Loading...
HomeMy WebLinkAbout04/12/2022 - Meeting MaterialsBoard of Directors of the REDEVELOPMENT AGENCY OF SALT LAKE CITY AGENDA April 12,2022 Tuesday 2:00 PM Council Work Room 451 South State Street Room 326 Salt Lake City,UT 84111 SLCRDA.com In accordance with State Statute,City Ordinance and Salt Lake City Council Policy,one or more RDA Board Members may be connected via speakerphone.After 5:00 p.m.,please enter the City &County Building through the main east entrance. 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:10:35:08 The RDA Board has returned to a hybrid meeting approach.The hybrid meeting enables people joining remotely or in-person to listen to the Board meeting and participate during public comment items. Public Comments:The public can give comments to the Board during the meetings online through Webex or in-person in Room 326 of the City and County Building.In-person attendees can fill out a comment card and online participants will register through Webex in order to be added to the comment queue. Agenda &Registration Information:For more information,including Webex connection information,please visit www.slc.gov/council/virtual-meetings. (A phone line will also be available for people whose only option is to call in.) Public Health Information:Masks are no longer required in City Facilities,but are welcome for any attendees who prefer to continue using them.We will continue to monitor the situation take any reasonable precautions for the public and staff. 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.2 for Fiscal Year 2021-22 - - The Board will accept public comment about a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22.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 funding for development around the Ballpark,an accessory dwelling unit pilot program in the 9-Line project area,and transferring the Housing Trust Fund to the RDA among other items. C.Redevelopment Agency Business -The RDA Board of Directors will receive information and/or hold discussions and/or take action on: 1.Approval of Minutes ~2:05 p.m. 5 min. The Board will approve the meeting minutes of Tuesday,March 8,2022. 2.Resolution:RDA Budget Amendment No.2 for Fiscal Year 2021-22 Follow-up ~2:10 p.m. 20 min The Board will receive a follow-up briefing about,and consider adopting a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22.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 funding for development around the Ballpark,an accessory dwelling unit pilot program in the 9-Line project area, and transferring the Housing Trust Fund to the RDA among other items. 3.Informational:North Temple Strategic Intervention Fund ~2:30 p.m. 30 min The Board will receive a briefing about the North Temple Strategic Intervention Fund which has an approximate balance of $4 million.The briefing includes potentially expanding the use of the Strategic Intervention Fund to prioritize objectives identified in the North Temple Project Area Implementation Plan and within the context of the RDA Equitable and Inclusive Development Work Plan.Eligible uses could be property acquisitions,barriers to redevelopment like environmental contamination or utility issues, and incentivizing inclusion in private redevelopments of community benefits like family- sized housing units or integration with the new Folsom Trail. 4.Resolution:Affordable Housing Funding Priorities for Fiscal Year 2022-23 ~3:00 p.m. 20 min The Board will receive a briefing about,and consider a resolution that would adopt the Affordable Housing Funding Priorities for Fiscal Year 2022-23.These Funding Priorities guide the upcoming fiscal year’s housing activities including the requirements of the competitive affordable housing notice of funding availability (NOFA). 5.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. 6.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.Set Date –Resolution:Budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2022-23 - - The Board will set the dates of Tuesday,May 17,2022 and Tuesday,June 7,2022 at 7 p.m. to accept public comment and consider approving a resolution adopting the final budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2022-23. F.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. The City &County Building is an accessible facility.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: ________________ Rachel Otto, Chief of Staff Date sent to Council: ___________ ______________________________________________________________________________ TO: Salt Lake City RDA Board DATE: February 22, 2022 Ana Valdemoros, RDA Chair FROM: Mary Beth Thompson, Chief Financial Officer Danny Walz, RDA Director SUBJECT: RDA Budget Amendment #2, FY2021-22 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 (801) 535-7209 DOCUMENT TYPE: Budget Amendment Resolution RECOMMENDATION: Review and discuss the proposed First Amendment to the Annual RDA Budget for Fiscal Year 2022. Set public hearing date for adoption of the amendment. BUDGET IMPACT: REVENUE EXPENSE RDA FUND $ 11,773,813.00 $ 13,762,458.00 RDA CIP FUND 0.00 0.00 TOTAL $ 11,773,813.00 $ 13,762,458.00 rachel otto (Feb 22, 2022 21:18 MST)2/23/22 2/23/22 EXECUTIVE SUMMARY: The purpose of the second amendment (“amendment”) is to addresses the following items: 1. True-up TI to be received in the current fiscal year and allocate to current year initiatives. 2. Transfer budget for HTF from HAND to RDA for current fiscal year use. 3. Record receipt of NT project area Overnighter Motel fire insurance proceeds and allocate to cleanup of site. 4. True-up prior year UIPA housing allocation. 5. Reallocated RLF funding to Central Station Property Acquisition. 6. Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza. A summary spreadsheet document, outlining proposed budget changes is attached. The Administration requests this document be modified based on the decisions of the Board. 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. Budget Amendment #1 Summary Spreadsheet C. RDA Transmittal PUBLIC PROCESS: Public Hearing REDEVELOPMENT AGENCY of SALT LAKE CITY SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV ꞏ WWW.SLCRDA.COM P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 ꞏ FAX 801-535-7245   MAYOR ERIN MENDENHALL Executive Director DANNY WALZ Director STAFF MEMO DATE: February 18, 2022 PREPARED BY: Erin Cunningham RE: Preliminary Briefing of RDA Budget Amendment #2, FY 2021-2022 REQUESTED ACTION: Written Briefing BUDGET IMPACTS: The preliminary Second Amendment identifies appropriations for Agency operations and projects across multiple funds. EXECUTIVE SUMMARY: The purpose of the briefing is to provide preliminary budget proposals for the Second Amendment (“Amendment”). The proposed budget changes fall into three main categories: 1. Changes to budgets based on Property Tax Increment projections received from the County. These amounts will be adjusted when the Agency receives the final distribution in March. The proposals below are primarily driven by: a. Fixed expenses that are often percentages of Tax Increment as defined by statutory or contractual obligations or other consistent expenses, such as: i. Taxing Entity Payments ii. Tax Increment Reimbursements iii. Primary Housing Contributions iv. Administrative Expenses v. Operations and Maintenance Expenses b. Discretionary expenses that fall into the following types: i. Holding accounts for programs and projects previously approved by the Board ii. Holding accounts for new programs and projects recommended by the Agency iii. Other expenses specific to needs of the fund 2. Transfer of the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund (formerly Housing Development Trust Fund). 3. Reallocation of funds in holding accounts from previous years’ budgets. ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within the Agency budget for Fiscal Year 2022. The adjustments by fund are described below. 1. Tax Increment and Other Revenue Adjustments Central Business District As shown in the table below, increased Tax Increment revenue received in the Central Business District will result in increased Taxing Entity Payments. The remainder of the prosed changes include:  Gallivan Retail Repairs – Sewer line and HVAC repair costs have increased.  Storefront Revitalization – After funding the Gallivan repairs, the Agency is proposing adding the remainder of the funds to this Storefront Revitalization program. This program was funded during the Fiscal Year 2022 budget to provide funding to businesses in CBD to complete building renovation projects. The program will be established as part of an updated Commercial Loan Program that will come before the Board for future consideration. Central Business District Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 27,573,150 1,765,901 🔺 29,339,051  Interest Income 350,000 ‐  350,000  Total Revenue and Other Sources 27,923,150 1,765,901 🔺 29,689,051       Expenses and Other Uses  ‐    Taxing Entity Payments 16,543,890 1,059,540 🔺 17,603,431  TI Reimbursements 1,477,398 ‐  1,477,398  Transfer to Block 70 Debt Service  ‐    Eccles Debt Service Block 70 RDA Match 3,107,740 ‐  3,107,740  Eccles Debt Service Reserve 1,800,000 ‐  1,800,000  Miscellaneous Property Expenses 975,000 ‐  975,000  Parking Ramp Leases 64,355 ‐  64,355  Gallivan Maintenance 523,138 ‐  523,138  Gallivan Programming 250,000 ‐  250,000  Gallivan Administration 340,482 ‐  340,482  Transfer to Administration 2,757,315 ‐  2,757,315  Capital Expenditures {Holding Accounts} ‐  ‐     Storefront Revitalization 83,832 306,360 🔺 390,192  Gallivan Repairs ‐ 400,000 🔺 400,000  Total Expenses and Other Uses 27,923,150 1,765,901 🔺 29,689,051       Total Over / (Under) ‐ ‐  ‐  West Capitol Hill While the West Capitol Hill Project Area is no longer receiving Tax Increment, interest income is expected. During the Fiscal Year 2022 budget, the funds were directed towards Administration. However, given the volatile nature of construction cost during this time, the Agency is proposing setting those funds aside in a holding account specific to projects that are currently underway in the project area. These projects include the 300 West streetscape improvements and construction of the plaza incorporated into the Marmalade library and adjacent housing development. West Capitol Hill Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment ‐ ‐  ‐  Interest Income 150,000 ‐  150,000  Total Revenue and Other Sources 150,000 ‐  150,000       Expenses and Other Uses  ‐    Transfer to Administration 150,000 (150,000) 🔻   Capital Expenditures {Holding Accounts} ‐  ‐     West Capitol Hill Projects ‐ 150,000 🔺 150,000  Total Expenses and Other Uses 150,000 ‐  150,000       Total Over / (Under) ‐ ‐  ‐  Depot District The increased Tax Increment revenue received in the Depot District Project Area will result in increased Tax Increment Reimbursement payments, as well as increased contributions to the Primary Housing Fund and Administration. After fulfilling those obligations, the Agency is recommending the creation of a new holding account for Central Station property development on 100 South and adding the remainder of the funds to it. Depot District Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 3,921,164 1,291,500 🔺 5,212,664  Interest Income 200,000 ‐  200,000  Total Revenue and Other Sources 4,121,164 1,291,500 🔺 5,412,664       Expenses and Other Uses ‐  ‐     TI Reimbursements 1,820,977 144,628 🔺 1,965,606  Transfer to Primary Housing Fund 784,233 258,300 🔺 1,042,533  Miscellaneous Property Expenses 120,000 ‐  120,000  Debt Service ‐ ‐    Grant Tower Debt Service 275,600 ‐  275,600  Transfer to Administration 588,175 193,725 🔺 781,900  Capital Expenditures {Holding Accounts} ‐  ‐     Station Center Infrastructure 332,179 ‐  332,179  Environmental Remediation 200,000 ‐  200,000  Central Station (100 S) ‐ 694,847 🔺 694,847  Total Expenses and Other Uses 4,121,163 1,291,500 🔺 5,412,664       Total Over / (Under) ‐ ‐  ‐  Granary District The increased Tax Increment revenue received in the Granary District Project Area will result in increased contributions to the Primary Housing Fund and Administration. The Community/Cultural Initiative is the recommended recipient of the remainder of the funds. This program was funded during the Fiscal Year 2022 budget to support public arts and cultural programming. Agency staff will bring the proposed Community/Cultural Initiative program to the Board for future consideration. Granary District Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment 621,124 360,282 🔺 981,407  Interest Income 45,000 ‐  45,000  Total Revenue and Other Sources 666,124 360,282 🔺 1,026,407                            ‐                             ‐          Expenses and Other Uses                          ‐                             ‐          Transfer to Primary Housing Fund 124,225 72,056 🔺 196,281  Miscellaneous Property Expenses 5,000 ‐  5,000  Transfer to Administration 93,169 54,042 🔺 147,211  Capital Expenditures {Holding Accounts} ‐  ‐     Community/Cultural Initiative 443,731 234,183 🔺 677,915  Total Expenses and Other Uses 666,124 360,282 🔺 1,026,407   ‐  ‐     Total Over / (Under) ‐ ‐  ‐  North Temple The increased Tax Increment revenue received in the North Temple Project Area will result in increased contributions to the Primary Housing Fund, Administration, and the 10% School Construction Fund. The remaining funds are proposed to go to the North Temple Strategic Intervention Fund. North Temple Current  Budget Change  Proposed  Budget  Revenue and Other Sources   Tax Increment 435,346 238,765 🔺 674,112  Interest Income 15,000 ‐  15,000  External Transfers In      Debt Service Fund Class 81 North Temple  Viaduct Bond RDA Reimbursement (One‐time) 1,000,000 ‐  1,000,000  General Fund Investments in  Underserved Neighborhoods Holding Account  (One‐time)  669,138 ‐  669,138  Total Revenue and Other Sources 2,119,484 238,765 🔺 2,358,250   ‐  ‐     Expenses and Other Uses ‐  ‐     Transfer to Primary Housing Fund 87,069 47,753 🔺 134,822  Transfer to Administration 43,535 23,876 🔺 67,411  Capital Expenditures {Holding Accounts} ‐  ‐     10% School Construction Fund  30,474 16,713 🔺 47,188  North Temple Strategic Intervention  Fund  1,958,406 150,422 🔺 2,108,829  Total Expenses and Other Uses 2,119,484 238,765 🔺 2,358,250   ‐  ‐     Total Over / (Under) ‐ ‐  ‐  Block 70 The increased Tax Increment revenue received in the Block 70 Project Area will result in increased Taxing Entity Payments. After the fulfilling that obligation, the Agency recommends adding the remainder of the funds to Regent Street Parking Structure Capital Reserves. This reserve was established 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. Block 70 Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment 1,922,323 233,830 🔺 2,156,154  Interest Income ‐ ‐  ‐  Internal Transfers In ‐ ‐    CBD Taxing Entity Payments 4,109,200 ‐  4,109,200  CBD Eccles Debt Service RDA match 3,107,740 ‐  3,107,740  CBD Eccles Debt Service Reserve Account 1,800,000 ‐  1,800,000  Total Revenue and Other Sources 10,939,263 233,831 🔺 11,173,094       Expenses and Other Uses      Taxing Entity Payments 576,697 70,149 🔺 646,846  Eccles Theater Debt Service 8,068,209 ‐  8,068,209  Reserve for Eccles Debt Service 90,617 ‐  90,617  Regent Street Bond Debt Service 1,448,740 ‐  1,448,740  Fundraising Fulfillment 100,000 ‐  100,000  Eccles Theater‐ Operating Reserve for  Ancillary Spaces 475,000 ‐  475,000  Regent Street Maintenance 80,000 ‐  80,000  Capital Expenditures {Holding Accounts} ‐  ‐   ‐  Regent Street Parking Structure Capital  Reserves 100,000 163,681 🔺 263,682  Total Expenses and Other Uses 10,939,263 233,831 🔺 11,173,094        Total Over / (Under) ‐ ‐  ‐  North Temple Viaduct The increased Tax Increment revenue received in the North Temple Viaduct Project Area will result in an increased contribution to Administration. The remainder of the funds are proposed to go the Debt Service Payment to the City. North Temple Viaduct Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 1,181,479 1,431,148 🔺 2,612,628  Interest Income 7,500 ‐  7,500  Total Revenue and Other Sources 1,188,979 1,431,148 🔺 2,620,128   ‐  ‐     Expenses and Other Uses ‐  ‐     Debt Service Payment to Salt Lake City 1,171,257 1,409,681 🔺 2,580,939  Transfer to Administration 17,722 21,467 🔺 39,189  Total Expenses and Other Uses 1,188,979 1,431,148 🔺 2,620,128       Total Over / (Under) ‐ ‐  ‐  Northwest Quadrant The Tax Increment revenue is projected to come in lower than originally budgeted in the Northwest Quadrant. The result will decrease contributions to the Primary Housing Fund and Administration. The remainder of the decrease will impact the Shared Costs reserve account that was established to set aside a portion of the tax increment expected to be used for redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property owners or parcels. Northwest Quadrant Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 1,500,000 (371,125) 🔻 1,128,875  Interest Income ‐ ‐    Total Revenue and Other Sources 1,500,000 (371,125) 🔻 1,128,875       Expenses and Other Uses      TI Reimbursement NWQ Phase I 500,000 ‐  500,000  Transfer to Secondary Housing Fund 350,000 ‐  350,000  Transfer to Primary Housing Fund 150,000 (37,112) 🔻 112,888  Transfer to Administration 150,000 (37,112) 🔻 112,888  Capital Expenditures {Holding Accounts}      Shared Costs 350,000 (296,900) 🔻 53,100  Total Expenses and Other Uses 1,500,000 (371,125) 🔻 1,128,875        Total Over / (Under) ‐ ‐  ‐  Stadler Rail The increased Tax Increment revenue in the Stadler Rail Project Area will result in increased Tax Increment Reimbursements expenses, as well as increased contributions to the Primary Housing Fund and Administration. Stadler Rail Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment 71,000 37,327 🔺 108,327  Interest Income ‐ ‐    Total Revenue and Other Sources 71,000 37,327 🔺 108,327       Expenses and Other Uses      TI Reimbursements 56,800 29,861 🔺 86,662  Transfer to Primary Housing Fund 7,100 3,732 🔺 10,833  Transfer to Administration 7,100 3,732 🔺 10,833  Total Expenses and Other Uses 71,000 37,327 🔺 108,327       Total Over / (Under) ‐ ‐  ‐  State Street As seen in the table below, while not budgeted in Fiscal Year 2022, the County is projecting a significant Tax Increment payment for the State Street Project Area. The current obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for Infrastructure Improvements ($500K), a Commercial Loan Program ($500K), and Ballpark Strategic Development (remaining funds not allocated). State Street Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment ‐ 3,288,979 🔺 3,288,979  Interest Income ‐ ‐  ‐  Total Revenue and Other Sources ‐ 3,288,979 🔺 3,288,979       Expenses and Other Uses      Transfer to Primary Housing Fund  (Note: School District contribution must be set aside for  family and workforce housing)  ‐ 328,897 🔺 328,898  Transfer to Administration ‐ 328,897 🔺 328,898  Capital Expenditures {Holding Accounts}      Infrastructure Improvements ‐ 500,000 🔺 500,000  Commercial Loan Program ‐ 500,000 🔺 500,000  Ballpark Strategic Development ‐ 1,631,183 🔺 1,631,183  Total Expenses and Other Uses ‐ 3,288,979 🔺 3,288,979    Total Over / (Under) ‐ ‐  ‐  9 Line Also not in the Fiscal Year 2022 budget, the County is projecting the following Tax Increment revenue in the 9 Line Project Area. According to the Interlocal Agreement, the Agency shall reimburse 50% of the County’s Tax Increment contribution, as well as 6% of their contribution for County Administration and Operations expenses. The other obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for the Accessory Dwelling Unit Program ($300K), and Property Acquisition (remaining funds not allocated). 9 Line Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment ‐ 1,847,159 🔺 1,847,159  Interest Income ‐ ‐  ‐  Total Revenue and Other Sources ‐ 1,847,159 🔺 1,847,159       Expenses and Other Uses      Taxing Entity Payments ‐ 224,966 🔺 224,966  County Administration and Operations ‐ 26,995 🔺 26,996  Transfer to Primary Housing Fund  (Note: School District contribution must be set aside for  family and workforce housing)  ‐ 184,715 🔺 184,716  Transfer to Administration ‐ 147,772 🔺 147,773  Capital Expenditures {Holding Accounts}    Property Acquisition ‐ 962,708 🔺 962,708  Accessory Dwelling Unit Program ‐ 300,000 🔺 300,000  Total Expenses and Other Uses ‐ 1,847,159 🔺 1,847,159    Total Over / (Under) ‐ ‐  ‐  Program Income Fund A fire during the demolition of the Overnighter Motel resulted in $100K of remediation expenses not budgeted in the Program Income Fund during the Fiscal Year 2022 Budget. An insurance claim was filed but has a $50K deductible. The resulting impact to the fund’s budget is the receipt of the $50K insurance claim reimbursement, and the use fund balance to cover the other $50K of the total remediation expense. The difference will be absorbed by fund balance. Program Income Fund Current  Budget Change  Proposed  Budget  Revenue and Other Sources        Parking Structure Income  1,242,335 ‐  1,242,335  Rents 215,700 ‐  215,700  Interest Income  250,000 ‐  250,000  Loan Repayments  28,000 ‐  28,000  Interest on Loans 6,500 ‐  6,500  Insurance Reimbursement ‐ 50,000 🔺 50,000  Internal Transfers In ‐ ‐  ‐  Use of North Temple Catalytic Project  Holding Account (One‐time) ‐  ‐   ‐  Total Revenue and Other Sources 1,742,535 50,000 🔺 1,792,535       Expenses and Other Uses      Professional Services 300,000 ‐  300,000  Miscellaneous Property Expense  300,000 100,000 🔺 400,000  Marketing and Sales  25,000 ‐  25,000  Transfer Out to North Temple Project Area  (One‐time) ‐  ‐   ‐  Capital Expenditures {Holding Accounts}      Gallivan Repairs 250,000 ‐  250,000  Commercial Revitalization Program 667,535 ‐  667,535  Sustainability Technical Assistance  Program 200,000 ‐  200,000  Total Expenses and Other Uses 1,742,535 100,000 🔺 1,842,535         Total Over / (Under) ‐ (50,000) 🔻 (50,000)  Primary Housing Fund The changes to the Primary Housing Fund contributions from each project area are in the table below. The Agency is recommending the remainder of the funds be added to the 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. Primary Housing Fund Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Interest Income 225,000 ‐  225,000  Loan Repayments  51,000 ‐  51,000  Interest on Loans 70,000 ‐  70,000  Internal Transfers In ‐ ‐  ‐  Depot District 784,233 258,300 🔺 1,042,533  Granary District 124,225 72,056 🔺 196,281  North Temple 87,069 47,753 🔺 134,822  Northwest Quadrant 150,000 (37,112) 🔻 112,888  State Street ‐ 328,897 🔺 328,898  9 Line ‐ 184,715 🔺 184,716  Total Revenue and Other Sources 1,491,527 854,610 🔺 2,346,138       Expenses and Other Uses      Transfer Out to North Temple Project Area  (One‐time) ‐  ‐   ‐  Capital Expenditures {Holding Accounts}      Housing Development Loan Program 491,527 854,610 🔺 1,346,138  North Temple Strategic Intervention  Fund 1,000,000 ‐  1,000,000  Total Expenses and Other Uses 1,491,527 854,610 🔺 2,346,138    Total Over / (Under) ‐ ‐  ‐  Westside Community Initiative Fund The UIPA Housing Allocation was deposited in the Westside Community Initiative Fund in June 2021, after the adoption of the Fiscal Year 2022 budget. The Agency is proposing to shift the funds from the Westside Urban Land Fund into the Housing Development Loan Program, as well as retain 15% in fund balance. This shift aligns with the newly amended Housing Allocation Funds Policy and will still be utilized as part of the Westside Community Initiative priorities. Westside Community Initiative Fund  (Northwest Quadrant Housing Fund)  Current  Budget Change  Proposed  Budget  Revenue and Other Sources        UIPA Housing Allocation 250,000 159,031 🔺 409,031  Interest Income ‐ ‐  ‐  Total Revenue and Other Sources 250,000 159,031 🔺 409,031       Expenses and Other Uses      Capital Expenditures {Holding Accounts} ‐  ‐     West Side Urban Land Fund 250,000 (250,000) 🔻 ‐  Housing Development Loan Program  347,676 🔺 347,676  Total Expenses and Other Uses 250,000 97,676 🔺 347,676   ‐  ‐     Total Over / (Under) ‐ 61,354 🔺 61,355  Administration The impact of the Tax Increment and other revenue adjustments to the Administration Fund detailed above can be seen in the table below, under Internal Transfers In. Expenses have been adjusted to include an expected increase in Administrative Fees the Agency will receive from the City. In addition, the Charges and Services line description has been adjusted for increased expenses that include a $25K RAISE Grant Contribution, a 900 S Improvements project shortfall of $155K, and $100K for Ballpark development efforts. Administration Current  Budget Change  Proposed  Budget  Revenue and Other Sources        Internal Transfers In      Revenue and Other Sources 2,757,315 ‐  2,757,315  West Capitol Hill 150,000 (150,000) 🔻 ‐  West Temple Gateway 50,000 ‐  50,000  Depot District 588,175 193,725 🔺 781,900  Granary District 93,169 54,042 🔺 147,211  North Temple 43,535 23,876 🔺 67,411  Block 70 ‐  ‐   ‐  North Temple Viaduct 17,722 21,467 🔺 39,189  Northwest Quadrant 150,000 (37,112) 🔻 112,888  Stadler Rail 7,100 3,732 🔺 10,833  State Street ‐ 328,897 🔺 328,898  9 Line ‐ 147,772 🔺 147,773  Program Income Fund ‐  ‐   ‐  Total Revenue and Other Sources 3,857,015 586,402 🔺 4,443,417       Expenses and Other Uses        RDA Personnel 2,254,632 ‐  2,254,632  Administrative Fees 939,683 150,000 🔺 1,089,683  Operating & Maintenance 360,000 ‐  360,000  Charges and Services 202,700 436,402 🔺 639,102  Furniture, Fixtures and Equipment 100,000 ‐  100,000  Total Expenses and Other Uses 3,857,015 586,402 🔺 4,443,417       Total Over / (Under) ‐ ‐  ‐  2. Transfer of Housing Trust Fund Housing Development Fund The Housing Development Fund (formerly known as the Housing Development Trust Fund) was established in the Fiscal Year 2020. The intent of establishing this fund was to evaluate further codifying the consolidation of housing development loan programs by ordinance, to confirm that all the City's housing development loan funds, regardless of funding source and regardless of which entity administered the program, are deployed in a transparent manner. Funding Our Future Land Discounts and Finance funds have been transferred into this fund each fiscal year since its establishment, with the intent of transferring the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund. Finance has recently finished reconciling the loans in the Housing Trust Fund in preparation of the transfer and will prepare a Budget Amendment Ordinance to move all assets and liabilities to the Agency. The expected fund balance available to lend is approximately $2 million, and it is proposed to add the full amount to the Housing Development Loan Program, as referenced in the table below. When the final Second Amendment is presented, the corresponding Budget Resolution will be presented for approval. Once the Ordinance and Amendments are approved, the administrative tasks of transferring the management of the loans may proceed. Housing Development Fund Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Funding Our Future Land Discounts and  Financing 2,590,000 ‐  2,590,000  Transfer from Housing Trust Fund ‐ 2,000,000 🔺 2,000,000  Total Revenue and Other Sources 2,590,000 2,000,000 🔺 4,590,000   ‐  ‐     Expenses and Other Uses ‐  ‐     Capital Expenditures {Holding Accounts} ‐  ‐     Housing Development Loan Program 2,590,000 2,000,000 🔺 4,590,000  Total Expenses and Other Uses 2,590,000 2,000,000 🔺 4,590,000   ‐  ‐     Total Over / (Under) ‐ ‐  ‐  3. Reallocation Central Station Property Acquisition The Agency currently owns approximately 4 acres of land in what is referred to as Central Station located at approximately 600 West and 100 South. As previously directed by the Board, RDA staff is working to acquire additional property for future development. This budget amendment would reallocate $550,000 from the RDA’s Revolving Loan Fund to purchase this property. The intention would be to repay this contribution from the proceeds or lease payments as part of the future project. Budget Impact: The proposed change would reduce the Revolving Loan Fund’s current available to lend balance from $5,403,577.35 to 4,853,577.35. West Capitol Hill Projects In addition to the budget reallocation requests in the West Capitol Hill Project Area above, the Agency is requesting to reallocate $338,141of funds previously set aside in the Program Income Fund for the Arctic Court Infill Home project to projects in West Capitol Hill, as a contingency for expected increases in construction costs. Budget Impact: The Program Income Fund for the Arctic Court Infill Home project would be reduced to zero. It is anticipated the Agency would request the use of housing funds in the future to finish the infill housing project. PREVIOUS BOARD ACTION: 1. Approval of the Fiscal Year 2021-2022 Budget. 2. Approval of the Fiscal Year 2021-2022 Budget Amendment #1. ATTACHMENTS: N/A 1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ Second 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 2021-2022 WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022, 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 15, 2021. 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:____________________________ 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] 1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ Second 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 2021-2022 WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022, 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 15, 2021. 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:____________________________ February 22, 2022 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] Signature: Email: Garrett A. Danielson (Feb 23, 2022 10:17 MST) Garrett A. Danielson garett.danielson@slcgov.com 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: ________________ Rachel Otto, Chief of Staff Date sent to Council: ___________ ______________________________________________________________________________ TO: Salt Lake City RDA Board DATE: April 7, 2022 Ana Valdemoros, RDA Chair FROM: Mary Beth Thompson, Chief Financial Officer Danny Walz, RDA Chief Operating Officer SUBJECT: RDA Budget Amendment #2, FY2021-22 Revised 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 (801) 535-7209 DOCUMENT TYPE: Budget Amendment Resolution RECOMMENDATION: Review and discuss the proposed Second Amendment to the Annual RDA Budget for Fiscal Year 2022. Accept public hearing date for adoption of the amendment. BUDGET IMPACT: REVENUE EXPENSE RDA FUND $ 13,966,072.00 $ 15,853,742.00 RDA CIP FUND 0.00 0.00 TOTAL $ 13,966,072.00 $ 15,853,742.00 rachel otto (Apr 7, 2022 18:03 MDT) EXECUTIVE SUMMARY: The purpose of the second amendment (“amendment”) is to addresses the following items: 1. True-up TI to be received in the current fiscal year and allocate to current year initiatives. 2. Transfer budget for HTF from HAND to RDA for current fiscal year use. 3. Record receipt of NT project area Overnighter Motel fire insurance proceeds and allocate to cleanup of site. 4. True-up prior year UIPA housing allocation. 5. Reallocated RLF funding to Central Station Property Acquisition. 6. Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza. 7. Release of held UPAC subdivision cash bond in Block 70 for projects. 8. Use of fund balance for prior year tax increment in the Northwest Quadrant. The revised transmittal includes updates for actual tax increment received. A summary spreadsheet document, outlining proposed budget changes is attached. The Administration requests this document be modified based on the decisions of the Board. 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. Budget Amendment #1 Summary Spreadsheet C. RDA Transmittal PUBLIC PROCESS: Public Hearing 1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ Second 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 2021-2022 WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022, 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 15, 2021. 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:____________________________ February 22, 2022 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] 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 STAFF MEMO DATE: April 5, 2022 PREPARED BY: Erin Cunningham RE: RDA Budget Amendment #2, FY 2021-2022 REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the Annual RDA Budget for Fiscal Year 2022. BUDGET IMPACTS: The Second Amendment identifies appropriations for Agency operations and projects across multiple funds. EXECUTIVE SUMMARY: The purpose of the briefing is to provide final budget proposals for the Second Amendment (“Amendment”). The proposed budget changes fall into three main categories: 1. Changes to budgets based on the Property Tax Increment the Agency received from the County on March 31, 2022. The proposals below are primarily driven by: a. Fixed expenses that are often percentages of Tax Increment as defined by statutory or contractual obligations or other consistent expenses, such as: i. Taxing Entity Payments ii. Tax Increment Reimbursements iii. Primary Housing Contributions iv. Administrative Expenses v. Operations and Maintenance Expenses b. Discretionary expenses that fall into the following types: i. Holding accounts for programs and projects previously approved by the Board ii. Holding accounts for new programs and projects recommended by the Agency iii. Other expenses specific to needs of the fund 2. Transfer of the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund (formerly Housing Development Trust Fund). 