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03/14/2023 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
March 14, 2023 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 and City Ordinance, the meeting may be held electronically. 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: 11:59:01
Comments:A.
1.General Comments to the Board TENTATIVE
5 min
The RDA Board of Directors will receive public comments regarding Redevelopment
Agency business in the following formats:
1.Written comments submitted to RDA offices, 451 South State Street, Suite 118, P.O.
Box 145455, Salt Lake City, UT. 84114-5455.
2.Comments to the RDA Board of Directors. (Comments are taken on any item not
scheduled for a public Hearing, as well as on any other RDA Business. Comments
are limited to two minutes.)
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
1.Resolution: State Street Community Reinvestment Area Budget
Amendment -
-
The Board will accept public comment about a resolution that would amend the 20-year
consolidated budget for the State Street Community Reinvestment Area (CRA). The
purpose of this budget amendment is to align the State Street CRA budget adopted by the
Board in August of 2018 with the terms of the executed interlocal agreements with
participating taxing entities including Salt Lake City, Salt Lake City School District and
Salt Lake County.
C.Redevelopment Agency Business - The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Resolution: State Street Community Reinvestment Area Budget
Amendment ~ 2:05 p.m.
10 min.
The Board will receive a follow-up briefing about, and will consider adopting, a resolution
that would amend the 20-year consolidated budget for the State Street Community
Reinvestment Area (CRA). The purpose of this budget amendment is to align the State
Street CRA budget adopted by the Board in August of 2018 with the terms of the executed
interlocal agreements with participating taxing entities including Salt Lake City, Salt
Lake City School District and Salt Lake County.
2.Informational: Proposed Housing Development Funding Priorities
for Fiscal Year 2023-24
~ 2:15
p.m.
45 min.
The Board will receive an introductory briefing on the RDA’s proposed housing funding
priorities for Fiscal Year 2023-24. This is the first step for the Board in developing the
broader annual Housing Development Funding Strategy. Subsequent steps will include
review of projected revenue amounts to be allocated to each component Housing Fund,
and the consideration of proposed funding allocations for specific housing activities for
the upcoming fiscal year.
3.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
4.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to scheduling
items.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
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, 2022 and December 31, 2022
•Remaining amount available to lend in the existing portfolio
•Outstanding principal for each loan fund
•Any delinquencies
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Board Re-appointment: Redevelopment Advisory Committee - Mojdeh
Sakaki -
-
The Council will consider approving the re-appointment of Mojdeh Sakaki to the
Redevelopment Advisory Committee for a term ending January 18, 2027.
Adjournment
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.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on _____________________, the undersigned, duly appointed City
Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public
Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided
to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any
others who have indicated interest.
CINDY LOU TRISHMAN
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay
service 711.
REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLCGOV.COM WWW.SLCRDA.COM WWW.SALTLAKEARTS.ORG
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: February 24, 2023
PREPARED BY: Lauren Parisi, Senior Project Manager & Makena Hawley, Project Manager
RE: State Street Community Reinvestment Area (“CRA”) Budget Amendment
REQUESTED ACTION: Consider the Adoption of the Proposed State Street CRA Budget as
Amended
BUDGET IMPACTS: State Street CRA 20-Year Consolidated Budget
EXECUTIVE SUMMARY: On August 21, 2018, the Redevelopment Agency Board of Directors
(“Board”) adopted the State Street Community Reinvestment Area (“State Street CRA”) plan and budget.
Before the Redevelopment Agency of Salt Lake City (“RDA”) can begin to collect tax increment within a
project area, an interlocal agreement must be approved by each contributing taxing entity detailing the terms
of their participation.
Interlocal agreements have now been finalized with all taxing entities contributing to the State Street CRA
including Salt Lake City, Salt Lake County and Salt Lake City School District. These agreements were also
reviewed and adopted by the Board. The purpose of this budget amendment is to align the State Street CRA
budget adopted by the Board in August of 2018 with the terms of the executed interlocal agreements.
ANALYSIS & ISSUES: Values within the State Street CRA budget as amended have been updated from
the previously adopted budget as noted in the tables below. More specifically, these values reflect a
reduced project area term from 25 to 20 years, fewer participating taxing entities (the Salt Lake Library,
Salt Lake Metropolitan Water District, Salt Lake Mosquito Abatement District and the Central Utah
Water Conservancy District are no longer participating), updated tax increment revenue projections to
reflect denser, transit-oriented development patterns and specific terms requested by Salt Lake County.
The complete State Street CRA budget as amended to be incorporated in the State Street CRA plan has
been included under Attachment A.
2
PROJECTED AMOUNT OF TAX INCREMENT
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED
Current Budget –
Incremental Tax Revenues - 100% Total - 25 Years
Salt Lake County $12,655,703
Salt Lake City School District $32,987,028
Salt Lake City $24,323,930
Salt Lake Library $3,763,083
Salt Lake Metropolitan Water District $1,862,860
Salt Lake City Mosquito Abatement District $912,748
Central Utah Water Conservancy District $2,135,083
TOTAL $78,640,435
Budget as Amended –
Incremental Tax Revenues - 100% Total – 20 Years
Salt Lake County $24,298,120
Salt Lake City School District $67,790,876
Salt Lake City $48,747,083
TOTAL $140,836,079
PERCENTAGE OF TAX INCREMENT AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Current Budget –
Taxing Entity Percentage Length
Salt Lake County 75% 25 Years
Salt Lake City School District 75% 25 Years
Salt Lake City 75% 25 Years
Salt Lake Library 75% 25 Years
Salt Lake Metropolitan Water District 75% 25 Years
Salt Lake City Mosquito Abatement District 75% 25 Years
Central Utah Water Conservancy District 75% 25 Years
3
Budget as Amended –
Taxing Entity Percentage Length
Salt Lake County* 100% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation payment of
25% and an administrative fee of 2% up to a maximum of $156,092. Accordingly, the percentage retained by the RDA
will be approximately 73% up to the contribution cap of $8,194,813 or the $8,350,905 including the County
Administrative fee as specified in the interlocal agreement.
MAXIMUM CUMULATIVE DOLLAR AMOUNT
TABLE 2.4: TAX INCREMENT REVENUES TO RDA
Current Budget –
Incremental Tax Revenues to RDA Total – 25 Years
Salt Lake County $9,491,777
Salt Lake City School District $24,740,271
Salt Lake City $18,242,948
Salt Lake Library $2,822,312
Salt Lake Metropolitan Water District $1,397,145
Salt Lake Mosquito Abatement District $684,561
Salt Lake Utah Water Conservancy District $1,601,312
TOTAL $58,980,326
Budget as Amended –
Incremental Tax Revenues to RDA Total - 20 Years
Salt Lake County* $8,194,813
Salt Lake City School District $50,843,157
Salt Lake City $36,560,312
TOTAL $95,598,282
*Based upon the maximum contribution cap as specified in the County interlocal agreement.
REQUESTED ACTION:
Pursuant to State Code, the RDA Board must hold a public hearing and should consider adopting the
amended budget by resolution. Public notices regarding the budget amendment hearing were sent to all
property owners within the State Street project area boundaries on February 6, 2023 and posted on the
Utah Public Notice website as well as Salt Lake City’s website. Notices were also sent to the State Tax
Commission, Salt Lake County Assessor, Salt Lake County Auditor and all participating taxing entities.
4
PREVIOUS BOARD ACTION:
• March 2015: The Board approved a list of several areas to be evaluated and adopted evaluation
criteria.
• April 2015: The Board shortlisted six potential project areas for further staff analysis.
• May 2015: Staff provided a recap of previous policy direction on the project area creation
process, including clarification of the potential project area boundaries and the short-list
evaluation criteria.
• June 2015: Staff provided a written status update on the project area creation process.
• August 2015: Staff presented its research on seven short-listed potential project areas to the RDA
Board. The Board requested staff return with a matrix to assist in an informed discussion and
project area selection prioritization in September.
• September 2015: The Board selected the State Street, Ball Park, and 9-Line areas as the top
ranked potential project areas. Staff commenced meeting with the Salt Lake City School District
and Salt Lake County taxing entities to discuss the three areas and collect feedback on the
potential terms of new project areas.
• November 2015: The Board amended the State Street project area boundaries to include portions
of the Ball Park project area. The Board approved the State Street and 9 Line project areas to
move forward in the Community Development Area creation process.
• December 2015: The Board authorized staff to proceed with the draft community development
area plans for the 9 Line and State Street Project Areas.
• April 2016: The Board authorized staff to proceed with the draft community reinvestment area
plans for the 9 Line and State Street Project Areas as redefined in Utah Title 17C.
• November 2016: Staff presented an update to the Board regarding the State Street and 9 Line
proposed project areas, including schedule and scope of work; results of a community outreach
campaign; and draft project area redevelopment activities and geographic target areas.
• January 2017: Staff presented to the Board regarding the following: the Board’s roles and
opportunities for input during the project area creation process, including drafting the project area
plan; the basis and components of the project area plans, including the purpose and components
of the public benefits analysis; and an updated proposed timeline for next steps in the project area
creation process.
• February 2017: Staff presented to the Board plan components, including a statement of existing
conditions and reasons for selecting the project area.
• October 2017: Staff presented to the Board regarding the updated timeline for creating the 9 Line
and State Street project areas.
• November 2017: Staff provided an update on the Public Benefit Analyses for the proposed 9 Line
and State Street Community Reinvestment Areas.
• February 2018: The Board adopted a resolution authorizing the expansion of the Community
Reinvestment Area boundary for the proposed State Street Project Area.
• May 2018: The Board gave preliminary approval of the draft State Street and 9 Line Community
Reinvestment Area (CRA) plans, allowing RDA staff to draft legal descriptions of the CRA,
provide public notice of 30-day comment period and public hearing, and conduct a second round
of community outreach on the draft CRA Plans.
• August 2018: The Board approved resolutions adopting the State Street and 9 Line CRA Plans
• August 2018: The City Council approved ordinances adopting the State Street and 9 Line CRA
Plans.
5
• September 2020: City Council approved resolutions authorizing the terms of the interlocal
agreements between the City and the RDA for the State Street and 9 Line CRAs
• October 2020: RDA Board approved resolutions adopting the interlocal agreements between the
School District and the RDA as well as the City and the RDA for the State Street and 9 Line
CRAs
• January 2021: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the 9 Line CRA
• March 2021: RDA Board approved resolution to amend the 9 Line CRA budget
• January 2023: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the State Street CRA
• February 2023: RDA Board set Public Hearing date to approve the State Street CRA Budget
Amendment Resolution
ATTACHMENTS:
Attachment A: State Street CRA Budget Amendment Resolution with Attachment
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
State Street Community Reinvestment Area Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE STATE STREET COMMUNITY REINVESTMENT
AREA BUDGET
WHEREAS, on August 21, 2018, the Redevelopment Agency of Salt Lake City Board of
Directors (“Board”) adopted the State Street Community Reinvestment Area (“State Street CRA”)
budget, effective at the beginning of the CRA’s funds collection period, in accordance with the
requirements of Section 17C-5-302 of the Utah Code.
