►
Description
To view the agenda for this meeting visit https://slc.primegov.com/public/portal
A
A
Agency
of
Salt
Lake
City,
today
August
15th
meeting
our
meetings
are
public
and
we
are
welcome.
You're
welcome
to
join
us
in
person
on
Zoom
or
by
watching
Salt
Lake
City
Council
agenda,
page
Facebook
YouTube
on
SLC
TV.
We
hope
you
will
join
us,
whichever
manner
you
feel
most
comfortable.
There
is
not
going
moving
on
on
the
agenda.
There
is
no
public
comment
today,
since
this
is
not
a
standard
meeting,
there
is
no
General
comment
or
public
hearings.
A
Today,
please
join
the
board
on
September
12th
to
make
comments,
if
you
so
wish,
there
is
no
public
hearing,
as
I
mentioned,
and
moving
on
to
item
C,
the
Redevelopment
agency
business.
We
are
now
on
Redevelopment
agency,
business
and
I
will
turn
the
time
over
to
staff
and
the
administration
to
lead
us
through
the
options
and
guide
us
with
what
feedback
they
need
from
us
at
this
point.
I
understand
that
we
might
wait
to
take
formal
action
until
September,
but
let's
talk
through
options,
Danny
or
Tammy
who's
best
to
lead
on
this
portion.
B
Yes,
thank
you,
Mr
chair,
I'm,
happy
to
initiate
the
discussion
and
start
that
and
then
obviously,
if
there
are
any
questions
that
blend
over
to
what's
appropriate
to
speak
to
on
the
city
Side,
we
can
certainly
ask
others
to
participate.
B
I
will
also
indicate
Mr
chair
from
the
members
of
the
board
that
the
city
attorneys
representatives
are
available
as
well.
If
there
are
questions
for
them,
so
I
will
start
with
indicating
number
one
Mr
chair
there.
We
apologize.
B
We
have
not
provided
a
formal
term
sheet
for
consideration
in
time
for
this
meeting,
but
we
have
emailed
to
council
staff
and
I
believe
the
rest
of
you
have
that
available
to
you
as
well,
for
the
options
that
we
have
compiled
to
date
for
additional
cons,
conditions
that
the
board
may
consider
as
part
of
this
loan.
B
If
those
are
in
front
of
you
and
the
other
members
of
the
board,
I'm
happy
to
go
through
them
or
if
you
prefer,
we
can
just
jump
to
answering
questions
and
be
available.
Our
intention
is
to
get
direction
from
the
board
today
so
that
we
may
finalize
the
terms
of
the
loan.
Whatever
closing
conditions
are
appropriate
and
then
what
other
consideration
for
ongoing
requirements
that
we
may
need
to
pull
into
it
with
that
direction
from
the
board?
B
I
assume
we
would
be
returning
with
a
updated
and
revised
resolution
that
incorporate
those
I
should
mention
that
the
attorney's
office
has
prepared
resolutions
today
for
both
the
bill
item
and
the
tax
credit
consideration.
If
the
board
chooses
or
has
a
direction
as
of
today
that
they
wish
to
proceed
on,
or
as
you
indicated,
we
can
formalize
that
and
return
at
a
later
RDA
meeting,
I
think
as
you've
been
advised
and
updated
to
date.
B
The
city's
loan
is
already
at
the
point
where
they
are
tearing
through
their
conditions
for
closing,
whereas
the
RDA
loan
given
the
action
from
the
board
last
week,
we
would
still
need
to
return
to
you
either
today
for
approval
that
resolution
or
at
a
later
meeting
for
us
to
proceed.
B
So
that's
the
status
of
where
we're
at
as
I
indicated
we're
looking
to
get
any
direction
from
the
board
today
that
we
can
utilize
to
finalize
that
for
approval
and
I'll
turn
it
back
to
you,
Mr,
chair,
to
indicate
whether
you'd
like
to
go
through
those
conditions
or
if
we
want
to
just
jump
to
questions
from
the
members
of
the
board.
B
Okay,
great,
let
me
start
from
if
you're
referring
to
the
list
that
we've
provided
for
the
benefit
of
the
public
in
the
audience.
Let
me
start
at
the
bottom
of
that
list,
which
I
think
it's
important
to
go
over.
What
are
the
conditions
that
are
already
included
either
in
our
standard
loan
agreements
or
conditions
for
closing
and
I?
