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HomeMy Public PortalAboutAGRMT-MAPS SENIOR APARTMENTSJ Ent 535344 Bk 887 Pi 340 — S 7d Date: 29-RUG-2019 4:41:30PM Fee: $40.00 Check Filed By: GKW JOHN ALAN CORTES Recorder GRAND COUNTY CORPORATION For: SOUTH EASTERN UTAH TITLE COMPAN Y RESTATED AND AMENDED SUBDIVISION IMPROVEMENTS AGREEMENT For MAPS the Subdivision, Phase II The City of Moab, a Utah municipality (hereinafter "CITY"), and the MAPS Senior Living LLC, a Utah limited liability company ("MAPS" or "SUBDIVIDER") mutually referred to as the "Parties," enter into the following Subdivision Improvements Agreement (the "Agreement'), pursuant to Moab Municipal Code (hereinafter: "City Code") Section 16.20, to cover the installation of subdivision improvements required by law and applicable land use approvals. I. RECITALS. A. On February 22, 2018 the City Planning Commission recommended approval of the final plat for the MAPS Subdivision to the Moab City Council. B. The Moab City Council, as the land use authority for subdivision final plat approval, approved the final [lat for the MAPS Subdivision, Phase II (hereafter "the Subdivision" or "the Plat") at its regular City Council meeting on March 12, 2019. The Plat was subsequently modified and is now recorded as Maps Subdivision, Phase II, Reception No. 534983, Book 885, Page 510 of the Grand County land records. C. Subdivider has submitted to City for its review construction plans and specifications entitled MAPS SENIOR HOUSING (sheets C0.0-C4.6 inclusive, dated 1-9-2019, and approved by the City Engineer), having been prepared by Goff Engineering and bearing the stamp of Robert Sean Harries, a licensed Professional Engineer (hereinafter: the "Construction Plans"). Said plans show in sufficient detail the Required Improvements for the Subdivision. D. The Construction Plans have been reviewed and approved subject to such modifications as may have been specified by each of the following entities: (i) The City Engineer with respect to site grading, pathway, street, and storm water drainage improvements, (ii) The City Public Works Director with respect to culinary water improvements if provided by the City, storm water drainage improvements, parking improvements, and access improvements. E. The Housing Authority of Southeastem Utah was formerly a party to a Subdivision Improvements Agreement, dated March 12, 2019, with the City for the MAPS Subdivision. That agreement is hereby terminated and superseded by this Agreement, and Maps Senior Living, LLC assumes all such obligations as the owner of the Subdivision and the successor in title. 1 II. AGREEMENT IN CONSIDERATION OF THE ABOVE RECITALS, THE PARTIES AGREE AS FOLLOWS: 1. Covered Property. The real property subject to this Agreement (the "Property") is described as follows: PARCELS 1 and 2, MAPS SUBDIVISION Phase II, LOCATED IN THE NW 1/4 OF SECTION I, T26S, R21E, SLB&M, ACCORDING TO THE OFFICIAL PLAT THEREOF, Reception 534983, Book 885, P. 510. 2. Payment of Fees; Approved Land Uses. Subdivider agrees to pay all in -effect City fees applicable to the Subdivision, including but not limited to, impact fees, connection fees, building permit fees, and applicable inspection fees. Applicable fees shall be calculated and paid according to City policy. a. The uses permitted in the Subdivision shall correspond with the uses authorized for the R-4 Zone under the Moab Municipal .Code and other applicable ordinances. The configuration of the Subdivision and the uses therein shall conform to the Construction Plans, Exhibit 1 attached, and the Final Plat, as set forth in Exhibit 2, attached. 3. Required Improvements. Subdivider shall construct all of the improvements to the property shown on the Construction Plans, and as described in the Subdivision Improvement Schedule attached as Exhibit 1 (the "Required Improvements"). Required Improvements shall include the public improvements shown on the Construction Plans, including but not limited to the following: (a) Site clearing and removal of obstructions (b) General site grading (c) Site utilities including but not limited to culinary water and sanitary sewer, gas, and electrical power (d) Streets, curb & gutter, and sidewalks (e) Street signage and lighting (f) Storm water drainage facilities. 