HomeMy WebLinkAbout05/17/2022 - Meeting MaterialsBoard of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
May 17,2022 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:08:12:45
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.Overview of the Redevelopment Agency Budget for Fiscal Year
2022-23
~2:05
p.m.
60 min
The Board will receive a general overview of the proposed budget for the Redevelopment
Agency of Salt Lake City for Fiscal Year 2022-23.The Board will continue to discuss the
Mayor’s Recommended Budget over the next several weeks and will have public hearings
on Tuesday May 17,2022 and Tuesday,June 7,2022 at 7 p.m.The Board expects to adopt
the budget in mid-June.
2.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.
3.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements.The Board may give
feedback on any item related to City business,including but not limited to Scheduling
Items.
D.Written Briefings –the following briefings are informational in nature and require
no action of the Board.Additional information can be provided to the Board upon
request:
NONE.
E.Consent –the following items are listed for consideration by the Board and can be
discussed individually upon request.A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session.A closed meeting described under
Section 52-4-205 may be held for specific purposes including,but not limited to:
1.discussion of the character,professional competence,or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase,exchange,or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration;or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property,including any form of a water
right or water shares,if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under consideration;
or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale;and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5.discussion regarding deployment of security personnel,devices,or systems;and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code §78B-1-137,and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
G.Adjournment
CERTIFICATE OF POSTING
On or before 5:00 p.m.on May 13,2022,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.
Page | 1
RDA BUDGET
STAFF REPORT
REDEVELOPMENT AGENCY BOARD of SALT LAKE CITY
TO:RDA Board Members
FROM: Jennifer Bruno, Ben Luedtke and Allison Rowland
DATE:May 17, 2022
RE: Redevelopment Agency (RDA) Budget – FY 2023
BUDGET BOOK PAGES: Key Changes pages 73-84, Department Overview 223-226, Staffing 262-263
The City’s Redevelopment Agency is a tool of the City, as enabled by state law, that allows for the capture of
property tax increment in defined areas to reinvest in communities. The stated mission of the SLC RDA is “to
revitalize neighborhoods and business districts to improve livability, spark economic growth, and foster
authentic communities, serving as a catalyst for strategic development projects that enhance the City’s housing
opportunities, commercial vitality, public spaces, and environmental sustainability.”
The Mayor’s FY 2023 Redevelopment Agency recommended budget includes tax increment spending in all
project areas for projects, loan funds, as well as department administration. See page 223 of the Mayor’s
Recommended Budget book for an overview of the Department including the full mission statement and core
values. Staff has also included Attachment 1 showing the RDA’s updated guiding framework adopted by the
Board in December 2021, which comprises the mission statement, core values and livability benchmarks. The
total proposed FY 23 budget is $63.3 million which is $1.4 million more (2.2%) than FY22. RDA
revenue includes tax increment, loan proceeds, parking garage and commercial space rental revenues, interest
income and private donations for the Eccles Theater. The largest non-donation source of revenue is tax
increment, which will generate $41.4 million in FY 23 from eleven active project areas (up from $37.5m in FY
21). New revenue-generating areas this year include 9-Line and State Street.
The Administration indicates that the FY 23 RDA budget focused on three priority areas:
Affordable Housing Development – see section starting on page 3 for more information on this item
Commercial Revitalization Program – Staff indicates that they “will be proposing revisions to the
Agency’s loan policy to update it for commercial development opportunities. The proposed budget includes
allocations for this initiative that will be made available once the program is approved”. This is proposed in
the “Capital Projects” Account in various project areas, which means that funds will not lapse to fund
balance at the end of each fiscal year.
Infrastructure – The proposed budget includes funds for major infrastructure projects including the
Folsom Corridor and Japantown Area. Funds are also proposed for a master plan for Gallivan Center to
guide potential future improvements and repairs, and for design for closing Main Street downtown to
vehicular traffic.
The State Street project area has received final approval for tax increment participation from the City and School
District but negotiations with the County are ongoing. The proposed FY 23 budget only includes increment from
the City and School District. To the extent the County agrees to participate and at what level, the Board may
amend the increment budgeted.
Project Timeline:
1st Briefing: May 17, 2021
2nd Briefing: TBD
Budget Hearing: May 17, and June 7
Potential Action: June 14 (TBD)
Page | 2
It’s important to note that tax increment must be used in the project area where it was generated (unless utilized
for housing affordable at 80% area median income aka AMI or below). Other agency revenue sources are more
flexible and may be spent outside of project areas for housing and economic development purposes (within state
law limitations listed in the Additional Info section). Some RDA divisions are funded through pass-through
allocations from project areas or other revenue sources (see chart below), which increase flexibility of those
funds but reduce available budget in project areas.
The proposed budget for the RDA includes 19 FTEs for central RDA activities and 13 FTEs for Gallivan-related
maintenance (budget for Gallivan-related maintenance is now handled in a donation account). Gallivan funding
and FTEs were transferred to the RDA from the Public Services Department in the FY21 annual budget.
The following chart outlines the operating budget for each division of the RDA, and separates those that are
funded through tax increment, and those that are funded through pass-through revenue from project areas:
Dollars %
Central Business District $ 2 7,923,150 $ 2 7,596,650 $ (326,500)-1%
Block 70 $ 10,939,263 $ 10,915,154 $ (24,109)0%
Depot District $ 4,121,164 $ 4,049,587 $ (71 ,57 7 )-2%
Granary District $ 666,124 $ 648,546 $ (1 7 ,57 8)-3%
North T emple* $ 4,162,736 $ 449,053 $ (3,71 3,683)-89%
North T emple Viaduct $ 1,188,979 $ 1,206,609 $ 17,630 1%
Northw est Quad CRA (North of I-80) $ 1,500,000 $ 908,100 $ (591,900)-39%
Westside Community Initia tive
(Inland Port Legislation) $ 2 50,000 $ 500,000 $ 250,000 100%
Stadler Rail $ 71,000 $ 7 2 ,920 $ 1,920 3%
State Street - new $ - $ 2 ,631,183 $ 2,631 ,183 new
9 Line - new $ - $ 1,47 7,727 $ 1 ,47 7 ,7 27 new
Administration $ 3,857,015 $ 3,998,655 $ 1 41,640 4%
Housing Develoment Fund $ 2 ,590,000 $ 5,230,000 $ 2,640,000 102%
Prima ry Housing Fund $ 1,498,627 $ 1,599,880 $ 1 01 ,253 7%
Secondary Housing Fund $ 394,000 $ 10,000 $ (384,000)-97%
Program Income Fund $ 1,997,750 $ 1,556,835 $ (440,91 5)-22%
Revolving Loan Fund $ 550,000 $ 345,000 $ (205,000)-37%
West Capitol Hill (expired) $ 150,000 $ 100,000 $ (50,000)-33%
West Temple Gateway
(expired) $ 50,000 $ 5,000 $ (45,000)-90%
TOTALS $ 33,986,658 $ 35,7 04,249 $ 6,292,535 23%
Project Areas - Funded primarily with T ax I ncrement:
Accounts funded internally (with transfers from GF or other project areas)
Other
*Ref lects significant one-time transfers from other divisions in FY 22
RDA Divisions
2021-22
Adopted
Difference2022-23
Proposed
Page | 3
Central Business District,
27,596,650
West Capitol Hill, 100,000
West Temple Gateway, 5,000 Depot District, 4,049,587 Granary District, 648,546
North Temple, 449,053
Block 70 , 10,915,154
State Street, 2,631,183
9 Line, 1,477,727
North Temple Viaduct ,
1,206,609
Northwest Quadrant
CRA, 908,100
Stadler Rail, 72,920
Northwest Quad Housing Fund
(Inland Port), 500,000
Revolving Loan Fund, 345,000
Program Income Fund,
1,556,835
Secondary Housing Fund,
10,000
Primary Housing
Fund, 1,599,880
Westside Community
Initiative (Housing $ from
Inland Port), 500,000 Housing Development Trust
Fund, 5,230,000
*does not include previously allocated revenue, cash reserves (fund balances) or Capital project budgets, or previous
Notice of Funding Availability (NOFA) for Housing
The FY 23 budget continues the process of bringing budgeting for RDA dollars into context with other City
department budgets, and it is included in the Mayor’s recommended budget book. The Department budget is
shown in summary form on page 223, and staffing document on page 262.
