REDEVELOPMENT AGENCY OF BOUNTIFUL CITY 7:30 p.m. (Time approximate after the City Council meeting)  Tuesday, March 27, 2018  NOTICE IS HEREBY GIVEN that the Board of Directors of the Bountiful City Redevelopment Agency will hold a meeting at Bountiful City Hall, 790 South 100 East, Bountiful, Utah, at the time and date given above. The public is invited to attend. Persons who require special accommodations should contact Shawna Andrus, Executive Assistant, at Ifyou are not on the agenda, the Board ofl Directors will not discuss your item ofbusiness until a subsequent meeting. If you wish to have an item placed on the agenda, contact the Redevelopment Agency Director at (801).298-6190, at least 7 days before the scheduled  (801),298-6140, at least 24 hours prior to the meeting.  meeting.  AGENDA  1. Welcome  2. Consider approval of minutes for October 10, 2017.  3. Consider approval of an amended revolving loan application for $550,000, Renaissance  Place LLC, Brian Knowlton, applicant. 4. RDA Director's report and miscellaneous business.  Chad Wilkinson, RDA Director DL    Pending minutes have not yet been approved by the Redevelopment Agency Committee  and are subject to change until final approval has been made.  BOUNTIFUL REDEVELOPMENT AGENCY  Meeting Minutes of: Tuesday, October 10, 2017  Location: Present:  City Council Chambers, Bountiful City Hall, 790 South 100 East, Bountiful, Utah Chairman - Randy Lewis; Board Members - Kendalyn, Harris, Richard Higginson, Beth Holbrook, John Marc Knight and John Pitt; City Manager - Gary Hill; City Attorney - Clinton Drake; Redevelopment Director - Chad Wilkinson;  City Engineer - Paul Rowland  Welcome  1. Chairman Randy Lewis opened the meeting at 11:30 p.m. and welcomed those in  attendance. Agenda Items  2. Consider approval of minutes for September 12, 2017.  Mr. Higginson made a motion to approve the minutes for September 12, 2017. Ms. Holbrook  seconded the motion. A A A A A A  Mr. Lewis Ms. Harris Mr. Higginson Ms. Holbrook Ms. Knight Mr. Pitt  Motion passed 6-0.  Mr. Higginson inquired regarding the status oft the Colonial Square improvement project. Mr. Wilkinson stated that work has not yet commenced, and the applicant is still working to 3. Consider a revolving loan application for $600,000, Renaissance Place LLC, Brian Redevelopment Director Chad Wilkinson presented a summary oft the staff report (the full  complete the loan documents. Knowlton, applicant. staff report follows).  Redevelopment. Agency Minutes October 10, 2017  Page 1 of3    Mr. Brian Knowlton, representing Renaissance Place, LLC requests a loan of $600,000 dollars in order to finance construction of a mixed use building on "Pad A" of the The proposed building consists of 5 stories. The ground floor of the building will be comprised of parking and approximately 4,700 square feet of commercial space. The Because the primary purpose of the loan program is the establishment of new businesses and job creation in Bountiful (or to support existing businesses in expansion), staff recommends that any loans financed through the revolving loan program be limited to: commercial properties or commercial portions of mixed use properties. The amount requested represents 50 percent oft the actual construction costs oft the commercial portion ofthe building based on estimates provided by the applicant. This amount is consistent with RDA loan policies which state that loans should not exceed 50 percent of the construction costs for a project. The proposed financing for the project includes $1,700,000 of applicant provided funding, a commercial loan of $6,872,254 dollars and the proposed RDA loan. The current RDA loan request would be in second position to the commercial loan. The appraised value for the project to be constructed is $10,160,000 (See the attached appraisal summary). The resulting loan to value ratio is 74 percent. In the past, the RDA has attempted to maintain a loan to value ratio of75 percent or less for revolving loans. Because ofthe large dollar amount requested it would be preferable to have the