B
Think
that
can
help
understand
what
are
some
of
the
things
that
the
board
has
been
talking
about
or
concerns
that
they
have
that
are
already
part
of
it
and
then
I'll
stop
at
that
point
for
questions,
and
then
we
can
jump
into
the
the
other
conditions
so,
first
and
foremost,
the
any
borrower
that
the
agency
does
alone
for
obviously
is
required
to
get
all
required.
Building
permits
occupancy
permits
any
other
licenses
approvals
that
are
required
from
what
we
just
classify
as
Government
Authority
in
relation
to
the
construction
and
completion
of
the
project.
B
So
this
is
everything
from
the
construction
side
and
ultimate
occupancy
of
the
project,
and
then
they
have
to
provide
us
copies,
or
we
have
the
ability
to
verify
that
information
once
it's
issued
as
a
condition
for
us,
either
closing
or
poorest
part
of
our
ongoing
release
of
the
construction
funds
and
or
then
at
the
final
disbursement,
just
verifying
that
all
of
our
conditions
have
been
met.
So
so
that's
a
big
one.
B
B
We
also
require,
as
part
of
our
loan
documents,
that
the
borrower
must
be
in
compliance
with
all
material
federal
state
and
local
laws,
statutes
ordinances,
a
bit
of
a
catch-all
here,
just
to
make
sure
that
they're
doing
everything
they
need
to
do
as
far
as
meeting
rules
and
regulations
from
government
Authority,
environmental
laws
and
requirements
that
are
related
to
real
property
as
well
as
hazardous
materials.
So
this
pulls
into
anything
from
the
county
and
the
county,
health
department
and
safety
ordinances,
as
well
as
the
city
code.
B
So
that's
a
lot
as
I
said
it's
a
bit
of
a
broad
definition
that
gives
us
the
ability
to
make
sure
that
the
project
is
meeting
any
requirements
that
would
be
related
to
the
project
construction
handle
or
the
ongoing
occupancy.
So
I'll
pause
there
for
a
second.
If
there's
any
questions
on
that
either
for
myself
or
the
attorneys
to
provide
a
little
bit
better
definition
of
that.
C
I
have
a
question
Mr
chair
it
Danny,
it
seems
like
those
make
sense,
is
this.
Is
that
language
we
include
in
all
of
our
loans,
regardless
of
what
it's
for
I
mean
they
seem
like
pretty
low
standards,
so,
okay,
so
every
every
loan
we
approve
in
the
last
recent
memory
should
have
this
language
in
it.
B
Okay,
okay,
so
from
there
here's
some
other
possible
funding
conditions
that
the
board
may
consider.
I
I
should
mention
that
at
this
point,
as
far
as
the
administration
attorneys,
we
have
not
necessarily
put
in
any
of
these
as
far
as
what
we
would
strongly
recommend
or
suggest,
or
or
have
Incorporated
that
in
a
proposed
term
sheet
at
this
time.
B
So
I
think
it's
for
the
sake
of
discussion
and
trying
to
identify
what
are
some
of
the
concerns
in
the
comments
from
the
board
and
how
we
could
address
those
so
we'll
be
happy
to
discuss
and
answer
any
questions
of
that
as
we
go
through
so
first
of
all,
additional
condition.
B
Obviously,
given
the
status
of
the
project
and
some
of
its
recent
issues,
ensuring
that
the
until
all
utilities
are
paid
in
full
upon
closing
and
not
just
enough
to
bring
them
up
to
where
the
utilities
are
turned
on,
but
that
there
is
no
opportunity
there
for
that
any
of
the
utilities
are,
you
know
about
to
be
turned
off
or
that
they
have
any
significant
past
two
balances
on
them.
B
B
We
we
did
talk
about
the
building
permit
but,
as
I
said,
that's
usually
standard
within
our
loan
agreements.
Already
one
thing
that
we
we
generally
have
a
right
to
do
already,
just
as
far
as
our
own
closing
and
making
sure
projects
move
forward
is
for
the
developer
to
provide
evidence
of
all
of
their
funding
sources.
B
So
I
said
this
is
usually
something
that
is
taken
care
of
by
the
title
companies
as
as
we
close
along
with
whatever
other
funding
they
have
and
equity.
We
make
sure
we
verify
that,
but
if
it,
you
know
something
that
the
board
would
like
to
do.
We
can
obviously
strengthen
the
language
related
to
that
and
verify
that
those
sources
are
in
place
and
the
funding
is
available
and
has
been
disbursed
as
it
relates
to
the
RDA
loan.
B
We
will
most
likely
be
closing
significantly
after
what
would
be
their
primary
financing
and
their
takeout
loan
and
paying
that
off,
as
well
as
the
city
funds
coming
into
the
project.
