a $4.5M1 loan commitment through the FY 2023-2024 RDA 1 The $4.5M commitment consists of $2,767,391 of RDA HDLP funds as well as $1,732,609 of HOME program income from the City's Housing Stability Division. SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV • WWW.SLCRDA.COM P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 • FAX 801-535-7245 Housing Development Loan Program ("HDLP") competitive Notice of Funding Availability ("NOFA") for the Project. If approved, this additional $1.6M would bring the total of RDA and City funding commitment to $6.1M-4.8% of the Project's $128M total cost. The Applicant is applying for additional funds through the RDA Loan Program, which is generally used to fund commercial projects. This request has come to the RDA at a unique time as the Mayor and RDA Board of Directors ("RDA Board") have prioritized increasing the supply of daycares in Salt Lake City. The RDA anticipates adding in provisions within the upcoming competitive HDLP NOFA to allow for funding daycare uses as part of a larger affordable housing development. Therefore, future affordable housing developments with daycare uses will be able to apply for funding through our annual competitive HDLP NOFA. The RDA is using the RDA Loan Program as a funding source for this one-time request but is asking the RDA Board to waive the RDA Loan Program terms and instead use the loan terms associated with their already approved HDLP loan. ANALYSIS & ISSUES: 1. Property Details The Applicant owns 2.05 acres of land on the northeast corner of 1300 South and 300 West comprising of parcels 15-12-458-003, 15-12-458-002, 15-12-458-011, and 15-12-458-007. Each parcel is zoned Commercial General, which generally allows mixed -use residential buildings up to 75' in height, with allowance up to 105' if outdoor usable space equal to at least 10% of the gross floor area of the additional floors above 75' height is provided. The properties currently contain retail, office, and light industrial buildings, which are planned for demolition and environmental remediation. Childcare Facility Details The proposed childcare facility has changed since Cowboy Partners applied for HDLP funding for this project. The proposed space is now 3,000 square feet larger, can serve approximately 60 more children, and has an identified childcare provider who is working on the design of the space and intends to operate within it. Furthermore, the space has become more difficult to build financially because the childcare provider is unable to afford tenant improvement costs or market -rate retail rents for the area. The Applicant will use the additional $1.6M to pay for hard costs, including shell space, tenant improvements, and an outdoor playground for the childcare facility. The table below details what has changed in the proposed childcare facility space since the last HDLP application. Please note that the childcare provider has not yet signed a lease agreement and the specific childcare provider is subject to change. Facility Size Child Capacity Past HDLP Application Current Application 4,950 square feet 100 children Tenant Improvement Cost Paid by operator Projected Rent $32/psf Childcare Provider None identified Outdoor Playground None identified 7,950 square feet 160 children $1,045,000 paid by developer2 $20/psf A to Z Building Blocks Included 2. Funding Request, Financial Gap, and Overview The Applicant is requesting an additional $1.6M loan to pay for the construction of retail space and tenant improvements for a childcare facility in its planned Liberty Corner apartment community. Increasing the supply of childcare is a priority for both the Salt Lake City Mayor and Council, so the RDA is evaluating options for incentivizing the construction of childcare facilities through the HDLP. To that end, for the FY 2024-25 HDLP NOFA, the RDA plans to add childcare facility construction costs as an eligible use of HDLP funds; future HDLP NOFA applicants will be able to earn evaluation points and interest rate reductions for projects including childcare facilities. For this one-time request that was received before these changes to the HDLP were made, the RDA is using the RDA Loan Program as a funding source but is asking the RDA Board to waive the loan term section of the RDA Loan Program and instead use the loan terms associated with their HDLP loan. If approved, this loan would be in addition to the $4.5M commitment the Applicant received through the HDLP for construction costs related to the affordable housing portion of the building. As with many low-income housing developments, the Applicant's capital stack is built from many sources. The project has been awarded a 4% Low Income Housing Tax Credit ("LIHTC") allocation, a Fannie Mae senior loan commitment, gap financing loan commitments from The Olene Walker Housing Loan Fund and Salt Lake County, 100% deferred developer fee, and owner's equity. 