General Information

Government Type

Municipality

Entity

Salt Lake City

Public Body

Salt Lake City Council

Notice Information

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Notice Title

Notice of Infrastructure Loan

Notice Tags

Loans

Notice Type(s)

Notice

Event Start Date & Time

September 9, 2021 06:00 PM

Description/Agenda

NOTICE OF INFRASTRUCTURE LOAN NOTICE IS HEREBY GIVEN pursuant to the provisions of Section 11-14-316, Utah Code Annotated 1953, as amended, that on September 7, 2021, the City Council of Salt Lake City, Utah (the 'City'), adopted a resolution (the 'Resolution') in which it authorized and approved the City's borrowing of $7,000,000 (the 'SIB Loan') from the Utah Department of Transportation (UDOT'), through the State Infrastructure Bank Loan Fund program. The Loan will bear interest at the rate of 1.96% per annum and will mature on July 1, 2036. The SIB Loan is being made for the purpose of financing a neighborhood parking structure (comprising a 926-stall garage) located between 400 West and 500 West and 600 South and 700 South in Salt Lake City, Utah. The repayment of the SIB Loan will be secured by a pledge of funds allocated to the City by H.B. 244 (2021), consisting of (1) a one-time distribution to the City of $1,100,000 for fiscal year 2020-2021, subject to the availability of funds, and (2) an annual distribution to the City of $1,100,000 for the next 15 years, subject to the availability of funds, beginning on or after July 1, 2021. The SIB Loan is also secured by all or a portion of the City's sales tax revenue. Assuming a final maturity for the SIB Loan of 15 years and that the SIB Loan is in the principal amount of $7,000,000 and is not prepaid before maturity, based on the City's currently expected financing structure and the interest rate of 1.96% per annum, the estimated total cost to the City of the proposed SIB Loan is $8,147,240.91. A copy of the Resolution (including a draft of the Loan Agreement) may be examined by appointment at the office of the City Recorder located at the City and County Building, 451 South State Street, Room 415, Salt Lake City, Utah. The Resolution may be examined during regular business hours from 8:00 a.m. to 5:00 p.m. by appointment. To schedule an appointment or request a protected, pdf copy of the Resolution, call (801) 535-7671 or email slcrecorder@slcgov.com. The Resolution will be so available for inspection for a period of at least 30 days from and after the date of the publication of this notice. NOTICE IS FURTHER GIVEN that, pursuant to law, for a period of 30 days from and after the date of the publication of this notice, any person in interest will have the right to contest the legality of the Resolution or the SIB Loan authorized thereby (including the Loan Agreement) or any provisions made for the security and payment of the SIB Loan. After such time, no one will have any cause of action to contest the regularity, formality, or legality of the Resolution, the SIB Loan, the Loan Agreement, or the provisions for their security or payment for any cause. DATED this 8th day of September, 2021.

Notice of Special Accommodations (ADA)

Please contact the Recorder's office at 801-535-7671 or via email at SLCRecorder@slcgov.com to coordinate accommodations.

Notice of Electronic or Telephone Participation

Please contact the Recorder's office at 801-535-7671 or via email at SLCRecorder@slcgov.com to coordinate accommodations.

Meeting Information

Meeting Location

451 S State Street
Salt Lake City, UT 84111
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Contact Name

Salt Lake City Council Office

Contact Email

council.comments@slc.gov

Contact Phone

(801)535-7600

Notice Posting Details

Notice Posted On

September 08, 2021 04:55 PM

Notice Last Edited On

September 08, 2021 05:00 PM

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