The RDA budget can have follow-up discussions through May and June as needed. It will also have public
hearings on May 17th and June 7nd with tentative adoption scheduled for June 14th.
KEY ELEMENTS OF THE MAYOR’S FY 2023 RDA BUDGET PROPOSAL
Staff has highlighted key areas of the Mayor’s Recommended FY 2023 RDA budget:
1.RDA funding for affordable housing – The Mayor’s Recommended FY 2023 budget reflects a
continuation 0f the policy approach implemented as a pilot in FY 20, to streamline affordable housing
development under the RDA and affordable housing programs under the Housing Stability Division
of the Community and Neighborhoods Department. One of the pilot goals was to create a “one-stop
shop” for housing developers seeking financial assistance in delivering affordable housing in the City
(affordable housing investment is not limited to RDA project area boundaries). When including the $4m
in seed funds from ARPA, the total housing investment proposed in the FY 23 RDA budget is $11.3
million, a 140% increase over FY 22 investment levels (a 55% increase if not including ARPA dollars).
It should be noted that the Board could choose to allocate additional funds for housing programs
from any of the project areas (subject to project area regulations), or program income fund. See chart
below for more details on distribution of funds:
a.The RDA proposed a variety of strategies to implement various housing goals of
the City with these funding sources, which the Board adopted in April. The focus
areas for this year are:
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 often defined as
affordable to person’s with incomes below 50% AMI.
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 such as three or more bedrooms.
Page | 4
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.
b. Staff has attached the final guiding document, approved by the Board in April, for reference (see
Attachment 2)
c.The Board may wish to discuss with staff a strategy if no proposals are received
that achieve one of the four above goals, particularly family housing. Previously
the board has made the choice to earmark a certain portion of funds for affordable housing in
high opportunity areas, and make it available over multiple fiscal years pending successful
applications because it is especially hard for the market to deliver.
d. The following chart summarizes the sources and proposed uses in the various accounts:
Page | 5
Adopted 2022 Prop osed 2023 $ Ch ange % Change
Hou sin g Develop men t Fu n d
Sources
Transfer from General Fund/Funding our Future 2,590,000$ 2 ,590,000$ -$ 0 %
Additional funding amount from North Temple Viaduct account 1,000,000$ 1,000,000$ ne w
Interest on Investment 15,000$ 15,000$ n/a
Loan Repayments 1,370,000$ 1 ,370,000$ n/a
Interest on Loans 255,000$ 255,000$ n/a
Uses
Housing Development Loan Prgm (Holding Account)2,590,000$ 4,230,000$ 1 ,640,000$ 6 3%
Aff ordable Housing Acquisition Prgm (Holding Account)1,000,000$ ne w
Tota l Hou sin g Developmen t Fu n d 2,590,000$ 5,230,000$ ########1 0 2%
Prima ry Hou sin g Fu n d
Sources
Transfer from Depot 784,233$ 799,917$ 15,684$ 2%
Transfer from S tate street -$ 263,118$ 263,118$ n/a
Transfer from 9 Line -$ 147 ,773$ 147,773$ n/a
Interest Income 225,000$ 50,000$ 7,1 00$ -7 8%
Transfer from Northwest Quadrant CRA 150,000$ 90,310$ 150,000$ -40 %
Transfer from Granary 124,225$ 126,709$ 2,484$ 2%
Loan Repayments 51,000$ 23,000$ (28,000)$ -5 5 %
Interest on Loans 70,000$ 3,000$ (67,000)$ -9 6%
Transfer from S tadler Rail 7,100$ 7,242$ 142$ 2%
Transfer from North Temple 87,069$ 88,811$ 1,742$ 2%
Uses
Property Acquisition 498,627$ 1,599,880$ 1 ,101,253$ 22 1 %
Transfer out to North Temple for Strategic Acquisition 1,000,000$ -$ (1,000,000)$ n/a
Tota l Prima ry Hou sin g Fu n d 1,498,627$ 1,599,880$ 101,253$ 7%
Westsid e Commu n ity I n itia tive
Sources
UIPA Housing Allocation 250,000$ 500,000$ 500,000$ 20 0 %
Uses
Housing Development Loan Program (Holding Account)250,000$ 500,000$ 250,000$ 1 0 0 %
Westside Commu n ity I n itiative - RDA fu n d s 250,000$ 500,000$ 250,0 00$ 1 0 0 %
Westsid e Commu n ity I n itia tive - ARPA fu n d s 4,000,000$ ne w
Secon d a ry Hou sin g Fu n d
Sources
Interest Income 44,000$ 10,000$ (34,000)$ -7 7 %
Transfer from Northwest Quadrant CRA 350,000$ -$ (350,000)$ ne w
Uses
ADU Program Holding Account 394,000$ 10,000$ (384,000)$ -9 7 %
Tota l Secon da ry Hou sin g Fu n d 394,000$ 10,000$ (384,0 00)$ -9 7 %
Tota l 4,7 32,627$ 1 1 ,339,880$ 6,607,253$ 140%
*This chart does not include funding still available from previous NOFAs. In addition, housing projects can also b e
funded through sources not specific to housing, like Program Income Fund , the Revolving Loan Fund, or project area
tax increment. Those are typically evaluated on a project by project basis.
RDA Hou sin g Progra ms
Page | 6
Note: Some Board Members requested that the ADU Incentive Program be funded from a
source other than the Northwest Quadrant Housing Fund, expressing a preference for those
funds not to be expended until the Board can set priorities relating to those funds.
e. Westside Community Initiative – This initiative is funded from the 10% set aside from tax
increment in the Inland Port jurisdictional boundary, as mandated by the Inland Port enabling
state legislation. It started receiving revenue in FY 22.
In a FY 22 Budget Amendment, the Council approved dedicating $4 million from
ARPA dollars towards this initiative as seed funds (note: in order to comply with
federal reporting requirements, these dollars are tracked in the City Grants fund and
not the RDA fund, although RDA staff will be overseeing how those dollars are spent).
Including the $4 million from ARPA, if the FY 23 budget is adopted as proposed, the
total budgeted balance in this initiative is $4.9 million. If tax increment is larger than
the proposed $500,000 budget, that amount will be higher.
