05/18/2021 - Meeting Materials (2)Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
May 18,2021 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:13:56:14
This meeting will be an electronic meeting pursuant to the Chair’s determination:
As Redevelopment Agency Chair,I hereby determine that conducting the Salt Lake City Redevelopment
Agency Board meeting at an anchor location presents a substantial risk to the health and safety of those
who may be present at the anchor location.Due to the local state of emergency from the earthquake in
March 2020 and attendant damage to the building,I find that conducting a meeting at the anchor
location under the current local emergency constitutes a substantial risk to the health and safety of those
who may be present at the location.
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
If you are interested in participating during the general comment period,you may do so through the
Webex platform.To learn how to connect through Webex,or if you need call-in phone options,please visit
our website or call us at 801-535-7607 to learn more.
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:
1.General Comments to the Board ~2:00 p.m.
5 min
The RDA Board of Directors will receive public comments regarding Redevelopment
Agency business in the following formats:
1.Written comments submitted to RDA offices,451 South State Street,Suite 118,P.O.
Box 145455,Salt Lake City,UT.84114-5455.
2.Comments to the RDA Board of Directors.(Comments are taken on any item not
scheduled for a public Hearing,as well as on any other RDA Business.Comments are
limited to two minutes.)
B.Public Hearing -individuals may speak to the Board once per public hearing topic
for two minutes,however written comments are always accepted:
1.Resolution:RDA Budget Amendment No.1 for Fiscal Year 2020-21
The Board will accept public comment for a resolution that would amend 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 TBD catalytic development along North Temple,a
new community and cultural initiative in the Granary District,and other changes.
C.Redevelopment Agency Business -The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Resolution:Electronic Meetings ~2:05 p.m.
5 min.
The Board will consider adopting a resolution which permits the Redevelopment Agency
Board of Directors and the Redevelopment Advisory Committee to meet electronically
pursuant to the Utah Open and Public Meetings Act.
2.Resolution:RDA Budget Amendment No.1 for Fiscal Year 2020-21 ~2:10 p.m.
10 min.
The Board will receive a 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 TBD catalytic development along North Temple,a
new community and cultural initiative in the Granary District,and other changes.
3.Overview of the Redevelopment Agency Budget for Fiscal Year
2021-22
~2:20
p.m.
60 min.
The Board will receive a general overview of the proposed budget for the Redevelopment
Agency of Salt Lake City for Fiscal Year 2021-22.The Board will continue to discuss the
Mayor’s Recommended Budget over the next several weeks and will have public hearings
on Tuesday May 18,2021 and Tuesday,June 1,2021 at 7 p.m.The Board expects to adopt
the budget in mid-June.
4.Resolution:Fiscal Year 2021-22 Affordable Housing Development
Funding Priorities Follow-up
~3:20
p.m.
20 min.
The Board will continue consideration of RDA housing development funding priorities for
Fiscal Year 2021-22,and may consider adopting a resolution formalizing these priorities
to provide policy direction for RDA.In conjunction with their RDA budget deliberations,
the Board may also discuss the total amount dedicated to affordable housing
developments and the allocation of this amount among different program categories.
5.Board Appointment:Nicholas Peterson –Redevelopment Advisory
Committee (RAC)
~3:40
p.m.
5 min.
The Board will interview Nicholas Peterson prior to considering appointment to the RAC
for a term ending May 18,2025.
6.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.
7.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:
1.Board Appointment:Nicholas Peterson –Redevelopment Advisory
Committee (RAC)
The Board will consider approving Nicholas Peterson to the Redevelopment Advisory
Committee (RAC)for a term ending May 18,2025.
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.
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
1
7
8
7
6
TO:Board Members
FROM: Jennifer Bruno
Deputy Director
DATE:May 18, 2021
Item C1
MOTION SHEET
Redevelopment Agency of SALT LAKE
CITY
RE: Resolution: Electronic Meetings
MOTION 1 –Approve –
I move that the Board adopt a resolution which permits the Redevelopment Agency Board of Directors and the
Redevelopment Advisory Committee to meet electronically pursuant to the Utah Open and Public Meetings
Act.
OR
MOTION 2 – DECLINE TO
I move that the Board not adopt the motion.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
REDEVELOPMENT AGENCY OF SALT LAKE CITY
BOARD OF DIRECTORS
RESOLUTION NO. _______ of 2021
Electronic Meetings
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF SALT LAKE CITY REGARDING ELECTRONIC MEETINGS
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(“the Board”) desires to adopt a policy to permit the Board and the Redevelopment Advisory
Committee to hold electronic meetings in accordance with the Utah Open and Public
Meetings Act.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the Board and the
Redevelopment Advisory Committee may hold electronic meetings in accordance with the
Utah Open and Public Meetings Act.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
____ day of ___, 2021, to be effective upon adoption.
Ana Valdemoros, Chairperson
Transmitted to the Executive Director on .
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting
Erin Mendenhall, Executive Director
Approved as to form
Salt Lake City Attorney’s Office
Attest
City Recorder
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:May 18, 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
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:
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
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.
