HomeMy WebLinkAbout012 of 2020 - Budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2020-21R 20-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-12-2020
(Adopting the Annual Budget for the Redevelopment Agency of Salt Lake City, Utah
for Fiscal Year 2020-2021)
A Resolution of the Board of Directors of the Redevelopment Agency of Salt Lake City,
Utah Adopting the Annual Budget for the Remainder of the Fiscal Year Beginning July 1, 2020
and Ending June 30, 2021.
WHEREAS Agency
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act; and
WHEREAS, the Agency has determined it is both necessary and desirable to adopt the
2020-2021Annual Budget; and
WHEREAS, the Board of Directors has determined that the public improvements to be
constructed with tax increment in each of the project areas will be of benefit to the project area
which generated the tax increment; and
WHEREAS, on May 5, 2020, the Board of Directors adopted the tentative budget by
Resolution 11 of 2020; and
WHEREAS, the tentative budget adopted by the Board of Directors and all supporting
schedules and data was a public record in the office of the Salt Lake City Recorder, available for
public inspection for a period of at least ten days before the adoption of the final budget; and
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WHEREAS, the Agency caused a copy of the proposed 2020-2021 Annual Budget to be
available for public inspection at least seven days before the hearing a) in at least one issue of a
newspaper of general circulation published in Salt Lake County, Utah, b) on the Utah Public Notice
Website created in Utah Code Section 63F-1-701, and c) on the
and
WHEREAS, at its May 19, 2020, and June 2, 2020 meetings, the Board held public hearing
on the budget tentatively adopted, at which hearing all interested persons in attendance or
connected remotely were given an opportunity to be heard on the estimates of revenues and
expenditures or any item in the tentative budget.
NOW, THEREFORE, be it resolved by the Board of Directors of the Redevelopment
Agency of Salt Lake City, that the previously adopted Tentative Budget, as modified by the "Key
Changes" attached hereto and made a part of this Resolution, shall be, and the same hereby is,
adopted as the Budget of the Redevelopment Agency of Salt Lake City for the fiscal year
commencing on July 1, 2020 and ending June 30 , 2021.
BE IT FURTHER RESOLVED, that the following budget contingencies are hereby
adopted with the Agency's 2020/2021 Annual Budget:
A. RDA Capital Projects $1,551,748 in capital projects are approved which do not lapse to
Fund Balance with the understanding that these will return to the Board when specific project
/ program proposals are available as follows:
a. $250,000 from Central Business District for Japan Town placed into a holding
account.
b. $100,000 from Block 70 for Regent Street Parking Structure Reserve account.
c. $388,981 from Depot District for 100 South Utilities placed into a holding account.
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d. $42,681 from North Temple for the required 10% school fund.
e. $270,086 from North Temple for a catalytic development project.
f. $250,000 from Program Income Fund for project area art.
g. $250,000 from Program Income Fund for Gallivan repairs placed into a holding
account.
BE IT FURTHER RESOLVED THAT:
A. A copy of said final budget shall be certified and filed in the office of the City Recorder
whose permanent office is located at 451 South State Street, Room 415, Salt Lake City,
UT 84111 but which office is temporarily located at 349 South 200 East, Salt Lake City,
UT 84111. Said final budget shall be available to the public for inspection during regular
business hours.
B. A copy of said final budget shall be certified and filed with the Salt Lake County Auditor,
the State Tax Commission, the State Auditor, the State Board of Education, and each taxing
entity from which the Agency receives project area funds as required by Utah Code Section
17C-1-601.5(6) within 90 days after its adoption.
C. This Resolution shall take effect immediately upon its approval and adoption.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 9 th
day of June, 2020.
________________________________
Amy Fowler, Chair
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Approved as to form: __________________________________
Allison Parks, Senior City Attorney
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
Cindy Lou Trishman, City Recorder