Spending $4m from ARPA quickly - RDA staff indicates that they will be meeting with
Finance to “discuss the timing, terms, restrictions, etc. Then we would present the
proposed use of funds to the Board for discussion and what I assume would be a
budget amendment to allocate toward specific uses.” In general they are planning to
balance the funds “between projects that can provide an immediate impact and
developments that have a longer-term benefit” and using some of the “funds to buy
property that can be developed for a targeted use focused on the housing priorities
(most likely home ownership and family housing).”
2.Administrative Budget – The FY 2023 budget includes transfers of tax increment revenues to cover
the approximately $4 million Administrative budget. The 13 FTEs relating to the Gallivan center are
budgeted in the donation account, although they are considered under the purview of the RDA, as
reflected in the staffing document. The following charts delineate the sources of funding for the
Administrative budget, as well as the specific uses:
FY 2022
Adopted
FY 2 02 3
Proposed $ Change
%
Change
Central Business District 2,757,315$ 2,757 ,315$ -$ 0%
West Capitol Hill 150,000$ -$ (150,000)$ -150%
West Temple Gateway 50,000$ 5,000$ -$ 0%
Depot District 588,175$ 599,938$ 11,53 3$ 2 %
Granary District 93,168$ 95,032$ 1,826$ 2 %
North Temple 43,535$ 44,405$ 854$ 2 %
Block 70
(does not allow for
Adm inistrative collection)-$ -$ -$ n/a
North Temple Viaduct
(lim ited to 1.5% of increm ent)17,722$ 18,077$ 3 47$ 2 %
Stadler Rail 7,100$ 7,2 42$ 7,100$
Northwest Qua drant CRA 150,000$ 90,310$
State Street (new)-$ 2 63,118$
9 Line (new)-$ 118,218$
NWQ Housing Fund
(1 0% from I nland Port Area -
not intended for Adm in)-$ -$ -$ n/a
Revolving Loan Fund -$ -$ -$ 0%
Program Income Fund -$ -$ (176,610)$
Primary Housing Fund -$ -$ -$ 0%
Tota l 3,857,015$3,998,655$ 295,7 15$ 8%
RDA Ad min istra tive Bu d get - Sou rces
Page | 7
Central Business
District
71%
West Capitol Hill
4%
West Temple Gateway
1%
Depot District
15%
Granary District
2%
North Temple
1%Northwest
Quad CRA
4%
Primary Housing Fund
0%
FY 2023 Proposed Administrative Budget Sources
RDA Administrative Budget - Uses
FY 2022
Adopted
FY 2023
Proposed %Change
Personal Services - RDA 2,254,632 2,480,095 10%225,463
Operating and Maintenance 360,000 300,000 -17%(60,000)
Charges and Services 202,700 218,560 8%15,860
Administrative Fees 939,683 1,000,000 6%60,317
Furniture, fixtures, equipment 100,000 0 0%(100,000)
Total RDA Bu dget 3,857,015 3,998,655 295,715
a. No official policy guides how much each district contributes to the administrative budget,
although to some extent it is related to available increment. The Central Business District is
typically the largest contributor, although the percentage has varied. In FY 23 it is proposed to be
71% of the administrative budget. The Board may wish to ask the Administration to
evaluate the overall strategy for funding the administrative budget in future
years, particularly as project areas expire. For example, the Depot District will stop
collecting tax increment after 2024 and that project area contributes 15% of the proposed FY23
administrative budget. Staff note: there is no statutory prohibition against using General Fund
dollars to fund Redevelopment Agency employees, since they are City employees. The City’s
elected officials could elect to reimburse RDA for a portion of the housing duties that they
perform.
b.Because RDA revenues are estimated and can come in either higher or lower than
projected, the Board may wish to discuss policy guidance on how the RDA should
handle unexpected shortfalls in tax increment revenues, particularly as it relates
to the Administrative budget, which is generally a fixed and ongoing cost (salary and
benefits). Staff is inquiring about the level of fund balance remaining after this budget. Board
Members previously expressed interest in aligning project area fund balances with fixed costs and
contractual obligations to ensure sufficient funding is available to cover those expenses if tax
increment significantly decreases in a future year.
Page | 8
3.Redevelopment Agency Capital Projects Proposals – The FY2023 RDA budget includes funding
for 18 capital projects. Overall funding for RDA capital projects is $13,278,181. It should be noted that
the Board sometimes approves millions in additional funding for capital projects in budget amendments
throughout the fiscal year. RDA Budget Amendment #2 of FY2022 included 15 capital project items.
Some of the items in the budget amendment are proposed to receive additional funding in the annual
budget. The table below provides a summary of the FY2023 proposed capital projects, identifies which
projects already have funding approved by the Board in earlier budget openings and potential policy
questions for the Board to consider.
Like last year, the Administration is preparing a CIP Book that summarizes and provides further details
on individual capital projects for the General Fund and Enterprise Funds including the RDA. At the time
of publishing this staff report the CIP Book was forthcoming.
The Board may wish to consider whether it would add value to encourage the Administration, in future
years, to have RDA capital project requests go through the same public process/resident advisory board
vetting and recommendations that General Fund CIP applications do. The Board has previously
discussed that opportunities to leverage RDA funds with other City and private resources are enhanced
when the information is processed in concert.
In addition to the proposed projects in the table below, the Board may also wish to ask for a
status update on new pilot programs funded last calendar year including:
- Central Business District Storefront Revitalization pilot program $83,832
- Central Business District Commercial Development Loan Program $818,354
- Commercial Revitalization pilot program $667,535
- Granary District Community & Cultural Initiative pilot program $731,904
- Sustainability Technical Assistance pilot program $200,000
Note: If approved by the Board, these would be considered capital accounts and funds would not
lapse to the project area’s fund balance if unspent by the end of the fiscal year. The Board may wish to
review these in detail now or may wish to defer discussion on some or all until after the budget season,
as is done with the General Fund CIP. All General Fund and RDA Capital Projects must be approved
by September 1 according to the City Attorney’s interpretation of the Utah Fiscal Procedures Act.
Project Area Project Name FY2023
Proposed Description Policy Questions / Notes
Central
Business
District
(subtotal
$1,384,061)
Japantown $ 250,000
Appropriation of funds to
support implementation of the
Design Strategy. Improvements
could include infrastructure,
utility work, lighting, site
furniture, public art, etc.
The Board approved
$250,000 in the FY2021
RDA annual budget for this
same purpose
What public engagement
will occur and how will
amenities be selected?
What is the total cost of
improvements from the
design strategy?
Page | 9
Project Area Project Name FY2023
Proposed Description Policy Questions / Notes
Main Street
Closure $ 300,000
Appropriation of funds to
support the transition of Main
Street to a pedestrian-first
promenade. Funds would
primarily be used to hire a
consultant to provide
design/planning work, code
analysis, phasing, and
stakeholder engagement.
Is the requested amount
enough to fully fund the
feasibility and design study?
What stakeholders will be
involved in the study such
as the Downtown Alliance,
property owners fronting on
Main Street, the Utah
Transit Authority, City
Transportation Division,
etc?
Would Main Street be
closed from South Temple
to 400 South? What about
east-west cross traffic?
Gallivan
Master Plan $ 100,000
Appropriation of funds to
develop an overall Master Plan
focusing on urban design
enhancements and a capital
repair plan that can improve
future programming and
support maintenance needs.
