Pendleton House Loan Extension

At a glance

• What: Amending the Agency's 1995 loan of $150,000 to Sedona Associates, LLC for the Pendleton House (formerly the Sedona Apartments), a 16-unit supportive housing property for women leaving homelessness and those with severe disabilities or mental illness.
• Where it stands: Approved August 18, 2026 by Resolution 18 of 2026, 5-0.
• Status: Resolved. Maturity extended five years; loan due immediately on sale, refinance, transfer or redevelopment.

Detail

Allison Rowland introduced the item. Hayden Callaway and Tracy Tran said about $132,000 remained due at maturity and Sedona Associates lacked the capacity to make the balloon payment. Staff proposed continuing the $50 monthly payments while requiring repayment on sale, transfer, refinancing or redevelopment.

Discussion covered the chance of needing another extension, the City's remedies for nonpayment, property maintenance expectations, and the cost of tying up funds that could support another Agency project. Director Dugan asked staff to look at expressly reinforcing property-maintenance requirements in the amended loan documents, beyond the existing deed restriction; Directors Napier-Pearce and Puy echoed the request, and staff said they would evaluate it.

Motion

Moved by Napier-Pearce, seconded by Director Carlsen, to adopt Resolution 18 of 2026 amending the loan terms with Sedona Associates for the Pendleton House. AYE: Puy, Wharton, Napier-Pearce, Carlsen, Dugan. ABSENT: Petro, Young. Passed 5-0.

Sources

• Community Reinvestment Agency minutes, August 18, 2026 (approved October 13, 2026): https://slc.primegov.com/Public/CompiledDocument/45591

Log

2026-08-18 - Community Reinvestment Agency

Resolution 18 of 2026 adopted 5-0; directors asked staff to consider maintenance language in the amended documents.