3. Reallocation of funds in holding accounts from previous years’ budgets. ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within the Agency budget for Fiscal Year 2022. The adjustments by fund are described below. 1. Tax Increment and Other Revenue Adjustments Central Business District As shown in the table below, increased Tax Increment revenue received in the Central Business District will result in increased Taxing Entity Payments. The remainder of the prosed changes include:  Gallivan Retail Repairs – Sewer line and HVAC repair costs have increased.  Storefront Revitalization – After funding the Gallivan repairs, the Agency is proposing adding the remainder of the funds to this Storefront Revitalization program. This program was funded during the Fiscal Year 2022 budget to provide funding to businesses in CBD to complete building renovation projects. The program will be established as part of an updated Commercial Loan Program that will come before the Board for future consideration. Central Business District Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 27,573,150 1,637,213 🔺 29,210,363 Interest Income 350,000 - 350,000 Total Revenue and Other Sources 27,923,150 1,637,213 🔺 29,560,363 Expenses and Other Uses - Taxing Entity Payments 16,543,890 982,327 🔺 17,526,218 TI Reimbursements 1,477,398 - 1,477,398 Transfer to Block 70 Debt Service - Eccles Debt Service Block 70 RDA Match 3,107,740 - 3,107,740 Eccles Debt Service Reserve 1,800,000 - 1,800,000 Miscellaneous Property Expenses 975,000 - 975,000 Parking Ramp Leases 64,355 - 64,355 Gallivan Maintenance 523,138 - 523,138 Gallivan Programming 250,000 - 250,000 Gallivan Administration 340,482 - 340,482 Transfer to Administration 2,757,315 - 2,757,315 Capital Expenditures {Holding Accounts} - - Storefront Revitalization {Reserved} 83,832 254,885 🔺 338,717 Gallivan Repairs {Appropriated} - 400,000 🔺 400,000 Total Expenses and Other Uses 27,923,150 1,637,213 🔺 29,560,363 Total Over / (Under) - - - West Capitol Hill While the West Capitol Hill Project Area is no longer receiving Tax Increment, interest income is expected. During the Fiscal Year 2022 budget, the funds were directed towards Administration. However, given the volatile nature of construction cost during this time, the Agency is proposing setting those funds aside in a holding account specific to projects that are currently underway in the project area. These projects include the 300 West streetscape improvements and construction of the plaza incorporated into the Marmalade library and adjacent housing development. West Capitol Hill Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - - - Interest Income 150,000 - 150,000 Total Revenue and Other Sources 150,000 - 150,000 Expenses and Other Uses Transfer to Administration 150,000 (150,000) 🔺 Capital Expenditures {Holding Accounts} - - West Capitol Hill Projects {Reserved} - 150,000 🔺 150,000 Total Expenses and Other Uses 150,000 - 150,000 Total Over / (Under) - - - West Temple Gateway The RDA is requesting $40,000 of West Temple Gateway funds received from Interest Income for construction mitigation related to the 900 South streetscape project. Funds will be used to assist small businesses adjacent to the on-going construction. The project has experienced delays due to supply-chain issues and coordination with Rocky Mountain Power, who is burying the electrical lines as part of the project. The RDA will coordinate with Economic Development in the deployment of these funds. West Temple Gateway Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - - - Interest Income 50,000 - 50,000 Total Revenue and Other Sources 50,000 - 50,000 Expenses and Other Uses Transfer to Administration 50,000 (40,000) 🔺 10,000 Capital Expenditures {Holding Accounts} West Temple Gateway Construction Mitigation {Appropriated} - 40,000 🔺 40,000 Total Expenses and Other Uses 50,000 - 50,000 Total Over / (Under) - - - Depot District The increased Tax Increment revenue received in the Depot District Project Area will result in increased Tax Increment Reimbursement payments, as well as increased contributions to the Primary Housing Fund and Administration. After fulfilling those obligations, the Agency is recommending the creation of a new holding account for Central Station property development on 100 South and adding the remainder of the funds to it. Depot District Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 3,921,164 1,244,229 🔺 5,165,393 Interest Income 200,000 - 200,000 Total Revenue and Other Sources 4,121,164 1,244,229 🔺 5,365,393 Expenses and Other Uses - - TI Reimbursements 1,820,977 144,628 🔺 1,965,606 Transfer to Primary Housing Fund 784,233 248,845 🔺 1,033,079 Miscellaneous Property Expenses 120,000 - 120,000 Debt Service - - Grant Tower Debt Service 275,600 - 275,600 Transfer to Administration 588,175 186,634 🔺 774,809 Capital Expenditures {Holding Accounts} - - Station Center Infrastructure {Reserved} 332,179 - 332,179 Environmental Remediation {Reserved} 200,000 - 200,000 Central Station (100 S) {Reserved} - 664,121 🔺 664,121 Total Expenses and Other Uses 4,121,163 1,244,229 🔺 5,365,393 Total Over / (Under) - - - Granary District The increased Tax Increment revenue received in the Granary District Project Area will result in increased contributions to the Primary Housing Fund and Administration. The Community/Cultural Initiative is the recommended recipient of the remainder of the funds. This program was funded during the Fiscal Year 2022 budget to support public arts and cultural programming. Agency staff will bring the proposed Community/Cultural Initiative program to the Board for future consideration. Granary District Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 621,124 354,151 🔺 975,276 Interest Income 45,000 - 45,000 Total Revenue and Other Sources 666,124 354,151 🔺 1,020,276 Expenses and Other Uses - - Transfer to Primary Housing Fund 124,225 70,830 🔺 195,055 Miscellaneous Property Expenses 5,000 - 5,000 Transfer to Administration 93,169 53,122 🔺 146,291 Capital Expenditures {Holding Accounts} - - Community/Cultural Initiative {Reserved} 443,731 230,198 🔺 673,929 Total Expenses and Other Uses 666,124 354,151 🔺 1,020,276 Total Over / (Under) - - - North Temple The increased Tax Increment revenue received in the North Temple Project Area will result in increased contributions to the Primary Housing Fund, Administration, and the 10% School Construction Fund. The remaining funds are proposed to go to the North Temple Strategic Intervention Fund. North Temple Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 435,346 239,498 🔺 674,845 Interest Income 15,000 - 15,000 External Transfers In Debt Service Fund Class 81 North Temple Viaduct Bond RDA Reimbursement (One-time) 1,000,000 - 1,000,000 General Fund Investments in Underserved Neighborhoods Holding Account (One-time) 669,138 - 669,138 Total Revenue and Other Sources 2,119,484 239,498 🔺 2,358,983 Expenses and Other Uses Transfer to Primary Housing Fund 87,069 47,899 🔺 134,969 Transfer to Administration 43,535 23,949 🔺 67,485 Capital Expenditures {Holding Accounts} 10% School Construction Fund {Appropriated} 30,474 16,764 🔺 47,239 North Temple Strategic Intervention Fund {Reserved} 1,958,406 150,884 🔺 2,109,290 Total Expenses and Other Uses 2,119,484 239,498 🔺 2,358,983 Total Over / (Under) - - - Block 70 The increased Tax Increment revenue received in the Block 70 Project Area will result in increased Taxing Entity Payments. After the fulfilling that obligation, the Agency recommends adding the remainder of the funds to Regent Street Parking Structure Capital Reserves. This reserve was established 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. As part of the Eccles Theater project in Fiscal Year 2016, the Agency deposited a subdivision bond with the City, which was released in March 2022. Related to this project, the Agency entered into an agreement to relocate Bennion Jewelers, for which $100,000 is remaining to be disbursed. The remaining funds from the release of the bond funds are recommended to be set aside for Eccles Theater Site Improvements. Block 70 Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 1,922,323 234,207 🔺 2,156,531 Interest Income - - - Release of Cash Bond - Eccles Theater - 719,778 🔺 719,778 Internal Transfers In - - CBD Taxing Entity Payments 4,109,200 - 4,109,200 CBD Eccles Debt Service RDA match 3,107,740 - 3,107,740 CBD Eccles Debt Service Reserve Account 1,800,000 - 1,800,000 Total Revenue and Other Sources 10,939,263 953,985 🔺 11,893,249 Expenses and Other Uses Taxing Entity Payments 576,697 70,262 🔺 646,959 Eccles Theater Debt Service 8,068,209 - 8,068,209 Reserve for Eccles Debt Service 90,617 - 90,617 Regent Street Bond Debt Service 1,448,740 - 1,448,740 Fundraising Fulfillment 100,000 - 100,000 Eccles Theater- Operating Reserve for Ancillary Spaces 475,000 - 475,000 Regent Street Maintenance 80,000 - 80,000 Capital Expenditures {Holding Accounts} - - - Regent Street Parking Structure Capital Reserves {Reserved} 100,000 163,681 🔺 263,682 Bennion Jewelers Relocation Agreement {Appropriated} 100,000 🔺 100,000 Eccles Theater Site Improvements {Reserved} 620,041 🔺 620,042 Total Expenses and Other Uses 10,939,263 953,985 🔺 11,893,249 Total Over / (Under) - - - North Temple Viaduct The increased Tax Increment revenue received in the North Temple Viaduct Project Area will result in an increased contribution to Administration. The remainder of the funds are proposed to go the Debt Service Payment to the City. North Temple Viaduct Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 1,181,479 1,392,515 🔺 2,573,995 Interest Income 7,500 - 7,500 Total Revenue and Other Sources 1,188,979 1,392,515 🔺 2,581,495 Expenses and Other Uses Debt Service Payment to Salt Lake City 1,171,257 1,371,627 🔺 2,542,885 Transfer to Administration 17,722 20,887 🔺 38,610 Total Expenses and Other Uses 1,188,979 1,392,515 🔺 2,581,495 Total Over / (Under) - - - Northwest Quadrant The Tax Increment revenue received was lower than originally budgeted in the Northwest Quadrant, which results in a decrease of contributions to the Primary Housing Fund, the Secondary Housing Fund, and Administration. The remainder of the decrease will reduce the Shared Costs reserve account to zero. This account was established to set aside a portion of the tax increment expected to be used for redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property owners or parcels. The Participation and Reimbursement Agreement between NWQ, LLC and the Agency requires the recipient of the reimbursement to submit documentation to satisfy the Conditions of Repayment, as described in the Agreement. As recipient is near completing the requirement for its first reimbursement, the Agency is recommending the use $1,179,247 of fund balance, which as been set aside from previous years’ budgets. The expected reimbursement for Fiscal Year 2022 is $724,744, which brings the total budget for TI Reimbursement NWQ Phase I to $1,903,991. Northwest Quadrant Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 1,500,000 (464,652) 🔺 1,035,348 Interest Income - - Total Revenue and Other Sources 1,500,000 (464,652) 🔺 1,035,348 Expenses and Other Uses TI Reimbursement NWQ Phase I 500,000 1,403,990 🔺 1,903,991 Transfer to Secondary Housing Fund 350,000 (246,465) 🔺 103,535 Transfer to Primary Housing Fund 150,000 (46,465) 🔺 103,535 Transfer to Administration 150,000 (46,465) 🔺 103,535 Capital Expenditures {Holding Accounts} Shared Costs {Reserved} 350,000 (350,000) 🔺 - Total Expenses and Other Uses 1,500,000 714,595 🔺 2,214,595 Total Over / (Under) - (1,179,247) (1,179,247) Stadler Rail The increased Tax Increment revenue in the Stadler Rail Project Area will result in increased Tax Increment Reimbursements expenses, as well as increased contributions to the Primary Housing Fund and Administration. Stadler Rail Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 71,000 37,334 🔺 108,334 Interest Income - - Total Revenue and Other Sources 71,000 37,334 🔺 108,334 Expenses and Other Uses TI Reimbursements 56,800 29,867 🔺 86,667 Transfer to Primary Housing Fund 7,100 3,733 🔺 10,833 Transfer to Administration 7,100 3,733 🔺 10,833 Total Expenses and Other Uses 71,000 37,334 🔺 108,334 Total Over / (Under) - - - State Street As seen in the table below, while not budgeted in Fiscal Year 2022, the Agency received a significant amount of Tax Increment from the State Street Project Area. The current obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for Infrastructure Improvements ($500K), a Commercial Loan Program ($500K), and Ballpark Strategic Development (remaining funds not allocated). State Street Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - 3,289,619 🔺 3,289,619 Interest Income - - - Total Revenue and Other Sources - 3,289,619 🔺 3,289,619 Expenses and Other Uses Transfer to Primary Housing Fund (Note: School District contribution must be set aside for family and workforce housing) - 328,961 🔺 328,962 Transfer to Administration - 328,961 🔺 328,962 Capital Expenditures {Holding Accounts} Infrastructure Improvements {Reserved} - 500,000 🔺 500,000 Commercial Loan Program {Reserved} - 500,000 🔺 500,000 Ballpark Strategic Development {Reserved} - 1,631,695 🔺 1,631,695 Total Expenses and Other Uses - 3,289,619 🔺 3,289,619 Total Over / (Under) - - - 9 Line Also not in the Fiscal Year 2022 budget, the Agency received following Tax Increment revenue in the 9 Line Project Area. According to the Interlocal Agreement, the Agency shall reimburse 50% of the County’s Tax Increment contribution, as well as 6% of their contribution for County Administration and Operations expenses. The other obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for the Accessory Dwelling Unit Program ($300K), and Property Acquisition (remaining funds not allocated). 9 Line Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - 1,871,603 🔺 1,871,603 Interest Income - - - Total Revenue and Other Sources - 1,871,603 🔺 1,871,603 Expenses and Other Uses Taxing Entity Payments - 224,966 🔺 224,966 County Administration and Operations - 26,995 🔺 26,996 Transfer to Primary Housing Fund (Note: School District contribution must be set aside for family and workforce housing) - 187,160 🔺 187,160 Transfer to Administration - 149,728 🔺 149,728 Capital Expenditures {Holding Accounts} Property Acquisition {Reserved} - 982,752 🔺 982,752 Accessory Dwelling Unit Program {Reserved} - 300,000 🔺 300,000 Total Expenses and Other Uses - 1,871,603 🔺 1,871,603 Total Over / (Under) - - - Program Income Fund A fire during the demolition of the Overnighter Motel resulted in $100K of remediation expenses not budgeted in the Program Income Fund during the Fiscal Year 2022 Budget. An insurance claim was filed but has a $50K deductible. The resulting impact to the fund’s budget is the receipt of the $50K insurance claim reimbursement, and the use fund balance to cover the other $50K of the total remediation expense. The difference will be absorbed by fund balance. Program Income Fund Current Budget Change Proposed Budget Revenue and Other Sources Parking Structure Income 1,242,335 - 1,242,335 Rents 215,700 - 215,700 Interest Income 250,000 - 250,000 Loan Repayments 28,000 - 28,000 Interest on Loans 6,500 - 6,500 Insurance Reimbursement - 50,000 🔺 50,000 Internal Transfers In - - - Use of North Temple Catalytic Project Holding Account (One-time) - - - Total Revenue and Other Sources 1,742,535 50,000 🔺 1,792,535 Expenses and Other Uses Professional Services 300,000 - 300,000 Miscellaneous Property Expense 300,000 100,000 🔺 400,000 Marketing and Sales 25,000 - 25,000 Transfer Out to North Temple Project Area (One-time) - - - Capital Expenditures {Holding Accounts} Gallivan Repairs {Appropriated} 250,000 - 250,000 Commercial Revitalization Program {Reserved} 667,535 - 667,535 Sustainability Technical Assistance Program {Reserved} 200,000 - 200,000 Total Expenses and Other Uses 1,742,535 100,000 🔺 1,842,535 Total Over / (Under) - (50,000) 🔺 (50,000) Secondary Housing Fund Impacted by the decrease of the contribution from the Northwest Quadrant Project Area, the Secondary Housing Fund will need to decrease the funding originally budgeted for the Accessory Dwelling Unit Program. Secondary Housing Fund Current Budget Change Proposed Budget Revenue and Other Sources Interest Income 44,000 - 44,000 Internal Transfers In Northwest Quadrant 350,000 (246,465) 🔺 103,535 Total Revenue and Other Sources 394,000 (246,465) 🔺 147,535 Expenses and Other Uses Capital Expenditures {Holding Accounts} Accessory Dwelling Unit Program {Reserved} 394,000 - 394,000 Total Expenses and Other Uses 394,000 - 394,000 Total Over / (Under) - (246,465) 🔺 (246,465) Primary Housing Fund The changes to the Primary Housing Fund contributions from each project area are in the table below. The Agency is recommending the remainder of the funds be added to the 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. Primary Housing Fund Current Budget Change Proposed Budget Revenue and Other Sources Interest Income 225,000 - 225,000 Loan Repayments 51,000 - 51,000 Interest on Loans 70,000 - 70,000 Internal Transfers In - - - Depot District 784,233 248,845 🔺 1,033,079 Granary District 124,225 70,830 🔺 195,055 North Temple 87,069 47,899 🔺 134,969 Northwest Quadrant 150,000 (46,465) 🔺 103,535 State Street - 328,961 🔺 328,962 9 Line - 187,160 🔺 187,160 Total Revenue and Other Sources 1,491,527 837,232 🔺 2,328,760 Expenses and Other Uses Transfer Out to North Temple Project Area (One-time) - - - Capital Expenditures {Holding Accounts} Housing Development Loan Program {Reserved} 491,527 837,232 🔺 1,328,760 North Temple Strategic Intervention Fund {Reserved} 1,000,000 - 1,000,000 Total Expenses and Other Uses 1,491,527 837,232 🔺 2,328,760 Total Over / (Under) - - - Westside Community Initiative Fund The UIPA Housing Allocation was deposited in the Westside Community Initiative Fund in June 2021, after the adoption of the Fiscal Year 2022 budget. The Agency is proposing to shift the funds from the Westside Urban Land Fund into the Housing Development Loan Program, as well as retain 15% in fund balance. This shift aligns with the newly amended Housing Allocation Funds Policy and will still be utilized as part of the Westside Community Initiative priorities. Westside Community Initiative Fund (Northwest Quadrant Housing Fund) Current Budget Change Proposed Budget Revenue and Other Sources UIPA Housing Allocation 250,000 159,031 🔺 409,031 Interest Income - - - Total Revenue and Other Sources 250,000 159,031 🔺 409,031 Expenses and Other Uses Capital Expenditures {Holding Accounts} - - West Side Urban Land Fund 250,000 (250,000) 🔺 - Housing Development Loan Program {Reserved} 347,676 🔺 347,676 Total Expenses and Other Uses 250,000 97,676 🔺 347,676 Total Over / (Under) - 61,354 🔺 61,355 Administration The impact of the Tax Increment and other revenue adjustments to the Administration Fund detailed above can be seen in the table below, under Internal Transfers In. Expenses have been adjusted to include an expected increase in Administrative Fees the Agency will receive from the City. In addition, the Charges and Services line description has been adjusted for increased expenses that include a $25K RAISE Grant Contribution, a 900 S Improvements project shortfall of $155K, and $100K for Ballpark development efforts. Administration Current Budget Change Proposed Budget Revenue and Other Sources Internal Transfers In Revenue and Other Sources 2,757,315 - 2,757,315 West Capitol Hill 150,000 (150,000) 🔺 - West Temple Gateway 50,000 (40,000) 🔺 10,000 Depot District 588,175 186,634 🔺 774,809 Granary District 93,169 53,122 🔺 146,291 North Temple 43,535 23,949 🔺 67,485 Block 70 - - - North Temple Viaduct 17,722 20,887 🔺 38,610 Northwest Quadrant 150,000 (46,465) 🔺 103,535 Stadler Rail 7,100 3,733 🔺 10,833 State Street - 328,961 🔺 328,962 9 Line - 149,728 🔺 149,728 Program Income Fund - - - Total Revenue and Other Sources 3,857,015 530,553 🔺 4,387,568 Expenses and Other Uses RDA Personnel 2,254,632 - 2,254,632 Administrative Fees 939,683 150,000 🔺 1,089,683 Operating & Maintenance 360,000 - 360,000 Charges and Services 202,700 380,553 🔺 583,253 Furniture, Fixtures and Equipment 100,000 - 100,000 Total Expenses and Other Uses 3,857,015 530,553 🔺 4,387,568 Total Over / (Under) - - - 2. Transfer of Housing Trust Fund Housing Development Fund The Housing Development Fund (formerly known as the Housing Development Trust Fund) was established in the Fiscal Year 2020. The intent of establishing this fund was to evaluate further codifying the consolidation of housing development loan programs by ordinance, to confirm that all the City's housing development loan funds, regardless of funding source and regardless of which entity administered the program, are deployed in a transparent manner. Funding Our Future Land Discounts and Finance funds have been transferred into this fund each fiscal year since its establishment, with the intent of transferring the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund. Finance has recently finished reconciling the loans in the Housing Trust Fund in preparation of the transfer and will prepare a Budget Amendment Ordinance to move all assets and liabilities to the Agency. The expected fund balance available to lend is approximately $2.8 million, and it is proposed to add the full amount to the Housing Development Loan Program, as referenced in the table below. When the final Second Amendment is presented, the corresponding Budget Resolution will be presented for approval. Once the Ordinance and Amendments are approved, the administrative tasks of transferring the management of the loans may proceed. Housing Development Fund Current Budget Change Proposed Budget Revenue and Other Sources - - Funding Our Future Land Discounts and Financing 2,590,000 - 2,590,000 Transfer from Housing Trust Fund - 2,800,000 🔺 2,800,000 Total Revenue and Other Sources 2,590,000 2,800,000 🔺 5,390,000 - Expenses and Other Uses - - Capital Expenditures {Holding Accounts} - - Housing Development Loan Program {Reserved} 2,590,000 2,800,000 🔺 5,390,000 Total Expenses and Other Uses 2,590,000 2,800,000 🔺 5,390,000 - - Total Over / (Under) - - - 3. Reallocation Central Station Property Acquisition The Agency currently owns approximately 4 acres of land in what is referred to as Central Station located at approximately 600 West and 100 South. As previously directed by the Board, RDA staff is working to acquire additional property for future development. This budget amendment would reallocate $550,000 from the RDA’s Revolving Loan Fund to purchase this property. The intention would be to repay this contribution from the proceeds or lease payments as part of the future project. Budget Impact: The proposed change would reduce the Revolving Loan Fund’s current available to lend balance from $5,403,577.35 to 4,853,577.35. West Capitol Hill Projects In addition to the budget reallocation requests in the West Capitol Hill Project Area above, the Agency is requesting to reallocate $338,141of funds previously set aside in the Program Income Fund for the Arctic Court Infill Home project to projects in West Capitol Hill, as a contingency for expected increases in construction costs. Budget Impact: The Program Income Fund for the Arctic Court Infill Home project would be reduced to zero. It is anticipated the Agency would request the use of housing funds in the future to finish the infill housing project. PREVIOUS BOARD ACTION: 1. Approval of the Fiscal Year 2021-2022 Budget. 2. Approval of the Fiscal Year 2021-2022 Budget Amendment #1. ATTACHMENTS: N/A Initiative Number/Name Project Area Revenue Amount Expenditure Amount Revenue Amount Expenditure Amount Ongoing or One- time FTEs 1 RDA Budget Amendment - True Tax Received 9-Line 1,871,603.00 1,871,603.00 One-time - 1 RDA Budget Amendment - True Tax Received SS 3,289,619.00 3,289,619.00 One-time - 1 RDA Budget Amendment - True Tax Received WCH - - One-time - 1 RDA Budget Amendment - True Tax Received PHF 837,232.00 837,232.00 One-time - 1 RDA Budget Amendment - True Tax Received DD 1,244,229.00 1,244,229.00 One-time - 1 RDA Budget Amendment - True Tax Received GD 354,152.00 354,152.00 One-time - 1 RDA Budget Amendment - True Tax Received CBD 1,637,213.00 1,637,213.00 One-time - 1 RDA Budget Amendment - True Tax Received NTV 1,392,516.00 1,392,516.00 One-time - 1 RDA Budget Amendment - True Tax Received Block 70 234,208.00 233,944.00 One-time - 1 RDA Budget Amendment - True Tax Received NTA 239,499.00 239,499.00 One-time - 1 RDA Budget Amendment - True Tax Received SRCRA 37,334.00 37,334.00 One-time - 1 RDA Budget Amendment - True Tax Received NWQ-Op (464,652.00) (464,652.00) One-time - 1 RDA Budget Amendment - True Tax Received Admin 530,553.00 530,553.00 One-time - 1 RDA Budget Amendment - True Tax Received SHF (246,465.00) (246,465.00) 2 RDA Budget Amendment - Transfer to HDF from Hand HDF 2,800,000.00 2,800,000.00 One-time - 3 RDA Budget Amendment - Fire clean up PIF 50,000.00 100,000.00 One-time - 4 RDA Budget Amendment - UIPA Housing Allocation WCI 159,031.00 97,676.00 One-time - 5 RDA Budget Amendment - Reallocate RLF funding to Central Station Property Acquisition CS-PA - 550,000.00 One-time - 5 RDA Budget Amendment - Reallocate RLF funding to Central Station Property Acquisition RLF-CL - (550,000.00) One-time - 6 RDA Budget Amendment - Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza PIF - (338,141.00) One-time - 6 RDA Budget Amendment - Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza MP - 338,141.00 One-time - 7 Relase of UPAC cash bond Block 70 - 720,042.00 8 FY2021 TI Reimbursement NWQ-Op - 1,179,247.00 1 Transfer from Admin to CE Marmalade Plaza PHF - (150,000.00) 1 Transfer from Admin to CE Marmalade Plaza PHF - 150,000.00 2 Transfer from Admin to West Temple Construction Mitigation WCH - (40,000.00) 2 Transfer from Admin to West Temple Construction Mitigation WCH - 40,000.00 Fiscal Year 2021-22 RDA Budget Amendment #2 Section A: New Items Section B: Grants for Existing Staff Resources Section C: Grants for New Staff Resources Section D: Housekeeping Board ApprovedAdministration Proposed 1 Initiative Number/Name Project Area Revenue Amount Expenditure Amount Revenue Amount Expenditure Amount Ongoing or One- time FTEs Fiscal Year 2021-22 RDA Budget Amendment #2 Board ApprovedAdministration Proposed - Total of Budget Amendment Items 13,966,072.00 15,853,742.00 - - Total by Fund, Budget Amendment #1: Redevelopment Agency RDA 13,966,072.00 15,853,742.00 - - Total of Budget Amendment Items 13,966,072.00 15,853,742.00 - - - Current Year Budget Summary, provided for information only FY 2019-20 Budget, Including Budget Amendments FY 2021-22 Adopted Budget RDA BA #1 Total RDA BA #2 Total Total To-Date Redevelopment Agency 61,909,808 (1,298,467) 15,853,742.00 76,465,083 Redevelopment Agency CIP - - Total of Budget Amendment Items 61,909,808 (1,298,467) 60,611,341 Adopted __/__/____ Certification Budget Manager Deputy Director, City Council/RDA Board Contingent Appropriation Section G: Board Consent Agenda -- Grant Awards Section I: Board Added Items Section E: Grants Requiring No New Staff Resources Section F: Donations 2 Central Business DistrictApproved BA #1 Change Recommended BA #2 Prior Transmission ChangeRevenue and Other SourcesTax Increment 27,573,150             1,637,213          🔺29,210,363                         29,339,051                                             (128,688)            🔻Interest Income 350,000                    ‐                      350,000                              350,000                                                    ‐                      Total Revenue and Other Sources27,923,150             1,637,213          🔺29,560,363                         29,689,051                                             (128,688)            🔻Expenses and Other UsesTaxing Entity Payments 16,543,890             982,327             🔺17,526,218                         17,603,431                                             (77,213)              🔻TI Reimbursements 1,477,398                 ‐                      1,477,398                           1,477,398                                                ‐                      Transfer to Block 70 Debt ServiceEccles Debt Service Block 70 RDA Match3,107,740                 ‐                      3,107,740                           3,107,740                                                ‐                      Eccles Debt Service Reserve1,800,000                 ‐                      1,800,000                           1,800,000                                                ‐                      Miscellaneous Property Expenses 975,000                    ‐                      975,000                              975,000                                                    ‐                      Parking Ramp Leases 64,355                      ‐                      64,355                                 64,355                                                      ‐                      Gallivan Maintenance 523,138                    ‐                      523,138                              523,138                                                    ‐                      Gallivan Programming 250,000                    ‐                      250,000                              250,000                                                    ‐                      Gallivan Administration 340,482                    ‐                      340,482                              340,482                                                    ‐                      Transfer to Administration 2,757,315                 ‐                      2,757,315                           2,757,315                                                ‐                      Capital Expenditures {Holding Accounts}Storefront Revitalization83,832                     254,885             🔺338,717                              390,192                                                   (51,475)              🔻Gallivan Repairs‐                            400,000             🔺400,000                              400,000                                                    ‐                      Total Expenses and Other Uses27,923,150             1,637,213          🔺29,560,363                         29,689,051                                             (128,688)            🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       West Capitol HillApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                             ‐                       ‐                                        ‐                                                            ‐                      Interest Income 150,000                    ‐                      150,000                              150,000                                                    ‐                      Total Revenue and Other Sources150,000                    ‐                      150,000                              150,000                                                    ‐                      Expenses and Other UsesTransfer to Administration 150,000                   (150,000)            🔻Capital Expenditures {Holding Accounts}West Capitol Hill Projects‐                            150,000             🔺150,000                              150,000                                                    ‐                      Total Expenses and Other Uses150,000                    ‐                      150,000                              150,000                                                    ‐                      Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       West Temple GatewayApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                             ‐                       ‐                                        ‐                                                            ‐                      Interest Income 50,000                      ‐                      50,000                                 50,000                                                      ‐                      Total Revenue and Other Sources50,000                      ‐                      50,000                                 50,000                                                      ‐                      Expenses and Other UsesTransfer to Administration 50,000                     (40,000)              