How would the Gallivan
Utah Center Owners
Association (GUCOA) be
involved?
Would the Board have a
chance for an interim check
in briefing to provide early
policy guidance as the
Council does for City master
plans?
Property
Acquisition $ 734,061
Establishment of a reserve fund
for acquisition of properties for
the purpose of preserving,
improving or increasing
affordable housing units.
Is the requested amount
enough to purchase
property in the CBD?
West Capitol
Hill
(subtotal
$100,000)
Expected
Project Cost
Overuns
Holding Account
$ 100,000
Appropriation of funds to use
for current projects within the
project area that need additional
funding due to current market
conditions.
The Board approved
$488,141 for the same
purpose in FY2022 RDA
Budget Amendment #2
Depot
District
(subtotal
$524,732)
Reimburse
Revolving
Loan Fund
$ 524,732
Reimburse the Revolving Loan
Fund for $550K that was
reallocated to Central Station
Property Acquisition, with FY
2022 BA2.
Granary
District
(subtotal
$421,805)
Strategic
Intervention
Fund
Holding Account
$ 421,805
Holding Account established for
strategic intervention activities
in the Granary District Project
Area, to be determined by RDA
staff and approved by the Board.
What types of strategic
interventions could be
accomplished before the
project area stops collecting
tax increment in three
years?
Page | 10
Project Area Project Name FY2023
Proposed Description Policy Questions / Notes
10% School
Fund
Holding Account
$ 31,084
Based on an Interlocal
Agreement with the SLC School
District, the Agency is obligated
to set aside 10% of the tax
increment generated for
improvements that benefit
schools served by the project
area.
Contractual obligation per
Interlocal Agreement with
School District
North
Temple
(subtotal
$315,837)
Folsom
Corridor $ 284,753
Appropriation of funds to use
for property acquisition and
environmental remediation
along Folsom Corridor.
Block 70
(subtotal
$100,000)
Regent Street
Parking
Structure
Capital
Reserves
$ 100,000
Establishment of a reserve
account to meet potential
obligations in the future that are
required under the contract with
PRI which provides parking for
the Eccles Theater. Under the
agreement, the Agency is
required to contribute towards
the maintenance and long term
capital repairs of the parking
structure.
The Board approved
$163,681 for the same
purpose in FY2022 RDA
Budget Amendment #2 and
another $100,000 in
FY2021 RDA annual budget
Northwest
Quadrant
(subtotal
$95,310)
Shared Costs
Holding Account
$ 95,310
Establishment of a reserve
account for a portion of the tax
increment as approved within
the project area budget. The
funds are first prioritized for
redevelopment activities that
benefit the entire NWQ Project
Area, are system wide, or that
benefit multiple property
owners or parcels.
Note that the Board
previously approved
$518,464 in funding for this
project
The Board may wish to ask:
- Is there a list of expected
future infrastructure
projects and cost estimates
for the shared costs?
- What are the RDA's legal
obligations, if any, to share
costs in this project area?
State Street
(subtotal
$2,104,947)
Property
Acquisition
Holding Account
$ 2,104,947
Establishment of a reserve fund
for the strategic acquisition of
properties.
The Board approved
$1,631,183 for Ballpark
Strategic Development
holding account which
could be used for the same
purpose in FY2022 RDA
Budget Amendment #2
9-Line
(subtotal
$959,774)
Property
Acquisition
Holding Account
$ 959,774
Establishment of a reserve fund
for the strategic acquisition of
properties.
The Board approved
$962,708 for the same
purpose in FY2022 RDA
Budget Amendment #2
Page | 11
Project Area Project Name FY2023
Proposed Description Policy Questions / Notes
Program
Income Fund
(subtotal
$931,835)
Commercial
Revitalization
Program
$ 931,835
A permanent and annually
renewable program that
consolidates and centralizes
resources for commercial loans.
The Board approved
$667,535 for this program
in the FY2022 annual
budget.
In FY2021 the Board
approved $818,354 for a
Commercial Development
Loan Program in the CBD
which may overlap with this
program.
The Board may wish to ask:
- What are the goals of this
new program and how does
it align with the RDA's
recently updated guiding
framework?
- Will the program be
available in all project areas
or targeted to specific
areas?
- How would interested
parties find out about this
new program?
- Will the process be first
come first served or will
criteria provide
prioritization?
Primary
Housing
Fund
(subtotal
$1,599,880)
Property
Acquisition $ 1,599,880
Establishment of a reserve fund
to use for acquisition of
properties for the purpose of
preserving, improving or
increasing affordable housing
units.
Secondary
Housing
Fund
(subtotal
$10,000)
Accessory
Dwelling Unit
Program
$ 10,000
Appropriation of funds to
facilitate the construction of
Accessory Dwelling Units with a
priority on units located within
Agency project areas. Potential
uses could include the creation
and marketing of the program
as well as related design or
consulting expenses. The intent
would be to increase the supply
of ADUs and incentivize owners
to make the units available to
income targeted individuals.
The Board approved
$300,000 for the same
purpose in FY2022 RDA
Budget Amendment #2
which is limited to the 9-
Line project area and is a
performance benchmark set
by the County for
participation of additional
property tax increment
Page | 12
Project Area Project Name FY2023
Proposed Description Policy Questions / Notes
Westside
Community
Initiative
(subtotal
$500,000)
Housing
Development
Loan Program
$ 500,000
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.
Housing
Development
Fund
(subtotal
$4,230,000)
Housing
Development
Loan Program
$ 4,230,000
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.
TOTAL $ 13,278,181
Note: the capital projects budget does include the four housing funds which are also addressed in a
separate section
4.Other highlights of FY 2023 RDA budget
a.Program Income Fund – The primary source of funds for this account are revenues
generated from the Gallivan parking structure (approx. $1.2m/year). The budget also includes
rents for RDA commercial spaces. FY 23 revenue for this fund is proposed to be $440,000
lower than FY 22, largely due to reduced interest income and the use of fund balance in FY 22
that is not available in FY 23. Parking structure revenue is anticipated to increase by $1,000. It
is the most flexible funding in the RDA portfolio, as State law does not place
limitations/expectations for how and where funds are spent. In recent years this account has
been used to fill funding gaps for infrastructure projects in the Central 9th area and Station
Center, provided funding to assist with strategic acquisition along North Temple, as well as
provide seed funds for new project areas (9-Line and State Street). This year the Administration
is proposing to use these funds as follows:
Page | 13
Program Income Fund - Proposed FY 23 Expenses
FY 22 Adopted FY 23 Proposed Change
Capital Expenditures - Commercial Revitalization
Program
-{Holding Account}-667,535 931,835 264,3 00
Professional Services 300,000 300,000 -
Miscellaneous Property Expense 300,000 300,000 -
Capital Expenditures - Sustainab ility Technical
Assistance Progra m
-{Holding Account}-
200,000 -
(200,000)
Transfer to North Temple for Strategic Acquisition 255,215 -(255,2 15)
Marketing and Sa les 25,000 25,000 -
Capital Expenditures - Gallivan Repairs
-{Holding Account}-250,000 -(250,000)
Tota l Exp en d itu res a n d Oth er Uses Bu d get 1,997 ,7 50 1,556,835 (440,915)
b.Miscellaneous Property Expense. This is a line item that appears in various project areas
and is not covered by the RDA Administrative budget. It covers things like maintenance,
security, and property taxes for properties owned or managed by the RDA. Actual expenditures
vary year to year, and any unspent funds lapse to that project area’s fund balance. Due to the
unique nature of some RDA properties, the RDA obtains insurance separately
from the City’s “self-insured” approach for City properties. The Board may wish
to ask the Administration to evaluate if there are any opportunities for
savings/streamlining in this area for certain RDA properties. The Board may
also wish to ask what are the actual annual expenses for vacant / unused
properties owned by the RDA.
