Agenda Item Title:
Title
Recess the City Council meeting and convene a meeting of the Sandy City Redevelopment Agency
Body
Presenter:
Kasey Dunlavy, Economic Development Director
Body
Description/Background:
Discussion of an Interlocal Agreement between the Redevelopment Agency of Sandy City and Sandy City relating to the Agency's Agreement to contribute funds to the City for use in the acquisition of real property located at 126 Sego Lily Drive.
Agency contribution based on Financial terms: Agency agrees to contribute $5,125,000 to the City for the purchase of the property. The funds will be provided at or before closing. If City does not acquire the property for any reason, the City shall return all funds received from the Agency within 30 days.
The City will pay the Agency annually a reimbursement payment of $50,000 per year, for a total of 20 years (bond schedule). First payment will be due by August 31, 2027 and each successive payment is due, by August 31 of each year after that.
Recommended Action and/or Suggested Motion:
Recommendation
Motion 1: Motion to convene Redevelopment Agency meeting.
Motion 2: Motion to approve minutes for January 13, 2026 and January 20, 2026.
Motion 3: Motion to adjourn the Redevelopment Agency meeting
For items 2 & 3 on the Agenda: Board members should ask any questions and provide input on the proposal(s). While no action is required this evening, the board may give additional direction if it desires. The Agreements and Resolutions will be brought back for further council consideration and possible approval at the February 17th Redevelopment Agency and City Council meetings.