06/01/2021 - Meeting MaterialsBoard of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
SPECIAL LIMITED MEETING AGENDA
June 1,2021 Tuesday 2:00 PM
This Meeting Will be an Electronic Meeting Pursuant to the Chair’s
Determination.
SLCRDA.com
This is a discussion among RDA Board Directors and select presenters.The public is welcome to listen,
unless otherwise specified as a public comment period.Items scheduled may be moved and /or discussed
during a different portion of the Meeting based on circumstance or availability of speakers.Item start
times and durations are approximate and are subject to change at the Chair’s discretion.
Generated:16:02:58
This meeting will be an electronic meeting pursuant to the Chair’s
determination:
As Redevelopment Agency (RDA)Board Chair,I hereby determine that conducting the
Salt Lake City Council meeting at an anchor location presents a substantial risk to the
health and safety of those who may be present,and that the City and County building has
been ordered closed to the public for health and safety reasons.
Members of the public are encouraged to participate in meetings.We want to make sure
everyone interested in the RDA meetings can still access the meetings how they feel most
comfortable.If you are interested in watching the RDA meetings,they are available on the
following platforms:
•Facebook Live:www.facebook.com/slcCouncil/
•YouTube:www.youtube.com/slclivemeetings
•Web Agenda:www.slc.gov/council/agendas/
•SLCtv Channel 17 Live:www.slctv.com/livestream/SLCtv-Live/2
As always,if you would like to provide feedback or comment,please call us or send us an
email:
•24-Hour comment line:801-535-7654
•council.comments@slcgov.com
More info and resources can be found at:www.slc.gov/council/contact-us/
Upcoming meetings and meeting information can be found
here:www.slc.gov/council/agendas/
We welcome and encourage your comments!We have Council staff monitoring inboxes
and voicemail,as always,to receive and share your comments with Board Members.
A.Comments:
NONE.
B.Public Hearing -individuals may speak to the Board once per public hearing topic
for two minutes,however written comments are always accepted:
NONE.
C.Redevelopment Agency Business -The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Resolution:RDA Budget Amendment No.1 for Fiscal Year 2020-21
Follow-up
~2:00
p.m.
20 min.
The Board will receive a follow-up briefing,and consider adopting,a resolution amending
the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2020-21.
Budget amendments happen several times each year to reflect adjustments in the
Redevelopment Agency’s budget,including proposed project additions and modifications,
and staffing changes.The amendment includes adjusting estimated property tax
increment revenues based on actual amounts received,additional funding for Station
Center public infrastructure in the Depot District,a to-be-decided catalytic development
along North Temple,a new community and cultural initiative in the Granary District,and
other changes.
2.Resolution:Redevelopment Agency Budget for Fiscal Year
2021-22 Follow-up
~2:20
p.m.
45 min.
The Board will receive a follow-up briefing on the proposed budget for the Redevelopment
Agency of Salt Lake City for Fiscal Year 2021-22.The Board will hold its second of two
public hearings on Tuesday,June 1,2021 at 7 pm.The Board expects to adopt the budget
in mid-June.
3.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director,including a review of information items,
announcements,and scheduling items.The Board of Directors may give feedback or
policy input.
4.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements.The Board may give
feedback on any item related to City business,including but not limited to scheduling
items.
D.Written Briefings –the following briefings are informational in nature and
require no action of the Board.Additional information can be provided to the Board
upon request:
NONE.
E.Consent –the following items are listed for consideration by the Board and can be
discussed individually upon request.A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session.A closed meeting described under
Section 52-4-205 may be held for specific purposes including,but not limited to:
1.discussion of the character,professional competence,or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase,exchange,or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration;or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property,including any form of a water
right or water shares,if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under consideration;
or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale;and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5.discussion regarding deployment of security personnel,devices,or systems;and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code §78B-1-137,and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
G.Adjournment
CERTIFICATE OF POSTING
On or before 5:00 p.m.on _____________________,the undersigned,duly appointed City Recorder,does
hereby certify that the above notice and agenda was (1)posted on the Utah Public Notice Website created under
Utah Code Section 63F-1-701,and (2)a copy of the foregoing provided to The Salt Lake Tribune and/or the
Deseret News and to a local media correspondent and any others who have indicated interest.
CINDY LOU TRISHMAN
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda,including but not limited
to adoption,rejection,amendment,addition of conditions and variations of options discussed.
People with disabilities may make requests for reasonable accommodation,which may include alternate
formats,interpreters,and other auxiliary aids and services.Please make requests at least two business days in
advance.To make a request,please contact the City Council Office at council.comments@slcgov.com,
801-535-7600,or relay service 711.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
COUNCIL.SLCGOV.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM: Ben Luedtke
Budget and Policy Analyst
DATE:June 1, 2021
RE: Redevelopment Agency (RDA)
Budget Amendment Number One FY2021
________________________________________________________________________________
RDA Budget Amendment Number One includes requested changes to 11 project areas and funds. Total expenditures
are $14,036871. There is a total of 50 items in this amendment. Most of the proposed items are true-up adjustments
based on actual property tax increment received. The annual budget uses a conservative forecasting of property tax
increment which results in an end of fiscal year amendment to recognize and adjust budgets based on actual (in this
case higher) tax increment revenues.
LEGALLY REQUIRED ITEMS
Many items in the budget amendment are legal requirements for the RDA which mostly fall into three categories:
Taxing entity payments which are pass throughs from the RDA to the School District or Salt Lake County.
Tax increment reimbursements to property owners that have agreements with the RDA. If certain
conditions are met, then a portion of their property taxes is reimbursed. This is called post-performance
because the reimbursement is only provided after the property owner has met the conditions and the
County Assessor confirms higher property values.
State law affordable housing set aside which is required only for some project areas which mostly goes to
the primary housing fund (can be used citywide).
DISCRETIONARY ITEMS
The items below are not legal requirements of the RDA. If desired, the Board could decide to take additional time to
consider some or all the items below and could decline to fund any of the items.
A. $568,354 request for Central Business District (CBD) Commercial Development Loan Program (page 2 of
transmittal from excess CBD tax increment revenue)
o If approved, then the loan program would have $818,354 available to lend in the CBD and does not
lapse to Fund Balance at the end of a fiscal year
o The Administration is working on revising the loan guidelines which would require Board approval
o There are currently no applications in the pipeline for these funds
o The Board may wish to ask:
What is the timeline for revising the loan guidelines?
How is the CBD loan program different than the RDA’s Revolving Loan Fund?
Project Timeline:
Set Date: April 13, 2021
1st Briefing: May 18, 2021
Public Hearing: May 18, 2021
2nd Briefing: June 1, 2021
Potential Action: June 8, 2021
Page | 2
B. $594,673 request for the Eccles Theater Debt Service Reserve Fund (page 2 of transmittal from excess CBD tax
increment revenue)
o If approved, then the reserve fund would have a balance of $2,132,122
o From FY21 to FY29 there’s a $7.5 million projected shortfall in revenues to cover bond payments
o An updated forecast is being developed with the Finance Department
o The Board may wish to ask the Administration for a timeline on the updated forecast to
account for the pandemic’s impact on Eccles Theater operations and the RDA’s
financial liability.
C. $959,009 request for Station Center infrastructure in the Depot District (page 3 of transmittal from excess
Depot District revenue)
o FY22 annual budget is also requesting $332,179
o If both requests are approved, then the total project budget would be $11,178,513
o The total estimated cost for Station Center is $14 million to $16 million based on current designs which
means a funding gap of approximately $3 million to $5 million
o The Board may wish to ask the Administration for a timeline on when construction is
planned and how the funding gap could be addressed or if current designs could be
brought within the approved lower budget level.
D. $288,173 request for a Community and Cultural Initiative in the Granary District (page 3 of transmittal from
excess Granary District revenue)
o FY22 annual budget is also requesting $443,731
o This is a new program so the funds would go into a holding account until the Board approves criteria
and a process
o The Board may wish to ask the Administration:
What are the goals of this new program and how does it align with the RDA's
recently updated guiding framework (see Attachment 2)?
What can the program accomplish before the Granary District stops collecting
tax increment in two years?
How would interested parties find out about this new program?
Will the process be first come first served or will criteria provide prioritization?
E. $144,419 request for a North Temple Catalytic Development (page 4 of transmittal from excess North Temple
revenue)
o FY22 annual budget also requesting $289,268
o If both requests are approved, then the catalytic development fund would have a balance of $1,293,252
o There is neither a specific property identified for these funds nor criteria for what qualifies as catalytic
o The Board may wish to discuss if the funding level is sufficient to meet goals for the
North Temple corridor.
F. $176,611 in 9-Line and State Street Project Area Seed Funds (page 6 of transmittal from excess Program
Income Fund (PIF) revenue)
o If the request is approved, then the total seed funds budget would be $2,181,826. Of that amount
$750,000 was fronted by the RDA to build the new 650 South Main Street TRAX Station contingent
upon adjacent developments reimbursing the RDA
o Note that these funds are flexible between the two project areas and are not limited to one or the other
o The Board may wish to discuss if the funding level is sufficient to meet goals for the two
new project areas or if there’s interest to identify additional funding to invest during
the early years of 9-Line and State Street project areas.