WHEREAS, after the State Street CRA budget was adopted, Salt Lake City, Salt Lake
County, and Salt Lake City School District each negotiated and executed interlocal agreements
with the Redevelopment Agency of Salt Lake City (“RDA”) in accordance with the requirements
of Section 17-5-204 of the Utah Code, which allows the RDA to receive a portion of the taxing
entities’ tax increment within the project area for the term of the collection period.
WHEREAS, the State Street CRA budget must now be amended to reflect the same terms
in the executed interlocal agreements with Salt Lake City, Salt Lake County and Salt Lake City
School District.
WHEREAS, all conditions precedent to amend the CRA budget have been accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this Resolution is to amend the State Street CRA budget,
as approved by the RDA Board on August 21, 2018.
2. Adoption of Amended State Street CRA Budget. The amended State Street CRA
budget attached as Exhibit A is hereby adopted as the State Street CRA budget and shall be
incorporated into the State Street CRA project area plan.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder which amendments shall be available for public inspection. Pursuant to Section 17C-5-
305 of the Utah Code, the RDA shall cause a copy of the budget amendments to be filed with the
State Tax Commission, the State Board of Education, the state auditor, the Salt Lake County
Auditor, and the taxing entities party to the State Street CRA interlocal agreements.
2
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, 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
January 26, 2023
3
EXHIBIT A TO RESOLUTION
[Attach Budget Amendment]
STATE STREET PROJECT AREA
BUDGET
1
State Street
PROJECT AREA BUDGET
AS
AMENDED
Section 2 of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following
information:
1) Receipt of Tax Increment
a. Base taxable value;
b. Projected amount of tax increment to be generated within the CRA;
c. Each project area funds collection period;
d. Projected amount of tax increment to be paid to other taxing entities in accordance with
Section 17C-1-410 (if applicable);
e. If the area from which tax increment is collected is less than the entire community
reinvestment project area:
i. a boundary description of the portion or portions of the community
reinvestment project area from which the agency receives tax increment; and
ii. for each portion described in Subsection (1)(e)(i), the period of time during which
tax increment is collected;
f. Percentage of tax increment the agency is authorized to receive from the community
reinvestment project area; and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive from
the community reinvestment project area.
2) Receipt of Sales and Use Tax Revenue
3) Project Area Funds to Implement this CRA Plan
4) RDA’s Combined Incremental Value
5) Amount for Administration
6) Property Owned and Expected to Sell
STATE STREET PROJECT AREA
BUDGET
2
2.1: RECEIPT OF TAX INCREMENT
2.1(a): BASE TAXABLE VALUE
• The base year for Salt Lake City and Salt Lake City School District is 2016, with a base taxable value of
$889,305,536.
• The base year for Salt Lake County is 2021, with a base taxable value of $1,420,601,199.
2.1(b): PROJECTED AMOUNT OF TAX INCREMENT
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED - 20 YEARS
Incremental Tax Revenues - 100% Total – 20 Years
Salt Lake County $24,298,120
Salt Lake City School District $67,790,876
Salt Lake City $48,747,083
TOTAL $140,836,079
2.1(c): COLLECTION PERIOD
The collection period shall be 20 years.
2.1(d): TAX INCREMENT PAID TO OTHER TAXING ENTITIES
TABLE 2.2: INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES - 20 YEARS
Incremental Tax Revenues to Taxing Entities Total – 20 Years
Salt Lake County $16,103,307
Salt Lake City School District $16,947,719
Salt Lake City $12,186,771
TOTAL $45,237,797
2.1(e ): IF TAX INCREMENT COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable; the Tax Increment collection area is the entire CRA boundary.
STATE STREET PROJECT AREA
BUDGET
3
2.1(f ): PERCENTAGE OF TAX INCREMENT AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Taxing Entity Percentage Length
Salt Lake County* 100% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation
payment of 25% and an administrative fee of 2% up to a maximum of $156,092. Accordingly, the percentage
retained by the RDA will be approximately 73% up to the contribution cap of $8,194,813 or $8,350,905
including the County’s Administrative Fee as specified in the interlocal agreement.
2.1(g): MA XIMUM CUMUL ATIVE A MOUNT RECEIVED B Y THE RDA
The maximum cumulative amount to be received and retained by the RDA is as follows:
TABLE 2.4: TAX INCREMENT REVENUES RETAINED BY RDA - 20-YEARS
Incremental Tax Revenues to RDA Total – 20 Years
Salt Lake County* $8,194,813
Salt Lake City School District $50,843,157
Salt Lake City $36,560,312
TOTAL $95,598,282
*Based upon the maximum contribution cap as specified in the County interlocal agreement.
2.2: SALES AND USE TAX REVENUE:
Not applicable .
2.3: PROJEC T AREA FUNDS T O IMPLEMENT THIS CRA PLA N
TABLE 2.5.1: BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE CITY AND SALT LAKE CITY SCHOOL DISTRICT TO RDA - 20-YEARS
Activity Percentage Amount
RDA Administration & Operations 10% $8,740,347
Income Targeted Housing – Citywide 10% $8,740,347
Redevelopment Activities 80% $69,922,775
Total 100% $87,403,469
TABLE 2.5.2: BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE COUNTY TO RDA - 20-YEARS
Activity Percentage Amount*
RDA Administration & Operations 5% $390,229
Income Targeted Housing – Citywide 23% $1,901,286
Income Targeted Housing – State Street CRA 70% $5,700,258
Environmental Remediation 2% $203,040
Total 100% $8,194,813
*Note: The amount of funds designated to each budget activity shall not exceed the maximum allocation over
STATE STREET PROJECT AREA
BUDGET
4
the course of the project area term as specified in the interlocal agreement. Per section 4(a) of the interlocal
agreement with the Agency, the County has agreed to provide "the lesser of: a) 18% of the Agency's total
expenditures for income targeted housing projects in the Project Area; and b) $5,700,258." For example, for
this amount to equal $5,700,258, the RDA must spend at least $31,668,199 on income targeted housing
projects within the State Street Project Area. If the RDA cannot document expenses of at least $31,668,199 for
income targeted housing projects within the State Street Project Area, then the total amount of County tax
increment that the RDA may use in the Project Area on income targeted housing may be less than $5,700,258
and will be dictated by the terms of the interlocal agreement. If there are any income targeted housing funds
remaining after 2044, the RDA must return those funds to the County as provided in the interlocal agreement.
County funds may not be used by the RDA in a revolving loan fund or for any other loan product.
The RDA shall implement this plan through the following activities:
• REDEVELOPMENT ACTIVITIES:
The tax increment expected to be used to carry out project development activities as further
described in this CRA Plan. Activities may include, but not be limited to, land acquisition, public
improvements, infrastructure improvements, loans, grants, and other incentives to public and
private entities.
• RDA ADMINISTRATION & OPERATIONS:
The tax increment expected to be used to cover the operating costs of administering and implementing
the CRA Plan.
• INCOME TARGETED HOUSING – CITYWIDE:
The tax increment allocation required to be used for housing activities pursuant to Utah Code Section 17C-
2-203, 17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412.
• INCOME TARGETED HOUSING – STATE STREET CRA:
The tax increment expected to be used for income targeted housing projects within the State
Street Project Area pursuant to Utah Code 17C-1-412.
• ENVIRONMENTAL REMEDIATION:
The tax increment expected to be used to pay the costs of environmental assessment and
remediation that do not qualify for EPA assistance through Salt Lake Brownfields Coalition Grant
program or Wasatch Brownfields Coalition Revolving Loan Fund.
STATE STREET PROJECT AREA
BUDGET
5
2.4: RDA’S C OMBINED INCREMEN TAL VAL UE
TABLE 2.6: RDA’s COMBINED INCREMENTAL VALUE AS OF DATE OF THIS CRA PLAN
PROJECT AREA ASSESSED
PROPERTY VALUE
BASE TAXABLE
VALUE
INCREMENTAL VALUE
SLC CBD In 2,630,997,631 136,894,100 2,494,103,531
Depot District 586,694,437 27,476,425 559,218,012
Granary 126,292,575 48,813,397 77,479,178
North Temple Viaduct 175,640,215 36,499,680 139,140,535
North Temple 139,375,192 84,073,572 55,301,620
Block 70 262,153,766 58,757,937 203,395,829
Stadler Rail 20,357,600 3,710 20,353,890
State Street CRA 1,158,719,413 889,305,536 269,413,877
9 Line CRA 321,647,261 228,048,136 93,599,125
Northwest Quadrant CRA 230,643,587 735,791 229,907,796
COMBINED VALUE $5,652,521,677 $1,510,608,284 $4,141,913,393
2.5: PROJEC T AREA FUNDS USED FOR ADMINISTR ATION
The RDA anticipates utilizing between 5-10 percent of the funds captured and retained by the RDA,
which is estimated to be $9,130,576.
2.6: EXPEC TED SALE PRICE FOR PROPER TY THE RDA OWNS
The RDA does not own property within the Project Area.
S T A T E S T R E E T C R A
B U D G E T A M E N D M E N T
R D A B O A R D M E E T I N G - M A R C H 1 4 , 2 0 2 3
State Street Budget - Key Changes
Reduced collection term from 25-20 years
Fewer total taxing entities participating including Salt Lake
City, Salt Lake City School District & Salt Lake County
Updated tax increment revenue projections
Total tax increment projection
tax increment to rda
REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLCGOV.COM WWW.SLCRDA.COM WWW.SALTLAKEARTS.ORG
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: January 27, 2023
PREPARED BY: Lauren Parisi & Makena Hawley, RDA Project Managers
RE: State Street Community Reinvestment Area (“CRA”) Budget Amendment
REQUESTED ACTION: Briefing Regarding the State Street CRA Budget as Amended
BUDGET IMPACTS: State Street CRA 20-Year Consolidated Budget
EXECUTIVE SUMMARY: On August 21, 2018, the Redevelopment Agency Board of Directors
(“Board”) adopted the State Street Community Reinvestment Area (“State Street CRA”) plan and budget.
Before the Redevelopment Agency of Salt Lake City (“RDA”) can begin to collect tax increment within a
project area, an interlocal agreement must be approved by each contributing taxing entity detailing the terms
of their participation.
Interlocal agreements have now been finalized with all taxing entities contributing to the State Street CRA
including Salt Lake City, Salt Lake County and Salt Lake City School District. These agreements were also
reviewed and adopted by the Board. The purpose of this budget amendment is to align the State Street CRA
budget adopted by the Board in August of 2018 with the terms of the executed interlocal agreements.
ANALYSIS & ISSUES: Values within the State Street CRA budget as amended have been updated from
the previously adopted budget as noted in the tables below. More specifically, these values reflect a
reduced project area term from 25 to 20 years, fewer participating taxing entities (the Salt Lake Library,
Salt Lake Metropolitan Water District, Salt Lake Mosquito Abatement District and the Central Utah
Water Conservancy District are no longer participating), updated tax increment revenue projections to
reflect denser, transit-oriented development patterns and specific terms requested by Salt Lake County.