loan to value ratio as low as possible while still supporting the project. After discussions with the applicant, staff is suggesting a total RDA loan amount of $550,000 dollars be considered by the Board which would amount to an approximate 73 percent loan to value ratio, which will allow the RDA to support this project while maintaining an acceptable level of risk with these public funds. The applicant has requested full amortization of the loan for a period of 20 years with a balloon payment at five years. The project is located within the RDA area and is part ofan Mr. Wilkinson recommended approval of the loan to Renaissance Place, LLC with the  Renaissance Town Center.  remainder of the building consists of 40 multifamily residential units.  The applicant is comfortable with these terms.  identified redevelopment site in the City.  following terms:  1. Loan Value: $550,000 dollars 2. Amortization Period: 20 years 3. Call: 5 years 4. Interest Rate: 3% 5. Payment Schedule: Monthly building extended  6. Security: Second Position Trust Deed behind a commercial loan on the proposed 7. Other: This offer sunsets November 1, 2017, is not assignable, and may not be  Redevelopment Agency. Minutes - October 10, 2017  Page 2 of3    Ms. Harris made a: motion for approval ofa revolving loan application for $550,000, with the terms described in the Staff Report, Renaissance Place LLC, Brian Knowlton, applicant. Ms.  Holbrook seconded the motion.  A A A A A A  Mr. Lewis Ms. Harris Mr. Higginson Ms. Holbrook Ms. Knight Mr. Pitt  Motion passed 6-0.  4. RDA Director's report and miscellaneous business.  Mr. Wilkinson reported that two separate loans for Colonial Square Owners' Association and Mr. Pitt made ai motion to adjourn the RDA meeting. Mr. Higginson seconded the motion.  for Sean Monson are still in progress and will be funded soon.  A A A A A A  Mr. Lewis Ms. Harris Mr. Higginson Ms. Holbrook Ms. Knight Mr. Pitt  Motion passed 6-0.  The meeting was adjourned at 11:45 p.m.  Chad Wilkinson, Redevelopment Director  Redevelopment. Agency Minutes - October 10, 2017  Page 30 of3    Redevelopment Agency Staff Report  Subject: Property: Author:  Amended-APpication for Loan for construction of a mixed-use Building 1520 Main Street S. March 27, 2018  BOUNTIFUL EST.1847  Background  Mr. Brian Knowlton, representing Renaissance Place, LLC requests a loan of $550,000 dollars in order to finance construction of a mixed use building on "Pad A" of the The proposed building consists of 5 stories. The ground floor of the building will be comprised of parking and approximately 4,700 square feet of commercial space. The remainder of the building consists of 40 multifamily residential units.  Renaissance Town Center.  Analysis  The applicant was approved for a loan ini the amount of $550,000 dollars on October 10, 2017. The applicant has subsequently requested that the collateral for the RDA loan be changed from the subject property to other land within the Renaissance Towne Center development. The applicant has provided an appraisal indicating a value of $960,000 dollars for the property proposed to be used as security. While the property identified is .31 acres in size, the appraisal indicates that the value is based on an assumption of using common area around the property to support the development of the property. The total effective parcel area identified in the appraisal is 1.36 acres. Therefore, in order to gain the necessary loan to value ratio the entire 1.336 acre property identified in the appraisal will need to be encumbered. If the entire 1.336 acres identified in the appraisal is encumbered the resulting LTVi is 57 percent which is well below the 75 percent LTV ratio the RDA board has requested in the past. The amount requested represents approximately 46 percent of the actual construction costs of the commercial portion of the building based on estimates provided by the applicant. This amount is consistent with RDA loan policies which state that loans should not exceed 50 percent of the construction costs for a project. The