012 of 2021 - Budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO 12 of 2021
(Adopting the Annual Budget for the Redevelopment Agency of Salt Lake City, Utah
for Fiscal Year 2021-2022)
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, 2021
and Ending June 30, 2022.
WHEREAS, the Redevelopment Agency of Salt Lake City (“Agency”) was created to
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
2021-2022 Annual Budget; and
WHEREAS, the Board of Directors of the Agency (“Board”) has determined that the
public improvements to be carried out 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 4, 2021 the Board of Directors adopted the tentative budget by
Resolution 9 of 2021 (“Tentative Budget”); and
WHEREAS, the Tentative Budget adopted by the Board 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
WHEREAS, the Agency caused a copy of the proposed 2021-2022 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
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Notice Website created in Utah Code Section 63F-1-701, and c) on the City’s publicly viewable
Website; and
WHEREAS, at its May 18, 2021, and June 1, 2021 meetings, the Board held public
hearings on the Tentative Budget, at which hearings 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:
SECTION 1. ADOPTION OF BUDGET. The previously adopted Tentative Budget, as
modified by the “Key Changes” attached and made a part of this Resolution, is adopted as the
Budget of the Redevelopment Agency of Salt Lake City for the fiscal year commencing on July
1, 2021 and ending June 30, 2022.
SECTION 2. EXHIBITS INCORPORATED BY REFERENCE. The following exhibits
are incorporated by reference in the budget for fiscal year 2021-2022 and adopted as an element
of the budget:
A. “Redevelopment Agency Key Changes”, labeled “Board Adopted June 15, 2021”;
B. The Motion Sheet, labeled “Board Adopted June 15, 2021.”
SECTION 3. FILING OF BUDGET; PUBLIC INSPECTION. 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. A copy of said final budget
shall be certified and filed with the Salt Lake County Auditor, the State Tax Commission, the
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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.
SECTION 6. EFFECTIVE DATE. This Resolution shall take effect on July 1, 2021.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
15th day of June, 2021.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
June 30, 2021
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
Allison Parks (Jun 30, 2021 14:25 MDT)
Ana Valdemoros (Jul 13, 2021 15:39 MDT)
Jul 13, 2021
Erin Mendenhall (Jul 20, 2021 14:37 MDT)
4
Cindy Trishman (Jul 20, 2021 19:55 MDT)
Item D2
MOTION SHEET
Redevelopment Agency Board of SALT LAKE CITY
TO:RDA Board Members
FROM: Jennifer Bruno and Ben Luedtke and Allison Rowland
Deputy Director and Budget & Policy Analysts
DATE:June 15, 2021
RE: MOTION SHEET – Redevelopment Agency (RDA) FY 2022 Budget
– RED TEXT TO BE READ ALOUD BY BOARD MEMBERS –
MOTION 1 – TO ADOPT THE FY22 RDA BUDGET
I move that the Board adopt a resolution approving the FY22 RDA Budget reflected in the attached Key
Changes spreadsheet with the clarifications shown on the motion sheet.
RDA Capital Projects – $2,947,019 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. $83,832 from the Central Business District and $667,535 from Program Income Fund for Storefront & Commercial
Revitalization into a holding account
b. $100,000 from Block 70 for Regent Street Parking Structure Reserve holding account
c. $332,179 from the Depot District for Station Center Infrastructure holding account
d. $200,000 from the Depot District for Environmental Remediation at Station Center Sites 3 & 4
e. $443,731 from the Granary District for Community & Cultural Initiative into a holding account
f. $30,474 from North Temple for the required 10% school fund
g. $289,268 from North Temple for a Strategic Interventions holding account
h. $350,000 Northwest Quadrant Shared Costs holding account
i. $200,000 from Program Income Fund for Sustainability Technical Assistance Program holding account
j. $250,000 from Program Income Fund for Gallivan repairs into a holding account
Overall Budget Process Note: Unless the RDA Board expressly appropriates funds, they’re ineligible to be spent.