So
most
of
that
will
be
verified
already
on
the
city
process.
B
But
then,
as
an
agency
as
we
come
in,
we
would
just
probably
have
the
ability
to
verify
that
even
further
to
see
where
the
project
is
at
at
that
point,
jump
in
at
any
time,
Mr
chair
members
of
the
board.
If
there's
any
questions,
otherwise
I'll
go
through
this
and
then
we
can
Circle
back
on
anything.
B
One
thing
that
the
city
does
have
on
their
side
with
the
loan
is
a
unit
delivery
schedule.
We
do
not
have
that
right
now
as
part
of
the
RDA
loan.
That
just
has
not
been
something
we
required
as
much
as
we're
already
looking
at
the
city
agreements
as
establishing
that
and
meeting
those
deadlines,
because
our
loan
was
kind
of
coming
in
later
in
the
process.
B
So
we
could
certainly
provide
that
as
a
function
of
the
RDA
loan
as
well,
along
with
an
updated
construction
schedule
and
asking
the
developer
to
kind
of
formalize
more
of
what
those
dates
are
and
that
he
anticipates
hitting
for
the
construction.
A
C
Sorry
before
we
move
on
from
the
the
schedule,
I
think
that's
something
that
councilmember
valdemarles
sorry
board.
Member
of
all
the
morals
was
interested
is
what
the
schedule
for
unit
delivery
and
I.
Hopefully
she
can
clarify
the
question
when
she's
here,
but
what
the
schedule
for
unit
delivery
will
be
and
what
the
recourses,
if
that
schedule
is
not
met
like
if
we
say
we're
going
to
get
units
open
in
four
months
and
it
gets
to
month,
six
and
they're
still
not
open.
Can
we
claw
back
the
loan
or
can
we
take?
C
Can
we
take
over
the
project
like
what?
What
is
the?
What
is
the
recourse?
If
that
schedule
is
not
met.
B
Great
great
question:
one
to
your
point:
yes,
if
director
father
Morrison,
when
she's
available
can
provide
any
additional
concerns,
she
has
understandable.
B
Our
understanding
on
the
city
side
is
that
the
schedule,
the
unit
delivery
schedule
either
needs
to
be
updated
or
has
not
been
met,
and
so
we
can
certainly
work
with
the
developer
on
updating
that
and
then
the
third
piece
that
you
mentioned
as
far
as
recourse,
if
I
may
I'll
cover
that
a
little
bit
in
the
last
bullet
point,
and
then
director
mono.
If
we
can,
we
can
obviously
get
in
more
detail
with
that
as
it
relates
to
not
just
this
item
but
other
items.
If
that's
appropriate.
B
Okay,
all
right,
in
addition
to
the
unit
schedule
we
we
have
also
already
had
conversations
with
the
developer.
We
don't
necessarily
have
this
as
a
function
of
our
loan
right
now,
but
we
could
ask
the
developer
to
submit
a
a
description
and
and
a
plan
for
the
ongoing
maintenance
and
management
of
the
property.
B
B
We
could
ask
for
further
clarification
on
that
and
and
Rec
the
developer,
acknowledging
that
he's
going
to
continue
to
meet
everything
from
County,
Health
and
CD
code,
compliance
and
and
and
how
they're
going
to
necessarily
establish
those
relationship
with
the
tenants
and
services.
I
will
note
a
staff.
This
is
a
little
bit
of
an
area
that
we
don't
necessarily
get
into
very
often
I.
B
Think
if
you
heard
us
say
this,
affordable
housing
project
has
a
little
bit
of
a
different
Wrinkle
in
it,
as
this
is
a
for-profit
developer
versus
this
is
not
a
loan
that
we're
providing
to
a
non-profit,
affordable,
housing
developer.
B
That
is
doing
a
tax
credit
deal
where
we
can
rely
on
a
lot
of
those
other
requirements
and
regulations
to
cover
this
aspect
of
the
ongoing
management
maintenance
of
the
project,
but
I
think
there
are
certainly
aspects
here
that
we
could
ask
of
this
developer
to
identify
and
lay
out
just
so
we
have
an
understanding
of
what
the
expectations
are
moving
forward.
B
So
that
is
something
that
the
board
may
wish
to
consider,
along
with
that
is
asking
the
developer
to
identify
what
their
ongoing
cash
flow
is
going
to
be,
and
specifically
what
the
ability
is
to
set
aside
a
maintenance
Reserve
account
again,
as
I
said,
tax
credit
deals.
