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Home My WebLink About05/10/2022 - Meeting MaterialsBoard of Directors of the REDEVELOPMENT AGENCY OF SALT LAKE CITY AGENDA May 10,2022 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:09:34:39 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: 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 September 14,2021. 2.Resolution:Bicycle Collective Loan ~2:10 p.m. 20 min. The Board will receive a briefing about,and consider adopting a resolution that would approve a $1.75 million loan request from the Bicycle Collective to fund construction of the nonprofit’s headquarters located at approximately 901 South Gale Street.The project will contain about 15,000 square feet for a multi-use building that will house retail, programming,and operations space for the Bicycle Collective. 3.Resolution:Loan Amendment for West End LLC ~2:30 p.m. 20 min. The Board will receive a briefing about,and consider adopting a resolution that would amend the existing loan term sheet for West End LLC for the adaptive reuse of two warehouses located at approximately 740 West 900 South.The Applicant is requesting to extend their loan through the RDA Loan Program for an additional five years. 4.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. 5.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; •Event Recap; •Upcoming Events;and •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: 1.Informational:Status Report on RDA Commercial Loan Portfolio Written Briefing - The Board will receive a written briefing about the status of the RDA’s commercial loan portfolio.This report identifies the following: •New loans approved between July 1,2021 and March 31,2022. •Remaining amount in the existing portfolio •Outstanding principal for each loan fund •Any delinquencies 2.Informational:Redevelopment Agency Semi-Annual Property Report Written Briefing - The Board will receive a written briefing of all Tier 1 and Tier 2 properties owned by the RDA,as per the Land Disposition Policy.The May 2022 report includes the description, address,parcel ID,size,zoning and tier category of each property.In addition,the report details approximate acquisition date,current category of disposition,interim use and proposed permanent use for each property. E.Consent –the following items are listed for consideration by the Board and can be discussed individually upon request.A motion to approve the consent agenda is approving all of the following items: NONE. F.Tentative Closed Session The Board will consider a motion to enter into Closed Session.A closed meeting described under Section 52-4-205 may be held for specific purposes including,but not limited to: 1.discussion of the character,professional competence,or physical or mental health of an individual; 2.strategy sessions to discuss pending or reasonably imminent litigation; 3.strategy sessions to discuss the purchase,exchange,or lease of real property: (i)disclose the appraisal or estimated value of the property under consideration;or (ii)prevent the public body from completing the transaction on the best possible terms; 4.strategy sessions to discuss the sale of real property,including any form of a water right or water shares,if: (i)public discussion of the transaction would: (A)disclose the appraisal or estimated value of the property under consideration; or (B)prevent the public body from completing the transaction on the best possible terms; (ii)the public body previously gave public notice that the property would be offered for sale;and< (iii)the terms of the sale are publicly disclosed before the public body approves the sale 5.discussion regarding deployment of security personnel,devices,or systems;and 6.investigative proceedings regarding allegations of criminal misconduct. A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah Code §78B-1-137,and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and Public Meetings Act. G.Adjournment CERTIFICATE OF POSTING On or before 5:00 p.m.on May 6,2022,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. PENDING MINUTES –NOT YET APPROVED The Board of Directors of the Redevelopment Agency (RDA)of Salt Lake City met on Tuesday, September 14,2021 in an Electronic Meeting,pursuant to the Chair’s determination. The following Board Members were present: Dennis Faris,Amy Fowler,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,James Rogers Present Agency Leadership: Mayor Erin Mendenhall,Danny Walz –Chief Operating Officer Present City Staff: Ashley Ogden –Project Manager,Cara Lindsley –Project Manager,Corinne Piazza –Project Manager,Tammy Hunsaker –Deputy Chief Operating Officer,Tracy Tran –Project Manager, Cindy Lou Trishman –City Recorder,Allison Rowland –Public Policy Analysis II,Taylor Hill –Council Staff,Ben Luedtke –Pubilc Policy Analysist II Director Chair Valdemoros presided at and conducted the meeting. The meeting was called to order at 2:19 pm MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 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: Director Valdemoros welcomed all in attendance to the meeting and reviewed the rules of decorum. Michael Valentine read an email regarding the Pantages Theater and its historical value,made allegations regarding Mayor Mendenhall’s campaign finance,and asked the Board to save the theater. Director Wharton noted the rules of decorum specifically stated that the allegations made against the Mayor were against decorum. Director Valdemoros agreed with Board Member Wharton and expressed appreciation for Mr.Valentine’s investment while noting that future defamatory commentary was not allowed. Oscar Arvizu expressed support for saving the Pantages Theater and asked the Board to place the theater on the City’s historical registry. Colin Cronin expressed concern for the historic value that the City might lose with the destruction of the Pantages Theater. Sharon Franz asked Board Members to make the Pantages Theater a historic City landmark. Robert Stefanik expressed concern regarding the Pantages Theater. David Berg asked the Board to grant historic status to the Pantages Theater. Shane Franz commented on the Pantages Theater and asked the Board to grant historic status to the theater. Mario Ruiz expressed support for granting historic status to the Pantages Theater. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 2 B.Public Hearing -individuals may speak to the Board once per public hearing topic for two minutes,however written comments are always accepted: NONE. Minutes: Item not held. 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,August 24,2021. Motion: Moved by Director Rogers,seconded by Director Mano to to approve meeting minutes of Tuesday,August 24,2021. AYE:Dennis Faris,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,James Rogers ABSENT:Amy Fowler Final Result:6 –0 Pass 2.Motion:Meeting Remotely Without an Anchor Location ~2:10 p.m. 5 min. The Board will consider a motion to ratify the Chair’s determination to continue meeting remotely and without an anchor location due to the health and safety of the people who may be in attendance,and considering the continued closure of the City and County Building to the public. Motion: Moved by Director Wharton,seconded by Director Dugan to approve to ratify the Chair’s determination to continue meeting remotely without an anchor location due to the health and safety of the people who may be in attendance, and considering the continued closure of the City and County Building to the public. AYE:Dennis Faris,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,James Rogers ABSENT:Amy Fowler Final Result:6 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 3 3.Resolution:Richmond Flats Loan Amendment ~2:15 p.m. 20 min. The Board will be briefed about,and will consider adopting,a resolution that would amend the Community Development Corporation of Utah’s (CDCU)loan term sheet for the affordable housing development known as Richmond Flats,to be located at approximately 2960 South Richmond Street.The proposed amendment would authorize an amendment to the term sheet of a $1,800,000 loan at the request of CDCU.This would restructure the loan so that the RDA lien is on only the land and not on the improvements, which in turn would help the organization’s tax credit application.The Board approved a previous amendment to the terms for acquisition and redevelopment of the properties in May 2020. Minutes: Allison Rowland,Tracy Tran,and Tammy Hunsaker presented the Richmond Flats Loan including project overview,project summary,the proposed loan term amendment, approved terms with proposed amendments,considerations,and next steps. Director Mano asked for clarification on the reasoning for the change in terms.Ms. Hunsaker explained the the long-term ownership of the land was clarified through the updated language. Motion: Moved by Director Dugan,seconded by Director Wharton to adopt Resolution 15 of 2021,amending the Community Development Corporation of Utah’s (CDCU)loan term sheet for the affordable housing development known as Richmond Flats. AYE:Dennis Faris,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,James Rogers ABSENT:Amy Fowler Final Result:6 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 4 4.Resolution:RDA Budget Amendment No.1 for Fiscal Year 2021-22 ~2:35 p.m. 30 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 retail tenant relocation assistance and City Creek daylighting along the Folsom Trail designs among other items. Minutes: Ben Luedtke presented the budget amendment including: •Funding for retail tenant relocation assistance •City Creek day lighting •Folsom Trail designs Director Mano asked why the developers of the retail tenant location were not helping with the relocation funds.Mr Luedtke and Danny Walz explained it was a recommendation,not a requirement. Director Mano asked to further discuss these types of recommendations on a broader scale. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 5 5.Informational:Project Area Extensions ~3:05 p.m. 20 min. The Board will be briefed about the potential extension of certain Agency project areas due to the impacts of the COVID-19 pandemic.During a 2020 special session,the State Legislature passed Senate Bill 6001,which allows a Community Reinvestment Agency to extend for up to two years the property tax increment collection period.The Board may consider a resolution to authorize the extension as well as propose the potential use of additional increment. Minutes: Ben Luedtke presented the Project Area Extensions due to the COVID-19 Pandemic, explained the two deadlines,and stated four project areas were recommended to extend deadlines to meet State requirements. Danny Walz highlighted primary objectives such as providing immediate assistance and short-term involvement,and to focus on residences whom have been hit the hardest by COVID-19. Director Valdemoros asked if any direction needed.Mr.Luedtke stated direction was needed for Staff to have enough time to create the legislation by November. Director Mano expressed that his hesitancy for support depended on the next agenda item. A Straw Poll of support requesting staff to return with resolutions to extend the four project areas for two years was supported by all present. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 6 6.Informational:Strategic Alignment of RDA Values and Resources ~3:25 p.m. 20 min. The Board will be briefed about several upcoming draft programs and policies the RDA anticipates to be ready for review within the next 12 months.This includes new and updates to existing programs and policies.The briefing is part of a longer effort to better target resources by aligning with the Board’s priorities and community needs. Minutes: Tammy Hunskaker presented the strategic alignment of the RDA values and resources including an overview,targeting resources to community needs,proposed policy and program revisions. Director Dugan stated there were many items on the list,worried that it was more than the RDA could handle. Director Mano inquired about investments for the Westside.Ms.Hunsaker explained there were items in the Work Plan that would increase worker mobility and support the creation of affordable housing on the Westside of the City. Director Wharton stated it was ambitious but was appreciative of the focus on equity and sustainability. Director Rogers expressed excitement towards the efforts put forward for the development of Salt Lake City. Director Valdemoros commented on the way the City was being proactive and focused on helping neighbors in an equitable way. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 7 7.Informational:RDA Equitable and Inclusive Development Work Plan ~3:45 p.m. 20 min. The Board will be briefed about the draft Equitable and Inclusive Development Work Plan (“Work Plan”).It’s intended to be an internal guidance document to address historical inequities and discrimination in the real estate development industry by considering these factors in project prioritization and budgeting efforts.It also outlines development goals, actions items,and lists some initial ideas for new or amended RDA programming that would directly support the Work Plan. Minutes: Ashley Ogden presented the RDA equitable and inclusive development Work Plan including: •Purpose statement •Work Plan structure •Ten goals of the project: ◦data-informed decision-making ◦anti-displacement ◦wealth building ◦equitable relocation ◦access to opportunity ◦environmental justice ◦authentic place making ◦community partnerships ◦inclusive outreach ◦increased diversity of projects and applicants •Potential programming ideas •Next steps to implement the Work Plan Director Mano asked where/when in the hierarchy the workflow would get used.Ms. Ogden explained it would help inform all policies to staff as projects were created. Director Mano said he wanted to see the goals and objectives revisited/evaluated to ensure the program’s success.Tammy Hunsaker explained the idea was to track that information and provide it to the Board on an annual or semi-annual basis. Director Wharton asked how groups that had traditionally been under served were included in the plan.Ms.Hunsaker explained they were still included in the process and would be presented to the Board as the information was obtained.Ms.Ogden explained conversations would be held with the groups that had been traditionally under served. Danny Walz stated meetings with Dr.Parker had been held as part of the development of the plan. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 8 8.Informational:Westside Community Initiative ~4:05 p.m. 20 min. The Board will be briefed about the framework for a new program to use Inland Port Housing Funds to advance development activities on the City’s Westside.The new program is tentatively called the Westside Community Initiative (WCI).The proposed WCI would be based on models of community land trusts and cooperative housing developments,but would be broader,facilitating the implementation of transformative mixed-income,mixed-use projects with a focus on affordable homeownership.The projects would be leveraged with additional public benefits including neighborhood services,economic opportunity,and transit-oriented development.This long-term approach to development projects would allow the WCI to balance the implementation of public benefits with the ability to generate revenue to be reinvested back into the community. Minutes: Allison Rowland explained no action was required for this item and was strictly informational. Tammy Hunsaker provided a presentation on the Westside Community Initiative including an overview,purpose of the project,goals,funding sources,activities,and next steps. Director Dugan expressed appreciation for the presentation. Director Valdemoros asked about rental projects and if there could be intervention or tracking to see the progress from rental to affordable housing opportunities. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 9 9.Informational:Update on the Spark!Project (Former Overniter Motel)at 1500 West North Temple ~4:25 p.m. 20 min. The Board will receive a briefing about the Spark!project including an update on the project status,housing unit mix,and upcoming administrative and RDA Board steps.The proposed Spark!project is located at the former Overniter Motel property,1500 West North Temple in the North Temple Project Area.The proposed project will include approximately 200 affordable and workforce housing in a variety of sizes;approximately 4,000 square feet of pedestrian-scale retail space oriented towards North Temple;a transit-oriented corner plaza;additional plaza or rooftop garden space;and a potential daycare facility. Minutes: Allison Rowland explained no action was required and the main purpose was to update the Board on the project. Corinne Piazza presented the Spark!Project including property details,proposed Spark!mixed-use projects,RDA involvement,status update,unit mix and financing, preserving affordability into the future,area growth,and the next administrative steps. Director Valdemoros questioned the finance gap between the land disposition and the potential additional funding request.Ms.Piazza explained the financial gap was not determined and the land disposition was a key piece to keeping the development affordable. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 10 10.Informational:North Temple Implementation Plans ~4:45 p.m. 20 min. The Board will be briefed about the draft Implementation Plan for the North Temple Project Area.Implementation plans are intended to identify specific objectives over the next five years that incorporate and balance the goals of the City,the RDA,and the community.The plans will guide the development of the RDA’s annual funding requests that are brought to the RDA Board each fiscal year.This draft plan includes improvements to the Folsom Trail,public art and small business incentives for properties along that trail,and assisting with the State Fairpark master plan among other items. Minutes: Cara Lindsley presented the North Temple implementation plans including: •Project area implementation plans •RDA’s active project areas •North Temple implementation area boundaries •Project objectives •Budget summary and projections •Assets •Priority programs including short-term,long-term,mid-term and completed projects Director Faris expressed appreciation for the work on the projects. Director Valdemoros asked for the status of the Fairpark project.Ms.Lindsley explained that some projects in the master plan had components that would be completed sooner while others took longer to finish. Director Rogers suggested hosting a presentation from Larry Mullenax for the RDA Board. 11.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: Mayor Mendenhall commented on the information provided in the meeting and noted her appreciation for the Board and Staff for the work being done. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 11 12.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. Minutes: No announcements. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 12 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.Resolution:RDA Budget Amendment No.1 for Fiscal Year 2021-22 The Board will set the date of Tuesday,October 12,2021 at 2 p.m.to accept public comment and consider adopting 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 retail tenant relocation assistance and City Creek daylighting along the Folsom Trail designs among other items. Motion: Moved by Director Wharton,seconded by Director Dugan to approve the Consent agenda. AYE:Dennis Faris,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,James Rogers ABSENT:Amy Fowler Final Result:6 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 13 F.Tentative Closed Session The Board will consider a motion to enter into Closed Session.A closed meeting described under Section 52-4-205 may be held for specific purposes including,but not limited to: 1.discussion of the character,professional competence,or physical or mental health of an individual; 2.strategy sessions to discuss pending or reasonably imminent litigation; 3.strategy sessions to discuss the purchase,exchange,or lease of real property: (i)disclose the appraisal or estimated value of the property under consideration;or (ii)prevent the public body from completing the transaction on the best possible terms; 4.strategy sessions to discuss the sale of real property,including any form of a water right or water shares,if: (i)public discussion of the transaction would: (A)disclose the appraisal or estimated value of the property under consideration; or (B)prevent the public body from completing the transaction on the best possible terms; (ii)the public body previously gave public notice that the property would be offered for sale;and< (iii)the terms of the sale are publicly disclosed before the public body approves the sale 5.discussion regarding deployment of security personnel,devices,or systems;and 6.investigative proceedings regarding allegations of criminal misconduct. A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah Code §78B-1-137,and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and Public Meetings Act. Minutes: Closed Session Start Time:4:49 pm Closed Session Attendance:Board Members Valdemoros,Faris,Wharton,Rogers,Mano, Dugan,and Fowler City Staff:Executive Director Erin Mendenhall,Rachel Otto,Lisa Shaffer,Andrew Johnston,Katie Lewis,Mary Beth Thompson,Lindsey Nikola,Danny Walz,Tammy Hunsaker, Amanda Greenland,Ben Kolendar,Lorena Riffo Jenson,Allison Parks,Cara Lindsley,Robyn Stine,Cindy Gust-Jenson,Jennifer Bruno,Lehua Weaver,Allison Rowland,Ben Luedtke,Sam Owen,Cindy Lou Trishman and Taylor Hill Motion by Director Wharton,seconded by Director Dugan to exit the Closed Session.Roll call vote (all voted aye)with Amy absent. Closed Session ended at 5:39 pm Motion: MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 14 Moved by Director Wharton,seconded by Director Faris to enter into Closed Session purposes of real estate strategy and to receive the advice of Counsel. AYE:Dennis Faris,Ana Valdemoros,Chris Wharton,Daniel Dugan,Darin Mano,James Rogers ABSENT:Amy Fowler Final Result:6 –0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 15 G.Adjournment Meeting adjourned at 5:39 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 Redevelopment Agency meeting held Tuesday,September 14,2021 MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday,September 14,2021 16 REDEVELOPMENT AGENCY OF SLC BICYCLE COLLECTIVE –901 S GALE STREET LOAN REQUEST RDA BOARD OF DIRECTORS MEETING –MAY 10, 2022 PROJECT OVERVIEW 901 S Gale Street PROJECT SUMMARY APPLICANT •Bicycle Collective PROJECT CONCEPT •15,000 square foot multi-use building that will house headquarters of the organization including retail, programming, and operations space LOAN REQUEST •$1,750,000 construction loan TIMELINE •If financing approved, construction anticipated to be complete Q1 2023 PROJECT SUMMARY RDA OWNED-LAND •In 2017, through RFP, RDA selected Bicycle Collective to negotiate the development the property. •In 2018, the RDA Board approved a land write down for the property in exchange for public benefits. •Land will be conveyed to Bicycle Collective once financing sources are secured. PUBLIC BENEFITS •Public Amenities, Transit Alternatives, Architecture and Urban Design, Sustainability. PROPOSED TERMS AMOUNT •$1,750,000 INTEREST RATE *To be eligible for interest rate reductions, the project will be required to meet the criteria outlined in section VI of memo. **The interest rate provided is an estimate. The final interest rate will be based on the U.S. Treasury Yield Curve Rate, as determined by the term of the loan, at loan closing. TERM/AMORTIZATION •5 years/20 years COLLATERAL •First-position lien on property RDA Loan Program Base Rate (U.S. Treasury Yield plus 3%)5.66% Public Benefit Interest Rate Reduction*: •Public Amenities •Transit Alternatives •Architecture and Urban Design •Sustainability -0.5% -0.5% -0.5% -0.5% Final Interest Rate****3.66% RENDERINGS CONSIDERATIONS AND NEXT STEPS •RDA Finance Committee provided a positive recommendation to the RDA Board. •Loan repayment is based on the organization’s ability to fundraise. •Bicycle Collective anticipates additional fundraising once building is under construction. •RDA will have a lien on property (land and improvements) if they are unable to pay back the loan. •RDA Board makes final decision. The Bicycle Collective RECYCLING BICYCLES, BUILDING COMMUNITIES Mission: ●Environmental ○To promote cycling as an effective and sustainable form of transportation and recreation, and as a cornerstone of a cleaner, healthier, and safer society. ●Humanitarian ○The Collective provides refurbished bicycles and educational programs to the community focusing on children, low to moderate income households, refugees, people experiencing homelessness and housing insecurity, and individuals recovering from substance abuse. What we do: Simply Sell affordable refurbished bicycles Give away free bicycles to those in need Provide Do-It-Yourself repair space and tools Offer a professional service center Teach bicycle mechanics through classes and volunteer work Accept and recycle donated bicycles and parts Community Impact: With a broad range of partners, the Bicycle Collective identifies critical local needs & develops creative solutions New Collective Hub: The Highest Functioning Community Bicycle Shop in America Granary Location: -Seamless alignment with 9 Line path, connecting east and west SLC -Centrally located to partner homelessness and workforce agencies -2 blocks from Trax stop, 1 block from bus stop -Immediately across the street from Fleet Block -Adjacent to thousands of entitled, permitted, and recently constructed housing units –both market rate and affordable Thank you for your ongoing support! Unique Hybrid Business Model 3 4 1 2 Receive Donation of Bikes and Components General public, Police Departments, UTA, Bike manufacturers, Retail outlets Refurbish Bikes refurbished by full-time and volunteer technicians Sell Affordable Bikes and Components Sold directly via 4 Utah-based locations and web store encouraging ecological transportation and affordable transportation Donate Bikes Provide means of transportation for those who need it the most Strategic Shift: Expand Products and Remove Sales Barriers ●2020 ○Launched campaign to build new hub and statewide headquarters ○Diversified revenue streams with onset of COVID-19 ■Opened service & repair operations ■Launched limited on-line parts & component sales (eBay) ○Shifted programming online ○Offered healthcare to full-time employees ■Supported by a capacity building grant from Ray & Tye Noorda Foundation ●2021 ○Created & produced industry’s first youth video series ○Refreshed brand and logo to expand appeal & recognition ■Introduced branded merchandise ○Expanded sales opportunities via omni channel digital platform ■Expanded, integrated online (Shopify) and in-store sales ●2022 ○Use our digital presence not only to sell pre-owned bikes and parts, bike accessories and branded merchandise online, but to grow awareness to encourage visits to all our community bike shops. ○Increase awareness of campaign to raise funds for the new Salt Lake City hub (900 S and 325 West). Bicycle Collective New Headquarters Virtual Tour HTTPS://WWW.BOWENSTUDIOS-VT.COM/BICYCLECOLLECTIVE/ MAYOR ERIN MENDENHALL Executive Director DANNY WALZ Director REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: April 22, 2022 PREPARED BY: Tracy Tran RE: Consideration of a loan up to $1,750,000 to Bicycle Collective REQUESTED ACTION: Consider approving a $1,750,000 loan request from Bicycle Collective to fund construction of the nonprofit headquarters located at approximately 901 S Gale Street POLICY ITEM: Granary Project area development. BUDGET IMPACTS: Up to $1,750,000 from the revolving loan fund. EXECUTIVE SUMMARY: The Bicycle Collective (“Applicant”), a nonprofit organization, is requesting a $1,750,000 bridge loan through the Redevelopment Agency of Salt Lake City’s (“RDA”) Loan Program for the construction of a new building located within the RDA’s Granary District project area at approximately 901 S Gale Street (“Property”), as illustrated in Attachment A: Site Map. The project will contain about 15,000 square feet for a multi-use building that will house the retail, programming, and operations space for the Bicycle Collective. The terms are provided in Attachment D: Term Sheet and Attachment E: Resolution for consideration by the RDA Board of Directors (“Board”). The Applicant is seeking primary financing as a traditional bank loan would be cost-prohibitive for the nonprofit organization. The RDA Loan Program Policy (“Policy”) allows the RDA to provide primary financing if the project is an RDA project which involves RDA-owned property, is innovative in nature and financing is either unavailable or limited and cost-prohibitive to the project. The RDA currently owns the land. In November 2017, through a request for proposals (“RFP”) process, the RDA selected the Bicycle Collective with which to negotiate the development of the Property. In addition, in August 2018, the Board approved a land write-down for the property in exchange for incorporating public benefits within the development. The project will include public art, high quality façade materials and will be designed to at least a LEED Silver standard or equivalent level. RDA FINANCE COMMITTEE RECOMMENDATION: The RDA Finance Committee (“Committee”) is scheduled to review the proposed loan terms. The Committee’s recommendation will subsequently be forwarded to the Board. ANALYSIS & ISSUES: An overview of 1) property details, 2) primary financing, 3) RDA loan fund policy alignment, 4) Granary District project area alignment 5) proposed loan terms, 6) capability for loan repayment, and 7) developer’s experience is as follows: 1. Property Details The property is currently owned by the RDA and contains approximately .26 acres. Additionally, the Property is vacant and is zoned D-2 (Downtown Support) District. 