The complete State Street CRA budget as amended to be incorporated in the State Street CRA plan has
been included under Attachment A.
2
PROJECTED AMOUNT OF TIF
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED
Current Budget –
Incremental Tax Revenues - 100% Total - 25 Years
Salt Lake County $12,655,703
Salt Lake City School District $32,987,028
Salt Lake City $24,323,930
Salt Lake Library $3,763,083
Salt Lake Metropolitan Water District $1,862,860
Salt Lake City Mosquito Abatement District $912,748
Central Utah Water Conservancy District $2,135,083
TOTAL $78,640,435
Budget as Amended –
Incremental Tax Revenues - 100% Total – 20 Years
Salt Lake County $24,298,120
Salt Lake City School District $67,790,876
Salt Lake City $48,747,083
TOTAL $140,836,079
PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Current Budget –
Taxing Entity Percentage Length
Salt Lake County 75% 25 Years
Salt Lake City School District 75% 25 Years
Salt Lake City 75% 25 Years
Salt Lake Library 75% 25 Years
Salt Lake Metropolitan Water District 75% 25 Years
Salt Lake City Mosquito Abatement District 75% 25 Years
Central Utah Water Conservancy District 75% 25 Years
3
Budget as Amended –
Taxing Entity Percentage Length
Salt Lake County* 100% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation payment of
25% and an administrative fee of 2% up to a maximum of $156,092. Accordingly, the percentage retained by the RDA
will be approximately 73% up to the contribution cap of $8,194,813 or the $8,350,905 including the County
Administrative fee as specified in the interlocal agreement.
MAXIMUM CUMULATIVE DOLLAR AMOUNT
TABLE 2.4: TAX INCREMENT REVENUES TO RDA
Current Budget –
Incremental Tax Revenues to RDA Total – 25 Years
Salt Lake County $9,491,777
Salt Lake City School District $24,740,271
Salt Lake City $18,242,948
Salt Lake Library $2,822,312
Salt Lake Metropolitan Water District $1,397,145
Salt Lake Mosquito Abatement District $684,561
Salt Lake Utah Water Conservancy District $1,601,312
TOTAL $58,980,326
Budget as Amended –
Incremental Tax Revenues to RDA Total - 20 Years
Salt Lake County* $8,194,813
Salt Lake City School District $50,843,157
Salt Lake City $36,560,312
TOTAL $95,598,282
*Based upon the maximum contribution cap as specified in the County interlocal agreement.
NEXT STEPS:
Pursuant to State Code, the RDA Board must hold a public hearing before adopting the amended budget
by resolution and shall set the Public Hearing date accordingly. Public notices regarding the budget
amendment hearing will be sent to all property owners within the State Street project area boundaries and
posted on the Utah Public Notice website as well as Salt Lake City’s website. Notices will also be sent to
the State Tax Commission, Salt Lake County Assessor, Salt Lake County Auditor and all participating
taxing entities.
PREVIOUS BOARD ACTION:
4
• March 2015: The Board approved a list of several areas to be evaluated and adopted evaluation
criteria.
• April 2015: The Board shortlisted six potential project areas for further staff analysis.
• May 2015: Staff provided a recap of previous policy direction on the project area creation
process, including clarification of the potential project area boundaries and the short-list
evaluation criteria.
• June 2015: Staff provided a written status update on the project area creation process.
• August 2015: Staff presented its research on seven short-listed potential project areas to the RDA
Board. The Board requested staff return with a matrix to assist in an informed discussion and
project area selection prioritization in September.
• September 2015: The Board selected the State Street, Ball Park, and 9-Line areas as the top
ranked potential project areas. Staff commenced meeting with the Salt Lake City School District
and Salt Lake County taxing entities to discuss the three areas and collect feedback on the
potential terms of new project areas.
• November 2015: The Board amended the State Street project area boundaries to include portions
of the Ball Park project area. The Board approved the State Street and 9 Line project areas to
move forward in the Community Development Area creation process.
• December 2015: The Board authorized staff to proceed with the draft community development
area plans for the 9 Line and State Street Project Areas.
• April 2016: The Board authorized staff to proceed with the draft community reinvestment area
plans for the 9 Line and State Street Project Areas as redefined in Utah Title 17C.
• November 2016: Staff presented an update to the Board regarding the State Street and 9 Line
proposed project areas, including schedule and scope of work; results of a community outreach
campaign; and draft project area redevelopment activities and geographic target areas.
• January 2017: Staff presented to the Board regarding the following: the Board’s roles and
opportunities for input during the project area creation process, including drafting the project area
plan; the basis and components of the project area plans, including the purpose and components
of the public benefits analysis; and an updated proposed timeline for next steps in the project area
creation process.
• February 2017: Staff presented to the Board plan components, including a statement of existing
conditions and reasons for selecting the project area.
• October 2017: Staff presented to the Board regarding the updated timeline for creating the 9 Line
and State Street project areas.
• November 2017: Staff provided an update on the Public Benefit Analyses for the proposed 9 Line
and State Street Community Reinvestment Areas.
• February 2018: The Board adopted a resolution authorizing the expansion of the Community
Reinvestment Area boundary for the proposed State Street Project Area.
• May 2018: The Board gave preliminary approval of the draft State Street and 9 Line Community
Reinvestment Area (CRA) plans, allowing RDA staff to draft legal descriptions of the CRA,
provide public notice of 30-day comment period and public hearing, and conduct a second round
of community outreach on the draft CRA Plans.
• August 2018: The Board approved resolutions adopting the State Street and 9 Line CRA Plans
• August 2018: The City Council approved ordinances adopting the State Street and 9 Line CRA
Plans.
5
• September 2020: City Council approved resolutions authorizing the terms of the interlocal
agreements between the City and the RDA for the State Street and 9 Line CRAs
• October 2020: RDA Board approved resolutions adopting the interlocal agreements between the
School District and the RDA as well as the City and the RDA for the State Street and 9 Line
CRAs
• January 2021: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the 9 Line CRA
• March 2021: RDA Board approved resolution to amend the 9 Line CRA budget
• January 2023: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the State Street CRA
ATTACHMENTS:
Attachment A: State Street CRA Budget as Amended
Attachment B: State Street CRA Incremental Budget Analysis
STATE STREET PROJECT AREA
BUDGET
1
State Street
PROJECT AREA BUDGET
AS
AMENDED
Section 2 of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following
information:
1) Receipt of Tax Increment
a. Base taxable value;
b. Projected amount of tax increment to be generated within the CRA;
c. Each project area funds collection period;
d. Projected amount of tax increment to be paid to other taxing entities in accordance with
Section 17C-1-410 (if applicable);
e. If the area from which tax increment is collected is less than the entire community
reinvestment project area:
i. a boundary description of the portion or portions of the community
reinvestment project area from which the agency receives tax increment; and
ii. for each portion described in Subsection (1)(e)(i), the period of time during which
tax increment is collected;
f. Percentage of tax increment the agency is authorized to receive from the community
reinvestment project area; and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive from
the community reinvestment project area.
2) Receipt of Sales and Use Tax Revenue
3) Project Area Funds to Implement this CRA Plan
4) RDA’s Combined Incremental Value
5) Amount for Administration
6) Property Owned and Expected to Sell
STATE STREET PROJECT AREA
BUDGET
2
2.1: RECEIPT OF TAX INCREMENT
2.1(a): BASE TAXABLE VALUE
• The base year for Salt Lake City and Salt Lake City School District is 2016, with a base taxable value of
$889,305,536.
• The base year for the Salt Lake County is 2021, with a base taxable value of $1,420,601,199.
2.1(b): PROJECTED AMOUNT OF TIF
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED - 20 YEARS
Incremental Tax Revenues - 100% Total – 20 Years
Salt Lake County $24,298,120
Salt Lake City School District $67,790,876
Salt Lake City $48,747,083
TOTAL $140,836,079
2.1(c): COLLECTION PERIOD
The collection period shall be 20 years.
2.1(d): TIF PAID TO OTHER TAXING ENTITIES
TABLE 2.2: INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES - 20 YEARS
Incremental Tax Revenues to Taxing Entities Total – 20 Years
Salt Lake County $6,074,530
Salt Lake City School District $16,947,719
Salt Lake City $12,186,771
TOTAL $44,573,789
2.1(e ): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable; the TIF collection area is the entire CRA boundary.
STATE STREET PROJECT AREA
BUDGET
3
2.1(f ): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Taxing Entity Percentage Length
Salt Lake County* 100% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation
payment of 25% and an administrative fee of 2% up to a maximum of $156,092. Accordingly, the percentage
retained by the RDA will be approximately 73% up to the contributio n cap of $8,194,813 or $8,350,905
including the County’s Administrative Fee as specified in the interlocal agreement.
2.1(g): MA XIMUM CUMUL ATIVE A MOUNT RECEIVED B Y THE RDA
The maximum cumulative amount to be received and retained by the RDA is as follows:
TABLE 2.4: TAX INCREMENT REVENUES RETAINED BY RDA - 20-YEARS
Incremental Tax Revenues to RDA Total – 20 Years
Salt Lake County* $8,194,813
Salt Lake City School District $50,843,157
Salt Lake City $36,560,312
TOTAL $95,598,282
*Based upon the maximum contribution cap as specified in the County interlocal agreement.
2.2: SALES AND USE TAX REVENUE:
Not applicable .
2.3: PROJEC T AREA FUNDS T O IMPLEMENT THIS CRA PLA N
TABLE 2.5.1: BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE CITY AND SALT LAKE CITY SCHOOL DISTRICT TO RDA - 20-YEARS
Activity Percentage Amount
RDA Administration & Operations 10% $8,740,347
Citywide Housing 10% $8,740,347
Redevelopment Activities 80% $69,922,775
Total 100% $87,403,469
TABLE 2.5.2: BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE COUNTY TO RDA - 20-YEARS
Activity Percentage Amount*
RDA Administration & Operations 5% $390,229
Citywide Housing 23% $1,901,286
State Street CRA Housing 70% $5,700,258
Environmental Remediation 2% $203,040
Total 100% $8,194,813
*Note: The amount of funds designated to RDA administration and operations, Stat e Street CRA housing and
STATE STREET PROJECT AREA
BUDGET
4
environmental remediation shall not exceed the maximum allocation over the course of the project area term as
specified in the interlocal agreement. The amount of funds designated to citywide housing shall not exceed
10% of generated increment per fiscal year until the County’s participation cap has been reached. County
funds may not be used by the RDA in a revolving loan fund or any other loan product.
The RDA shall implement this plan through the following activities:
• REDEVELOPMENT ACTIVITIES:
The tax increment expected to be used to carry out project development activities as further
described in this CRA Plan. Activities may include, but not be limited to, land acquisition, public
improvements, infrastructure improvements, loans, grants, and other incentives to public and
private entities.
• RDA ADMINISTRATION & OPERATIONS:
The tax increment expected to be used to cover the operating costs of administering and implementing
the CRA Plan.
• CITYWIDE HOUSING:
The tax increment allocation required to be used for housing activities pursuant to Section 17C-2-203,
17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412.