ATTACHMENTS
1. Station Center Map with Proposed New Streets
2. RDA Guiding Framework
ACRONYMS
CBD – Central Business District PIF – Program Income Fund
FY – Fiscal Year RDA – Redevelopment Agency
ATTACHMENT A
Station Center Site Plan
October 18, 2019
Guiding Framework
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA
projects and partnerships.
MISSION: The Redevelopment Agency of Salt Lake City revitalizes neighborhoods and business districts to improve livability, spark economic growth, and foster
authentic communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities, commercial vitality, public
spaces, and environmental sustainability.
VALUES: Economic Growth-
We act as a responsible steward of public funds,
taking a long-term view of investment, return,
and property values.
Community Impact-
We prioritize projects and programs that
demonstrate commitment to improving equity
and quality of life for residents and businesses
in Salt Lake City.
Neighborhood Vibrancy-
We cultivate distinct and livable built
environments that are contextually sensitive,
resilient, connected, and sustainable.
PROJECT EVALUATION PROCESS: In the context of the Mission and Values, the RDA evaluates projects via three steps, which answer the following questions: 1.) Does the
project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving defined LIVABILITY BENCHMARKS,
thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the RDA Loan Program or Tax Increment
Reimbursement Program?
*Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans
will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process.
Step 1:
THRESHOLDS
Alignment with adopted City policies & plans
Alignment with Project Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 2:
LIVABILITY
BENCHMARKS
Economic Growth
Leveraging
Timeliness
Return of Investment
Permanent Job Creation & Retention
Business Districts
Targeted Resources
Community Impact
Public Space
Transit Opportunities
Local Business Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Public Art
Community Support
Neighborhood Vibrancy
Quality Materials
Site & Urban Design
Building Design & Architecture
Sustainability
Walkability
Historic Preservation
Adaptive Reuse
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies, programs and procedures
EXHIBIT “A” TO RESOLUTION
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
CITY COUNCIL TRANSMITTAL
___________________________________ Date Received: ________________
Lisa Shaffer, Chief Administrative Officer Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City RDA Board DATE: May 3, 2021
Ana Valdemoros, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
SUBJECT: RDA Budget Amendment #1, FY2020-21
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed First Amendment to the Annual
RDA Budget for Fiscal Year 2021. Set public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 13,781,124.00 $ 14,036,871.00
RDA CIP FUND 0.00 0.00
TOTAL $ 13,781,124.00 $ 14,036,871.00
Lisa Shaffer (May 5, 2021 11:08 MDT)
EXECUTIVE SUMMARY:
The purpose of the First Amendment (“Amendment”) is to allocate the actual amount of TI
received for FY21.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Council. The
budget opening is separated in eight different categories:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. RDA Staff Memo
C. Budget Amendment #1 Summary Spreadsheet
PUBLIC PROCESS: Public Hearing
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
REDEVELOPMENT AGENCY STAFF MEMO
DATE: April 29, 2021
PREPARED BY: Danny Walz
RE: RDA Budget Amendment #1, FY 2020-2021
REQUESTED ACTION: Discuss and consider the adoption of the proposed First Amendment to the
Annual RDA Budget for Fiscal Year 2021.
BUDGET IMPACTS: The First Amendment identifies appropriations for Agency operations and
projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the First Amendment (“Amendment”) is to allocate funds
from the 2020 tax increment received across multiple funds. The bulk of allocations are a function of the
increased tax increment and involve adjustments based on the actual receipt of funds. The remaining
allocations increase funding for existing Agency projects and programs with the exception of a new
initiative proposed as part of the Agency’s FY22 budget.
ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within
the Agency budget for Fiscal Year 2021. The adjustments fall into the following categories and
descriptions:
Central Business
District
Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$25,066,500 $6,094,198 $31,160,698 Allocation is a function of actual
Tax Increment received
Taxing Entity
Payments
$15,039,900 $3,656,519 $18,696,419 Allocation is a function of actual
Tax Increment received and
refunded to Taxing Entities
Eccles Debt Service
Match
$2,638,112 $1,109,229 $3,747,340 Allocation is a function of actual
Tax Increment received and
allocated to Eccles Debt Service
Transfer to Admin $2,506,650 ($14,576) $2,492,074 Allocation towards City Admin
costs
Commercial
Development Loan
Program
$250,000 $568,354 $818,354 Additional allocation available for
commercial loans within project
area
TI Reimbursement
Vivint Arena
$700,000 $50,000 $750,000 Allocation is a function of actual
qualified reimbursement
TI Reimbursement
222 South Main
$500,000 $130,000 $630,000 Allocation is a function of actual
qualified reimbursement
Debt Service
Reserve
$1,537,449 $594,673 $2,132,122 Additional allocation towards debt
service reserves
Commercial Development Loan Program Allocation of funds for lending toward projects that expand
commercial development within the Central Business District.
Reimbursement Payments - Per the respective tax increment reimbursement agreements with the property
owners these are the annual reimbursement payments based on the amount the projects qualify for.
Eccles Debt Service Reserve - The tax increment collection for the Eccles Theater projected a potential
shortfall in debt service payments for a few years that would need to be covered by the CBD project area.
The purpose of this allocation is to set aside funds in anticipation of covering the shortfall.
West Capitol Hill Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$100,000 $526,903 $626,903 Allocation is a function of actual Tax
Increment received and adjustment of
previous TI allocations
300 West $0 $395,177 $395,177 Additional allocation towards
infrastructure project
Taxing Entity
Payment
$0 $131,726 $131,726 Allocation is a function of actual Tax
Increment received and refunded to
Taxing Entities
300 West - The Agency is required to allocate tax increment funds to the project as a term of the Project
Area's extension (Interlocal Agreement for West Capitol Hill project area, 2013). Infrastructure
improvements including street trees and landscaping, improved pedestrian crossings, and traffic calming
features for 300 West from North Temple to 1000 North.
Depot District Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$3,844,278 $1,531,260 $5,375,538 Allocation is a function of actual
Tax Increment received
Primary Housing
Fund
$768,856 $306,251 $1,075,107 Allocation is a function of actual
Tax Increment received and fulfills
statutory allocation toward
affordable housing development
Station Center
Infrastructure
$0 $959,009 $959,009 Additional allocation towards
infrastructure project
TI Reimbursement
Gateway
$1,200,000 $175,000 $1,375,000 Allocation is a function of actual
qualified reimbursement
TI Reimbursement
Alta Gateway
$260,000 $100,000 $360,000 Allocation is a function of actual
qualified reimbursement
TI Reimbursement
Liberty Gateway
$94,000 $41,000 $135,000 Allocation is a function of actual
qualified reimbursement
TI Reimbursement
Cicero
$50,000 ($50,000) $0 Allocation is a function of actual
qualified reimbursement
Station Center - Project consists of the construction of three new streets, reconstruction of an existing
street, utility upgrades, and streetscape improvements to implement the Depot District Project Area Plan
and Downtown Master Plan. The infrastructure improvements have been planned in order to facilitate
private investment in the neighborhood.
Reimbursement Payments - Per the respective tax increment reimbursement agreements with the property
owners these are the annual reimbursement payments based on the amount the projects qualify for.
Granary District Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$608,945 $317,716 $926,661 Allocation is a function of actual Tax
Increment received
Primary Housing
Fund
$121,789 $63,543 $185,332 Allocation is a function of actual Tax
Increment received and fulfills
statutory allocation toward affordable
housing development
Community and
Cultural Initiatives
$0 $288,173 $288,173 Allocation towards new (FY22)
initiative to support public arts and
cultural programming
TI Reimbursement
Artspace Commons
$34,000 ($34,000) $0 Allocation is a function of actual
qualified reimbursement
Community and Cultural Initiatives - New initiative proposed as part of Agency’s FY22 budget to support
public arts and cultural programming within the project area.
Reimbursement Payments - Per the respective tax increment reimbursement agreements with the property
owners these are the annual reimbursement payments based on the amount the projects qualify for.
North Temple Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$426,810 $206,313 $633,123 Allocation is a function of actual Tax
Increment received
Primary Housing
Fund
$85,362 $41,263 $126,625 Allocation is a function of actual Tax
Increment received and fulfills
statutory allocation toward affordable
housing development
10% School Fund $42,681 $20,631 $63,312 Allocation is a function of actual Tax
Increment received and fulfills ILA
requirement for School District set
aside
Catalytic Project $270,086 $144,419 $414,505 Additional allocation towards catalytic
project
Catalytic Project – Additional funding towards projects intended to encourage investment in the North
Temple project area.
Block 70 Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Transfer from CBD
Debt Service Match
$2,638,112 $1,109,228 $3,747,340 Allocation is a function of actual
Tax Increment received and
allocated to Eccles Debt Service
Transfer from CBD
Debt Service
Reserve
$1,537,449 $594,673 $2,132,122 Additional allocation towards debt
service reserves
Tax Increment
Revenue
$1,884,631 $261,192 $2,145,823 Allocation is a function of actual
Tax Increment received
Taxing Entity
Payment
$565,390 $78,357 $643,747 Allocation is a function of actual
Tax Increment received and
refunded to Taxing Entities.