This
is
a
required
part
of
the
pro
forma
and
ongoing
cash
flow
for
the
project.
So
we
rely
on
that
and
those
requirements
that
they
have
to
kind
of
update
those
units.
B
So
those
are
the
conditions
that
we
we've
put
out
there
happy
to
get
into
some
of
the
details
of
those,
because
some
of
those
are
tricky,
and
then
director
Mana,
to
your
point
as
far
as
recourse
I
should
mention
that
right
now,
the
way
the
RDA
loan
is
proposed
to
be
was
a
three-year
bridge
loan
to
essentially
get
to
the
construction
and
Rehab
of
the
units
and
then
get
this
project
to
a
point
of
stabilization
where
the
developer,
along
with
his
primary
financing
and
the
RDA
loan,
would
then
refinance
that
and
pay
us
off.
B
So
that's
important
to
think
about,
because
from
an
RDA
standpoint,
that
technically
really
puts
us
in
this
deal
for
a
period
of
three
years
where
we
can
have
these
conditions
and
requirements.
If
we're
looking
at
trying
to
do
something
that
extends
beyond
what
our
financial
involvement
would
be
in
the
project,
then
we
would
need
to
get
into
with
the
attorneys.
B
What
that
could
look
like
of
what's
appropriate
for
us,
then
to
put
potentially
into
a
land
use
restriction
and
how
we
can
kind
of
have
those
Provisions
extend
beyond
just
our
limited
time
in
this
project
and
then
specifically,
what
is
the
related
recourse
opportunities
tied
to
those
different
mechanisms
that
we
would
have
to
use
to
enforce
these
conditions?
And
then
what
are
the
penalties
if
they're
not
met,
and
by
that
I
mean
if
the
rdas
paid
off
in
year,
three,
we
still
have
ongoing
conditions
and
requirements
that
say
are
violated
in
your
five
or
six.
B
What
do
we
have
then,
at
that
point,
as
far
as
recourse
versus,
if
we
were
to
have
a
loan
for
a
period
of
30
years,
we
could
look
at
things
like
you
know,
interest
rate
default
rates,
etc,
etc.
So
we
will
have
those
abilities
during
the
construction
and
we
could
tie
that
to
the
protections
there.
So
if,
for
whatever
reason
he
violates
you
know
the
utility
Clause,
then
we
could
potentially
have
a
provision
that
increases
the
rate
of
interest
and
he
then
has
to
pay
ultimately
as
part
of
repaying
the
RDA
loan.
B
D
B
D
Thank
you
Dave
for
all
that,
and
you
kind
of
mentioned
in
going
back
and
forth
for
from
a
for-profit
loan
discussion
to
a
non-profit
in
the
in
the
tax,
write-offs
and
basically
we're
your
concerns
and
your
your
recommendations
and
your
points
are
the
same
same
points
and
concerns
that
we
would
have
on
a
that
would
be
addressed
in
a
non-profit
organization's
alone
on
a
profit
side.
So
we're
not
we're
not
adding
anything
more
than
what
is
always
required
on
a
non-profit
loan
am.
B
I,
yes,
that
is
correct
director,
that's
a
great
point
to
make
that
we
are
not
at
least
for
a
lot
of
these.
We
are
not
asking
for
anything
else
that
we
don't
already
have
as
part
of
other
loans
and
agreements
as
much
as
we
generally
can
lean
on
some
of
those
other
finances
or
funding
sources
to
help
us
provide
these
requirements,
and
then
we
can
piggyback
on
those
versus
in
this
situation.
We
may
need
to
be
adding
those
ourselves
because
we
don't
have
that
ability.
Okay,
it's
a
great
clarification.
Thank
you.
A
C
Really
helpful,
Danny
and
because
I
didn't
realize
that
it
didn't
dawn
on
me
that
piece
of
because
I
know
what
the
light
tech
process
there's
all
sorts
of
other,
not
Hoops,
but
requirements
that
the
development
needs
to
agree
upon,
and
it's
like
a
15-year
period
that
they're
actually
being
monitored.
So
that's
helpful
and
I
think
it
gives
us
a
really
good
reason
to
add
some
of
these
monitoring
things
into
our
loan,
at
least
for
the
term
of
the
loan.
C
My
question
is:
what
happens
if
the
loan,
so,
if
the,
if
the
loan
is
unable
to
be
repaid
back,
adding
interest
like
increasing
the
interest
rate,
just
makes
it
harder
for
the
loan
to
ever
be
paid
back
so
like
it
seems
like
a
compounding
problem.