2 RDA loan will cover this cost. The remaining $555,000 will pay for other construction costs such as the retail "shell space" and outdoor playground. Financial Gap This loan would provide gap financing to cover the difference between the project's funding sources and uses. The Applicant has demonstrated that projected revenues are not sufficient to leverage more money from its senior lender or equity investors. Specifically, the Project cannot leverage more primary financing because its senior lender is capping the construction loan to 80% loan to value based on restricted rents, so the Project is as leveraged as its senior lender will allow given projected revenues. In addition, the Project includes investor equity as a source and is unlikely to attract more equity investment. The Project has a large amount of investor equity allocated and its projected Year 1 cash -on -cash return is only 1.56%. Furthermore, the developer has already committed to defer 100% of its developer fee. Debt Coverage An RDA loan with cash flow -based repayment will provide the Applicant with the funds needed to build out a commercial daycare without lowering their debt service coverage ratio ("DSCR") or cash -on -cash projections. Financing sources meet the RDA Loan Program's maximum limits to assistance metrics. The DSCR ratio is modeled at a 1.215, higher than the RDA's minimum DSCR of 1.1. The proposed loan's loan to value ("LTV") —inclusive of all debt —is at 42%, lower than the RDA's 95% LTV maximum. Financial Overview Source Amount % Tax Credit Equity $54,546,526 42.8% Owner Equity $8,907,464 7.0% Deferred Developer Fee $10,351,824 8.1% Fannie Mae Multifamily Tax -Exempt Bond $37,269,980 29.0% Salt Lake County Housing Trust Fund $6,530,640 5.1% Redevelopment Agency of Salt Lake City $6,100,000 4.8% Olene Walker Housing Loan Fund NHTF $2,000,000 1.6% UCNS HOME $1,500,000 1.2% Salt Lake County HOME $460,000 0.4% Olene Walker Housing Loan Fund LIH $200,000 0.2% Total Sources $127,866,434 Use Land Costs $15,602,369 12.2% Hard Costs $84,606,109 66.2% Soft Costs $27,657,956 21.6% Total Uses $127,866,434 3. Policy Alignment RDA staff is proposing to use the RDA Loan Program to fund the daycare portion of this Project. However, due to the unique nature of this Project, the terms needed to sustain the daycare portion of this project, and the Project's previous HDLP funding allocation, the Project is seeking a waiver of the Loan Amount, Interest Rate, and Terms section under the RDA Loan Program Policy. Instead of using the Loan Amount, Interest Rate, and Terms section under the RDA Loan Program, RDA staff is proposing to use the terms as approved through the Project's HDLP allocation. The distinction in loan terms between these two program policies is set forth more specifically in Section 4, below. RDA Loan Program The loan request aligns with the RDA Loan Program's mission and goals, eligible costs, applicant requirements, project objective requirements, and financing structure. HDLP Loan Terms and Conditions If the RDA Board approves the waiver of the RDA Loan Program loan terms and allows for this loan to be added to the existing HDLP funding allocation, the Project will meet or be required to meet the standard loan terms and conditions of the HDLP. These terms include a 40-year term, 40-year amortization, cashflow repayments, and a 2% interest rate. State Street CRA Plan The Liberty Corner Project aligns with the RDA's goals for the neighborhood, as adopted through the State Street Community Reinvestment Area Plan, as follows: • Neighborhood Revitalization o Use Crime Prevention Through Environmental Design principles to reduce hiding places for criminals, while creating welcoming and safe environments. o Ensure that RDA activities support high quality, enduring projects and promote sound architectural and urban design principles to encourage safe, sustainable, and livable neighborhoods. • Housing o Target RDA resources to promote new construction, rehabilitation, and adaptive reuse for a diverse range of housing options, from affordable to market rate, to accommodate a range of household incomes. o Utilize RDA programs and tools to support the implementation of mixed -income, mixed -use, and multifamily residential targeted to appropriate locations that are compatible with existing development. 4. Summary of Proposed Loan Terms This $1.6M application comes through the RDA Loan Program which funds commercial projects. However, because the childcare facility would not be financially possible under RDA Loan Program terms, staff is asking the Board to waive standard RDA loan terms in favor of HDLP terms. RDA Loan vs HDLP Terms The table below is a comparison of loan terms that the project would receive under both RDA Loan and HDLP terms. RDA staff is asking the Board to waive RDA Loan terms in favor of HDLP terms. RDA Loan HDLP Term 5 years 40 years Amortization 20 years 40 years Repayment Hard Cash flow Interest Rate 4.66% 2% Proposed Loan Terms • Amount: Not to exceed $1,600,000 • Interest Rate (HDLP) HDLP Base Rate (U.S. Treasury Yield Curve Rate plus 2%, with a maximum 4.0% base interest rate of 4%) Public Benefit Interest Rate Reduction3: • Family Housing -0.5% • Target Populations5 -0.5% • Transportation Opportunities6 -0.5% • Neighborhood Safety-0.5% • Architecture & Urban Designs -0.5% • Commercial Vitality o -0.5% Final Interest Rate10 2.0% • Term: 40 years • Amortization Period: 40 years 3 2% maximum total interest rate reduction; must continue to meet commitment after construction to keep reduction 4 At least 15% of residential units will have 3 or more bedrooms 5 At least 15% of residential units will be rented at affordable rents to households earning 40% AMI or less 6 The project will be located within 1/3 mile of a TRAX station and incorporate majority of parking within a primary structure to minimize the need for a surface parking lot 7 The project will be built within an RDA project area and utilize CPTED design strategies s The project will feature active ground floor uses, significant ground floor glass, durable building materials, and engaging building entrances 9 The project will include publicly -accessible retail space on the ground floor " 2% maximum total interest rate reduction per HDLP policy • Repayment Terms: Cash Flow The loan will be contingent upon the retail space's use as a childcare facility. RDA staff will work with developer to create an early loan repayment provision in the loan documents so that $1.6M of the RDA loan must be repaid quickly if the retail space is no longer used for childcare. 