=
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
Page | 3
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:
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 | 4
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 | 5
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 | 6
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 | 7
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 | 8
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 | 9
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 | 10
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 | 11
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 | 12
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 | 13
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 | 14
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 | 15
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 | 16
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
2021-2022
BUDGET
Contents
PART 2 FY 22 PRIORITIES + NEW PROGRAMS
PART 3 BUDGET BREAKDOWN
PART 4 FY 22 KEY CHANGES
PART 1 FY 21 HIGHLIGHTS
CAPITOL HOME APARTMENTS GROUNDBREAKING
62 affordable units, 32 market-rate
Commercial + flex space
$3.2 MM loan
PAMELA'S PLACE RIBBON CUTTING
100 deeply affordable units
Medical clinic + services
$500,000 forgivable loan
AFFORDABLE HOUSING LOAN APPROVALS
144 Place Apartments - $1.5 million
22 units, 40-60% AMI
Wasatch Community Gardens - $250,000
8 units, 70% AMI
Colony B - $1.3 million
106 units, 20-50% AMI
FY 21 Highlights
JACKSON LOAN CLOSURE + GROUNDBREAKING
Closed $1 million loan
Broke ground on 80 affordable senior housing units
80 affordable microunits are now available
RDA provided $3 million loan for construction of this housing
component of the larger Exchange Project
FY 21 Highlights
MYA OPENING
255 S. STATE STREET MILESTONES
Closed $9.5 million loan
Completed property sale to developer
Broke ground on 152 affordable units, 20,000 square-feet
commercial space, midblock walkway
WEST END LOAN CLOSURE + GROUNDBREAKING
Closed $3.1 million loan
Broke ground on adaptive reuse of 11,000
square feet commercial space
ART FOR HOPE PUBLIC ART
33 Utah artists commissioned
$43,000 income infused into local creative community
9 LINE CRA FULLY ESTABLISHED
Adopted by Salt Lake City, Salt Lake City
School District, and Salt Lake County
FY 21 Highlights
Directed to move forward with the partial creek flow option
Partnering with the Seven Canyons Trust to issue an RFP for the
design of a master plan integrating partial flow option
Led 15-month neighborhood visioning process
with Japanese American community
Resulted in a design strategy broken out into
three phases, and implementation cost ranges
Charted out community's next steps for
organization and funding
FY 21 Highlights
JAPANTOWN DESIGN STRATEGY COMPLETED
CITY CREEK DAYLIGHTING FEASIBILITY STUDY WRAP-UP
~$1.5 million RDA funding
Central Ninth commercial district anchor
SPY HOP BUILDING DEDICATION
HOUSING POLICIES
Housing Development Loan Policy
Housing Allocation Funds Policy
Authorized long-term ground leases as a form of land disposition
Added restrictions to disposition when exclusively negotiating with
adjacent property owners
Increased developments receiving RDA funds to
invest 1.5% assessed value into public art
Allowed RDA's Program Income Funds (PIF) to
fund art projects
FY 21 Highlights
REAL PROPERTY DISPOSITION POLICY
PUBLIC ART POLICY
Budget
Priority
Projects
Existing high-profile
projects and programs that
are being proposed for
funding as part of the
annual budget.
STATION CENTER
A premier transit-oriented development that incorporates
multiple public benefits. FY 22 funds could be used for
acquisition of property, infrastructure improvements,
and/or site costs related to existing structures owned by
the RDA.
NORTH TEMPLE CATALYTIC PROJECT
A strategic project intended to catalyze neighborhood
revitalization. Potential uses of FY 22 funds could include
property acquisition, loan/incentive programs, or
infrastructure improvements.
HOUSING DEVELOPMENT LOAN PROGRAM
A program that consolidates and centralizes resources for
the development and preservation of affordable housing.
FY 22 funds will be utilized according to funding priorities
that are pending Board approval.
New programs and
initiatives that are intended
to better target funding and
further equity and
sustainability priorities.
Program policies will be
presented to the RDA Board
for consideration over the
upcoming months.
STOREFRONT + COMMERCIAL REVITALIZATION PROGRAM
A new program that facilitates visible improvements to
properties, decreases vacancy rates, provides missing
retail or services, retains or creates jobs, and/or
establishes new commercial space.
SUSTAINABILITY TECHNICAL ASSISTANCE PROGRAM
A new program to assist developers with implementing
heightened sustainability standards to increase resiliency
and reduce negative impacts on the environment.
CULTURAL + COMMUNITY INITIATIVE PROGRAM
A new program to support public arts and cultural
programming to support community organizations in
better carrying out their missions.
