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.
Approved
- Type
- Development agreement
- Location
- Sandy (Gardner development project)
- Applicant
- Sandy Economic Development / Redevelopment Agency
- City Council: Recess to Redevelopment Agency
- City Council: UDOT State Infrastructure Bank loan agreement (Resolution 23-08C)
- City Council work session: UDOT State Infrastructure Bank loan for the Gardner development project
In brief
Gardner development UDOT State Infrastructure Bank loan appears on 3 recorded agendas, from the City Council work session meeting of February 14, 2023 to the City Council meeting of March 21, 2023.
On record, it was approved 2 times.
The most recent decision was approved at the City Council meeting of March 21, 2023.
Follow the money and project delivery
Gardner development UDOT State Infrastructure Bank loan
- Council action
Approved: Recess to Redevelopment Agency · Approved minutes Record → · March 21, 2023
- Money in the record
contract: $5.30 million — 15-year loan at 3.25% for the Gardner development project, repaid through a Redevelopment Agency tax increment pledge Record → · Feb. 21, 2023
- Signed agreement and payments
Execution and project-level disbursements are not verified by this tracker. They require separate records; meeting approval alone does not establish either.
- Work and operating costs
Check the linked records for completion and recurring operating costs; this tracker does not verify them. Record →
Every hearing and vote
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.
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.
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.