5. Developer's Experience Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah. Cowboy Partners was established in 2001, rebranded from a company that had been developing housing in the Salt Lake Valley since the 1960s. Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing; the company has experience in developing luxury, market rate, mixed -income, and affordable housing communities through its development of dozens of communities within Salt Lake and across the State of Utah. Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for these communities. Cowboy Properties has deep experience with multifamily property management, including affordable housing and compliance, as the sole operator of Cowboy communities for decades. RDA FINANCE COMMITTEE RECOMMENDATION The RDA Finance Committee met to discuss this item on September 18, 2024. Committee members talked about pickup and drop-off zones, a sliding -scale daycare fee for low-income customers, screening and fencing of the playground on 300 West, State spatial requirements for outdoor play area, proposals for the restrictive use agreement, and how to treat daycare loan applications going forward. The committee unanimously voted to send a positive recommendation to the Board to approve the loan and waive RDA Loan terms in favor of HDLP terms. PREVIOUS BOARD ACTION: • October 2016: The RDA Board approved the RDA Loan Program Policy. • February 2021: The Board adopted the Housing Allocation Funds Policy. • March 2021: The Board adopted the Housing Development Loan Program Policy. • February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy. • March 8, 2022: The Board adopted revisions to the Housing Development Loan Program Policy to direct review of applications to the RDA Finance Committee. • January 2023: The RDA Board approved the competitive HDLP funding allocations which included $3,000,000 to the Applicant with the condition that these funds would need to be returned if the project does not receive 9% tax credits in the following Utah Housing Corporation allocation cycle. This project did not receive tax credits and their allocation was returned to the HDLP. • March 2024: The RDA Board approved the competitive HDLP funding allocations which included $4,500,000 to the Applicant from HDLP funds and HOME program income. ATTACHMENTS A. Loan Term Sheet B. Site Map C. Floor Plans and Renderings D. Photos E. Development Budget F. Unit Mix and Projected Rents G. FY 2023-24 HDLP Resolution H. Resolution ATTACHMENT A: RDA TERM SHEET RDALOAN BORROWER Liberty Corner Associates, LLC ADDRESS 1265 South 300 West, Salt Lake City, UT 84111 PROPOSED LOAN TERMS • Amount: $1,600,000 • Interest Rate: HDLP Base Rate 4.0% (U.S. Treasury Yield Curve Rate plus 2%, with a maximum base interest rate of 4%) Public Benefit Interest Rate Reduction": • Family Housing12 -0.5% • Target Housing13 -0.5% • Transportation Opportunities14 -0.5% • Neighborhood Safety15 -0.5% • Architecture & Urban Design16 -0.5% • Commercial Vitality" -0.5% Final Interest Rate18 2.0% • Term: 40 years • Amortization: 40 years LOAN TERM SHEET LIBERTY CORNER " 2% maximum total interest rate reduction; must continue to meet commitment after construction to keep reduction 12 At least 15% of residential units will have 3 or more bedrooms 13 At least 15% of residential units will be rented at affordable rents to households earning 40% AMI or less 14 The project will be located within 1/3 mile of a TRAX station and incorporates the majority of parking within a primary structure to minimize the need for a surface parking lot. 15 The project will be built within a RDA project area and utilize CPTED design strategies 16 The project will feature active ground floor uses, significant ground floor glass, durable building materials, and engaging building entrances 17 The project is mixed -use and establishes publicly -accessible commercial spaces within the development that are lacking and desired. " 2% maximum total interest rate reduction per HDLP policy Repayment Terms: Cash flow Expenses: Borrower will pay all loan expenses and closing costs, including title insurance. Recourse: full recourse until Stabilization COLLATERAL AND GUARANTEES Lien on the properties included in this project, including those with parcel numbers 15-12-458-003, 15- 12-458-002, 15-12-458-011, and 15-12-458-007. Lien position will be determined before closing by loan amounts and the number of lenders on this project.19 Completion and repayment guaranty. CONDITIONS FOR LOAN CLOSING Prior to loan closing, the Applicant will complete the following: • RDA approves all terms of the loan. • RDA and Borrower execute loan documents (e.g. promissory notes, loan agreements, security documents, and guarantees) as deemed necessary by the RDA and its legal counsel. • Borrower receives approval from the RDA and its legal counsel of all matters pertaining to title, legality of the loan, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the loan transaction. • Borrower provides evidence of insurance in such amounts and with such coverage as deemed necessary by the RDA for the Property. • The Project shall obtain all