New
Programs +
Funding
Requests
Tax Increment Revenue Trends
FY 22 Revenue Budget Summary
FY 22 Recommended Budget
FY 22 Project Allocations
FY 22 Housing Fund Allocations
Central Business District Overview
TAX INCREMENT PROJECTION
Overall
KEY CHANGES
2% over FY 21
(10% in Central Business District)
Central Business District
Continued programming of two weekly
Excellence in the Community concerts
with live streaming
Storefront + Commercial
Revitalization Program
GALLIVAN INCREASE
$50,000
CAPITAL EXPENDITURE
$83,832
KEY CHANGES
Gallivan Avenue
Storefront Project
Project areas expired
Interest earnings to fund Admin
West Capitol Hill +
West Temple Gateway
KEY CHANGES
Jefferson Walkway
Project
CAPITAL EXPENDITURE
$332,179
CAPITAL EXPENDITURE
$200,000
Depot District
KEY CHANGES
Station Center Infrastructure
Environmental Remediation
Station Center
300 S. Rendering
Granary District
CAPITAL EXPENDITURE
$443,371
KEY CHANGES
Community/Cultural Initiative
Granary District
Mural Project
North Temple
CAPITAL EXPENDITURE
$289,262
KEY CHANGES
Catalytic Project
No. Temple Pedestrian
Improvements Project
Block 70
KEY CHANGES
Subsidized by Central Business District contributions
Transfer of insurance costs to Eccles Theater budget
(Split with County & City)
Eccles Theater
Project
Northwest Quadrant
+ Stadler Rail
KEY CHANGES
NEW FUNDS
NWQ
$350,000
Both carry obligations of
Tax Increment Reimbursement
Shared costs
Stadler Rail
Project
Program Income Fund
CAPITAL EXPENDITURE
$667,535
CAPITAL EXPENDITURE
$200,000
CAPITAL EXPENDITURE
$250,000
KEY CHANGES
Commercial Revitalization Program
Sustainability Technical Assistance Program
Gallivan Repairs
Gallivan Plaza
Diamond Rail
All-Electric Project
Housing Funds
$2,590,000
$1,000,000
$250,000
KEY CHANGES
Housing Development Loan Program
Strategic Site Acquisition
Accessory Dwelling Unit Program
Proposed uses within Annual Housing Strategy
Capitol Motel
Property Purchase
Central Station
Project
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Budget & Policy Analyst
DATE:May 4, 2021
RE: RESOLUTION: FISCAL YEAR 2021-22 AFFORDABLE HOUSING
DEVELOPMENT FUNDING PRIORITIES
NEW INFORMATION - Summary of May 4, 2021, Board discussion on this item
1. Clarifications: The Board may wish to confirm these with RDA staff
a. The Board could suspend any adopted policies under special circumstances in a specific project
proposal
b. The Board could change initial budget allocations among program categories (“tactics” in the
RDA proposal) at any time
c. The Board would continue to review and consider each specific loan project proposal before it
may be approved for funding
2. Board Member concerns and ideas:
a. Add funding to the Strategic Acquisition program
b. Revise proposed use of NWQ funds for 9Line ADU program
o Instead, establish a community land trust to help increase homeownership on the West Side
o 9Line agreement requires some kind of ADU program, but funding should not come from
NWQ
3. Housing Priorities (RDA’s Proposed List)
a. Discussion: How can the Board maximize flexibility for project proposals while still honing in
on their most important priorities?
o With such a long list of interest rate reductions, nearly all proposals would qualify for
reductions
o If certain Priorities are optional, developers will tend to avoid the more costly/difficult
ones—which defeats the purpose of prioritizing them
b. Suggestions: How to consolidate/edit the Priorities list
o Offer interest rate reductions only to the “top five” priorities?
o Repurpose some items on the list as requirements (like environmental and energy reducing
building practices), and others as encouraged by RDA but without interest rate reductions?
ISSUE-AT-A-GLANCE
Item Schedule:
Briefing: May 4, 2021
Set Date: N/A
Public Hearing: N/A
Potential Action: May 18, 2021
Page | 2
In accordance with the Housing Funds Allocation Policy and Housing Development Loan Program (HDLP)
Policy adopted by the Board in recent months, RDA staff prepared a draft Fiscal Year 2022 Affordable Housing
Priorities and Strategies document, which includes a proposed resolution and additional budget ideas. On May
4, the Board will discuss the funding Priorities in this transmittal. These are listed on page 5/12, and are
intended as policy direction for RDA staff as they consider applications for affordable housing projects. In future
years the annual Priorities will be transmitted around March for consideration well before budget discussions
begin.
Both the proposed total funding dedicated to affordable housing projects, and the allocation of this amount
among different program categories are subject to Board approval as part of the RDA’s annual budget process.
The Board will have an opportunity to discuss these in more detail on May 18. Staff note: In the RDA document,
these program categories are referred to as Expenses in the Funding Overview (page 4/12), and Tactics
elsewhere (pages 6/12 and 7/12).
Goal of the briefing: Discuss and consider adopting the Resolution entitled Fiscal Year 2022 Affordable
Housing Priorities.
ADDITIONAL INFORMATION
A. Proposed FY22 Priorities
The transmittal lists thirteen proposed FY22 Priorities based on RDA staff’s assessment of current needs
and Board objectives. According to the Housing Development Loan Program Policy adopted in March
2021, these Priorities should align with adopted Board and City Council policies, including the Housing
Plan, Project Area Plans, RDA Guiding Framework, and RDA Housing Allocation Funds Policy.
The short titles for the Priorities on page 5/12 are:
1. Family Housing
2. Target Populations
3. Neighborhood Safety
4. Missing Middle and Unique
Housing Types
5. Homeownership
6. Sustainability
7. Expand Opportunity
8. Neighborhood Impact
9. Transportation Opportunities
10. Historic Preservation /Adaptive Re-use
11. Commercial Vitality
12. Public Art
13. Fund Leveraging
Funding Priority Incentives: Projects would be eligible to reduce their base interest rate if they meet the
adopted funding priorities as established annually, according to the RDA Housing Allocation Funds
Policy. For each funding priority met, the project would be eligible to receive a 0.5% reduction to the
Base Interest Rate, down to a minimum of 1%.
The Board may wish to consider the advantages and disadvantages of naming 13
Priorities in the FY22 Strategy which all would carry equal weight for incentives:
o Would the Board be interested in differentiating among these Priorities, for
example, defining some as Required and others as Optional?
o Since the Priorities are tied to potential interest rate reductions, would the
Board like to consider some option for weighting their relative importance,
for example, assigning 0.50% reductions to some, and 0.25% to others deemed
less important?
B. Proposed FY22 Tactics
Page | 3
The proposed funding amounts listed for each Tactic are subject to change by the Board during the May
18 RDA budget discussion, depending in part on whether it chooses to dedicate more or less of the total
budget to housing. For the purposes of this Priorities discussion, Board members may wish to indicate
whether they agree with the share of the nearly $10.8 million total that is proposed for each Tactic. As
presented in the RDA document, staff estimates that leveraging these funds with private investment
would result in $150 million in total project costs, providing 348 new affordable units, including 116 at
under 50% AMI.