2. Primary Financing The Applicant is requesting a $1,750,000 primary loan through the RDA Loan Program for construction of the Project. The applicant is seeking primary financing as a traditional bank loan would be cost-prohibitive and would be difficult to obtain due to the additional risk involved with the development of the nonprofit headquarters, which will primarily be based on fundraising. The Project’s capital stack also includes RDA land contribution and fundraising. 3. Policy Alignment: RDA Loan Program This loan request aligns with RDA Loan Program Policy (“Program”), as adopted by the RDA Board of Directors, with a clarification that although the loan amount is technically sized appropriately (using debt service coverage ratio and/or loan to value calculations) as per the Program, the projected repayment of the loan is based on the ability for the Applicant to adequately fundraise to cover the loan balance at the end of the term. The reliance on this fundraising to cover the loan makes this project riskier than others. The Applicant anticipates receiving donations from large donors once the project construction is underway. The projections show that the Applicant should be able to pay off their loan within the proposed 5-year term. The Applicant has requested an interest rate reduction to acknowledge four public benefits provided by the Project: • Public Amenities: The Project is located along 9 Line Corridor that connects the east with the west side neighborhoods. The Project will also include a public art amenity. • Transit Alternatives: The mission of the Bicycle Collective is to promote cycling as an effective and sustainable form of transportation. Additionally, the Project will include employee shower and lockers. • Architecture and Urban Design: The Project participated in an RDA design review process that reviewed the buildings materials, how the project fits in the with surrounding neighborhood, and how the project will enhance the public realm. • Sustainability: The Project will be an all-electric building that will include rooftop solar and the Project has been designed to a LEED-Silver equivalent standard. The Bicycle Collective was also recently awarded a Blue Sky Grant from Rocky Mountain Power. 4. Policy Alignment: Granary District Redevelopment Project Area Plan The Project aligns with the RDA’s goals for the neighborhood, as adopted through the Granary District Redevelopment Project Area Plan, as follows: • Commercial Objectives: o Provide a broad mixture of small and medium commercial tenants representing a variety of uses. o Promote commercial development on a neighborhood scale with an emphasis on specialty stores and neighborhood services. Neighborhood Revitalization: Return underutilized land to a productive use through a reduction in the number of neglected buildings and vacant lots to reduce crime and improve the physical environment of the neighborhood. • Housing Objectives: o Create attractive neighborhood environments that will reinforce the sense of community. o Require active, friendly and public-oriented ground-level uses that contribute to the pedestrian environment and serve the neighborhood. • Transportation Objectives: o Pedestrian and Bicyclist Circulation: Provide access with an emphasis on a friendly and safe environment for bicycles and pedestrians. • Urban Design o Create a pedestrian friendly streetscape that will establish a sense of neighborhood. 5. Summary of Proposed Loan Terms • Amount: The loan amount will be sized to the lower of $1,750,000 or a maximum of a 90% of value as per an as-completed appraisal. • Interest Rate: RDA Loan Program Base Rate (U.S. Treasury Yield plus 3%) 5.66% Public Benefit Interest Rate Reduction*: • Public Amenities • Transit Alternatives • Architecture and Urban Design • Sustainability -0.5% -0.5% -0.5% -0.5% Final Interest Rate**** 3.66% *To be eligible for interest rate reductions, the project will be required to meet the criteria outlined in section 3. **The interest rate provided is an estimate. The final interest rate will be based on the U.S. Treasury Yield Curve Rate, as determined by the term of the loan, at loan closing. • Term: 5 years. • Amortization: 20 years. • Lien: A deed of trust lien, recorded in first position, on the Property 6. Loan Repayment The loan repayment for this Project is based on fundraising. The project is projected to pay off the loan through their capital campaign that will seek donations from individuals, organizations, and foundations. The Applicant has raised a large portion of funds and anticipates additional donations once the construction begins. These donations are expected to cover the debt service for the loan. 7. Developer’s Experience The development team consists of four members from the Applicant’s Building Committee with a range of experience in executive, project, and construction management. PREVIOUS BOARD ACTION: • In August 2018, the RDA Board approved a land write-down for the property in exchange for incorporating public benefits within the development (R-28-2018). ATTACHMENTS: A. Site Map B. Site Photos C. Project Renderings D. Term Sheet E. Resolution ATTACHMENT A: SITE MAP -" -' r ---_--~---------------------------------------- 1 I -i · i ' j '-1 i i I J 900 SOUTH ATTACHMENT B: SITE PHOTOS ATTACHMENT C: PROJECT RENDERINGS & ELEVATIONS I I [O □ i @ NORTI-A'IEST @SOUTHWEST GbFijf Fti I i 'i 1 @ NORTHEAST (~ SOUTHEAST ATTACHMENT D: TERM SHEET APPLICANT Bicycle Collective (“Applicant”), a nonprofit entity ADDRESS Property located at approximately 901 S Gale Street PROPOSED LOAN TERMS • Amount: $1,750,000 • Eligible Uses: Construction costs • Interest Rate: RDA Loan Program Base Rate (U.S. Treasury Yield plus 3%) 5.66% Public Benefit Interest Rate Reduction: • Public Amenities* • Transit Alternatives** • Architecture and Urban Design*** • Sustainability**** -0.5% -0.5% -0.5% -0.5% Final Interest Rate***** 3.66% RDA staff will confirm the Project qualifies for the applicable interest rate reductions. Any changes to the project could result in changes to the interest rate reductions: *To be eligible for this interest rate reduction, the project will include a public art amenity **To be eligible for this interest rate reduction, the project will be required to provide employee shower, locker, and bicycle facilities as part of their overall development. ***The project participated and received approval through an RDA Design Review process. ****The project will be an all-electric building that will include rooftop solar and the Project has been designed to a LEED-Silver equivalent standard. *****The interest rate provided is an estimate. The final interest rate will be based on the U.S. Treasury Yield Curve Rate, as determined by the term of the loan, at loan closing. • Term: 5 years • Amortization: 20 years • Payments: Hard repayments with balloon payment due at the end of the term. • Security: A first position lien on the property. • Disbursement: Loan proceeds shall be disbursed through construction draws. LOAN TERM SHEET Bicycle Collective CONDITIONS FOR LOAN CLOSING Prior to loan closing, the Applicant will complete the following: • RDA approves all terms of the loan. • Obtain all required City approvals. • Execute loan documents (e.g. promissory notes, loan agreements, security documents, and guarantees) as deemed necessary by the RDA and its legal counsel. • Receive approval from the RDA and its legal counsel of all matters pertaining to title, legality of the loan, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the loan transaction. • Provide evidence of insurance in such amounts and with such coverage as deemed necessary by the RDA for the Property. • Such other terms as recommended by the RDA’s legal counsel and staff. OTHER CONDITIONS • The Project shall operate as the intended use over the term. • The Project shall remain in good financial and legal standing over the term. REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. _______________ Loan to Bicycle Collective RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO THE BICYCLE COLLECTIVE FOR A COMMERCIAL DEVELOPMENT PROJECT LOCATED AT APPROXIMATELY 901 SOUTH GALE STREET WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act. WHEREAS, the RDA and the governing body of Salt Lake City (the “City”) adopted the Granary District Redevelopment Project Area Plan on April 15, 1999. WHEREAS, the RDA has a revolving loan fund to provide construction loans for projects located in its project areas. WHEREAS, Bicycle Collective, a Utah nonprofit entity, (the “Developer”) will construct a commercial development to house its headquarters (the “Project”) on the property consisting of approximately 0.26 acres located at approximately 901 South Gale Street (the “Property”). WHEREAS, the Developer has applied for a loan from the RDA to assist with construction costs for development of the Project. WHEREAS, on May 5, 2022, the RDA Finance Committee reviewed the loan application. WHEREAS, based on the RDA Finance Committee’s recommendations, the RDA staff recommends the attached set of terms (the “Term Sheet”) for a loan to the Developer, as borrower, for the Project. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City (the “Board”) that it approves the loan outlined in the Term Sheet attached hereto, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. The Board authorizes the Executive Director to negotiate and execute the loan agreement and any other relevant documents consistent with the Term Sheet, and incorporating such other terms and agreements as recommended by the City Attorney’s office. ATTACHMENT E: RESOLUTION Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this ____ day of May, 2022. _________________________________ Ana Valdemoros, Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Sara Montoya Date: April 21, 2022 The Executive Director: ____ does not request reconsideration ____ requests reconsideration at the next regular Agency meeting. ________________________________ Erin Mendenhall, Executive Director Attest: ________________________ City Recorder r i ~ EXHIBIT A: LOAN TERM SHEET APPLICANT Bicycle Collective (“Applicant”), a nonprofit entity ADDRESS Property located at approximately 901 S Gale Street PROPOSED LOAN TERMS  Amount: $1,750,000  Eligible Uses: Construction costs  Interest Rate: RDA Loan Program Base Rate (U.S. Treasury Yield plus 3%) 5.66% Public Benefit Interest Rate Reduction:  Public Amenities*  Transit Alternatives**  Architecture and Urban Design***  Sustainability**** -0.5% -0.5% -0.5% -0.5% Final Interest Rate***** 3.66% RDA staff will confirm the Project qualifies for the applicable interest rate reductions. Any changes to the project could result in changes to the interest rate reductions: *To be eligible for this interest rate reduction, the project will include a public art amenity **To be eligible for this interest rate reduction, the project will be required to provide employee shower, locker, and bicycle facilities as part of their overall development. ***The project participated and received approval through an RDA Design Review process. ****The project will be an all-electric building that will include rooftop solar and the Project has been designed to a LEED-Silver equivalent standard. *****The interest rate provided is an estimate. The final interest rate will be based on the U.S. Treasury Yield Curve Rate, as determined by the term of the loan, at loan closing.  Term: 5 years  Amortization: 20 years  Payments: Hard repayments with balloon payment due at the end of the term.  Security: A first position lien on the property.  Disbursement: Loan proceeds shall be disbursed through construction draws. CONDITIONS FOR LOAN CLOSING Prior to loan closing, the Applicant will complete the following:  RDA approves all terms of the loan. LOAN TERM SHEET Bicycle Collective RDA LOAN RDA LOAN PROGRAM  Obtain all required City approvals.  Execute loan documents (e.g. promissory notes, loan agreements, security documents, and guarantees) as deemed necessary by the RDA and its legal counsel.  Receive approval from the RDA and its legal counsel of all matters pertaining to title, legality of the loan, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the loan transaction.  Provide evidence of insurance in such amounts and with such coverage as deemed necessary by the RDA for the Property.  Such other terms as recommended by the RDA’s legal counsel and staff. OTHER CONDITIONS  The Project shall operate as the intended use over the term.  The Project shall remain in good financial and legal standing over the term. REDEVELOPMENT AGENCY OF SLC WEST END DEVELOPMENT COMMERCIAL REVOLVING LOAN FUND LOAN TERM AMENDMENT RDA BOD MEETING –MAY 10, 2022 PROJECT OVERVIEW 740 West 900 SOUTH DEVELOPER •West End LLC PROJECT DETAILS •In 2019, a $3.1 M RDA loan was approved to support the adaptive reuse of two existing warehouses by West End LLC •Construction was completed in Fall 2021 •Created 10,800 SF of rentable commercial •The pandemic slowed construction and leasing of the buildings PROJECT SUMMARY SITE PHOTOS PROPOSED LOAN TERM AMENDMENT AMOUNT $3,100,000 INTEREST RATE *The option to extend requires an interest rate increase of 2% at the 5-year extension TERM 5 years, with a preauthorized 5-year extension for a total preauthorized term of 10 years. COLLATERAL & GUARANTEES First-position lien & personal guarantee RDA Loan Program Base Rate (U.S. Treasury Yield + 3%)3.46% Public Benefit Interest Rate Reductions: •Adaptive Reuse •Public Amenities •Economic Impact •Transit Alternatives •Architecture & Urban Design •Sustainability -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% Final Interest Rate (Years 1-5)0.46% Final Interest Rate (Years 6-10)*2.46% CONSIDERATIONS AND NEXT STEPS •The RDA Finance Committee has recommended approval of the proposed amendment to RDA Board SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245 MAYOR ERIN MENDENHALL Executive Director DANNY WALZ Director REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: April 22, 2022 PREPARED BY: Tracy Tran and Kate Werrett, Project Managers RE: Consideration of an amendment to the existing loan term sheet for West End LLC for the adaptive reuse of two warehouses located at approximately 740 West 900 South REQUESTED ACTION: Consider adoption of a resolution approving a first amended term sheet for a loan to West End LLC for a commercial development project located at approximately 740 West 900 South. POLICY ITEM: 9 Line Project Area Development. BUDGET IMPACTS: An extension of the loan term for a $3,100,000 loan from the revolving loan fund. EXECUTIVE SUMMARY: In September 2019, the Redevelopment Agency of Salt Lake City (“RDA”) Board of Directors (“Board”) approved a resolution that allocated up to $3,100,000 to West End LLC (“Applicant”) for an adaptive reuse development that converted two existing warehouses into commercial uses within the 9 Line Community Reinvestment Area (“CRA”). Please see Attachment A: Resolution (2019): Loan to West End LLC. The Project contains about 10,900 square feet of rentable commercial space and a midblock connection with pedestrian improvements at about 750 West between Genesee Ave and 900 South. This commercial piece is the first phase of the overall vision for this site. The second phase for this project will include a multifamily building located to the east of the subject Project. This was the first 9 Line CRA project to receive RDA assistance since the Project Area adoption in 2018. Due to delays in construction and challenges finding tenants during the COVID pandemic, the Applicant is requesting a five-year term extension to the RDA loan which is in place for the commercial phase of the Project. Originally when the loan was approved in 2019, the Applicant had anticipated construction to take approximately nine months and that occupancy and leasing would begin in January 2021. The pandemic caused construction delays and due to the uncharted economic climate, leasing the buildings has taken more time than anticipated. The delay in rental income generation along with a reduction in rental rates prompted this RDA loan term extension request. The Applicant is requesting to extend their loan through the RDA Loan Program for an additional five years. RDA Loan Program Policy (“Policy”) allows a standard loan term to be extended up to 10 years through a preauthorized extension. Pursuant to Policy, the Project is eligible to be preauthorized for an extension provided that the interest rate increases by 2% at the 5-year extension. Refer to Attachment B: Loan Term Sheet Amendment No. 1 for additional detail on proposed loan terms and conditions. As such, an amendment is necessary to preauthorize the 5-year extension of the loan - Attachment C: Resolution (2022): Term Sheet Amendment No. 1 for Loan to West End LLC has been provided for the Board’s consideration. REDEVELOPMENT ADVISORY FINANCE COMMITTEE RECOMMENDATION: • Amended Loan Terms #1: The Committee is scheduled to review the amended loan terms regarding the preauthorization of the 5-year term extension. The Committee’s recommendation will subsequently be presented to the Board. ANALYSIS & ISSUES: Project Overview The first phase of the project includes two adaptively reused buildings with approximately 10,900 square feet of commercial space. Refer to Attachment D for a site plan and photos of the completed commercial portion of the project. • Total Project Cost: Approximately $4,200,000 • Location: The Property is located within the 9 Line Community Reinvestment Area. Amendment to the Loan Term Sheet RDA policy allows a standard loan term to be extended to allow a term of up to 10 years through a preauthorized extension. Pursuant