financial, legal, and regulatory approvals required for the construction, completion, and operations of the Project. • The Project will demonstrate compliance with the RDA's Sustainable Development Policy. • Such other terms as recommended by the RDA's legal counsel and staff. • RDA memorializes childcare use in a Restrictive Use Agreement. The 7,950 square foot retail space identified in this application shall be leased to a childcare provider for 40 years or until the loan balance is paid in full. The Restrictive Use Agreement shall also detail the requirement for the property owner to charge a below -market lease rate to a childcare provider and for the provider to prioritize Project residents in childcare enrollment. • Borrower will provide letter of interest signed by a childcare provider that intends to lease the space. OTHER CONDITIONS The Project shall remain in good financial and legal standing over the term. Final terms shall comply with the standard loan terms and conditions within the Housing Development Loan Program Policy. If the Borrower no longer leases the retail space to a childcare provider, the loan's interest rate will default to the US Treasury Yield Curve Rate plus 3%. The Borrower will also be required to pay a balloon payment for the balance of the loan at the end of the 15' year after receiving certificate of occupancy, at the time the tax credit investor exits the deal. 19 This lien does not provide additional security since it is already given with the $4.5M HDLP loan. • In the event of any conflict in this term sheet and the Housing Development Loan Program ("HDLP") requirements, the terms of the HDLP shall control. ATTACHMENT B: SITE MAP a It Yellow — Liberty Corner Associates, LLC property I_r W 1I �-�11�/��Y��A y ICIZI).» 1I_�►f.Y\� 1 '7 � 1 '7 �C13.� ►� Wei KS s� ■a E� an S Y� mi C O !®eeie��eeeill��A11�11"R�AII ro FFF tIM • 1 UM�•t0�e� �.'�•�. .... 3wA..� , ,.. •w. Red highlight area: daycare space Please note plans have changed since these renderings were developed. The planned size of the childcare facility is now 7,950 square feet. 7 ?? I_i3_iL" V' L�11.��WZS �L rwr Red highlight area: daycare space Red highlight area: daycare space �� II I I IIII III l+ Iijp Nor! 1° If ! 1/ F f166 __ lll�i II II� - Ji �' • 1 I1� I i ! a u 1. 1 1 %' � � � II: �i' � ■ i '�—"s,.�,i "'.�yrirslrra�i �..i;� �[ �� 1 �� ► !1 _�'� i' i ;' ATTACHMENT D: SITE PHOTOS Aerial Photo Photo from northwest corner of property Photo from southwest corner of property Photo from northeast corner of property Photo from southeast corner of property ATTACHMENT E: DEVELOPMENT BUDGET Land Cost 88.882 $15,602,369 Direct Construction $73,859,807 Daycare. Current and Addition $2,611,644 Solar System $1 178,135 Demolition and Environmental Remediatioi $761,735 A & E/EnvlGeolTesting $2,549,831 Construction I nterest $8,027,176 Common .Area FF&E and Finishes $798,644 Taxes & Insurance $292,160 Builders Risk Insurance $1.500,000 Owners Contingency $3.896,144 BSPRA $10,351,824 Reserves (TC Investor) $1,791,997 Leasing/Marketing $100,000 Connection/Impact Fees $1,482,488 Financing,'Issuance Costs $2,730,243 Soft Cost Contingency $0 Legal & Title $332,237 TOTAL DEVELOPMENT c_ (-)STS $127,866,434 ATTACHMENT F: UNIT MIX AND PROJECTED RENTS Proposed Unit Mix: Type # mix so.footaoe $Sth. renUmonth Util AMMI 26D126A 0 928 2.30 52,134 50 82.07% 30% 2BDTBA Restricted 6 625°% 928 0.84 $780 S77 30.00% 40°% 261312BA Restricted 16 16.67°% 928 1.12 51,040 S77 40.00°% 50°% 2BD12BA Restricted 18 18.75°% 928 1.40 $1,300 S77 50.D0°% 60% 2BD/2BA Restricted 16 16.67°% 928 1.68 51,560 S77 60.00°% 70% 2BD/2BA Restncted 22 .22).92% 928 1.96 51,820 S77 70.00°% 80% 2BDl2BA Restncted 18 18.75°% 928 2.24 52,0B0 S77 80.00°% Totals 96 160.00°% 928 5147,160 $7.392 $139,768 Average S1, 533 58.96°16 Type # mix so.footawe $Soft. rentlmonth U51 AMI 3BDl2BA 0 1139 2.20 $2,506 S0 83.420% 30% 36Dl2BA Restricted 6 7.50°% 1139 0.79 $901 S97 30.00°% 40% 3BDl2BA Restricted 12 15.00°% 1139 1.05 $1.202 S97 40.00°% 50°% 313Dl2BA Restricted 16 20.D0% 1139 1.32 51,502 S97 50.00% 60% 3BDl2BA Restricted 16 20.00°% 1139 1.58 S1,802 S97 60.000% 70% 3BD;2BA Restricted 16 20.00°% 1139 1.85 $2,103 S97 70.000% 80% 3BDl2BA Restricted 14 17.50°% 1139 2.11 52,403 S97 80.00°% Totals 80 100.00°% 1139 $139,978 $7.760 $132,218 Average $1,750 58.25% Tvpe # mix so.footace S$tft. rent/month �til AMI 4BD12-5BA 0 1460 2.00 52,920 SO 87.16°% 30% 46D/25BA Restricted 2 8.33°% 1460 0.69 $1,005 5117 30.00% 40% 4BD/2.SBA Restricted 2 8.33°% 1460 0.92 51.340 5117 40.00°% 50°% 48DI2.56A Restricted 4 16.67% 1460 1.15 $1,675 5117 50.0D% 60°% 461312.56A Restricted 8 33.33% 1460 1.38 $2,010 $117 60.00°% 70% 4BD12.56A Restricted 6 25.00% 1460 1.61 $2,345 5117 70.0D°% 80% 46DI2.56A Restricted 2 8.33°% 1460 1.84 52,680 $117 80.00°% Totals 24 100.00°% 1460 546,900 $2,808 $44,092 Average 51,954 58.33% ATTACHMENT G: FY 2023-2034 HDLP RESOLUTION REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. 