4. Improvements to be Completed in Conformance with Construction Plans. Improvements shall be completed in conformance with the approved Construction Plans. All changes to the Construction Plans must be authorized in writing by the City Engineer. In addition, all improvements shall be completed in conformance with the City of Moab Public Improvement Specifications and all state and federal regulations as applicable. Where discrepancies occur between the Construction Plans and the listed reference standards, the reference standard shall prevail. 2 Ent 535344 Bk. 0887 Pg 0341 5. Timeline for Completion. Construction of all Required Improvements for Property shall be completed within two (2) years from the date of this Agreement. A reasonable extension of time for the completion of improvements may be granted, at the discretion of the City Council, upon a showing by the Subdivider that there is good cause for an extension and that the work has been diligently prosecuted from the date of this Agreement. 6. Acceptance of Improvements, Warranty. All work shall be subject to quality assurance testing and inspection as specified in the Construction Plans and/or applicable reference standards. Subdivider or Suvdivider's authorized representative shall provide 48 hours minimum notification to City as applicable when inspection is required. The costs associated with such testing and inspection shall be the responsibility of Subdivider. (a) Upon satisfactory completion of improvements as evidenced by inspection and testing as applicable, all water and sewer mains and all street and public pathway improvements shall be dedicated to City. (b) Subdivider warrants that all public improvements dedicated to City shall be constructed in a workmanlike manner and in accordance with approved plans and specifications, and that all such improvements shall be free of defects in materials and workmanship for a period of one (1) year from the date of acceptance by City. (i) Subdivider shall promptly repair or replace any defective work following receipt of written notice under this warranty from the City. (ii) Subdivider additionally warrants that all public improvements shall be delivered free and clear of all liens or encumbrances. 7. Performance Guarantee. Contemporaneous with the execution of this Agreement, the Subdivider's lender, Key Bank, shall deliver to the City a validly executed constriction loan Set -Aside Agreement, in a form substantially complying with Exhibit 4, attached, for the use and benefit of the City. The Set Aside Agreement shall be in an amount of TWO HUNDRED FIVE THOUSAND TWO HUNDRED EIGHTYTWO DOLLARS which equals one hundred ten percent (110%) of the estimated cost of all Public Improvements. Said cost estimate shall be approved by the City Engineer and is shown in Exhibit 3 hereto. 8. Partial Releases of the funds secured by the Set Aside Agreement may be made for the purpose of paying for labor, materials, or construction services provided in the installation of the Public Improvements. Partial releases of the Set Aside Agreement funds may be jointly authorized by the City and the Subdivider, in writing. 9. Final Release of Set Aside Agreement. Upon completion of all Required Improvements in accordance with the approved Construction Plans, Subdivider may request that the Set Aside Agreement be released. (a) In order for Subdivider to receive final release, the following shall be 3 Ent 535344 Bk 0887 Pg 0342 presented to City: (i) A completed Final Release Form supplied by City and signed by Subdivider. Said form shall include Subdivider's certification of warranty for the completed improvements. (ii) Copies lien waivers/releases from all contractors who performed work on the project and all suppliers who supplied materials that were incorporated into the work. (iii) Written certification by Subdivider that all outstanding charges for the Improvements have been paid and that there are no liens, encumbrances, or other restrictions on the Improvements. (b) Upon acceptance of a complete request for final release, the City shall verify that all Required Improvements are complete and in accordance with the approved Construction Plans and Final Plat. 10. Citv's Use of Set Aside Agreement upon Default. Upon written certification by the City Manager that the Subdivider has failed to perform its obligations under this Agreement, within the time period set forth in this Agreement, and if City intends to proceed with the task of installing any or all of the Required Improvements covered by this Agreement, the City may elect to declare a default pursuant to this Agreement. The City may then proceed to draw on the Set Aside Agreement and apply the funds towards completion of the Public Improvements. 