Proposed Amounts and Shares for FY22 RDA Housing Tactics
Amount Share
Housing Development Loan Program
- Citywide NOFA $5,406,400 52%
- Emergency Gap $1,000,000 10%
- High Opportunity $2,700,000 26%
Strategic Acquisition $1,000,000 10%
ADU Pilot Program $280,455 3%
TOTAL $10,386,855 100%
The $10.4 million represents estimated FY22 revenue combined with housing funds remaining from
FY21. As adopted in the Housing Development Loan Program Policy, the funding sources for each of
the Tactics discussed below are described here:
1. Tactic 1: Housing Development Loan Program
$9,106,400 from Primary, Secondary and HDLP Funds from FY22 and FY21
For HDLP funds, RDA staff proposes to release three notices of funding availability (NOFAs) in
FY22:
- A competitive $5.4 million Citywide NOFA for projects located within Salt Lake City, with
a minimum of at least $394,000 (4%) reserved for projects located in RDA project areas.
The target would be 135 new affordable units at about $40,000 each. RDA staff would issue
the NOFA in July with a fixed submission date. If funds were left over after that
competition, due to a lack of demand or viable projects, the RDA would issue a second
competitive, time-limited NOFA in early 2022.
- A $1 million Emergency Gap Financing NOFA available an open-ended basis for
projects with a majority of units at or below 60% AMI which encounter an unexpected
financial gap due to unforeseen circumstances. This would support 25 units at $40,000
each.
- A High Opportunity NOFA would be released on an open-ended basis for new projects
in designated “high opportunity” census tracts. This would be funded with the remaining
$2.7 million reserved for this purpose in 2018, and support 45 units at $60,000 each.
The Board may wish to request additional information on this proposed
use of HDLP, including:
Page | 4
o Would these amounts be fungible among the three categories if
unexpected opportunities arise? What would be the process for
making any changes?
o How would the City’s equity goals be furthered through these
proposed programs?
2. Tactic 2: Strategic Acquisition
$1,000,000 from Primary Housing Fund
These funds are proposed to be used for buying strategic properties in existing RDA project areas,
including distressed motels or other properties, consistent with RDA and City goals.
The Board may wish to request additional information on this proposed Tactic,
including:
o Is this amount sufficient for the proposed purpose? (This question also
could be considered during the RDA budget discussion on May 18.)
o How would the City’s equity goals be furthered through this proposal?
3. Tactic 3: ADU Program
$280,455 ($250,000 from NWQ funds and $30,455 from remaining FY21 Secondary Funds)
These funds would be used to start a pilot accessory dwelling unit (ADU) program west of I-15 and
targeted to the 9Line Community Reinvestment Area (CRA). The program would aim to foster new
ADUs in the area as an affordable housing option by providing financial support for the
construction of two new units, at a price of approximately $95,000 each. The program would
require homeowners to rent their ADUs at a rate that is affordable to low and moderate income
households.
The Board may wish to request additional information on this proposed pilot
program such as:
o Would constructing just two ADUs be enough to help inform judgments
about whether to continue this program in the future?
o How would the program be structured, for example, is this envisioned as
a revolving loan fund? How would the RDA monitor and impose the
affordability requirement?
o How would the application process work? Would only single-family
homeowners be eligible, or could owner-occupied multifamily units also
qualify? Would applicants be expected to provide some cash for
construction ($95,000 seems too low to complete an ADU)?
o How would the City’s equity goals be furthered through this proposed
program?
If both ADUs are built for $95,000 each, how would the remaining $90,455
allocated to this Tactic be used? (This question also could be considered during
the RDA budget discussion on May 18.)
The Board may wish to consider whether the pilot program would be more
feasible if all of the Secondary funds for FY22, which are to be used in existing
CRAs, were dedicated to the ADU program instead. This would result in
$674,455. (This question also could be better considered during the RDA budget
discussion on May 18.)
Page | 5
POLICY QUESTIONS
1. The Board may wish to ask about the plan for dealing with any surpluses or shortfalls in actual revenue
compared to the revenue estimates. Will the RDA staff return to the Board for authorization to make
changes to the amounts allocated to each Tactic, for example, through budget amendments?
2. The transmittal states that the FY22 Strategy addresses all three Goals and the majority of the Objectives in
the Growing SLC Housing Plan (Appendix A, page 7). The Board may wish to ask for additional information
on how the RDA staff assesses this alignment. Specifically, how would the RDA:
o Prioritize the development of new affordable housing with an emphasis on households earning 40%
AMI and below. (Note: In the Target Population Priority, the threshold listed is 50% and below.)
o Work with landlords to both improve their housing stock and rent to very low-income households.
o Implement Lifecycle Housing principles in neighborhoods throughout the city.
3. The Board may wish to ask for an update from RDA staff as it relates to guiding policies specifically for the
Northwest Quadrant affordable housing increment, including how it may address ideas raised by Board
members in the discussion late in 2020.
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 of SALT LAKE CITY
STAFF MEMO
DATE: April 16, 2021
PREPARED BY: Tammy Hunsaker
RE: FY 2021-22 Affordable Housing Development Funding Strategy and
Priorities
REQUESTED ACTION: Briefing on the FY 2021-22 Affordable Housing Development Funding
Strategy and consider approval of a resolution establishing annual
Funding Priorities.