01 Affordable Housing — FY2023-2024 Competitive Housing Development Loan Program (HDLP) Funding Allocations Including High Opportunity Area 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, the RDA Board of Directors (`Board") approved the Housing Funds Allocation Policy ("Funds Policy"), Resolution R-1-2022, which establishes policies with respect to dedicating and directing resources for the development and preservation of housing based on funding source ("Housing Funds"). WHEREAS, the Board has set aside $13,761,164 of Housing Funds for affordable housing through the RDA's Competitive Housing Development Loan Program ("HDLP"). The Board may also allocate an additional $1,665,000, which is the result of loan commitments from FY2022- 2023 that were rescinded, for a total of $15,426,164 of HDLP funds available (the "Competitive HDLP Funds"). The allocation of funds is contingent upon an application and review process administered by the RDA to facilitate funding of qualified projects that meet the goals established by the HDLP. WHEREAS, pursuant to a motion adopted by the Board on December 5, 2017, the Board also set aside $4,500,000 to be dedicated to funding for affordable housing in areas of high opportunity (the "High Opportunity Funds"). WHEREAS, the High Opportunity Funds were released for allocation pursuant to the Affordable Housing Notice of Funding Availability Policy ("NOFA Policy"), passed by the Board as Resolution R-17-2018. WHEREAS, the Board subsequently approved Resolution R-25-2019, which allocated $1,800,000 of the High Opportunity Funds to Community Development Corporation of Utah for affordable housing in a high opportunity area, leaving $2,700,000 of High Opportunity Funds to allocate to additional projects. WHEREAS, through a Notice of Funding Availability (`NOFA"), the RDA administered a loan 1 application and review process for the Competitive HDLP Funds pursuant to the HDLP policy set forth in resolution R-2-2022 (the "HDLP Policy") and the RDA's Housing Funding Priorities for Fiscal Year 2023-2024 set forth in R-8-2023 ("Funding Priorities") that resulted in fifteen eligible requests for funding totaling $27,464,243 (the "Competitive HDLP Applications"). WHEREAS, through a separate NOFA and pursuant to the same HDLP Policy and Funding Priorities, the RDA also administered a loan application and review process for the High Opportunity Funds that resulted in two requests for funding totaling $5,350,000 (the "High Opportunity Applications"). The HDLP Policy repealed and replaced the NOFA Policy and now governs the High Opportunity Funds as well. WHEREAS, on February 1, 2024, the RDA's Finance Committee ("Finance Committee") reviewed the High Opportunity Applications and recommended funding allocations and preliminary terms for the High Opportunity Funds, as further described in Exhibit Al. WHEREAS, on February 21, 2024, the Finance Committee reviewed the Competitive HDLP Applications, and recommended funding allocations and preliminary terms as further described in on Exhibit A2. WHEREAS, based on the Finance Committee's recommendations, RDA staff recommends that the Board approve the funding allocations and preliminary terms described in Exhibits Al and A2. WHEREAS, following the Board's approval of the funding allocations and preliminary terms as set forth on Exhibits B 1 and B2, the RDA shall provide a 24-month conditional commitment period during which the approved applicant shall have the opportunity to obtain needed financial, legal, and regulatory approvals, as well as satisfy other conditions determined by the RDA, to finalize the loan terms. WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan terms, subject to a set of conditions precedent to closing of the loan. NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the funding allocations and preliminary terms as further described in Exhibits B 1 (High Opportunity Area Funding Allocations) and B2 (Competitive HDLP Funding Allocations), subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. For approved applicants that successfully meet the required conditions, the Board authorizes the Executive Director to negotiate and execute the conditional commitment letter, the Letter of Commitment, the loan agreements, and other relevant documents consistent with the funding allocations and preliminary terms contained on Exhibits B 1 and B2 and incorporating such other terms and conditions as recommended by the City Attorney's office. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 19th day of March 2024. 2 A / 11 M0T1 ''Alelej��iandro Puy, Chair Approved as to form: " 'r Salt Lake City Attorney's Office Sara Montoya Date: May 13, 2024 The Executive Director: 0 does not request reconsideration requests reconsideration at the next regular Agency meeting. IMay 13. 103< Ifi'.13 MpT) Erin Mendenhall, Executive Director Attest: i��OPMENT� \� c SEAL City Recorder •. 9CT LAKEGC;'��1� EXHIBIT Al: RDA FINANCE COMMITTEE RECOMMENDED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS The RDA Finance Committee recommends that funding be allocated to projects in order of funding ranking. El EXHIBIT Al: RDA FINANCE COMNHTTEE RECOMMENDED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS PROJECT PRIORITIESIINTEREST RATE REDUCTION AND WEIGHTED FUNDING PROJECT/APPLICANT ADDRESS PRIORITY SCORE** REQUEST TOTAL Family Housing: 3 Target Populations: 3 Transportation Opportunities: 1 515 E 100 S Expand Opportunity: 1 $2,650,000 Commercial Vitality: 1 Historic PreservationlAdaotive Reuse: 1 TOTAL: 10 Target Populations: 3 2257 S 1100 Transportation Opportunities: 1 E Expand Opportunity: 1 $2,700,000 Architecture and Urban Desian: 1 TOTAL: 6 $5,350,000 RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS HDLP High Opportunity PRELIMINARY TERMS* Funds: $2,700,000 2% interest rate, 15-year term, 15-year amortization, cash flow $2,650,000 repayments Acquisition: 1% interest rate, 2- year term, balloon payment or conversion to permanent loan. Construction to permanent: 16- year term, 40-year amortization, hard repayments $2,650,000 *Final Terms shall comply with the requirements, standard