to the RDA Loan Program Policy, the Project is eligible to be preauthorized for an extension provided that the interest rate increases by 2% at the 5-year extension. PREVIOUS BOARD ACTION: • October 2016: The Board adopted the RDA Loan Program Policy Resolution R-36-2016. • October 2019: The Board adopted Resolution R-19-2019, which allocated up to $3,100,000 and approved the preliminary terms of the loan to West End LLC (the “Developer”). ATTACHMENTS: A. Resolution (2019): Loan to West End LLC B. Loan Term Sheet Amendment No. 1 C. Resolution (2022): Term Sheet Amendment No. 1 for Loan to West End LLC D. Site Plan and Site Photos ATTACHMENT A REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. R-19-2019 Loan to West End LLC R 19-2 RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO WEST END LLC FOR A COMMERCIAL DEVELOPMENT PROJECT LOCATED AT APPROXIMATELY 740 WEST 900 SOUTH WHEREAS, the Redevelopment Agency of Salt Lake City ("RDA") was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act. WHEREAS, the RDA and the governing body of Salt Lake City (the "City") adopted the 9 Line Community Reinvestment Plan on October 2, 2018. WHEREAS , the RDA has a revolving loan fund to provide construction loans for projects located in its project areas . WHEREAS , West E nd LLC, a Utah limited liability company (the "Dev eloper") will construct a commercial development called West End Development which includes the adaptive reuse of two warehouses (the "Project") on approximately one acre of property located at approximately 740 West 900 South (the "Property"). WHEREAS , the Developer has applied for a loan from the RDA to assist with construction costs for development of the Project. . WHEREAS , on September 17, 2019, the RDA Finance Committee reviewed the loan application. WHEREAS , based on the RDA Finance Committee's recommendations, the RDA staff recommends the attached set of terms (the "Term Sheet") for a loan to the Developer, as borrower, for the Project. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City (the "Board") that it approves the loan outlined in the Term Sheet attached hereto , subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. The Board authorizes the Executive Director to negotiate and execute the loan agreement and any other relevant documents consistent with the Term Sheet, and incorporating such other terms and agreements as recommended by the City Attorney's office. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 8th dayofOctobe.,2019. ~* Amy Fo le 1 Approved as to form: ~ s~aketyAttoney's Office Kimbe~ly. Ch~r us t Date:!;~~ IC1 ,Wl'7 ' Tra nsmitted to the Executive Director: 10-9-2019 The Executive Director: /4oes not request reconsideration __ requests reco nsideration at the next regular Agency meeting. ,,___ rYJ, ~»1~ J a ueline M. Biskupski, Executive Director LOAN TERM SHEET APPLICANT WestEndLLC ADDRESS Approximately 740 Wes t 900 South PROJECT The West End Development is a commercial deve lopment that will adapt iv ely reuse and conve11 two ex isting warehouses into commercia l uses. The Project will include about 12,500 s quare feet of commercial space and public space improvements. PROPOSED LOAN TERMS • Amount: The loan wi ll be sized to the lower of$3,I00,000 or a maximum of90% of value as per an as-c ompl eted appraisal. • Interest Rate: ~---------------------------~ RDA Loan Program B ase Rate (U .S. Treas w-y Yield plus 3%) 4.5 8% Public Benefit Inte rest Rate Reduction: • Adaptive Reuse -0.5% • Public Amenities* -0.5% • Economic Imp ac t -0.5 % • Transit Alternatives** -0.5 % • Architecture and Urban Design *** -0 .5% • Sustainability**** -0.5% Final Interest Rate***** 1.5 8% •ro be eligible for tl,is interest rate reduclio11, the project will be requir ed to provide public space and improvements along the midblock alley. **To be eligible for this in terest rate reduction , the project will be required to provide employee sh ower, locker, and bicycle faci /Wes as part of their overall development. ***To be e ligible/or this interest rate redu ction, !he project must go t hrough and receive approval through an RDA Design Review process. ****To be eligible/or this illlerest rate reduction, the project will be required to implement sustainability fea111res as approved by the RDA. *****The interest rate provided is an estimate. 111ejinal interest rate will be based on the U.S. Treaswy Yield Curve Rate, as detem1i11ed by the term of the loan, at loan closing. • Interest Accrnal: Interest sh all accrne during constrnction beginning upon the firs t disbursement of fund s . • Te1m : 5 years • Amo11ization : 20 years • D isbursement: Loan proceeds shall be disbursed through constmction draws. Any funds not disbursed 24 months after closing w ill be used to pay all outstanding interest and principal from the loan. To the extent that project sources exceed project uses at project close out as documented by the cost certification. • Expenses: Applicant w ill pay all loan expenses and closing costs, including title insurance. • Reco urse: The loan shall be fu ll recourse before project stabi li zation, converting to nonrecourse upon project stabilization. COLLATERAL AND GUARANTEES • Personal Guarantee: Person al guarantee from Maximilian Coreth. • Lien: A deed of tmst lien, recorded in first position, on the Prope11y. C ONDI TIONS FOR LOAN CLOSING Prior to loan closing, the Applicant will complete the fo ll owing: • RDA approves a ll te1ms of the loan. • Secure sufficient sources of proj ect financing. Sources of financ ing must equa l the tota l project cost. • Obtain all required City approvals. • Execute loan documents (e.g. promissory notes, loan agreements, security documents, and guarantees) as deemed necessary by the RDA and its legal counsel. • Receive approval from the RDA and its legal counsel of all matters pe11aining to title, legality of the loan, and the legali ty, sufficiency, and the form and substance of all documents that are deemed reasonably necessary fo r the loan transaction. • Provide evidence of ins urance in such amounts an d with such coverage as de emed necessary by the RDA for the Property. • Such other terms as recommended by the RDA 's legal counse l and staff. ATTACHMENT B LOAN TERM SHEET Amendment No. 1 APPLICANT West End LLC ADDRESS Approximately 740 West 900 South PROJECT The West End Development is a commercial development that will adaptively reuse and convert two existing warehouses into commercial uses. The Project will include about 12,500 square feet of commercial space and public space improvements. PROPOSED LOAN TERMS • Amount: The loan will be sized to the lower of $3,100,000 or a maximum of 90% of value as per an as-completed appraisal. • Interest Rate: RDA Loan Program Base Rate (U.S. Treasury Yield plus 3%) 3.46% Public Benefit Interest Rate Reduction: • Adaptive Reuse • Public Amenities* • Economic Impact • Transit Alternatives** • Architecture and Urban Design*** • Sustainability**** -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% Final Interest Rate (Years 1-5) 0.46% Final Interest Rate (Years 6-10) ***** 2.46% *To be eligible for this interest rate reduction, the project was required to provide public space and improvements along the midblock alley. **To be eligible for this interest rate reduction, the project was required to provide employee shower, locker, and bicycle facilities as part of their overall development. ***To be eligible for this interest rate reduction, the project went through and received approval through an RDA Design Review process. ****To be eligible for this interest rate reduction, the project was required to implement sustainability features as approved by the RDA. ***** The option to extend the loan term requires an interest rate increase of 2% at the 5-year extension. • Interest Accrual: Interest shall accrue during construction beginning upon the first disbursement of funds. • Term: 5 years, with preauthorized 5-year extension for a total preauthorized term of 10 years. • Amortization: 20 years • Disbursement: Loan proceeds shall be disbursed through construction draws. Any funds not disbursed 24 months after closing will be used to pay all outstanding interest and principal from the loan. To the extent that project sources exceed project uses at project close out as documented by the cost certification. • Expenses: Applicant will pay all loan expenses and closing costs, including title insurance. • Recourse: The loan shall be full recourse before project stabilization, converting to nonrecourse upon project stabilization. COLLATERAL AND GUARANTEES • Personal Guarantee: Personal guarantee from Maximilian Coreth. • Lien: A deed of trust lien, recorded in first position, on the Property. CONDITIONS FOR LOAN CLOSING Prior to loan closing, the Applicant will complete the following: • RDA approves all terms of the loan. • Obtain all required City approvals. • Execute loan documents (e.g. promissory notes, loan agreements, security documents, and guarantees) as deemed necessary by the RDA and its legal counsel. • Receive approval from the RDA and its legal counsel of all matters pertaining to title, legality of the loan, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the loan transaction. • Provide evidence of insurance in such amounts and with such coverage as deemed necessary by the RDA for the Property. • Such other terms as recommended by the RDA’s legal counsel and staff. ATTACHMENT C REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. ------- Term Sheet Amendment No. 1 for Loan to West End LLC RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY A PPROVING A FIRST AMENDED TERM SHEET FOR A LOAN TO WEST END LLC FOR A COMMERCIAL DEVELOPMENT PROJECT LOCATED AT APPROXIMATELY 740 WEST 900 SOUTH WHEREAS, the Redevelopment Agency of Salt Lake City ("RDA") was created to transact the busine ss and exe rcis e the powers provided for in the Utah Community Reinvestment Agency Act (the "Act"). WHEREAS, on October 10, 2019, in accordance with the RDA Loan Program (the "Program"), the RDA Board of Directors (the "Board") approved Resolution R-19-2019 allocating the fundin g a nd approving preliminary terms of a lo an to West End LLC , a Utah limited liability company (the "Deve loper") in connection with a commercial developm ent called West End Development which includes the adaptive reuse of two warehouses (the "Proj ect") on approximately one acre of property located at approximately 740 West 900 South (the "Property"). WHEREAS, the Program permits an extension of the overall loan term from the standard five (5) year term to a maximum often (10) years through a preauthorized l oan extension, provided that the interest rate increases by 2% during the extension. WHEREAS, the Developer h as re quested preauthorization to extend the lo an term to 10 years, with the requisite 2 % interest rate increase for the final 5 years of th e term, in accordance w ith the Program. WHEREAS, on May 5, 2022, the RDA Finance Committee r eviewed a proposed a mendment t o the lo an terms previo us ly approve d by the Board. WHEREAS, based on the RDA Finance Committee 's r ecommendations, the RDA staff recommends the attached set of amended terms (th e "Ame nded Term Sheet ") for the Proj ect loan to the Developer, as borrower, for the Project. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redev elopment Agency of Salt Lake City that it approves the terms outlined in the Amended Term Sheet attached hereto, subject to revisions that do not materially affe ct the rights and obli gations of the RDA hereunder. The Board authorizes the Execut ive Director to negotiate and execute the loan agreement and any other r ele vant do cuments consist ent w ith the Amended T erm Sheet, and incorporating such other terms and agreements as recommended by the City Attorne y 's office . Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this __ day of _______ , 2022. Ana V aldemoros, Chair Approved as to form: :5tVl.4,, /'J't,;etor Salt Lake City Attorney's Office Sara Montoya Date: Apri l 22, 2022 The Executive Director: __ does not request reconsideration __ requests re consideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Attest: City Recorder LOAN TERM SHEET Amendment No. 1 APPLICANT West End LLC ADDRESS Approximately 740 West 900 South PROJECT The West End Development is a commercial development that will adaptively reuse and convert two existing warehouses into commercial uses. The Project will include about 12,500 square feet of commercial space and public space improvements. PROPOSED LOAN TERMS • Amount: The loan will be sized to the lower of $3,100,000 or a maximum of 90% of value as per an as-completed appraisal. • Interest Rate: RDA Loan Program Base Rate (U.S. Treasury Yield plus 3%) 3.46% Public Benefit Interest Rate Reduction: • Adaptive Reuse • Public Amenities* • Economic Impact • Transit Alternatives** • Architecture and Urban Design*** • Sustainability**** -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% Final Interest Rate (Years 1-5) 0.46% Final Interest Rate (Years 6-10) ***** 2.46% *To be eligible for this interest rate reduction, the project was required to provide public space and improvements along the midblock alley. **To be eligible for this interest rate reduction, the project was required to provide employee shower, locker, and bicycle facilities as part of their overall development. ***To be eligible for this interest rate reduction, the project went through and received approval through an RDA Design Review process. ****To be eligible for this interest rate reduction, the project was required to implement sustainability features as approved by the RDA. ***** The option to extend the loan term requires an interest rate increase of 2% at the 5-year extension. • Interest Accrual: Interest shall accrue during construction beginning upon the first disbursement of funds. • Term: 5 years, with a preauthorized 5-year extension for a total preauthorized term of 10 years. • Amortization: 20 years • Disbursement: Loan proceeds shall be disbursed through construction draws. Any funds not disbursed 24 months after closing will be used to pay all outstanding interest and principal from the loan. To the extent that project sources exceed project uses at project close out as documented by the cost certification. • Expenses: Applicant will pay all loan expenses and closing costs, including title insurance. • Recourse: The loan shall be full recourse before project stabilization, converting to nonrecourse upon project stabilization. COLLATERAL AND GUARANTEES • Personal Guarantee: Personal guarantee from Maximilian Coreth. • Lien: A deed of trust lien, recorded in first position, on the Property. CONDITIONS FOR LOAN CLOSING Prior to loan closing, the Applicant will complete the following: • RDA approves all terms of the loan. • Obtain all required City approvals. • Execute loan documents (e.g. promissory notes, loan agreements, security documents, and guarantees) as deemed necessary by the RDA and its legal counsel. • Receive approval from the RDA and its legal counsel of all matters pertaining to title, legality of the loan, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the loan transaction. • Provide evidence of insurance in such amounts and with such coverage as deemed necessary by the RDA for the Property. • Such other terms as recommended by the RDA’s legal counsel and staff. ATTACHMENT D: SITE PLAN AND SITE PHOTOS Aerial view: Subject Buildings (before renovations) GENESEE AVE FUTURE DEVELOPMENT SITE BOO SOUTH Renovated view of the buildings: REDEVELOPMENT AGENCY of SALT LAKE CITY SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245 MAYOR ERIN MENDENHALL Executive Director DANNY WALZ Director REDEVELOPMENT AGENCY STAFF MEMO DATE: April 22, 2022 PREPARED BY: Erin Cunningham RE: Status Report on RDA Commercial Loan Portfolio REQUESTED ACTION: Written Briefing RECOMMENDATION: N/A BUDGET IMPACTS: None EXECUTIVE SUMMARY: Semiannually, the RDA provides an update to the Board on the status of the RDA’s commercial loan portfolio. This report identifies the following: • New loans approved between July 1, 2021 and March 31, 2022. • Remaining amount in the existing portfolio • Outstanding principal for each loan fund • Any delinquencies ANALYSIS & ISSUES: The Commercial Loan Program is being revamped, resulting in zero new loans being approved. New Loans Approved July 1, 2021 - March 31, 2022 Fund Borrower Resolution Date Approved Amount N/A Total New Loans 0 Funds Available to Lend Funds Available to Lend March 31, 2022 Revolving Loan Fund 5,837,577 Outstanding Loan Principal Balances As of March 31, 2022 Fund Type Number of Loans Principal Balance Revolving Loan Fund 13 19,361,636 PREVIOUS BOARD ACTION: N/A ATTACHMENTS: None 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: May 22, 2022 PREPARED BY: Jim Sirrine RE: Redevelopment Agency Semi-Annual Property Report REQUESTED ACTION: None. Written Briefing EXECUTIVE SUMMARY: As directed in the Land Disposition Policy, the RDA provides the Board, not less than semi-annually per fiscal year, an inventory of all Tier 1 and Tier 2 properties. ANALYSIS & ISSUES: The attached report contains a current inventory of all RDA owned properties. The report includes the description, address, parcel ID, size, zoning, and tier category of each property. In addition, the report details the approximate acquisition date, current category of disposition, interim use, and proposed permanent use for each property. There are no significant changes since the previous report provided in November. ATTACHMENTS: May 2022 RDA Property Report 9 LINE 1) 877 W. 400 South BLOCK 70 2) Eccles Theater and Ancillary Spaces 3) Regent Street at 200 South CENTRAL BUSINESS DISTRICT 4)Broadway Center (Parking Garage) 5) Gallivan Center Plaza, Parking, and Retail 6)Land - Vivint Arena 7) Metro Condos Parking DEPOT DISTRICT 8) Rio Grande Hotel // Address 9) Station Center Parcel 1 10) Station Center Parcel 3 11) Station Center Parcel 2 & Right of Ways 12) Station Center Parcel 4 13) Station Center Parcel 5 14) Station Center Parcel 6 15) Sun Bar 16) Residence/Vacant Lots 17) HOWA Gardens and Storage 18) HOWA Corporate GRANARY DISTRICT 19) Gale Street NORTH TEMPLE 20) Overniter Motel SUGAR HOUSE 21) Street Car Power Substation 22) S-Line Greenway 23) Sugarmont Plaza WEST CAPITOL HILL 24) Marmalade Development 25) 524 N. Arctic Court WEST TEMPLE GATEWAY 26) W. Montrose Ave SLC RDA W fll!.li) 0 (inMJOsfl§) ~ ~ li1lmll6DJJ §ifml/ln!J lailGt\!.G §~firJJJ 13mlll:.m 13 mil tirJJJ §ml)a£o . laflnll.i.'