RDA Regular Meeting

MINUTES OF RDA REGULAR MEETING – OCTOBER 2, 2018 -1- THE WEST VALLEY CITY REDEVELOPMENT AGENCY MET IN REGULAR SESSION ON TUESDAY, OCTOBER 2, 2018, AT 6:59 P.M. IN THE CITY COUNCIL CHAMBERS, WEST VALLEY CITY HALL, 3600 CONSTITUTION BOULEVARD, WEST VALLEY CITY, UTAH. THE MEETING WAS CALLED TO ORDER BY CHAIRMAN NORDFELT. THE FOLLOWING MEMBERS WERE PRESENT: Lars Nordfelt, Chair Ron Bigelow Don Christensen Tom Huynh Steve Buhler Jake Fitisemanu ABSENT: Karen Lang STAFF PRESENT: Paul Isaac, Acting Chief Executive Officer Nichole Camac, Secretary Nicole Cottle, Assistant City Manager/ General Counsel/ CED Director Eric Bunderson, City Attorney David Moss, Acting CPD Director Colleen Jacobs, Police Chief John Evans, Fire Chief Jim Welch, Finance Director Nancy Day, Parks and Recreation Director Russ Willardson, Public Works Director Sam Johnson, Strategic Communications Director Jake Arslanian, Public Works Department APPROVAL OF MINUTES OF REGULAR MEETING HELD JUNE 5, 2018 AND SPECIAL MEETINGS HELD JULY 17, 2018 AND SEPTEMBER 18, 2018 The Board considered Minutes of the Regular Meeting held June 5, 2018 and the Special Meetings held July 17, 2018 and September 18, 2018. There were no changes, corrections or deletions.  MINUTES OF RDA REGULAR MEETING – OCTOBER 2, 2018 -2- Mr. Buhler moved to approve the Minutes of Regular Meeting held June 5, 2018 and the Special Meetings held July 17, 2018 and September 18, 2018. Mr. Fitisemanu seconded the motion. A voice vote was taken and all members voted in favor of the motion. RESOLUTION 18-06: AUTHORIZE THE AGENCY TO ENTER INTO AN AMENDMENT TO THE AGREEMENT FOR PURCHASE OF PHASE II PROPERTIES WITH ICO MULTI-FAMILY HOLDINGS, LLC Paul Isaac, Acting Chief Executive Officer, presented proposed Resolution 18-06 that would authorize the Agency to enter into an Amendment to the Agreement for purchase of Phase II Properties with ICO Multi-Family Holdings, LLC. Written documentation previously provided to the City Council included information as follows: The Proposed amendment changes two provisions from the original agreement: 1. The term of the agreement is extended from one (1) year from the date of execution to six (6) years from the date of execution. This length of time is required by HUD to evidence control of the property for financing purposes. 2. The “Provisions” section is amended to add a contingency upon the Developer receiving HUD Invite Letter for Firm Application following submission and acceptance of the Pre-Application by HUD and the results of the property inspections. Upon inquiry by Chairman Nordfelt there were no further questions from members of the Board, and he called for a motion. Mr. Christensen moved to approve Resolution No. 18-06. Mr. Huynh seconded the motion. A roll call vote was taken: Mr. Bigelow Yes Mr. Buhler Yes Mr. Christensen Yes Mr. Fitisemanu Yes Mr. Huynh Yes Chairman Nordfelt Yes  MINUTES OF RDA REGULAR MEETING – OCTOBER 2, 2018 -3- Unanimous. RESOLUTION 18-07: AUTHORIZE THE REDEVELOPMENT AGENCY OF WEST VALLEY CITY TO ENTER INTO AN AGREEMENT FOR DISPOSITION OF LAND FOR PRIVATE DEVELOPMENT WITH ICO MULTI-FAMILY HOLDINGS, LLC FOR A RESIDENTIAL DEVELOPMENT IN THE CITY CENTER PROJECT AREA Paul Isaac, Acting Chief Executive Officer, presented proposed Resolution 18-07 that would authorize the Redevelopment Agency of West Valley City to enter into an Agreement for Disposition of Land for Private Development with ICO Multi-Family Holdings, LLC for a residential development in the City Center Project Area. Written documentation previously provided to the City Council included information as follows: The Proposed Agreement sets the terms for the development of Phase II of the ICO Multi-Family development at the Fairbourne Station development. 1. The property will be sold to ICO for $1,521,000 which represents the total amount Developer contributed for the Agency’s acquisition of Phase II properties pursuant to the Purchase Agreement. 2. Fairbourne Station Phase II will consist of 201 rental units. 3. Developer shall provide a minimum of 295 parking stalls. 4. Design and Plans of Fairbourne Station Phase II have been reviewed by the WVC Planning Department and the RDA staff. 5. If Improvements are not substantially complete by January 31, 2021, Developer agrees to Liquidated Damages in the amount of Two Thousand Dollars ($2,000.00) per day for every day past January 31, 2021 that the Project is not substantially complete. Upon inquiry by Chairman Nordfelt there were no further questions from members of the Board, and he called for a motion. Mr. Buhler moved to approve Resolution No. 18-07. Mr. Fitisemanu seconded the motion. A roll call vote was taken: Mr. Bigelow Yes Mr. Buhler Yes  MINUTES OF RDA REGULAR MEETING – OCTOBER 2, 2018 -4- Mr. Christensen Yes Mr. Fitisemanu Yes Mr. Huynh Yes Chairman Nordfelt Yes Unanimous. MOTION TO ADJOURN Upon motion by Mr. Bigelow all voted in favor to adjourn. THERE BEING NO FURTHER BUSINESS OF THE WEST VALLEY REDEVELOPMENT AGENCY THE REGULAR MEETING OF TUESDAY, OCTOBER 2, 2018, WAS ADJOURNED AT 7:04 P.M. BY CHAIRMAN NORDFELT. I hereby certify the foregoing to be a true, accurate and complete record of the proceedings of the Regular Meeting of the West Valley City Redevelopment Agency held Tuesday, October 2, 2018. ______________________________ Nichole Camac Secretary