🔻10,000                                 10,000                                                      ‐                      Capital Expenditures {Holding Accounts}West Temple Gateway Construction Mitigation‐                            40,000               🔺40,000                                 40,000                                                      ‐                      Total Expenses and Other Uses50,000                      ‐                      50,000                                 10,000                                                     40,000               🔺Total Over / (Under)‐                             ‐                       ‐                                       40,000                                                     (40,000)              🔻 Depot DistrictApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 3,921,164                1,244,229          🔺5,165,393                           5,212,664                                               (47,271)              🔻Interest Income 200,000                    ‐                      200,000                              200,000                                                    ‐                      Total Revenue and Other Sources4,121,164                1,244,229          🔺5,365,393                           5,412,664                                               (47,271)              🔻Expenses and Other UsesTI Reimbursements 1,820,977                144,628             🔺1,965,606                           1,965,606                                                ‐                      Transfer to Primary Housing Fund 784,233                   248,845             🔺1,033,079                           1,042,533                                               (9,454)                🔻Miscellaneous Property Expenses 120,000                    ‐                      120,000                              120,000                                                    ‐                      Debt ServiceGrant Tower Debt Service275,600                    ‐                      275,600                              275,600                                                    ‐                      Transfer to Administration 588,175                   186,634             🔺774,809                              781,900                                                   (7,091)                🔻Capital Expenditures {Holding Accounts}Station Center Infrastructure332,179                    ‐                      332,179                              332,179                                                    ‐                      Environmental Remediation200,000                    ‐                      200,000                              200,000                                                    ‐                      Central Station (100 S)‐                            664,121             🔺664,121                              694,847                                                   (30,726)              🔻Total Expenses and Other Uses4,121,163                1,244,229          🔺5,365,393                           5,412,664                                               (47,271)              🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Granary DistrictApproved BA #1 Change Recommended BA #2 Prior Transmission Chang🔺Revenue and Other SourcesTax Increment 621,124                   354,151             🔺975,276                              981,407                                                   (6,131)                🔻Interest Income 45,000                      ‐                      45,000                                 45,000                                                      ‐                      Total Revenue and Other Sources666,124                   354,151             🔺1,020,276                           1,026,407                                               (6,131)                🔻Expenses and Other UsesTransfer to Primary Housing Fund 124,225                   70,830               🔺195,055                              196,281                                                   (1,226)                🔻Miscellaneous Property Expenses 5,000                         ‐                      5,000                                   5,000                                                        ‐                      Transfer to Administration 93,169                     53,122               🔺146,291                              147,211                                                   (920)                    🔻Capital Expenditures {Holding Accounts}Community/Cultural Initiative443,731                   230,198             🔺673,929                              677,915                                                   (3,985)                🔻Total Expenses and Other Uses666,124                   354,151             🔺1,020,276                           1,026,407                                               (6,131)                🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       North TempleApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 435,346                   239,498             🔺674,845                              674,112                                                   733                     🔺Interest Income 15,000                      ‐                      15,000                                 15,000                                                      ‐                      External Transfers InDebt Service Fund Class 81 North Temple Viaduct Bond RDA Reimbursement (One‐time)1,000,000                 ‐                      1,000,000                           1,000,000                                                ‐                      General Fund Investments in Underserved Neighborhoods Holding Account (One‐time)669,138                    ‐                      669,138                              669,138                                                    ‐                      Internal Transfers InTransfer to Primary Housing Fund (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      Program Income Fund North Temple Catalytic Project Holding Account (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      North Temple Catalytic Project Holding Account (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources2,119,484                239,498             🔺2,358,983                           2,358,250                                               733                     🔺Expenses and Other UsesTransfer to Primary Housing Fund 87,069                     47,899               🔺134,969                              134,822                                                   147                     🔺Transfer to Administration 43,535                     23,949               🔺67,485                                 67,411                                                     73                       🔺Capital Expenditures {Holding Accounts}10% School Construction Fund 30,474                     16,764               🔺47,239                                 47,188                                                     51                       🔺North Temple Strategic Intervention Fund 1,958,406                150,884             🔺2,109,290                           2,108,829                                               462                     🔺Total Expenses and Other Uses2,119,484                239,498             🔺2,358,983                           2,358,250                                               733                     🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Block 70Approved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 1,922,323                234,207             🔺2,156,531                           2,156,154                                               377                     🔺Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Release of Cash Bond ‐ Eccles Theater‐                            719,778             🔺719,778                              700,000                                                   19,778               🔺Internal Transfers InCBD Taxing Entity Payments4,109,200                 ‐                      4,109,200                           4,109,200                                                ‐                      CBD Eccles Debt Service RDA match3,107,740                 ‐                      3,107,740                           3,107,740                                                ‐                      CBD Eccles Debt Service Reserve Account1,800,000                 ‐                      1,800,000                           1,800,000                                                ‐                      Total Revenue and Other Sources10,939,263             953,985             🔺11,893,249                         11,873,094                                             20,155               🔺Expenses and Other UsesTaxing Entity Payments 576,697                   70,262               🔺646,959                              646,846                                                   113                     🔺Eccles Theater Debt Service 8,068,209                 ‐                      8,068,209                           8,068,209                                                ‐                      Reserve for Eccles Debt Service 90,617                      ‐                      90,617                                 90,617                                                      ‐                      Regent Street Bond Debt Service 1,448,740                 ‐                      1,448,740                           1,448,740                                                ‐                      Fundraising Fulfillment 100,000                    ‐                      100,000                              100,000                                                    ‐                      Eccles Theater‐ Operating Reserve for Ancillary Space475,000                    ‐                      475,000                              475,000                                                    ‐                      Regent Street Maintenance 80,000                      ‐                      80,000                                 80,000                                                      ‐                      Capital Expenditures {Holding Accounts}‐                             ‐                       ‐                                        ‐                                                            ‐                      Regent Street Parking Structure Capital Reserves100,000                   163,681             🔺263,682                              263,682                                                    ‐                      Bennion Jewelers Relocation Agreement100,000             🔺100,000                              100,000                                                    ‐                      Eccles Theater/Site Improvements620,041             🔺620,042                              600,000                                                   20,042               🔺Total Expenses and Other Uses10,939,263             953,985             🔺11,893,249                         11,873,094                                             20,155               🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       North Temple ViaductApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 1,181,479                1,392,515          🔺2,573,995                           2,612,628                                               (38,633)              🔻Interest Income 7,500                         ‐                      7,500                                   7,500                                                        ‐                      Total Revenue and Other Sources1,188,979                1,392,515          🔺2,581,495                           2,620,128                                               (38,633)              🔻Expenses and Other UsesDebt Service Payment to Salt Lake City 1,171,257                1,371,627          🔺2,542,885                           2,580,939                                               (38,054)              🔻Transfer to Administration 17,722                     20,887               🔺38,610                                 39,189                                                     (579)                    🔻Total Expenses and Other Uses1,188,979                1,392,515          🔺2,581,495                           2,620,128                                               (38,633)              🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Northwest QuadrantApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 1,500,000                (464,652)            🔻1,035,348                           1,128,875                                               (93,527)              🔻Interest IncomeTotal Revenue and Other Sources1,500,000                (464,652)            🔻1,035,348                           1,128,875                                               (93,527)              🔻Expenses and Other UsesTI Reimbursement NWQ Phase I 500,000                   1,403,990          🔺1,903,991                           500,000                                                   1,403,991          🔺Transfer to Secondary Housing Fund 350,000                   (246,465)            🔻103,535                              350,000                                                   (246,465)            🔻Transfer to Primary Housing Fund 150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻Transfer to Administration 150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻Capital Expenditures {Holding Accounts}Shared Costs350,000                   (350,000)            🔻‐                                       53,100                                                     (53,100)              🔻Total Expenses and Other Uses1,500,000                714,595             🔺2,214,595                           1,128,875                                               1,085,720          🔺Total Over / (Under)‐                            (1,179,247)        🔻(1,179,247)                           ‐                                                           (1,179,247)        🔻 Stadler RailApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 71,000                     37,334               🔺108,334                              108,327                                                   7                         🔺Interest IncomeTotal Revenue and Other Sources71,000                     37,334               🔺108,334                              108,327                                                   7                         🔺Expenses and Other UsesTI Reimbursements 56,800                     29,867               🔺86,667                                 86,662                                                     6                         🔺Transfer to Primary Housing Fund 7,100                        3,733                  🔺10,833                                 10,833                                                     1                         🔺Transfer to Administration 7,100                        3,733                  🔺10,833                                 10,833                                                     1                         🔺Total Expenses and Other Uses71,000                     37,334               🔺108,334                              108,327                                                   7                         🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       State StreetApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                            3,289,619          🔺3,289,619                           3,288,979                                               640                     🔺Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources‐                            3,289,619          🔺3,289,619                           3,288,979                                               640                     🔺Expenses and Other UsesTransfer to Primary Housing Fund‐                            328,961             🔺328,962                              328,898                                                   64                       🔺Transfer to Administration‐                            328,961             🔺328,962                              328,898                                                   64                       🔺Capital Expenditures {Holding Accounts}Infrastructure Improvements‐                            500,000             🔺500,000                              500,000                                                    ‐                      Commercial Loan Program‐                            500,000             🔺500,000                              500,000                                                    ‐                      Ballpark Strategic Development‐                            1,631,695          🔺1,631,695                           1,631,183                                               512                     🔺Total Expenses and Other Uses‐                            3,289,619          🔺3,289,619                           3,288,979                                               640                     🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       9 LineApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                            1,871,603          🔺1,871,603                           1,847,159                                               24,444               🔺Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources‐                            1,871,603          🔺1,871,603                           1,847,159                                               24,444               🔺Expenses and Other UsesTaxing Entity Payments‐                            224,966             🔺224,966                              224,966                                                    ‐                      County Administration and Operations‐                            26,995               🔺26,996                                 26,996                                                      ‐                      Transfer to Primary Housing Fund‐                            187,160             🔺187,160                              184,716                                                   2,444                  🔺Transfer to Administration‐                            149,728             🔺149,728                              147,773                                                   1,956                  🔺Capital Expenditures {Holding Accounts}Property Acquisition‐                            982,752             🔺982,752                              962,708                                                   20,044               🔺Accessory Dwelling Unit Program‐                            300,000             🔺300,000                              300,000                                                    ‐                      Total Expenses and Other Uses‐                            1,871,603          🔺1,871,603                           1,847,159                                               24,444               🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Revolving Loan FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInterest on Investment 470,000                    ‐                      470,000                              470,000                                                    ‐                      Principal Payments 55,000                      ‐                      55,000                                 55,000                                                      ‐                      Interest on Loans 25,000                     25,000                                 25,000                                                      ‐                      Total Revenue and Other Sources550,000                    ‐                      550,000                              550,000                                                    ‐                      Expenses and Other UsesAvailable to Lend 434,000                    ‐                      434,000                              434,000                                                    ‐                      Utah Theater Tenant Relocation 116,000                    ‐                      116,000                              116,000                                                    ‐                      Total Expenses and Other Uses550,000                    ‐                      550,000                              550,000                                                    ‐                      Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Program Income FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesParking Structure Income 1,242,335                 ‐                      1,242,335                           1,242,335                                                ‐                      Rents 215,700                    ‐                      215,700                              215,700                                                    ‐                      Interest Income 250,000                    ‐                      250,000                              250,000                                                    ‐                      Loan Repayments 28,000                      ‐                      28,000                                 28,000                                                      ‐                      Interest on Loans 6,500                         ‐                      6,500                                   6,500                                                        ‐                      Insurance Reimbursement‐                            50,000               🔺50,000                                 50,000                                                      ‐                      Internal Transfers In‐                             ‐                       ‐                                        ‐                                                            ‐                      Use of North Temple Catalytic Project Holding Account (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources1,742,535                50,000               🔺1,792,535                           1,792,535                                                ‐                      Expenses and Other UsesProfessional Services 300,000                    ‐                      300,000                              300,000                                                    ‐                      Miscellaneous Property Expense 300,000                   100,000             🔺400,000                              400,000                                                    ‐                      Marketing and Sales 25,000                      ‐                      25,000                                 25,000                                                      ‐                      Transfer Out to North Temple Project Area (One‐tim‐                             ‐                       ‐                                        ‐                                                            ‐                      Capital Expenditures {Holding Accounts}Gallivan Repairs250,000                    ‐                      250,000                              250,000                                                    ‐                      Commercial Revitalization Program667,535                    ‐                      667,535                              667,535                                                    ‐                      Sustainability Technical Assistance Program200,000                    ‐                      200,000                              200,000                                                    ‐                      Total Expenses and Other Uses1,742,535                100,000             🔺1,842,535                           1,842,535                                                ‐                      Total Over / (Under)‐                            (50,000)              🔻(50,000)                               (50,000)                                                    ‐                       Secondary Housing FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInterest Income 44,000                      ‐                      44,000                                 44,000                                                      ‐                      Internal Transfers InNorthwest Quadrant350,000                   (246,465)            🔻103,535                              350,000                                                   (246,465)            🔻Total Revenue and Other Sources394,000                   (246,465)            🔻147,535                              394,000                                                   (246,465)            🔻Expenses and Other UsesCapital Expenditures {Holding Accounts}Accessory Dwelling Unit Program394,000                   (246,465)            🔻147,535                              394,000                                                   (246,465)            🔻Total Expenses and Other Uses394,000                   (246,465)            🔻147,535                              394,000                                                   (246,465)            🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Primary Housing FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInterest Income 225,000                    ‐                      225,000                              225,000                                                    ‐                      Loan Repayments 51,000                      ‐                      51,000                                 51,000                                                      ‐                      Interest on Loans 70,000                      ‐                      70,000                                 70,000                                                      ‐                      Internal Transfers In‐                             ‐                       ‐                                        ‐                                                            ‐                      Depot District784,233                   248,845             🔺1,033,079                           1,042,533                                               (9,454)                🔻Granary District124,225                   70,830               🔺195,055                              196,281                                                   (1,226)                🔻North Temple87,069                     47,899               🔺134,969                              134,822                                                   147                     🔺Northwest Quadrant150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻State Street‐                            328,961             🔺328,962                              328,898                                                   64                       🔺9 Line‐                            187,160             🔺187,160                              184,716                                                   2,444                  🔺Total Revenue and Other Sources1,491,527                837,232             🔺2,328,760                           2,346,138                                               (17,378)              🔻Expenses and Other UsesTransfer Out to North Temple Project Area (One‐tim‐                             ‐                       ‐                                        ‐                                                            ‐                      Capital Expenditures {Holding Accounts}Housing Development Loan Program491,527                   837,232             🔺1,328,760                           1,346,138                                               (17,378)              🔻North Temple Strategic Intervention Fund1,000,000                 ‐                      1,000,000                           1,000,000                                                ‐                      Total Expenses and Other Uses1,491,527                837,232             🔺2,328,760                           2,346,138                                               (17,378)              🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Westside Community Initiative Fund(Northwest Quadrant Housing Fund)Approved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesUIPA Housing Allocation 250,000                   159,031             🔺409,031                              409,031                                                    ‐                      Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources250,000                   159,031             🔺409,031                              409,031                                                    ‐                      Expenses and Other UsesCapital Expenditures {Holding Accounts}West Side Urban Land Fund250,000                   (250,000)            🔻‐                                        ‐                                                            ‐                      Housing Development Loan Program347,676             🔺347,676                              347,676                                                    ‐                      Total Expenses and Other Uses250,000                   97,676               🔺347,676                              347,676                                                    ‐                      Total Over / (Under)‐                            61,354               🔺61,355                                 61,355                                                      ‐                       Housing Development FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesFunding Our Future Land Discounts and Financing 2,590,000                 ‐                      2,590,000                           2,590,000                                                ‐                      Transfer from Housing Trust Fund‐                            2,800,000          🔺2,800,000                           2,000,000                                               800,000             🔺Total Revenue and Other Sources2,590,000                2,800,000          🔺5,390,000                           5,390,000                                                ‐                      Expenses and Other UsesCapital Expenditures {Holding Accounts}Housing Development Loan Program2,590,000                2,800,000          🔺5,390,000                           5,390,000                                                ‐                      Total Expenses and Other Uses2,590,000                2,800,000          🔺5,390,000                           5,390,000                                                ‐                      Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       AdministrationApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInternal Transfers InRevenue and Other Sources2,757,315                 ‐                      2,757,315                           2,757,315                                                ‐                      West Capitol Hill150,000                   (150,000)            🔻‐                                        ‐                                                            ‐                      West Temple Gateway50,000                     (40,000)              🔻10,000                                 10,000                                                      ‐                      Depot District588,175                   186,634             🔺774,809                              781,900                                                   (7,091)                🔻Granary District93,169                     53,122               🔺146,291                              147,211                                                   (920)                    🔻North Temple43,535                     23,949               🔺67,485                                 67,411                                                     73                       🔺Block 70‐                             ‐                       ‐                                        ‐                                                            ‐                      North Temple Viaduct17,722                     20,887               🔺38,610                                 39,189                                                     (579)                    🔻Northwest Quadrant150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻Stadler Rail7,100                        3,733                  🔺10,833                                 10,833                                                     1                         🔺State Street‐                            328,961             🔺328,962                              328,898                                                   64                       🔺9 Line‐                            149,728             🔺149,728                              147,773                                                   1,956                  🔺Program Income Fund‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources3,857,015                530,553             🔺4,387,568                           4,403,417                                               (15,849)              🔻Expenses and Other UsesRDA Personnel 2,254,632                 ‐                      2,254,632                           2,254,632                                                ‐                      Administrative Fees 939,683                   150,000             🔺1,089,683                           1,089,683                                                ‐                      Operating & Maintenance 360,000                    ‐                      360,000                              360,000                                                    ‐                      Charges and Services 202,700                   380,553             🔺583,253                              639,102                                                   (55,849)              🔻Furniture, Fixtures and Equipment 100,000                    ‐                      100,000                              100,000                                                    ‐                      Total Expenses and Other Uses3,857,015                530,553             🔺4,387,568                           4,443,417                                               (55,849)              🔻Total Over / (Under)‐                             ‐                       ‐                                       (40,000)                                                   40,000               🔺 PENDING MINUTES –NOT APPROVED The Board of Directors of the Redevelopment Agency (RDA)of Salt Lake City met on Tuesday, March 8,2022. The following Board Members were present: Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,Alejandro Puy, Victoria Petro-Eschler Present Agency Leadership: Mayor Erin Mendenhall Danny Walz –Chief Operating Officer Present City Staff: Katherine Lewis –City Attorney,Lauren Parisi –Project Manager,Tracy Tran –Project Manager,Cindy Lou Trishman –City Recorder,DeeDee Robinson –Minutes and Records Clerk,Thais Stewart –Deputy City Recorder ,Ben Luedtke –Public Policy Analyst,Taylor Hill –City Council Staff Director Chair Valdemoros presided at and conducted the meeting. The meeting was called to order at 2:00 pm. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 1 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.) Minutes: There were no public comments. B.Public Hearing -individuals may speak to the Board once per public hearing topic for two minutes,however written comments are always accepted: NONE. C.Redevelopment Agency Business -The RDA Board of Directors will receive information and/or hold discussions and/or take action on: 1.Approval of Minutes ~2:05 p.m. 5 min. The Board will approve the meeting minutes of May 4,2021;May 18,2021;June 8,2021; January 18,2022;and February 8,2022. Motion: Moved by Director Fowler,seconded by Director Dugan to approve the meeting minutes of May 4,2021;May 18,2021;June 8,2021;January 18, 2022;and February 8,2022. AYE:Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano, Alejandro Puy,Victoria Petro-Eschler Final Result:7 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 2 2.Resolution:Amendments to the Housing Development Loan Program Follow-up ~2:10 p.m. 20 min. The Board will receive a follow-up briefing about,and consider adopting a resolution that would amend the Housing Development Loan Program policy.The proposed amendment would add standards for the distribution of Emergency Gap Financing Funds,and charge the RDA Finance Committee with review of applications for this funding.The purpose is to ensure these funding requests are reviewed in a consistent matter. Minutes: Tracy Tran and Lauren Parisi provided information regarding: •Past discussion and direction of the Board •Suggested changes by the Redevelopment Advisory Committee (RAC) •RDA recommending no additional standards,but recommend funds be used for shorter commitment period (for loan closing shortly after Board approval) Motion: Moved by Director Fowler,seconded by Director Puy to adopt Resolution 2 of 2022:Housing Development Loan Program (HDLP)Amendment. AYE:Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano, Alejandro Puy,Victoria Petro-Eschler Final Result:7 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 3 3.Informational:Housing Development Funding Strategy for Fiscal Year 2022-23 ~2:30 p.m. 20 min. The Board will receive an introductory briefing about the proposed Housing Development Funding Strategy for Fiscal Year 2022-23.The Housing Development Funding Strategy includes:a projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year;proposed housing funding priorities for the upcoming fiscal year; and,the proposed funding allocations for specific housing activities for the upcoming fiscal year. Minutes: Lauren Parisi provided information regarding: •Background on the policy;established guidelines for allocating/directing resources for housing by funding source,estimated amounts brought to the Board through Housing Fund allocations,annual housing priorities determined,and housing activities •Housing Fund Allocations;to be determined •Annual Housing Priorities;Staff proposing four priorities for Board consideration: ◦Affordable home ownership ◦Family housing ◦Deeply affordable housing units ◦Missing Middle housing •Housing Activities;Staff proposing four potential priorities: ◦Shared equity housing ◦Land acquisition ◦Accessory Dwelling Unit (ADU)assistance ◦Housing development loan program •Housing Development Loan Program Competitive Notice of Funding Availability (NOFA);utilize interest rate reduction benchmarks for competitive NOFA (alignment with RDA’s guiding framework),and Board might choose to require family housing and/or deeply affordable housing as a threshold •FY23 Housing Activities Impact chart •FY23 Annual Housing Funding Strategy chart •Considerations for the Board and next steps Discussion with Staff ensued regarding Missing Middle housing,Deeply affordable housing,high opportunity housing and their achievable thresholds,what would occur if no applications were received,and possibility of high opportunity zones changing due to new census numbers. Director Wharton requested information regarding ADUs being used for housing (and not vacation rentals).Directors Mano and Puy agreed this was an important topic that needed additional discussion. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 4 4.Resolution:RDA Budget Amendment No.2 for Fiscal Year 2021-22 ~2:50 p.m. 45 min The Board will receive a briefing about a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22.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 funding for development around the Ballpark,an accessory dwelling unit pilot program in the 9-Line project area,and transferring the Housing Trust Fund to the RDA among other items. Minutes: Benjamin Luedtke and Danny Walz provided information regarding: •A second briefing with public hearing was scheduled for April 12,2022 •Expenditures totaled $13,762,458 for 53 items •Revenues were still preliminary (Salt Lake County had until end of March to provide property tax revenue dollar amounts) •900 South Reconstruction Project (update to original recommendation);delays with underground utilities,request for $40,000 for another round of additional initiatives/capital expenditures •Block 70;Release of Cash Bond (update to original recommendation)–Eccles Theater ($700,000),Bennion Jewlers Relocation Agreement ($100,000),and Eccles Theater/Site Improvements ($600,000) •Information on discretionary Items,including: -Central Business District (CBD)items;A)$306,360 –For additional funding to the Storefront Revitalization Pilot Program holding account,and B)$400,000 request for Gallivan Center repairs (sewer lines and HVAC systems at several RDA-owned properties leased to restaurants). -West Capitol Hill items;C)$150,000 for construction cost overrun holding account for Marmalade Library Plaza and 300 West street scape improvements from North Temple to 1000 North,and D)$338,141 –Construction cost overrun holding account/reducing an equivalent amount from Arctic Court infill home budget. -Depot District item;E)$694,847 for a new Central Station property development holding account (infrastructure improvements). -Granary District item;F)$234,183 for Community &Cultural Initiative Pilot Program holding account. -North Temple item;G)$150,422 for North Temple Strategic Intervention Fund holding account. -Block 70 item;H)$163,681 for Regent Street Parking Structure Capital Reserve holding account. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 5 -North Temple Viaduct item;I)$1,409,681 Debt Service payment to General Fund (reimbursing General Fund for fronting annual bond payments when property tax revenues were insufficient). -Northwest Quadrant item;J)$-296,900 Reduction in the shared costs holding account (property tax increment revenues being less than budgeted). -State Street items;K)$500,000 for new public infrastructure improvements holding account (for capital improvement projects in the public right of way such as traffic calming,street lighting,or utilities),L)$500,000 for new Commercial Loan Program holding account,and M)$1,631,183 for new Ballpark Strategic Development holding account. -9 Line items;N)$961,708 for new property acquisition holding account,and O) $300,000 for new Accessory Dwelling Unit (ADU)Pilot Program holding account. -Program Income Fund item;P)$100,000 for an increase to the Miscellaneous Property Expenses line item ($50k from an insurance reimbursement for fire damage at the Overnighter Motel on North Temple,the other $50k from fund balance to cover insurance deductible) -Administration Budget item;Q)$436,402 increase to the Charges and Services line item -Transfer of Housing Trust Fund from the Community and Neighborhoods Development Department to the RDA item;R)$2 M from Housing Trust Fund to be used in the Housing Development Loan Program. -Revolving Loan Fund (RLF)item;S)$550,000 re-appropriation for previously discussed property acquisition (RLF would be reimbursed for fronting this cost from the property sale or ground lease revenues in future years). Director Dugan requested answers to policy questions regarding Item A (CBD –Storefront Revitalization Pilot Program),access to the draft policy,and a list of the possible associated pilot programs. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 6 5.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. Minutes: Item not held. 6.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; •Staff Updates; •Project Status;and •Scheduling Items. Minutes: Danny Walz provided the following information: •Project status report:650 Main TRAX station to open in late April 2022 (due to supply chain delays) •Introduction/announcement of the hiring of Kate Werrett (new Project Manager)to RDA Staff and promotion of Cara Lindsley to Deputy Director of RDA 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. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 7 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.Set Date -Resolution:RDA Budget Amendment No.2 for Fiscal Year 2021-22 - - The Board will set the date of Tuesday,April 12,2022 at 2 p.m.to accept public comment about,and consider adopting a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22.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 funding for development around the Ballpark,an accessory dwelling unit pilot program in the 9-Line project area,and transferring the Housing Trust Fund to the RDA among other items. Motion: Moved by Director Fowler,seconded by Director Dugan to approve the Consent Agenda. AYE:Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,Alejandro Puy, Victoria Petro-Eschler Final Result:7 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 8 F.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. Motion: Moved by Director Fowler,seconded by Director Wharton to enter into Closed Session for the purposes of strategy sessions to discuss pending or reasonably imminent litigation and attorney-client matters that are privileged. AYE:Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,Alejandro Puy, Victoria Petro-Eschler Final Result:7 –0 Pass Minutes: Closed Session started at 4:03 pm. Held via Webex and in the Work Session Room (location) Directors in Attendance:Directors Dugan,Fowler,Petro-Eschler,Puy,Mano,Wharton and Valdemoros MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 9 City Staff in Attendance:Katherine Lewis,Rachel Otto,Lisa Shaffer,Mary Beth Thompson, Cindy Gust-Jenson,Jennifer Bruno,Lehua Weaver,Cindy Lou Trishman,Beatrix Sieger,Allison Parks,Ben Luedtke,Taylor Hill,Amanda Greenland,Danny Walz,Cara Lindsley Closed Session adjourned at 4:30 pm. Motion: Moved by Director Fowler,seconded by Director Wharton to exit Closed Session and adjourn as the RDA AYE:Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,Alejandro Puy, Victoria Petro-Eschler Final Result:7 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 10 G.Adjournment Meeting adjourned at 4:30 pm. Minutes Approved: ______________________________ Redevelopment Agency Chair ______________________________ City Recorder This document is not intended to serve as a full transcript as other items may have been discussed;please refer to the audio or video for entire content pursuant to Utah Code §52-4-203(2)(b). To listen to the audio recording of the meeting or view meeting materials,please visit Salt Lake City Public Body Minutes library,available at www.data.slc.gov,selecting the Public Body Minutes hyperlink.If you are viewing this file in the Minutes library,use the links on the right of your screen within the ‘Document Relationships’information to listen to the audio or view meeting materials. This document along with the digital recording constitutes the official minutes of the Salt Lake City Redevelopment Agency meeting held Tuesday,March 8,2022. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,March 8,2022 11 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 MOTION SHEET REDEVELOPMENT AGENCY of SALT LAKE CITY TO:RDA Board Members FROM: Ben Luedtke Budget & Policy Analyst DATE:April 12, 2022 RE: Budget Amendment #2 of Fiscal Year 2022 MOTION 1 – ADOPT I move that the Board adopt a resolution amending the Fiscal Year 2022 final budget of the Redevelopment Agency as proposed by the Administration. MOTION 2 – NOT ADOPT I move that the Board proceed to the next agenda item. 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: ________________ Rachel Otto, Chief of Staff Date sent to Council: ___________ ______________________________________________________________________________ TO: Salt Lake City RDA Board DATE: February 22, 2022 Ana Valdemoros, RDA Chair FROM: Mary Beth Thompson, Chief Financial Officer Danny Walz, RDA Director SUBJECT: RDA Budget Amendment #2, FY2021-22 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 (801) 535-7209 DOCUMENT TYPE: Budget Amendment Resolution RECOMMENDATION: Review and discuss the proposed First Amendment to the Annual RDA Budget for Fiscal Year 2022. Set public hearing date for adoption of the amendment. BUDGET IMPACT: REVENUE EXPENSE RDA FUND $ 11,773,813.00 $ 13,762,458.00 RDA CIP FUND 0.00 0.00 TOTAL $ 11,773,813.00 $ 13,762,458.00 rachel otto (Feb 22, 2022 21:18 MST)2/23/22 2/23/22 EXECUTIVE SUMMARY: The purpose of the second amendment (“amendment”) is to addresses the following items: 1. True-up TI to be received in the current fiscal year and allocate to current year initiatives. 2. Transfer budget for HTF from HAND to RDA for current fiscal year use. 3. Record receipt of NT project area Overnighter Motel fire insurance proceeds and allocate to cleanup of site. 4. True-up prior year UIPA housing allocation. 5. Reallocated RLF funding to Central Station Property Acquisition. 6. Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza. A summary spreadsheet document, outlining proposed budget changes is attached. The Administration requests this document be modified based on the decisions of the Board. 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. Budget Amendment #1 Summary Spreadsheet C. RDA Transmittal PUBLIC PROCESS: Public Hearing REDEVELOPMENT AGENCY of SALT LAKE CITY SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV ꞏ WWW.SLCRDA.COM P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 ꞏ FAX 801-535-7245   MAYOR ERIN MENDENHALL Executive Director DANNY WALZ Director STAFF MEMO DATE: February 18, 2022 PREPARED BY: Erin Cunningham RE: Preliminary Briefing of RDA Budget Amendment #2, FY 2021-2022 REQUESTED ACTION: Written Briefing BUDGET IMPACTS: The preliminary Second Amendment identifies appropriations for Agency operations and projects across multiple funds. EXECUTIVE SUMMARY: The purpose of the briefing is to provide preliminary budget proposals for the Second Amendment (“Amendment”). The proposed budget changes fall into three main categories: 1. Changes to budgets based on Property Tax Increment projections received from the County. These amounts will be adjusted when the Agency receives the final distribution in March. The proposals below are primarily driven by: a. Fixed expenses that are often percentages of Tax Increment as defined by statutory or contractual obligations or other consistent expenses, such as: i. Taxing Entity Payments ii. Tax Increment Reimbursements iii. Primary Housing Contributions iv. Administrative Expenses v. Operations and Maintenance Expenses b. Discretionary expenses that fall into the following types: i. Holding accounts for programs and projects previously approved by the Board ii. Holding accounts for new programs and projects recommended by the Agency iii. Other expenses specific to needs of the fund 2. Transfer of the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund (formerly Housing Development Trust Fund). 3. Reallocation of funds in holding accounts from previous years’ budgets. ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within the Agency budget for Fiscal Year 2022. The adjustments by fund are described below. 1. Tax Increment and Other Revenue Adjustments Central Business District As shown in the table below, increased Tax Increment revenue received in the Central Business District will result in increased Taxing Entity Payments. The remainder of the prosed changes include:  Gallivan Retail Repairs – Sewer line and HVAC repair costs have increased.  Storefront Revitalization – After funding the Gallivan repairs, the Agency is proposing adding the remainder of the funds to this Storefront Revitalization program. This program was funded during the Fiscal Year 2022 budget to provide funding to businesses in CBD to complete building renovation projects. The program will be established as part of an updated Commercial Loan Program that will come before the Board for future consideration. Central Business District Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 27,573,150 1,765,901 🔺 29,339,051  Interest Income 350,000 ‐  350,000  Total Revenue and Other Sources 27,923,150 1,765,901 🔺 29,689,051       Expenses and Other Uses  ‐    Taxing Entity Payments 16,543,890 1,059,540 🔺 17,603,431  TI Reimbursements 1,477,398 ‐  1,477,398  Transfer to Block 70 Debt Service  ‐    Eccles Debt Service Block 70 RDA Match 3,107,740 ‐  3,107,740  Eccles Debt Service Reserve 1,800,000 ‐  1,800,000  Miscellaneous Property Expenses 975,000 ‐  975,000  Parking Ramp Leases 64,355 ‐  64,355  Gallivan Maintenance 523,138 ‐  523,138  Gallivan Programming 250,000 ‐  250,000  Gallivan Administration 340,482 ‐  340,482  Transfer to Administration 2,757,315 ‐  2,757,315  Capital Expenditures {Holding Accounts} ‐  ‐     Storefront Revitalization 83,832 306,360 🔺 390,192  Gallivan Repairs ‐ 400,000 🔺 400,000  Total Expenses and Other Uses 27,923,150 1,765,901 🔺 29,689,051       Total Over / (Under) ‐ ‐  ‐  West Capitol Hill While the West Capitol Hill Project Area is no longer receiving Tax Increment, interest income is expected. During the Fiscal Year 2022 budget, the funds were directed towards Administration. However, given the volatile nature of construction cost during this time, the Agency is proposing setting those funds aside in a holding account specific to projects that are currently underway in the project area. These projects include the 300 West streetscape improvements and construction of the plaza incorporated into the Marmalade library and adjacent housing development. West Capitol Hill Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment ‐ ‐  ‐  Interest Income 150,000 ‐  150,000  Total Revenue and Other Sources 150,000 ‐  150,000       Expenses and Other Uses  ‐    Transfer to Administration 150,000 (150,000) 🔻   Capital Expenditures {Holding Accounts} ‐  ‐     West Capitol Hill Projects ‐ 150,000 🔺 150,000  Total Expenses and Other Uses 150,000 ‐  150,000       Total Over / (Under) ‐ ‐  ‐  Depot District The increased Tax Increment revenue received in the Depot District Project Area will result in increased Tax Increment Reimbursement payments, as well as increased contributions to the Primary Housing Fund and Administration. After fulfilling those obligations, the Agency is recommending the creation of a new holding account for Central Station property development on 100 South and adding the remainder of the funds to it. Depot District Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 3,921,164 1,291,500 🔺 5,212,664  Interest Income 200,000 ‐  200,000  Total Revenue and Other Sources 4,121,164 1,291,500 🔺 5,412,664       Expenses and Other Uses ‐  ‐     TI Reimbursements 1,820,977 144,628 🔺 1,965,606  Transfer to Primary Housing Fund 784,233 258,300 🔺 1,042,533  Miscellaneous Property Expenses 120,000 ‐  120,000  Debt Service ‐ ‐    Grant Tower Debt Service 275,600 ‐  275,600  Transfer to Administration 588,175 193,725 🔺 781,900  Capital Expenditures {Holding Accounts} ‐  ‐     Station Center Infrastructure 332,179 ‐  332,179  Environmental Remediation 200,000 ‐  200,000  Central Station (100 S) ‐ 694,847 🔺 694,847  Total Expenses and Other Uses 4,121,163 1,291,500 🔺 5,412,664       Total Over / (Under) ‐ ‐  ‐  Granary District The increased Tax Increment revenue received in the Granary District Project Area will result in increased contributions to the Primary Housing Fund and Administration. The Community/Cultural Initiative is the recommended recipient of the remainder of the funds. This program was funded during the Fiscal Year 2022 budget to support public arts and cultural programming. Agency staff will bring the proposed Community/Cultural Initiative program to the Board for future consideration. Granary District Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment 621,124 360,282 🔺 981,407  Interest Income 45,000 ‐  45,000  Total Revenue and Other Sources 666,124 360,282 🔺 1,026,407                            ‐                             ‐          Expenses and Other Uses                          ‐                             ‐          Transfer to Primary Housing Fund 124,225 72,056 🔺 196,281  Miscellaneous Property Expenses 5,000 ‐  5,000  Transfer to Administration 93,169 54,042 🔺 147,211  Capital Expenditures {Holding Accounts} ‐  ‐     Community/Cultural Initiative 443,731 234,183 🔺 677,915  Total Expenses and Other Uses 666,124 360,282 🔺 1,026,407   ‐  ‐     Total Over / (Under) ‐ ‐  ‐  North Temple The increased Tax Increment revenue received in the North Temple Project Area will result in increased contributions to the Primary Housing Fund, Administration, and the 10% School Construction Fund. The remaining funds are proposed to go to the North Temple Strategic Intervention Fund. North Temple Current  Budget Change  Proposed  Budget  Revenue and Other Sources   Tax Increment 435,346 238,765 🔺 674,112  Interest Income 15,000 ‐  15,000  External Transfers In      Debt Service Fund Class 81 North Temple  Viaduct Bond RDA Reimbursement (One‐time) 1,000,000 ‐  1,000,000  General Fund Investments in  Underserved Neighborhoods Holding Account  (One‐time)  669,138 ‐  669,138  Total Revenue and Other Sources 2,119,484 238,765 🔺 2,358,250   ‐  ‐     Expenses and Other Uses ‐  ‐     Transfer to Primary Housing Fund 87,069 47,753 🔺 134,822  Transfer to Administration 43,535 23,876 🔺 67,411  Capital Expenditures {Holding Accounts} ‐  ‐     10% School Construction Fund  30,474 16,713 🔺 47,188  North Temple Strategic Intervention  Fund  1,958,406 150,422 🔺 2,108,829  Total Expenses and Other Uses 2,119,484 238,765 🔺 2,358,250   ‐  ‐     Total Over / (Under) ‐ ‐  ‐  Block 70 The increased Tax Increment revenue received in the Block 70 Project Area will result in increased Taxing Entity Payments. After the fulfilling that obligation, the Agency recommends adding the remainder of the funds to Regent Street Parking Structure Capital Reserves. This reserve was established 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. Block 70 Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment 1,922,323 233,830 🔺 2,156,154  Interest Income ‐ ‐  ‐  Internal Transfers In ‐ ‐    CBD Taxing Entity Payments 4,109,200 ‐  4,109,200  CBD Eccles Debt Service RDA match 3,107,740 ‐  3,107,740  CBD Eccles Debt Service Reserve Account 1,800,000 ‐  1,800,000  Total Revenue and Other Sources 10,939,263 233,831 🔺 11,173,094       Expenses and Other Uses      Taxing Entity Payments 576,697 70,149 🔺 646,846  Eccles Theater Debt Service 8,068,209 ‐  8,068,209  Reserve for Eccles Debt Service 90,617 ‐  90,617  Regent Street Bond Debt Service 1,448,740 ‐  1,448,740  Fundraising Fulfillment 100,000 ‐  100,000  Eccles Theater‐ Operating Reserve for  Ancillary Spaces 475,000 ‐  475,000  Regent Street Maintenance 80,000 ‐  80,000  Capital Expenditures {Holding Accounts} ‐  ‐   ‐  Regent Street Parking Structure Capital  Reserves 100,000 163,681 🔺 263,682  Total Expenses and Other Uses 10,939,263 233,831 🔺 11,173,094        Total Over / (Under) ‐ ‐  ‐  North Temple Viaduct The increased Tax Increment revenue received in the North Temple Viaduct Project Area will result in an increased contribution to Administration. The remainder of the funds are proposed to go the Debt Service Payment to the City. North Temple Viaduct Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 1,181,479 1,431,148 🔺 2,612,628  Interest Income 7,500 ‐  7,500  Total Revenue and Other Sources 1,188,979 1,431,148 🔺 2,620,128   ‐  ‐     Expenses and Other Uses ‐  ‐     Debt Service Payment to Salt Lake City 1,171,257 1,409,681 🔺 2,580,939  Transfer to Administration 17,722 21,467 🔺 39,189  Total Expenses and Other Uses 1,188,979 1,431,148 🔺 2,620,128       Total Over / (Under) ‐ ‐  ‐  Northwest Quadrant The Tax Increment revenue is projected to come in lower than originally budgeted in the Northwest Quadrant. The result will decrease contributions to the Primary Housing Fund and Administration. The remainder of the decrease will impact the Shared Costs reserve account that was established to set aside a portion of the tax increment expected to be used for redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property owners or parcels. Northwest Quadrant Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment 1,500,000 (371,125) 🔻 1,128,875  Interest Income ‐ ‐    Total Revenue and Other Sources 1,500,000 (371,125) 🔻 1,128,875       Expenses and Other Uses      TI Reimbursement NWQ Phase I 500,000 ‐  500,000  Transfer to Secondary Housing Fund 350,000 ‐  350,000  Transfer to Primary Housing Fund 150,000 (37,112) 🔻 112,888  Transfer to Administration 150,000 (37,112) 🔻 112,888  Capital Expenditures {Holding Accounts}      Shared Costs 350,000 (296,900) 🔻 53,100  Total Expenses and Other Uses 1,500,000 (371,125) 🔻 1,128,875        Total Over / (Under) ‐ ‐  ‐  Stadler Rail The increased Tax Increment revenue in the Stadler Rail Project Area will result in increased Tax Increment Reimbursements expenses, as well as increased contributions to the Primary Housing Fund and Administration. Stadler Rail Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment 71,000 37,327 🔺 108,327  Interest Income ‐ ‐    Total Revenue and Other Sources 71,000 37,327 🔺 108,327       Expenses and Other Uses      TI Reimbursements 56,800 29,861 🔺 86,662  Transfer to Primary Housing Fund 7,100 3,732 🔺 10,833  Transfer to Administration 7,100 3,732 🔺 10,833  Total Expenses and Other Uses 71,000 37,327 🔺 108,327       Total Over / (Under) ‐ ‐  ‐  State Street As seen in the table below, while not budgeted in Fiscal Year 2022, the County is projecting a significant Tax Increment payment for the State Street Project Area. The current obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for Infrastructure Improvements ($500K), a Commercial Loan Program ($500K), and Ballpark Strategic Development (remaining funds not allocated). State Street Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Tax Increment ‐ 3,288,979 🔺 3,288,979  Interest Income ‐ ‐  ‐  Total Revenue and Other Sources ‐ 3,288,979 🔺 3,288,979       Expenses and Other Uses      Transfer to Primary Housing Fund  (Note: School District contribution must be set aside for  family and workforce housing)  ‐ 328,897 🔺 328,898  Transfer to Administration ‐ 328,897 🔺 328,898  Capital Expenditures {Holding Accounts}      Infrastructure Improvements ‐ 500,000 🔺 500,000  Commercial Loan Program ‐ 500,000 🔺 500,000  Ballpark Strategic Development ‐ 1,631,183 🔺 1,631,183  Total Expenses and Other Uses ‐ 3,288,979 🔺 3,288,979    Total Over / (Under) ‐ ‐  ‐  9 Line Also not in the Fiscal Year 2022 budget, the County is projecting the following Tax Increment revenue in the 9 Line Project Area. According to the Interlocal Agreement, the Agency shall reimburse 50% of the County’s Tax Increment contribution, as well as 6% of their contribution for County Administration and Operations expenses. The other obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for the Accessory Dwelling Unit Program ($300K), and Property Acquisition (remaining funds not allocated). 