• STATE STREET CRA HOUSING:
The tax increment expected to be used for housing projects within the State Street Project Area.
• ENVIRONMENTAL REMEDIATION:
The tax increment expected to be used to pay the costs of environmental assessment and
remediation that do not qualify for EPA assistance through Salt Lake Brownfields Coalition Grant
program or Wasatch Brownfields Coalition Revolving Loan Fund.
2.4: RDA’S C OMBINED INCREMEN TAL VAL UE
TABLE 2.6: RDA’s COMBINED INCREMENTAL VALUE AS OF DATE OF THIS CRA PLAN
PROJECT AREA ASSESSED
PROPERTY VALUE
BASE TAXABLE
VALUE
INCREMENTAL VALUE
SLC CBD In 2,630,997,631 136,894,100 2,494,103,531
Depot District 586,694,437 27,476,425 559,218,012
Granary 126,292,575 48,813,397 77,479,178
North Temple Viaduct 175,640,215 36,499,680 139,140,535
North Temple 139,375,192 84,073,572 55,301,620
Block 70 262,153,766 58,757,937 203,395,829
Stadler Rail 20,357,600 3,710 20,353,890
State Street CRA 1,158,719,413 889,305,536 269,413,877
9 Line CRA 321,647,261 228,048,136 93,599,125
Northwest Quadrant CRA 230,643,587 735,791 229,907,796
COMBINED VALUE $5,652,521,677 $1,510,608,284 $4,141,913,393
STATE STREET PROJECT AREA
BUDGET
5
2.5: PROJEC T AREA FUNDS USED FOR ADMINISTR ATION
The RDA anticipates utilizing between 5-10 percent of the funds captured and retained by the RDA,
which is estimated to be $9,130,576.
2.6: EXPEC TED SALE PRICE FOR PROPER TY THE RDA OWNS
The RDA does not own property within the Project Area.
ASSUMPTIONS:
Discount Rate 4.0%
Scenario
Redevelopment Agency of Salt Lake City
State Street Project Area
Increment and Budget Analysis
Growth Rate 2.0%
Payment Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Tax Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Tax District 13
Commercial $6,287,261 $14,963,682 $26,036,806 $41,823,063 $58,014,006 $76,842,649 $96,094,143 $115,730,667 $135,759,921 $156,189,761 $182,137,621 $213,918,240 $246,438,703 $251,367,477 $256,394,827 $261,522,724 $266,753,178 $272,088,242 $277,530,006 $283,080,607
Office $10,479,930 $24,942,235 $43,399,488 $69,712,833 $96,700,730 $128,085,281 $160,174,662 $192,905,830 $226,291,621 $260,345,128 $303,596,357 $356,569,927 $410,776,708 $418,992,243 $427,372,087 $435,919,529 $444,637,920 $453,530,678 $462,601,292 $471,853,318
Industiral $1,266,322 $3,013,846 $5,244,091 $8,423,612 $11,684,641 $15,476,931 $19,354,388 $23,309,394 $27,343,500 $31,458,288 $36,684,465 $43,085,422 $49,635,391 $50,628,099 $51,640,660 $52,673,474 $53,726,943 $54,801,482 $55,897,512 $57,015,462
Residential $6,366,773 $15,152,920 $26,366,081 $42,351,978 $58,747,680 $77,814,440 $97,309,398 $117,194,255 $137,476,810 $158,165,015 $184,441,025 $216,623,558 $249,555,291 $254,546,397 $259,637,325 $264,830,071 $270,126,673 $275,529,206 $281,039,790 $286,660,586
Total Assessed Value:$24,400,286 $58,072,682 $101,046,466 $162,311,486 $225,147,057 $298,219,302 $372,932,591 $449,140,146 $526,871,852 $606,158,192 $706,859,468 $830,197,146 $956,406,094 $975,534,215 $995,044,900 $1,014,945,798 $1,035,244,714 $1,055,949,608 $1,077,068,600 $1,098,609,972
Value of Current Property $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536
Less Base Year Value ($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)
$24,400,286 $58,072,682 $101,046,466 $162,311,486 $225,147,057 $298,219,302 $372,932,591 $449,140,146 $526,871,852 $606,158,192 $706,859,468 $830,197,146 $956,406,094 $975,534,215 $995,044,900 $1,014,945,798 $1,035,244,714 $1,055,949,608 $1,077,068,600 $1,098,609,972
TAX RATE & INCREMENT ANALYSIS:2019 Rates
Salt Lake County 0.001933 47,166 112,254 195,323 313,748 435,209 576,458 720,879 868,188 1,018,443 1,171,704 1,366,359 1,604,771 1,848,733 1,885,708 1,923,422 1,961,890 2,001,128 2,041,151 2,081,974 2,123,613 24,298,120 14,290,457
Salt Lake City School District 0.005393 131,591 313,186 544,944 875,346 1,214,218 1,608,297 2,011,225 2,422,213 2,841,420 3,269,011 3,812,093 4,477,253 5,157,898 5,261,056 5,366,277 5,473,603 5,583,075 5,694,736 5,808,631 5,924,804 67,790,876 39,869,857
Salt Lake City 0.003878 94,624 225,206 391,858 629,444 873,120 1,156,494 1,446,233 1,741,765 2,043,209 2,350,681 2,741,201 3,219,505 3,708,943 3,783,122 3,858,784 3,935,960 4,014,679 4,094,973 4,176,872 4,260,409 48,747,083 28,669,628
Salt Lake City Library 0.000745 18,178 43,264 75,280 120,922 167,735 222,173 277,835 334,609 392,520 451,588 526,610 618,497 712,523 726,773 741,308 756,135 771,257 786,682 802,416 818,464 9,364,770 5,507,703
Salt Lake Metropolitan Water District 0.000289 7,052 16,783 29,202 46,908 65,067 86,185 107,778 129,802 152,266 175,180 204,282 239,927 276,401 281,929 287,568 293,319 299,186 305,169 311,273 317,498 3,632,776 2,136,545
Salt Lake City Mosquito Abatement District 0.000133 3,245 7,724 13,439 21,587 29,945 39,663 49,600 59,736 70,074 80,619 94,012 110,416 127,202 129,746 132,341 134,988 137,688 140,441 143,250 146,115 1,671,831 983,254
Central Utah Water Conservancy District 0.000400 9,760 23,229 40,419 64,925 90,059 119,288 149,173 179,656 210,749 242,463 282,744 332,079 382,562 390,214 398,018 405,978 414,098 422,380 430,827 439,444 5,028,064 2,957,156
Totals:0.012771 311,616 741,646 1,290,464 2,072,880 2,875,353 3,808,559 4,762,722 5,735,969 6,728,680 7,741,246 9,027,302 10,602,448 12,214,262 12,458,547 12,707,718 12,961,873 13,221,110 13,485,532 13,755,243 14,030,348 160,533,521 94,414,601
TOTAL INCREMENTAL REVENUE IN PROJECT AREA:$311,616 $741,646 $1,290,464 $2,072,880 $2,875,353 $3,808,559 $4,762,722 $5,735,969 $6,728,680 $7,741,246 $9,027,302 $10,602,448 $12,214,262 $12,458,547 $12,707,718 $12,961,873 $13,221,110 $13,485,532 $13,755,243 $14,030,348 $160,533,521 $94,414,601
PROJECT AREA BUDGET 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Sources of Funds:2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Property Tax Participation Rate for Budget
Salt Lake County 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City School District 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City Library 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake Metropolitan Water District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake City Mosquito Abatement District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Central Utah Water Conservancy District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Property Tax Increment for Budget
Salt Lake County*$35,374 $84,191 $146,492 $235,311 $326,407 $432,343 $540,659 $651,141 $763,832 $878,778 $1,024,770 $1,203,578 $1,386,550 $1,414,281 $1,442,566 $1,471,418 $1,500,846 $1,530,863 $1,561,480 $1,592,710 $18,223,590 $10,717,843
Salt Lake City School District $98,693 $234,889 $408,708 $656,509 $910,664 $1,206,223 $1,508,419 $1,816,660 $2,131,065 $2,451,758 $2,859,070 $3,357,940 $3,868,424 $3,945,792 $4,024,708 $4,105,202 $4,187,306 $4,271,052 $4,356,473 $4,443,603 $50,843,157 $29,902,393
Salt Lake City $70,968 $168,904 $293,894 $472,083 $654,840 $867,371 $1,084,674 $1,306,324 $1,532,407 $1,763,011 $2,055,901 $2,414,628 $2,781,707 $2,837,341 $2,894,088 $2,951,970 $3,011,009 $3,071,229 $3,132,654 $3,195,307 $36,560,312 $21,502,221
Salt Lake City Library - - - - - - - - - - - - - - - - - - - - - -
Salt Lake Metropolitan Water District - - - - - - - - - - - - - - - - - - - - - -
Salt Lake City Mosquito Abatement District - - - - - - - - - - - - - - - - - - - - - -
Central Utah Water Conservancy District - - - - - - - - - - - - - - - - - - - - - -
Total Property Tax Increment for Budget:$205,036 $487,985 $849,093 $1,363,903 $1,891,911 $2,505,937 $3,133,753 $3,774,125 $4,427,304 $5,093,547 $5,939,740 $6,976,147 $8,036,680 $8,197,414 $8,361,362 $8,528,590 $8,699,161 $8,873,145 $9,050,607 $9,231,620 $105,627,059 $62,122,456
Uses of Tax Increment Funds**:2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV
Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.)80.0%$164,028 $390,388 $679,275 $1,091,123 $1,513,529 $2,004,749 $2,507,002 $3,019,300 $3,541,843 $4,074,838 $4,751,792 $5,580,917 $6,429,344 $6,557,931 $6,689,090 $6,822,872 $6,959,329 $7,098,516 $7,240,486 $7,385,296 $84,501,647 $49,697,965
CRA Housing 10.0%$20,504 $48,798 $84,909 $136,390 $189,191 $250,594 $313,375 $377,412 $442,730 $509,355 $593,974 $697,615 $803,668 $819,741 $836,136 $852,859 $869,916 $887,314 $905,061 $923,162 $10,562,706 $6,212,246
RDA Administration 10.0%$20,504 $48,798 $84,909 $136,390 $189,191 $250,594 $313,375 $377,412 $442,730 $509,355 $593,974 $697,615 $803,668 $819,741 $836,136 $852,859 $869,916 $887,314 $905,061 $923,162 $10,562,706 $6,212,246
Total Uses $205,036 $487,985 $849,093 $1,363,903 $1,891,911 $2,505,937 $3,133,753 $3,774,125 $4,427,304 $5,093,547 $5,939,740 $6,976,147 $8,036,680 $8,197,414 $8,361,362 $8,528,590 $8,699,161 $8,873,145 $9,050,607 $9,231,620 $105,627,059 $62,122,456
REMAINING TAX INCREMENT FOR TAXING ENTITIES 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV
Salt Lake County $11,791 $28,064 $48,831 $78,437 $108,802 $144,114 $180,220 $217,047 $254,611 $292,926 $341,590 $401,193 $462,183 $471,427 $480,855 $490,473 $500,282 $510,288 $520,493 $530,903 $6,074,530 $3,572,614
Salt Lake City School District $32,898 $78,296 $136,236 $218,836 $303,555 $402,074 $502,806 $605,553 $710,355 $817,253 $953,023 $1,119,313 $1,289,475 $1,315,264 $1,341,569 $1,368,401 $1,395,769 $1,423,684 $1,452,158 $1,481,201 $16,947,719 $9,967,464
Salt Lake City $23,656 $56,301 $97,965 $157,361 $218,280 $289,124 $361,558 $435,441 $510,802 $587,670 $685,300 $804,876 $927,236 $945,780 $964,696 $983,990 $1,003,670 $1,023,743 $1,044,218 $1,065,102 $12,186,771 $7,167,407
Salt Lake City Library $18,178 $43,264 $75,280 $120,922 $167,735 $222,173 $277,835 $334,609 $392,520 $451,588 $526,610 $618,497 $712,523 $726,773 $741,308 $756,135 $771,257 $786,682 $802,416 $818,464 $9,364,770 $5,507,703
Salt Lake Metropolitan Water District $7,052 $16,783 $29,202 $46,908 $65,067 $86,185 $107,778 $129,802 $152,266 $175,180 $204,282 $239,927 $276,401 $281,929 $287,568 $293,319 $299,186 $305,169 $311,273 $317,498 $3,632,776 $2,136,545
Salt Lake City Mosquito Abatement District $3,245 $7,724 $13,439 $21,587 $29,945 $39,663 $49,600 $59,736 $70,074 $80,619 $94,012 $110,416 $127,202 $129,746 $132,341 $134,988 $137,688 $140,441 $143,250 $146,115 $1,671,831 $983,254
Central Utah Water Conservancy District $9,760 $23,229 $40,419 $64,925 $90,059 $119,288 $149,173 $179,656 $210,749 $242,463 $282,744 $332,079 $382,562 $390,214 $398,018 $405,978 $414,098 $422,380 $430,827 $439,444 $5,028,064 $2,957,156
Total $106,580 $253,661 $441,371 $708,977 $983,442 $1,302,622 $1,628,970 $1,961,844 $2,301,376 $2,647,699 $3,087,562 $3,626,301 $4,177,582 $4,261,133 $4,346,356 $4,433,283 $4,521,949 $4,612,388 $4,704,636 $4,798,728 $54,906,461 $32,292,144
TOTAL INCREMENTAL VALUE:
INCREMENTAL TAX ANALYSIS:
TaxInc Budget
State Street CRA Budget_FINAL
*Salt Lake County’s maximum contribution to property tax increment budget is $8,194,813 subject to terms of interlocal agreement with Salt Lake County.