loan terms and conditions, interest -rate reductions, and all other details laid out within the High Opportunity Area Housing Development Loan Program (HDLP) Guidelines (updated November 2023). Changes to repayment type may occur (hard repayment versus cash flow repayment) and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loans; consideration may be made for othergovernment entities loans if required through their policies. Funds may be disbursed in a lump sum if required by senior lender(s). **Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorities met may require Board approval. Total Funds: $ 2,700,000 Recommended Funding: $ 2,650,000 Remaining Funds: $ 50,000 EXHIBIT A2: RDA FINANCE COMMITTEE RECOMMENDED COMPETITIVE HDLP FUNDING ALLOCATIONS The RDA Finance Committee recommends that funding be allocated to projects in order of funding ranking EXHIBIT A2: RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS The MA F— Coanamid a reboamends that finding be aUw,tcd m pq— in the order oT Fording Rerddng. WEIGHTED PROJECT PRIORITY RDACommitied Possible Additional HOMEPagam HOMED@velopment HOMEARP TOTAL FUNDING PROJECT/APPLICANT ADDRESS SCOREIINTEREST RATE REDUCTION' FUNDING REQUEST PRELIMINARY TERMS^ Funds RDAFunds Income Fund Development RECOMMENDATION Target Papulatbns: 3 Theroomadon Opportunities: 1 Interest Rat 1.0% Neighborhood Safely: 1 T.- 30 year 511 W200S AahOeclure B.Urban Design: 1 $995,000 $895,000 Commercial vitality: 1 Amo muctmn $0 year Public Art: 1 Hard Repayments TOTAL 8 1!. Transportation Opportuni8es: 1 Interest Rate: 1.5% Neighborhood Safety: 1 Term: !"year 269WBrooklyn Ave Public Art: 1 $3J100000 Amorlhalion: 40 year TOTAL: 3 Hard Repayments Target Populations: 3 Interest Rate: 2.5% 1966 S 200 E Commends! Vitality: 1 $895,000 Term: 40 year $895,000 Historic Prase—fim, Adaollve Reuse: 1 Amortization: 40 year TOTAL: 5 Cash Flow Repayments Family Housing: 3 Target Populations: 3 Interest Rate 2.0% Expand Opportunity: 7 Term: 15 Rate 515 E 100 S H'stohc Paserva6onlAdapt. Reuse: 1 $2,650,000 Transportation Opportunities: 1 Amortization: 15 year Commercial Viblr: 1 Cash Flow Repayments TOTAL: 10 Family Housing: 3 Interest Rale:2.0% Target Populimons: 3 30 year 934-948 W 200 S Transportation Opportunn a. 1 $3,000,000 Term; 30 year year TOTAL: 8 $2,420.000 Public Art: 1 Cash Flow Repayment Transportation Opportunities: 1 Interest Rate: 20% Architecture& Urban Oeslgn: 1 Tenn: 16 year 1881 WN Temple Commercial Vitality: 1 $2,524,802 Amortization 40 year $1.000.000 Pool` Ad: 1 Cash Flow Repayment TOTAL: 4 Fanny Housing: 3 Interest Re mte. 2D% Transportation OppoRunitts: 1 1881 W N Temple Comercial ftiity; 1 $1,569,441 Terri i talbn:fi year 40 year $134,323 Public Art: 1 TOTAL fi Cash Flow Repayment Famlly Housing: 3 Target Populations: 3 Interest New:1 D% TranepartaBon DpPcMnl5s5: 1 Temr 15 year 515 W300 N Ammleclure 8 Urban Design: 1 sa0g00o pmpd'zation: 30 year S400,000 Commercial Vitality: 1 Hard Repayment Public An: 1 TOTAL: 10 Target Popula8ons: 8 Interest Rele: 1.0% Eirpand Opportunity: 1 Acquisition Term: 2-year Balloon 2557 S 1100 E Transportation Opplimmy des: 1 $3200,000 or conversion to Pemmnent; &1,000,000. Ardh8an1ure 8.UNan Des- 1 Term: l6 year TOTAL 6 A-moslion: 40 year Hard Repayment Family Housing: 3 Homeownership: 3 Wising Middle: 3 Interest Rate: 1,0% 529 W 400 N TNnapcdaflon Opponuni5es: 1 1110000 Term: 18 monN $710,000 ArchIleclurs 8 Urban Design: 1 Balloon Repayment PubBcm: 1 TOTAL: 12 Target Populations: 3 Interest Rate: 2.5% 915 W200N Tanspodation Opp -Was: 1 $880,000 Tenn: 15 year $47.101 $726.291 $106,608 Nhh eiaarhood Sale.: 1 Amortization: 40 year TOTAL: 5 Cash Fbw Repayment Target Populations: 3 Interest Rate: 2.5% 1159 S W Temple Transportation Opportunities: 1 Neiah.mond Safety: 1 $740,000 Tenn: l5year Amortization: 30 year TOTAL: 5 Cash Flout Repayment Famlly Housing: 3 Target Populations: 3 merest Rate: 2.D% Tranapomelion Opportunbes: 1 Tenn' 40year To.Anno4li m" 1265S 300W Neighborhood Safety: 1 Architecture 8 Urban Design: 1 $4,500,000 year $1,236,,714 $1,530,677 Commercial ViUIiN: 1 Gash Flow Repayment. TOTAL: 10 Target Populations: 3 Transpadation Opportunities: 1 Interest Rafe: 2D% 910 W N Temple Neighborhood Safety: 1 mer Comcial Vitality: 1 $2.000 DDO Ten: 16 year $1 DDO DDD Amortization: 40 year Public Art: 1 Cash Flow Repayment TOTAL: 7 Target Populations: 3 Interest Rate: 25% 1805 S Main St Missing Middle: 3 NeirhbatookSafe": 1 $500,000 Term: 40 year Amortization: 40 year TOTAL: Cash Flow Repayments $895.000 7 $0 14 $895,000 5 $0— 3 $2,420,000 6 $1,000.000 1D $134..323 10 $400.000 2 $1,000.000 13 $710.000 1 $880.000 12 $740.000 11 $4,500.000 4 $1,000.000 9 TOTAL $27,464,243 $4.241,714 $1.665,000 $6,939,710 $726,291 $1,501,608 $15,074,323 'Pait acaivea 0.5%interest rate aJucom for each included priority, Stelalnabllity allows for a 1%or 2%reduction. The maximum mductlah bar developmant is 2%, The Interest ate Is calculated as felhws. Base Interest Rat minus I.) Interest Rate Reductions (up to 2%) = proposed brturest rate.; Base interest rate: shall be lacked Mirth a month of closing. Projects shall malnbin project prlorilies and the same weighted swreat closing. Deviation from Project Pnorhles Net may require Board approval, Final Terms shall comply with the raquirement, stantlard loan terms and condlfiens, Interest. rate raductiens, and all other details laid out within the FY2023:2024 Housing Deveopmenl Loan Program ( HOLP) Guidelines. Changes to repayment type may occur ( had apayment versus cash flow repayment) and