9 Line Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Tax Increment ‐ 1,847,159 🔺 1,847,159  Interest Income ‐ ‐  ‐  Total Revenue and Other Sources ‐ 1,847,159 🔺 1,847,159       Expenses and Other Uses      Taxing Entity Payments ‐ 224,966 🔺 224,966  County Administration and Operations ‐ 26,995 🔺 26,996  Transfer to Primary Housing Fund  (Note: School District contribution must be set aside for  family and workforce housing)  ‐ 184,715 🔺 184,716  Transfer to Administration ‐ 147,772 🔺 147,773  Capital Expenditures {Holding Accounts}    Property Acquisition ‐ 962,708 🔺 962,708  Accessory Dwelling Unit Program ‐ 300,000 🔺 300,000  Total Expenses and Other Uses ‐ 1,847,159 🔺 1,847,159    Total Over / (Under) ‐ ‐  ‐  Program Income Fund A fire during the demolition of the Overnighter Motel resulted in $100K of remediation expenses not budgeted in the Program Income Fund during the Fiscal Year 2022 Budget. An insurance claim was filed but has a $50K deductible. The resulting impact to the fund’s budget is the receipt of the $50K insurance claim reimbursement, and the use fund balance to cover the other $50K of the total remediation expense. The difference will be absorbed by fund balance. Program Income Fund Current  Budget Change  Proposed  Budget  Revenue and Other Sources        Parking Structure Income  1,242,335 ‐  1,242,335  Rents 215,700 ‐  215,700  Interest Income  250,000 ‐  250,000  Loan Repayments  28,000 ‐  28,000  Interest on Loans 6,500 ‐  6,500  Insurance Reimbursement ‐ 50,000 🔺 50,000  Internal Transfers In ‐ ‐  ‐  Use of North Temple Catalytic Project  Holding Account (One‐time) ‐  ‐   ‐  Total Revenue and Other Sources 1,742,535 50,000 🔺 1,792,535       Expenses and Other Uses      Professional Services 300,000 ‐  300,000  Miscellaneous Property Expense  300,000 100,000 🔺 400,000  Marketing and Sales  25,000 ‐  25,000  Transfer Out to North Temple Project Area  (One‐time) ‐  ‐   ‐  Capital Expenditures {Holding Accounts}      Gallivan Repairs 250,000 ‐  250,000  Commercial Revitalization Program 667,535 ‐  667,535  Sustainability Technical Assistance  Program 200,000 ‐  200,000  Total Expenses and Other Uses 1,742,535 100,000 🔺 1,842,535         Total Over / (Under) ‐ (50,000) 🔻 (50,000)  Primary Housing Fund The changes to the Primary Housing Fund contributions from each project area are in the table below. The Agency is recommending the remainder of the funds be added to the 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. Primary Housing Fund Current  Budget Change  Proposed  Budget  Revenue and Other Sources      Interest Income 225,000 ‐  225,000  Loan Repayments  51,000 ‐  51,000  Interest on Loans 70,000 ‐  70,000  Internal Transfers In ‐ ‐  ‐  Depot District 784,233 258,300 🔺 1,042,533  Granary District 124,225 72,056 🔺 196,281  North Temple 87,069 47,753 🔺 134,822  Northwest Quadrant 150,000 (37,112) 🔻 112,888  State Street ‐ 328,897 🔺 328,898  9 Line ‐ 184,715 🔺 184,716  Total Revenue and Other Sources 1,491,527 854,610 🔺 2,346,138       Expenses and Other Uses      Transfer Out to North Temple Project Area  (One‐time) ‐  ‐   ‐  Capital Expenditures {Holding Accounts}      Housing Development Loan Program 491,527 854,610 🔺 1,346,138  North Temple Strategic Intervention  Fund 1,000,000 ‐  1,000,000  Total Expenses and Other Uses 1,491,527 854,610 🔺 2,346,138    Total Over / (Under) ‐ ‐  ‐  Westside Community Initiative Fund The UIPA Housing Allocation was deposited in the Westside Community Initiative Fund in June 2021, after the adoption of the Fiscal Year 2022 budget. The Agency is proposing to shift the funds from the Westside Urban Land Fund into the Housing Development Loan Program, as well as retain 15% in fund balance. This shift aligns with the newly amended Housing Allocation Funds Policy and will still be utilized as part of the Westside Community Initiative priorities. Westside Community Initiative Fund  (Northwest Quadrant Housing Fund)  Current  Budget Change  Proposed  Budget  Revenue and Other Sources        UIPA Housing Allocation 250,000 159,031 🔺 409,031  Interest Income ‐ ‐  ‐  Total Revenue and Other Sources 250,000 159,031 🔺 409,031       Expenses and Other Uses      Capital Expenditures {Holding Accounts} ‐  ‐     West Side Urban Land Fund 250,000 (250,000) 🔻 ‐  Housing Development Loan Program  347,676 🔺 347,676  Total Expenses and Other Uses 250,000 97,676 🔺 347,676   ‐  ‐     Total Over / (Under) ‐ 61,354 🔺 61,355  Administration The impact of the Tax Increment and other revenue adjustments to the Administration Fund detailed above can be seen in the table below, under Internal Transfers In. Expenses have been adjusted to include an expected increase in Administrative Fees the Agency will receive from the City. In addition, the Charges and Services line description has been adjusted for increased expenses that include a $25K RAISE Grant Contribution, a 900 S Improvements project shortfall of $155K, and $100K for Ballpark development efforts. Administration Current  Budget Change  Proposed  Budget  Revenue and Other Sources        Internal Transfers In      Revenue and Other Sources 2,757,315 ‐  2,757,315  West Capitol Hill 150,000 (150,000) 🔻 ‐  West Temple Gateway 50,000 ‐  50,000  Depot District 588,175 193,725 🔺 781,900  Granary District 93,169 54,042 🔺 147,211  North Temple 43,535 23,876 🔺 67,411  Block 70 ‐  ‐   ‐  North Temple Viaduct 17,722 21,467 🔺 39,189  Northwest Quadrant 150,000 (37,112) 🔻 112,888  Stadler Rail 7,100 3,732 🔺 10,833  State Street ‐ 328,897 🔺 328,898  9 Line ‐ 147,772 🔺 147,773  Program Income Fund ‐  ‐   ‐  Total Revenue and Other Sources 3,857,015 586,402 🔺 4,443,417       Expenses and Other Uses        RDA Personnel 2,254,632 ‐  2,254,632  Administrative Fees 939,683 150,000 🔺 1,089,683  Operating & Maintenance 360,000 ‐  360,000  Charges and Services 202,700 436,402 🔺 639,102  Furniture, Fixtures and Equipment 100,000 ‐  100,000  Total Expenses and Other Uses 3,857,015 586,402 🔺 4,443,417       Total Over / (Under) ‐ ‐  ‐  2. Transfer of Housing Trust Fund Housing Development Fund The Housing Development Fund (formerly known as the Housing Development Trust Fund) was established in the Fiscal Year 2020. The intent of establishing this fund was to evaluate further codifying the consolidation of housing development loan programs by ordinance, to confirm that all the City's housing development loan funds, regardless of funding source and regardless of which entity administered the program, are deployed in a transparent manner. Funding Our Future Land Discounts and Finance funds have been transferred into this fund each fiscal year since its establishment, with the intent of transferring the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund. Finance has recently finished reconciling the loans in the Housing Trust Fund in preparation of the transfer and will prepare a Budget Amendment Ordinance to move all assets and liabilities to the Agency. The expected fund balance available to lend is approximately $2 million, and it is proposed to add the full amount to the Housing Development Loan Program, as referenced in the table below. When the final Second Amendment is presented, the corresponding Budget Resolution will be presented for approval. Once the Ordinance and Amendments are approved, the administrative tasks of transferring the management of the loans may proceed. Housing Development Fund Current  Budget Change  Proposed  Budget  Revenue and Other Sources ‐  ‐     Funding Our Future Land Discounts and  Financing 2,590,000 ‐  2,590,000  Transfer from Housing Trust Fund ‐ 2,000,000 🔺 2,000,000  Total Revenue and Other Sources 2,590,000 2,000,000 🔺 4,590,000   ‐  ‐     Expenses and Other Uses ‐  ‐     Capital Expenditures {Holding Accounts} ‐  ‐     Housing Development Loan Program 2,590,000 2,000,000 🔺 4,590,000  Total Expenses and Other Uses 2,590,000 2,000,000 🔺 4,590,000   ‐  ‐     Total Over / (Under) ‐ ‐  ‐  3. Reallocation Central Station Property Acquisition The Agency currently owns approximately 4 acres of land in what is referred to as Central Station located at approximately 600 West and 100 South. As previously directed by the Board, RDA staff is working to acquire additional property for future development. This budget amendment would reallocate $550,000 from the RDA’s Revolving Loan Fund to purchase this property. The intention would be to repay this contribution from the proceeds or lease payments as part of the future project. Budget Impact: The proposed change would reduce the Revolving Loan Fund’s current available to lend balance from $5,403,577.35 to 4,853,577.35. West Capitol Hill Projects In addition to the budget reallocation requests in the West Capitol Hill Project Area above, the Agency is requesting to reallocate $338,141of funds previously set aside in the Program Income Fund for the Arctic Court Infill Home project to projects in West Capitol Hill, as a contingency for expected increases in construction costs. Budget Impact: The Program Income Fund for the Arctic Court Infill Home project would be reduced to zero. It is anticipated the Agency would request the use of housing funds in the future to finish the infill housing project. PREVIOUS BOARD ACTION: 1. Approval of the Fiscal Year 2021-2022 Budget. 2. Approval of the Fiscal Year 2021-2022 Budget Amendment #1. ATTACHMENTS: N/A 1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ Second 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 2021-2022 WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022, 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 15, 2021. 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:____________________________ 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] 1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ Second 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 2021-2022 WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022, 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 15, 2021. 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:____________________________ February 22, 2022 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] Signature: Email: Garrett A. Danielson (Feb 23, 2022 10:17 MST) Garrett A. Danielson garett.danielson@slcgov.com 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: ________________ Rachel Otto, Chief of Staff Date sent to Council: ___________ ______________________________________________________________________________ TO: Salt Lake City RDA Board DATE: April 7, 2022 Ana Valdemoros, RDA Chair FROM: Mary Beth Thompson, Chief Financial Officer Danny Walz, RDA Chief Operating Officer SUBJECT: RDA Budget Amendment #2, FY2021-22 Revised 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 (801) 535-7209 DOCUMENT TYPE: Budget Amendment Resolution RECOMMENDATION: Review and discuss the proposed Second Amendment to the Annual RDA Budget for Fiscal Year 2022. Accept public hearing date for adoption of the amendment. BUDGET IMPACT: REVENUE EXPENSE RDA FUND $ 13,966,072.00 $ 15,853,742.00 RDA CIP FUND 0.00 0.00 TOTAL $ 13,966,072.00 $ 15,853,742.00 rachel otto (Apr 7, 2022 18:03 MDT) EXECUTIVE SUMMARY: The purpose of the second amendment (“amendment”) is to addresses the following items: 1. True-up TI to be received in the current fiscal year and allocate to current year initiatives. 2. Transfer budget for HTF from HAND to RDA for current fiscal year use. 3. Record receipt of NT project area Overnighter Motel fire insurance proceeds and allocate to cleanup of site. 4. True-up prior year UIPA housing allocation. 5. Reallocated RLF funding to Central Station Property Acquisition. 6. Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza. 7. Release of held UPAC subdivision cash bond in Block 70 for projects. 8. Use of fund balance for prior year tax increment in the Northwest Quadrant. The revised transmittal includes updates for actual tax increment received. A summary spreadsheet document, outlining proposed budget changes is attached. The Administration requests this document be modified based on the decisions of the Board. 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. Budget Amendment #1 Summary Spreadsheet C. RDA Transmittal PUBLIC PROCESS: Public Hearing 1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ Second 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 2021-2022 WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022, 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 15, 2021. 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:____________________________ February 22, 2022 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] 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 STAFF MEMO DATE: April 5, 2022 PREPARED BY: Erin Cunningham RE: RDA Budget Amendment #2, FY 2021-2022 REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the Annual RDA Budget for Fiscal Year 2022. BUDGET IMPACTS: The Second Amendment identifies appropriations for Agency operations and projects across multiple funds. EXECUTIVE SUMMARY: The purpose of the briefing is to provide final budget proposals for the Second Amendment (“Amendment”). The proposed budget changes fall into three main categories: 1. Changes to budgets based on the Property Tax Increment the Agency received from the County on March 31, 2022. The proposals below are primarily driven by: a. Fixed expenses that are often percentages of Tax Increment as defined by statutory or contractual obligations or other consistent expenses, such as: i. Taxing Entity Payments ii. Tax Increment Reimbursements iii. Primary Housing Contributions iv. Administrative Expenses v. Operations and Maintenance Expenses b. Discretionary expenses that fall into the following types: i. Holding accounts for programs and projects previously approved by the Board ii. Holding accounts for new programs and projects recommended by the Agency iii. Other expenses specific to needs of the fund 2. Transfer of the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund (formerly Housing Development Trust Fund). 3. Reallocation of funds in holding accounts from previous years’ budgets. ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within the Agency budget for Fiscal Year 2022. The adjustments by fund are described below. 1. Tax Increment and Other Revenue Adjustments Central Business District As shown in the table below, increased Tax Increment revenue received in the Central Business District will result in increased Taxing Entity Payments. The remainder of the prosed changes include:  Gallivan Retail Repairs – Sewer line and HVAC repair costs have increased.  Storefront Revitalization – After funding the Gallivan repairs, the Agency is proposing adding the remainder of the funds to this Storefront Revitalization program. This program was funded during the Fiscal Year 2022 budget to provide funding to businesses in CBD to complete building renovation projects. The program will be established as part of an updated Commercial Loan Program that will come before the Board for future consideration. Central Business District Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 27,573,150 1,637,213 🔺 29,210,363 Interest Income 350,000 - 350,000 Total Revenue and Other Sources 27,923,150 1,637,213 🔺 29,560,363 Expenses and Other Uses - Taxing Entity Payments 16,543,890 982,327 🔺 17,526,218 TI Reimbursements 1,477,398 - 1,477,398 Transfer to Block 70 Debt Service - Eccles Debt Service Block 70 RDA Match 3,107,740 - 3,107,740 Eccles Debt Service Reserve 1,800,000 - 1,800,000 Miscellaneous Property Expenses 975,000 - 975,000 Parking Ramp Leases 64,355 - 64,355 Gallivan Maintenance 523,138 - 523,138 Gallivan Programming 250,000 - 250,000 Gallivan Administration 340,482 - 340,482 Transfer to Administration 2,757,315 - 2,757,315 Capital Expenditures {Holding Accounts} - - Storefront Revitalization {Reserved} 83,832 254,885 🔺 338,717 Gallivan Repairs {Appropriated} - 400,000 🔺 400,000 Total Expenses and Other Uses 27,923,150 1,637,213 🔺 29,560,363 Total Over / (Under) - - - West Capitol Hill While the West Capitol Hill Project Area is no longer receiving Tax Increment, interest income is expected. During the Fiscal Year 2022 budget, the funds were directed towards Administration. However, given the volatile nature of construction cost during this time, the Agency is proposing setting those funds aside in a holding account specific to projects that are currently underway in the project area. These projects include the 300 West streetscape improvements and construction of the plaza incorporated into the Marmalade library and adjacent housing development. West Capitol Hill Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - - - Interest Income 150,000 - 150,000 Total Revenue and Other Sources 150,000 - 150,000 Expenses and Other Uses Transfer to Administration 150,000 (150,000) 🔺 Capital Expenditures {Holding Accounts} - - West Capitol Hill Projects {Reserved} - 150,000 🔺 150,000 Total Expenses and Other Uses 150,000 - 150,000 Total Over / (Under) - - - West Temple Gateway The RDA is requesting $40,000 of West Temple Gateway funds received from Interest Income for construction mitigation related to the 900 South streetscape project. Funds will be used to assist small businesses adjacent to the on-going construction. The project has experienced delays due to supply-chain issues and coordination with Rocky Mountain Power, who is burying the electrical lines as part of the project. The RDA will coordinate with Economic Development in the deployment of these funds. West Temple Gateway Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - - - Interest Income 50,000 - 50,000 Total Revenue and Other Sources 50,000 - 50,000 Expenses and Other Uses Transfer to Administration 50,000 (40,000) 🔺 10,000 Capital Expenditures {Holding Accounts} West Temple Gateway Construction Mitigation {Appropriated} - 40,000 🔺 40,000 Total Expenses and Other Uses 50,000 - 50,000 Total Over / (Under) - - - Depot District The increased Tax Increment revenue received in the Depot District Project Area will result in increased Tax Increment Reimbursement payments, as well as increased contributions to the Primary Housing Fund and Administration. After fulfilling those obligations, the Agency is recommending the creation of a new holding account for Central Station property development on 100 South and adding the remainder of the funds to it. Depot District Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 3,921,164 1,244,229 🔺 5,165,393 Interest Income 200,000 - 200,000 Total Revenue and Other Sources 4,121,164 1,244,229 🔺 5,365,393 Expenses and Other Uses - - TI Reimbursements 1,820,977 144,628 🔺 1,965,606 Transfer to Primary Housing Fund 784,233 248,845 🔺 1,033,079 Miscellaneous Property Expenses 120,000 - 120,000 Debt Service - - Grant Tower Debt Service 275,600 - 275,600 Transfer to Administration 588,175 186,634 🔺 774,809 Capital Expenditures {Holding Accounts} - - Station Center Infrastructure {Reserved} 332,179 - 332,179 Environmental Remediation {Reserved} 200,000 - 200,000 Central Station (100 S) {Reserved} - 664,121 🔺 664,121 Total Expenses and Other Uses 4,121,163 1,244,229 🔺 5,365,393 Total Over / (Under) - - - Granary District The increased Tax Increment revenue received in the Granary District Project Area will result in increased contributions to the Primary Housing Fund and Administration. The Community/Cultural Initiative is the recommended recipient of the remainder of the funds. This program was funded during the Fiscal Year 2022 budget to support public arts and cultural programming. Agency staff will bring the proposed Community/Cultural Initiative program to the Board for future consideration. Granary District Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 621,124 354,151 🔺 975,276 Interest Income 45,000 - 45,000 Total Revenue and Other Sources 666,124 354,151 🔺 1,020,276 Expenses and Other Uses - - Transfer to Primary Housing Fund 124,225 70,830 🔺 195,055 Miscellaneous Property Expenses 5,000 - 5,000 Transfer to Administration 93,169 53,122 🔺 146,291 Capital Expenditures {Holding Accounts} - - Community/Cultural Initiative {Reserved} 443,731 230,198 🔺 673,929 Total Expenses and Other Uses 666,124 354,151 🔺 1,020,276 Total Over / (Under) - - - North Temple The increased Tax Increment revenue received in the North Temple Project Area will result in increased contributions to the Primary Housing Fund, Administration, and the 10% School Construction Fund. The remaining funds are proposed to go to the North Temple Strategic Intervention Fund. North Temple Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 435,346 239,498 🔺 674,845 Interest Income 15,000 - 15,000 External Transfers In Debt Service Fund Class 81 North Temple Viaduct Bond RDA Reimbursement (One-time) 1,000,000 - 1,000,000 General Fund Investments in Underserved Neighborhoods Holding Account (One-time) 669,138 - 669,138 Total Revenue and Other Sources 2,119,484 239,498 🔺 2,358,983 Expenses and Other Uses Transfer to Primary Housing Fund 87,069 47,899 🔺 134,969 Transfer to Administration 43,535 23,949 🔺 67,485 Capital Expenditures {Holding Accounts} 10% School Construction Fund {Appropriated} 30,474 16,764 🔺 47,239 North Temple Strategic Intervention Fund {Reserved} 1,958,406 150,884 🔺 2,109,290 Total Expenses and Other Uses 2,119,484 239,498 🔺 2,358,983 Total Over / (Under) - - - Block 70 The increased Tax Increment revenue received in the Block 70 Project Area will result in increased Taxing Entity Payments. After the fulfilling that obligation, the Agency recommends adding the remainder of the funds to Regent Street Parking Structure Capital Reserves. This reserve was established 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. As part of the Eccles Theater project in Fiscal Year 2016, the Agency deposited a subdivision bond with the City, which was released in March 2022. Related to this project, the Agency entered into an agreement to relocate Bennion Jewelers, for which $100,000 is remaining to be disbursed. The remaining funds from the release of the bond funds are recommended to be set aside for Eccles Theater Site Improvements. Block 70 Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 1,922,323 234,207 🔺 2,156,531 Interest Income - - - Release of Cash Bond - Eccles Theater - 719,778 🔺 719,778 Internal Transfers In - - CBD Taxing Entity Payments 4,109,200 - 4,109,200 CBD Eccles Debt Service RDA match 3,107,740 - 3,107,740 CBD Eccles Debt Service Reserve Account 1,800,000 - 1,800,000 Total Revenue and Other Sources 10,939,263 953,985 🔺 11,893,249 Expenses and Other Uses Taxing Entity Payments 576,697 70,262 🔺 646,959 Eccles Theater Debt Service 8,068,209 - 8,068,209 Reserve for Eccles Debt Service 90,617 - 90,617 Regent Street Bond Debt Service 1,448,740 - 1,448,740 Fundraising Fulfillment 100,000 - 100,000 Eccles Theater- Operating Reserve for Ancillary Spaces 475,000 - 475,000 Regent Street Maintenance 80,000 - 80,000 Capital Expenditures {Holding Accounts} - - - Regent Street Parking Structure Capital Reserves {Reserved} 100,000 163,681 🔺 263,682 Bennion Jewelers Relocation Agreement {Appropriated} 100,000 🔺 100,000 Eccles Theater Site Improvements {Reserved} 620,041 🔺 620,042 Total Expenses and Other Uses 10,939,263 953,985 🔺 11,893,249 Total Over / (Under) - - - North Temple Viaduct The increased Tax Increment revenue received in the North Temple Viaduct Project Area will result in an increased contribution to Administration. The remainder of the funds are proposed to go the Debt Service Payment to the City. North Temple Viaduct Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 1,181,479 1,392,515 🔺 2,573,995 Interest Income 7,500 - 7,500 Total Revenue and Other Sources 1,188,979 1,392,515 🔺 2,581,495 Expenses and Other Uses Debt Service Payment to Salt Lake City 1,171,257 1,371,627 🔺 2,542,885 Transfer to Administration 17,722 20,887 🔺 38,610 Total Expenses and Other Uses 1,188,979 1,392,515 🔺 2,581,495 Total Over / (Under) - - - Northwest Quadrant The Tax Increment revenue received was lower than originally budgeted in the Northwest Quadrant, which results in a decrease of contributions to the Primary Housing Fund, the Secondary Housing Fund, and Administration. The remainder of the decrease will reduce the Shared Costs reserve account to zero. This account was established to set aside a portion of the tax increment expected to be used for redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property owners or parcels. The Participation and Reimbursement Agreement between NWQ, LLC and the Agency requires the recipient of the reimbursement to submit documentation to satisfy the Conditions of Repayment, as described in the Agreement. As recipient is near completing the requirement for its first reimbursement, the Agency is recommending the use $1,179,247 of fund balance, which as been set aside from previous years’ budgets. The expected reimbursement for Fiscal Year 2022 is $724,744, which brings the total budget for TI Reimbursement NWQ Phase I to $1,903,991. Northwest Quadrant Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 1,500,000 (464,652) 🔺 1,035,348 Interest Income - - Total Revenue and Other Sources 1,500,000 (464,652) 🔺 1,035,348 Expenses and Other Uses TI Reimbursement NWQ Phase I 500,000 1,403,990 🔺 1,903,991 Transfer to Secondary Housing Fund 350,000 (246,465) 🔺 103,535 Transfer to Primary Housing Fund 150,000 (46,465) 🔺 103,535 Transfer to Administration 150,000 (46,465) 🔺 103,535 Capital Expenditures {Holding Accounts} Shared Costs {Reserved} 350,000 (350,000) 🔺 - Total Expenses and Other Uses 1,500,000 714,595 🔺 2,214,595 Total Over / (Under) - (1,179,247) (1,179,247) Stadler Rail The increased Tax Increment revenue in the Stadler Rail Project Area will result in increased Tax Increment Reimbursements expenses, as well as increased contributions to the Primary Housing Fund and Administration. Stadler Rail Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment 71,000 37,334 🔺 108,334 Interest Income - - Total Revenue and Other Sources 71,000 37,334 🔺 108,334 Expenses and Other Uses TI Reimbursements 56,800 29,867 🔺 86,667 Transfer to Primary Housing Fund 7,100 3,733 🔺 10,833 Transfer to Administration 7,100 3,733 🔺 10,833 Total Expenses and Other Uses 71,000 37,334 🔺 108,334 Total Over / (Under) - - - State Street As seen in the table below, while not budgeted in Fiscal Year 2022, the Agency received a significant amount of Tax Increment from the State Street Project Area. The current obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for Infrastructure Improvements ($500K), a Commercial Loan Program ($500K), and Ballpark Strategic Development (remaining funds not allocated). State Street Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - 3,289,619 🔺 3,289,619 Interest Income - - - Total Revenue and Other Sources - 3,289,619 🔺 3,289,619 Expenses and Other Uses Transfer to Primary Housing Fund (Note: School District contribution must be set aside for family and workforce housing) - 328,961 🔺 328,962 Transfer to Administration - 328,961 🔺 328,962 Capital Expenditures {Holding Accounts} Infrastructure Improvements {Reserved} - 500,000 🔺 500,000 Commercial Loan Program {Reserved} - 500,000 🔺 500,000 Ballpark Strategic Development {Reserved} - 1,631,695 🔺 1,631,695 Total Expenses and Other Uses - 3,289,619 🔺 3,289,619 Total Over / (Under) - - - 9 Line Also not in the Fiscal Year 2022 budget, the Agency received following Tax Increment revenue in the 9 Line Project Area. According to the Interlocal Agreement, the Agency shall reimburse 50% of the County’s Tax Increment contribution, as well as 6% of their contribution for County Administration and Operations expenses. The other obligations for this fund include contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts for the Accessory Dwelling Unit Program ($300K), and Property Acquisition (remaining funds not allocated). 9 Line Current Budget Change Proposed Budget Revenue and Other Sources Tax Increment - 1,871,603 🔺 1,871,603 Interest Income - - - Total Revenue and Other Sources - 1,871,603 🔺 1,871,603 Expenses and Other Uses Taxing Entity Payments - 224,966 🔺 224,966 County Administration and Operations - 26,995 🔺 26,996 Transfer to Primary Housing Fund (Note: School District contribution must be set aside for family and workforce housing) - 187,160 🔺 187,160 Transfer to Administration - 149,728 🔺 149,728 Capital Expenditures {Holding Accounts} Property Acquisition {Reserved} - 982,752 🔺 982,752 Accessory Dwelling Unit Program {Reserved} - 300,000 🔺 300,000 Total Expenses and Other Uses - 1,871,603 🔺 1,871,603 Total Over / (Under) - - - Program Income Fund A fire during the demolition of the Overnighter Motel resulted in $100K of remediation expenses not budgeted in the Program Income Fund during the Fiscal Year 2022 Budget. An insurance claim was filed but has a $50K deductible. The resulting impact to the fund’s budget is the receipt of the $50K insurance claim reimbursement, and the use fund balance to cover the other $50K of the total remediation expense. The difference will be absorbed by fund balance. Program Income Fund Current Budget Change Proposed Budget Revenue and Other Sources Parking Structure Income 1,242,335 - 1,242,335 Rents 215,700 - 215,700 Interest Income 250,000 - 250,000 Loan Repayments 28,000 - 28,000 Interest on Loans 6,500 - 6,500 Insurance Reimbursement - 50,000 🔺 50,000 Internal Transfers In - - - Use of North Temple Catalytic Project Holding Account (One-time) - - - Total Revenue and Other Sources 1,742,535 50,000 🔺 1,792,535 Expenses and Other Uses Professional Services 300,000 - 300,000 Miscellaneous Property Expense 300,000 100,000 🔺 400,000 Marketing and Sales 25,000 - 25,000 Transfer Out to North Temple Project Area (One-time) - - - Capital Expenditures {Holding Accounts} Gallivan Repairs {Appropriated} 250,000 - 250,000 Commercial Revitalization Program {Reserved} 667,535 - 667,535 Sustainability Technical Assistance Program {Reserved} 200,000 - 200,000 Total Expenses and Other Uses 1,742,535 100,000 🔺 1,842,535 Total Over / (Under) - (50,000) 🔺 (50,000) Secondary Housing Fund Impacted by the decrease of the contribution from the Northwest Quadrant Project Area, the Secondary Housing Fund will need to decrease the funding originally budgeted for the Accessory Dwelling Unit Program. Secondary Housing Fund Current Budget Change Proposed Budget Revenue and Other Sources Interest Income 44,000 - 44,000 Internal Transfers In Northwest Quadrant 350,000 (246,465) 🔺 103,535 Total Revenue and Other Sources 394,000 (246,465) 🔺 147,535 Expenses and Other Uses Capital Expenditures {Holding Accounts} Accessory Dwelling Unit Program {Reserved} 394,000 - 394,000 Total Expenses and Other Uses 394,000 - 394,000 Total Over / (Under) - (246,465) 🔺 (246,465) Primary Housing Fund The changes to the Primary Housing Fund contributions from each project area are in the table below. The Agency is recommending the remainder of the funds be added to the 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. Primary Housing Fund Current Budget Change Proposed Budget Revenue and Other Sources Interest Income 225,000 - 225,000 Loan Repayments 51,000 - 51,000 Interest on Loans 70,000 - 70,000 Internal Transfers In - - - Depot District 784,233 248,845 🔺 1,033,079 Granary District 124,225 70,830 🔺 195,055 North Temple 87,069 47,899 🔺 134,969 Northwest Quadrant 150,000 (46,465) 🔺 103,535 State Street - 328,961 🔺 328,962 9 Line - 187,160 🔺 187,160 Total Revenue and Other Sources 1,491,527 837,232 🔺 2,328,760 Expenses and Other Uses Transfer Out to North Temple Project Area (One-time) - - - Capital Expenditures {Holding Accounts} Housing Development Loan Program {Reserved} 491,527 837,232 🔺 1,328,760 North Temple Strategic Intervention Fund {Reserved} 1,000,000 - 1,000,000 Total Expenses and Other Uses 1,491,527 837,232 🔺 2,328,760 Total Over / (Under) - - - Westside Community Initiative Fund The UIPA Housing Allocation was deposited in the Westside Community Initiative Fund in June 2021, after the adoption of the Fiscal Year 2022 budget. The Agency is proposing to shift the funds from the Westside Urban Land Fund into the Housing Development Loan Program, as well as retain 15% in fund balance. This shift aligns with the newly amended Housing Allocation Funds Policy and will still be utilized as part of the Westside Community Initiative priorities. Westside Community Initiative Fund (Northwest Quadrant Housing Fund) Current Budget Change Proposed Budget Revenue and Other Sources UIPA Housing Allocation 250,000 159,031 🔺 409,031 Interest Income - - - Total Revenue and Other Sources 250,000 159,031 🔺 409,031 Expenses and Other Uses Capital Expenditures {Holding Accounts} - - West Side Urban Land Fund 250,000 (250,000) 🔺 - Housing Development Loan Program {Reserved} 347,676 🔺 347,676 Total Expenses and Other Uses 250,000 97,676 🔺 347,676 Total Over / (Under) - 61,354 🔺 61,355 Administration The impact of the Tax Increment and other revenue adjustments to the Administration Fund detailed above can be seen in the table below, under Internal Transfers In. Expenses have been adjusted to include an expected increase in Administrative Fees the Agency will receive from the City. In addition, the Charges and Services line description has been adjusted for increased expenses that include a $25K RAISE Grant Contribution, a 900 S Improvements project shortfall of $155K, and $100K for Ballpark development efforts. Administration Current Budget Change Proposed Budget Revenue and Other Sources Internal Transfers In Revenue and Other Sources 2,757,315 - 2,757,315 West Capitol Hill 150,000 (150,000) 🔺 - West Temple Gateway 50,000 (40,000) 🔺 10,000 Depot District 588,175 186,634 🔺 774,809 Granary District 93,169 53,122 🔺 146,291 North Temple 43,535 23,949 🔺 67,485 Block 70 - - - North Temple Viaduct 17,722 20,887 🔺 38,610 Northwest Quadrant 150,000 (46,465) 🔺 103,535 Stadler Rail 7,100 3,733 🔺 10,833 State Street - 328,961 🔺 328,962 9 Line - 149,728 🔺 149,728 Program Income Fund - - - Total Revenue and Other Sources 3,857,015 530,553 🔺 4,387,568 Expenses and Other Uses RDA Personnel 2,254,632 - 2,254,632 Administrative Fees 939,683 150,000 🔺 1,089,683 Operating & Maintenance 360,000 - 360,000 Charges and Services 202,700 380,553 🔺 583,253 Furniture, Fixtures and Equipment 100,000 - 100,000 Total Expenses and Other Uses 3,857,015 530,553 🔺 4,387,568 Total Over / (Under) - - - 2. Transfer of Housing Trust Fund Housing Development Fund The Housing Development Fund (formerly known as the Housing Development Trust Fund) was established in the Fiscal Year 2020. The intent of establishing this fund was to evaluate further codifying the consolidation of housing development loan programs by ordinance, to confirm that all the City's housing development loan funds, regardless of funding source and regardless of which entity administered the program, are deployed in a transparent manner. Funding Our Future Land Discounts and Finance funds have been transferred into this fund each fiscal year since its establishment, with the intent of transferring the Housing Trust Fund currently managed by the Department of Community and Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund. Finance has recently finished reconciling the loans in the Housing Trust Fund in preparation of the transfer and will prepare a Budget Amendment Ordinance to move all assets and liabilities to the Agency. The expected fund balance available to lend is approximately $2.8 million, and it is proposed to add the full amount to the Housing Development Loan Program, as referenced in the table below. When the final Second Amendment is presented, the corresponding Budget Resolution will be presented for approval. Once the Ordinance and Amendments are approved, the administrative tasks of transferring the management of the loans may proceed. Housing Development Fund Current Budget Change Proposed Budget Revenue and Other Sources - - Funding Our Future Land Discounts and Financing 2,590,000 - 2,590,000 Transfer from Housing Trust Fund - 2,800,000 🔺 2,800,000 Total Revenue and Other Sources 2,590,000 2,800,000 🔺 5,390,000 - Expenses and Other Uses - - Capital Expenditures {Holding Accounts} - - Housing Development Loan Program {Reserved} 2,590,000 2,800,000 🔺 5,390,000 Total Expenses and Other Uses 2,590,000 2,800,000 🔺 5,390,000 - - Total Over / (Under) - - - 3. Reallocation Central Station Property Acquisition The Agency currently owns approximately 4 acres of land in what is referred to as Central Station located at approximately 600 West and 100 South. As previously directed by the Board, RDA staff is working to acquire additional property for future development. This budget amendment would reallocate $550,000 from the RDA’s Revolving Loan Fund to purchase this property. The intention would be to repay this contribution from the proceeds or lease payments as part of the future project. Budget Impact: The proposed change would reduce the Revolving Loan Fund’s current available to lend balance from $5,403,577.35 to 4,853,577.35. West Capitol Hill Projects In addition to the budget reallocation requests in the West Capitol Hill Project Area above, the Agency is requesting to reallocate $338,141of funds previously set aside in the Program Income Fund for the Arctic Court Infill Home project to projects in West Capitol Hill, as a contingency for expected increases in construction costs. Budget Impact: The Program Income Fund for the Arctic Court Infill Home project would be reduced to zero. It is anticipated the Agency would request the use of housing funds in the future to finish the infill housing project. PREVIOUS BOARD ACTION: 1. Approval of the Fiscal Year 2021-2022 Budget. 