£0 ffl G.! 8 ti " lffi B@@®[!!J o C!3 § aGlti.'cG G.! . §~~9 §fmDBDJJ §~~ ® (?.i) §~~ ~ §~/!D:i) la~-~ I 1 {3 - (a@Jtm~ ~ Semi-Annual Property Report | May 2022 Description Assessor Address Parcel ID Zoning Tier Acquired Use Status Interim Use Proposed Reuse 9 LINE 1 Commissary Kitchen Former gas station property 877 W. 400 S.15-02-406-001-0000 0.32 0.32 R-MU-35 T-2 2021 Use Study Leased to Taqueria El Angel To be determined TOTAL # of Project Properties: 1 # of Acres: 0.32 # of Parcels: 1 BLOCK 70 Eccles Theater, retail spaces, and plaza 16-06-105-064-0000 1.7 Alley to Priority Dispatch and 111 16-06-105-065-0000 0.01 Midblock walkway connecting Main St. to Regent St. and access to the Eccles Theater 147 S. Main St.16-06-105-009-0000 0.08 Vacant land (former N. parking area of the NAC Drivers' Lounge)167 S. Regent St.16-06-151-003-0000 0.03 Vacant land (former NAC Drivers Lounge)169 S. Regent St 16-06-151-004-0000 0.06 Vacant land (former E. parking area of the NAC Drivers Lounge)167 S. Regent St.16-06-151-018-0000 0.04 TOTAL # of Project Properties: 2 # of Acres: 1.92 # of Parcels: 6 CENTRAL BUSINESS DISTRICT 4 Broadway Center (Parking Garage)Parking structure with retail spaces 251 S. Floral St.16-06-154-048-0000 0.66 0.66 D-1 T-2 1989 Permanent Use Leased to Broadway Center Limited N/A 16-06-152-072-0000 0.4 16-06-152-077-2000 3.49 Parking Structure under Gallivan Center Plaza 49 E. Gallivan Ave.16-06-152-077-6001 3.49 Leased to Boyer-Block 57 Associates LTD 16-06-152-079-6001 0.27 16-06-152-079-2000 0.27 Arena - SE section 15-01-127-017-2000 9.18 Arena - SE section (underground)15-01-127-017-2001 0.01 Arena - SE section (underground)15-01-127-017-6001 9.18 Arena - NE Corner 15-01-127-018-6001 0.84 Arena - NE Corner (underground)15-01-127-018-2000 0.84 16-06-309-001-0000 0.01 16-06-309-002-0000 0.01 TOTAL # of Project Properties: 4 # of Acres: 28.65 # of Parcels: 13 DEPOT DISTRICT 8 Rio Grande Hotel, Block 62 Rio Grande Hotel - Single room occupancy housing units 428 W. 300 S.15-01-179-012-0000 0.3 0.3 D-3 T-2 2009 Permanent Use Leased to Home Inn Rio Grande, LLC N/A 243-255 S. 600 W.15-01-151-009-0000 0.5 265 S. 600 W.15-01-151-010-0000 0.88 245 S. 600 W.15-01-151-011-0000 0.11 245 S. 600 W.15-01-151-012-0000 0.26 564-566 W. 300 S.15-01-151-013-0000 0.13 558-560 W. 300 S.15-01-151-014-0000 0.13 235 S. 600 W.15-01-152-012-0000 0.11 552 W. 300 S.15-01-152-013-0000 0.13 544 W. 300 S.15-01-152-014-0000 0.13 540 W. 400 S.15-01-302-017-0000 0.93 346 S. 500 W.15-01-302-021-0000 0.32 336 S. 500 W.15-01-302-022-0000 1.25 DEPOT DISTRICT (continued on next page) Project Area/Property Vacant land and blue warehouse D-3 T-1 2002 Use Study N/A Parking stalls leased to the State of Utah350 S. 200 E.D-1 T-2 1991 N/A To be determined Use Study Temporary public art installation To be determined Vacant land and warehouse (former Intermountain Furniture Company)D-3 T-1 2008 Land leased to Larry H. Miller Arena Group thru 2040 N/A Permanent UseLower two levels (250 stalls) of an underground parking structure Gallivan Center - plaza, event center, and amphitheater Event spaces, plaza, and walkway Acres/Total 0.02 20.05 7.92 2.38 2.5 239 S. Main St. 228 S. State St. 301 W. S. Temple 365 W. S. Temple D-1 T-1 N/A D-4 T-1 1989 Permanent Use Retail Retail spaces 1984-1991 Permanent Use 0.13 D-1 T-1 2013 Active Disposition N/A Entered into a Purchase Agreement with Dakota Pacific Regent, LLC 131 S. Main St. 1.79 D-1 T-1 2003-2014 Permanent Use Theater events in partnership with County Center for the Arts and leased retail N/A2 Regent St. at 200 S. St. Eccles Theater and Ancillary Spaces 3 5 Gallivan Center Plaza, Parking, and Retail (Block 57) Land - Vivint Arena (Block 79)6 Metro Condos Parking (Block 53)7 9 Station Center Parcel 1 Station Center Parcel 310 RDA-Owned Properties - Page 1 of 3 I SLC RDA Color Legend (depicting property use and disposition status) Pe rmanent Use Act ive Disposition Use Study Semi-Annual Property Report | May 2022 Description Assessor Address Parcel ID Zoning Tier Acquired Use Status Interim Use Proposed Reuse Project Area/Property Acres/Total DEPOT DISTRICT (continued) Vacant building (formally Serta mattress factory)535 W. 300 S.15-01-302-018-0000 0.6 15-01-153-010-0000 0.19 15-01-153-011-0000 0.06 Vacant land (formally owned by State of Utah)519 W. 300 S.15-01-153-006-0000 0.13 15-01-302-019-0000 0.16 15-01-302-020-0000 0.31 Warehouse buildings 502 W. 300 S.15-01-152-021-0000 1.65 Paved parking lot area (formally Beehive Brick parking ) 250 S. 500 W.15-01-152-025-0000 0.56 Vacant land 233 S. 600 W.15-01-151-005-0000 0.31 Intermountain Furniture- N warehouse 235 S. 600 W.15-01-151-008-0000 0.49 15 Sun Bar (Block 47)Vacant land 702 W. 200 S.15-02-234-015-0000 0.31 0.31 GMU T-2 2003 Use Study N/A To be determined Single family home (vacant)42 S. 600 W.15-01-104-004-0000 0.15 2015 Vacant lot 662 W. 100 S.15-01-103-020-0000 0.1 2021 Howa Storage Bays 648 W. 100 S.15-01-103-022-0000 0.5 Howa Gardens, NW 636 W. 100 S.15-01-103-021-0000 0.37 Howa Gardens, NE 624 W. 100 S.15-01-104-013-0000 0.31 Howa Gardens, SW 632 W. 100 S.15-01-103-023-0000 0.34 Howa Gardens, S 626 W. 100 S.15-01-104-015-0000 0.08 Howa Gardens, SE 622 W. 100 S.15-01-104-014-0000 0.27 Howa Offices, N 663 W. 100 S.15-01-107-042-0000 0.25 Howa Offices, S 663 W. 100 S.15-01-107-041-0000 0.25 Howa Yard 1 657 W. 100 S.15-01-107-034-0000 0.2 Howa Yard 2 655 W. 100 S.15-01-107-035-0000 0.01 Howa Yard 3 653 W. 100 S.15-01-107-036-0000 0.16 Howa Yard 4 651 W. 100 S.15-01-107-037-0000 0.16 Howa Yard 5 633 W. 100 S.15-01-107-038-0000 0.34 Howa Paint Shop 633 W. 100 S.15-01-107-039-0000 0.19 Howa Yard E 625-627 W. 100 S.15-01-107-040-0000 0.22 TOTAL # of Project Properties: 11 # of Acres: 13.85 # of Parcels: 41 GRANARY 19 Gale St., Block 24 Vacant land (former Buker Properties)901 S. Gale St.15-12-255-001-0000 0.26 0.26 D-2 T-1 2021 Active Disposition N/A Under contract negotiations with the Bicycle Collective TOTAL # of Project Properties: 1 # of Acres: 0.26 # of Parcels: 1 NORTH TEMPLE 20 Overniter Motel Vacant land (former motel, lot, and single family house) 1500 West North Temple 08-34-476-017-0000 2.07 2.07 TSA- MUEC-C T-1 2017 Active Disposition N/A Entered into a purchase agreement with Brinshore Development/HAME for a mixed use, multi-family development. TOTAL # of Project Properties: 1 # of Acres: 2.07 # of Parcels: 1 Leased: gardens - Green Team job training; storage units - multiple tenants N/A GMU Use Study Leased to Utah Art Alliance Included as part of the Salt Lake Central Station area plan GMU T-2 2008 Use Study Included as part of the Salt Lake Central Station area plan T-2 2008 D-3 T-1 2002 Use Study N/A To be determined GMU T-2 Use Study N/A Included as part of the Salt Lake Central Station area plan D-3 T-1 2008 Use Study To be determinedVacant land (formally Serta factory dock area)535 W. 300 S.D-3 T-1 2002 Use Study N/A 12 To be determined D-3 T-1 2010 Use Study Leased to Sportswear Design Group, SLC "A Place For Your Stuff," Fill the Pot, and parking for Mac. Flats To be determined Vacant land 336 S. 500 W. 1.87 0.98 0.47 0.8 2.21 0.25 1.78 Residence/Vacant Lots (Block 49)16 Station Center Parcel 614 17 18 HOWA Corporate (Block 48) HOWA Gardens and Storage Station Center Parcel 2 & Right of Ways11 Station Center Parcel 4 Station Center Parcel 513 RDA-Owned Properties - Page 2 of 3 . I SLC RDA I I I I I Color Legend (depicting property use and disposition status) Pe rmanent Use Act ive Disposition Use Study Semi-Annual Property Report | May 2022 Description Assessor Address Parcel ID Zoning Tier Acquired Use Status Interim Use Proposed Reuse Project Area/Property Acres/Total SUGAR HOUSE 21 Street Car Traction Power Substation Site S-Line Facility 1015 E. Sugarmont Dr. 16-20-205-021-0000 0.06 0.06 R-1-5000 T-1 2012 Permanent Use S-Line Facility N/A 22 S-Line Greenway S-Line/Parley's Trail Greenway 2211 S. 900 E 16-20-135-021-0000 0.04 0.04 FB-SE T-1 2013 Permanent Use S-Line/Parley's Trail Greenway N/A Retail shopping center and parking (former DI)2234 S. Highland Dr.16-20-252-008-0000 0.85 CSHBD1 2012 N/A Former Sugarhouse Fire Station (West)1085 E. Simpson Ave.16-20-252-001-0000 0.32 N/A Former Sugarhouse Fire Station (East)1085 E. Simpson Ave.16-20-252-002-0000 0.14 N/A SLC Facilities Maint. Bldg 1113 E. Simpson Ave.16-20-252-003-0000 0.21 SLC Facilities East Parking Area 1104 E. Sugarmont Dr.16-20-252-005-0000 0.09 NA TOTAL # of Project Properties: 3 # of Acres: 1.71 # of Parcels: 7 WEST CAPITOL HILL 24 Marmalade Development Marmalade Lot 1 - Future Park 524 N. 300 W. 08-36-205-044-0000 0.56 0.56 R-MU T-1 2005 Permanent Use N/A Future Park 25 524 N. Arctic Ct.Vacant Land 524 N. Arctic Ct.08-36-206-011-0000 0.11 0.11 SR-1A T-1 2015 Active Disposition N/A Single family home. Preparing RFP for construction. TOTAL # of Project Properties: 2 # of Acres: 0.67 # of Parcels: 2 WEST TEMPLE GATEWAY 15-12-206-013-6000 0.1 15-12-206-013-2000 0.1 Vacant land (formally A&E Generator, N. yard)252 W. Montrose Ave.15-12-206-015-6000 0.09 Vacant land 254 W. Montrose Ave.15-12-206-017-0000 0.1 15-12-206-016-6000 0.09 15-12-206-016-2000 0.09 Vacant land and storage building (formally DeVroom) 753 S. 300 W.15-12-207-001-0000 0.34 244 W. 800 S.15-12-207-012-0000 0.1 252 W. Montrose Ave.15-12-206-015-2000 0.09 Vacant building (formally A&E Generator)264 W. 800 S.15-12-207-013-0000 0.84 Vacant land (formally Zaxx Car Wash)765 S. 300 W.15-12-207-002-0000 0.22 TOTAL # of Project Properties: 1 # of Acres: 2.16 # of Parcels: 11 COMBINED TOTALS # of Project Properties: 26 # of Acres: 51.61 # of Parcels:83 Undergoing fit study analysis for redevelopment.23 Sugarmont Plaza Vacant shop and apartment (formally T&G Upholstery) Building (Bulldog Sheet Metal)244-246 W. Montrose Ave. Use Study 2021 T-1 PL 1.61 RDA staff has completed due diligence and considering options and schedule for marketing the property FBUN-2 T-2 2008 Use Study Leased shop and storage to Bulldog Sheetmetal Fabrication W. Montrose Ave. NA 26 745 S. 300 W. Vacant land 2.16 RDA-Owned Properties - Page 3 of 3 I SLC RDA Color Legend (depicting property use and disposition status) Pe rmanent Use Act ive Disposition Use Study