So
how
like
at
some
point?
It's
never
like.
You
said
that
at
that
point
we
need
to
think
about
legal
action.
Is
that
placing
a
lien
on
the
property?
And
how
do
you
place
a
lien
on
a
property
that
is
where
the
ground
is
leased?
C
B
I'll
answer
that
first
and
then
sorry,
if
I
cut
you
off
director
mono,
if
there's
a
follow-up,
please
jump
in
and
and
I'll
lean
on
the
attorneys.
If
we
want
to
get
into
really
details
on
on
how
that
recourse
looks
specifically,
but
to
your
first
point
as
far
as
a
default
rate,
that's
not
unsimilar!
Then
if
you
have
a
mortgage
or
car
loan
to
where.
B
Obviously,
if
you
violate
any
provision
of
your
loan
for
that
period
of
time,
that
you're
in
violation,
you
have
a
default
rate
and
and
you
have
to
pay
a
penalty
to
your
point-
yes,
sometimes
if,
if
what
you
are
in
violation
for
is
a
cash
flow
issue,
then
yes
you're
kind
of
adding
on
top
of
that
of
what
you're
imposing.
But
at
the
same
time,
during
that
period
of
time
you
have
an
ability
to
have
you
have
a
lien
on
the
property.
B
And
so,
while
you
may
technically
be
compounding
the
problem,
you
may
not
necessarily
get
that
money
for
a
while
until
they're
actually
able
to
pay
you
off
and
clear
that
so
sometimes
it
serves
as
more
of
a
motivation
not
to
go
into
a
penalty
as
much
as
you're,
not
necessarily
requiring
something
in
that
moment
as
much
as
just
motivating
the
borrower
to
make
sure
that
they
don't
stay
in
violation
of
that
and,
as
you
said,
that
works
great
if
we're
in
that
period
of
time,
with
the
loan,
where
we
have
that
ability
and
if
we
suddenly
are
out
of
that
period
of
time
where
we
no
longer
have
are
expecting
a
repayment,
then
yes,
we
bump
into
the
part
of
the
loan,
where
our
recourse
is
to
probably
pursue
legal
action
against
a
property,
and
that
can
be
everything
from
you
know:
payment
of
damages
to
legal
recourse,
or
this
is
where
the
attorneys
can
jump
in
and
indicate
what
that
you
know.
B
C
I
guess
the
question
is
relevant
because,
as
we
as
our
need
for
deeply
affordable
housing
increases
and
our
level
of
risk
that,
as
a
city,
we're
willing
to
accept
continues
to
increase
for
all
projects
that
we're
involved
in
that
are
deeply
affordable
or
permanent.
C
Supportive,
then
that
risk
for
the
project,
just
not
turning
out
units,
never
actually
hitting
the
ground
the
project
not
being
able
to
pay
off
their
primary
financing,
let
alone
their
their
Bridge
financing
to
us
all
of
those
sort
of
things
increases,
and
so
at
what
point
does
a
project
get
to
like
at
the
point
that
the
project
has
gotten
to
where
we
have
to
actually
file
legal
action?
C
C
I
understand
that
we're
just
like
a
small
piece
of
a
much
bigger
financing
package,
so
I'm
not
sure
who
else
would
also
have
the
ability
to
take
legal
action
and
how
that
all
gets
sorted
out,
and
maybe
it
just
gets
caught
up
in
red
tape,
but
I
think
the
goal
is
as
we're
as
we're.
Investing
in
these
these
projects
that
are
harder
to
produce
right,
like
a
deep
permit,
Supportive
Housing
is
harder
to
produce,
there's
just
more
moving
pieces.
C
If
it
ends
up
not
working,
then
what
can
we
get?
How
can
we
can
we
step
in
and
as
the
city
pick
up
the
pieces
and
and
still
deliver
the
units.
B
Let
me
see
if
I
can
break
those
down
into
different
pieces
to
help
answer
I
think,
first
and
foremost
for
this
loan
from
an
RDA
standpoint.
As
you
said,
we're
a
very
small
piece
of
what
is
a
larger
project,
we're
we're
a
million
dollars
of
what
is
a
16
plus
million
dollar
loan.
B
The
way
we
are
currently
structuring
our
involvement
from
the
RDA
side
is,
we
will
be
one
of
the
last
pieces
of
funding
to
come
into
this
project
so
by,
as
I
said,
there's
other
conditions
of
being
able
to
verify
the
status
of
the
project
and
all
the
funding
sources
and
the
construction
progress
before
we
as
an
RDA
put
a
dollar
into
this
project.
