Plaza at State Street Timeline

 April 2012: RDA sold 1.1 acres of land at 255 South State Street to Tannach Properties for the
purposes of building a new mixed-use development.

 June 2015: The primary lender on the project, Citibank, declared a default on its loan to the
developer.

 June 2015: Tannach engages Wright Engineers to evaluate condition of the structure.

 August 2015: RDA issues notice of default under its development agreement with Tannach.

 October 2015: Tannach indicates to us that they have concluded that it is not economically feasible
to remediate structural deficiencies. As such, they are unable to cure the default on the
development agreement.

 November 2015: RDA issues notice of reverter to Tannach that commences the process of
identifying a replacement developer for a project on this property.

 April 15, 2016: RDA, with the corporation of Tannach Properties and backing of stakeholders,
identifies a replacement developer, Cowboy Partners, L.C., subject to approval by Citibank.

o Cowboy Partners’ recovery plan represented an opportunity to rehabilitate the site and
develop a project that serves the needs of our community, including the inclusion of units
affordable to households earning 50% of the area median income (AMI).
o Support for Cowboy Partners’ recovery plan was extended by the RDA, state and local
officials, affordable housing partners, and numerous other stakeholders.

 June – July 2016: Cowboy Partners L.C. negotiates with Citibank to acquire the property. Cowboy
Partners submits a revised offer after the initial offer is rejected by Citibank. Citibank has the right
to reject all offers and start the foreclosure process.

 August 2, 2016: Salt Lake City Mayor sends letter to Citibank legal counsel.

o Letter indicates support for Cowboy Partners’ revised offer and invites Citibank to visit Salt
Lake City to meet with the Mayor, RDA Board, and City Council members, and other
project stakeholders to open a dialogue with the bank about the State Street project’s
importance to the City, and to steer towards a resolution.

 August 16, 2016: RDA learns that Citibank will likely pursue foreclosure. In the event of
foreclosure, the RDA would lose all legal rights to the property and would be unable to influence
the process, land use, and design of a future development. The inclusion of affordable housing
continues to be of the utmost importance to the RDA and City.

 October 2, 2017: City sends a letter signed by Mayor Biskupski, Council Chair Penfold, and RDA
Chair Adams to Citibank regarding the upcoming October 10 sale of the Plaza at State Street
 property. The letter reaffirms the City’s support of affordable housing on the site. The letter was
mailed to Citibank, as well as emailed to Steven Waterman, Citibank’s attorney.

 October 10, 2017: RDA purchases the 1.1-acre property at a public auction for $4,025,000.

 February 2018: RDA releases RFQ for development of the property.

 August 2018: The RDA selects Brinshore Development, LLC, via a selection advisory committee
process.

 September 2018: The RDA and Brinshore execute a Purchase Agreement for the property.

 December: Brinshore is awarded Low Income Housing Tax Credits (LIHTC), both 9% and 4%.

 December 26, 2018: Demolishment of the site’s existing structure begins.

Next steps:

Complete demolition, clear site

Both parties will complete due diligence on property, including:
o Appraisal
o Refinement of development concept
o Project financing