2. Approval of the Fiscal Year 2021-2022 Budget Amendment #1. ATTACHMENTS: N/A Initiative Number/Name Project Area Revenue Amount Expenditure Amount Revenue Amount Expenditure Amount Ongoing or One- time FTEs 1 RDA Budget Amendment - True Tax Received 9-Line 1,871,603.00 1,871,603.00 One-time - 1 RDA Budget Amendment - True Tax Received SS 3,289,619.00 3,289,619.00 One-time - 1 RDA Budget Amendment - True Tax Received WCH - - One-time - 1 RDA Budget Amendment - True Tax Received PHF 837,232.00 837,232.00 One-time - 1 RDA Budget Amendment - True Tax Received DD 1,244,229.00 1,244,229.00 One-time - 1 RDA Budget Amendment - True Tax Received GD 354,152.00 354,152.00 One-time - 1 RDA Budget Amendment - True Tax Received CBD 1,637,213.00 1,637,213.00 One-time - 1 RDA Budget Amendment - True Tax Received NTV 1,392,516.00 1,392,516.00 One-time - 1 RDA Budget Amendment - True Tax Received Block 70 234,208.00 233,944.00 One-time - 1 RDA Budget Amendment - True Tax Received NTA 239,499.00 239,499.00 One-time - 1 RDA Budget Amendment - True Tax Received SRCRA 37,334.00 37,334.00 One-time - 1 RDA Budget Amendment - True Tax Received NWQ-Op (464,652.00) (464,652.00) One-time - 1 RDA Budget Amendment - True Tax Received Admin 530,553.00 530,553.00 One-time - 1 RDA Budget Amendment - True Tax Received SHF (246,465.00) (246,465.00) 2 RDA Budget Amendment - Transfer to HDF from Hand HDF 2,800,000.00 2,800,000.00 One-time - 3 RDA Budget Amendment - Fire clean up PIF 50,000.00 100,000.00 One-time - 4 RDA Budget Amendment - UIPA Housing Allocation WCI 159,031.00 97,676.00 One-time - 5 RDA Budget Amendment - Reallocate RLF funding to Central Station Property Acquisition CS-PA - 550,000.00 One-time - 5 RDA Budget Amendment - Reallocate RLF funding to Central Station Property Acquisition RLF-CL - (550,000.00) One-time - 6 RDA Budget Amendment - Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza PIF - (338,141.00) One-time - 6 RDA Budget Amendment - Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza MP - 338,141.00 One-time - 7 Relase of UPAC cash bond Block 70 - 720,042.00 8 FY2021 TI Reimbursement NWQ-Op - 1,179,247.00 1 Transfer from Admin to CE Marmalade Plaza PHF - (150,000.00) 1 Transfer from Admin to CE Marmalade Plaza PHF - 150,000.00 2 Transfer from Admin to West Temple Construction Mitigation WCH - (40,000.00) 2 Transfer from Admin to West Temple Construction Mitigation WCH - 40,000.00 Fiscal Year 2021-22 RDA Budget Amendment #2 Section A: New Items Section B: Grants for Existing Staff Resources Section C: Grants for New Staff Resources Section D: Housekeeping Board ApprovedAdministration Proposed 1 Initiative Number/Name Project Area Revenue Amount Expenditure Amount Revenue Amount Expenditure Amount Ongoing or One- time FTEs Fiscal Year 2021-22 RDA Budget Amendment #2 Board ApprovedAdministration Proposed - Total of Budget Amendment Items 13,966,072.00 15,853,742.00 - - Total by Fund, Budget Amendment #1: Redevelopment Agency RDA 13,966,072.00 15,853,742.00 - - Total of Budget Amendment Items 13,966,072.00 15,853,742.00 - - - Current Year Budget Summary, provided for information only FY 2019-20 Budget, Including Budget Amendments FY 2021-22 Adopted Budget RDA BA #1 Total RDA BA #2 Total Total To-Date Redevelopment Agency 61,909,808 (1,298,467) 15,853,742.00 76,465,083 Redevelopment Agency CIP - - Total of Budget Amendment Items 61,909,808 (1,298,467) 60,611,341 Adopted __/__/____ Certification Budget Manager Deputy Director, City Council/RDA Board Contingent Appropriation Section G: Board Consent Agenda -- Grant Awards Section I: Board Added Items Section E: Grants Requiring No New Staff Resources Section F: Donations 2 Central Business DistrictApproved BA #1 Change Recommended BA #2 Prior Transmission ChangeRevenue and Other SourcesTax Increment 27,573,150             1,637,213          🔺29,210,363                         29,339,051                                             (128,688)            🔻Interest Income 350,000                    ‐                      350,000                              350,000                                                    ‐                      Total Revenue and Other Sources27,923,150             1,637,213          🔺29,560,363                         29,689,051                                             (128,688)            🔻Expenses and Other UsesTaxing Entity Payments 16,543,890             982,327             🔺17,526,218                         17,603,431                                             (77,213)              🔻TI Reimbursements 1,477,398                 ‐                      1,477,398                           1,477,398                                                ‐                      Transfer to Block 70 Debt ServiceEccles Debt Service Block 70 RDA Match3,107,740                 ‐                      3,107,740                           3,107,740                                                ‐                      Eccles Debt Service Reserve1,800,000                 ‐                      1,800,000                           1,800,000                                                ‐                      Miscellaneous Property Expenses 975,000                    ‐                      975,000                              975,000                                                    ‐                      Parking Ramp Leases 64,355                      ‐                      64,355                                 64,355                                                      ‐                      Gallivan Maintenance 523,138                    ‐                      523,138                              523,138                                                    ‐                      Gallivan Programming 250,000                    ‐                      250,000                              250,000                                                    ‐                      Gallivan Administration 340,482                    ‐                      340,482                              340,482                                                    ‐                      Transfer to Administration 2,757,315                 ‐                      2,757,315                           2,757,315                                                ‐                      Capital Expenditures {Holding Accounts}Storefront Revitalization83,832                     254,885             🔺338,717                              390,192                                                   (51,475)              🔻Gallivan Repairs‐                            400,000             🔺400,000                              400,000                                                    ‐                      Total Expenses and Other Uses27,923,150             1,637,213          🔺29,560,363                         29,689,051                                             (128,688)            🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       West Capitol HillApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                             ‐                       ‐                                        ‐                                                            ‐                      Interest Income 150,000                    ‐                      150,000                              150,000                                                    ‐                      Total Revenue and Other Sources150,000                    ‐                      150,000                              150,000                                                    ‐                      Expenses and Other UsesTransfer to Administration 150,000                   (150,000)            🔻Capital Expenditures {Holding Accounts}West Capitol Hill Projects‐                            150,000             🔺150,000                              150,000                                                    ‐                      Total Expenses and Other Uses150,000                    ‐                      150,000                              150,000                                                    ‐                      Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       West Temple GatewayApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                             ‐                       ‐                                        ‐                                                            ‐                      Interest Income 50,000                      ‐                      50,000                                 50,000                                                      ‐                      Total Revenue and Other Sources50,000                      ‐                      50,000                                 50,000                                                      ‐                      Expenses and Other UsesTransfer to Administration 50,000                     (40,000)              🔻10,000                                 10,000                                                      ‐                      Capital Expenditures {Holding Accounts}West Temple Gateway Construction Mitigation‐                            40,000               🔺40,000                                 40,000                                                      ‐                      Total Expenses and Other Uses50,000                      ‐                      50,000                                 10,000                                                     40,000               🔺Total Over / (Under)‐                             ‐                       ‐                                       40,000                                                     (40,000)              🔻 Depot DistrictApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 3,921,164                1,244,229          🔺5,165,393                           5,212,664                                               (47,271)              🔻Interest Income 200,000                    ‐                      200,000                              200,000                                                    ‐                      Total Revenue and Other Sources4,121,164                1,244,229          🔺5,365,393                           5,412,664                                               (47,271)              🔻Expenses and Other UsesTI Reimbursements 1,820,977                144,628             🔺1,965,606                           1,965,606                                                ‐                      Transfer to Primary Housing Fund 784,233                   248,845             🔺1,033,079                           1,042,533                                               (9,454)                🔻Miscellaneous Property Expenses 120,000                    ‐                      120,000                              120,000                                                    ‐                      Debt ServiceGrant Tower Debt Service275,600                    ‐                      275,600                              275,600                                                    ‐                      Transfer to Administration 588,175                   186,634             🔺774,809                              781,900                                                   (7,091)                🔻Capital Expenditures {Holding Accounts}Station Center Infrastructure332,179                    ‐                      332,179                              332,179                                                    ‐                      Environmental Remediation200,000                    ‐                      200,000                              200,000                                                    ‐                      Central Station (100 S)‐                            664,121             🔺664,121                              694,847                                                   (30,726)              🔻Total Expenses and Other Uses4,121,163                1,244,229          🔺5,365,393                           5,412,664                                               (47,271)              🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Granary DistrictApproved BA #1 Change Recommended BA #2 Prior Transmission Chang🔺Revenue and Other SourcesTax Increment 621,124                   354,151             🔺975,276                              981,407                                                   (6,131)                🔻Interest Income 45,000                      ‐                      45,000                                 45,000                                                      ‐                      Total Revenue and Other Sources666,124                   354,151             🔺1,020,276                           1,026,407                                               (6,131)                🔻Expenses and Other UsesTransfer to Primary Housing Fund 124,225                   70,830               🔺195,055                              196,281                                                   (1,226)                🔻Miscellaneous Property Expenses 5,000                         ‐                      5,000                                   5,000                                                        ‐                      Transfer to Administration 93,169                     53,122               🔺146,291                              147,211                                                   (920)                    🔻Capital Expenditures {Holding Accounts}Community/Cultural Initiative443,731                   230,198             🔺673,929                              677,915                                                   (3,985)                🔻Total Expenses and Other Uses666,124                   354,151             🔺1,020,276                           1,026,407                                               (6,131)                🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       North TempleApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 435,346                   239,498             🔺674,845                              674,112                                                   733                     🔺Interest Income 15,000                      ‐                      15,000                                 15,000                                                      ‐                      External Transfers InDebt Service Fund Class 81 North Temple Viaduct Bond RDA Reimbursement (One‐time)1,000,000                 ‐                      1,000,000                           1,000,000                                                ‐                      General Fund Investments in Underserved Neighborhoods Holding Account (One‐time)669,138                    ‐                      669,138                              669,138                                                    ‐                      Internal Transfers InTransfer to Primary Housing Fund (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      Program Income Fund North Temple Catalytic Project Holding Account (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      North Temple Catalytic Project Holding Account (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources2,119,484                239,498             🔺2,358,983                           2,358,250                                               733                     🔺Expenses and Other UsesTransfer to Primary Housing Fund 87,069                     47,899               🔺134,969                              134,822                                                   147                     🔺Transfer to Administration 43,535                     23,949               🔺67,485                                 67,411                                                     73                       🔺Capital Expenditures {Holding Accounts}10% School Construction Fund 30,474                     16,764               🔺47,239                                 47,188                                                     51                       🔺North Temple Strategic Intervention Fund 1,958,406                150,884             🔺2,109,290                           2,108,829                                               462                     🔺Total Expenses and Other Uses2,119,484                239,498             🔺2,358,983                           2,358,250                                               733                     🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Block 70Approved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 1,922,323                234,207             🔺2,156,531                           2,156,154                                               377                     🔺Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Release of Cash Bond ‐ Eccles Theater‐                            719,778             🔺719,778                              700,000                                                   19,778               🔺Internal Transfers InCBD Taxing Entity Payments4,109,200                 ‐                      4,109,200                           4,109,200                                                ‐                      CBD Eccles Debt Service RDA match3,107,740                 ‐                      3,107,740                           3,107,740                                                ‐                      CBD Eccles Debt Service Reserve Account1,800,000                 ‐                      1,800,000                           1,800,000                                                ‐                      Total Revenue and Other Sources10,939,263             953,985             🔺11,893,249                         11,873,094                                             20,155               🔺Expenses and Other UsesTaxing Entity Payments 576,697                   70,262               🔺646,959                              646,846                                                   113                     🔺Eccles Theater Debt Service 8,068,209                 ‐                      8,068,209                           8,068,209                                                ‐                      Reserve for Eccles Debt Service 90,617                      ‐                      90,617                                 90,617                                                      ‐                      Regent Street Bond Debt Service 1,448,740                 ‐                      1,448,740                           1,448,740                                                ‐                      Fundraising Fulfillment 100,000                    ‐                      100,000                              100,000                                                    ‐                      Eccles Theater‐ Operating Reserve for Ancillary Space475,000                    ‐                      475,000                              475,000                                                    ‐                      Regent Street Maintenance 80,000                      ‐                      80,000                                 80,000                                                      ‐                      Capital Expenditures {Holding Accounts}‐                             ‐                       ‐                                        ‐                                                            ‐                      Regent Street Parking Structure Capital Reserves100,000                   163,681             🔺263,682                              263,682                                                    ‐                      Bennion Jewelers Relocation Agreement100,000             🔺100,000                              100,000                                                    ‐                      Eccles Theater/Site Improvements620,041             🔺620,042                              600,000                                                   20,042               🔺Total Expenses and Other Uses10,939,263             953,985             🔺11,893,249                         11,873,094                                             20,155               🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       North Temple ViaductApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 1,181,479                1,392,515          🔺2,573,995                           2,612,628                                               (38,633)              🔻Interest Income 7,500                         ‐                      7,500                                   7,500                                                        ‐                      Total Revenue and Other Sources1,188,979                1,392,515          🔺2,581,495                           2,620,128                                               (38,633)              🔻Expenses and Other UsesDebt Service Payment to Salt Lake City 1,171,257                1,371,627          🔺2,542,885                           2,580,939                                               (38,054)              🔻Transfer to Administration 17,722                     20,887               🔺38,610                                 39,189                                                     (579)                    🔻Total Expenses and Other Uses1,188,979                1,392,515          🔺2,581,495                           2,620,128                                               (38,633)              🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Northwest QuadrantApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 1,500,000                (464,652)            🔻1,035,348                           1,128,875                                               (93,527)              🔻Interest IncomeTotal Revenue and Other Sources1,500,000                (464,652)            🔻1,035,348                           1,128,875                                               (93,527)              🔻Expenses and Other UsesTI Reimbursement NWQ Phase I 500,000                   1,403,990          🔺1,903,991                           500,000                                                   1,403,991          🔺Transfer to Secondary Housing Fund 350,000                   (246,465)            🔻103,535                              350,000                                                   (246,465)            🔻Transfer to Primary Housing Fund 150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻Transfer to Administration 150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻Capital Expenditures {Holding Accounts}Shared Costs350,000                   (350,000)            🔻‐                                       53,100                                                     (53,100)              🔻Total Expenses and Other Uses1,500,000                714,595             🔺2,214,595                           1,128,875                                               1,085,720          🔺Total Over / (Under)‐                            (1,179,247)        🔻(1,179,247)                           ‐                                                           (1,179,247)        🔻 Stadler RailApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment 71,000                     37,334               🔺108,334                              108,327                                                   7                         🔺Interest IncomeTotal Revenue and Other Sources71,000                     37,334               🔺108,334                              108,327                                                   7                         🔺Expenses and Other UsesTI Reimbursements 56,800                     29,867               🔺86,667                                 86,662                                                     6                         🔺Transfer to Primary Housing Fund 7,100                        3,733                  🔺10,833                                 10,833                                                     1                         🔺Transfer to Administration 7,100                        3,733                  🔺10,833                                 10,833                                                     1                         🔺Total Expenses and Other Uses71,000                     37,334               🔺108,334                              108,327                                                   7                         🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       State StreetApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                            3,289,619          🔺3,289,619                           3,288,979                                               640                     🔺Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources‐                            3,289,619          🔺3,289,619                           3,288,979                                               640                     🔺Expenses and Other UsesTransfer to Primary Housing Fund‐                            328,961             🔺328,962                              328,898                                                   64                       🔺Transfer to Administration‐                            328,961             🔺328,962                              328,898                                                   64                       🔺Capital Expenditures {Holding Accounts}Infrastructure Improvements‐                            500,000             🔺500,000                              500,000                                                    ‐                      Commercial Loan Program‐                            500,000             🔺500,000                              500,000                                                    ‐                      Ballpark Strategic Development‐                            1,631,695          🔺1,631,695                           1,631,183                                               512                     🔺Total Expenses and Other Uses‐                            3,289,619          🔺3,289,619                           3,288,979                                               640                     🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       9 LineApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesTax Increment‐                            1,871,603          🔺1,871,603                           1,847,159                                               24,444               🔺Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources‐                            1,871,603          🔺1,871,603                           1,847,159                                               24,444               🔺Expenses and Other UsesTaxing Entity Payments‐                            224,966             🔺224,966                              224,966                                                    ‐                      County Administration and Operations‐                            26,995               🔺26,996                                 26,996                                                      ‐                      Transfer to Primary Housing Fund‐                            187,160             🔺187,160                              184,716                                                   2,444                  🔺Transfer to Administration‐                            149,728             🔺149,728                              147,773                                                   1,956                  🔺Capital Expenditures {Holding Accounts}Property Acquisition‐                            982,752             🔺982,752                              962,708                                                   20,044               🔺Accessory Dwelling Unit Program‐                            300,000             🔺300,000                              300,000                                                    ‐                      Total Expenses and Other Uses‐                            1,871,603          🔺1,871,603                           1,847,159                                               24,444               🔺Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Revolving Loan FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInterest on Investment 470,000                    ‐                      470,000                              470,000                                                    ‐                      Principal Payments 55,000                      ‐                      55,000                                 55,000                                                      ‐                      Interest on Loans 25,000                     25,000                                 25,000                                                      ‐                      Total Revenue and Other Sources550,000                    ‐                      550,000                              550,000                                                    ‐                      Expenses and Other UsesAvailable to Lend 434,000                    ‐                      434,000                              434,000                                                    ‐                      Utah Theater Tenant Relocation 116,000                    ‐                      116,000                              116,000                                                    ‐                      Total Expenses and Other Uses550,000                    ‐                      550,000                              550,000                                                    ‐                      Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Program Income FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesParking Structure Income 1,242,335                 ‐                      1,242,335                           1,242,335                                                ‐                      Rents 215,700                    ‐                      215,700                              215,700                                                    ‐                      Interest Income 250,000                    ‐                      250,000                              250,000                                                    ‐                      Loan Repayments 28,000                      ‐                      28,000                                 28,000                                                      ‐                      Interest on Loans 6,500                         ‐                      6,500                                   6,500                                                        ‐                      Insurance Reimbursement‐                            50,000               🔺50,000                                 50,000                                                      ‐                      Internal Transfers In‐                             ‐                       ‐                                        ‐                                                            ‐                      Use of North Temple Catalytic Project Holding Account (One‐time)‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources1,742,535                50,000               🔺1,792,535                           1,792,535                                                ‐                      Expenses and Other UsesProfessional Services 300,000                    ‐                      300,000                              300,000                                                    ‐                      Miscellaneous Property Expense 300,000                   100,000             🔺400,000                              400,000                                                    ‐                      Marketing and Sales 25,000                      ‐                      25,000                                 25,000                                                      ‐                      Transfer Out to North Temple Project Area (One‐tim‐                             ‐                       ‐                                        ‐                                                            ‐                      Capital Expenditures {Holding Accounts}Gallivan Repairs250,000                    ‐                      250,000                              250,000                                                    ‐                      Commercial Revitalization Program667,535                    ‐                      667,535                              667,535                                                    ‐                      Sustainability Technical Assistance Program200,000                    ‐                      200,000                              200,000                                                    ‐                      Total Expenses and Other Uses1,742,535                100,000             🔺1,842,535                           1,842,535                                                ‐                      Total Over / (Under)‐                            (50,000)              🔻(50,000)                               (50,000)                                                    ‐                       Secondary Housing FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInterest Income 44,000                      ‐                      44,000                                 44,000                                                      ‐                      Internal Transfers InNorthwest Quadrant350,000                   (246,465)            🔻103,535                              350,000                                                   (246,465)            🔻Total Revenue and Other Sources394,000                   (246,465)            🔻147,535                              394,000                                                   (246,465)            🔻Expenses and Other UsesCapital Expenditures {Holding Accounts}Accessory Dwelling Unit Program394,000                   (246,465)            🔻147,535                              394,000                                                   (246,465)            🔻Total Expenses and Other Uses394,000                   (246,465)            🔻147,535                              394,000                                                   (246,465)            🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Primary Housing FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInterest Income 225,000                    ‐                      225,000                              225,000                                                    ‐                      Loan Repayments 51,000                      ‐                      51,000                                 51,000                                                      ‐                      Interest on Loans 70,000                      ‐                      70,000                                 70,000                                                      ‐                      Internal Transfers In‐                             ‐                       ‐                                        ‐                                                            ‐                      Depot District784,233                   248,845             🔺1,033,079                           1,042,533                                               (9,454)                🔻Granary District124,225                   70,830               🔺195,055                              196,281                                                   (1,226)                🔻North Temple87,069                     47,899               🔺134,969                              134,822                                                   147                     🔺Northwest Quadrant150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻State Street‐                            328,961             🔺328,962                              328,898                                                   64                       🔺9 Line‐                            187,160             🔺187,160                              184,716                                                   2,444                  🔺Total Revenue and Other Sources1,491,527                837,232             🔺2,328,760                           2,346,138                                               (17,378)              🔻Expenses and Other UsesTransfer Out to North Temple Project Area (One‐tim‐                             ‐                       ‐                                        ‐                                                            ‐                      Capital Expenditures {Holding Accounts}Housing Development Loan Program491,527                   837,232             🔺1,328,760                           1,346,138                                               (17,378)              🔻North Temple Strategic Intervention Fund1,000,000                 ‐                      1,000,000                           1,000,000                                                ‐                      Total Expenses and Other Uses1,491,527                837,232             🔺2,328,760                           2,346,138                                               (17,378)              🔻Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       Westside Community Initiative Fund(Northwest Quadrant Housing Fund)Approved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesUIPA Housing Allocation 250,000                   159,031             🔺409,031                              409,031                                                    ‐                      Interest Income‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources250,000                   159,031             🔺409,031                              409,031                                                    ‐                      Expenses and Other UsesCapital Expenditures {Holding Accounts}West Side Urban Land Fund250,000                   (250,000)            🔻‐                                        ‐                                                            ‐                      Housing Development Loan Program347,676             🔺347,676                              347,676                                                    ‐                      Total Expenses and Other Uses250,000                   97,676               🔺347,676                              347,676                                                    ‐                      Total Over / (Under)‐                            61,354               🔺61,355                                 61,355                                                      ‐                       Housing Development FundApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesFunding Our Future Land Discounts and Financing 2,590,000                 ‐                      2,590,000                           2,590,000                                                ‐                      Transfer from Housing Trust Fund‐                            2,800,000          🔺2,800,000                           2,000,000                                               800,000             🔺Total Revenue and Other Sources2,590,000                2,800,000          🔺5,390,000                           5,390,000                                                ‐                      Expenses and Other UsesCapital Expenditures {Holding Accounts}Housing Development Loan Program2,590,000                2,800,000          🔺5,390,000                           5,390,000                                                ‐                      Total Expenses and Other Uses2,590,000                2,800,000          🔺5,390,000                           5,390,000                                                ‐                      Total Over / (Under)‐                             ‐                       ‐                                        ‐                                                            ‐                       AdministrationApproved BA #1 Change Recommended BA #2 Prior Transmission Change🔺Revenue and Other SourcesInternal Transfers InRevenue and Other Sources2,757,315                 ‐                      2,757,315                           2,757,315                                                ‐                      West Capitol Hill150,000                   (150,000)            🔻‐                                        ‐                                                            ‐                      West Temple Gateway50,000                     (40,000)              🔻10,000                                 10,000                                                      ‐                      Depot District588,175                   186,634             🔺774,809                              781,900                                                   (7,091)                🔻Granary District93,169                     53,122               🔺146,291                              147,211                                                   (920)                    🔻North Temple43,535                     23,949               🔺67,485                                 67,411                                                     73                       🔺Block 70‐                             ‐                       ‐                                        ‐                                                            ‐                      North Temple Viaduct17,722                     20,887               🔺38,610                                 39,189                                                     (579)                    🔻Northwest Quadrant150,000                   (46,465)              🔻103,535                              112,888                                                   (9,353)                🔻Stadler Rail7,100                        3,733                  🔺10,833                                 10,833                                                     1                         🔺State Street‐                            328,961             🔺328,962                              328,898                                                   64                       🔺9 Line‐                            149,728             🔺149,728                              147,773                                                   1,956                  🔺Program Income Fund‐                             ‐                       ‐                                        ‐                                                            ‐                      Total Revenue and Other Sources3,857,015                530,553             🔺4,387,568                           4,403,417                                               (15,849)              🔻Expenses and Other UsesRDA Personnel 2,254,632                 ‐                      2,254,632                           2,254,632                                                ‐                      Administrative Fees 939,683                   150,000             🔺1,089,683                           1,089,683                                                ‐                      Operating & Maintenance 360,000                    ‐                      360,000                              360,000                                                    ‐                      Charges and Services 202,700                   380,553             🔺583,253                              639,102                                                   (55,849)              🔻Furniture, Fixtures and Equipment 100,000                    ‐                      100,000                              100,000                                                    ‐                      Total Expenses and Other Uses3,857,015                530,553             🔺4,387,568                           4,443,417                                               (55,849)              🔻Total Over / (Under)‐                             ‐                       ‐                                       (40,000)                                                   40,000               🔺 N O R T H T E M P L E S T R A T E G I C I N T E R V E N T I O N F U N D R D A B O A R D O F D I R E C T O R S | A P R I L 1 2 , 2 0 2 2 B A C K G R O U N D S T R A T E G I C I N T E R V E N T I O N F U N D FY22 Budget (June 2021) Consolidated funds from NT Project Area Tax Increment Primary Housing Fund Prior Years' NT Catalytic Project Budgets $4MM toward NT Strategic Intervention Fund NORTH TEMPLE PROJECT AREA IMPLEMENTATION PLAN Facilitate sustainable, equitable, transit-oriented development Support rental and ownership products for income-diverse neighborhood Extend City Creek Corridor to Jordan River Facilitate strategic interventions Improve environmental conditions RDA EQUITABLE AND INCLUSIVE DEVELOPMENT WORK PLAN Make it more financially feasible for existing residents and business owners to remain living and doing business in their neighborhoods Support the creation of opportunities to build wealth and establish permanent roots through home and commercial ownership Provide opportunities to establish new services, amenities, or underrepresented business types in the neighborhood that the local community identifies as lacking Ensure the equitable distribution of environmental benefits - environmental remediation, sustainable development, and safe spaces to recreate Preserve and protect neighborhood character and cultural assets G O A L S Preserve small-scale building fabric in which small, local businesses can thrive Ensure that new developments are an asset to the neighborhoods that surround them Preserve small-scale buildings through adaptive reuse Provide affordable commercial space PROPERTY ACQUISITION Photograph by Steven Doyle Clean up contaminated properties using EPA Brownfields funding available to RDAs Address site and utility issues that create barriers to redevelopment SITE DEVELOPMENT COSTS Photograph by Avenue Consultants Activate ground floor space Provide family-sized housing units Encourage trail-oriented development DEVELOPMENT SUPPORT FOR COMMUNITY BENEFITS NEXT STEPS If the Board concurs with the proposed uses for the North Temple Strategic Intervention Fund, it may wish to consider a straw poll and direct RDA staff accordingly W W W .S L C R D A .C O M R D A @ S L C G O V .C O M 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 STAFF MEMO DATE: March 25, 2022 PREPARED BY: Cara Lindsley, Deputy Director RE: North Temple Strategic Intervention Fund REQUESTED ACTION: Discussion Item RECOMMENDATION: Consider expanding the purpose of the North Temple Strategic Intervention Fund BUDGET IMPACTS: N/A EXECUTIVE SUMMARY: In the RDA FY22 Budget, the RDA Board consolidated funding from multiple sources (North Temple Project Area tax increment, the Primary Housing Fund, and prior years’ North Temple Catalytic Project budget appropriations) to put $4MM toward the North Temple Strategic Intervention Fund. RDA Staff recommends that the Board consider expanding the use of the Strategic Intervention Fund to prioritize objectives identified in the North Temple Project Area Implementation Plan and within the context of the RDA Equitable and Inclusive Development Work Plan. Specifically, the Board may wish to permit the use of funds for the following three activities: 1. Property acquisition 2. Site development activities that may address environmental contamination and other site and utility issues that create barriers to redevelopment 3. Development support to facilitate the inclusion of community benefits in privately-initiated projects planned for the North Temple corridor ANALYSIS & ISSUES: The RDA Board appropriated $4MM for the North Temple Strategic Intervention Fund in the RDA’s FY22 budget. Since then, the RDA has created and presented to the Board the RDA Equitable and Inclusive Development Work Plan and the North Temple Project Area Implementation Plan (both are attached). These documents were used to guide this recommendation, acknowledging the rapid development of the North Temple Project Area and the RDA’s unique position to ensure the inclusion of equitable development strategies as new investments are being made in RDA project areas. The activities proposed for this funding – property acquisition, site development, and community benefits – are intended to address two overarching goals: preserving the existing, small-scale building fabric in which small, local businesses can thrive, and ensuring that new developments are an asset to the neighborhoods that surround them. 1. Property Acquisition The RDA could use Strategic Intervention funds to acquire property in an effort to preserve the existing small-scale building fabric and prevent the displacement of the City’s local, independent businesses. Small businesses need right-sized commercial spaces that are often left out of new developments in favor of larger spaces designed for national chain tenants that are considered a lower credit risk. In addition, newly developed spaces typically have much higher lease rates than spaces within older buildings. Through property ownership, the RDA could address both of these issues through the adaptive reuse of existing building stock and provision of affordable commercial spaces. 2. Site Development Costs The RDA participated in securing an EPA Brownfields grant for North Temple properties in 2012 and is aware of environmental contamination from past industrial and railroad uses. In cases where the RDA is the property owner, the RDA is eligible for EPA Brownfields cleanup grants up to $650,000 to address site contamination. Brownfields cleanup grants require a 20 percent cost share and are not available to individual property owners. These grants have been extremely competitive in the past, but recent federal infrastructure funding is anticipated to increase the available funds this year. In addition to funding environmental assessments and leveraging federal grants, Strategic Intervention funds could be used to address other site and utility issues that create barriers to redevelopment or adaptive reuse. 3. Development Support for Community Benefits Rapid development of the North Temple corridor is due in large part to investment spurred by the 2018 Opportunity Zone designation. New developments consisting primarily of micro apartment units and underutilized ground floor spaces are beginning to dominate the corridor. The RDA could use Strategic Intervention funds to facilitate the inclusion of community benefits in new projects, such as affordable commercial space that activates ground floor spaces with neighborhood businesses and amenities, and diverse housing unit types that address our City’s need for family-sized housing. These funds could also be used to encourage Folsom Corridor property owners to orient their businesses toward and interact with the recently completed Folsom Trail and future daylighted City Creek corridor. NEXT STEPS: If the Board concurs with the proposed uses for the North Temple Strategic Intervention Fund, it may wish to consider a straw poll and direct RDA staff accordingly. PREVIOUS BOARD ACTION: In the RDA FY22 Budget, the RDA Board consolidated funding from multiple sources (North Temple Project Area tax increment, the Primary Housing Fund, and prior years’ North Temple Catalytic Project budget appropriations) to put $4MM toward the North Temple Strategic Intervention Fund. ATTACHMENTS: A. North Temple Project Area Implementation Plan B. RDA Equitable and Inclusive Development Work Plan Page 1 North Temple Project Area Implementation Plan 2021-2024 Base Year: 2011 Term: 25 Years Trigger Year: 2013 Expiration Year: 2037 Base Year Value: $84,073,572 Current Value (2020): $156,240,759 Acreage: 319 Objectives: 1. Incentivize redevelopment along the North Temple Corridor that incorporates the principles of sustainable, equitable, transit-oriented development and enhances transit station areas as lively, walkable, people-oriented places. Facilitate the inclusion of ground floor commercial space in development projects that is affordable and available to small, local, community-serving businesses. 2. Provide a mix of housing typologies, with “missing middle” housing types used as a buffer between higher density in the transit corridor and single-family residential neighborhoods. Focus housing resources on developing and preserving rental and ownership products that create and support an income-diverse neighborhood. 3. Create an extension of City Creek Corridor from 800 West to the Jordan River, providing opportunities for new development around the public Folsom Trail. Create and renovate open spaces for the community that are safe, vibrant, and useful and that complement neighboring developments. 4. Facilitate strategic interventions to address properties that are characterized by high crime rates and negatively impact neighborhood livability. 5. Improve environmental conditions in the North Temple Project Area by facilitating new development and adaptive reuse on environmentally-challenged properties. Page 2 Project Area Budget Summary and Projections: Fiscal Year 2020/2021 2021/2022 2022/2023 2023/2024 Total North Temple Revenue (25% increase) $633,123 $791,404 $989,255 $1,236,568 North Temple School Safety and Infrastructure Improvements $44,319 $55,398 $69,248 $86,560 Administration, Maintenance & Operation Costs $63,312 $79,140 $98,925 $123,657 Tax Increment Reimbursements N/A N/A N/A N/A Housing $126,625 $158,281 $197,851 $247,314 Non-Obligated Fund Estimate (available for future projects and programs) $398,867 $498,584 $623,230 $779,038 RDA Assets: • SPARK! (Formerly ”Overniter Motel”): 1500 W. North Temple Priority Programs: 1. RDA Property Acquisition/Disposition – RDA has the ability to acquire properties for development of projects that support the master plan and project area objectives. RDA can also leverage the value of Agency-owned properties to support project area objectives. 2. RDA Housing Development Loan Program – The Housing Development Loan Program provides resources for the development and preservation of affordable housing. The RDA will work with project developers and lenders to bridge the funding gap between a project’s economics and market realities. In support of their mission, the RDA may assume a higher level of risk than traditional lenders to ensure that transformative projects get built. 3. RDA Storefront Activation Program (proposed) – RDA proposes developing a program to create opportunities for local businesses and nonprofit organizations to occupy ground-floor space in new developments that would be unaffordable without subsidy. 4. Adaptive Reuse Loan Program (proposed) – RDA proposes developing a program to facilitate improvements to existing building stock while preserving local community character, cultural diversity, and values. 5. Commercial Revitalization Loan Program (proposed) – RDA proposes developing a program focused on enhancing existing commercial buildings and stabilizing local, community-serving businesses. Page 3 Priority Projects (Current and Completed Projects Shown in Attached Map): 1. SHORT-TERM (CURRENTLY TAKING PLACE OR STARTING WITHIN A YEAR) a. Folsom Trail Landscape, Lighting, and Amenities – In cooperation with the Transportation, Engineering, and Parks & Public Lands Divisions, fund improvements to Folsom Corridor that supplement the landscape, lighting, and amenities in the Folsom Trail design. i. Development Partner: UTA and Salt Lake City ii. Project Cost: $3.8MM (total for trail plus supplemental landscape, lighting, and amenities) iii. RDA Budget Allocation: $350k b. City Creek Daylighting Design and Implementation Plan – In cooperation with Public Utilities and the Transportation, Engineering, Parks & Public Lands Divisions, and with fundraising and technical support from Seven Canyons Trust, procure design consultant to implement 2020 feasibility study recommendations. i. Development Partner: SLC and Seven Canyons Trust ii. Estimated Project Cost: $200k (for design plan; full construction cost estimated to range from $3MM to $15MM, depending on scale) iii. RDA Budget Allocation: $105k proposed (FY22 BA1) 2. MID-TERM (START AND COMPLETE WITHIN 1-3 YEARS) a. Property Acquisition for Strategic Intervention – Acquire a property to facilitate strategic redevelopment along the North Temple Corridor. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: $4MM b. Folsom Corridor Interim Uses – Create and fund a small business incentives for temporary and interim uses of City property in Folsom Corridor to activate the corridor and provide amenities or points of interest to trail users. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD c. Folsom Corridor Public Art - Collaborate with the Arts Council and North Temple stakeholders to identify, plan, and execute a community-driven Folsom Corridor public art project that celebrates the neighborhood’s character and identity. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD 3. LONG-TERM (TO COMPLETE IN 3+ YEARS) a. Fairpark Redevelopment and Master Plan Implementation - Facilitate the redevelopment of the State Fairpark in a manner that maintains its historic integrity, Page 4 increases active uses, provides a community benefit, and creates new pedestrian connections. i. Development Partner: Utah State Fair Corporation ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD b. Large Property Redevelopment – Facilitate the redevelopment of large and strategic properties in the North Temple Corridor in a manner consistent with the RDA’s goals. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD 4. COMPLETED PROJECTS a. North Temple Brownfields Assessment Grants (2011-2015) – The RDA and Salt Lake City were awarded a grant from the Environmental Protection Agency (EPA) to fund site assessments in the North Temple Project Area, and the RDA administered the grant by engaging an environmental consultant to identify and investigate environmentally- challenged properties. The RDA specifically worked with property owners along the Folsom Corridor that were interested in preparing for the redevelopment of their properties. i. Development Partner: N/A ii. Project Cost: $300k iii. RDA Budget Allocation: N/A b. North Temple Marketing and Branding (2014) – The RDA worked with NeighborWorks Salt Lake to promote and brand North Temple as Salt Lake City’s gateway by funding the design, fabrication, and installation of 92 banners on poles that were installed in the corridor during the North Temple TRAX construction. i. Development Partner: NeighborWorks Salt Lake ii. Project Cost: $30k iii. RDA Budget Allocation: $30k c. Red Iguana 2 Loan (2015) – Provided a renovation loan to develop expanded dining space, an inviting street-side patio, a large kitchen, catering support space, administrative offices, an employee break room, and several other amenities. i. Red Iguana 2 ii. Project Cost: $2.7MM iii. RDA Budget Allocation: $500k d. Fairpark Public Market Study (2019) – Engaged a consultant to assess the feasibility of creating a permanent, year-round public market at the Utah State Fairpark. i. Development Partner: N/A ii. Project Cost: $175k iii. RDA Budget Allocation: $175k e. North Temple I-15 Underpass Pedestrian Improvements and Public Art (2019) – In cooperation with the Arts Council and the Property Management and Engineering Page 5 Divisions, provided public art and a safe pedestrian connection between the west and east sides of the City at the North Temple I-15 Underpass. i. Development Partner: N/A ii. Project Cost: $250k ($168,782: NT Bond Proceeds, $85,000: Art Council Funds iii. RDA Budget Allocation: N/A f. City Creek Daylighting Feasibility Study (2019-2020) - In cooperation with the Transportation, Engineering, and Parks & Public Lands Divisions, engaged a consultant to study the feasibility of bringing a portion of City Creek’s flow to the surface in the Folsom Corridor. i. Development Partner: UTA ii. Project Cost: $100k iii. RDA Budget Allocation: $25k NORTH TEMPLE PROJECTS 1 1 2 3 4 5 6 7 2 34 5 6 North Temple TRAX Line Red Iguana 2 Folsom Trail Design/Construction City Creek Daylighting Study SPARK! (Overniter Motel) Fair Park Public Market Feasibility study 7 I-15 Underpass Public Art Private Development Potentially Underway August 27, 2021 1,000 0 1,000500 Feet ±North Temple Project Area Folsom Trail Legend RDA Equitable and Inclusive Development Work Plan PURPOSE: In 1969, the Redevelopment Agency of Salt Lake City (“Agency”) was first created to stimulate economic growth and revitalize the downtown area of Utah’s capital city. Today, the Agency operates under Utah Code Title 17C, which authorizes the Agency to identify parts of the city that are experiencing disinvestment or neglect, and work to reverse this trend through investments in affordable housing, commercial and non-profit uses, historic preservation, public art, neighborhood business districts, environmental remediation, infrastructure improvements, and more. The Agency acknowledges the negative impacts that traditional economic development and redevelopment strategies have historically had on targeted communities with concentrated poverty, lower levels of housing stability, and higher shares of minority populations. As part of its mission to revitalize neighborhoods and business districts in a way that fosters livability and neighborhood vibrancy, the Agency is in a unique position to ensure the inclusion of equitable development strategies that encourage everyone to participate in and benefit from new investments being made in their neighborhoods. These goals are often ignored by developers in attractive real estate markets like Salt Lake City’s, who capitalize on declining neighborhoods through projects that prioritize economic return at the expense of community and environmental benefits. GOALS: 1. Utilize socioeconomic data to define needs and inform where and how Agency resources should be used and prioritized, within existing project areas, as part of the project area creation process, and for citywide housing efforts. 2. Provide opportunities that make it more financially feasible for existing residents and business owners to remain living and doing business in their neighborhoods (or return to the neighborhoods that they were already priced out of). 3. Support the creation of opportunities for those who have historically rented in the community to build wealth and establish permanent roots through home and commercial ownership. 4. Advance the rights of all to live in and enjoy a clean and healthy environment by supporting the equitable relocation of residents being displaced by new development, or those living in unsafe conditions. 5. Provide opportunities to establish new services, amenities, or underrepresented business types in the neighborhood that the local community identifies as lacking and desires. 6. Promote the rights of the communities we serve to enjoy the same degree of protection from environmental health hazards and ensure the equitable distribution of environmental benefits, including environmental remediation, sustainable development, and safe spaces to recreate. 7. Preserve and protect neighborhood character and cultural assets—once a neighborhood’s culture is displaced, we will find ourselves expending effort to recreate that local character, but it will never be as authentic. 8. Help strengthen local organizations and support leadership building by participating in community-led initiatives and partnering with neighborhood and cultural groups. 9. Strengthen the Agency’s community outreach efforts in ways that provide a platform for community members’ life experiences and knowledge to inform and influence the Agency’s work. 10. Enhance ability of non-traditional applicants to apply for Agency programs and offerings through increased outreach, education, and technical assistance. 