proposed financing for the project includes $1,715,000 of applicant provided funding, a commercial loan of $6,800,000 dollars and One of the advantages to the current proposal is that the RDA would be in first position on the property to be encumbered rather than second position to a commercial loan as originally proposed. One concern related to the proposal is the potential for negative impacts to future development of the collateral property because of the existence of a trust deed encumbering the property. The applicant has requested full amortization of the loan for a period of 20 years with a balloon payment at five years. The intention is to GAPLAMRDALoans- CurrentRenaissancel PAD AI Mixed Use 2017Renaissance PAD AI Mixed Use AMENDED 2018 Staff  the proposed RDA loan.  Report.docx    refinance the project after the construction period and wrap the loans into long term financing which would pay off the RDA loan. In order to reduce the period of encumbrance of the property, staff recommends that the call for the loan be at four years rather than five as proposed. This will limit the amount of time that the security  property is encumbered. Department Review  Agency Director and City Manager. Significant Impacts None.  Recommended Action  Approve a loan to Renaissance Place, LLC with the following terms:  1. Loan Value: $550,000 dollars 2. Amortization Period: 20 years 3. Call: 4 years 4. Interest Rate: 3% 5. Payment Schedule: Monthly 6. Security: First Position Trust Deed  7. Other: This offer sunsets April 27, 2018, is not assignable, and may not be  extended Attachments Application materials Appraisal Summary Amortization Schedule  GAPLAMIRDALOanS CurentRenaissance PAD AI Mixed Use 2017Renaissancel PAD AI Mixed Use AMENDED: 2018 Staff  Report.docx    Loan Amortization Schedule Bountiful RDA- Renaissance PADA March: 27, 2018 Original Balance Final Balance Outstanding Balance ate end of) Year4 4 Rate (Annual/Fixed) Payments Per Year Loan Period (Months) Loan Origination Date 1st Payment Date Monthly Payment Pmt# Due Date P&I Payment 1-May-18  $550,000 $0 $464,676 3% 12 240 1-May-18 1-Jun-18 $3,050.29  Principal Interest Additional New Balance Date of  Check FY Cumm FYCumm  Principal  Payment Number Principal Interest  $550,000.00  1 1-Jun-18 $3,050.29 $1,675.29 $1,375.00 $0.00 $548,324.71 1-Jul-18 $3,050.29 $1,679.48 $1,370.81 $0.00 $546,645.23 3 1-Aug-18 $3,050.29 $1,683.67 $1,366.61 $0.00 $544,961.56 1-Sep-18 $3,050.29 $1,687.88 $1,362.40 $0.00 $543,273.68 1-Oct-18 $3,050.29 $1,692.10 $1,358.18 $0.00 $541,581.58 1-Nov-18 $3,050.29 $1,696.33 $1,353.95 $0.00 $539,885.25 1-Dec-18 $3,050.29 $1,700.57 $1,349.71 $0.00 $538,184.68 1-Jan-19 $3,050.29 $1,704.83 $1,345.46 $0.00 $536,479.85 1-Feb-19 $3,050.29 $1,709.09 $1,341.20 $0.00 $534,770.76 10 1-Mar-19 $3,050.29 $1,713.36 $1,336.93 $0.00 $533,057.40 11 1-Apr-19 $3,050.29 $1,717.64 $1,332.64 $0.00 $531,339.76 12 1-May-19 $3,050.29 $1,721.94 $1,328.35 $0.00 $529,617.82 13 1-Jun-19 $3,050.29 $1,726.24 $1,324.04 $0.00 $527,891.58 14 1-Jul-19 $3,050.29 $1,730.56 $1,319.73 $0.00 $526,161.02 15 1-Aug-19 $3,050.29 $1,734.88 $1,315.40 $0.00 $524,426.14 16 1-Sep-19 $3,050.29 $1,739.22 $1,311.07 $0.00 $522,686.92 17 1-Oct-19 $3,050.29 $1,743.57 $1,306.72 $0.00 $520,943.35 18 1-Nov-19 $3,050.29 $1,747.93 $1,302.36 $0.00 $519,195.42 19 1-Dec-19 $3,050.29 $1,752.30 $1,297.99 $0.00 $517,443.12 20 1-Jan-20 $3,050.29 $1,756.68 $1,293.61 $0.00 $515,686.44 21 1-Feb-20 $3,050.29 $1,761.07 $1,289.22 $0.00 $513,925.37 22 1-Mar-20 $3,050.29 $1,765.47 $1,284.81 $0.00 $512,159.90 23 1-Apr-20 $3,050.29 $1,769.89 $1,280.40 $0.00 $510,390.01 24 1-May-20 $3,050.29 $1,774.31 $1,275.98 $0.00 $508,615.70 25 1-Jun-20 $3,050.29 $1,778.75 $1,271.54 $0.00 $506,836.95 26 1-Jul-20 $3,050.29 $1,783.19 $1,267.09 $0.00 $505,053.76 27 1-Aug-20 $3,050.29 $1,787.65 $1,262.63 $0.00 $503,266.11 28 1-Sep-20 $3,050.29 $1,792.12 $1,258.17 $0.00 $501,473.99 29 1-Oct-20 $3,050.29 $1,796.60 $1,253.68 $0.00 $499,677.39 30 1-Nov-20 $3,050.29 $1,801.09 $1,249.19 $0.00 $497,876.30 31 1-Dec-20 $3,050.29 $1,805.60 $1,244.69 $0.00 $496,070.70 32 1-Jan-21 $3,050.29 $1,810.11 $1,240.18 $0.00 $494,260.59 33 1-Feb-21 $3,050.29 $1,814.64 $1,235.65 $0.00 $492,445.95 34 1-Mar-21 $3,050.29 $1,819.17 $1,231.11 $0.00 $490,626.78 35 1-Apr-21 $3,050.29 $1,823.72 $1,226.57 $0.00 $488,803.06 36 1-May-21 $3,050.29 $1,828.28 $1,222.01 $0.00 $486,974.78 37 1-Jun-21 $3,050.29 $1,832.85 $1,217.44 $0.00 $485,141.93 38 1-Jul-21 $3,050.29 $1,837.43 $1,212.85 $0.00 $483,304.50 39 1-Aug-21 $3,050.29 $1,842.03 $1,208.26 $0.00 $481,462.47 40 1-Sep-21 $3,050.29 $1,846.63 $1,203.66 $0.00 $479,615.84 41 1-Oct-21 $3,050.29 $1,851.25 $1,199.04 $0.00 $477,764.59 43 1-Dec-21 $3,050.29 $1,860.52 $1,189.77 $0.00 $474,048.19 1-Jan-22 $3,050.29 $1,865.17 $1,185.12 $0.00 $472,183.02 45 1-Feb-22 $3,050.29 $1,869.83 $1,180.46 $0.00 $470,313.19 1-Mar-22 $3,050.29 $1,874.50 $1,175.78 $0.00 $468,438.69 47 1-Apr-22 $3,050.29 $1,879.19 $1,171.10 $0.00 $466,559.50 1-May-22 $3,050.29 $1,883.89 $1,166.40 $0.00 $464,675.61 49 1-Jun-22 $3,050.29 $1,888.60 $1,161.69 $0.00 $462,787.01 50 1-Jul-22 $3,050.29 $1,893.32 $1,156.97 $0.00 $460,893.69 51 1-Aug-22 $3,050.29 $1,898.05 $1,152.23 $0.00 $458,995.64 52 1-Sep-22 $3,050.29 $1,902.80 $1,147.49 $0.00 $457,092.84 3 1-Oct-22 $3,050.29 $1,907.55 $1,142.73 $0.00 $455,185.29 54 1-Nov-22 $3,050.29 $1,912.32 $1,137.96 $0.00 $453,272.97  $6,726.32 $5,474.83  $20,586.76 $16,016.67  $21,212.93 $15,390.51  $21,803.64 $14,799.81  42 1-Nov-21 $3,050.29 $1,855.88 $1,194.41  $0.00 $475,908.71  Call Date  $22,523.00 $14,080.46    55 1-Dec-22 $3,050.29 $1,917.10 $1,133.18 $0.00 $451,355.87 56 1-Jan-23 $3,050.29 $1,921.90 $1,128.39 $0.00 $449,433.97 57 1-Feb-23 $3,050.29 $1,926.70 $1,123.58 $0.00 $447,507.27 58 1-Mar-23 $3,050.29 $1,931.52 $1,118.77 $0.00 $445,575.75 59 1-Apr-23 $3,050.29 $1,936.35 $1,113.94 $0.00 $443,639.40 60 1-May-23 $3,050.29 $1,941.19 $1,109.10 $0.00 $441,698.21 61 1-Jun-23 $3,050.29 $1,946.04 $1,104.25 $0.00 $439,752.17 62 1-Jul-23 $3,050.29 $1,950.91 $1,099.38 $0.00 $437,801.26 63 1-Aug-23 $3,050.29 $1,955.78 $1,094.50 $0.00 $435,845.48 64 1-Sep-23 $3,050.29 $1,960.67 $1,089.61 $0.00 $433,884.81 65 1-Oct-23 $3,050.29 $1,965.57 $1,084.71 $0.00 $431,919.24 66 1-Nov-23 $3,050.29 $1,970.49 $1,079.80 $0.00 $429,948.75 67 1-Dec-23 $3,050.29 $1,975.41 $1,074.87 $0.00 $427,973.34 68 1-Jan-24 $3,050.29 $1,980.35 $1,069.93 $0.00 $425,992.99 69 1-Feb-24 $3,050.29 $1,985.30 $1,064.98 $0.00 $424,007.69 70 1-Mar-24 $3,050.29 $1,990.27 $1,060.02 $0.00 $422,017.42 71 1-Apr-24 $3,050.29 $1,995.24 $1,055.04 $0.00 $420,022.18 72 1-May-24 $3,050.29 $2,000.23 $1,050.06 $0.00 $418,021.95 73 1-Jun-24 $3,050.29 $2,005.23 $1,045.05 $0.00 $416,016.72 74 1-Jul-24 $3,050.29 $2,010.24 $1,040.04 $0.00 $414,006.48 75 1-Aug-24 $3,050.29 $2,015.27 $1,035.02 $0.00 $411,991.21 76 1-Sep-24 $3,050.29 $2,020.31 $1,029.98 $0.00 $409,970.90 77 1-Oct-24 $3,050.29 $2,025.36 $1,024.93 $0.00 $407,945.54 78 1-Nov-24 $3,050.29 $2,030.42 $1,019.86 $0.00 $405,915.12 79 1-Dec-24 $3,050.29 $2,035.50 $1,014.79 $0.00 $403,879.62 80 1-Jan-25 $3,050.29 $2,040.59 $1,009.70 $0.00 $401,839.03 81 1-Feb-25 $3,050.29 $2,045.69 $1,004.60 $0.00 $399,793.34 82 1-Mar-25 $3,050.29 $2,050.80 $999.48 $0.00 $397,742.54 83 1-Apr-25 $3,050.29 $2,055.93 $994.36 $0.00 $395,686.61 84 1-May-25 $3,050.29 $2,061.07 $989.22 $0.00 $393,625.54 85 1-Jun-25 $3,050.29 $2,066.22 $984.06 $0.00 $391,559.32 86 1-Jul-25 $3,050.29 $2,071.39 $978.90 $0.00 $389,487.93 87 1-Aug-25 $3,050.29 $2,076.57 $973.72 $0.00 $387,411.36 88 1-Sep-25 $3,050.29 $2,081.76 $968.53 $0.00 $385,329.60 89 1-Oct-25 $3,050.29 $2,086.96 $963.32 $0.00 $383,242.64 90 1-Nov-25 $3,050.29 $2,092.18 $958.11 $0.00 $381,150.46 91 1-Dec-25 $3,050.29 $2,097.41 $952.88 $0.00 $379,053.05 92 1-Jan-26 $3,050.29 $2,102.65 $947.63 $0.00 $376,950.40 93 1-Feb-26 $3,050.29 $2,107.91 $942.38 $0.00 $374,842.49 94 1-Mar-26 $3,050.29 $2,113.18 $937.11 $0.00 $372,729.31 95 1-Apr-26 $3,050.29 $2,118.46 $931.82 $0.00 $370,610.85 96 1-May-26 $3,050.29 $2,123.76 $926.53 $0.00 $368,487.09 97 1-Jun-26 $3,050.29 $2,129.07 $921.22 $0.00 $366,358.02 98 1-Jul-26 $3,050.29 $2,134.39 $915.90 $0.00 $364,223.63 99 1-Aug-26 $3,050.29 $2,139.73 $910.56 $0.00 $362,083.90 100 1-Sep-26 $3,050.29 $2,145.08 $905.21 $0.00 $359,938.82 101 1-Oct-26 $3,050.29 $2,150.44 $899.85 $0.00 $357,788.38 102 1-Nov-26 $3,050.29 $2,155.82 $894.47 $0.00 $355,632.56 103 1-Dec-26 $3,050.29 $2,161.21 $889.08 $0.00 $353,471.35 104 1-Jan-27 $3,050.29 $2,166.61 $883.68 $0.00 $351,304.74 105 1-Feb-27 $3,050.29 $2,172.02 $878.26 $0.00 $349,132.72 106 1-Mar-27 $3,050.29 $2,177.45 $872.83 $0.00 $346,955.27 107 1-Apr-27 $3,050.29 $2,182.90 $867.39 $0.00 $344,772.37 108 1-May-27 $3,050.29 $2,188.36 $861.93 $0.00 $342,584.01 109 1-Jun-27 $3,050.29 $2,193.83 $856.46 $0.00 $340,390.18 110 1-Jul-27 $3,050.29 $2,199.31 $850.98 $0.00 $338,190.87 111 1-Aug-27 $3,050.29 $2,204.81 $845.48 $0.00 $335,986.06 112 1-Sep-27 $3,050.29 $2,210.32 $839.97 $0.00 $333,775.74 113 1-Oct-27 $3,050.29 $2,215.85 $834.44 $0.00 $331,559.89 114 1-Nov-27 $3,050.29 $2,221.39 $828.90 $0.00 $329,338.50 115 1-Dec-27 $3,050.29 $2,226.94 $823.35 $0.00 $327,111.56 116 1-Jan-28 $3,050.29 $2,232.51 $817.78 $0.00 $324,879.05 117 1-Feb-28 $3,050.29 $2,238.09 $812.20 $0.00 $322,640.96 118 1-Mar-28 $3,050.29 $2,243.68 $806.60 $0.00 $320,397.28 119 1-Apr-28 $3,050.29 $2,249.29 $800.99 $0.00 $318,147.99 120 1-May-28 $3,050.29 $2,254.92 $795.37 $0.00 $315,893.07 121 1-Jun-28 $3,050.29 $2,260.55 $789.73 $0.00 $313,632.52 122 1-Jul-28 $3,050.29 $2,266.21 $784.08 $0.00 $311,366.31 123 1-Aug-28 $3,050.29 $2,271.87 $778.42 $0.00 $309,094.44 124 1-Sep-28 $3,050.29 $2,277.55 $772.74 $0.00 $306,816.89 125 1-Oct-28 $3,050.29 $2,283.24 $767.04 $0.00 $304,533.65  $15,394.63 $9,007.66    126 1-Nov-28 $3,050.29 $2,288.95 $761.33 $0.00 $302,244.70 127 1-Dec-28 $3,050.29 $2,294.68 $755.61 $0.00 $299,950.02 128 1-Jan-29 $3,050.29 $2,300.41 $749.88 $0.00 $297,649.61 129 1-Feb-29 $3,050.29 $2,306.16 $744.12 $0.00 $295,343.45 130 1-Mar-29 $3,050.29 $2,311.93 $738.36 $0.00 $293,031.52 131 1-Apr-29 $3,050.29 $2,317.71 $732.58 $0.00 $290,713.81 132 1-May-29 $3,050.29 $2,323.50 $726.78 $0.00 $288,390.31 133 1-Jun-29 $3,050.29 $2,329.31 $720.98 $0.00 $286,061.00 134 1-Jul-29 $3,050.29 $2,335.13 $715.15 $0.00 $283,725.87 135 1-Aug-29 $3,050.29 $2,340.97 $709.31 $0.00 $281,384.90 136 1-Sep-29 $3,050.29 $2,346.82 $703.46 $0.00 $279,038.08 137 1-Oct-29 $3,050.29 $2,352.69 $697.60 $0.00 $276,685.39 138 1-Nov-29 $3,050.29 $2,358.57 $691.71 $0.00 $274,326.82 139 1-Dec-29 $3,050.29 $2,364.47 $685.82 $0.00 $271,962.35 140 1-Jan-30 $3,050.29 $2,370.38 $679.91 $0.00 $269,591.97 141 1-Feb-30 $3,050.29 $2,376.31 $673.98 $0.00 $267,215.66 142 1-Mar-30 $3,050.29 $2,382.25 $668.04 $0.00 $264,833.41 143 1-Apr-30 $3,050.29 $2,388.20 $662.08 $0.00 $262,445.21 144 1-May-30 $3,050.29 $2,394.17 $656.11 $0.00 $260,051.04 145 1-Jun-30 $3,050.29 $2,400.16 $650.13 $0.00 $257,650.88 146 1-Jul-30 $3,050.29 $2,406.16 $644.13 $0.00 $255,244.72 147 1-Aug-30 $3,050.29 $2,412.17 $638.11 $0.00 $252,832.55 148 1-Sep-30 $3,050.29 $2,418.21 $632.08 $0.00 $250,414.34 149 1-Oct-30 $3,050.29 $2,424.25 $626.04 $0.00 $247,990.09 150 1-Nov-30 $3,050.29 $2,430.31 $619.98 $0.00 $245,559.78 151 1-Dec-30 $3,050.29 $2,436.39 $613.90 $0.00 $243,123.39 152 1-Jan-31 $3,050.29 $2,442.48 $607.81 $0.00 $240,680.91 153 1-Feb-31 $3,050.29 $2,448.58 $601.70 $0.00 $238,232.33 154 1-Mar-31 $3,050.29 $2,454.71 $595.58 $0.00 $235,777.62 155 1-Apr-31 $3,050.29 $2,460.84 $589.44 $0.00 $233,316.78 156 1-May-31 $3,050.29 $2,466.99 $583.29 $0.00 $230,849.79 157 1-Jun-31 $3,050.29 $2,473.16 $577.12 $0.00 $228,376.63 158 1-Jul-31 $3,050.29 $2,479.35 $570.94 $0.00 $225,897.28 159 1-Aug-31 $3,050.29 $2,485.54 $564.74 $0.00 $223,411.74 160 1-Sep-31 $3,050.29 $2,491.76 $558.53 $0.00 $220,919.98 161 1-Oct-31 $3,050.29 $2,497.99 $552.30 $0.00 $218,421.99 162 1-Nov-31 $3,050.29 $2,504.23 $546.05 $0.00 $215,917.76 163 1-Dec-31 $3,050.29 $2,510.49 $539.79 $0.00 $213,407.27 164 1-Jan-32 $3,050.29 $2,516.77 $533.52 $0.00 $210,890.50 165 1-Feb-32 $3,050.29 $2,523.06 $527.23 $0.00 $208,367.44 166 1-Mar-32 $3,050.29 $2,529.37 $520.92 $0.00 $205,838.07 167 1-Apr-32 $3,050.29 $2,535.69 $514.60 $0.00 $203,302.38 168 1-May-32 $3,050.29 $2,542.03 $508.26 $0.00 $200,760.35 169 1-Jun-32 $3,050.29 $2,548.39 $501.90 $0.00 $198,211.96 170 1-Jul-32 $3,050.29 $2,554.76 $495.53 $0.00 $195,657.20 171 1-Aug-32 $3,050.29 $2,561.14 $489.14 $0.00 $193,096.06 172 1-Sep-32 $3,050.29 $2,567.55 $482.74 $0.00 $190,528.51 173 1-Oct-32 $3,050.29 $2,573.97 $476.32 $0.00 $187,954.54 174 1-Nov-32 $3,050.29 $2,580.40 $469.89 $0.00 $185,374.14 175 1-Dec-32 $3,050.29 $2,586.85 $463.44 $0.00 $182,787.29 176 1-Jan-33 $3,050.29 $2,593.32 $456.97 $0.00 $180,193.97 177 1-Feb-33 $3,050.29 $2,599.80 $450.48 $0.00 $177,594.17 178 1-Mar-33 $3,050.29 $2,606.30 $443.99 $0.00 $174,987.87 179 1-Apr-33 $3,050.29 $2,612.82 $437.47 $0.00 $172,375.05 180 1-May-33 $3,050.29 $2,619.35 $430.94 $0.00 $169,755.70 181 1-Jun-33 $3,050.29 $2,625.90 $424.39 $0.00 $167,129.80 182 1-Jul-33 $3,050.29 $2,632.46 $417.82 $0.00 $164,497.34 183 1-Aug-33 $3,050.29 $2,639.04 $411.24 $0.00 $161,858.30 184 1-Sep-33 $3,050.29 $2,645.64 $404.65 $0.00 $159,212.66 185 1-Oct-33 $3,050.29 $2,652.26 $398.03 $0.00 $156,560.40 186 1-Nov-33 $3,050.29 $2,658.89 $391.40 $0.00 $153,901.51 187 1-Dec-33 $3,050.29 $2,665.53 $384.75 $0.00 $151,235.98 188 1-Jan-34 $3,050.29 $2,672.20 $378.09 $0.00 $148,563.78 189 1-Feb-34 $3,050.29 $2,678.88 $371.41 $0.00 $145,884.90 190 1-Mar-34 $3,050.29 $2,685.57 $364.71 $0.00 $143,199.33 191 1-Apr-34 $3,050.29 $2,692.29 $358.00 $0.00 $140,507.04 192 1-May-34 $3,050.29 $2,699.02 $351.27 $0.00 $137,808.02 193 1-Jun-34 $3,050.29 $2,705.77 $344.52 $0.00 $135,102.25 194 1-Jul-34 $3,050.29 $2,712.53 $337.76 $0.00 $132,389.72 195 1-Aug-34 $3,050.29 $2,719.31 $330.97 $0.00 $129,670.41 196 1-Sep-34 $3,050.29 $2,726.11 $324.18 $0.00 $126,944.30    197 1-Oct-34 $3,050.29 $2,732.93 $317.36 $0.00 $124,211.37 198 1-Nov-34 $3,050.29 $2,739.76 $310.53 $0.00 $121,471.61 199 1-Dec-34 $3,050.29 $2,746.61 $303.68 $0.00 $118,725.00 200 1-Jan-35 $3,050.29 $2,753.47 $296.81 $0.00 $115,971.53 201 1-Feb-35 $3,050.29 $2,760.36 $289.93 $0.00 $113,211.17 202 1-Mar-35 $3,050.29 $2,767.26 $283.03 $0.00 $110,443.91 203 1-Apr-35 $3,050.29 $2,774.18 $276.11 $0.00 $107,669.73 204 1-May-35 $3,050.29 $2,781.11 $269.17 $0.00 $104,888.62 205 1-Jun-35 $3,050.29 $2,788.07 $262.22 $0.00 $102,100.55 206 1-Jul-35 $3,050.29 $2,795.04 $255.25 $0.00 $99,305.51 207 1-Aug-35 $3,050.29 $2,802.02 $248.26 $0.00 $96,503.49 208 1-Sep-35 $3,050.29 $2,809.03 $241.26 $0.00 $93,694.46 209 1-Oct-35 $3,050.29 $2,816.05 $234.24 $0.00 $90,878.41 210 1-Nov-35 $3,050.29 $2,823.09 $227.20 $0.00 $88,055.32 211 1-Dec-35 $3,050.29 $2,830.15 $220.14 $0.00 $85,225.17 212 1-Jan-36 $3,050.29 $2,837.22 $213.06 $0.00 $82,387.95 213 1-Feb-36 $3,050.29 $2,844.32 $205.97 $0.00 $79,543.63 214 1-Mar-36 $3,050.29 $2,851.43 $198.86 $0.00 $76,692.20 215 1-Apr-36 $3,050.29 $2,858.56 $191.73 $0.00 $73,833.64 216 1-May-36 $3,050.29 $2,865.70 $184.58 $0.00 $70,967.94 217 1-Jun-36 $3,050.29 $2,872.87 $177.42 $0.00 $68,095.07 218 1-Jul-36 $3,050.29 $2,880.05 $170.24 $0.00 $65,215.02 219 1-Aug-36 $3,050.29 $2,887.25 $163.04 $0.00 $62,327.77 220 1-Sep-36 $3,050.29 $2,894.47 $155.82 $0.00 $59,433.30 221 1-Oct-36 $3,050.29 $2,901.70 $148.58 $0.00 $56,531.60 222 1-Nov-36 $3,050.29 $2,908.96 $141.33 $0.00 $53,622.64 223 1-Dec-36 $3,050.29 $2,916.23 $134.06 $0.00 $50,706.41 224 1-Jan-37 $3,050.29 $2,923.52 $126.77 $0.00 $47,782.89 225 1-Feb-37 $3,050.29 $2,930.83 $119.46 $0.00 $44,852.06 226 1-Mar-37 $3,050.29 $2,938.16 $112.13 $0.00 $41,913.90 227 1-Apr-37 $3,050.29 $2,945.50 $104.78 $0.00 $38,968.40 228 1-May-37 $3,050.29 $2,952.87 $97.42 $0.00 $36,015.53 229 1-Jun-37 $3,050.29 $2,960.25 $90.04 $0.00 $33,055.28 230 1-Jul-37 $3,050.29 $2,967.65 $82.64 $0.00 $30,087.63 231 1-Aug-37 $3,050.29 $2,975.07 $75.22 $0.00 $27,112.56 232 1-Sep-37 $3,050.29 $2,982.51 $67.78 $0.00 $24,130.05 233 1-Oct-37 $3,050.29 $2,989.96 $60.33 $0.00 $21,140.09 234 1-Nov-37 $3,050.29 $2,997.44 $52.85 $0.00 $18,142.65 235 1-Dec-37 $3,050.29 $3,004.93 $45.36 $0.00 $15,137.72 236 1-Jan-38 $3,050.29 $3,012.44 $37.84 $0.00 $12,125.28 237 1-Feb-38 $3,050.29 $3,019.97 $30.31 $0.00 $9,105.31 238 1-Mar-38 $3,050.29 $3,027.52 $22.76 $0.00 $6,077.79 239 1-Apr-38 $3,050.29 $3,035.09 $15.19 $0.00 $3,042.70 240 1-May-38 $3,050.29 $3,042.68 $7.61 $0.00  $0.02  Totals  $732,069 $550,000 $182,069 $0.00    ECONOMIC DEVELOPMENT AND BUSINESS ENHANCEMENT  REVOLVING LOAN PROGRAM LOAN APPLICATION  I.  