MOTION 2 – TO ADOPT LEGISLATIVE INTENTS
I move that the Board adopt the Legislative Intent Statements as outlined on the motion sheet under
Motion 2, items A and B.
A.Energy Efficiency as a Condition of any RDA Project Loans and Investments. It is the intent of the Board
that all RDA project loans and investments require certain energy efficiency standards be met as a condition of
funding.
Staff note: The Council/Board may wish to designate specific energy efficiency or sustainability standards, such as
those set out by LEED and other accrediting organizations. (See examples at
https://www.epa.gov/smartgrowth/green-building-standards.)
B.Structure of Accounts within RDA, including Fund Balances and Previous Capital Projects. It is the
intent of the Board to review the full structure of RDA accounts, including fund balances and capital projects funded in
previous years. The Board may wish to discuss with the RDA and Finance staff the best way to get this information on
a real-time basis.
Staff note: The City’s Enterprise Resource Planning (ERP) effort will help in tracking/providing this information in
a less labor-intensive way, although the horizon for full implementation could be a year or longer.
Board Adopted June 15, 2021
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Central Business District
Revenue and Other Sources
Tax Increment 25,066,500 2,506,650 27,573,150
Interest Income 300,000 50,000 350,000
Total Revenues and Other Sources Budget 25,366,500 2,556,650 27,923,150
Expenses and Other Uses
Taxing Entity Payment (60%)15,039,900 1,503,990 16,543,890
Eccles Debt Service Block 70 RDA Match 2,638,112 469,628 3,107,740
Transfer to Administration 2,506,650 250,665 2,757,315
Commercial Development Loan Program 250,000 (250,000) -
Miscellaneous Property Expense 800,000 175,000 975,000
TI Reimbursement Jazz Arena 700,000 107,710 807,710
Gallivan Maintenance 528,543 (5,405) 523,138
TI Reimbursement 222 South Main 500,000 169,688 669,688
Gallivan Programming 200,000 50,000 250,000
Gallivan Administration 351,492 (11,010) 340,482
Eccles Debt Service Reserve 1,537,449 262,551 1,800,000
Parking Ramp Leases 64,355 - 64,355
Capital Expenditures - Japantown
-{Holding Account}-250,000 (250,000) -
Capital Expenditures - Storefront Revitalization
-{Holding Account}-- 83,832 83,832
Total Expenditures and Other Uses Budget 25,366,500 2,556,650 27,923,150
Budgeted revenues and other sources over
(under) expenditures and other uses -
West Capitol Hill
Revenue and Other Sources
Interest Income 100,000 50,000 150,000
Total Revenues and Other Sources Budget 100,000 50,000 150,000
Expenses and Other Uses
Transfer to Administration 100,000 50,000 150,000
Total Expenditures and Other Uses Budget 100,000 50,000 150,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
REDEVELOPMENT AGENCY KEY CHANGES
West Temple Gateway
Revenue and Other Sources
Interest Income 50,000 - 50,000
Total Revenues and Other Sources Budget 50,000 - 50,000
Expenses and Other Uses
Transfer to Administration 50,000 - 50,000
Total Expenditures and Other Uses Budget 50,000 - 50,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Depot District
Revenue and Other Sources
Tax Increment 3,844,278 76,886 3,921,164
Interest Income 180,000 20,000 200,000
Total Revenues and Other Sources Budget 4,024,278 96,886 4,121,164
Expenses and Other Uses
TI Reimbursement Gateway 1,200,000 65,520 1,265,520
Primary Housing Fund 768,856 15,377 784,233
Capital Expenditures - 100 S Utilities
-{Holding Account}-388,981 (388,981) -