Reserves for Eccles
Debt Service
$480,959 $1,786,736 $2,267,695 Reserves for Eccles debt service
payments
Fundraising
Fulfillment
$150,000 $100,000 $250,000 Additional allocation available for
fulfillment of fundraising
obligations
Reserves for Eccles Debt Service – As part of the payment schedule for debt service on the Eccles
Theater the reserves are meant to cover years in which tax increment may be insufficient.
Fundraising Fulfillment - Per the respective donor agreements as part of the theater fundraising efforts,
the Agency reimburses the theater operator and contractors for costs associated with fulfilling the
respective obligations.
North Temple
Viaduct
Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$1,158,313 $942,215 $2,100,528 Allocation is a function of actual Tax
Increment received
Debt Service
Payment to Salt
Lake City
$1,142,438 $928,082 $2,070,520 Allocation towards infrastructure
project as per Interlocal Agreement
Agency Admin $17,375 $14,133 $31,508 Allocation is a function of actual Tax
Increment received and allocated
toward Agency admin costs
Stadler Rail Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$0 $101,927 $101,927 Allocation is a function of actual Tax
Increment received
Appropriation of
Fund Balance
$0 $69,903 $69,903 Appropriation of Tax Increment
received in FY20
TI Reimbursement $0 $146,056 $146,056 Allocation is a function of actual
qualified reimbursement
Primary Housing
Fund
$0 $17,183 $17,183 Allocation is a function of actual Tax
Increment received and fulfills
statutory allocation toward affordable
housing development
Agency Admin $0 $8,591 $8,591 Allocation is a function of actual Tax
Increment received and allocated
toward Agency admin costs
Reimbursement Payments - Per the respective tax increment reimbursement agreements with the property
owners these are the annual reimbursement payments based on the amount the projects qualify for.
NWQ Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Tax Increment
Revenue
$0 $1,684,441 $1,684,441 Allocation is a function of actual Tax
Increment received
Appropriation of
Fund Balance
$0 $197 $197 Appropriation of Tax Increment
received in FY20
TI Reimbursement $0 $1,179,247 $1,179,247 Allocation is a function of actual
qualified reimbursement
Primary Housing
Fund
$0 $168,464 $168,464 Allocation is a function of actual Tax
Increment received and fulfills
statutory allocation toward affordable
housing development
Shared Costs $0 $168,464 $168,464 Allocation is a function of
Development Agreement for set aside
toward future infrastructure costs
Agency Admin $0 $168,463 $168,463 Allocation is a function of actual Tax
Increment received and allocated
toward Agency admin costs
Reimbursement Payments - Per the respective tax increment reimbursement agreements with the property
owners these are the annual reimbursement payments based on the amount the projects qualify for.
Program Income Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Project Area Seed
Funds
$505,215 $176,611 $681,826 Additional allocation towards initial
projects within new project areas
Agency Admin $176,611 ($176,611) $0 Reduction of PIF contribution toward
Agency Admin costs as a function of
increased contribution from other
project area funds
Primary Housing
Fund
Current
Budget
Proposed
Budget
Change
Proposed
Budget w/
Amendment
Description
Fund Transfers $1,363,779 $596,705 $1,960,484 Additional transfers are a function of
actual Tax Increment received
Housing NOFA $1,363,779 $596,705 $1,960,484 Additional allocation towards Notice
of Funding Availability provided for
within Agency Housing Strategy
ATTACHMENTS:
A. Resolution
B. Budget Amendment #1
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
First Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY (“RDA”) AMENDING THE FINAL BUDGET OF THE RDA FOR
FISCAL YEAR 2020-2021
WHEREAS, on June 9, 2020, the RDA Board of Directors (“Board”) adopted the final
budget of the RDA, effective for the fiscal year beginning July 1, 2020 and ending June 30, 2021,
in accordance with the requirements of Section 17C-1-601.5 of the Utah Code.
WHEREAS, all conditions precedent to amend the RDA's budget have been accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this Resolution is to amend the final budget of the RDA,
as approved, ratified and finalized by the RDA Board on June 9, 2020.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2021, to be effective upon adoption.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
April 28, 2021
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 RDA Budget Amendment 1 CBD 6,094,198.00 6,094,198.00 One-time -
1 RDA Budget Amendment 1 WCH 526,903.00 526,903.00 One-time -
1 RDA Budget Amendment 1 DD 1,531,260.00 1,531,260.00 One-time -
1 RDA Budget Amendment 1 GD 317,716.00 317,716.00 One-time -
1 RDA Budget Amendment 1 NT 206,313.00 206,313.00 One-time -
1 RDA Budget Amendment 1 B70 1,965,093.00 1,965,093.00 One-time -
1 RDA Budget Amendment 1 NTV 942,215.00 942,215.00 One-time -
1 RDA Budget Amendment 1 SR 101,927.00 171,830.00 One-time -
1 RDA Budget Amendment 1 NWQ 1,684,441.00 1,684,638.00 One-time -
1 RDA Budget Amendment 1 CWH 411,058.00 596,705.00 One-time -
1 RDA Budget Amendment 1 PIF - - One-time -
-
Total of Budget Amendment Items 13,781,124.00 14,036,871.00 - -
Total by Fund, Budget Amendment #1:
Redevelopment Agency RDA 13,781,124.00 14,036,871.00 - -
Total of Budget Amendment Items 13,781,124.00 14,036,871.00 - - -
Current Year Budget Summary, provided for information only
FY 2019-20 Budget, Including Budget Amendments
Fiscal Year 2020-21 RDA Budget Amendment #1
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2020-21 RDA Budget Amendment #1
Board ApprovedAdministration Proposed
FY 2019-20
Adopted Budget RDA BA #1 Total Total To-Date
Redevelopment Agency 54,232,618 14,036,871 68,269,489
Redevelopment Agency CIP - -
Total of Budget Amendment Items 54,232,618 14,036,871 68,269,489
Adopted __/__/____
Certification
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation
2
Page | 1
RDA BUDGET
STAFF REPORT
REDEVELOPMENT AGENCY BOARD of SALT LAKE CITY
TO:RDA Board Members
FROM: Jennifer Bruno, Ben Luedtke and Allison Rowland
Budget analysts
DATE:June 1, 2021
RE: Redevelopment Agency (RDA) Budget – FY 2022
BUDGET BOOK PAGES: Key Changes B-49 to B-60, Department Overview E-87 to E-90,
Staffing Document F-18
Update/Follow up Information
The Board initially discussed this item during the May 18th RDA meeting. RDA staff has provided the following
additional information on new programs proposed in the FY 22 budget.
Storefront and Commercial Revitalization Programs (Funding sources: CBD tax increment in BA#1 and
FY 22, FY 22 Program Income Fund):
“To better leverage resources, target community needs, support smaller-scale projects, and facilitate
anti-displacement strategies, the RDA is working on proposed revisions to the RDA Loan Program and
the development of a new Storefront Activation Program. It is envisioned that revisions to the RDA
Loan Program will provide for the targeting of project-specific needs, including small-scale projects,
tenant improvements, and the revitalization of existing/underutilized buildings. The intent of the
Storefront Activation Program is to facilitate the occupancy of ground-floor commercial space by local
and underrepresented businesses.”
Sustainability Technical Assistance Program (Funding sources: FY 22 Program Income Fund):
A new program to assist developers with implementing heightened sustainability standards that will
increase resiliency and reduce negative impacts on the environment. Funding will be utilized to assist
developers in performing sustainability activities, whether through direct funding to developers or
through RDA-led trainings. Activities could include energy modeling, trainings by technical experts, and
technical assistance for projects to acquire sustainability certifications.
Project Timeline:
1st Briefing: May 18, 2021
2nd Briefing: TBD
Budget Hearing: May 18, and June 1
Potential Action: June 8 or 15 (TBD)
Page | 2
Cultural & Community Initiative Program (Funding sources: FY 22 Granary Tax Increment):
A new program to reinforce public arts and cultural programming by supporting community
organizations in better carrying out their missions or projects. The program is intended to be similar to
the “Lighter, Quicker, Cheaper” model by incentivizing either small small-scale capital projects and/or
capacity building. Projects could include building improvements, placemaking projects, community
engagement efforts, and feasibility/planning studies. Eligible projects would need to demonstrate
community involvement and support for the project.
Staff made note of potential adjustments Board Members expressed interest in considering. The Board may
wish to discuss and/or refine these ideas further in collaboration with RDA staff:
1.Shift Northwest Quadrant (inland port) housing money to “Westside Urban Land Fund”
modeled after a Community Land Trust concept. Funds could be kept in a holding account pending
further discussion with the Administration and approval by the Board.
2.Support an ADU program - Board members expressed support in general for a program to
incentivize the construction of ADUs.
o Board members expressed support for helping encourage ADUs City-wide. Note: If a program
is funded and intended to be City-wide, units would have to be restricted to 80% AMI. The
Board may wish to ask RDA staff if tracking/enforcing this would be possible, or if a Citywide
plan for ADU assistance could be structured in a way to minimize ongoing administrative
costs.
o Board members also expressed support for helping encourage ADUs in the 9 Line project area,
per the agreement with the County. Because that agreement anticipates a 5 year time horizon,
and increment hasn’t yet started flowing, some board members suggested funding it in that area
specifically.
o Board members expressed a general interest in maximizing the number of units that could be
delivered with the funding, as well as encouraging quality urban design.