We
should
be
able
to
have
a
really
good
sense
of
where
the
project
is.
B
Is
he
tracking
towards
completion
and
does
the
developer
obviously
have
the
funds
necessarily
to
complete
the
project
and
that
that
will
be
just
what
we
do
as
part
of
our
job
in
terms
of
underwriting
and
dispersing
funds
and
trying
to
make
sure
we're
doing
that
in
the
least
risky
process
possible?
So
we
will
do
that,
we're
in
a
good
position.
B
In
this
project,
because
we're
are
coming
in
so
late,
we'll
know,
hopefully,
if
there's
any
significant
issues
with
the
project
at
that
point,
and
that
in
and
of
itself
provides
us
a
lot
of
protection
and
making
sure
we're
good
before
our
money
goes
out
the
door
beyond
that
and
with
other
projects.
Typically,
what
you're
looking
at
is
what
is
your
lien
physician?
B
We
generally
as
an
agency
are,
are
either
second
or
third
as
far
as
a
title
position
against
the
property
and
we're
usually
behind
a
much
larger
primary
funding
piece,
and
so
that
in
and
of
itself
is
risky,
because
you
could
be
two
million
dollars
into
a
50
million
dollar
project
and
what
that
does
is
that
gets
you
a
seat
at
the
table,
but
you
were
waiting
to
see
what
the
primary
lender
is
going
to
do
as
far
as
where
the
developer
is
and
default.
So
we
generally
sorry
primary.
B
C
B
Yes
and
again,
tax
credit
deals
are
a
little
bit
less
risky
because
there's
a
usually
much
larger
Equity
Source
coming
from
the
tax
credits.
So
while
they
sell
a
primary
lender
and
we
come
as
secondary
a
little
bit
less
risk
as
far
as
the
project,
because
they're
not
borrowing
as
much
but
there's
still
risk
and-
and
so
in
that
case,
you're.
B
Generally
speaking,
as
an
agency,
we
try
to
Beyond
just
being
a
a
lien
holder
on
the
property
and
somewhere
on
title.
We
do
try
to
force
our
way
into
conversations
and
a
seat
at
the
table
if
a
developer
goes
into
default
and
sometimes
you'll
see
us
ask
for
either
a
right
to
repurchase,
or
you
know
first
option
we're
not
always
able
to
get
those,
because
those
are
typically
a
comfort
level
for
the
primary
lender.
B
But
as
you
mentioned
director
mono,
that
would
be
the
process
for
us
to
then
try
to
step
in
and
see
if
we
could
either
buy
it
back,
take
over
the
project
or
whatever
our
involvement
could
be
in
this
case,
if
his
primary
lender
is
at
15
million
dollars
or
more
1
million
before
we
could
do
that
and
talk
about
buying
it
back
or
taking
over
management,
we
would
have
to
negotiate
or
buy
out
that
primary
lender.
So
you
would
have
to
be
able
to
clear
that
first
priority
lien
and
Loan
against
the
property.
B
If
we
then
wanted
to
step
in
and
really
take
over
the
project,
management
or
ownership,
and
then,
furthermore,
this
Project's
a
little
bit
tricky
as
we
know,
because
it's
a
ground
lease.
So
when
we're
talking
about
buying
anything,
what
you're
really
talking
about
is
buying
the
improvements
on
the
property,
and
you
would
then
still
be
subject
to
the
ground
lease,
but
you
would
be
stepping
into
the
role
of
the
developer
or
borrower
in
terms
of
ongoing
ownership
of
the
improvements
or
management
or
finishing
the
project.
A
I
think
it's
still
an
option
that
I
would
like
us
to
gain
know
that
it
will
be
easy
or
ideal,
but
I
think
that's
an
option
that
it's
interesting
for
me
to
retain
as
far
as
remedies
and
and
recourse
right
and
I
guess:
I,
don't
want
to
speak
for
anybody,
but
I.
Think
many
of
the
concerns
here
are
remedies
that
relates
to
remedy
and
recourse.
But
I
think
this
is
an
interesting
conversation
relates
to
any
loans
that
that
the
RDA
is
funding.
A
I,
think
that
this
might
help
us
improve
on
remedies
and
recourse
across
the
board
and
to
make
the
system
a
little
better.
For
for
what
we
want
to
accomplish
here.
Our
tax
dollars
for
housing
are
not
many
and
we
want
to
make
sure
that
we
get
the
biggest
impact
the
fastest
possible.