11. Zoning Compliance. Certificates of Occupancy for structures within the Property shall only be issued upon satisfactory completion and acceptance of all Required Improvements as required by this Agreement. hi no case shall a Certificate of Occupancy be issued, nor shall any structure be occupied, prior to the completion of all Required Improvements and the satisfaction of zoning requirements for a given lot. The occupying of any structure without a Certificate of Occupancy shall constitute Default as provided for herein. 12. Default Remedies, Lapse of Plat. All provisions of this Agreement are material and any violation is grounds for declaration of Default. Prior to invoking any remedies for Default under this Agreement City shall deliver written notice to the Subdivider describing the act, event, or omission constituting same, and allowing Subdivider a period of not less than thirty (30) days in which to cure or abate the violation. Cure within that period reinstates this Agreement. (a) Upon declaration of Default, City may exercise any remedies for violation available under City ordinances or Utah statutes, including, without limitation: withholding building permits or certificates of occupancy; commencing an action for specific performance or to enjoin or abate zoning violations or violations of this Agreement; an action for recovery of damages; and/or taking any other remedies available at law or equity. Injunctive relief may be obtained upon a showing of a violation of this Agreement, and without the necessity of the applicant posting a bond. 4 Ent 535344 Bk 0887 Pg 0343 13. General Provisions. This Agreement shall be binding on and inure to the benefit of the successors and assigns of Subdivider in the ownership or development of all or any portion of the Property. Assignment of this Agreement shall require the mutual approval of the City and the proposed assignee, in writing. (a) This Agreement is the product of mutual bargaining. All terms shall be construed in accordance with their plain meaning, regardless of the extent to which either party participated in the drafting. (b) Failure of a party to exercise any right under this Agreement shall not be deemed a waiver of any such right, nor shall any course of dealing or previous action or inaction be deemed a waiver of any rights or claims arising with respect to later or subsequent breaches, acts or omissions. (c) The term "Agreement' includes this Improvements Agreement, all exhibits hereto, the Final Plat/Plan for the subdivision, and all related design drawings, which documents shall constitute the sole and complete Agreement between the parties. The Agreement shall supersede all prior Agreements or representations, however evidenced. No modifications to any of the terms of this Agreement shall be binding, unless reduced to writing and lawfully executed by both parties. (d) The place of performance of this Agreement is Grand County, Utah. In the event of any legal dispute conceming the subjects of this Agreement, the parties agree that the exclusive venue in the Seventh Judicial District Court, Grand County, Utah. In any such proceeding arising under this Agreement, regardless of the denomination of the legal claims, the parties waive trial to a jury on all claims and agree that the action shall be tried to the court. (e) In any legal proceeding concerning the terms of this Agreement the substantially prevailing party shall be entitled to recover its reasonable attorney fees and court costs in addition to any other relief authorized herein. (f) This Agreement shall be governed by Utah law. (g) This Agreement does not create any third -party beneficiary rights. It is specifically understood by the parties that: (i) the Project is a private development; (ii) the City of Moab has no interest in, responsibilities for, or duty to third parties concerning any improvements to the Property, unless/until the City accepts dedication of public improvements pursuant to this Agreement; and (iii) except as otherwise provided herein, Subdivider shall have full power and exclusive control of the Property. (h) The provisions of this Agreement are severable, and