**Use of Salt Lake County generated increment subject to terms of interlocal agreement with Salt Lake County.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Budget & Policy Analyst
DATE:March 14, 2023
RE: INFORMATIONAL: PROPOSED HOUSING DEVELOPMENT FUNDING PRIORITIES FOR
FISCAL YEAR 2023-24
ISSUE-AT-A-GLANCE
This briefing is designed as a first discussion with RDA staff in the formulation of the RDA Fiscal Year 2024
(FY24) Housing Development Funding Strategy. The Strategy will ultimately include the three steps below, to
be completed as part of the annual RDA budget process:
1. Selecting annual Housing Priorities;
2. Allocating funding for each Housing Activity (that is, to the tools used to advance annual Priorities); and
3. Allocating projected RDA revenue to each of four Housing Funds (the Primary Housing Fund, the
Secondary Fund, the Westside Community Initiative Fund, and the Housing Development Loan Fund).
For the discussion on step 1 above, RDA staff proposes maintaining the four Housing Priorities adopted by the
Board last year, with some modifications. The most substantial change would be in the Affordable
Homeownership Priority, which would focus more on additional kinds of “wealth building” or “equity building”
efforts and be renamed accordingly (see Section A below). The other three Priorities—Family Housing, Deeply
Affordable Housing, and Missing Middle Housing—would remain mostly the same. As the Board indicated last
year, to be eligible for a Housing Development loan, projects would need to provide at least one type of these
Housing Priorities; developments that incorporate a longer list of Board preferences would receive discounts on
the standard loan interest rates, ranging from 0.5 to a maximum of 2 percentage point reductions.
For this discussion, no specific funding proposals related to the Housing Activities are provided by RDA staff.
The Board could consider discussing this funding as a preliminary step, for example, as percentages of the total.
RDA staff plans to present proposed allocations for each Housing Activity as a part of the annual budget
discussions in May, along with projected revenue available for allocation to each of the four existing RDA
Housing Funds.
Item Schedule:
Briefing: March 14, 2023
Set Date: N/A
Public Hearing: N/A
Potential Action: N/A
Page | 2
Goal of the briefing: Discuss the proposed Fiscal Year 2024 Housing Priorities and Housing Activities and
provide direction to RDA staff.
BACKGROUND AND ADDITIONAL INFORMATION
A. FY24 Proposed Funding Priorities and FY23 Results. For FY24, RDA staff proposes the following
annual Housing Priorities, which are similar to the FY23 Priorities. These Priorities would be considered
“threshold requirements” for funding—that is, only projects that incorporate one or more of these Priorities
would be eligible for RDA Housing Development Funds.
1.Deeply Affordable Housing: This priority would remain the same as in FY23, providing
incentives to construct housing units that are affordable to people earning 40% of Area Median
Income (AMI) or less. In FY23, RDA loans were awarded to projects that will provide approximately
546 new units priced at 40% AMI or below.
2.Affordable Family Housing: This priority also would remain basically the same as in FY23,
subsidizing the construction of units with three or more bedrooms, but it would also specify that all
these family units would have to fit HUD’s affordability definition. In FY23, RDA loans will help
provide approximately 189 units with three or more bedrooms, of which all but one will be deed-
restricted to maintain affordability.
➢RDA staff notes that the existing number of three-bedroom units in the City
exceeds demand for them, according to the recent needs analysis conducted for
the Housing Stability Division. Still, given the success in FY23 of encouraging
larger units in mixed-income housing developments, the Board may wish to
discuss the advantages and disadvantages to restricting this category to
affordable family housing only.
3.Missing Middle Housing: For FY24, this Priority is proposed continue to focus on ADU
(Accessory Dwelling Unit) construction, while emphasizing “clustered housing types” (like
fourplexes and townhomes) and shifting away from “tiny homes” or prefabricated homes, which
were called out specifically in FY23. The objective is to broaden the range of housing types and
prices across the City, including for developments on smaller lots. RDA staff also reports that it is
drafting an RFQ to determine partners and program ideas for an ADU financing program within the
9 Line Project Area. In response to a Council staff request for additional information, RDA staff
reported the following:
“RDA staff has drafted an RFQ to solicit a partnership for an ADU
financing programming that will be sent to Procurement to facilitate
releasing shortly. Staff originally drafted an RFP, but were advised
that an RFQ could accommodate a partnership better as opposed to
having applicants submit specific program terms.
Once Procurement is able to release the RFQ, the intention is to have it
open for approximately 2 months and take 1 ½-2 additional months
for selection. Once selected, we estimate collaborating with the partner
for approximately 6 months, taking the proposed program terms to the
Board for approval, then rolling out the pilot program in the 9 Line
CRA shortly after.”
Page | 3
4.Wealth-Building Opportunities: This priority would be broadened for FY24, from the FY23
category of Affordable Homeownership to incorporate other ideas aimed at helping increase the
wealth of low-to-moderate-income residents. Ideas suggested range from supporting construction
of ADUs for some homeowners, to new “equity sharing” model for renters in certain new
developments. RDA staff reports that it has been researching and compiling information related to
wealth building and shared equity programs but does not provide detail in this transmittal.
➢The Board may wish to consider whether “wealth building”—potentially
divorced from the goal of home ownership—is a legitimate role of municipal
government, and whether any limitations on that definition are desirable.
➢The Board may wish to request additional information on the Perpetual Housing
Fund, which was announced by Mayor Mendenhall earlier this year, and
appears to be linked to this Housing Priority.
➢The Board may wish to discuss whether using funds to support “equity building”
programs reduce the limited amount of funds available to Home Ownership
efforts? Additional information on Home Ownership activities and results could
be helpful in this determination.
RDA staff has noted in the past that home ownership projects can fail to qualify for Housing
Development Loan Program funding because:
“[G]uidelines state that RDA funds should be limited to 10% or less
of the project’s financing sources, but homeownership projects tend
to need a larger, initial subsidy to reduce a home’s price [to] below
market value.”
➢Would the Board like to consider the costs and benefits of changing the
percentage of RDA financing allowed for homeownership projects?
Alternatively, the Board could request RDA staff analyze options to address this
limitation and report back to them in a future meeting.
➢Does the Board wish to modify any items on the proposed list of FY24 Priorities? If not, a
strawpoll may be in order.
B. FY24 Proposed Funding Activities. RDA staff would use the following tools to advance the proposed
Priorities:
1. The Housing Development Loan Program for Family Housing, and Deeply Affordable Housing.
2. Assistance for Accessory Dwelling Units (ADUs) for Missing Middle Housing.
3. Land acquisition to promote Affordable Home Ownership, Family Housing, and Missing Middle
Housing.
4. A shared equity model to promote Affordable Home Ownership, and Family Housing.
➢Policy Question: Does the Board wish to modify any items on the proposed list of FY24
Activities? If not, a strawpoll may be in order.
C. Board Prerogatives. After adopting the annual Housing Development Funding Strategy, the RDA Board
retains the option to make policy changes among adopted housing Activities or budget allocations at any
time during the year. In addition, the Board reviews and considers each specific loan project proposal before
Page | 4
it may be approved for funding, and it can suspend any adopted policies under special circumstances for a
specific project proposal.
D. Sustainability. All HDLP applicants must comply with the RDA’s Sustainable Development Policy. It
requires all new construction and rehab projects receiving $900,000 or more in funding to provide the
following:
•Energy Star score of 90 or more
• 100% electric (no on-site fuel combustion)
• Participation in Salt Lake City’s Energy Benchmarking Program
E. Limitations of the FY23 Project Selection Process. In an earlier discussion, RDA staff noted a
limitation in the extent to which annual Priorities are reflected in specific projects proposed by staff to the
Board for funding. The highest-ranking Priorities are not necessarily incorporated in project submissions
more frequently than other priorities, because of "other important review standards besides the priorities
that projects are evaluated against such as having other sources of financing secured.” These review
standards are contained in the 2021 NOFA guidelines and application handbook, as follows:
a. Alignment with project priorities.
b. Content and quality of the project narrative.
c. Qualifications and experience of the applicant and development team.
d. Content, effectiveness, and appropriateness of the budget, sources and uses, operating
proforma, and related assumptions.
e. The readiness of the project to proceed to construction.
f. Any and all content regarding building and site design.