3.Increase funding/re-name North Temple Strategic Intervention. The Board expressed an
interest in shifting the “strategic property acquisition” category to “North Temple Strategic
Interventions”. Staff has identified some potential sources for increasing this line item, although these
are very preliminary. The Board may wish to discuss these further with RDA staff, including asking for
help identifying other legal sources of funds for this purpose:
a. North Temple Catalytic Project (Current balance approximately $x – some board members
have pointed out that this is a similar concept)
b. Funds leftover in capital account set aside in the General Fund for investment in underserved
communities ($669,138)
c. PIF (reallocate from other programs TBD)
2.Prioritizing homeownership and/or family sized units - The Board indicated a desire to set
aside some NOFA dollars with specific criteria for homeownership and/or family sized units
3.Evaluate funds not programmed as a part of the Budget Amendment Discussion.
4.Other areas of interest/potential legislative intents:
a.Some Board Members expressed an interest in requiring energy efficient projects as a condition
of any potential future RDA loan/investment as of July 1, 2021. The Administration is
recommending this as a phased in strategy with a goal of 2023.
b.Some Board Members have expressed an interest in understanding the full structure of accounts
within the RDA including fund balances and capital projects funded in previous years. The
Board may wish to discuss with the RDA 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.
The following information was provided for the Board’s initial briefing on May 18th. It is
provided again for reference.
Page | 3
ISSUE AT-A-GLANCE
The Mayor’s FY 2022 Redevelopment Agency Recommended Budget includes tax increment spending in all
project areas for projects, loan funds, as well as department administration. See page E-87 of the Mayor’s
Recommended Budget book for an overview of the Department including the mission statement. Staff has also
included Attachment 2 showing the RDA’s guiding framework which comprises the updated mission statement,
core values and livability benchmarks. The total proposed FY 22 budget is $57.9 million which is $3.7 million
more (6.8%) than FY21. RDA revenue includes tax increment, loan proceeds, parking garage and commercial
space rental revenues, interest income and private donations for the Eccles Theater. The largest non-donation
source of revenue is tax increment, which will generate $37.5 million in FY 22 from ten active project areas (up
from $33m in FY 21).
Note that the newly created 9-Line and State Street project areas will begin the first year of collecting tax
increment which revenues will be part of the FY23 annual budget. The Administration could come to the Board
with budget amendment funding requests for those projects in FY22. The 9-Line project area has received final
approval for tax increment participation from the City, County and School District. The State Street project area
has received final approval for tax increment participation from the City and School District but negotiations
with the County are ongoing.
New for FY 22 is tax increment from Stadler Rail, tax increment from the Northwest Quadrant CRA (north of I-
80), and the housing set-aside from the Inland Port Area per state legislation (shown as “NWQ Housing Fund”
on page B-58). It’s important to note that tax increment must be used in the project area where it was generated
(unless utilized for 80% AMI or below). Other agency revenue sources are more flexible and may be spent
outside of project areas for housing and economic development purposes (within state law limitations). These
other revenue sources include Program Income Fund, the Revolving Loan Fund, and Primary housing funds
(including Inland Port housing set-aside). As a matter of policy, the Board has committed to using the Inland
Port housing funds to benefit the western area of the City. The proposed budget for the RDA includes 19 FTEs
for central RDA activities and 13 FTEs for Gallivan-related maintenance (budget for Gallivan-related
maintenance is now handled in a donation account). Gallivan funding and FTEs were transferred to the RDA
from the Public Services Department in the FY21 annual budget.
The Administration indicates that the FY 22 RDA budget focused on two priority areas:
Affordable Housing Development – This is discussed in further detail in a separate staff report and agenda
item. Summary of budget line items for this goal are on page 4.
Commercial Revitalization Program – Staff indicates that they “will be proposing revisions to the Agency’s
loan policy to update it for commercial projects. The proposed revisions will focus on improvements to a
building or site, decreasing vacancy rates for an area, provide missing retail or service opportunities, and
create new commercial spaces. The proposed budget includes allocations for this initiative as well as other
commercial development efforts within project areas.” This is proposed in the “Capital Projects” Account
(see attachment 3), which means that funds will not lapse to fund balance at the end of each fiscal year.
=
Page | 4
Central Business District,
$27,923,150
West Capitol Hill, $150,000 West Temple Gateway, $50,000 Depot District, $4,121,164
Granary District, $666,124
North Temple, $480,346
Block 70 , $10,939,263
North Temple Viaduct ,
$1,188,979
Northwest Quadrant CRA,
$1,500,000
Stadler Rail, $71,000
Northwest Quad Housing Fund
(Inland Port), $250,000
Revolving Loan Fund, $550,000
Program Income
Fund, $1,742,535
Secondary Housing Fund,
$394,000 Primary Housing Fund,
$1,498,627
Housing Development
Trust Fund, $2,590,000
*does not include previously allocated revenue, cash reserves (fund balances) or Capital project budgets, or previous
Notice of Funding Availability (NOFA) for Housing
The FY 22 budget continues the process of bringing budgeting for RDA dollars in line and in context with City
budgets. The RDA budget is presented in the Mayor’s recommended budget book along with other departments.
Some corrections have been made to the Key Changes section, so staff has included the corrected version as
Attachment 4. RDA Capital Projects requests are included as Attachment 3. See page 5 for staff notes on these
items. The Department budget is also shown in summary form on page E-89, and staffing document on page F-
18.
The RDA budget will have follow-up discussions through May and June as needed. It will also have public
hearings on May 18th and June 1nd with tentative adoption scheduled for June 8th or 15th.
KEY ELEMENTS OF THE MAYOR’S FY 2022 RDA BUDGET PROPOSAL
Staff has highlighted key areas of the Mayor’s Recommended FY 2022 RDA budget:
1.Administrative Budget – The FY 2022 budget includes transfers of tax increment and Program
Income Fund revenues to cover the approximately $3.8 million Administrative budget. The 13 FTEs
relating to the Gallivan center are budgeted in the donation account, although they are considered under
the purview of the RDA, as reflected in the staffing document. The following charts delineate the sources
of funding for the Administrative budget, as well as the specific uses:
Page | 5
FY 2021 Adopted FY 2022 Proposed $ Ch ange
%
Ch ange
Central Business District 2,506,650$ 2,757,315$ 250,665$ 10%
West Capitol Hill 100,000$ 150,000$ 50,000$ 50%
West Temple Gateway 50,000$ 50,000$ -$ 0%
Depot District 576,642$ 588,175$ 11,533$ 2%
Granary District 91,342$ 93,168$ 1,826$ 2%
North Temple 42,681$ 43,535$ 854$ 2%
Block 70
(does not allow for
Administrative collection)-$ -$ -$ n/a
North Temple Viaduct
(limited to 1.5% of increment)17,375$ 17,722$ 347$ 2%
Stadler Rail -$ 7,100$ 7,100$
Northwest Quadrant CRA -$ 150,000$
NWQ Housing Fund
(10% from Inland Port Area - not
intended for Admin)-$ -$ -$ n/a
Revolving Loan Fund -$ -$ -$ 0%
Program Income Fund 176,610$ -$ (176,610)$
Primary Housing Fund -$ -$ -$ 0%
Total 3,561,300$ 3,857,015$ 295,715$ 8%
RDA Administrative Budget - Sources
Central Business
District
72%
West Capitol Hill
4%
West Temple Gateway
1%
Depot District
15%
Granary District
2%
North Temple
1%Northwest Quad CRA
4%
FY 2022 Proposed Administrative Budget Sources
Page | 6
RDA Administrative Budget - Uses
FY 2021
Adopted
FY 2022
Proposed %Change Notes
Personal Services - RDA 2,100,484 2,254,632 9%154,148
Operating and Maintenance 308,116 360,000 14%51,884
Charges and Services 202,700 202,700 0%0
Administrative Fees 800,000 939,683 0%0
Furniture, fixtures, equipment 150,000 100,000 -25%(50,000)
Total RDA Budget 3,561,300 3,857,015 295,715
Donation Fund - Gallivan Staff/Maintenance 1,171,996 1,044,389 (127,607)
a. No official policy guides how much each district contributes to the Administrative budget,
although to some extent it is related to available increment. The Central Business District is
typically the largest contributor, although the percentage has varied. In FY 22 it is proposed to be
72% of the Administrative budget. The Board may wish to ask the Administration to
evaluate the overall strategy for funding the Administrative budget in future
years, particularly as project areas expire. For example, the Depot District will
stop collecting tax increment after 2022 and that project area contributes 15% of
the proposed FY22 administrative budget. Staff note: there is no statutory
prohibition against using General Fund dollars to fund Redevelopment Agency
employees, since they are City employees. The City’s elected officials could elect to
reimburse RDA for a portion of the housing duties that they perform.
b.Because RDA revenues are estimated, and can come in either higher or lower than
projected, the Board may wish to discuss policy guidance on how the RDA should
handle unexpected shortfalls in tax increment revenues, particularly as it relates
to the Administrative budget, which is generally a fixed and ongoing cost (salary and
benefits). Staff is inquiring about the level of fund balance remaining after this budget. Board
Members previously expressed interest in aligning project area fund balances with fixed costs and
contractual obligations to ensure sufficient funding is available to cover those expenses if tax
increment significantly decreases in a future year.