shall be based on requiremeots listed in me HDIP Guidelines or ti nequlred by a senior lender. Changesi repayment type will cause a change In the baseinleresl rate. Repayment pnorlty and!ten position shall be based on Nesloe of the loan; mnsidereflon may be made for other government entity loans if requlrsl through Heir polldiee. Funtls maybe tlisbuaetl in a lump sum If required by senior Iender(s). While ra—mg applicadens, Ne Committee took Into consideration tiair Febaary 1, 2024 High Opportunty Area HOLP funding moommendation and agreed b maintain their submMetl recommendation to fund 515 Toe -Conversion 1 with High Opportunity Area funds. The Committee's.comp.tik. HDLP funding mo mo mendations incorporal, tire pavleusly subm6led High Opporunity Aaa recommendation. NOTE: For all loan awards greater than $899.999, the Sustainable Development Policy mulres buildings to be designed to operate w8hout fossil fuels, but it wou1E not ms0icl the a6lllty to have backup generators for emeryences. Funds Avallablllty Total Available Recommended Funding ,Funds Remaining Legend: RDA Committed Funds S4241,714 11.211.114 $ ,. Possible Ad lbonal RDA Funtls $1,665,000 $1,885,000 $ - HOMEProgamincame $6,939,710 $fi,939,710 $ - HOMEOevelPpnlentFund $]26291 $128291 $ - HOMEARPDevelopment $1,501,608 $1,501,608 $ - HOME Community Housing Development OrganUaOan Funds $351,841 $0 $ 351,841 Total Potential HDLP Funds $15,426,164 $15.074,323 $351,541 EXHIBIT Bl: RDA BOARD APPROVED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS EXHIBIT Bl: RDA BOARD APPROVED HIGH OPPORTUNITY AREA HDLP FUNDING ALLOCATIONS PROJECT PRIORITIES/INTEREST RATE REDUCTION AND WEIGHTED FUNDING PROJECT/APPLICANT ADDRESS PRIORITY SCORE** REQUEST PRELIMINARY TERMS* TOTAL Family Housing: 3 Target Populations: 3 Transportation Opportunities: 1 515 E 100 S Expand Opportunity: 1 $2,650,000 Commercial Vitality: 1 Historic PreservationlAdaotive Reuse: 1 TOTAL: 10 2% interest rate, 15-year term, 15-year amortization, cash flow repayments Acquisition: 1% interest rate, 2 Target Populations: 3 year term, balloon payment or 2257 S 1100 Transportation Opportunities: 1 $2 700,000 conversion to permanent loan. E Expand Opportunity: 1 Construction to permanent: 16- Architecture and Urban Desian: 1 year term, 40-year amortization, TOTAL: 6 hard repayments $5,350,000 RDA BOARD FUNDING ALLOCATIONS HDLP High Opportunity Funds: $2,700,000 1 $2,650,000 *Final Terms shall comply with the requirements, standard loan terms and conditions, interest -rate reductions, and all other details laid out within the High Opportunity Area Housing Development Loan Program (HDLP) Guidelines (updated November 2023). Changes to repayment type may occur (hard repayment versus cash flow repayment) and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loans; consideration may be made for othergovernment entity loans if required through their policies. Funds may be disbursed in a lump sum if required by senior lender(s). **Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1 % or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorities met may require Board approval. Total Funds: $ 2,700,000 Recommended Funding: $ 2,650,000 Remaining Funds: $ 50,000 EXHIBIT B2: RDA BOARD APPROVED COMPETITIVE HDLP FUNDING ALLOCATIONS EXHIBIT B2: RDA BOARD APPROVED FY2023-2024 COMPETITIVE HDLP FUNDING ALLOCATIONS WEIGHTED PROJECT PRIORITY RDACommilred Possible Additional HOMEPrmgram HOMEDevelopmenl HOMEARP TOTAL FUNDING PROJECT/APPLICANT ADDRESS SCOREIINTEREST RATE REDUCTION' FUNDING REQUEST PRELIMINARY TERMS" Funds RDAFunds Income Fund Development ALLOCATION Northridge Count Target Pmpulatlons: 3 Transportation Opportunities: 1 Intend Rat' 1.0% Neighborhood Safety: 1 Term 30 year 511 W200S Aahiteclure B.Urban Design: 1 Coma¢mial vitality: 1 S895,000 Amodachom, $0 year $895,000 $895.000 7 Public Art: 7 Hard Repayments TOTAL 8 Bumper House Transportation Oppobunnies : 1 Interest Rate: 1.5% 269WBrooklyn Ave Neighborhood Safety: 1 Public Art: 1 $3J100000 Term:"year Amoriation: 40 year $0 14 TOTAL: 3 Hard Repayments New City Place Apartments Target Populations: 3 Instead Rate: 25% 1966 S 200 E Com_.is Viahty: 1 Hiat.d. Prese—tionlAdeollve Reuse: 1 $895,000 Term: 40 year Amortization: 40 year $895,000 $895,000 5 TOTAL: 5 Can Flow Repayments Family Housing: 3 Target Populations: 3 Interest Rate 2.0% Rate Expand Opportunity: 7 Term year Term: 15 515 E 100 S Hart— Pas—thm lAdmit. He— 1 Transportation Oppol s: 1 $2,650,000 ion: l5 year AmorCash $0 3 Commercial VitaNN: 7 vit'l Flow Repayments TOTAL: 10 2nd South Apartments Family Housing: 3 Interest Rare: 2.0% Target Populations: 3 a Term; 30 year 934-948 W 200 S Transportation ODDOMnItles' 1 Public Ad: 1 $3,000,000 Ammir9tio 30 year $2,420.000 $2,420,000 6 TOTAL: 8 Cash Flow Repayment Th. Catharine Phase I Transportation Opportunities: 1 Interest Rare: 20% Amhileclure8 Urban Design: 1 T m:16 year 1881 WN Temple Commercial Vitality: 1 P.Mto Ad: 1 $2,524,802 Ammizbhbn 40 year $1.000.000 $1,000,000 10 TOTAL: 4 Cash Flow Repayment The Catherine Phase 2 Family Housing: 3 Interest Rate. 2D% Transportation Opportunit": 1 Term: ifi year Year 1881 W N Temple Commemial Vfaliry; 1 Public Art: 1 $1,569,441 Ammdi11 year $134,323 $134..323 10 TOTAL IfCash Flow Repayment Citizens West 4 Famlly Housing: 3 TargetPopulations: 3 Interest Rate:1 0% Tnapmdation OpP.Mm its 5: 1 Tem: 15 year 515W30ON Architecture B Urban Design: 1 C.