➢Some Board Members have suggested that re-evaluation of the review standards could reveal ways to
address how this apparent mismatch between the more heavily weighted Priorities and other review
standards may be remedied, and how to expand opportunities for RDA funding to a wider variety of
developers. The Board may wish to ask RDA staff how each review standard is weighted,
whether failing to fully meet any standard results in automatic rejection of an
application, and other related questions. Alternatively, the Board could request RDA
staff conduct a deeper analysis of these issues and report back to them in a future
meeting.
F. Housing Fund Balances. As of early March, the balance across all four RDA Housing Funds totals over
$31.0 million, but $23.4 million of this is allocated to loans that have been approved and/or closed but not
yet disbursed. The amounts listed below are the remainder of FY23 that were allocated but remain unspent.
Subject to some regulatory restrictions and the encumberments listed below, the Board may consider much
of the $7.6 million in concert with potential FY24 allocations and shift these amounts among Housing
Funds as desired.
For FY23, the amount in the Primary Housing Fund includes the following encumbered funds:
•$2,700,000 for developments in high opportunity areas;
•$585,282 for family and workforce housing, as required in an agreement with Salt Lake City
School District; and
• $373,653 in Housing Development Loan Program funds.
Page | 5
In addition, the Primary Housing Fund total includes an estimated $1.6 million in FY23 principal and
interest which is expected to be received as the result of the full transfer of the Housing Trust Fund to the
RDA.
RDA staff has targeted the balance of the Westside Community Initiative Fund for property acquisition, and
in the Housing Development Loan Fund, another $1 million is budgeted for property acquisition. The
Westside Community Initiative Fund was named as the beneficiary of $4 million in ARPA (American
Recovery Plan Act) funds, but these apparently remain in the City’s general fund at present, so are not
included in the total below.
Remaining FY23 Allocation
Primary Housing Fund $3,658,935
Secondary Housing Fund $541,455
Westside Community Initiative Fund $847,676
Housing Development Loan Fund $2,544,217
Subtotal $7,592,283
Amount already encumbered $3,658,935
FY23 funds remaining $3,933,348
➢The Board may wish to discuss with the Administration and RDA staff about
possibilities for allocating the remaining FY23 funds.
G. Background. The guiding polices for the annual Affordable Housing Strategy are the Housing Allocation
Funds Policy and Housing Development Loan Program (HDLP) Policy, which were adopted by the Board
in 2021. As outlined in these policies, RDA staff prepares a proposed Strategy—including a resolution and
funding allocations—for the Board’s consideration and approval. During the broader City budget discussions
(typically in May) the Board would finalize the funding amounts in the Strategy.
1.Housing Allocation Funds Policy. The Housing Allocation Funds Policy sets up four housing
funds: Primary; Secondary; Housing Development Fund; and Westside Community Initiative. RDA staff
account for the revenues, expenditures, interest, payments, and repayments for each fund source
separately. The annual budgeting process laid out in the policy includes the Housing Development
Funding Strategy. Per policy, the Strategy includes:
a. a projected revenue amount proposed by RDA staff to be allocated to the Housing Funds, and
b. a proposed funding allocation among the Housing Activities (for example, gap financing loans,
property acquisition) approved annually by the Board.
2.Housing Development Loan Program (HDLP) Policy. The Housing Development Loan
Program (HDLP) Policy defines one of the four typical Activities used to implement the Annual
Priorities: the Housing Development Loan Program. The purpose of this program is to provide low-cost
financial assistance to incentivize the development and preservation of affordable housing in Salt Lake
City.
Page | 6
POLICY QUESTIONS
1.The Board may wish to clarify with RDA staff their preference for the timing of a
presentation of proposed Housing Fund Allocations—that is, the estimated amount of
revenue in each of the four existing housing funds and how this is allocated to each
Housing Activity. The Board may wish to review estimated dollar amounts in April, in tandem with a
proposed FY23 Housing Development Funding Strategy resolution, which would allow the Board to
consider allocations before budget discussions begin in May. Both the proposed total funding dedicated to
affordable housing projects, and the allocation of this amount among different program categories are
subject to Board approval as part of the RDA’s annual budget process.
2.Does the Board wish to be informed of updated balances in each of the four Housing Fund
before making decisions about allocations? Similarly, The Board may wish to ask about the
plan for dealing with any surpluses or shortfalls in actual revenue compared to the revenue
estimates. Will the RDA staff return to the Board for authorization to make changes to the
amounts allocated to each Activity, for example, through budget amendments?
3.The Board may wish to ask for an update from RDA staff on guiding policies for the
Westside Community Initiative.
4. For the FY22 Housing Funding Strategy, the Board requested RDA staff research and consider alternative
ways to encourage ADU construction across the City. The Board may wish to request a briefing on
the results of this research, and specifically whether there a way to further the City’s equity
goals through programs to assist homeowners to build ADUs?
Annual
HOUSING
FUNDING
strategy
Fy 24
HOUSING
DEVELOPMENT
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
SECONDARY
HOUSING
FUND
ADOPTED Q1 2021 YEARLY BOD APPROVAL
PRIMARY
HOUSING
FUND
HOUSING ALLOCATION
FUNDS POLICY
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
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.
Bringing estimated
amounts to Board
for review next
month
For your
feedback today
For your
feedback today
PRIMARY
HOUSING
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
HOUSING
DEVELOPMENT
FUND
SECONDARY
HOUSING
FUND
housing fund allocations
$$$$
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
WESTSIDE
COMMUNITY
INITIATIVE
FUND
Funded primarily by Inland Port Housing Funds to be spent west of
I-15 to complete the following policy objectives:
1. Address the potential impacts from Inland Port development activities and improve
opportunity indicators within the westside.
2. Develop and allow for the RDA to maintain ownership of land to ensure long-term, community
serving uses.
3. Create opportunities for revenue generation that can be reinvested back into the community
while balancing the incorporation of public benefits and other neighborhood development
purposes.
4. Mitigate gentrification and displacement on the westside.
5. Give lower income households the opportunity to build wealth through homeownership and
shared equity models of development.
6. Facilitate the implementation of transformative housing and mixed-use rental housing
development projects.
FY
23
MEDIAN HOUSEHOLD INCOME
$66,6581
MEDIAN HOME VALUE2
LOW-INCOME HOUSEHOLDS3
COST-BURDENED HOUSEHOLDS4
AFFORDABLE UNIT GAP5
SALT LAKE CITY
HOUSING
SNAPSHOT
FY 2022-2023
MEDIAN RENT
$459,800 $1,037
(1 Bed)
-15,877
39,475
(earning < 80% AMI)
23,597
(spending 30% or more income on housing costs)
Source: SLC Affordable Housing Dashboard
U.S. Census Bureau's 2021 ACS 1-Year Estimates
(1,2,4); Census Bureau's 2015-2019 ACS 5-Year
Estimates (3,5).
https://www.slc.gov/housingstability/affordable-
housing-dashboard/
salt lake City Housing Goals
HOUSING SLCMAYOR'S 2023 GOALS RDA LIVABILITY BENCHMARKS
Adopt Housing SLC - Improve the ability of
residents to live affordably
Adopt Thriving in Place (TIP) - Focus on housing
loss mitigation
Explore innovative solutions to housing
insecurity and homelessness such as ADUs
Shortage of housing supply overall, but especially
deeply affordable
Majority of SLC residents are renters and more
than half of renters spend more than 30% of their
income on housing
Mismatch between housing types and what the
market is producing
Help tenants become owners
Expand investment in acquisition for affordable
housing
Create more housing choices
Invest in community ownership
THRIVING IN PLACE
Ownership - Create opportunities for
residents/business owners to building wealth
and/or establish permanent roots
Housing for Everyone - Promote housing for
families, underserved populations and
extremely low income.
Missing Middle and Unique Housing Types
Promotion of ADUs --- "Protect and encourage
ongoing investment in existing low-density
residential neighborhoods.”
Westside Master Plan
FY23 Housing ActivitY RECAP
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
Researching and compiling info
related to shared equity programs
Threshold requirement in HDLP,
and priority received higher
weighted score in HDLP; funded
189 affordable family sized units
Threshold requirement in HDLP,
and priority received higher
weighted score in HDLP; funded
516 deeply affordable units
Staff in process of drafting RFQ
to determine partners and
program ideas for ADU financing
in the 9 Line Project Area.
Researching and compiling info
related to shared equity programs
Continue to seek opportunities to
acquire land to carry out housing
goals.
Continue to seek opportunities to
acquire land to carry out housing
goals.
Continue to seek opportunities to
acquire land to carry out housing
goals.
WEALTH
BUILDING
OPPORTUNITY
recommended annual housing priorities
Four priorities to focus on this FY; Seeking Board feedback today
MISSING
MIDDLE
HOUSING
AFFORDABLE
FAMILY
HOUSING
DEEPLY
AFFORDABLE
HOUSING
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
ADU
PARTNERSHIP
LAND
ACQUISITION/
DISPOSITION
HOUSING
DEVELOPMENT
LOAN
PROGRAM
EQUITY
BUILDING
MODEL
recommended housing ACTIVItIES
Tools/programs by which to achieve Priorities; Seeking Board feedback today
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
housing ACTIVItIES
Housing Development Loan Program
Competitive NOFA
Utilize interest rate reduction benchmarks for
competitive NOFA (Alignment with RDA's
Guiding Framework); annual priorities will have
greater ranking weight
Board may choose to require affordable family
housing and/or deeply affordable housing as
threshold
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
FY24 Housing Activity IMPACT
HOUSING PRIORITIES
Wealth Building
Opportunity
Affordable Family
Housing
Deeply Affordable
Housing
Missing Middle
Housing
Equity Building Model Land Acquisition/
Disposition
Housing Development
Loan Program
ADU Partnership
HOUSING ACTIVITIES
HOUSING
DEVELOPMENT
FUND
SECONDARYPRIMARY
WESTSIDE
COMMUNITY
INITIATIVE
FUND
housing fund
allocations
FY24 ANNUAL HOUSING FUNDING STRATEGY
ANNUAL HOUSING
PRIORITIES
HOUSING
ACTIVITIES
MISSING
MIDDLE
HOUSING
DEEPLY
AFFORDABLE
HOUSING
WEALTH
BUILDING
OPPORTUNITY
AFFORDABLE
FAMILY
HOUSING
ADU
PARTNERSHIP
HOUSING
DEV. LOAN
PROGRAM
LAND
ACQUISITION/
DISPOSITION
EQUITY
BUILDING
MODEL
next steps
The RDA Board will consider approval of the FY24 housing
priorities at their April meeting.
Proposed funding allocations to housing activities will be
brought to the Board with the budget presentation in May.