POLICY ITEM: Affordable housing.
BUDGET IMPACTS: N/A.
EXECUTIVE SUMMARY: The Board of Directors (“Board”) of the Redevelopment Agency of
Salt Lake City (“RDA”) recently adopted two policies to facilitate the funding and development of
affordable housing within City boundaries. First, the RDA Housing Allocations Funds Policy
(“Funds Policy”) establishes guidelines for allocating and directing resources for the development
and preservation of housing by funding source. Second, the Housing Development Loan Program
Policy (“HDLP Policy”) creates a program that centralizes the application, underwriting, and
approval process across all funding sources, providing a one-stop-shop for community partners to
access resources for the development and preservation of affordable housing.
Both policies contemplate that annually, prior to the annual budget process, the RDA shall present
to the Board an Affordable Housing Development Funding Strategy (“Funding Strategy”). The
Funding Strategy shall include a projected amount of revenue to be allocated to housing, proposed
funding allocations for housing activities, and proposed funding priorities (“Funding Priorities”) for
the upcoming fiscal year. This will allow the RDA to be flexible to address current needs, leverage
current opportunities, coordinate with other city resources, and allow funding priorities to align with
evolving plans and policies.
Pursuant to the Funds Policy, the Board shall consider the Funding Strategy as part of the annual
budget adoption process. Additionally, the HDLP Policy provides that the annual Funding Priorities,
as proposed through the Funding Strategy, shall be subject to approval by the Board. Accordingly,
the Funding Strategy is provided as Attachment A for the Board’s review, and the FY 2021-22
Affordable Housing Funding Priorities resolution is provided as Attachment B for the Board’s
consideration. These documents are intended to provide supplemental information and policy
direction on the RDA’s budget regarding housing activities and not replace the RDA’s annual budget
process.
PREVIOUS BOARD ACTION:
• March 2021: The Board adopted the Housing Development Loan Program Policy.
• February 2021: The Board adopted the RDA Housing Allocation Funds Policy was briefed
by RDA Staff on a draft Housing Development Loan Program Policy.
• December 2020: RDA Staff presented a draft RDA Housing Allocation Funds Policy
Resolution and briefed RAC and the Board on the forthcoming draft Housing Development
Loan Program Policy.
• July 2020: RDA Staff proposed two draft frameworks that were envisioned to be expanded
into legislative policies that would carry out the Board’s direction and intent to 1) direct the
allocation of resources for affordable housing development and preservation and 2)
consolidate loan administration for the development of affordable housing into a single
location.
• January - February 2020: RDA Staff briefed RAC and the Board on the Draft Salt Lake City
Housing Implementation Framework, a framework that outlines the various roles and
responsibilities across City divisions and departments for the implementation of housing.
• June 2019 and June 2020: The Board and Salt Lake City Council allocated sales tax funds to
the RDA with legislative intent of consolidating loan administration for the development of
affordable housing into a single location.
• May 2018 to March 2019: RDA Staff presented a series of briefings to RAC and the Board
regarding housing, including on topics such as historical practices and funding allocations,
statutory requirements, and interdepartmental coordination.
• December 2017: The Board adopted a motion directing RDA Staff to draft an RDA Housing
Allocation Policy.
ATTACHMENTS:
A. FY 2021-22 Affordable Housing Development Funding Strategy
B. FY 2021-22 Affordable Housing Funding Priorities Resolution
The Fiscal Year 2022 (“FY 22”) Salt Lake City Affordable Housing Funding Strategy
outlines the amount of revenues available for affordable housing development
activities and identifies funding priorities and activities for the expenditure of
funds. In addition to expanding the supply of affordable housing, revenues shall be
leveraged to elevate real estate development projects that have profound impacts
on people, particularly low-income and vulnerable populations, in order to uplift
others, create economic opportunities, improve health outcomes, and influence the
physical and socioeconomic landscape of Salt Lake City.
FY 2022
AFFORDABLE HOUSING FUNDING STRATEGY
SALT LAKE CITY
DRAFT
FY22 AFFORDABLE HOUSING FUNDING STRATEGY 2DRAFT: FOR DISCUSSION PURPOSES
HOUSING REVENUES & EXPENSES:
REVENUES EXPENSES
FUND TOTAL HOUSING
DEVELOPMENT
LOAN
PROGRAM
ACQUISITION ADU
PROGRAM
NOTES
FY 22 BUDGET*
PRIMARY $1,498,627 $498,627 $1,000,000
SECONDARY $394,000 $394,000 Prioritized for RDA Areas
NWQ (Inland Port)$250,000 $250,000 Prioritized for West of I-15
HOUSING DEV FUND $2,590,000 $2,590,000
SUBTOTAL $4,732,627 $3,482,627 $1,000,000 $250,000
PRIOR YEAR BUDGET AVAILABLE**
PRIMARY $4,533,773 $4,533,773 High Opp $2,700,000
SECONDARY $30,455 $30,455 Prioritized for RDA Areas
NWQ (Inland Port)$0
HOUSING DEV FUND $1,090,000 $1,090,000
SUBTOTAL $5,654,228 $5,623,773 $0 $30,455
TOTAL $10,386,855 $9,106,400 $1,000,000 $280,455
FUNDING OVERVIEW
IMPACT TARGETS*
232
AFFORDABLE
UNITS
$10,386,855
TOTAL RDA FUNDS EXPENDED
10
DEVELOPMENT
PROJECTS
116
50% AMI & BELOW
UNITS
45
HIGH OPPORTUNITY
AFFORDABLE UNITS
348
TOTAL
UNITS
$150,000,000
TOTAL PROJECT COSTS
1:15
LEVERAGE
RDA FUNDS to TOTAL COST
*Note: These are preliminary estimates based off of a percentage of affordable units per project and a standard development cost per unit.