2.RDA funding for housing – The Mayor’s Recommended FY 2022 budget reflects a continuation 0f
the policy approach implemented as a pilot in FY 20, to streamline affordable housing development
under the RDA and affordable housing programs under Housing and Neighborhood Development
(HAND). One of the pilot goals was to create a “one-stop shop” for housing developers seeking financial
assistance. The total housing investment proposed in the FY 22 budget is $4.7 million, an 18% increase
over FY 21 investment levels. It should be noted that the Board could choose to allocate additional
funds for housing programs from any of the project areas (subject to project area regulations), or
program income fund.
a. The RDA also continued funding for the “Primary Housing Fund” through transfers of tax
increment from various project areas (based on state requirements at the time those project
areas were adopted). The Secondary Housing fund reflects a transfer from the Northwest
Quadrant CRA (north of I-80), to contribute to the “Housing Development Loan Program”.
Funds from the 10% set-aside from the Inland Port jurisdictional area are reflected and tracked
separately (page B-58). RDA Staff notes that the Secondary Housing Fund is intended to
include transfers of increment above what is required by mandatory set-asides.
b.The RDA is proposing a variety of strategies to implement various housing goals of
the City with these funding sources. An initial discussion was held on May 4.
These strategies will be discussed in more detail during a follow up briefing for
that agenda item. Please refer to that staff report for policy questions on this
issue and for a summary of ideas raised by Board Members in the May 4
discussion. Staff will track any edits/changes to the proposed programs and accounts along
with the adoption of the overall RDA budget. The following chart summarizes the sources and
proposed uses in the various accounts:
Page | 7
Adopted 2021 Proposed 2022 $ Change % Change
Housing Development Trust Fund
Sources
Transfer from General Fund/Funding our Future 2,590,000$ 2,590,000$ -$ 0%
Uses
Housing Development Loan Prgm (Holding Account)2,590,000$ 2,590,000$ -$ 0%
Primary Housing Fund
Sources
Transfer from Depot 768,856$ 784,233$ 15,377$ 2%
Transfer from Granary 121,789$ 124,225$ 2,436$ 2%
Transfer from North Temple 85,362$ 87,069$ 1,707$ 2%
Transfer from Stadler Rail n/a 7,100$ 7,100$
Transfer from Northwest Quadrant CRA n/a 150,000$ 150,000$
Interest Income 305,225$ 225,000$ (80,225)$ -26%
Loan Repayments 80,225$ 70,000$ (10,225)$ -13%
Uses
Housing NOFA (new approach proposed for FY 22)1,363,779$ -$ (1,363,779)$ -100%
Housing Development Loan Prgm (Holding Account)498,627$ 498,627$ new
Strategic site acquisition (Holding Account)1,000,000$ 1,000,000$ new
Secondary Housing Fund
Sources
Interest Income 44,000$ 44,000$ -$ 0%
Transfer from Northwest Quadrant CRA -$ 350,000$ 350,000$ new
Uses
Housing Development Loan Prgm (Holding Account)-$ 394,000$ 394,000$ new
Infill Housing Development 44,000$ -$ (44,000)$
Northwest Quadrant Housing Fund (Inland Port 10%)
Sources
UIPA Housing Allocation -$ 250,000$ 250,000$ new
Uses
Capital Exp - ADU Incentive Program -$ 250,000$ 250,000$ new
Total 3,997,779$ 4,732,627$ 734,848$ 18%
*Th is chart does not include funding still available from previous NOFAs. In addition, h ousing projects can also be funded
through sources not specific to h ousing, like Program Income Fund , th e Revolving Loan Fund, or project area tax
increment. Th ose are typically evaluated on a project by project basis.
RDA Housing Programs
Note: Some Board Members requested that the ADU Incentive Program be funded
from a source other than the Northwest Quadrant Housing Fund, expressing a
preference for those funds not to be expended until the Board has the opportunity to
set priorities relating to those funds.
3.Redevelopment Agency Capital Projects Proposals – The FY22 RDA budget includes funding for
11 capital projects. Overall funding for RDA capital projects is $ 2,947,019. It should be noted that the
Board sometimes approves millions in additional funding for capital projects in budget amendments
throughout the fiscal year. RDA Budget Amendment #1 of FY21 also scheduled for a May 18 briefing
includes several capital projects. A few capital projects having funding requests in both the FY21 budget
amendment and the FY22 annual budget. The table below provides a summary of the FY22 proposed
Page | 8
capital projects, identifies which projects are requesting funding in both budget openings and potential
policy questions for the Board to consider.
Like last year, the Administration is preparing a CIP Book that summarizes and provides further details
on individual capital projects for the General Fund and Enterprise Funds including the RDA. At the time
of publishing this staff report the CIP Book was forthcoming.
The Board may wish to consider whether it would add value to encourage the Administration, in future
years, to have RDA capital project requests go through the same public process/Citizen Advisory Board
vetting and recommendations that General Fund CIP applications do. The Board has previously
discussed that opportunities to leverage RDA funds with other City and private resources are enhanced
when the information is processed in concert.
Note: If approved by the Board, these would be considered capital accounts and funds would not
lapse to the project area’s fund balance if unspent by the end of the fiscal year. The Board may wish to
review these in detail now or may wish to defer discussion on some or all until after the budget season,
as is done with the General Fund CIP. All General Fund and RDA Capital Projects must be approved
by September 1 according to the City Attorney’s interpretation of the Utah Fiscal Procedures Act.
Project
Area Project Name FY22
Proposed Policy Questions / Notes
Central
Business
District
Storefront
Revitalization $ 83,832
The Board may wish to ask:
- How many storefronts could be improved at
this funding level?
- How would businesses find out about this
new program?
- Will the process be first come first served or
will criteria provide prioritization?
Block 70
Regent Street Parking
Structure Capital
Reserve
$ 100,000
Contractual obligation to contribute towards
maintenance and long-term capital repairs.
PRI provides parking for the Eccles Theater
The FY21 annual budget included $100,000
for the same purpose
Station Center
Infrastructure $ 332,179
Project does not have a funding target or total
cost estimate. Designs for the new streets,
public amenities and utilities have changed in
recent years and are not finalized
Note that RDA Budget Amendment #1 is also
requesting $959,009 in additional funding for
this project
The Board may wish to ask:
- What is the total approved funding for
Station Center infrastructure?Depot
District
Environmental
Remediation Station
Center Sites 3 & 4
$ 200,000
The FY21 annual budget included $200,000
for the same purpose
The Board may wish to ask:
- How was the FY21 funding used?
- What additional environmental remediation
is known and are more tests needed to fully
identify the need and total cost?
Page | 9
Project
Area Project Name FY22
Proposed Policy Questions / Notes
Granary
District
Community & Cultural
Initiative
NEW PROGRAM
$ 443,731
The Board may wish to ask:
- What are the goals of this new program and
how does it align with the RDA's recently
updated guiding framework?
- What can the program accomplish before the
Granary District stops collecting tax
increment in two years?
- How would interested parties find out about
this new program?
- Will the process be first come first served or
will criteria provide prioritization?
- Is the FY22 funding in addition to the
funding requested in RDA Budget
Amendment #1 of FY21?
10% School Fund $ 30,474 Contractual obligation per Interlocal
Agreement with School District
North
Temple Catalytic Project
(Location TDB) $ 289,268
Project does not have a funding target or total
cost estimate
Note that RDA Budget Amendment #1 is also
requesting $414,505 in additional funding for
this project.
The Board may wish to ask:
- What is the total approved funding for the
catalytic project?
Northwest
Quadrant Shared NWQ Costs $ 350,000
Note that RDA Budget Amendment #1 is also
requesting $168,464 in additional funding for
this project
The Board may wish to ask:
- Is there a list of expected future
infrastructure projects and cost estimates for
the shared costs?
- What are the RDA's legal obligations, if any,
to share costs in this project area?
Program
Income
Fund
Commercial
Revitalization Program
NEW PROGRAM
$ 667,535
The Board may wish to ask:
- What are the goals of this new program and
how does it align with the RDA's recently
updated guiding framework?
- Will the program be available in all project
areas or targeted to specific areas?
- How would interested parties find out about
this new program?
- Will the process be first come first served or
will criteria provide prioritization?
Page | 10
Project
Area Project Name FY22
Proposed Policy Questions / Notes
Sustainability Technical
Assistance Program
NEW PROGRAM
$ 200,000
The Board may wish to ask:
- What are the goals of this new program and
how does it align with the RDA's recently
updated guiding framework?
- Will the program be available in all project
areas or targeted to specific areas?
- How would interested parties find out about
this new program?
- Will the process be first come first served or
will criteria provide prioritization?
- How will the Sustainability Department be
involved in the new program?
