Agenda Item Title:
Title
Recess the City Council meeting and convene a meeting of the Sandy City Redevelopment Agency
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Presenter:
Kasey Dunlavy, Economic Development Director
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Description/Background:
1. Resolution RD 26-05. A Resolution of the Redevelopment Agency of Sandy City approving an Omnibus Amendment to a Purchase and Sale Agreement, Tax Increment Participation Agreement, and SIB Loan Agreement with Raddon Summit, LLC, relating to commercial development upon vacant land within the Civic Center North Redevelopment Project Area.
Included in the packet, are two Agreements:
Agreement A: Is the Agreement that was included in Board Member packets last week. This Agreement keeps the RDA Retained Land (Parcel 3) as open/public space.
Agreement B ROFR: This Agreement includes in Exhibit B: Section 5 Right of First Refusal (ROFR). This provision grants Raddon a right of first refusal on any sale of the RDA Retained Land for the duration of the Declaration, which remains in effect for up to 40 years after recording or until the property is transferred from public ownership to a private party. Before selling any portion of the property to a third party, the RDA must first offer it to Raddon on the same terms. During the first 10 years, Raddon cannot be required to pay more than $30.00 per square foot (double the original Agreement price). If Raddon declines, the RDA may proceed with the third-party sale within 540 days, provided the terms are not more favorable than those offered to Raddon.
The Board can make a motion to approve Agreement A (without the ROFR) or Agreement B (with the ROFR provision) and take a vote. If that motion passes, then there is no need to make a subsequent motion on the other Agreement.
2. Approval of Minutes for March 10, 2026
Recommended Action and/or Suggested Motion:
Recommendation
Motion 1: Recess the City Council and convene a meeting of the Sandy City Redevelopment Agency
Suggested Motion 2: Motion to appro...
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