*Note: FY 22 Budget is based on preliminary information. The official draft budget will be transmitted through the Mayor’s Recommended Budget Book.
**Note: The Prior Year Budget Available includes an estimate of revolving funds within the housing accounts that will not be expended prior to the end of FY
21. Subject to change.DRAFT
FY22 AFFORDABLE HOUSING FUNDING STRATEGY 3DRAFT: FOR DISCUSSION PURPOSES
•FAMILY HOUSING: Provide opportunities for families to enjoy the many benefits of urban living by encouraging the development of housing
that is more conducive to larger household sizes.
Benchmark: Projects include significant amount (20% or more) of affordable 3 and 4-bedroom units.
•TARGET POPULATIONS: Expand the availability of units for extremely low-income households, thereby providing housing options for
individuals or families that are homeless or at risk of homelessness.
Benchmark: Projects include a significant amount (20% or more) of units targeted to the following populations: households earning 50% AMI and
below; persons with disabilities; the elderly; and other populations at risk for homelessness due to their economic, health, or social circumstances.
•NEIGHBORHOOD SAFETY: Utilize the development of housing as a method to remove blight, reduce crime, revitalize neighborhoods, and
stabilize communities.
Benchmark: Projects will revitalize a property that is characterized by the State of Utah’s definition of a development impediment; and/or will
redevelop a property that is significantly distressed or causing a nuisance AND is detrimental to the health, safety and welfare of the community.
•MISSING MIDDLE & UNIQUE HOUSING TYPES: Promote an array of scale of project types to diversify the City’s housing stock/forms and
provide more affordable living options for residents.
Benchmark: Projects include significant amount (20% or more) of affordable units that are of a missing middle or unique housing type, including
townhomes, rowhouses, fourplexes, duplexes, tiny homes, cottage developments, accessory dwelling units, and similar.
•HOMEOWNERSHIP: Create opportunities for those who have historically rented in the community to build wealth and establish permanent
roots through homeownership.
Benchmark: Projects include significant amount (20% or more) of units that are affordable homeownership.
•SUSTAINABILITY: Achieve green building and energy conservation standards to lower housing expenses, conserve resources, and promote
resiliency.
Benchmark: Projects are built to be Zero Energy Ready or are certified through an industry-recognized sustainable building certification program.
•EXPAND OPPORTUNITY: Provide for Neighborhoods of Opportunity by promoting the economic diversity of the housing stock within
neighborhoods.
Benchmark: Projects are located within a High Opportunity Area, which is defined as an area that provides conditions that expand a person’s
likelihood for social mobility as identified through an analysis of quality-of-life indicators. Refer to Appendix C: Opportunity Index.
•NEIGHBORHOOD IMPACT: Encourage housing that is high-quality, enduring, and that contributes to neighborhood context and livability
through architectural and urban design best practices.
Benchmark: Projects shall be subject to an RDA design review process.
•TRANSPORTATION OPPORTUNITIES: Promote a multimodal transportation network and ensure convenient and equitable access to a variety of
transportation options.
Benchmark: Projects meets TWO of the following standards:
•Includes a car sharing, bike sharing, or transit pass program that is widely available to employees/residents
•Is a commercial project that includes employee shower, locker, and bicycle facilities
•Is located within 1/3 mile walking distance of a TRAX station or S-Line station
•Implements reduced parking strategies without negatively impacting the neighborhood
•HISTORIC PRESERVATION/ADAPTIVE REUSE: Encourage the preservation and/or reuse of buildings to preserve the character of
neighborhoods.
Benchmark: Developers shall work with the SLC Planning Division to identify appropriate methods to preserve, rehabilitate, or restore architecturally
or historically significant properties, including those listed individually as local landmarks, located within local historic districts, and/or located within
a District listed on the National Register of Historic Places; OR preserve or repurpose a building through the conversion of existing structures into
new uses that contribute positively to its surrounding neighborhood.
•COMMERCIAL VITALITY: Foster a mix of land uses and unique neighborhood business districts that adequately meet the local community’s
needs.
Benchmark: Projects are mixed-use and establish new services, amenities, or underrepresented business types in the neighborhood that the local
community identifies as lacking and desires.
•PUBLIC ART: Promote cultural expression and add to the experience and value of the built environment through art that is publicly visible or
accessible for all to experience.
Benchmark: Projects provide publicly visible or accessible, original art that enriches the site and promotes City, and/or neighborhood identity or
initiatives and raises awareness of community history, identity, cultures, or geography.
•FUND LEVERAGING: Maximize impact by leveraging funds with the private market and with other available public resources.
Benchmark: RDA funding shall provide a maximum of 10% of the total project cost.
FUNDING PRIORITIES
DRAFT
FY22 AFFORDABLE HOUSING FUNDING STRATEGY 4DRAFT: FOR DISCUSSION PURPOSES
The HDLP provides a centralized application, underwriting, and approval process across all funding sources,
providing a one-stop-shop for community partners to access resources for the development and preservation
of affordable housing. In FY22, the RDA will release three notices of funding availability through the HDLP. A
competitive Citywide NOFA of $5,319,402 will be available for projects located within Salt Lake City municipal
boundaries, with a minimum of $394,000 prioritized for projects located in RDA project areas. An Emergency
Gap Financing NOFA of $1,000,000 will be released on an open-ended basis for projects, with a majority of units
at or below 60% AMI, that have an unexpected financial gap due to unforeseen circumstances. Finally, a High
Opportunity NOFA will be released on an open-ended basis for projects located in designated High Opportunity
census tracts - refer to Appendix C.