if any portion should be held to be invalid or unenforceable, then the remainder of this Agreement shall be construed to be in full force without reference to the invalid 5 Ent 535344 Bk 0887 Pg 0344 provision. (i) In the event of any legal dispute conceming this Agreement neither party shall be liable to the other for consequential damages, lost profits, or delay related damages of any kind. (j) All notices under this Agreement shall be given in writing by first class or certified mail, postage prepaid, and delivered to the following addresses: To the City of Moab: City of Moab 217 East Center Street Moab, Utah 84532 Attn: City Manager To SUBDIVIDER: MAPS Senior Living, LLC 321 East Center Street Moab, Utah 85432 (k) Notice may be delivered to such other parties or addresses as the parties may designate in writing from time to time. (1) Nothing in this Agreement shall be deemed to waive any governmental or other immunity to which the City is entitled under applicable law. -Remainder of Page Intentionally Left Blank- 6 Ent 535344 Bk 0887 Pg 0345 This Agreement has been executed by the City of Moab, acting by and Through the Moab City Council, which has duly authorized execution, and by Subdivider as of the date(s) specified below. CITY OF MOAB: By: rfr, Mayor Emily S. Niehaus Date ATTEST: By: s City Recorder Keer% Krk Peptri'j Aeurc)et SUBDIVIDER: Maps Senior Living, LLC STATE OF UTAH )§ COUNTY OF GRAND Date DatVt6// e The foregoing agreement was executed before me by MAPS Senior Living, LLC, acting by and through 6e Zi /P f , this d ,' `day of 20 it Witness my hand a official seal. My commission expires: / `CARMELUt GALLEY Notary Pink Stale of Utah Comm. No. 666544 My Comm. Won{ Da 2$. 2019rorrannonionornowoorua 7 47sie174...daKt.-3 Notary Public, St 2of Utah Address: A;a/,// </ el„zCy Ent 535344 Bk 0887 PE 0346 ACKNOWLEDGMENT The Housing Authority of Southeastern Utah, as party to the former Subdivision Improvements Agreement with the City of Moab, dated March 12, 2019, hereby consents to the termination of the agreement of that date, which shall be superseded by this Agreement. THE HOUSING AUTHORITY OF SOUTHEASTERN UTAH: By: Jamul Riley, e Director Date 8 Ent 535344 Bk 0887 Pg 0347 J 0100 muw rooxvano. 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ITEM NO.. CONTRACT ITEM .I UNIT PLAN : Unit Cost Total 1..- EARTHWORK-E)(CAVA➢ON _ CY 400 J. j 15 DO $ -6,000 2 - SAWCUT,JREMOVAL & DISPOSAL OF ASPHALT PAVEMENT 5Y 50 $ 40.00 $ -i2,000 3- SAWC,REM.,& DLSP. OF SIDEWALK, CURB &GUTTER SY 4 - $ c50.00 $ f200 CLEARING, GRUBBING, SUBGRADE PREP SY 1,930 _.. $ 4.00 $ 7,720 5 AGGREGATE BASE COURSE 3/4'(&DEPTH) CY --' 400 $ '3500 $ 14,000 6 - ASPHALT PAVEMENT() INCH) SY :1,060. $ 52600 $:` - 26,500. 71'J. CONCRETE CURB &GUTTER _ lF 1540 ' $.-:25.00 $ - 13,500. 8 CONCRETE SIOWAI1.14"DEPTH) - - SY 2700 -- $. 10.00 $ - 2,700 9.. CONCRETE APRON 16"DEPTH) SY ... 200 $" L5.00 $ 300 SUBTOTAL $ - 72,920 SEWER. ITEM NO CONTRACT ITEM UNIT ':PLAN ;Unit Cost Total 10 8"SDR-351NEL:'TRENCH ,. BED; BACRFILL LF. -306 -'. $ B000 $ 24,400 11. '. 48"DIA. MANHOLE EA J. 1 C $ : 4,00000 $ 4,000 12 CONNECT TO E]NSTING MANHOLE -. EA 1 ;$ 9,50000 $ 3,500 13 4"SOR35: INC TRENCH, BED, BACRFILL,CIEANOUT LF - IS $ 6000 $ 900 SUBTOTAL $ C32,600 "WATER ITEM NO. CONTRACT ITEM ' UNIT %MAN '. Unit Cost Total 14 8" C900 INCL. TRENCH, BED, BACKEILL - -- LF $60 $. 100 D0 $ 56,000 15"._8"WATER VALVE - EA - 3 $. 3,000.00 $. 19,W0 16. 8"FITTING (3 TEE, 45 DEG. ELBOW,8x6 REDUCER,CAP) - EA 5 ll. $ :1,000.00 $'. 1S,000 7 -6" C900 INCL. TRENCH, BED, BACKFILL LF - 40 -. $ !9000 $. +3,600 18 6"MING(CAP) EA. '. I $ 'soo.00 $ .. '. BOO 19 ) EIRE.HYORANT ASSEMBLY VN6VALVE EA 1 $ $,500.00 $ '6,500 SUBTOTAL $ '80,900 TOTAL COST ESTIMATE $ 186,620 Ent 535344 Bk 0887 Pg 0365 EXHIBIT 4 KeyBank National Association 4910 Tiedeman Road, 3rd Floor Mail Code OH-01-51-0311 Brooklyn, Ohio 44144 Attention: Community Development Lending Reference: MAPS Senior Living, LLC August _, 2019 City of Moab 217 East Center Street Moab, Utah 84532 Attn: City Manager Re: Completion Assurance/Set Aside Letter Borrower: MAPS SENIOR LIVING, LLC, a Utah limited liability company Bank's Loan No. 10201400 Municipality: City of Moab, a Utah municipality Amount: Two Hundred Five Thousand Two Hundred Eighty Two and No/100 Dollars ($205,282.00) Ladies and Gentlemen: We are pleased to advise you that KeyBanIcNational Association, a