Special RDA Meeting

MINUTES OF RDA SPECIAL MEETING – OCTOBER 13, 2020 -1- THE WEST VALLEY CITY REDEVELOPMENT AGENCY MET IN SPECIAL SESSION ON TUESDAY, OCTOBER 13, 2020, AT 6:59 P.M. THE MEETING WAS CALLED TO ORDER BY CHAIRMAN CHRISTENSEN. THIS MEETING WAS HELD ELECTRONICALLY. THE FOLLOWING MEMBERS WERE PRESENT ELECTRONICALLY: Don Christensen, Chair Karen Lang, Vice-Chair Lars Nordfelt Ron Bigelow Tom Huynh Steve Buhler Jake Fitisemanu STAFF PRESENT: Wayne Pyle, Executive Director Nichole Camac, Secretary Paul Isaac, Assistant City Manager/ HR Director Nicole Cottle, CED Director/General Counsel/ Assistant City Manager Eric Bunderson, City Attorney Layne Morris, CPD Director Collen 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 APPROVAL OF MINUTES OF REGULAR MEETING HELD OCTOBER 6, 2020 The Agency considered the Minutes of the Regular Meeting held October 6, 2020. There were no changes, corrections or deletions. Ms. Lang moved to approve the Minutes of the Regular Meeting held October 6, 2020. Mr. Huynh seconded the motion. A voice vote was taken and all members voted in favor of the motion. RESOLUTION 20-14: APPROVE A REAL ESTATE PURCHASE CONTRACT  MINUTES OF RDA SPECIAL MEETING – OCTOBER 13, 2020 -2- FOR PROPERTY LOCATED AT 1752 WEST RESEARCH WAY Wayne Pyle, Chief Executive Officer, presented proposed Resolution 20-14 that would approve a Real Estate Purchase Contract for Property Located at 1752 West Research Way. Written documentation previously provided to the Redevelopment Agency included information as follows: The property owner is willing to sell the 2.5+/- acres to the city. The property is located on the North side of Research way and runs along the North and West side of the University Credit Union. The RDA has the unique opportunity to purchase this property via seller financing. This opportunity will allow the RDA to acquire more land for the long-term redevelopment plans of the Redwood Crossing Area. The terms of this seller financing agreement are a $13,000 per year payment and a 5-year balloon payment. This agreement will allow us time to bring in capital investment and a development partner before the 5-year balloon payment is due. The RDA is currently undergoing an extensive market study with a developer to determine the best mix of uses for redevelopment in this area in the long-term sustainability. The strategic acquisition of this parcel, given its proximity to the TRAX stop, makes this area attractive for redevelopment and gives the RDA an opportunity to hold land, that would otherwise be developed into business condos, for a greater, larger scale mixed use redevelopment incorporating a larger vision of the entire area. Upon inquiry by Chairman Christensen there were no further questions from members of the Agency, and he called for a motion. Mr. Buhler moved to approve Resolution 20-14. Mr. Fitisemanu seconded the motion. A roll call vote was taken: Mr. Fitisemanu Yes Ms. Lang Yes Mr. Buhler Yes Mr. Huynh Yes Mr. Bigelow Yes Mr. Nordfelt Yes Chairman Christensen Yes  MINUTES OF RDA SPECIAL MEETING – OCTOBER 13, 2020 -3- Unanimous. MOTION TO ADJOURN Upon motion by Ms. Lang, all voted in favor to adjourn. THERE BEING NO FURTHER BUSINESS OF THE WEST VALLEY REDEVELOPMENT AGENCY THE SPECIAL MEETING OF TUESDAY, OCTOBER 13, 2020, WAS ADJOURNED AT 7:01 P.M. BY CHAIRMAN CHRISTENSEN. I hereby certify the foregoing to be a true, accurate and complete record of the proceedings of the Special Meeting of the West Valley City Redevelopment Agency held Tuesday, October 13, 2020. ______________________________ Nichole Camac Secretary