So
I
think
we
we're
learning
a
lot
through
all
of
this
and
improving
the
system
in
general.
Any
other
thoughts.
A
C
Will
wait
if
anyone
else
has
questions
first,
so
my
understanding
is
that's
like
a
first
writer
refusal
or
it
may
actually
be
like
a
second
or
third
right
of
refusal.
If
the
primary
lender
also
has
that
in
their
contract,
is
that
kind
of
how
that
works?.
B
C
Yes,
I
think
what
I'm
hearing
from
board
chair
Pui
and
what
I
think
others
of
us
I
agree
with.
Is
that
if
we'd
like
to
consider
having
that
added
in
and
maybe
just
kind
of
always
add
it
in
because
I
I
think
we
are,
we
may
be
the
second
or
third
in
line
in
terms
of
the
amount
of
dollars
we're
lending.
But
we
may
be
the
first
in
line
in
terms
of
commitment
to
our
community
and
to
the
residents
that
live
around
those
projects.
C
And
so
we
may
be
willing
to
do
something
that
the
primary
bank
would
not
do
and
so
I
think
it's
a
good
idea
for
us
as
an
RDA
board
as
an
RDA
to
to
have
that
in
as
many
of
our
contracts
as
possible.
Just
so
that
we're
preserving
the
option
that
we
may
do
something
and
we
may
be
willing
to
take
over
a
project
that
a
bank
wouldn't
be
willing
to
take
over.
Even
if
we
have
to
buy
out
that
primary
lender
of
through
the
obligation,
and
even
if
it
may
be
a
big
problem.
C
C
I'm,
sorry
I'm,
so
sorry,
just
about
this
specific
amendment,
can
you
just
remind
me
why
I
know
we
had
the
original
loan
and
then
we
amended
it,
and
then
we
rescinded
the
amendment
and
now
we're
looking
at
reinstituting
the
amendment
with
these
additional
terms.
Why
did
we
have
to
do
an
amendment
in
the
first
place
and
what
happens
if
we
just
say
no,
does
the
loan
just
not
go
through
or
does
the
loan
go
through
on
the
original
terms
like
what?
Why
are
we
here
again
in
the
first
place.
B
Great
question
with
regard
to
why
we
as
staff
originally
came
back
and
asked
for
the
amendment
from
the
original
approval.
The
reason
for
that
is,
as
you
know,
this
loan
was
approved
initially
as
part
of
the
nilfa
as
a
function
of
that
approval.
We
give
a
conditional
funding,
request
or
approval
or
commitment.
I
should
say
funding
commitment,
and
then
we,
as
staff,
continue
to
look
at
the
project,
get
updated
information.
Do
our
standard
underwriting
review
the
pro
forma?
All
of
that,
and
then
that
is
where
we
really
start
to
apply.
B
B
This
project
came
in
and,
and
while
it
needs
funding
for
the
project,
that
need
was
more
in
terms
of
the
construction
lending
and
and
filling
that
gap
of
the
initial
financing
sources
to
do
the
project,
and
once
the
project
was
complete
and
he
was
generating
income
and
how
to
pro
forma,
there
wasn't
as
much
of
a
long-term
Gap
in
what
his
ongoing
operating
needs
would
be
again,
that's
a
little
bit
different
than
what
you
see
from
tax
credit
deals,
because
they're,
really,
you
know
tight
on
on
their
entire
budget,
specifically
their
ongoing
operating
or
this
project
where
he
you
know
is,
is
operating
it
and
leasing
it
at
a
certain
rate
and
then
has
the
vouchers
to
help
offset
that
there
wasn't
as
much
of
a
gap
from
that
future.
B
You
know
next
30
Years,
plus
of
operating
as
much
as
he
needed
to
fill
that
construction
budget.
So
that's
why
we
proposed
as
an
amendment
that
our
true
need
and
our
true
gap
for
this
project
is
just
getting
that
Rehabilitation
started
and
once
he
can
stabilize,
he
can
take
out
his
construction
financing
with
a
longer
term
financing
product,
and
then
he
should
be
able
to
take
us
out
and
then
he's
fine
from
a
pro
forma
standpoint.
Long
term
it
was
the
construction
need.
B
So
that's
why
we
came
back
and
said:
let
us
restructure
our
loan
so
that
we're
in
the
construction
period
we're
out
in
three
years
when
he
refinances
it
and
then
he's
fine,
so
that
got
us
to
July
when
we
asked
the
board
to
approve
that
last
week
as
part
of
the
action
to
rescind
it.