BUDGET TARGETED IMPACTS
NOFA TYPE TOTAL FUNDING / UNIT UNITS
CITYWIDE*$5,406,400 $40,000 135
EMERGENCY GAP $1,000,000 $40,000 25
HIGH OPPORTUNITY $2,700,000 $60,000 45
TOTAL $9,106,400 205
* A minimum of $394,000 shall be prioritized projects located in RDA areas.
To be utilized for the purchase of strategic properties located within RDA project areas that may included
distressed motels, properties that are located at target locations, and other properties that align with the RDA
project area goals and City’s objectives. Properties will be redeveloped to bring resources and projects together to
amplify social impact and build communities of opportunity.
BUDGET TARGETED IMPACTS
FUNDING / UNIT UNITS
$1,000,000 $40,000 25
TACTIC 1: HOUSING DEVELOPMENT LOAN PROGRAM
TACTIC 2: STRATEGIC ACQUISITION
TACTIC 3: ADU PROGRAM
To be utilized for a pilot accessory dwelling unit (ADU) program targeted to the 9 Line CRA. ADUs are gaining
momentum across the country as part of the solution to address the affordable housing crisis. By establishing
a pilot ADU program, the RDA will mitigate some of the barriers for homeowners to construct ADUs including
cost and lack of available financing. In addition to fostering the development of ADUs, the program will require
homeowners to rent their ADU units at a rate that is affordable to low and moderate income households.
BUDGET TARGETED IMPACTS
FUNDING / UNIT UNITS
$280,455 $95,000 2
TOTAL $280,455 2DRAFT
FY22 AFFORDABLE HOUSING FUNDING STRATEGY 5DRAFT: FOR DISCUSSION PURPOSES
GOAL 1 INCREASE HOUSING OPTIONS: REFORM CITY PRACTICES TO
PROMOTE A RESPONSIVE, AFFORDABLE, HIGH-OPPORTUNITY
HOUSING MARKET
Objective 1 Modernize land-use and zoning regulations to reflect the
affordability needs of a growing, pioneering city
Objective 2 Remove impediments in City processes to encourage housing
development
Objective 3 Lead in the construction of innovative housing solutions
Objective 4 Provide residents, community advocates, business leaders,
and elected officials with high quality data to drive decision-
making
GOAL 2 AFFORDABLE HOUSING: INCREASE HOUSING OPPORTUNITIES AND
STABILIZATION FOR COST-BURDENED HOUSEHOLDS
Objective 1 Prioritize the development of new affordable housing with an
emphasis on households earning 40% AMI and below
Objective 2 Pursue funding sources for affordable housing opportunities
Objective 3 Stabilize very low-income renters
Objective 4 Secure and preserve long-term affordability
Objective 5 Work with landlords to both improve their housing stock and rent
to very low-income households
Objective 6 Increase home ownership opportunities
GOAL 3 EQUITABLE & FAIR HOUSING: BUILD A MORE EQUITABLE CITY
Objective 1 Eliminate incidences of housing discrimination in Salt Lake
City
Objective 2 Align resources to create Areas of Opportunity
Objective 3 Implement Lifecycle Housing principles in neighborhoods
throughout the city
ALIGNMENT WITH GROWING SLC: A FIVE-YEAR HOUSING PLAN 2017-2021
The RDA Housing Strategy addresses all three of the Goals and the majority of the Objectives outlined in the
Administration’s recommended housing plan.
Growing SLC: A Five-Year Housing Plan 2017 - 2021 - Goals & Objectives
FY22 HOUSING FUNDING STRATEGYAPPENDIX A: POLICY ALIGNMENT
DRAFT
FY22 AFFORDABLE HOUSING FUNDING STRATEGY 6DRAFT: FOR DISCUSSION PURPOSES
APPENDIX B: INCOME & RENTS
2021 Income Limits: Salt Lake County
AMI Number of Persons in Family
1 2 3 4 5 6 7 8
40%$25,780 $29,500 $33,200 $36,875 $39,825 $42,775 $45,725 $48,675
50%$32,300 $36,900 $41,500 $46,100 $49,800 $53,500 $57,200 $60,900
60%$38,760 $44,280 $49,800 $55,320 $59,760 $64,200 $68,640 $73,080
80%$51,560 $59,000 $66,400 $73,750 $79,650 $85,550 $91,450 $97,350
Note: Based on data acquired from the U.S. Department of Housing and Urban Development’s (HUD’s) FY 2021 Income Limits Documentation System.
2020 Maximum Rents
AMI Bedrooms
Studio 1 2 3 4 5
40%$616 $660 $792 $914 $1,020 $1,125
50%$770 $825 $990 $1,143 $1,275 $1,406
60%$924 $990 $1,188 $1,371 $1,530 $1,688
80%$1,232 $1,320 $1,584 $1,829 $2,040 $2,251
Note: Fair Market Rents are HUD’s determination of the average rents in a particular area for each bedroom size. The FMRs are set each year based on the
rental rates of unsubsidized units so that participants in HUD programs have equal access for affordable housing.DRAFT
FY22 AFFORDABLE HOUSING FUNDING STRATEGY 7DRAFT: FOR DISCUSSION PURPOSES
APPENDIX C: OPPORTUNITY INDEX
AREAS OF OPPORTUNITY
High opportunity areas are geographical locations within the city that provide conditions that expand a person’s
likelihood for social mobility. These areas have been identified through an analysis of quality-of-life indicators,
such as school proficiency, poverty, labor market engagement, housing stability, and job access. With these
multiple indicators, a single composite, or standardized, score is calculated for each census tract. Scores may
range from 1 to 10, with 1 indicating low opportunity and 10 indicating high opportunity. A census tract with a
standardized score above that of the citywide average shall be designated as an Area of Opportunity.