Housing activities are approved as a part of the RDA budget
approval
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
REDEVELOPMENT AGENCY of SALT LAKE CITY
DATE: February 24, 2023
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Senior Project Managers
RE: FY 2023-24 Housing Development Funding Strategy
REQUESTED ACTION: Briefing on the FY 2023-24 Housing Development Funding Strategy
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City’s (“RDA”) Housing
Allocations Funds Policy (“Funds Policy”) establishes guidelines for allocating and directing resources for
the development and preservation of housing by funding source. Additionally, the RDA’s Housing
Development Loan Program (“HDLP”) Policy creates a program that centralizes the application,
underwriting, and approval process across all funding sources, providing a one-stop-shop for community
partners to access gap financing for the development and preservation of affordable housing. Both policies
contemplate that annually, prior to the annual budget process, the RDA shall present to the Board a
Housing Development Funding Strategy (“Funding Strategy”) that includes:
•A projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year
(approved as a part of RDA budget)
•Proposed housing funding priorities (“Funding Priorities”) for the upcoming fiscal year (approved
as separate resolution)
•Proposed funding allocations for specific housing activities (i.e. gap financing loans, property
acquisition, etc.) for the upcoming fiscal year (approved as a part of RDA budget)
This memo reviews the Funding Priorities and housing activities adopted in Fiscal Year 2022-2023 (“FY
23”) as well as the proposal for Fiscal Year 2023-2024 (“FY 24”). The projected revenue to be allocated to
each of the four Housing Funds (Primary Housing Fund, Secondary Housing Fund, Westside Community
Initiative Fund and Housing Development Fund) as well as allocations of funding to each housing activity
will be brought back to the Board as a part of the annual budget discussion.
The RDA Board of Directors (“Board”) may wish to discuss the proposed Funding Priorities and housing
activities as described in this memo and provide any feedback or direction on potential funding levels to
certain housing activities when the budget is brought for their review.
1
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518
WWW.SLC.GOV · WWW.SLCRDA.COM
TEL 801-535-7240 · FAX 801-535-7245
BACKGROUND:
FY 23 Annual Housing Funding Strategy Progress/Outcomes – Last year, the Board adopted four
housing funding priorities including family housing, deeply affordable housing, missing middle housing
and affordable homeownership to guide housing funding decisions for the rest of the fiscal year. Progress
has been made to further each of these priorities as follows:
Priority Purpose and
Definition Activities Implementation Impact/Status
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.
HDLP, property
acquisition/disposition,
shared equity
Threshold
requirement for
HDLP*, higher
weighted score in
HDLP
Funded
approximately
189
affordable
family sized
units
Deeply
Affordable
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.
HDLP Threshold
requirement for
HDLP*, higher
weighted score in
HDLP
Funded
approximately
516 units at 40%
AMI and below.
Missing Middle Promote an array of
housing forms such
as smaller apartment
buildings,
townhomes and
accessory dwelling
units to diversify the
ADU assistance ADU Financing
Program; higher
weighted score
in HDLP*
RDA Staff is in
process of
drafting an RFQ
to determine
partners and
program ideas
for an ADU
2
3
City’s housing stock
and provide more
affordable living
options for
residents.
financing
program within
the 9 Line
Project Area.
Homeownership Create opportunities
for those who have
historically rented in
the community to
build wealth and
establish permanent
roots through
affordable
homeownership.
Researched
opportunities for
wealth
building/shared
equity.
Higher weighted
score in HDLP
RDA staff has
been researching
and compiling
information
related to wealth
building and
shared equity
programs.
*In addition to this requirement, all HDLP applicants must comply with the RDA’s Sustainable Development Policy which
requires all new construction and rehab projects receiving $900,000 or more in funding must the following:
• Energy Star score of 90+
• 100% electric (no on-site fuel combustion)
• Participation in Salt Lake City’s Energy Benchmarking Program
FY 23 Housing Snapshot
Salt Lake City Deed-Restricted Affordable Housing Developments Map
Source:SLC Affordable Housing Dashboard, https://www.slc.gov/housingstability/affordable-housing-dashboard/
FY 23 Housing Fund Balances
•Primary Housing Fund – $3,658,935
•Secondary Housing Fund – $541,455
•Westside Community Initiative Fund – $847,676
•Housing Development Loan Fund – $2,544,217 (includes $1.64M in principal/interest estimated to
be received)
Citywide Housing Plans and Goals
The RDA is guided by and charged with implementing citywide plans and goals. Additionally, the RDA is
guided by its own project area plans, Guiding Framework and Livability Benchmarks. Current housing
plans and goals that the RDA’s annual Housing Development Funding Strategy should consider include:
Mayor Mendenhall’s 2023 Goals
•Draft, transmit, and request City Council adoption of Housing SLC, which will include a suite of
policies and performance measures to improve the ability of residents to live affordably in the city.
•Draft, transmit, and request City Council adoption of Thriving in Place, and work toward
implementation of near-term actions with a focus on Housing Loss Mitigation.
4
• Explore more innovative solutions to housing insecurity and homelessness, including ADUs and
outdoor homeless resource centers, in coordination with the State Office of Homeless Services.
Housing SLC (Citywide 5-year housing plan) – While the plan is currently in draft format, key findings
from the engagement process include:
• Rental vacancy rates are low and home sale prices are unaffordable placing a strain on existing
rental housing and causing rents to rise dramatically.
• Housing prices suggest a shortage of housing supply overall, especially housing that is deeply
affordable (30% of the area median income and below).
• Salt Lake City is majority renter and more than half of all renters are cost burdened (spending more
than 30% of their income on housing).
• A survey of City residents concluded affordable housing and behavioral health services were
preferred as solutions for homelessness.
• A mismatch between the types of housing the market is producing and the needs of the community.
• Wages have not kept pace with cost of living, especially housing related costs.
Thriving in Place (anti-displacement framework) – While the framework is currently in draft format,
strategic priorities relevant to the RDA include:
• Protect tenants from displacement, especially the most vulnerable
o Help tenants become owners.
• Preserve the affordable housing we have
o Factor displacement impacts in development agreements
o Expand investment in acquisition + rehabilitation of existing affordable housing
• Produce more housing, especially affordable housing.
o Incentivize creation and preservation of affordable housing
o Create more housing choices
o Prioritize and invest in community ownership + housing integrated with support services
• Expand Funding for tenant support and affordable housing
o Coordinate + leverage affordable housing investments
o Expand and invest in community land trust models
• Partner + Collaborate for maximum impact
o Be bold, accountable, transparent; set aspirational goals and metrics; report on progress
o Continue community leadership, partnership, and engagement
RDA Livability Benchmarks (3 of 21 benchmarks)
• Ownership – Encourage the creation of opportunities for residents/business owners to building
wealth and/or establish permanent roots through affordable home/commercial ownership.
• Housing for Everyone – Promote housing for families, underserved populations and extremely
low income.
• Missing Middle & Unique Housing Types – Projects are either a missing middle housing type (i.e.
townhomes, courtyard apartments, small scale apartments) or a housing type that is not
commonly built: tiny homes, modular homes, pre-fab homes, accessory dwelling units
(“ADUs”).
5
ANALYSIS:
FY 24 Proposed Funding Priorities – Reviewing city plans, current housing data and remarks from the
RDA Board, four housing Funding Priorities and associated activities have been proposed to guide FY 24.
To make the greatest impact, staff recommends limiting the adopted Funding Priorities to four or fewer.
To note, staff determined that FY 23’s Funding Priorities are still very relevant in addressing the city’s
current housing needs. Many of the programs and initiatives introduced last fiscal year to further each FY
23’s Funding Priorities are currently underway or ongoing and more time is needed for implementation.
For these reasons, the proposed priorities are very similar to last year’s proposal.
1. WEALTH BUILDING OPPORTUNITY – This priority supports different forms of wealth
building opportunity for low-moderate income households. Although homeownership is a path to
wealth building, it is not the only form that the RDA could potentially support to help individuals
and families meet this goal. Wealth building can be accomplished through different forms of shared
equity models such as rental subsidies where tenants earn a portion of a development’s return.
Supporting ADUs also supports wealth building by supporting mortgage payments and increasing
income and property values. Therefore, it’s proposed that this priority be updated from affordable
homeownership to wealth building opportunities to encompass innovative shared-equity models
outside of traditional homeownership.
2.AFFORDABLE FAMILY HOUSING – This priority promotes affordable, larger housing units
that can accommodate families and have at least three or more bedrooms. Housing data indicates
that there is a surplus of family-sized units or approximately 16,500 family-sized units with 3+
bedrooms than there are households with three or more individuals (SLC Housing Needs Analysis).
However, there is still a need for affordable family-sized units, especially as more families look
outside of Salt Lake City boundaries for affordable housing options and enrollment in Salt Lake
City schools decreases. It’s proposed that the distinction of affordable family housing at 60% AMI
and below – as opposed to general family housing – is added as a priority this year.
Per the interlocal agreements with the School District for the State Street and 9 Line project areas,
the RDA must also prioritize affordable family and workforce housing described as:
•Affordable Family Housing: Development of new housing units that include 3+ bedrooms
and are affordable to households at or below 80% of the area median income as defined by
the U.S. Department of Housing and Urban Development.
•Workforce Housing: Development of new housing units affordable to low and middle-
income workers, including teachers and school district employees.
3.DEEPLY AFFORDABLE HOUSING – This priority promotes housing units affordable for those
earning 40% AMI and below. While the city has made progress facilitating the development of
deeply affordable units, there is still a shortage of over 5,500 units for those earning 30% AMI or
less in particular and it’s proposed to continue to promote this priority over FY 24 (SLC Housing
Needs Analysis).
6
4.MISSING MIDDLE HOUSING – This priority targets the construction of multi-family or
clustered housing types (fourplexes, townhomes, cottage apartments, ADUs, etc.) that are
compatible in scale with single-family or transitional neighborhoods. Missing middle housing is
intended to meet the demand for walkable neighborhoods, respond to changing demographics and
provide housing at different price points. Single-family homes make up approximately 50% of
housing units in Salt Lake City and mid to high rise apartments make up approximately 30% –
leaving a need for these missing housing types and price points across the city that add to the
housing supply as more discrete, infill development.
FY 24 Proposed Housing Activities – To encourage the incorporation of the four proposed Funding
Priorities in RDA-funded housing projects, RDA staff proposes allocating funding to the following
programs and tactics as part of the RDA’s FY24 budget. Some of the housing activities may achieve
multiple Funding Priorities. See Figure 2 for summary.
HOUSING PRIORITY HOUSING ACTIVITIES
1. WEALTH BUILDING
OPPORTUNITY Equity Building Model
With the primary goal of removing barriers to wealth building and
creating generational wealth, the RDA will release a notice of funding
availability (NOFA) to support external programs and/or developments
that build equity for lower-moderate income individuals and families.
This model could take on different forms such as a shared profit, shared
equity program, or mortgage assistance. There are various community
organizations with programs that support wealth building and
homeownership in need of financial assistance where the RDA could
leverage existing funding, which is why the RDA is proposing this
approach as opposed to creating a new program. Guidelines with
funding objectives will be released in conjunction with the NOFA and
proposals will be reviewed on a competitive basis.
Land Acquisition/Disposition
The RDA will release a request for proposals (RFP) prioritizing the
inclusion of homeownership products and/or a shared equity component
on the West Montrose site located off the northeast corner of 800 South
and 300 West. This site is approximately two acres and could
potentially accommodate a significant number of units.