Gallivan Repairs
(Grand staircase and
eastern expansion joint)
$ 250,000
Contractual obligation per agreements and
plaza ownership structure
Project does not have a funding target or total
cost estimate
The FY21 annual budget included $250,000
for the same purpose
TOTAL $ 2,947,019
Note: the capital projects budget does not include the four housing funds which are addressed in a
separate section
4.Other highlights of FY 2022 RDA budget
a.Commercial Revitalization Program – As discussed in the capital projects section above,
this is a new focus area for FY 22, and is proposed to be funded through allocations from various
project areas including CBD ($82,000), and Program Income Fund ($667,535). The Board may
wish to discuss this program further with staff including goals and objectives.
b.Program Income Fund – The primary source of funds for this account are revenues
generated from the Gallivan parking structure (approx. $1.2m/year). The budget also includes
rents for RDA commercial spaces. It is the most flexible funding in the RDA portfolio, as State
law does not place limitations/expectations for how and where funds are spent. In recent years
this account has been used to fill funding gaps for infrastructure projects in the Central 9th area
and Station Center, as well as provide seed funds for new project areas (9-Line and State Street).
This year the Administration is proposing to use these funds as follows:
Page | 11
Program Income Fund - Proposed FY 22 Expenses
FY 21 Adopted FY 22 Proposed Change
Capital Expenditures - Commercial
Revitalization Program
-{Holding Account}--667,535 667,535
Professional Services 299,009 300,000 991
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)
Total Expenditures and Other Uses Budget 1,905,835 1,742,535 (163,300)
c.New Project Area Seed Funds – While the proposed budget does not allocate additional
dollars to the “Seed Funds” account, the Board may wish to ask the Administration if there are
plans to utilize dollars allocated from previous years, in the coming year in the 9 Line or State
Street areas, as those areas have not started to generate increment yet. It’s important to note
that RDA Budget Amendment #1 for FY21 is requesting $176,611 additional funding for project
area seed funds.
d.Miscellaneous Property Expense. This is a line item that appears in various project areas
and is not covered by the RDA Administrative budget. It covers things like maintenance,
security, and property taxes for properties owned or managed by the RDA. Actual expenditures
vary year to year, and any unspent funds lapse to that project area’s fund balance. Due to the
unique nature of some RDA properties, the RDA obtains insurance separately
from the City’s “self-insured” approach for City properties. The Board may wish
to ask the Administration to evaluate if there are any opportunities for
savings/streamlining in this area for certain RDA properties.
Project Area / Fund FY 2021
Adopted
FY 2022
Proposed Change % Change
Central Business District $ 800,000 $ 975,000 $ 175,000 22%
Depot District $ 100,000 $ 120,000 $ 20,000 20%
Granary District $ 5,000 $ 5,000 $ - 0%
Program Income Fund $ 300,000 $ 300,000 $ - 0%
Total $1,205,000 $1,400,000 195,000$ 16%
The Board may wish to ask the Administration for a report on actual expenditures from these
line items.
e.Revolving Loan Fund (RLF) – the FY 2022 budget proposes a RLF with a balance of
$550,000 available to lend which is $302,000 (-35%) less than last year. Further, the FY21
budget was a year-over-year decrease from the FY20 budget by $220,963 (-21%). The Board
may wish to discuss with the Administration if they are aware of pending
requests for these funds. The Board may also wish to ask what is causing the
three-year trend of decreasing available to lend balances in the RLF and if it’s
expected to continue.
Page | 12
f.Regent Street Maintenance – The Block 70 CDA budget includes an $80,000 allocation to
the General Fund for Regent Street Maintenance. The Attorney’s Office indicates that tax
increment funds can be used to maintain public infrastructure. The Board may wish to ask
the Administration if this transfer is the long-term plan for maintenance on
Regent Street when the Block 70 CRA ends in 2040.
g.Gallivan Employees and Maintenance - the proposed budget continues the management
of the 13 Gallivan Employees and maintenance under the RDA (funding through the donation
account). The Board may wish to ask the Administration for a review of how this approach is
working compared to the previous approach of managing those employees in the General Fund
(Public Services Department), particularly as it relates to service level and programming. Due to
the pandemic and related public event restrictions FY21 may be a difficult year to compare to
recent years.
h.Interest Income and Rental Income changes during COVID pandemic – The RDA
budget includes increases for interest income in some project areas and decreases in others (see
chart below). The general fund is projecting an overall decrease in interest income due to
continued low rates on a national and state level. The RDA is proposing a decrease in rental
income from $315,000 to $215,700 (Program Income Fund). The Board may wish to discuss
with the RDA how these trends may change as the economic recovery continues.
Project Area / Fund
FY 21
Adopted
FY 22
Proposed $ Change % Change
Central Business District 300,000$ 350,000$ 50,000$ 17%
West Capitol Hill 100,000$ 150,000$ 50,000$ 50%
West Temple Gateway 50,000$ 50,000$ -$ 0%
Depot District 180,000$ 200,000$ 20,000$ 11%
Block 70 50,000$ -$ (50,000)$ -100%
Stadler Rail -$ -$
Northwest Quad Housing Fund
(Inland Port)-$ -$
Revolving Loan Fund*577,000$ 470,000$ (107,000)$ -19%
North Temple Viaduct 1,500$ 7,500$ 6,000$ 400%
Northwest Quadrant CRA -$ -$
Secondary Housing Fund 44,000$ 44,000$ -$ 0%
Program Income Fund*260,500$ 250,000$ (10,500)$ -4%
Granary District 40,000$ 45,000$ 5,000$ 13%
North Temple 14,000$ 45,000$ 31,000$ 221%
Primary Housing Fund*225,000$ 225,000$ -$ 0%
Housing Development Trust Fund -$ -$ -$
Total 1,842,000$ 1,836,500$ (5,500)$ 0%
*Includes interest on investments and interest earned on loans
Interest Income
5.Trend in Increment Received - During the FY 19 budget cycle the Administration noted that actual
increment received in a number of districts was lower than in previous years, which did not track with
the overall increase in total property valuation in the City. Since that time the Administration worked
with County staff and a consultant who have determined that it was an “anomaly,” and actual revenue
received since then tracks more consistently with valuations. Staff has provided this information for
Board context. The Board may wish to request a copy of the findings from the consultant’s work.
Page | 13
Central Business
District Depot District Block 70 North Temple
Viaduct
Northwest
Quadrant CRA Granary District North Temple
Northwest Quad
Housing Fund
(Inland Port)
Stadler Rail West Capitol Hill West Temple
Gateway
2018 $28,183,388 $3,800,000 $1,280,637 $410,762 $419,505 $197,262 $566,369 $643,389
2019 $22,915,000 $3,695,000 $1,610,000 $538,000 $508,000 $318,000 $535,000 $671,000
2020 $24,575,000 $3,768,900 $1,847,677 $1,135,601 $597,005 $418,441 $558,643 $-
2021 25,066,500 3,844,278 1,884,631 1,158,313 608,945 426,810 --
2022 $27,573,150 $3,921,164 $1,922,323 $1,181,479 1,500,000 $621,124 $435,346 250,000 71,000 $-
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Project Area Tax Increment Revenue Trends
a. North Temple Viaduct Debt service – The RDA created the North Temple Viaduct project
area specifically to help offset the debt incurred by the City to issue bonds to rebuild/shorten the
North Temple Viaduct in 2012. All increment except a small percentage for Admin is
transferred to the general fund to offset this annual payment. The chart below provides a
summary of tax increment received, annual debt service payment made by the City and the tax
increment as a percent of those debt payments. In previous years the tax increment generated
has not been sufficient to cover the full debt service payment (the general fund covers the
remainder). However, starting in FY19, and continuing into FY 21, actual tax increment
received exceeded debt service payments. The Board re-purposed this overage to re-invest on
North Temple, and the Mayor’s recommended budget for the City includes a $1 million
investment in a State Fair Park Public Market on North Temple. Staff is confirming whether
there are any funds available this year to reinvest in a similar manner, or if it makes sense to
keep adding to this debt service “reserve” account.
Staff is confirming FY 22 actual debt service, but is providing this chart from FY 21 for
context:
Page | 14
0.0%
20 .0%
4 0.0 %
6 0.0 %
80.0%
100.0%
120.0%
140.0%
$-
$2 00,000
$4 00,000
$6 00,000
$800 ,00 0
$1,000,000
$1,200,000
FY13
Act ual
FY14
Act ua l
FY15
Actual
FY16
Actual
FY17
Act ua l
FY18
Act ual
FY19
Actual
FY2 0
Actual
FY2 1
Pr opo se d
Nor th T emple Viaduct Annual Bond Pay ments by Y ear and RDA T ax
I ncrement Contr ibution
RDA Tax I nc rem e nt T ransf er to Gener al Fund for De bt Se rvice
Tota l Annual Deb t Se rvice Pa y me nt for Se ries 2 012A B ond
Tax Increm ent as Per cent of De bt Pay me nt
b.Eccles Theater Site Operations – Per the terms of the operating agreement with Salt Lake
County, the City/RDA are responsible for any operating shortfall that the County experiences in
operating the ancillary sites around the Eccles Theater (Black Box, Regent Street Plaza, and
Winter Garden). The FY 22 budget proposes $475,000 for this purpose. Consistent with the
Council’s initial goals for the construction of the Eccles Theater, the UPACA Board continues to
ask County staff to find innovative ways to increase programming in the spaces, with a primary
goal of activation rather than purely revenue generation. Note as it relates to COVID: the
County indicates that they are working with the Health Department to determine when, if,
and how the Eccles Theater and ancillary spaces may be safely opened to the public. As of the
timing of this staff report, the theater and ancillary spaces are operating at limited capacity.