Project Area / Fu n d FY 2022
Adop ted
FY 2023
Prop osed Change % Change
Central Business District $ 975,000 $ 1,000,000 $ 25,000 3%
Depot District $ 120,000 $ 125,000 $ 5,000 4%
Granary District $ 5,000 $ 5,000 $ - 0%
Program Income Fund $ 300,000 $ 300,000 $ - 0%
Tota l $ 1,400,000 $ 1,430,000 195,00 0$ 14%
The Board may wish to ask the Administration for a report on actual expenditures from these
line items.
c.Revolving Loan Fund (RLF) – the FY 2023 budget proposes $345,000 in additional
revenue to lend. The source of funding for the RLF is primarily repayments on loans and
interest earnings. The Board may wish to discuss with the Administration if they
are aware of pending requests for these funds.
d.Regent Street Maintenance – The Block 70 CDA budget includes an $80,000 allocation to
the General Fund for Regent Street Maintenance. The Attorney’s Office indicates that tax
increment funds can be used to maintain public infrastructure. The Board may wish to ask
the Administration if this transfer is the long-term plan for maintenance on
Regent Street when the Block 70 CRA ends in 2040.
e.Gallivan Employees and Maintenance - the proposed budget continues the management
of the 13 Gallivan Employees and maintenance under the RDA (funding through the donation
account). The Board may wish to ask the Administration for a review of how this approach is
working compared to the previous approach of managing those employees in the General Fund
Page | 14
(Public Services Department), particularly as it relates to service level and programming, and if
additional resources are needed to encourage activity downtown post-pandemic.
f.Interest Income and Rental Income – The RDA budget includes decreases for interest
income in some project areas and decreases in others (see chart below). While interest rates are
increasing, the RDAs cash balances are lower than in previous years (due to efficient
expenditure of budgeted moneys). The Board may wish to ask the Administration if this trend
is expected to continue in future years, and if cash balances are consistent with best practices.
The RDA is expecting rental income (reported in the Program Income Fund) to be flat for FY 23.
The Board may wish to discuss with the RDA how these trends may change as the economic
recovery continues.
Project Area / Fu n d
FY 22
Ad op ted
FY 23
Prop osed $ Change % Change
Central Business District 350,000$ 23,500$ (3 26,500)$ -93%
West Capitol Hill 150,000$ 100,000$ (50,000)$ -33%
West Temple Gateway 50,000$ 5,000$ (45,000)$ -90%
Depot District 50,000$ 50,000$ -$ 0%
Block 70 -$ 2,500$ 2,500$ 1%
Stadler Rail -$ 500$ 500$
State Street n/a -$ n/a
9 Line n/a -$ n/a
Northwest Quad Housing Fund (Inland
Port)-$ -$
Revolving Loan Fund*470,000$ 280,000$ (190,000)$ -40%
North Temple Via duct 7,500$ 1,500$ (6,000)$ -80%
Northwest Quadrant CRA -$ 5,000$
Secondary Housing Fund 44,000$ 10,000$ (34,000)$ -77%
Program Income Fund*250,000$ 58,800$ (191,200)$ -76%
Granary District 45,000$ 15,000$ (30,000)$ -67%
North Temple 45,000$ 5,000$ (40,000)$ -89%
Primary Housing Fund*225,000$ 53,000$ (172,000)$ -76%
Housing Development Trust Fund*-$ 270,000$ 270,000$
Tota l 1,68 6,500$ 879,8 00$ (806,700)$-48%
*Includes interest on investments and interest earned on loans
I n terest I n come
5.Trend in Increment Received - During the FY 19 budget cycle the Administration noted that actual
increment received in a number of districts was lower than in previous years, which did not track with
the overall increase in total property valuation in the City. Since that time the Administration worked
with County staff and a consultant who have determined that it was an “anomaly,” and actual revenue
received since then tracks more consistently with valuations. For FY 23 the RDA has continued the
practice of projecting tax revenues at 80% of what was actually received in the previous year, to help
account for these potential fluctuations. Staff has provided information on selected tax increment for
Board context (shown in independent charts because of the dollar amount differences). This trend
information is available for all project areas.
Page | 15
Central Business District Depot District Block 70
2017 $26,430,856 $4,059,199 $876,893
2018 $28,183,388 $3,800,000 $1,280,637
2019 $22,915,000 $3,695,000 $1,610,000
2020 $24,575,000 $3,768,900 $1,847,677
2021 25,066,500 3,844,278 1,884,631
2022 $27,573,150 $3,921,164 $1,922,323
2023 27,596,650 4,049,587 1,922,323
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Selected Project Area Tax Increment Revenue Trends
a. North Temple Viaduct Debt service – The RDA created the North Temple Viaduct project
area specifically to help offset the debt incurred by the City to issue bonds to rebuild/shorten the
North Temple Viaduct in 2012, and to facilitate development in the adjacent area. All increment
except a small percentage for Admin is transferred to the general fund to offset this annual
payment. The chart below provides a summary of tax increment received, annual debt service
payment made by the City and the tax increment as a percent of those debt payments. In the
yearly years of this arrangement, the tax increment generated was not sufficient to cover the full
debt service payment (the general fund covered the remainder). However, starting in FY19,
actual tax increment received exceeded debt service payments. In FY 21, the Board re-purposed
this overage to re-invest on North Temple in the soon-to-open State Fair Park Public Market. In
FY 23, the Mayor is proposing to use $1m of this available overage to invest in the Housing
Development fund, to increase the number of affordable units in the City.
Staff is confirming FY 23 actual debt service, but is providing this chart from FY 21 for
context:
Granary District North Temple Westside Community Initiative (Housing $ from Inland Port)
2017 $333,663 $120,000
2018 $419,505 $197,262
2019 $508,000 $318,000
2020 $597,005 $418,441
2021 608,945 426,810
2022 $621,124 $435,346 250,000
2023 648,546 449,053 500,000
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
Selected Project Area Tax Increment Revenue Trends
Page | 16
0.0%
20 .0%
4 0.0 %
6 0.0 %
80.0%
100.0%
120.0%
140.0%
$-
$2 00,000
$4 00,000
$6 00,000
$800 ,00 0
$1,000,000
$1,200,000
FY13
Act ual
FY14
Act ua l
FY15
Actual
FY16
Actual
FY17
Act ua l
FY18
Act ual
FY19
Actual
FY2 0
Actual
FY2 1
Pr opo se d
Nor th T emple Viaduct Annual Bond Pay ments by Y ear and RDA T ax
I ncrement Contr ibution
RDA Tax I nc rem e nt T ransf er to Gener al Fund for De bt Se rvice
Tota l Annual Deb t Se rvice Pa y me nt for Se ries 2 012A B ond
Tax Increm ent as Per cent of De bt Pay me nt
b.Eccles Theater Site Operations – Per the terms of the operating agreement with Salt Lake
County, the City/RDA are responsible for any operating costs (net of revenues) that the County
experiences in operating the ancillary sites around the Eccles Theater (Black Box, Regent Street
Plaza, and Winter Garden). The FY 23 budget proposes $475,000 for this purpose, which is flat
from FY 22, and could be less than this if activities continue to rebound post-pandemic.