—orcol Vitality: 1 $400,000 Al-15iye 30 year S400,000 $400.000 2 Public An: 7 Hmu Repayment TOTAL: 10 Fairmont Heights I Target PopulaBmns: 3 Interest Rate: 10% Ekturm Oppodundy: 1 Arqulsdion Term: 2-year Balloon 2557S 1100 E Transportation Opportunities: 1 $32DD,DDD or conversion tu Permanent; &1,000,000. $7,000,000 13 Abligns ore B.Urban Design: i Term: 16year TOTAL 6 Amod'¢alion: 40 year Had Repayment Project Open 3 Family Housing: 3 Homeownership: 3 Missing Middle: 3 Interest Rate: 1,0% 529 W 400 N Tom motion Opp.munites: 1 $]10,000 Term: 18 month $710,000 $710.000 1 Amlileclure 8 Urban Design: 1 Balloon Repayment Pubul 1 TOTAL: 12 Pharos Apartments Target Populations: 3 Interest Rate: 2.5% 915 W200N Transportation Opm—bee: 1 Nei.roarhood Safe.: i g880,000 Tenn: 15 year Amortization: 40 year $47.101 $726.291 $106,608 $880.000 12 TOTAL: 5 Cash Flow Repayment Book Cliffs Lodge Target Populations: 3 Interest Rate: 2.5% 1159 S W Temple Tmnspm etim Oppmunhes: 1 Neimhhmmo.d Safety: i $]40,000 Tom: 15 year Amortization: 30 year $740,000 $740,000 11 TOTAL: 5 Cash Flout Repayments Liberty Comer Famlly Housing: 3 Target Populations: 3 merest Rate: 2.0% Ratear Transportation Opportunities: 1 Terr 1265S 300W Neighborhood Safety: 1 Architecture S Urban Design: 1 $4,500,000 Amortization: 40 year $1,236,,714 $1,530,677 $1,732.609 $4,500.000 4 Commemial Vitality: 1 Cash Flow Repayment. TOTAL: 10 9Ten West Target Populatlans: 3 Transpmr1mion Opmu unib'es: 1 Interest Free: 2 0% 910 W NTemple Neighborhood Be": 1 CommemelVitality: i $2.000ODO Term: 16year Amod¢atim 40 year $1DDODDD $1,000,000 9 Public Ad: 1 Cash Flow Repayment TOTA : 7 Alliance House 1805 Rebuild Target Popuiti 3 Interest Rate: 25% 1805 S Main St Missing Middle: 3 Neinhhmrhood Safety: i $500,000 Term: 40 year Amortization: 40 year $500,000 $500,000 8 TOTAL:7 Cash Flow Repayments TOTAL $27,464,243 $4.241,714 $1.665,000 $6,939,710 $726,291 $1,501,608 $15,074,323 'Paj¢cls receives 0.5%interest ale retluclion hr each included pdonty. Sustlnabllity allows tot a 1%or 2%reduction. The madmum reduclhn per development is 2%. Ths Interest ate Is calculated es follows: Base Interest Rate minus (-)Interest Rele.RetlucBans (up l02%)=prop.sed noreat mte; Base interest ate shall be lacked withln a month of closing. Pmledls shall maintain pruned prlorifies and the same weighted sconsat dosing. Deviation from Project Priorities met may require Board approval. Final Terms shall comply with the rmid rit.stantlard loan terms and cmullhmns, Inane. rate reductions, and all other detellslaid out within the FY2023.2024 Housing Development Loan Program (HDLP)Guidelines. Changes to repayment type may occur( had apayment versus cash flow repayment)and shall be based on requirements blared in the HDLP Guidelines or if aqulad by a senior lender. Changes) repayment type will cause a charge In the Ime—terest rate. Repayment pnorlty and Ilan position shall be based on the size of the loan; consideration may be made for other government entity loans if regulred through their polldee. Funtls may be disb—d in a lump sum required by senor Imder(s). NOTE: Furst loan.wads greater than $899,999. the Sustainable Development Policy requires building, to bB designetl to operate without fossil fuels, but it would not resmd the ability to have backup general.. foremergm,des. Funds Avafla1,114 Total Available Recommended Funding ,Fund. Remalning Legend: RDA Committed Funds S4241,714 1'.211.114 $ ,. Possible Additional RDA Funtls $1,665,000 $1,665,000 $ - HOMEProgamincame $6,939,710 $8,939,710 $ - HOME OevelPpmenlFund $]26291 $728291 $ - HOMEARPDevelopment $1,501,608 $1,501,608 $ - HOME Community Housing Develo%mend O?anUaOon Funtls $3516,841 $0 $ 351,841 Note P.tentlal HDLP Funds $15,428,164 $15.074,323 $351,541 Combined FY23-24 HDLP NOFA Resolution - Competitive and High Opportunity Area (clean) (003) Final Audit Report 2024-05-14 Created: 2024-04-22 By: Michelle Barney (michelle.barney@slcgov.com) Status: Signed Transaction ID: CBJCHBCAABAAvcllDh9y5MzuW9z5TTJ1PvgJ_GrSxex9 "Combined FY23-24 HDLP NOFA Resolution - Competitive and High Opportunity Area (clean) (003)" History Document created by Michelle Barney (michelle.barney@slcgov.com) 2024-04-22 - 8:25:08 PM GMT Document emailed to alejandro.puy@slcgov.com for signature 2024-04-22 - 8:28:20 PM GMT Email viewed by alejandro.puy@slcgov.com 2024-04-22 - 10:18:36 PM GMT Email viewed by alejandro.puy@slcgov.com 2024-05-06 - 3:35:08 PM GMT Signer alejandro.puy@slcgov.com entered name at signing as Alejandro Puy 2024-05-06 - 4:11:20 PM GMT Document e-signed by Alejandro Puy (alejandro.puy@slcgov.com) Signature Date: 2024-05-06 - 4:11:22 PM GMT - Time Source: server Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature 2024-05-06 - 4:11:24 PM GMT i Email viewed by Sara Montoya (sara.montoya@slcgov.com) 2024-05-10 - 8:59:55 PM GMT Email viewed by Sara Montoya (sara.montoya@slcgov.com) 2024-05-13 - 4:07:12 PM GMT Powered by `' Adobe - Acrobat Sign Document e-signed by Sara Montoya (sara.montoya@slcgov.com) Signature Date: 2024-05-13 - 4:12:20 PM GMT - Time Source: server Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature 2024-05-13 - 4:12:22 PM GMT tri Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2024-05-13 - 6:09:52 PM GMT Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com) Signature Date: 2024-05-13 - 10:13:54 PM GMT - Time Source: server Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature 2024-05-13 - 10:13:55 PM GMT Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com) Signature Date: 2024-05-14 - 1:12:35 AM GMT - Time Source: server Agreement completed. 2024-05-14 - 1:12:35 AM GMT Powered by `' Adobe - Acrobat Sign