The Eccles Theater has applied for Federal assistance geared towards performing arts venues.
As of the printing of this report County staff is awaiting response on that application.
c.Block 70 Debt Reserve – Each year the RDA funds a certain reserve for Debt Service for the
Eccles Theater. If the FY 2022 budget is adopted as proposed ($90,617 from Block 70 and $1.8
million from CBD), Block 70 would have a debt service reserve of approximately $7.2 million.
This is kept in a capital account that will not lapse to fund balance each year, so it will continue
to grow (interest income and future appropriations), as there is anticipated shortfall in Block 70
debt repayment sources in the coming fiscal years. RDA staff is working with finance to
recalculate the exact amount of this gap. In 2018 it was calculated to be $7.5 million. If tax
increment grows at a faster rate in Block 70, this gap will be smaller. The reserve account will
cover debt in these years. Staff will continue working with the Administration to determine the
appropriate level of this reserve account. The below graph, although dated from 2018, illustrates
the projected funding gap assuming a conservative tax increment growth of 2%. Annual bond
payments are shown as the red line and available resources are shown as the blue line. The
Administration indicates that they are working on confirming the exact amount of funding
needed to fill these gap years.
Page | 15
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
Annual Debt Service In MillionsYear
Regent Street Bond Ends in 2029
Eccles Theater Bond Ends in 2038
County Tax Increment Capped at $43 Million, Ends Approx. 2035
Block 70
Annual Bond Payments and Projected Revenues
$7.5 Million Funding Gap
{Note: this chart was prepared for the FY 18 budget cycle. The Board may wish to ask for the Administration to update.
GENERAL POLICY QUESTIONS –
1.Project Area/Workload Prioritization – The Board may wish to continue the discussion of project
area and/or staff workload prioritization. In January 2020 the Board approved two resolutions
establishing survey boundaries for potential Community Reinvestment Areas at the University of Utah
Research Park and Stadium Village, and discussions are ongoing. Additionally, Staff is continuing to
work with the County to secure their support for the State Street project area and has recently received
County support for the 9 line project area. Affordable Housing Development in the City is also an
overarching workload handled by RDA staff.
2.Bonding for catalytic projects in new project areas – The Board may wish to ask the
Administration whether they have a recommendation for bond-eligible catalytic projects in either the
State Street or 9-Line project areas, particularly given the favorable interest rate environment. Based on
previous discussions, the Board and Administration agreed that bonding early in project areas, as was
done for Block 70 and Regent Street/Eccles Theater, makes financial sense (bonding capacity is
maximized early in a project area).
3.Fund Balances for Project Areas with Ongoing Funding Obligations – The Board may wish to
review with the Administration the levels of fund balances (“savings accounts” or “cash reserves”) for
project areas with ongoing obligations such as the Central Business District which has bond debt service
payments and agreements (such as Eccles, Regent Street, and Gallivan) and significantly contributes to
the RDA’s annual administration costs.
Page | 16
4.Evaluation of Public/Private Partnership Models - As the City and RDA consider the public /
private partnership ideas that are periodically raised, the Board / Council could evaluate the model used
with Gallivan and other Public/Private or multi-jurisdictional entities (Downtown Alliance, UPACA
Board, Inland Port Board) to identify lessons learned, and pros/cons/variations in approach. A review
of these different models could help future models establish role clarity, transparency expectations, and
staff accountability upfront.
5.Pooled Resources vs. Project Area Resources – Some initiatives and projects previously funded
with RDA tax increment have been funded by transferring funds out of one project area, into a pooled
account, such as Primary Housing Fund or Revolving Loan Fund (via appropriation from Fund
Balance). Because these accounts are flexible in terms of serving all project areas, this allows for a
project area with limited tax increment to complete projects it might otherwise not be able to afford.
There are not clear guiding policies that would help determine when it’s appropriate to use this
approach for a given project or initiative, but in the past it has enabled the RDA to respond to unique
opportunities/projects.
6.Consistency between RDA and City Policy – Currently the Board adopts policies to guide RDA
investment that typically mirror City policies, although in some cases they are different and/or more
targeted to RDA activities. The Board could adopt a blanket policy indicating that if the RDA does not
have a policy for a given area, the City policy applies.
ADDITIONAL & BACKGROUND INFORMATION
Gallivan Utah Center Owners Association (GUCOA)
GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is
responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally
contemplated a contractor to provide maintenance and programming which has been provided by the Public
Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming and events. The programming contract has
requirements for a set number of events that must be open to the public annually. Gallivan also provides many
free events to activate the space consistent with the Council/Board’s public policy goals for downtown.
Project Area Expiration Dates
Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax
increment already collected in expired project areas such as Sugar House. Sometimes project areas can be
extended/renewed for a longer length which happened to the Central Business District. The table below
summarizes project area timeframes from creation to expiration.
Project Area
Initial
Collection
Year
Last
Collection
Year
Total #
Years T.I.
Collection
Central Business District*1983 2040 58
Depot District 1999 2022 24
Granary District 2000 2023 24
North Temple 2012 2036 25
North Temple Viaduct CDA 2012 2036 25
Northwest Quadrant 2019 2038 20
Block 70 CDA 2016 2040 25
Stadler Rail 2019 2038 20
9-Line 2021 2040 25
State Street 2021 2040 25
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
Page | 17
The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board,
encourages, promotes, or provides development or redevelopment for the purpose of implementing a
project area plan, including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or
improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including
recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
ATTACHMENTS
1. Summary Comparison Budget Chart
2. RDA Guiding Framework Transmittal October 2019 (Mission, Core Values and Livability Benchmarks)
3. RDA FY 21 Capital Projects Request Log
4. REVISED – FY 22 RDA Key Changes (corrections from the Mayor’s Recommended Budget Book)
Page | 18
ATTACHMENT 1
SUMMARY COMPARISON BUDGET CHART
Dollars %
Administration $ 3,454,246 $ 3,561,300 $ 3,857,015 $ 295,715 8%
Block 70 $ 6,016,523 $ 10,953,363 $ 10,939,263 $ (14,100)0%
Central Business District $ 17,125,075 $ 25,366,500 $ 27,923,150 $ 2,556,650 10%
Citywide Housing (Primary
Housing Fund) $ - $ 1,363,779 $ 1,498,627 $ 134,848 10%
Depot District $ 2,233,062 $ 4,024,278 $ 4,121,164 $ 96,886 2%
Granary District $ 35,843 $ 648,945 $ 666,124 $ 17,179 3%
Housing Trust Fund $ - $ 2,590,000 $ 2,590,000 $ - 0%
North Temple $ 33,370 $ 440,810 $ 450,346 $ 9,536 2%
North Temple Viaduct $ 1,526,826 $ 1,159,813 $ 1,188,979 $ 29,166 3%
Northwest Quad CRA (North
of I-80) $ - $ - $ 1,500,000 $ 1,500,000 new
Northwest Quadrant Housing
Fund (Inland Port Legislation) $ - $ - $ 250,000 $ 250,000 new
Program Income Fund $ 636,245 $ 1,905,835 $ 1,742,535 $ (163,300)-9%
Project Area Housing
(Secondary Housing Fund) $ 16,478 $ 44,000 $ 394,000 $ 350,000 795%
Revolving Loan Fund $ - $ 852,000 $ 550,000 $ (302,000)-35%
Stadler Rail $ - $ - $ 71,000 $ 71,000
West Capitol Hill $ 20,996 $ 100,000 $ 150,000 $ 50,000 50%
West Temple Gateway
(expired) $ 25,681 $ 50,000 $ 50,000 $ - 0%
TOTALS $ 31,124,345 $ 53,060,623 $ 57,942,203 $ 4,881,580 9%
Operating Budget by Division
Division Budgets 2019-2020
Actuals
2020-2021
Adopted
2021-22
Proposed
Difference
Dollars %
Personal Services 1,815,624$ 2,100,484$ 2,254,632$ 154,148$ 7%
Operations and
Maintenance 2,276,649$ 1,108,116$ 1,299,683$ 191,567$ 17%
Charges and Services 21,881,937$ 31,782,155$ 30,100,552$ (1,681,603)$ -5%
Interest and Bond
Expense 5,150,135$ 13,984,334$ 15,962,163$ 1,977,829$ 14%
Capital Expenditures -$ 4,085,534$ 8,325,173$ 4,239,639$ 104%
TOTALS 31,124,345$ 53,060,623$ 57,942,203$ 4,881,580$ 9%
By Function
Department Budget FY 2019-20
Actuals
FY 2020-21
Adopted
FY 2021-22
Proposed
Difference
October 18, 2019
Guiding Framework
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA
projects and partnerships.
MISSION: The Redevelopment Agency of Salt Lake City revitalizes neighborhoods and business districts to improve livability, spark economic growth, and foster
authentic communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities, commercial vitality, public
spaces, and environmental sustainability.