Consistent with the Council’s initial goals for the construction of the Eccles Theater, the UPACA
Board continues to ask County staff to find innovative ways to increase programming in the
spaces, with a primary goal of activation rather than purely revenue generation. The Eccles
Theater applied for and received Federal assistance geared towards performing arts venues,
which offset much of the operational losses experienced during the pandemic (in addition to an
allocation from the County).
c.Block 70 Debt Reserve – Each year the RDA funds a certain reserve for Debt Service for the
Eccles Theater, to cover years when tax increment for the block is insufficient to cover payments
(a span of 5-8 years depending on projections. As of FY 22 the debt service reserve was
approximately $7.2 million. This is kept in a capital account that will not lapse to fund balance
each year, so it will continue to grow (interest income and future appropriations). RDA staff is
working with finance to recalculate the exact amount of this gap. In 2018 it was calculated to be
$7.5 million. If tax increment grows at a faster rate in Block 70, this gap will be smaller. The
RDA has proposed tax increment revenue at about 80% of what was actually received in FY 22,
so it is likely a conservative estimate. The below graph, although dated from 2018, illustrates the
projected funding gap assuming a conservative tax increment growth of 2%. Annual bond
payments are shown as the red line and available resources are shown as the blue line. The
Administration indicates that they are working on confirming the exact amount of funding
needed to fill these gap years.
Page | 17
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
Annual Debt Service In Millions
Year
Regent Street Bond Ends in 2029
Eccles Theater Bond Ends in 2038
County Tax Increment Capped at $43 Million, Ends Approx. 2035
Block 70
Annual Bond Payments and Projected Revenues
$7.5 Million Funding Gap{
Note: this chart was prepared for the FY 18 budget cycle. The Board may wish to ask for the Administration to update.
GENERAL POLICY QUESTIONS –
1.Project Area/Workload Prioritization – The Board may wish to continue the discussion of project
area and/or staff workload prioritization. In January 2020 the Board approved two resolutions
establishing survey boundaries for potential Community Reinvestment Areas at the University of Utah
Research Park, and discussions are ongoing. Additionally, Staff is continuing to work with the County to
secure their support for the State Street project area, and is in continued discussions about new project
areas to facilitate developments around the Granary, which is soon to expire. Staff is critical to the City’s
efforts during State legislative discussions about changes to the City’s development tools, which was an
increased workload compared to previous years. Affordable Housing Development in the City is also an
overarching workload handled by RDA staff, as is work on some of the pilot programs approved by the
board last fiscal year and proposed this fiscal year.
2.Bonding for catalytic projects in new project areas – The Board may wish to ask the
Administration whether they have a recommendation for bond-eligible catalytic projects in either the
State Street or 9-Line project areas, given tax increment flow has started. Based on previous discussions,
the Board and Administration agreed that bonding early in project areas, as was done for Block 70 and
Regent Street/Eccles Theater, makes financial sense (bonding capacity is maximized early in a project
area). Currently the FY 23 budget is recommending that the tax increment for State Street and 9 Line
(after the 10% to admin and housing) be held in a capital account for strategic property acquisition.
Specific proposals would still need to come to the board for approval.
3.Fund Balances for Project Areas with Ongoing Funding Obligations – The Board may wish to
review with the Administration the levels of fund balances (“savings accounts” or “cash reserves”) for
Page | 18
project areas with ongoing obligations such as the Central Business District which has bond debt service
payments and agreements (such as Eccles, Regent Street, and Gallivan) and significantly contributes to
the RDA’s annual administration costs.
4.Evaluation of Public/Private Partnership Models - As the City and RDA consider the public /
private partnership ideas that are periodically raised, the Board / Council could evaluate the model used
with Gallivan and other Public/Private or multi-jurisdictional entities (Downtown Alliance, UPACA
Board, Inland Port Board) to identify lessons learned, and pros/cons/variations in approach. A review
of these different models could help future models establish role clarity, transparency expectations, and
staff accountability upfront.
5.Pooled Resources vs. Project Area Resources – Some initiatives and projects previously funded
with RDA tax increment have been funded by transferring funds out of one project area, into a pooled
account, such as Primary Housing Fund or Revolving Loan Fund (via appropriation from Fund
Balance). Because these accounts are flexible in terms of serving all project areas, this allows for a
project area with limited tax increment to complete projects it might otherwise not be able to afford.
There are not clear guiding policies that would help determine when it’s appropriate to use this
approach for a given project or initiative, but in the past it has enabled the RDA to respond to unique
opportunities/projects.
6.Consistency between RDA and City Policy – Currently the Board adopts policies to guide RDA
investment that typically mirror City policies, although in some cases they are different and/or more
targeted to RDA activities. The Board could adopt a blanket policy indicating that if the RDA does not
have a policy for a given area, the City policy applies.
ADDITIONAL & BACKGROUND INFORMATION
Gallivan Utah Center Owners Association (GUCOA)
GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is
responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally
contemplated a contractor to provide maintenance and programming which has been provided by the Public
Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming, and events. The programming contract has
requirements for a set number of events that must be open to the public annually. Gallivan also provides many
free events to activate the space consistent with the Council/Board’s public policy goals for downtown.
Project Area Expiration Dates
Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax
increment already collected in expired project areas such as Sugar House. Sometimes project areas can be
extended/renewed for a longer length which happened to the Central Business District. The table below
summarizes project area timeframes from creation to expiration.
Project Area Initial Collection
Year
Last Collection
Year
Central Business District*†1983 2042
West Capitol Hill**1998 2022
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2039
North Temple Viaduct CDA 2012 2037
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2040
Stadler Rail 2019 2038
Block 67 2021 2040
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table
Page | 19
*The RDA Board extended the CBD from the original expiration year of 2007
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
†In October 2021 the Board approved two-year extensions for these project areas. State law
was changed to allow extensions for projects areas negatively impacted by the COVID-19
pandemic
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board,
encourages, promotes, or provides development or redevelopment for the purpose of implementing a
project area plan, including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or
improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including
recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
Note: in the 2022 legislative session some changes were made to limit a taxing entity’s ability to invest in certain
retail uses in HB 151 – in summary it it prohibits a city or its RDA from making or entering into an agreement to
make certain incentive payments for retail facilities. While retail incentives are limited, there some exceptions,
including:
-census tract areas with the median income below 70% AMI (to ease food and service deserts, etc),
-mixed use developments with a certain amount of housing units, or 10% of the units being affordable,
-retail facilities under 20,000 sqft, retail for small businesses, etc.
- Incentives can still be used for public infrastructure, structured parking, main street or historic
programs, and environmental mitigation.
-If incentives for retail developments are used, a report must be issued to GOEO.
-If a taxing entity violates any of the incentives restrictions or doesn't submit a report, GOEO can send a
notice to the state auditor. There is still the ability to cure the problem or appeal the determination of
GOEO.
