Gardner development UDOT State Infrastructure Bank loan
A $5.3 million, 15-year loan from the UDOT State Infrastructure Bank at 3.25% to support the Gardner development project, repaid with a tax increment pledge through an interlocal agreement with the Redevelopment Agency. The council heard the proposal Feb. 14, 2023 and approved Resolution 23-08C on Feb. 21.
- Where it stands
- Approved
- Type
- Development agreement
- Location
- Sandy (Gardner development project)
- Applicant
- Sandy Economic Development / Redevelopment Agency
Every hearing and vote
February 14, 2023 · City Council work session
UDOT State Infrastructure Bank loan for the Gardner development project
Discussed
Economic Development Director Kasey Dunlavy presented the process and background and City Attorney Lynn Pace gave legal context. Rob Sant of the economic development agency described the financial agreement, and council members asked questions. No action was taken.
February 21, 2023 · City Council
UDOT State Infrastructure Bank loan agreement (Resolution 23-08C)
Approved
The resolution authorizes a loan agreement with the State of Utah's State Infrastructure Bank for $5,300,000 over 15 years at 3.25% interest, delegates authority to officers to approve final terms within parameters, and covers publication of notice, a contest period, an interlocal agreement with the Redevelopment Agency of Sandy, a tax increment pledge and loan documents. It passed; the notes give no tally, and the record shows a different seconder in two fields.
March 21, 2023 · City Council
Recess to Redevelopment Agency
Approved
The council recessed by unanimous voice vote to convene the RDA, whose agenda included a land exchange agreement and the Gardner State Infrastructure Bank loan agreement, and reconvened at 6:35 p.m.