Applicant Information  Name of Business/Property Owner_ Renaissance Place, LLC  Address_ 1560 Renaissance' Town Dr.# #104 City, State, ZIP Bountiful, Ut 84010 Contact Person_ Brian Knowlton  Phone 801)550-6818  II. Participating Lender Information (if primary funds, all or part, will be  borrowed)  Name of Lender Bank of American Fork Address 2691 West 12600 South City, State, ZIP Riverton, UT 84065 Contact Person Joel Rush Phone 801)316-4607  Tite/Department VP Business Development  III. Applicant Equity Information (if applicant will use own fund for all or  part of matching funds)  Amount provided by applicant $1,715,000.00 Amount provided by lender $6,800,000.00  IV. Project Information (on separate sheets)  A. Describe, in detail, the scope and elements of your entirè project. Explain the proposed uses of the private funds and of the loan funds. The more detailed the explanation, the better.  B. In as much detail as possible, provide cost figures fort the project. Be sure and break out the loan funds. Estimates are acceptable,  5of7    (4) Interest Rate (5) Monthly Payment (6) Maturity (7) Collateral  (8) Status (current or delinquent)  Required if property or other satisfactory collateral is not available to  secure the loan. VI. General Conditions  Icertify that the above provided information is true and accurate to the best of my knowledge. lunderstand that receipt oft this application by the Redevelopment Agency of Bountiful City does not constitute an agreement to provide loan funds tot the applicant. Ifurther understand that the Redevelopment Agency of Bountiful City has the right to reject my application for whatever reason deemed necessary and reasonable. lagree, as a condition of receiving these funds, to abide by all requirements, rules, regulations, and restrictions imposed by the  Redevelopment Agency of Bountiful City.  Signed Date_ 2-16-18 Signed_ Date  Ha  7of7    Renaissance Place, LLC 1560 South Renaissance Town Dr. #104 Bountiful, Ut 84010  RDA Loan Request  History and Description of Business-  Renaissance Place, LLCi isar recently formed entity fort the purpose and benefit of developing real property located at the Renaissance Towne Centre in Bountiful Utah. This company is formed in order to develop, own and maintain the real property. Principle Owners include Bruce Broadhead and Brian  Knowlton.  Business Benefit Statement-  Renaissance Place, LLC willl build 4,687 sq ft of Professional Office Space within the mixed use professional office building. The benefits of the Professional Office space are the businesses it will bring to the community and thei tax revenue it brings to Bountiful City. Construction Cost will be approximately: $1,300,000.00 for the commercial space which includes tenant improvements. Renaissance Place is requesting al loan of $550,000.00 at 3% interest, amortized over 20 years witha5 year call. This loan will cover approximately 42% of the cost to build the Commercial Space.  Loan Security-  Loan collateral will be secured with a deeded lot in the Renaissance Towne Center    015 BCNTIEUL. nt a8 o45 OSONTus 43 BATIFUL  SEE P6. 3 03  500 SOUTH STREET  20  1800 SOUTH STREET SEE PG. 05-001    JPhilip Cooku  APPRAISAL REPORT  0.3146 ACRE VACANT PAD SITE OWNED BY TOWN CENTER, LLC  LOCATED AT -375 WEST 1800 SOUTH  BOUNTIFUL CITY, DAVIS COUNTY, UTAH  PREPARED FOR: Ms. Duyen Le 222 ES South Temple Salt Lake City, UT 84111  UTAH FIRST FEDERAL CREDIT UNION  Submitted by: J.Philip Cook, MAI, CRE JPhilip Cook, LLC 7090 S Union Park Avenue, Suite 425 Midvale, UT 84047  FILE NUMBER: 18-02-05DJ Case Code: brdhd-18116  EFFECTIVE APPRAISAL DATE: February 2, 2018    JPhilip Cook. uc =  February 12, 2018  Ms. Duyen Le Utah First Federal Credit Union 222 ESouth Temple Salt