Capital Expenditures - Station Center Infrastructure
-{Holding Account}-- 332,179 332,179
Transfer to Administration 576,642 11,533 588,175
Grant Tower Debt Service 275,800 (200) 275,600
TI Reimbursement Alta Gateway 260,000 119,960 379,960
TI Reimbursement Homewood Suites 110,000 (4,064) 105,936
Miscellaneous Property Expense 100,000 20,000 120,000
TI Reimbursement Cowboy Partners Liberty Gateway 94,000 (24,439) 69,561
TI Reimbursement Cicero 50,000 (50,000) -
Capital Expenditures - Environmental Remediation Sites 3 & 4
-{Holding Account}-200,000 - 200,000
Total Expenditures and Other Uses Budget 4,024,278 96,885 4,121,163
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Granary District
Revenue and Other Sources
Tax Increment 608,945 12,179 621,124
Interest Income 40,000 5,000 45,000
Total Revenues and Other Sources Budget 648,945 17,179 666,124
Expenses and Other Uses
Adaptive Reuse loan program
-{Holding Account}-396,814 (396,814) -
Capital Expenditures - Community/Cultural Initiative
-{Holding Account}-- 443,731 443,731
Primary Housing Fund 121,789 2,436 124,225
Transfer to Administration 91,342 1,827 93,169
TI Reimbursement Artspace Commons 34,000 (34,000) -
Miscellaneous Property Expense 5,000 - 5,000
Total Expenditures and Other Uses Budget 648,945 17,180 666,124
Budgeted revenues and other sources over
(under) expenditures and other uses (0)
North Temple
Revenue and Other Sources
Tax Increment 426,810 8,536 435,346
Interest Income 14,000 1,000 15,000
Transfer In from Primary Housing Fund (One-time)1,000,000 1,000,000
Transfer In from Debt Service Fund Class 81 North Temple Viaduct
Bond RDA Reimbursement (One-time)1,000,000 1,000,000
Transfer In from General Fund Investments in Underserved
Neighborhoods Holding Account (One-time)669,138 669,138
Transfer In from Program Income Fund North Temple Catalytic
Project Holding Account (One-time)255,215 255,215
Use of North Temple Catalytic Project Holding Account (One-time)788,037 788,037
Total Revenues and Other Sources Budget 440,810 3,721,926 4,162,736
Expenses and Other Uses
Capital Expenditures - Catalytic Project
-{Holding Account}-270,086 (270,086) -
Primary Housing Fund 85,362 1,707 87,069
Capital Expenditures - 10% School Construction Fund
-{Holding Account}-42,681 (12,207) 30,474
North Temple Strategic Intervention Fund
-{Holding Account}-- 4,001,658 4,001,658
Transfer to Administration 42,681 854 43,535
Total Expenditures and Other Uses Budget 440,810 3,721,926 4,162,736
Budgeted revenues and other sources over
(under) expenditures and other uses (0)
Block 70
Revenue and Other Sources
Private Fundraising 800,000 (800,000) -
Transfer From CBD Taxing Entity Payments 4,043,171 66,029 4,109,200
Transfer From CBD Eccles Debt Service RDA match 2,638,112 469,628 3,107,740
Transfer from CBD Eccles Debt Service Reserve Account 1,537,449 262,551 1,800,000
Tax Increment 1,884,631 37,693 1,922,323
Interest Income 50,000 (50,000) -
Total Revenues and Other Sources Budget 10,953,363 (14,099) 10,939,263
Expenses and Other Uses
Eccles Theater Debt Service 8,070,927 (2,718) 8,068,209
Reserve for Eccles Debt Service 480,959 (390,342) 90,617
Regent Street Bond Debt Service 981,087 467,653 1,448,740
Taxing Entity Payments (30%)565,390 11,307 576,697
Fundraising Fulfillment 150,000 (50,000) 100,000
Eccles Theater- Operating Reserve for Ancillary Spaces 475,000 - 475,000
Property and Liability Insurance 50,000 (50,000) -
Regent Street Parking Structure Capital Reserves
-{Holding Account}-100,000 - 100,000
Regent Street Maintenance 80,000 - 80,000