That
was
essentially
to
reconsider
the
action
of
approving
that
Amendment,
but
that
reconsideration
also
includes
this
discussion
now
of
given
the
status
of
the
project.
B
B
C
40
years
and
now
we've
decided
okay,
it
actually
makes
sense
or
the
project.
We
realized
that
for
this
project
it
makes
more
sense
for
us
to
be
a
short-term
lender
and
get
our
money
back
quicker,
and
so
that
was
what
we
changed
it
to.
Then
we
rescinded
that
and
now
we're
thinking
of
still
changing
to
that
shorter
term,
but
adding
these
additional
terms,
based
on
additional
information
that
we
have
have
gathered
so
correct.
If
we
were
to
not
do
that,
he
could
still
get
the
loan
that
we
originally
approved.
C
B
Would
you
would
defer
back
to
that
original
funding
commitment
and
then,
as
a
board,
would
have
indicated
that
you're
not
interested
in
doing
the
amendment
for
the
short-term
loan,
and
so
we
would
then
be
looking
to
underwrite
the
loan
under
that
original
commitment
and
what
the
program
and
approval
provides.
Okay,.
B
C
A
No,
no
this.
This
has
been
useful
for
all
of
us,
so
thank
you
for
that
any
any
other
ones.
Okay,
I.
Think
that
answers
many
of
our
questions
right
now,
at
the
moment,
Danny
do
we
need
to
discuss
item
C2
clarification
on
Housing,
Development,
Loan
program.
B
If
there
are
questions
from
the
board
Mr
chair,
we're
we're
absolutely
happy
to
answer
them.
This
is
not
a
time
sensitive
issue
for
us,
and
so,
if
it
pleases
the
board,
we
can
certainly
return
to
a
later
meeting
and
ask
for
reconsideration
of
that
and
provide
more
information.
There's
no
urgency
from
us
on
on
that
right
now,
yeah.
E
Danny,
would
it
be
appropriate
since
this
since
this,
since
this
aspect
relates
to
the
overall
Loan
program,
some
of
the
things
that
the
council
wants
to
add
for
all
loans?
Would
it
be
appropriate
for
the
council
to
ask
you
your
department
to
or
division
to
Department
sorry
come
back
with
some
of
those
as
additions
to
that
document
or
or
to
another
official
RDA
document.
B
Yes,
Cindy
to
your
point
specific
to
this,
we
could
handle
that
as
part
of
the
nofa
and
when
loans
get
approved
in
the
no
fund
comeback.
We
would
add
this
language
regarding
the
tax
credits
to
your
point.
B
If
there
are
other
items
that
the
board
would
like
us
to
to
add,
for
instance,
the
one
earlier
about
the
right
to
repurchase,
that's
something
we
could
just
start
incorporating
into
our
standard
loan
documents,
but
if
there's
something
of
a
larger
policy
issue,
then
yes,
we
can
certainly
come
back
and
have
that
discussion
along
with
all
of
these
other
items.
At
the
same
time,.
E
B
Yeah
I
think
that's
a
great
thought
and
we
can.
We
can
check
back
with
the
attorneys
to
see
what's
the
appropriate
mechanism
to
do
exactly
that
and
bring
that
back.
C
Messenger
policy,
just
discussion
or
policy
point
that
we
probably
need
to
consider
and
I-
don't
think
we
can
get
to
that
today,
but
is
to
the
extent
that
we're
going
to
be
involved
in
projects
that
don't
have
light
tech
credits
and
thereby
do
not
have
a
private
bank
in
the
federal
government
doing
these
sort
of
checks
that
we
want
the
projects
to
have
and
we're
going
to
bring
that
in-house.
What's
the
budgetary
cost
on
that
like
what
what
how
many
staff
members
does
your
department
need?
C
How
much
does
that
cost,
and
do
we
say
that
if
there's
not
if
it,
if
these,
if
these
processes
aren't
happening
externally,
then
we
need,
we
can't
reduce
our
interest
rate
as
much
or
we
can't
whatever
there's
like
a
higher
closing
cost
or
something
to
recuperate
some
of
those
costs
or
help
us
pay
for
that
I'm
not
saying
that
we
have
to
recuperate
those
costs,
but
I
want
to
know
how
much
they
are
so
that
we
can
decide
whether
or
not
we
should.
A
I
think
this,
if
there's
no
more
questions,
we
are
not
going
to
recess
the
the
Redevelopment
agency
board
meeting
and
we
might
recombine
later
into
a
closed
session
Council
chair.
When
do
you
want
us
to
recommend
us
for
Council.