national banking association, has made or has agreed to make a construction loan (the "Loan") to the above -referenced Borrower (`Borrower") for the purpose of financing, among other things, the construction of certain on -site, off -site, street improvement and/or other improvements (collectively, the `Borrower Work" as described in Exhibit B) to the property described in Exhibit A hereto (the "Property"), which we understand Borrower has agreed with the City of Moab ("City" or "you") to construct at Borrower's expense pursuant to a subdivision improvements agreement (the "SIA"). In consideration of Borrower's agreement to perform the Borrower Work and at your request, we agree to establish certain on -site, off -site, and street improvement categories in the construction loan budget in an amount not less than Two Hundred Five Thousand Two Hundred Eighty Two and No/100 Dollars ($205,282.00) in the aggregate and as more fully set forth above (the "Set Aside Funds"), to pay for the cost of constructing the Borrower Work Although Borrower has represented to us that such Set Aside Funds are sufficient to pay for the cost of constructing and completing the Borrower Work, we make no representation or warranty as to whether the amount of such Set Aside Funds is or will be sufficient to complete and pay for the Borrower Work. Disbursement of any portion of the Set Aside Funds from such budget categories to Borrower will be made upon the request of Borrower and in accordance with the terms and conditions set forth in that certain Construction Loan Agreement of substantially even date by and between Borrower and KeyBank National Association, a national banking association, governing the Loan (as amended, the "Construction Loan Agreement'). In addition, the Construction Loan Agreement contains certain conditions precedent to funding disbursements of the Set Aside Funds to Borrower from the line item budget categories which to date have not been satisfied by Borrower. However, notwithstanding the preceding, the disbursement of Set Aside Funds to City pursuant to the exercise of its Draw Right in accordance with the terms of this letter shall not be subject to the terms and conditions of the Construction Loan Agreement, but rather shall be govemed by the terms of this letter. We have no obligation to ensure that the Set Aside Funds, if disbursed to Borrower or City (as applicable), are actually used for the construction of 4835-7949-0715 Ent 535344 Bk 0887 Pg 0366 City of Moab August , 2019 Page 2 the Borrower Work, or that the Borrower Work is properly and timely constructed according to any required standard of workmanship. In the absence of the City exercising its Draw Right (as defined below) hereunder (which shall only be subject to satisfaction of the Draw Right Conditions and applicable law), we will only disburse the Set Aside Funds to the Borrower CO upon satisfaction of the conditions precedent thereto set forth in the Construction Loan Agreement, and (ii) upon City's written consent to Borrower's request for such funds, which consent may be evidenced by the City Engineer's (or other duly authorized representative's) signature on the Borrower's draw request or certification submitted to Lender for such funds. If the City's right to draw on the Set Aside Funds to complete the Borrower Work has arisen under the SIA pursuant to the occurrence of a default thereunder (such right, the "Draw Right"), we will disburse to the City (and not Borrower) the remaining undisbursed balance, if any, of the Set Aside Funds for the City to use in diligently completing the Borrower Work and paying the costs of it. We will only disburse these Set Aside Funds to the City if CO the Draw Right has arisen upon a declaration of default by the City under the SIA, and (E) we receive the written demand of the City for such funds (collectively, the "Draw Right Conditions"), but such disbursements shall not, for the avoidance of doubt, be subject to the satisfaction of the terms or conditions relative to advances set forth in the Construction Loan Agreement. For the avoidance of doubt, our liability, if any, under this letter will be reduced by the aggregate amount of Set Aside Funds which we actually disburse to the Borrower or the City from the applicable category(ies) in the Loan budget provided that, for the avoidance of doubt, our liability hereunder shall not be