Lake City, UT 84111  Re: Appraisal Report: A vacant pad within the Renaissance Towne Centre, located at -375 West  1800 South, Bountiful City, Davis County, Utah  Dear Ms. Le,  At your request, we have completed an appraisal addressing market value of the fee simple estate of the above-referençed property. The attached narrative report contains the bases, data, and analyses upon which the value estimate is based. This report is intended to assist with financing purposes. This appraisal report is written in conformance with Title XI of the Financial Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), The Appraisal Foundation's Uniform Standards of Professional Appraisal Practice ("USPAP"), and the Appraisal Institute's Code of Professional Ethics and Standards The subject was formally inspected on February 2, 2018 which is the effective date of value. Available market data have been carefully considered and analyzed. As supported in the report, we  of Professional Appraisal Practice.  are of the opinion market value of the subject property, as defined, is:  NINE HUNDRED SIXTY THOUSAND DOLLARS  ($960,000)  7090SUnion! Park/ Avenue. Suite 425. Midvale.UT 84047 mains 801.3 321.0050 fax 801.307.0370 www. Jphilipcook    PAGE2  The value estimate is subject to assumptions and limiting conditions contained in the report. The The pad site requires the' surrounding common area to support commercial development. Therefore, the extraordinary assumption is made that the effective size of the pad is 1.336 acres, Ar market exposure period of 6-12 months is reasonable based on market observations. We trust this iss sufficient to accomplish its intended function. Please call if we can be of further assistance.  following extraordinary assumption is also made a part of this report:  or 58,214 square feet, which includes part oft the surrounding common area.  Repectiulysubmited, dhpbk J. Philip Cook, MAI CRE JP Philip Cook, LLC Utah State Certified General Appraiser Certificate 5451057-CGO0 Expires 06-30-19  7090SUnion Park Avenue, Suite 425. Midvale.UT 84047 mains 801.321.0050 fax 801.307.0370 www.j iphilipcook    JPHILIP COOK, LLC  TABLE OF CONTENTS  TABLE OF CONTENTS  TABLE OF CONTENTS EXECUTIVE SUMMARY CERTIFICATION. APPRAISAL REPORT. DEFINITIONS SCOPE OF WORK DESCRIPTION OF REAL ESTATE APPRAISED. LEGAL DESCRIPTION. REAL ESTATE TAX INFORMATION. OWNERSHIP, ANDI PROPERTY HISTORY. LOCATION. AND NEIGHBORHOOD JURISDICTION, AND PROXIMITY NEIGHBORHOOD BOUNDARIES. NEIGHBORHOOD LAND USE. GROWTH CYCLE. AGE/LIFETREND ACCESS/LINKAGES. DEMOGRAPHIC DATA.. EMPLOYMENT. INFLUENCES PROPERTY DESCRIPTION. GENERAL SITE DATA. ZONING SITE IMPROVEMENTS. HIGHEST, AND BEST USE. AS VACANT. VALUATION/ ANALYSIS.  8 8 9 9 10 11 12 12 13 16 16 21  SALES COMPARSONAPPROACHTOVALUE ADJUSTMENT SUMMARY  REMAISANCEIOTI9-BOUNTPU/022018D)  PAGE III    JPHILIP COOK, LLC ADDENDA.  TABLEOF CONTENTS  22 23 30 31 32 33 34 35 36 47 48 54  SUBJECT PHOTOGRAPHS. PARCEL MAP. AERIAL PHOTOGRAPH ZONINGI MAP. FLOOD MAP.. LOT19 LEGAL AND! SURVEY. RENAISSANCE TOWNE CENTRE PLAT MAP. LAND SALES IMPROVED SALE COMPARABLES LOCATION MAP.. DEFINITIONS QUALIFICATIONS  RENAISSANCE LOT 19-BOUNTTU0220180)  PAGEIV    PHILIP COOK, LLC  EXECUTIVE SUMMARY  EXECUTIVE SUMMARY  PROPERTY TYPE: LOCATION:  Commercial pad site Utah  -375 West 1800 South, Bountiful City, Davis County,  PURPOSE OF APPRAISAL: PROPERTY RIGHTS APPRAISED: REPORT DATE: VALUATION DATE: PROPERIYTAXES: Parcel Number: - 2017 Taxes: SITE: - Size Topography Zoning Flood Zone  Estimate market value Fee simple February 12, 2018 February 2, 2018 03-041-0040  $46,580.79 (as part of parent parcel 03-041-0036) 0.3146 acre; 13,704 square feet (actual) 1.336 acres; 58,214 square feet (effective) Gently sloping C-G (General Commercial)  Zone "X/C" (outside Special Flood Hazard Area), Community Panel No. 49011C0507E, dated June 18.  2007  IMPROVEMENTS: HIGHEST AND BEST USE: As Vacant  Asphalt paved parking lot  Commercial development, oriented toward office and  retail $960,000  VALUE CONCLUSION:  RENAISSANCEL LOT19-BOUNTIFUNTIFUI/02-2018D)  PAGEV