ATTACHMENTS
1. Attachment 1 - RDA Guiding Framework Transmittal December 2021 (Mission, Core Values and
Livability Benchmarks)
2.Attachment 2 - Housing Funding Priorities for FY 23
11.24.21
Guiding Framework
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA
projects and partnerships.
MISSION: The Redevelopment Agency of Salt Lake City strengthens neighborhoods and business districts to improve livability, create economic opportunity and
foster authentic, equitable communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities,
commercial vitality, public spaces, and environmental sustainability.
VALUES: Economic Opportunity-
We invest in the long-term prosperity and growth
of our local economy.
Equity & Inclusion-
We prioritize people-focused projects and
programs that encourage everyone to
participate in and benefit from development
decisions that shape their communities.
Neighborhood Vibrancy-
We cultivate distinct and livable places that are
contextually sensitive, durable, connected, and
sustainable.
PROJECT EVALUATION PROCESS: The RDA prioritizes projects that demonstrate a commitment to the Mission and Values , evaluating projects via three steps, which answer the
following questions: 1.) Does the project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving
defined LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the
RDA Loan Program or Tax Increment Reimbursement Program?
*Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans
will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process.
Step 1:
THRESHOLDS
Alignment with adopted City policies & plans
Alignment with RDA Project Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 2:
LIVABILITY
BENCHMARKS
Economic Opportunity
Leveraging
Timeliness
Return of Investment
Permanent Job Creation & Retention
Affordable Commercial Spaces
Ownership
Equity & Inclusion
Transit Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Community Engagement & Support
Housing for Everyone
Displacement Mitigation
Affordable Housing Preservation
Neighborhood Vibrancy
Public Space
Public Art
Architecture & Urban Design
Sustainability
Walkability
Building Preservation, rehabilitation, or
adaptive reuse
Missing Middle & Unique Building Types
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies, programs and procedures
Exhibit A to the Resolution
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.
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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
I
N
P
R
O
C
E
S
S
C
O
M
P
L
E
T
E
D
Note 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
FY 2023
BUDGET
M
A
Y
1
7
,
2
0
2
2
R
D
A
B
O
A
R
D
M
E
E
T
I
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G
PRESENTATION
CONTENTS
2
0
2
2
-
2
0
2
3
B
U
D
G
E
T
PART 2 FY 2023 PRIORITIES
PART 3 BUDGET BREAKDOWN
PART 4 FY 2023 KEY CHANGES
PART 1 FY 2022 HIGHLIGHTS
FY 2022
HIGHLIGHTS
PART 1
U PDATED
GUID IN G
F RAM E W ORK
FY 2022 HIGHLIGHTS
EQUITY
AND INCLUSION
NEIGHBORHOOD
VIBRANCY
We strengthen neighborhoods and business districts to improve livability, create economic opportunity, and foster authentic,
equitable communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities,
commercial vitality, public spaces, and environmental sustainability.
NEIGH BORH O O D VIBRANCYECONOMIC OPPORT UNIT Y
M I S S I O N
EQUIT Y + INCL USIO N
V A L U E S
Leveraging
Timeliness
Return of Investment
Permanent Job Creation &
Retention
Affordable Commercial Spaces
Ownership
Transit Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Community Engagement &
Support
Housing for Everyone
Displacement Mitigation
Affordable Housing Preservation
Public Space
Public Art
Architecture & Urban Design
Sustainability
Walkability
Building Preservation, Rehabilitation, &
Adaptive Reuse
Missing Middle & Unique Building Types
We prioritize people-focused projects and
programs that encourage everyone to
participate in and benefit from
development decisions that shape their
communities.
We cultivate distinct and livable built
environments that are contextually
sensitive, resilient, connected, and
sustainable.
We invest in the long-term prosperity and
growth of our local economy.
L I V A B I L I T Y B E N C H M A R K S
F
Y
2
0
2
2
H
I
G
H
L
I
G
H
T
S
2 6 5
AFFORDABLE HOUSING
UNITS COMPLETED
JACKSON APARTMENTS
80 affordable senior housing units
Historic facade preserved
$1MM loan
CAPITOL HOMES APARTMENTS
62 affordable units
Commercial + flex space
$3.2MM loan
DIAMOND RAIL
55 affordable units, 25 market-rate
15 3-bedrooms units for families
$1MM loan
CENTRAL STATION
65 affordable units, 25 market-rate
incl. 3-bedrooms units for families
$1MM loan
F
Y
2
0
2
2
H
I
G
H
L
I
G
H
T
S
1 9 5
af fo r d abl e
unit s
BROKE GROUND ON
COLONY B
140 affordable units
$1.34MM loan
RICHMOND FLATS
55 affordable units
$1.8MM loan
SILOS ON 5TH
106 affordable units
$2.3MM loan
THE NEST
220 affordable units
$1.1MM loan
F
Y
2
0
2
2
H
I
G
H
L
I
G
H
T
S
$4 .2 M M
4 3 6
a f f ordab l e units
SECURED FINANCING
THREE AFFORDABLE
HOUSING PROJECTS
144 S. 500 EAST
110 affordable units
$775,000 loan
F
Y
2
0
2
2
H
I
G
H
L
I
G
H
T
S
1 9 ,3 5 0
squ a r e feet
NEIGHBORHOOD-
SCALE COMMERCIAL
SPACE ADDED
WEST END
Adaptive reuse
$3.1MM loan
CENTRAL NINTH MARKET II
3 affordable residential units
2 retail spaces
$2.28MM (loan + land write-down)
FO U R P U B L I C
I MP R O VE ME N T
P R OJ E C T S
B R OK E G R O U ND
6 0 0 S . M A I N
T R A X S T A T I O N
3 0 0 W E S T S T R E E T
I M P R O V E M E N T S
C E N T R A L N I N T H
S T R E E T S C A P E
FY 2022 HIGHLIGHTS
F O L S O M
C O R R I D O R
A C Q UIRE D
N E I G HB O R HO O D
C O MM ERC IA L
N O DE PR O PER T Y
FY 2022 HIGHLIGHTS
877 W. 400 SOUTH
Environmental remediation before RFP
Exploring mixed-use scenarios for property
Ideally would include existing commissary
kitchen
A C Q UIRE D
C R I T I C AL
S T A TI ON C E NTE R
P R O PER T Y
FY 2022 HIGHLIGHTS
233 S. 600 WEST
Connects two (2) adjacent RDA-owned
parcels
Purchase involved development
agreement that commits RDA to
relocating existing underground
stormwater detention basin
A D O P T E D
S U S TA I N AB LE
D E V E L O P M E N T
P O L I C Y
FY 2022 HIGHLIGHTS
Most building projects receiving Agency
funding must meet energy efficiency
standards and be all electric. Projects
participating in certain Agency programs
must also achieve net zero status.
F
Y
2
0
2
2
H
I
G
H
L
I
G
H
T
S G A L L I V A N C E N TE R S U C C E S S
Public art with Downtown Alliance: The art pieces were featured in hundreds of selfies,
dozens of photo shoots, a couple of films, and the television show Man v. Food.
Family Drag Night: Inclusive event was a raging success for people of all ages.
Ice Rink Theme Nights with the BLOCKS: Live entertainment with DJs, visiting fictional
characters, and contests. Hope to expand those events in 2022-23.
