Agenda Item Title:
Title
City Council considering the adoption of Resolution No. 23-08C, a Resolution of the City Council of Sandy City, Salt Lake County, Utah, authorizing the execution of a Loan Agreement by and between the State of Utah (acting through the Utah Department of Transportation - State Infrastructure Bank) and the City.
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Presenter:
Kasey Dunlavy, Economic Development Director
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Description/Background:
This item was presented and discussed with Council on February 14, 2023. See attached documents for reference.
Recommended Action and/or Suggested Motion:
Recommendation
Motion to adopt Resolution No. 23-08C
(Below does not need to be included with the motion)
A RESOLUTION OF THE CITY COUNCIL OF SANDY CITY, SALT LAKE COUNTY, UTAH (THE “CITY”), AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT BY AND BETWEEN THE STATE OF UTAH (acting through the Utah Department of Transportation - State Infrastructure Bank) AND THE CITY; SAID LOAN TO BE AUTHORIZED IN AN AGGREGATE AMOUNT OF FIVE MILLION THREE-HUNDRED THOUSAND DOLLARS ($5,300,000), WITH THE TERM OF THE LOAN TO BE 15 YEARS, THE INTEREST RATE TO BE 3.25% WHICH WILL BE PAID ON THE LOAN; DELEGATING TO CERTAIN OFFICERS OF THE CITY THE AUTHORITY TO APPROVE THE FINAL TERMS AND PROVISIONS OF THE LOAN WITHIN THE PARAMETERS SET FORTH HEREIN; PROVIDING FOR THE PUBLICATION OF A NOTICE OF ENTERING INTO AN AGREEMENT FOR THE LOAN AND INTERLOCAL AGREEMENT WITH THE REDEVELOPMENT AGENCY OF SANDY (“AGENCY”); PROVIDING FOR THE RUNNING OF A CONTEST PERIOD; AUTHORIZING THE USE AND DISTRIBUTION OF THE LOAN; AUTHORIZING AND APPROVING THE EXECUTION OF THE LOAN DOCUMENTS, A TAX INCREMENT INTERLOCAL PLEDGE AND LOAN AGREEMENT, AND OTHER DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND RELATED MATTERS.