reduced by any advance of Set Aside Funds to the Borrower if the City hasn't consented to such advance in writing as provided herein. Our liability will expire and terminate upon, and no claim that you might bring hereunder shall be valid unless received by us prior to, the earliest to occur of: (i) acceptance of the Borrower Work by you as evidenced in a writing delivered to us at our address set forth above (or such other address of which we send you notice at your address set forth above), (ii) disbursement in full of all Set Aside Funds in the respective category(ies) in the Loan budget, or (iii) your retum of the original of this letter to us at our address set forth above (or such other address of which we send you notice at your address set forth above). This letter will be govemed by the laws of the State of Utah. No notice is required of your acceptance of this letter. 4835-7949-0715 [Remainder of Page Intentionally Left Blank] Ent 535344 Bk 0887 Pg 4367 City of Moab August _, 2019 Page 3 4835-7949-0715 Very truly yours, KEYBANK NATIONAL ASSOCIATION a national banking association By: Name: Sarah Geis Title: Vice President Ent 535344 Bk 0887 Pg 0368 EXHIBIT A PROPERTY DESCRIPTION That certain real property owned by Borrower and situated in the County of Grand, State of Utah and described as follows: Parcels 1 and 2, Maps Subdivision, Phase II, as recorded at Reception 534983, Book 886, Page 510 of the land records, Grand County, Utah. Exhibit A Ent 535344 Bk 0667 Pg 0369 4835-7949-0715 EXHIBIT B BORROWER WORK BUDGET Utah 18-055 PIA ITEM NO. CONTRACT ITEM UNIT PLAN Unit Cost Total 1 EARTHWORK - EXCAVATION CY 400 $ 15.00 $ 6,000 2 SAWCUT, REMOVAL & DISPOSAL OF ASPHALT PAVEMENT SY 50 $ 40.00 $ 2,000 3 SAWC., REM., & DISP. OF SIDEWALK, CURB & GUTTER SY 4 $ 50.00 $ 200 4 CLEARING, GRUBBING, SUBGRADE PREP SY 1,930 $ 4.00 $ 7,720 5 AGGREGATE BASE COURSE 3/4" (8" DEPTH) CY 400 $ 35.00$14,000 6 ASPHALT PAVEMENT (3 INCH) SY 1,060 $ 25.00 $ 2 6,500 7 CONCRETE CURB & GUTTER LF 540 $ 25.00 $13,500 8 CONCRETE SIDWALK (4' DEPTH) SY 270.0 $10.00 $ 2,700 9 CONCRETE APRON (6' DEPTH) SY 20.0 $15.00 $ 300 $ 7 2,920 REM NO. CONTRACT ITEM UNIT PLAN Unit Cost Tatai 10 B" 5DR-351NCL. TRENCH, BED, BACKFILL LF 305 $ 80.00 $ 2 4,400 1148" DIA. MANHOLE EA 1$ 4,000.00 $ 4,000 12 CONNECT TO EXISTING MANHOLE EA 1$ 3,500.00 $ 3,500 13 4" 5DR-351NC. TRENCH, BED, BACKFILL, CLEANOUT LF 15 $ 60.00 $ 900 $ 3 2,800 ITEM NO. CONTRACT ITEM UNIT PLAN Unit Cast Total 148" C9001NCL TRENCH, BED, BACKFILL LF 560 $100.00 $ 5 6,000 15 8" WATER VALVE EA 3 $ 3,000.00 $ 9,000 168" FITTING (8 TEE, 45 DEG. ELBOW,8x6 REDUCER,CAP) EA 5 $1,000.00 $ 5,000 17 6" C9001NCL TRENCH, BED, BACKFILL LF 40 $ 90.00 $ 3,600 18 6" FITTING (CAP) EA 1$ 800.00 $ 800 19 FIRE HYDRANT ASSEMBLY W/ 6" VALVE EA 1$ 6,500.00 $ 6,500 $80,900 $186,620 x 110°%= $205,282.00 Exhibit B 4835-7949-0715 Ent 535344 Ilk 0887 Pg 0370 CITY OF MOAB RESOLUTION NO.46-2019 A RESOLUTION AUTHORIZING THE EXECUTION OF A RESTATED AND AMENDED SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE MAPS SUBDIVISION, PHASE II The following findings describe the reasons for this resolution and explain its purpose. a. On March 12, 2019 the City entered into a Subdivision Improvements Agreement (SIA) with the Housing Authority of Southeastern Utah (HASU) for the Maps Subdivision. A plat for the subdivision was subsequently recorded. b. As a result of changes in its financing for the project, HASU has now elected to convey the subject property to another entity, Moab Senior Living, LLC, which will develop the project. c. The parties intend to execute a new SIA in the form attached which will supersede the original agreement between the City and HASU. Additionally, the SIA includes a Set - Aside Agreement wherein the lender, Key Bank, will disburse funds from the construction loan for the construction of the public improvements. d. HASU consents to the execution of the Restated and Amended Subdivision Improvements Agreement. Now therefore, the City of Moab resolves as follows: The City authorizes the Mayor to execute the attached SIA with Moab Senior Living, LLC and to accept the Set -Aside Agreement provided by the lender, Key Bank, in the amount of $205,282.00. PASSED AND APPROVED by a majority of the City Council, this 27t' day of August, 2019. By: Emily S. Niehaus, Mayor Date PO 9 Attest: By:. $128/! 9 larder Date Keen I(trk, Depkhi Reconk, 1