Busiest season (November to February) ever
70,725 ice skaters; many more spectators
Grossed $550,000 ($22,000+ in hot chocolate alone!)
NEW EVENTS + EXHIBITIONS
TOTAL PUBLIC EVENTS SINCE 7/1/21 RE-OPENING: 181
TOTAL LIVESTREAM VIEWS FOR EXCELLENCE IN THE COMMUNITY CONCERTS: 7.1 MILLION
ICE RINK RE-OPENING
FY 2023
BUDGET
PRIORITIES
PART 2
F
Y
2
0
2
3
B
U
D
G
E
T
P
R
I
O
R
I
T
Y
-
F
U
N
D
I
N
G FU ND IN G PRIORI T Y #1: H OU S IN G
Deeply Affordable Housing
Family Housing
Affordable Home Ownership
Missing Middle Housing
ANNUAL HOUSING PRIORITIES
Establishment of a reserve fund to use for acquisition of
properties for the purpose of preserving, improving or
increasing affordable housing units.
STRATEGIC ACQUISITION
HOUSING FUNDS
ALLOCATION POLICY
PRIMARY
HOUSING
FUND $$$
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
HOUSING
DEVELOPMENT
FUND
WESTSIDE
COMMUNITY
INITIATIVE
SECONDARY
ADOPTED Q1 2021 YEARLY BOD APPROVAL
This policy established
guidelines for
allocating/directing
resources for housing
by funding source.
Also requires "Annual
Housing Funding
Strategy" (right) be
brought in front of
Board every year.
HOUSING
DEVELOPMENT
FUND
SECONDARYPRIMARY
WESTSIDE
COMMUNITY
INITIATIVE
housing fund
allocations
FY23 ANNUAL HOUSING FUNDING STRATEGY
FAMILY
HOUSING
MISSING
MIDDLE
HOUSING
AFFORDABLE
HOME
OWNERSHIP
DEEPLY
AFFORDABLE
HOUSING
ANNUAL HOUSING
PRIORITIES
HOUSING
ACTIVITIES
LAND
ACQUISITION
ADU
ASSISTANCE
SHARED
EQUITY
HOUSING
HOUSING
DEV. LOAN
PROGRAM
FY23 Housing ActivitY IMPACT
HOUSING PRIORITIES
Affordable Home
Ownership
Family Housing
Deeply Affordable
Housing
Missing Middle
Housing
Shared Equity Model Land AcquisitionHousing Development
Loan Program
ADU Assistance
HOUSING ACTIVITIES
F
Y
2
0
2
3
B
U
D
G
E
T
P
R
I
O
R
I
T
Y
-
F
U
N
D
I
N
G FU NDI NG PRI O RITY #2: COMM E R CIA L
To be dispersed through new Commercial Assistance Program
REVOLVING LOAN FUND
STRATEGIC ACQUISITION
Establishment of a reserve fund to use for acquisition of
commercial properties with the intent to preserve or create
spaces for locally, minority, or women-owned businesses
F
Y
2
0
2
3
B
U
D
G
E
T
P
R
I
O
R
I
T
Y
-
F
U
N
D
I
N
G FU NDI NG PRI O RITY #3:
Japantown
Main Street
Folsom Corridor
IMPROVEMENTS TO PEDESTRIAN EXPERIENCE
PUBLIC SPACE AND DEVELOPMENT OPPORTUNITIES
INFRASTRUCTURE
AND PLANNIN G
Gallivan Center
Granary Strategic Intervention
FY 2021 FY 2022 FY 2023
Public Art
Policy
Sustainable Development
Policy
Shared Equity Models of
Development
Housing Funds
Allocation
Housing Funds Allocation
Amendment
(Westside Community Initiative)
Commercial
Assistance Programs
Housing Development
Loan Program
Equity Work Plan
(Living Document)
Cultural + Community
InitiatiivesF
Y
2
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Program that will utilize Westside Community Initiative Fund
U PCOMING P ROGRA M #1
SHARED E Q UI T Y MODEL S O F D E V E LOP MEN T
A shared equity housing model such as a community land trust provides the
opportunity to hold title to land to preserve its long-term availability for affordable
housing. This model allows for both home ownership and shared equity. As part of the
Westside Community Initiative (WCI), the RDA will explore some form of a shared
equity program or partnership to facilitate affordable ownership.
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S U PCOMING P R OGRA M #2
COMM E R CIA L A SSI S T A NC E PROG R AM
Amendment of existing Revolving Loan Fund to have an intentional focus on providing
commercial assistance that benefits locally, minority, or women-owned businesses (Fund
is currently more open ended and flexible)
Amendment of existing Adaptive Reuse Loan Program to expand geography beyond
Granary and be more easily utilized by local businesses
Creation of an Affordable Storefront Activation Program to support development and
activation of commercial spaces that could be offered at below market rates
Provision of Technical Assistance meant to remove barriers and increase participation of
non-traditional applicants
Early vision is for a package of programs that includes:
**Coming to you in June!
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S U PCOMING P ROGRA M #3
COMM UNITY + C UL T URA L IN ITIA TI VES
Program idea that resulted from creation of Equitable & Inclusive Development
Work Plan (presented to BOD in September 2021)
Preliminary goals include:
Strengthen organizational structures and enable groups to carry out their missions
Empower local leadership building
Support efforts to convey that neighborhoods have an established history that
deserves to be kept alive
Would provide funding to non-profits and community organizations for self-initiated
and led projects
FY 2023
BUDGET
BREAKDOWN
PART 3
FY 2023
KEY CHANGES
PART 4
D E P O T
D I S TR I C T
TAX INCREMENT PROJECTION
O VE RA L L
F O RE CA S T
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2% over FY 2022
Hold steady in Central
Business District and Block 70
80% of FY 2022 received for
9 Line, Northwest Quadrant,
and State Street
CE N TR A L B US I N ES S
D I S T R I CT
JAPANTOWN: $250,000
Support implementation of the
Design Strategy.
MAIN ST. CLOSURE: $300,000
Support the transition of Main Street
to a pedestrian-first promenade.
GALLIVAN MASTER PLAN: $100,000
Strategic design plan for
improvements and capital repair plan
to support ongoing programming and
maintenance needs.
PROPERTY ACQUISITION: $743,061
Affordable housing property
acquisition.
REPAYMENT TO REVOLVING
LOAN FUND: $524,732
Repayment of funds used for
property acquisition.
S T A TE
ST RE E T
GR A NA R Y
D I ST R I C T
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PROPERTY ACQUISITION:
$2,104,947
Strategic property acquisition
STRATEGIC INTERVENTION
FUND: $421,805
Catalytic project
FOLSOM CORRIDOR:
$284,753
Strategic property acquisition
and environmental remediation
of properties
H O U S I NG
F UND S9-LIN E
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F U N D
COMMERCIAL ASSISTANCE:
$931,835
PROPERTY ACQUISITION:
$959,774
PRIMARY HOUSING FUND:
$1,599,880
Strategic property acquisition
WESTSIDE COMMUNITY INITIATIVE:
$500,000
Housing Development Loan Program
HOUSING DEVELOPMENT FUND
$4,230,000:
Housing Development Loan Program
$1,000,000:
Strategic Property Acquisition