VALUES: Economic Growth-
We act as a responsible steward of public funds,
taking a long-term view of investment, return,
and property values.
Community Impact-
We prioritize projects and programs that
demonstrate commitment to improving equity
and quality of life for residents and businesses
in Salt Lake City.
Neighborhood Vibrancy-
We cultivate distinct and livable built
environments that are contextually sensitive,
resilient, connected, and sustainable.
PROJECT EVALUATION PROCESS: In the context of the Mission and Values, the RDA evaluates projects via three steps, which answer the following questions: 1.) Does the
project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving defined LIVABILITY BENCHMARKS,
thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the RDA Loan Program or Tax Increment
Reimbursement Program?
*Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans
will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process.
Step 1:
THRESHOLDS
Alignment with adopted City policies & plans
Alignment with Project Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 2:
LIVABILITY
BENCHMARKS
Economic Growth
Leveraging
Timeliness
Return of Investment
Permanent Job Creation & Retention
Business Districts
Targeted Resources
Community Impact
Public Space
Transit Opportunities
Local Business Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Public Art
Community Support
Neighborhood Vibrancy
Quality Materials
Site & Urban Design
Building Design & Architecture
Sustainability
Walkability
Historic Preservation
Adaptive Reuse
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies, programs and procedures
EXHIBIT “A” TO RESOLUTION
Project Project Description 21-22 Budget
Operating Budget
Impact
1 Storefront
Revitalization
Establishment of a Storefront Revitalization program to
provide funding to businesses in CBD to complete building
renovation projects.
83,832$ None.
Subtotal $ 83,832
1 Station Center
Infrastructure
Appropriation of funds for Station Center infrastructure
projects consisting of the construction of three new streets,
reconstruction of an existing street, utility upgrades, and
streetscape improvements to implement the Depot District
Project Area Plan and Downtown Master Plan.
332,179$ None.
2 Enviromental
Remediation
Appropriation of funds to facilitate remediation and disposal
of contaminated soils.
200,000$ None.
Subtotal $ 532,179
1 Community &
Cultural Initiatives
Establishment of a new initiative to support public arts and
cultural programming.
$ 443,731 None.
Subtotal $ 443,731
1 Catalytic Project Appropriation of funds to use for a catlytic project within the
project area. Potential uses could include property
acquisition, loan/incentive programs, or infrastructure
improvements.
$ 289,268 Impact will be
determined on a
case by case basis.
2 10% School Fund Based on an Interlocal Agreement with the SLC School District,
the Agency is obligated to set aside 10% of the tax increment
generated for improvements that benefit schools served by
the project area.
$ 30,474 None.
Subtotal $ 319,742
1 Regent Street
Parking Structure
Capital Reserves
Establishment of a reserve account to meet potential
obligations in the future that are required under the contract
with PRI which provides parking for the Eccles Theater. Under
the agreement, the Agency is required to contribute towards
the maintenance and long term capital repairs of the parking
structure.
100,000$ None.
Subtotal $ 100,000
1 Shared Costs Establishment of a reserve account for the portion of the tax
increment expected to be used for redevelopment activities
that benefit the entire NWQ Project Area, are system wide, or
that benefit multiple property owners or parcels.
$ 350,000 None.
Subtotal $ 350,000
1 Commercial
Revitalization
Program
The Commercial Revitalization Program will provide funding
for future projects that provide visible improvements to a
building or site, decrease vacancy rate of the area, provide
missing retail or service opportunities, retain or create jobs,
and/or create new commercial space.
667,535$ None.
2 Sustainability
Technical Assistance
Program
Establishment of a program that provides technical assistance
for projects in accordance with the RDA's Sustainable
Development Policy.
200,000$ None.
Block 70 Projects
Northwest Quadrant
Program Income Fund Projects
Redevelopment Agency of Salt Lake City
2021-22 Capital Projects
Central Business District Fund Projects
Depot District Fund Projects
Granary District
North Temple Projects
Gallivan Repairs Appropriation of funds to use for repairs needed on the roof,
parking deck, ice rink cooling system, grand staircase, eastern
expansion joint, and other issues on Gallivan Avenue.
250,000$ None.
Subtotal $ 1,117,535
1 Housing
Development Loan
Program
A permanent and annually renewable program that
consolidates and centralizes resources for the development
and preservation of affordable housing. Loans provided
through the HDLP shall be funded directly from an individual
fund source, with revenues, expenditures, interest, payments
and repayments accounted for from the fund source to
comply with applicable State and Local statutes.
$ 498,627 None.
2 Strategic Site
Acquisition
Establishment of a reserve fund to use for acquisition of
properties for the purpose of preserving, improving or
increasing affordable housing units.
$ 1,000,000 None.
Subtotal $ 1,498,627
1 Housing
Development Loan
Program
A permanent and annually renewable program that
consolidates and centralizes resources for the development
and preservation of affordable housing. Loans provided
through the HDLP shall be funded directly from an individual
fund source, with revenues, expenditures, interest, payments
and repayments accounted for from the fund source to
comply with applicable State and Local statutes.
$ 394,000 None.
Subtotal $ 394,000
1 Housing
Development Loan
Program
A permanent and annually renewable program that
consolidates and centralizes resources for the development
and preservation of affordable housing. Loans provided
through the HDLP shall be funded directly from an individual
fund source, with revenues, expenditures, interest, payments
and repayments accounted for from the fund source to
comply with applicable State and Local statutes.
$ 2,590,000 None.
Subtotal $ 2,590,000
1 Accessory Dwelling
Units Program
Appropriation of funds to facilitate the construction of
Accessory Dwelling Units with a priority within Agency project
areas. Potential uses could include the creation and
marketing of the program as well as related design or
consulting expenses. The intent would be to increase the
supply of ADUs and incentivize owners to make the units
available to income targeted individuals.
$ 250,000 None.
Subtotal $ 250,000
Total Central Business District Fund/ Depot District/ Block
70/ North Temple/ Program Income Fund Capital Projects
$ 7,679,646
NWQ Housing Fund
Primary Housing Fund
Secondary Housing Fund
Housing Development Fund
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
1 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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 1,265,520.00
Primary Housing Fund 768,856 15,377 784,233.00
Capital Expenditures - 100 S Utilities
-{Holding Account}-388,981 (388,981) -
Capital Expenditures - Station Center Infrastructure
-{Holding Account}-- 332,179 332,179.00
Transfer to Administration 576,642 11,533 588,175.00
Grant Tower Debt Service 275,800 (200) 275,600.00
TI Reimbursement Alta Gateway 260,000 119,960 379,960.00
TI Reimbursement Homewood Suites 110,000 (4,064) 105,936.00
Miscellaneous Property Expense 100,000 20,000 120,000.00
TI Reimbursement Cowboy Partners Liberty Gateway 94,000 (24,439) 69,561.00
TI Reimbursement Cicero 50,000 (50,000) -
Capital Expenditures - Environmental Remediation Sites 3 & 4
-{Holding Account}-200,000 - 200,000.00
Total Expenditures and Other Uses Budget 4,024,278 96,886 4,121,164
Budgeted revenues and other sources over
(under) expenditures and other uses -
2 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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/Cutural Initiative
-{Holding Account}-- 443,731 443,731
Primary Housing Fund 121,789 2,436 124,225
Transfer to Administration 91,342 1,826 93,168
TI Reimbursement Artspace Commons 34,000 (34,000) -
Miscellaneous Property Expense 5,000 - 5,000
Total Expenditures and Other Uses Budget 648,945 17,179 666,124
Budgeted revenues and other sources over
(under) expenditures and other uses -
North Temple
Revenue and Other Sources
Tax Increment 426,810 8,536 435,346
Interest Income 14,000 1,000 15,000
Total Revenues and Other Sources Budget 440,810 9,536 450,346
Expenses and Other Uses
Capital Expenditures - Catalytic Project
-{Holding Account}-270,086 19,182 289,268
Primary Housing Fund 85,362 1,707 87,069
Capital Expenditures - 10% School Construction Fund
-{Holding Account}-42,681 (12,207) 30,474
Transfer to Administration 42,681 854 43,535
Total Expenditures and Other Uses Budget 440,810 9,536 450,346
Budgeted revenues and other sources over
(under) expenditures and other uses -
3 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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 4 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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 -
5 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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
Total Revenues and Other Sources Budget 1,905,835 (163,300) 1,742,535
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) -
Total Expenditures and Other Uses Budget 1,905,835 (163,300) 1,742,535
Budgeted revenues and other sources over
(under) expenditures and other uses -
6 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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}-394,000
Infill Housing Development 44,000 (44,000) -
Total Expenditures and Other Uses Budget 44,000 (44,000) 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 - 150,000 150,000
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 1,363,779 134,848 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}-- 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}-- 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 -
7 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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 -
8 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
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 1,826 93,168
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 57,942,203
TOTAL Expense 54,232,619 57,942,203
CIP Allocations detailed on Cap Projects tab 4,738,562 7,679,646
Appropriation of Fund Balance - -
GRAND TOTALS
9 of 9 5/13/2021 2:41 PM