Total Expenditures and Other Uses Budget 10,953,363 (14,100) 10,939,263
Budgeted revenues and other sources over
(under) expenditures and other uses 0
North Temple Viaduct
Revenue and Other Sources
Tax Increment 1,158,313 23,166 1,181,479
Interest Income 1,500 6,000 7,500
Total Revenues and Other Sources Budget 1,159,813 29,166 1,188,979
Expenses and Other Uses
Debt Service Payment to Salt Lake City 1,142,438 28,819 1,171,257
Transfer to Admin 17,375 347 17,722
Total Expenditures and Other Uses Budget 1,159,813 29,166 1,188,979
Budgeted revenues and other sources over
(under) expenditures and other uses -
Northwest Quadrant
Revenue and Other Sources
Tax Increment - 1,500,000 1,500,000
Interest Income - - -
Total Revenues and Other Sources Budget - 1,500,000 1,500,000
Expenses and Other Uses
TI Reimbursement NWQ Phase I - 500,000 500,000
Transfer to Secondary Housing - 350,000 350,000
Shared Costs
-{Holding Account}-- 350,000 350,000
Transfer to Primary Housing - 150,000 150,000
Transfer to Admin - 150,000 150,000
Total Expenditures and Other Uses Budget - 1,500,000 1,500,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Stadler Rail
Revenue and Other Sources
Tax Increment - 71,000 71,000
Interest Income - - -
Total Revenues and Other Sources Budget - 71,000 71,000
Expenses and Other Uses
TI Reimbursement - 56,800 56,800
Transfer to Primary Housing - 7,100 7,100
Transfer to Admin - 7,100 7,100
Total Expenditures and Other Uses Budget - 71,000 71,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Revolving Loan Fund
Revenue and Other Sources
FY17 Beginning Balance
Interest on Investment 470,000 - 470,000
Principal Payments 275,000 (220,000) 55,000
Interest on Loans 107,000 (82,000) 25,000
Total Revenues and Other Sources Budget 852,000 (302,000) 550,000
Expenses and Other Uses
Available to Lend 852,000 (302,000) 550,000
Total Expenditures and Other Uses Budget 852,000 (302,000) 550,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Program Income Fund
Revenue and Other Sources
Parking Structure Income 1,242,335 - 1,242,335
Rents 315,000 (99,300) 215,700
Interest Income 250,000 - 250,000
Loan Repayments 88,000 (60,000) 28,000
Interest on Loans 10,500 (4,000) 6,500
Use of North Temple Catalytic Project Holding Account (One-time)- 255,215 255,215
Total Revenues and Other Sources Budget 1,905,835 91,915 1,997,750
Expenses and Other Uses
Capital Expenditures - Commercial Revitalization Program
-{Holding Account}-- 667,535 667,535
Professional Services 299,009 991 300,000
Miscellaneous Property Expense 300,000 - 300,000
Capital Expenditures - Sustainability Technical Assistance Program
-{Holding Account}-- 200,000 200,000
Transfer to Administration 176,611 (176,611) -
Marketing and Sales 25,000 - 25,000
Project Area Seed Funds 505,215 (505,215) -
Capital Expenditures - Gallivan Repairs
-{Holding Account}-250,000 - 250,000
Capital Expenditures - Project Area Art
-{Holding Account}-250,000 (250,000) -
Project Area Creation 100,000 (100,000) -
Transfer Out to North Temple Project Area (One-time)- 255,215 255,215
Total Expenditures and Other Uses Budget 1,905,835 91,915 1,997,750
Budgeted revenues and other sources over
(under) expenditures and other uses -
Secondary Housing Fund (formerly Project Area Housing Fund)
Revenue and Other Sources
Interest Income 44,000 - 44,000
Transfer from NWQ - 350,000 350,000
Total Revenues and Other Sources Budget 44,000 350,000 394,000
Expenses and Other Uses
Capital Expenditures - Housing Development Loan Program
-{Holding Account}-- - -
Infill Housing Development 44,000 (44,000) -