1. SCOPE OF WORK:Assemble a database that speaks to the levels of vulnerability and displacement risk (both residential and commercial) and opportunity access, and continually monitor these indicators over time to inform the Agency’s decisions. Metrics may include (not comprehensive or final): Transit Access # daily unique transit trips within quarter-mile walking distance of a location: quantifies # unique transit trips someone can access during an entire weekday Proximity to commuter/light rail and streetcar Walking distance to a current or future rail stop Proximity to core businesses Locations within walking distance of core businesses: within 0.5 mile of supermarket/grocery, 0.25 mile of a pharmacy, 0.25 of a restaurant, café or diner Proximity to school, park, community center, or library # locations within specified distances: school (0.25 mile), community center (0.25 mile), Library (0.25 mile), Park (varies by acreage) Access to Banking Services # banking institutions per 10,000 residents Broadband Internet % housholds with subscriptions to broadband internet service Access to Primary Care # primary care physicians (per # population) People of color Percent of population that is non-Hispanic white (Census block) Increase in white population as share of total population over time Linguistic isolation % HH that are linguistically isolated (Census tract): a HH in which no one 14 years or older speaks English only / no one 14 years + speak both a language other than English and English "very well" Educational attainment Percentage of population 25 years + who does not have Bachelor's degree Increase in share of population 25 years + with bachelor's degree or higher over time High School Graduation On-time high school graduation rate Rental tenancy % population in occupied housing units that are renters (Census block) Increase in share of owner-occupied housing units as share of total occupied housing units over time Housing Cost Burden % HHs (owner and renter) with income below 80% of the AMI that are cost burdened (Census tract): cost-burdened is a HH that pays between 30- 50% of income on housing costs Severe Housing Cost Burden % HHs (owner and renter) with income below 80% of the AMI that are severely cost burdened (Census tract): severely cost-burdened is a HH that pays more than 50% of income on housing costs Household income Increase in AMI over time % population with income below Federal poverty level (Census tract) Proximity to already-gentrified or affluent neighborhood Median HH income relative to AMI (Census tract): broken down by 120% of AMI, less than 80% of AMI, "spillover tract" "spillover" tract is one that a) has a median HH income under 80% of the AMI and b) abuts a tract where the median HH income is above 120% of the AMI Development capacity Difference between existing and potential development, excludes parcels unlikely to redevelop (parks, landmark sites, airport), parcels have to allow for residential uses per zoning Median rent Change in neighborhood rents over peiod of time Ratio of average rent per Census tract to City average: based on multifamily buildings with 20 or more units, for all unit sizes, in dollars per net rentable sf Housing Market Change Change in neighborhoods' median home values over period of time Ratio of average housing cost per geographic area to City average: based on dollars per sf a. For work in existing project areas, use data to inform the need for Agency assistance or new, targeted programming. b. When evaluating project area creation or extension requests, use these metrics to assess proposals within a citywide context and ensure that efforts are being focused in areas that have the greatest need for Agency assistance. 2. Amend Agency Guiding Framework & Livability Benchmarks to add project criteria that are meant to address goals above and make it clear that they are Agency priorities. 3. Complete inventory of existing City & Agency programming and identify areas where requirements or incentives meant to support goals above could be created or strengthened. 4. Design and implement new Agency programming meant to directly address goals outlined above. 5. Identify areas where more technical assistance could be provided for non-traditional applicants. 6. Utilize guidelines and best practices issued by the Salt Lake City Civic Engagement Team to develop more intentionally inclusive and culturally specific community engagement that empowers residents to make their voices heard. 7. Communicate a clear value for racial and social equity in communication materials (web site, newsletters, social media, events, and other points of contact). 8. Identify opportunities to use marketing/outreach tools to reach a broader range of project types/applicant pool. POTENTIAL PROGRAMMING IDEAS: (to be refined during policy creation processes) 1. Infuse tenant preferences in RDA funding programs and property dispositions: Aimed at mitigating displacement of residents and businesses with generational ties to the area or bringing back residents and business owners who have already been displaced. Rationale & Function: • When Agency helps to fund development of affordable housing or commercial spaces, could strongly encourage developer to utilize preference-based system to select tenants. • When disposing of Agency property, could make preference-based system mandatory when developer selects housing or commercial tenants. a. Preference types may include applicants who are members of vulnerable populations, current or former residents/business owners, have family members who are current or former residents/business owners, or someone with community ties or who utilizes community services in the neighborhood. b. Could include early notification of opportunities to preferred tenant types or lottery system. • As an example, Seattle stresses that partnering with local organizations to “affirmatively market” opportunities is key to a successful community preference program. 2. Affordable Storefront Activation program: Agency partners with developers to maintain or acquire control of ground-level commercial spaces and leases/subleases them at below market rates and under established tenant preferences. Rationale & Function: • Zoning requires active ground floor uses in mixed-use/transit-oriented zones; this is not always embraced and sometimes seen as a leasing burden; often results in undesirable activation like residential amenity areas/national chains. • Project areas may lack supply of quality commercial spaces that address the neighborhood’s needs and preferences, and newly constructed spaces will likely be rented for a premium (will use data to explore these assumptions further). • When part of RDA property disposition, could be a way for the Agency to maintain assets and generate ongoing revenues, in this case, commercial rents. • Reduce displacement risk of existing businesses or non-profits and reduce barriers to entry for new, underrepresented businesses or service types. • Tenant preferences may include minority or women-owned businesses/relocations of existing businesses already in neighborhood/new businesses being created by existing neighborhood residents/land uses desired by local community/local non-profits. 3. Funding for community-led cultural initiatives: Rationale & Function: • Would strengthen existing community organizational structures and enable them to better carry out their missions. • Would empower local leaders through Agency funding and support. • Would fund initiatives that convey that the neighborhood has an established history that deserves to be kept alive—not an “up and coming” neighborhood for newcomers to define. • Would help the Agency establish stronger ties with the communities we work in. • Could create a tiered grant program with match requirements for larger funding requests (for example, 2:1). • Applicants would need to be non-profits, government agencies, or community-based organizations. • Eligible projects would need to include significant community involvement and desire for the project. • Would likely require more hands-on technical assistance to applicants. 4. Accessory Dwelling Unit (ADU) incentive program: Rationale & Function: • Provide opportunity for homeowners to generate income and build wealth through property ownership, mitigating their inclination to sell for a profit and be displaced. • Increase the City’s stock of affordable housing units. • Way to increase density in single-family neighborhoods, which is otherwise impossible without rezoning. • Would allow for affordable multi-generational living. • Would help the Agency establish stronger ties with the communities we work in due to direct contact with homeowners. • Offer varying levels of financial assistance/incentives based on applicant’s financial need and/or level of affordability commitment. • Work with other departments to streamline or incentivize the process in order to carry out the City’s goals. • Would likely require strong marketing effort/heavy upfront technical assistance for applicants. • Could provide a variety of pre-approved architectural plans that work for standard lots with little or no tweaking (CAN initiative). • Could provide list of certified contractors vetted by the Agency/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 of SALT LAKE CITY DATE: March 25, 2022 PREPARED BY: Lauren Parisi & Tracy Tran, RDA Project Managers RE: FY 23 Annual Housing Funding Priorities & FY 22 Housing Report REQUESTED ACTION: Consider adoption of a resolution to establish the FY 23 Housing Funding Priorities POLICY ITEM: Affordable Housing BUDGET IMPACTS: N/A EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City’s (“RDA”) Housing Development Loan Program (“HDLP”) policy requires that the RDA Board of Directors (“Board”) approves housing funding priorities (“Funding Priorities”) on an annual basis. These Funding Priorities guide the upcoming fiscal year’s housing activities including the requirements of the competitive affordable housing notice of funding availability (NOFA). At their March 2022 meeting, the Board reviewed and discussed potential Funding Priorities for the upcoming fiscal year – FY 23. The Board seemed to come to a consensus regarding the approval of four priorities including: • Affordable Homeownership • Family Housing • Deeply Affordable Housing • Missing Middle Housing This memo outlines the intent of each of the four Funding Priorities. The resolution under Attachment A has been included for the Board’s consideration to approve the FY 23 Funding Priorities. Additionally, this memo includes the balance of all RDA housing funds and summarizes the housing projects that were funded during FY 22 to satisfy the reporting requirements within the RDA’s Housing Funds Allocation Policy. A table summarizing all housing projects funded by the RDA since 2011 has also been included under Attachment B for informational purposes. ,,,,, ,, ":. ~\ h,; ---:..,,, .... ~ ,,,,, I rr_ \\ ...... ,,,,,,1111111'' 2 ANALYSIS: FY 23 Annual Housing Funding Priorities. The intent of each priority that will be used to guide housing decisions throughout the upcoming fiscal year have been described below. 1. Affordable Homeownership – Create opportunities for those who have historically rented in the community to build wealth and establish permanent roots through affordable homeownership. 2. 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. Family housing is generally defined as units with three or more bedrooms. 3. Deeply Affordable Housing – 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. Deeply affordable housing is generally defined as housing affordable to those earning 40% of the area median income (AMI) or below. 4. Missing Middle Housing – Promote an array of housing forms such as smaller apartment buildings, townhomes and accessory dwelling units to diversify the City’s housing stock and provide more affordable living options for residents. Housing Development Loan Program – Competitive NOFA. To utilize the competitive affordable housing notice of funding availability (NOFA) to promote the Funding Priorities, family housing and/or deeply affordable housing will be made thresholds in order for a project to be eligible for funding. To meet the family housing threshold, at least 10% of a project’s units must have three or more bedrooms. To meet the deeply affordable threshold, at least 10% of a project’s units must be affordable to those earning 40% AMI or below. Projects will also be eligible for a .5% interest rate reduction for meeting other RDA benchmarks as outlined in last year’s (2021) competitive affordable housing NOFA. FY 22 Housing Report. The current balance of the RDA’s four housing funds (available to lend) are as follows: • Primary Housing Fund – $649,247 • Secondary Housing Fund – $5,136,455 • Westside Community Initiative Fund – $250,000 • Housing Development Loan Fund – $22,627 The following housing projects were funded during FY 22: PROJECT ADDRESS DEVELOPMENT PARTNER FUNDING COMMITMENT PROJECT COST STATUS UNIT MIX The Silos on 5th (Phase 1 and 2) 425 West 500 South Giv Communities $2,360,000 $23,639,510 Securing financing and plans 84 units ≤ 60% AMI 22 units ≤ 40% AMI 144 South 500 East 144 South 500 East Red Gate Properties $775,000 $32,528,000 Securing financing and plans 110 units ≤ 60% AMI The Nest 382 S Rio Grande W3 Partners $1,082,500 $52,685,701 Securing financing and plans 220 units ≤ 60% AMI Schmidt Apartments 1265 South 300 West EMG Mgmt $1,082,500 $40,926,969 Securing financing and plans 149 units ≤ 60% AMI 10 units ≤ 40% AMI Total(s): $5,300,000 $149,799,171 3 NEXT STEPS: • Pursuant to the Housing Development Loan Program Policy, the Board may wish to consider the adoption of the attached resolution to approve the Funding Priorities for FY 23. • RDA staff will present proposed funding allocations to housing activities as a part of the FY 23 budget discussion. ATTACHMENTS: Attachment A – FY 23 Affordable Housing Funding Priorities Resolution Attachment B – RDA Affordable & Mixed-Income Housing Summary: 2010/11 - 2021/22 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. _______________ FY 2022-23 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 2022-23 WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City (“Board”) adopted the Housing Funds Allocation Policy and the Housing Development Loan Program Policy, which provide that the Redevelopment Agency (“RDA”) will present to the Board an overall funding strategy and specific funding priorities (“Funding Priorities”) for how housing funds should be allocated to the housing funds and housing loan program for the upcoming fiscal year. WHEREAS, the Housing Development Loan Program Policy provides that the specific Funding Priorities shall be subject to approval by the Board. WHEREAS, the Board desires to adopt the Funding Priorities identified in this resolution to direct resources for the development of affordable housing for fiscal year 2022-23. NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the Redevelopment Agency of Salt Lake City hereby adopt following Funding Priorities for fiscal year 2022-23: Housing Priority Objective Deeply Affordable Housing Threshold requirement for Housing Development Loan Program applications 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. Family Housing Threshold requirement for Housing Development Loan Program applications 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. Affordable Homeownership Create opportunities for those who have historically rented in the community to build wealth and establish permanent roots through affordable homeownership. Missing Middle Housing Promote an array of housing forms to diversify the City’s housing stock and provide more affordable living options for residents. Attachment A Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______ day of ________________, 2022. ________________________________ 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 March 25, 2022 FUNDING TOOL PROJECT ADDRESS PROJECT AREA 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 TOTAL Liberty Village 2150 McClelland Street Sugar House $0 $1,060,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,060,000 Pamela's Place 525 South 500 West Citywide Housing $0 $0 $0 $0 $0 $0 $500,000 $0 $0 $0 $0 $0 $500,000 Capitol Homes 1749 South State Street State Street $0 $0 $0 $0 $0 $0 $0 $3,200,000 $0 $0 $0 $0 $3,200,000 Citifront Apartments 641 West North Temple North Temple $0 $0 $0 $0 $0 $0 $422,266 $0 $0 $0 $0 $0 $422,266 Exchange Building B 340 East 400 South Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $3,000,000 $0 $0 $0 $3,000,000 255 State Street 255 State Street Central Business $0 $0 $0 $0 $0 $0 $0 $0 $2,000,000 $11,403,480 $1,151,399 $0 $14,554,879 Jefferson Mixed-Use 912/916 Jefferson Street West Temple $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,998,000 $0 $0 $1,998,000 Bookcliffs Lodge 1159 South West Temple State Street $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $1,000,000 SPARK!1500 West North Temple North Temple $0 $0 $0 $0 $0 $0 $0 $0 $2,500,000 $3,956,000 $0 $0 $6,456,000 Richmond Flats 2960 S Richmond St High Opportunity $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,800,000 $0 $0 $1,800,000 Central Station Apartments 549 W 200 South Depot District $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $1,000,000 Jackson Apartments 274 W 200 South Central Business $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $1,000,000 Liberty Wells 501 E 1700 South Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $150,000 $0 $0 $150,000 The Silos on 5th (Phase 1 and 2)425 West 500 South Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,360,000 $2,360,000 144 South 500 East 144 South 500 East Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $775,000 $775,000 The Nest 382 S Rio Grande Depot District $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,082,500 $1,082,500 Schmidt Apartments 1265 South 300 West State Street $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,082,500 $1,082,500 Artspace Commons 423 West 800 South Granary $21,332 $48,880 $38,843 $36,237 $38,364 $38,431 $38,813 $21,194 $100,025 $34,000 $0 $0 $416,119 Northgate Apartments 135 South 500 West Depot $853,673 $802,648 $838,207 $856,452 $696,064 $708,427 $586,103 $426,209 $521,038 $600,000 $712,922 tbd $7,601,743 West Montrose 300 West 800 South West Capitol Hill $407,912 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $407,912 Pugsley Street 571 North Pugsley St West Capitol Hill $0 $96,267 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $96,267 Arctic Court 524/528 N Arctic Court West Temple $0 $0 $0 $0 $200,000 $0 $0 $0 $0 $0 $0 $0 $200,000 9th East Lofts 440 South 900 East Citywide Housing $77,821 $556,224 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $634,045 SPARK!1500 West North Temple North Temple $0 $0 $0 $0 $0 $0 $0 $4,000,000 $0 $0 $0 $0 $4,000,000 9th East Lofts 440 South 900 East Citywide Housing $0 $0 $0 $189,625 $0 $0 $0 $0 $0 $0 $0 $0 $189,625 Macaroni Flats 244 South 500 West Depot $0 $0 $0 $1,100,000 $0 $0 $0 $0 $0 $0 $0 $0 $1,100,000 Jefferson Mixed-Use 912/916 Jefferson Street West Temple $0 $0 $0 $0 $0 $0 $0 $0 $385,000 $0 $0 $0 $385,000 Utah Paperbox 300 West 200 South Central Business $0 $0 $0 $0 $0 $0 $3,200,000 $0 $0 $0 $0 $0 $3,200,000 Utah Theater 144-156 Main Street Central Business $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,070,000 $0 $0 $2,070,000 Diamond Rail 535 W 300 North Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $1,000,000 Colony B 228 W 1300 South State Street $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,340,000 $0 $1,340,000 HTF (TRANSFER TO HAND)Housing Trust Fund (HAND)N/A Citywide Housing $288,910 $109,000 $208,578 $124,350 $899,902 $518,393 $0 $3,000,000 $0 $0 $0 $5,149,133 $1,649,648 $2,673,019 $1,085,628 $2,306,664 $1,834,330 $1,265,251 $4,747,182 $10,647,403 $9,506,063 $25,011,480 $3,204,321 $5,300,000 $69,230,989Note Pursuant to Utah Title 17C, Community Reinvestment Agency Act, Affordable Units are defined as being affordable to household earning 80% of the area median income and below. Note: Funding allocations are approximations based on the RDA's annual budgets, annual reports, Board resolutions, and loan tracking system. Note: Table includes projects that received one or more funding allocations during FY 2010-11 through FY 2021-22 YTD (March 22, 2022). Projects were not necessarily completed during this timeframe. Note: For projects receiving a tax increment reimbursement, the actual amount of FY 2021-22 tax increment reimbursement will be determined in March of 2022, once the 2020 tax year has been equalized. Note: The total Utah Theater property discount is $4,070,000. Approximately $2,070,000 can be attributed to affordable housing. Note: The 2016-17 allocation of $422,266 for Citifront Apartments was for loan forgiveness. HDTF (APPROVED) RDA AFFORDABLE & MIXED-INCOME HOUSING: FY 2010/11 - 2021/22 YTD: FUNDING ALLOCATIONS BY YEAR Last Updated: 3/24/2022 LOANS (HDLP/NOFA & RDA LOAN PROGRAM) TI REIMBURSEMENT ACQUISITION DISPOSITION: PROPERTY DISCOUNT Attachment B Last Updated: 3/24/2022 AMOUNT TYPE 144 South 500 East 144 South 500 East Red Gate Properties 110 110 $775,000 Loan: HDLF NOFA Loan approved in December 2021. Borrower is securing financing and finalizing project plans. 255 State Street 255 State Street Brinshore Development 190 168 $14,554,879 Seller's note; loan; NOFA Under construction. Arctic Court 524/528 North Arctic Court TBD 2 1 $200,000 Property acquisition Single family residence designed and permitted. Bookcliffs Lodge 1159 South West Temple Housing Assistance Mgmt. Enterprise (HAME) 54 43 $1,000,000 NOFA The developer is assembling financing. Central Station Apartments 549 W 200 South Gardner Batt 65 52 $1,000,000 Loan Under construction. Colony B 228 West 1300 South Defi 1/Neighborhood Nonprofit Housing Corporation 140 106 $ 1,340,000 Loan Under construction. Liberty Wells 501 E 1700 South Community Development Corp of UT (CDCU) 10 10 $150,000 Loan Acquisition and predevelopment phase. Unit mix and affordability targets may change. The Nest 382 S Rio Grande W3 Partners 220 220 $ 1,082,500 Loan Loan approved in December 2021. Borrower is securing financing and finalizing project plans. Richmond Flats 2960 S Richmond St CDCU 55 55 $1,800,000 Loan Finalizing budgets and construction costs. Schmidt Apartments 1265 South 300 West Westates 159 159 $1,082,500 Loan Loan approved in December 2021. Borrower is securing financing and finalizing project plans. Silos on 5th 425 West 500 South GIV Development 106 106 $2,360,000 Loan Loan approved in December 2021. Borrower is securing financing and finalizing project plans. SPARK!1500 West North Temple Brinshore Development 200 89 $10,456,000 Property acquisition; NOFA The RDA entered into a purchase agreement with Brinshore Development/HAME for a mixed use, multi family development. Awarded 2019 4% LIHTCs. Main Street Aparments 144-156 Main Street Hines Acquisitions; 160 Main 400 40 $2,070,000 Property discount Project design and due diligence. Number of units may change as the design is finalized. West Montrose 745-765 S 300 W; 244-264 W 800 S TBD Pending Pending $407,912 Property acquisition RDA is marketing the property for development. IN PROCESS SUBTOTAL:1711 1159 $38,278,791 Various: Transfer to HAND Various Various $5,149,133 Loan Funds tranfer to HAND FY2010-11 to FY2017-18 Artspace Commons 423 West 800 South Artspace Utah 102 102 $416,119 Tax Increment Reimbursement Ongoing annual TI reimbursement obligation. Macaroni Flats 244 South 500 West Artspace Utah 13 13 $1,100,000 Property disposition (discount)Disposition complete, project closed-out. Citifront Apartments 641 West North Temple Neighborworks Salt Lake 155 94 $422,266 Loan forgiveness In October 2016, the RDA Board approved waiving a $422,266 note for the project; project closed-out. Liberty Village 2150 McClelland Street Cowboy Development 171 35 $1,060,000 Loan Loan paid in full, project closed-out. 9th East Lofts 440 South 900 East HAME 68 54 $823,670 Property acquisition; property di t Disposition complete, project closed-out. Northgate Apartments 135 South 500 West BOYER 330 159 $7,601,743 Tax Increment Reimbursement Ongoing annual TI reimbursement obligation. Pugsley Street 571 North Pugsley Street n/a 1 1 $96,267 Property acquisition Disposition complete, project closed-out. Utah Paperbox 300 West 200 South PEG Dev. /Clearwater homes 183 36 $3,200,000 Property discount Project complete. Pamela's Place 525 South 500 West HAME and GIV Development 100 100 $500,000 Loan Project complete. Exchange Building B 340 East 400 South Domain Companies and GIV Dl t 126 80 $3,000,000 Loan Project complete. Capitol Homes Apartments 1749 South State Street HAME 93 62 $3,200,000 Loan Project complete. Jefferson Mixed-Use 912/916 Jefferson Street Red Gate Properties. Big T b H ldi 3 3 $2,383,000 Property discount; loan Project complete. Jackson Apartments 274 W 200 South Hampstead Dev. Partners 80 80 $1,000,000 Loan Project complete. Diamond Rail Apartments 535 West 300 North GIV Development 80 55 $1,000,000 Loan Project complete. COMPLETED SUBTOTAL:1505 874 $30,952,198 TOTAL:3,216 2,033 $69,230,989 RDA AFFORDABLE & MIXED-INCOME HOUSING: FY 2010/11 - 2021/22 YTD: FUNDING ALLOCATIONS BY PROJECT PROJECT ADDRESS DEVELOPMENT PARTNER RESIDENTIAL UNITS RDA FINANCIAL PARTICIPATION Note: Funding allocations are approximations based on the RDA's annual budgets, annual reports, Board resolutions, and loan tracking system. Only funds allocated by the RDA to a specific project are reflected. Funds allocated to the Housing Trust Fund or funds in the process of allocation are not reflected on the table. Note: Table includes projects that received one or more funding allocations during FY 2010-11 through FY 2021-22. Projects were not necessarily completed during this timeframe. Note: For projects currently in the development pipeline and not yet completed, the number of units/affordable units is subject to change as designs and financing is finalized. STATUS TOTAL/AFFORDABLE IN PROCESSCOMPLETEDNote Pursuant to Utah Title 17C, Community Reinvestment Agency Act, Affordable Units are defined as being affordable to household earning 80% of the area median income and below.I I I I SALT LAKE CITY CORPORATION SWORN STATEMENT SUPPORTING CLOSURE OF MEETING I, Ana Valdemoros, acted as the presiding member of the Redevelopment Agency of Salt Lake City, which met on April 12, 2022 in a hybrid (in-person/electronic) meeting. Appropriate notice was given of the Redevelopment Agency meeting as required by §52-4-202. A quorum of the Board was present at the meeting and voted by at least a two-thirds vote, as detailed in the minutes of the open meeting, to close a portion of the meeting to discuss the following: §52-4-205(l)(a) discussion of the character, professional competence, or physical or mental health of an individual; §52 -4-205(1)(b) strategy sessions to discuss collective bargaining; §52-4-205(l)(c) strategy sessions to discuss pending or reasonably imminent litigation; §52-4-205(l)(d) strategy sessions to discuss the purchase, exchange, or lease of real property, including any form of a water right or water shares, if public discussion of the transaction would: (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; §52-4-205(l)(e) 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) if 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; §52-4-205(1)(f) discussion regarding deployment of security personnel, devices, or systems; and §52-4-205(1)(g) 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. Other, described as follows: _____________________________________________________________ The content of the closed portion of the Council meeting was restricted to a discussion of the matter(s) for which the meeting was closed. With regard to the closed meeting, the following was publicly announced and recorded, and entered on the minutes of the open meeting at which the closed meeting was approved: (a)the reason or reasons for holding the closed meeting; (b)the location where the closed meeting will be held; and (c)the vote of each member of the public body either for or against the motion to hold the closed meeting. The recording and any minutes of the closed meeting will include: (a)the date, time, and place of the meeting; (b)the names of members Present and Absent; and (c)the names of all others present except where such disclosure would infringe on the confidentiality necessary to fulfill the original purpose of closing the meeting. Pursuant to §52-4-206(6), a sworn statement is required to close a meeting under §52-4-205(1)(a) or (f), but a record by tape recording or detailed minutes is not required; and Pursuant to §52-4-206(1), a record by tape recording and/or detailed written minutes is required for a meeting closed under §52-4-205(1)(b),(c),(d),(e),and (g): A record was not made. A record was made by: : Electronic Recording Detailed written minutes I hereby swear or affirm under penalty of perjury that the above information is true and correct to the best of my knowledge. Presiding Member Date of Signature X X X X Ana Valdemoros (May 1, 2022 14:41 MDT)May 1, 2022 April 12, 2022 RDA Closed Session - Sworn Statement Final Audit Report 2022-05-01 Created:2022-04-12 By:DeeDee Robinson (deedee.robinson@slcgov.com) Status:Signed Transaction ID:CBJCHBCAABAARYBvrmXWND2GuTRDZ1IriZxqFS1njQWG "April 12, 2022 RDA Closed Session - Sworn Statement" History Document created by DeeDee Robinson (deedee.robinson@slcgov.com) 2022-04-12 - 10:03:18 PM GMT Document emailed to Ana Valdemoros (ana.valdemoros@slcgov.com) for signature 2022-04-12 - 10:04:11 PM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2022-04-13 - 4:58:02 AM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2022-04-27 - 10:48:10 PM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2022-05-01 - 4:16:40 AM GMT Document e-signed by Ana Valdemoros (ana.valdemoros@slcgov.com) Signature Date: 2022-05-01 - 8:41:08 PM GMT - Time Source: server Agreement completed. 2022-05-01 - 8:41:08 PM GMT SALT LAKE CITY CORPORATION SWORN STATEMENT SUPPORTING CLOSURE OF MEETING I, Ana Valdemoros, acted as the presiding member of the Redevelopment Agency of Salt Lake City, which met on April 12, 2022 in a hybrid (in-person/electronic) meeting. Appropriate notice was given of the Redevelopment Agency meeting as required by §52-4-202. A quorum of the Board was present at the meeting and voted by at least a two-thirds vote, as detailed in the minutes of the open meeting, to close a portion of the meeting to discuss the following: §52-4-205(l)(a) discussion of the character, professional competence, or physical or mental health of an individual; §52 -4-205(1)(b) strategy sessions to discuss collective bargaining; §52-4-205(l)(c) strategy sessions to discuss pending or reasonably imminent litigation; §52-4-205(l)(d) strategy sessions to discuss the purchase, exchange, or lease of real property, including any form of a water right or water shares, if public discussion of the transaction would: (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; §52-4-205(l)(e) 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) if 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; §52-4-205(1)(f) discussion regarding deployment of security personnel, devices, or systems; and §52-4-205(1)(g) 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. Other, described as follows: _____________________________________________________________ The content of the closed portion of the Council meeting was restricted to a discussion of the matter(s) for which the meeting was closed. With regard to the closed meeting, the following was publicly announced and recorded, and entered on the minutes of the open meeting at which the closed meeting was approved: (a)the reason or reasons for holding the closed meeting; (b)the location where the closed meeting will be held; and (c)the vote of each member of the public body either for or against the motion to hold the closed meeting. The recording and any minutes of the closed meeting will include: (a)the date, time, and place of the meeting; (b)the names of members Present and Absent; and (c)the names of all others present except where such disclosure would infringe on the confidentiality necessary to fulfill the original purpose of closing the meeting. Pursuant to §52-4-206(6), a sworn statement is required to close a meeting under §52-4-205(1)(a) or (f), but a record by tape recording or detailed minutes is not required; and Pursuant to §52-4-206(1), a record by tape recording and/or detailed written minutes is required for a meeting closed under §52-4-205(1)(b),(c),(d),(e),and (g): A record was not made. A record was made by: : Electronic Recording Detailed written minutes I hereby swear or affirm under penalty of perjury that the above information is true and correct to the best of my knowledge. Presiding Member Date of Signature X X X X Ana Valdemoros (May 1, 2022 14:41 MDT)May 1, 2022 April 12, 2022 RDA Closed Session - Sworn Statement Final Audit Report 2022-05-01 Created:2022-04-12 By:DeeDee Robinson (deedee.robinson@slcgov.com) Status:Signed Transaction ID:CBJCHBCAABAARYBvrmXWND2GuTRDZ1IriZxqFS1njQWG "April 12, 2022 RDA Closed Session - Sworn Statement" History Document created by DeeDee Robinson (deedee.robinson@slcgov.com) 2022-04-12 - 10:03:18 PM GMT Document emailed to Ana Valdemoros (ana.valdemoros@slcgov.com) for signature 2022-04-12 - 10:04:11 PM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2022-04-13 - 4:58:02 AM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2022-04-27 - 10:48:10 PM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2022-05-01 - 4:16:40 AM GMT Document e-signed by Ana Valdemoros (ana.valdemoros@slcgov.com) Signature Date: 2022-05-01 - 8:41:08 PM GMT - Time Source: server Agreement completed. 2022-05-01 - 8:41:08 PM GMT