STANDARDIZED OPPORTUNITY INDEX BY CENSUS TRACT
Note: Map is subject to change as new data/resources become available.DRAFT
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2021-22 Affordable Housing Funding Priorities
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR
2021-22
WHEREAS, on February 9, 2021 the Board of Directors of the Redevelopment Agency
of Salt Lake City (“Board”) confirmed approval of the Housing Funds Allocation Policy (“Funds
Policy”) which establishes polices with respect to dedicating and directing resources for the
development and preservation of housing by funding source (“Housing Funds”).
WHEREAS, the Funds Policy provides that annually, prior to the annual budget process,
the RDA shall present to the Board a Housing Development Funding Strategy (“Funding
Strategy”).
WHEREAS, the Funding Strategy shall include a projected amount of revenue to be
allocated to the Housing Funds, proposed funding allocations for housing activities, and
proposed funding priorities (“Funding Priorities”) for the upcoming fiscal year.
WHEREAS, pursuant to the Funds Policy, the Board shall consider the Funding Strategy
as part of the annual budget adoption process.
WHEREAS, on March 23, 2021 the Board adopted the Housing Development Loan
Program Policy (“HDLP Policy”) to create a program to centralize the application, underwriting,
and approval process across all funding sources, providing a one-stop-shop for community
partners to access resources for the development and preservation of affordable housing.
WHEREAS, the HDLP Policy provides that the annual Funding Priorities, as proposed
through the Funding Strategy, shall be subject to approval by the Board on an annual basis.
WHEREAS, the Board desires to adopt Funding Priorities to direct resources for the
development of affordable housing through the HDLP for fiscal year 2021-22.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, as follows:
Fiscal Year 2021-22 Affordable Housing Funding Priorities
1. FAMILY HOUSING: Provide opportunities for families to enjoy the many benefits of
urban living by encouraging the development of housing that is more conducive to larger
household sizes.
2. TARGET POPULATIONS: Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are
homeless or at risk of homelessness.
3. NEIGHBORHOOD SAFETY: Utilize the development of housing as a method to
remove blight, reduce crime, revitalize neighborhoods, and stabilize communities.
4. MISSING MIDDLE & UNIQUE HOUSING TYPES: Promote an array of scale of
project types to diversify the City’s housing stock/forms and provide more affordable
living options for residents.
5. HOMEOWNERSHIP: Create opportunities for those who have historically rented in the
community to build wealth and establish permanent roots through homeownership.
6. SUSTAINABILITY: Achieve green building and energy conservation standards to lower
housing expenses, conserve resources, and promote resiliency.
7. EXPAND OPPORTUNITY: Provide for Neighborhoods of Opportunity by promoting
the economic diversity of the housing stock within neighborhoods.
8. NEIGHBORHOOD IMPACT: Encourage housing that is high-quality, enduring, and that
contributes to neighborhood context and livability through architectural and urban design
best practices.
9. TRANSPORTATION OPPORTUNITIES: Promote a multimodal transportation network
and ensure convenient and equitable access to a variety of transportation options.
10. HISTORIC PRESERVATION/ADAPTIVE REUSE: Encourage the preservation and/or
reuse of buildings to preserve the character of neighborhoods.
11. COMMERCIAL VITALITY: Foster a mix of land uses and unique neighborhood
business districts that adequately meet the local community’s needs.
12. PUBLIC ART: Promote cultural expression and add to the experience and value of the
built environment through art that is publicly visible or accessible for all to experience.
13. FUND LEVERAGING: Maximize impact by leveraging funds with the private market
and with other available public resources.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______
day of ________________, 2021.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
April 15, 2021
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474
WWW.SLCMAYOR.COM
TEL 801-535-7704
RDA TRANSMITTAL
Date Received: 4/7/2021
Date Sent to Council: 4/7/2021
TO: RDA Board of Directors DATE: 4/7/2021
Ana Valdemoros, Board of Directors
FROM: Rachel Otto, Chief of Staff
Office of the Mayor
SUBJECT: Board Appointment Recommendation: Redevelopment Advisory Committee
STAFF CONTACT: Jessi Eagan
jessi.eagan@slcgov.com
DOCUMENT TYPE: Board Appointment Recommendation: Redevelopment Advisory
Committee
RECOMMENDATION: The Administration recommends the Salt Lake City
Redevelopment Agency Board consider the recommendation in the attached letter from
the Mayor and appoint Nicholas Peterson as a member of the Redevelopment Advisory
Committee.
Rachel Otto, Chief of Staff
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474
WWW.SLCMAYOR.COM
TEL 801-535-7704
Erin Mendenhall, Mayor
April 7, 2021
Salt Lake City Redevelopment Agency Board
451 S State Street Room 404
PO Box 145518
Salt Lake City, Utah 84114
Dear Board Chair Valdemoros,
Listed below is my recommendation for membership appointment to the Redevelopment Advisory
Committee.
Nicholas Peterson – to be appointed for a four-year term starting from the date of Redevelopment
Agency Board advice and consent.
I respectfully ask your consideration and support for this appointment.
Respectfully,
Cc: File