Capital Expenditures - Accessory Dwelling Unit Program
-{Holding Account}-- 394,000 394,000
Total Expenditures and Other Uses Budget 44,000 350,000 394,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Primary Housing Fund (formerly Citywide Housing Fund)
Revenue and Other Sources
Transfer from Depot 768,856 15,377 784,233
Interest Income 225,000 - 225,000
Transfer from NWQ - - 150,000
Transfer from Granary 121,789 2,436 124,225
Loan Repayments 82,547 (31,547) 51,000
Interest on Loans 80,225 (10,225) 70,000
Transfer from Stadler Rail - 7,100 7,100
Transfer from North Temple 85,362 1,707 87,069
Total Revenues and Other Sources Budget 1,363,779 (15,152) 1,498,627
Expenses and Other Uses
Housing NOFA 1,363,779 (1,363,779) -
Housing Development Loan Program
-{Holding Account}-- 498,627 498,627
Strategic Site Acquisition
-{Holding Account}-- - -
Transfer Out to North Temple Project Area (One-time)- 1,000,000 1,000,000
Total Expenditures and Other Uses Budget 1,363,779 134,848 1,498,627
Budgeted revenues and other sources over
(under) expenditures and other uses (0)
NWQ Housing Fund
Revenue and Other Sources
UIPA Housing Allocation - 250,000 250,000
Total Revenues and Other Sources Budget - 250,000 250,000
Expenses and Other Uses
Capital Expenditures - Accessory Dwelling Unit Program
-{Holding Account}-- - -
Westside Urban Land Fund -{Holding Account}-- 250,000 250,000
Total Expenditures and Other Uses Budget - 250,000 250,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Housing Development Fund
Revenue and Other Sources
Funding Our Future Land Discounts and Financing 2,590,000 - 2,590,000
Total Revenues and Other Sources Budget 2,590,000 - 2,590,000
Expenses and Other Uses
Housing Development Loan Program
-{Holding Account}-2,590,000 - 2,590,000
Total Expenditures and Other Uses Budget 2,590,000 - 2,590,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Administration
Revenue and Other Sources
Transfer from Central Business District 2,506,650 250,665 2,757,315
Transfer from Depot District 576,642 11,533 588,175
Transfer from West Capitol Hill 100,000 50,000 150,000
Transfer from Granary District 91,342 1,827 93,169
Transfer from West Temple Gateway 50,000 - 50,000
Transfer from North Temple 42,681 854 43,535
Transfer From Program Income Fund 176,610 (176,610) -
Transfer from North Temple Viaduct 17,375 347 17,722
Transfer from Northwest Quadrant - 150,000 150,000
Transfer from Stadler Rail - 7,100 7,100
Transfer from FC77 1,171,996 (1,171,996) -
Total Revenues and Other Sources Budget 4,733,296 (876,281) 3,857,015
Expenses and Other Uses
RDA Personnel 2,100,484 19 154,148 2,254,632
Gallivan Personnel 1,171,996 13 (1,171,996) -
Administrative Fees 800,000 139,683 939,683
Operating & Maintenance 308,116 51,884 360,000
Charges and Services 202,700 - 202,700
Furniture, Fixtures and Equipment 150,000 (50,000) 100,000
Total Expenditures and Other Uses Budget 4,733,296 32 (876,281) 3,857,015
Budgeted revenues and other sources over
(under) expenditures and other uses (0)
TOTAL Revenue 54,232,619 61,909,808
TOTAL Expense 54,232,619 61,909,808
CIP Allocations detailed on Cap Projects tab 4,738,562 5,746,378
Appropriation of Fund Balance - -
GRAND TOTALS
RDA Budget Resolution: 012 of 2021
Final Audit Report 2021-07-21
Created:2021-06-30
By:Cindy Trishman (cindy.trishman@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAeyi0XyvBvTf-11lei1SvbnVdXfv2DzK4
"RDA Budget Resolution: 012 of 2021" History
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Agreement completed.
2021-07-21 - 1:55:27 AM GMT