Accessory Dwelling Unit (ADU) Partnership
The RDA is currently in the process of drafting a request for
qualifications (RFQ) to solicit a partner to develop an ADU financial
assistance program in the 9 Line Community Reinvestment Area
(CRA). The average ADU costs $140,000 (including utilities) + $8,000
7
in permit fees, making them out of reach for many families. ADUs
support wealth building by supporting mortgage payments and
increasing income and property values. This program could be
administered by the RDA or externally to better leverage outside
resources and areas of expertise such as landlord training.
Housing Development Loan Program
The HDLP is a gap financing program for affordable housing
development. The RDA releases funds annually through a competitive
Notice of Funding Availability (NOFA). The HDLP contains a set of
project priorities in which projects are scored. This priority will be
weighted heavier as a part of the HDLP review process.
2. AFFORDABLE FAMILY
HOUSING Equity Building Model \
Through the release of the equity building NOFA, the RDA will require
that affordable family-sized units are incorporated within proposals.
Land Acquisition/Disposition
Through the release of the West Montrose RFP along with other RFPs
that contemplate housing as a land use, the RDA will require that
affordable family-sized units are incorporated within proposals. In
addition, the RDA has been actively looking to purchase properties to
implement RDA goals.
Housing Development Loan Program (gap financing)
The HDLP is a gap financing program for affordable housing
development. The RDA releases funds annually through a competitive
Notice of Funding Availability (NOFA). Similar to last year, at least
10% of a development’s units must be affordable family-sized (or
deeply affordable) to qualify for the RDA’s competitive NOFA. This
priority will also be weighted heavier as a part of the competitive
NOFA review process.
3. DEEPLY AFFORDABLE
HOUSING
Housing Development Loan Program (gap financing)
The HDLP is a gap financing program for affordable housing
developments. The RDA releases funds annually through a competitive
Notice of Funding Availability (NOFA). Similar to last year, at least
10% of a development’s units must be deeply affordable (or affordable
family-sized) to qualify for the RDA’s competitive NOFA. This priority
will also be weighted heavier as a part of the competitive NOFA review
process.
4.MISSING MIDDLE
HOUSING
Accessory Dwelling Unit (ADU) Partnership
The RDA is currently in the process of drafting a request for
qualifications (RFQ) to solicit a partner to develop an ADU
8
financial assistance program in the 9 Line Community
Reinvestment Area (CRA). ADUs are a form of missing
middle/unique housing that add discrete density to single-family
neighborhoods and could potentially have a significant impact on
Salt Lake City’s overall housing supply.
Land Acquisition/Disposition
The RDA will release a request for proposals (RFP) specifically
soliciting missing middle housing projects. Sites have been
identified within the 9 Line Community Reinvestment Area that
would benefit from this form of development. In addition, the
RDA has been actively looking to purchase properties to
implement RDA goals.
Housing Development Loan Program (gap financing)
The HDLP is a gap financing program for affordable housing
developments. The RDA releases funds annually through a
competitive Notice of Funding Availability (NOFA). The HDLP
contains a set of project priorities in which projects are scored.
This priority will be weighted heavier as a part of the HDLP
review process.
Figure 2:
9
NEXT STEPS:
•The RDA Board should consider whether the proposed Funding Priorities align with their goals for
the upcoming fiscal year.
•The finalized Funding Priorities will be brought back for the Board’s consideration to adopt via
resolution in April.
•RDA staff will present the final Funding Strategy to the Board as a part of the budget presentation,
which includes the projected amount of revenue to be allocated to each of the four housing funds.
The Board should consider whether to adopt the final Funding Strategy as part of the annual budget
adoption process.
ATTACHMENTS:
Attachment A – FY23 Funded Projects Summary
Attachment B - RDA Affordable & Mixed-Income Housing Summary: 2010/11 - 2022/23
10
ATTACHMENT A – FY 23 FUNDED PROJECTS
As required by the Housing Allocation Funds Policy, below are the projects funded in FY 23:
PROJECT ADDRESS DEVELOPMENT PARTNER
FY23
FUNDING
COMMITMENT
PROJECT COST STATUS UNIT & AMI MIX
Victory Heights 1 & 2 1060 E 100 S BCG Holdings $2,145,000 $33,629,608
Securing
financing and
plans
18 units ≤ 40% AMI,
70 units at 41-60%
AMI
Citizens West 2 & 3 509 W 300 N GIV Development $3,050,000 $36,009,653
Securing
financing and
plans
16 units ≤ 40% AMI,
64 units at 41-60%
AMI
Ville 1659 1659 W North
Temple Ville Property Mgmt $1,000,000 $17,156,729
Securing
financing and
plans
197 units ≤ 40%
AMI
Liberty Corner 265 W 1300 S Cowboy Partners $1,125,000 $99,718,091
Securing
financing and
plans
55 units ≤ 40% AMI,
67 units at 41-60%
AMI, 78 at 61-80%
AMI
Book Cliffs Lodge 1159 S West Temple HAME $540,000* $15,446,701
Securing
financing and
plans
38 units ≤ 40% AMI,
9 units at 41-60%
AMI, 8 ≥ 61% AMI
Atkinson Stacks 543 S 500 W HAME $500,000 $29,805,966
Securing
financing and
plans
114 units ≤ 40%
AMI
Spark 1500 W North
Temple
Brinshore
Development $2,500,000* $93,276,000
Loan closed,
awaiting
construction to
begin
78 units ≤ 40% AMI,
22 units at 41%-
60%, 100 units at
61-80% AMI
Total(s): $10,860,000 $325,042,748 934 Total Units
*These projects received additional RDA funding commitments in previous years.
Below are projects funded through Fiscal Year 2022 (FY 22) HDLP Emergency Gap Funds, but were
processed within FY23
PROJECT ADDRESS DEVELOPMENT
PARTNER
FUNDING
COMMITMENT
PROJECT
COST STATUS UNIT MIX
144 South 500 East 144 South 500 East Red Gate Properties $775,000* $35,177,365
Loan closed.
Awaiting
construction.
110 units ≤ 60%
AMI
The Nest 382 S Rio Grande W3 Partners $1,082,500* $62,841,781 Finalizing
financing.
220 units ≤ 60%
AMI
1700 South Affordable 230 West 1700
South Wasatch Residential $1,000,000 $57,835,943 Loan closing
imminent.
237 units ≤ 60%
AMI
Total(s): $2,857,500 $155,855,089 567 Total Units
*These projects received additional RDA funding commitments in previous years.
11
PROJECT ADDRESS PROJECT AREA TOTAL
UNITS
AFFORDABLE
UNITS FUNDING TOOL STATUS 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 TOTAL
Liberty Village 2150 McClelland Street Sugar House 171 35 Loan Completed $0 $1,060,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,060,000
Pamela's Place 525 South 500 West Citywide Housing 100 100 Loan Completed $0 $0 $0 $0 $0 $0 $500,000 $0 $0 $0 $0 $0 $0 $500,000
Capitol Homes 1749 South State Street State Street 93 62 Loan Completed $0 $0 $0 $0 $0 $0 $0 $3,200,000 $0 $0 $0 $0 $0 $3,200,000
Citifront Apartments 641 West North Temple North Temple 155 94 Loan Completed $0 $0 $0 $0 $0 $0 $422,266 $0 $0 $0 $0 $0 $0 $422,266
Exchange Building B 340 East 400 South Citywide Housing 126 80 Loan Completed $0 $0 $0 $0 $0 $0 $0 $0 $3,000,000 $0 $0 $0 $0 $3,000,000
255 State Street 255 State Street Central Business 190 168 Loan, Note In Process $0 $0 $0 $0 $0 $0 $0 $0 $2,000,000 $11,403,480 $1,151,399 $0 $0 $14,554,879
Jefferson Mixed-Use 912/916 Jefferson Street West Temple 3 3
;
Disposition:Property Completed $0 $0 $0 $0 $0 $0 $0 $0 $385,000 $1,998,000 $0 $0 $0 $2,383,000
Bookcliffs Lodge 1159 South West Temple State Street 55 47 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $540,000 $1,540,000
SPARK!1500 West North Temple North Temple 200 200 Loan, Note In Process $0 $0 $0 $0 $0 $0 $0 $0 $2,500,000 $3,956,000 $0 $0 $8,000,000 $14,456,000
Richmond Flats 2960 S Richmond St High Opportunity 55 55 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,800,000 $0 $0 $0 $1,800,000
Central Station Apartments 549 W 200 South Depot District 65 52 Loan Completed $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $1,000,000
Jackson Apartments 274 W 200 South Central Business 80 80 Loan Completed $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $1,000,000
Liberty Wells 501 E 1700 South Citywide Housing 10 10 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $150,000 $0 $0 $0 $150,000
144 South 500 East 144 South 500 East Citywide Housing 110 110 Loan Under Construction $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,775,000 $0 $1,775,000
The Nest 382 S Rio Grande Depot District 220 220 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,082,500 $0 $2,082,500
1700 South Affordable 230 West 1700 South State Street 237 237 Loan Under Construction $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $1,000,000
Victory Heights 1 & 2 1060 East 100 South Citywide Housing 88 88 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,145,000 $2,145,000
Citizens West 2 & 3 509 West 300 North Citywide Housing 80 80 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,050,000 $3,050,000
Ville 1659 1659 West North Temple North Temple 197 197 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $1,000,000
Liberty Corner 265 West 1300 South State Street 200 200 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,125,000 $1,125,000
Atkinson Stacks 543 South 500 West Citywide Housing 114 114 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $500,000 $500,000
Artspace Commons 423 West 800 South Granary 102 102 TI Reimbursement Completed $21,332 $48,880 $38,843 $36,237 $38,364 $38,431 $38,813 $21,194 $100,025 $34,000 $0 $0 $0 $416,119
Northgate Apartments 135 South 500 West Depot 330 159 TI Reimbursement Completed $853,673 $802,648 $838,207 $856,452 $696,064 $708,427 $586,103 $426,209 $521,038 $600,000 $712,922 $653,790 $0 $7,601,743
West Montrose 300 West 800 South West Capitol Hill tbd tbd Acquisition In Process $407,912 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $407,912
Pugsley Street 571 North Pugsley St West Capitol Hill 1 1 Acquisition Completed $0 $96,267 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $96,267
Arctic Court 524/528 N Arctic Court West Temple 2 1 Acquisition In Process $0 $0 $0 $0 $200,000 $0 $0 $0 $0 $0 $0 $0 $0 $200,000
9th East Lofts 440 South 900 East Citywide Housing 68 54
q ;
Disposition: Discount Completed $77,821 $556,224 $0 $189,625 $0 $0 $0 $0 $0 $0 $0 $0 $0 $823,670
Macaroni Flats 244 South 500 West Depot 13 13 Disposition: Discount Completed $0 $0 $0 $1,100,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,100,000
Utah Paperbox 300 West 200 South Central Business 183 39 Disposition: Discount Completed $0 $0 $0 $0 $0 $0 $3,200,000 $0 $0 $0 $0 $0 $0 $3,200,000
Utah Theater aka Main Street
Apartments 144-156 Main Street Central Business 400 40 Disposition: Discount In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,070,000 $0 $0 $0 $2,070,000
Diamond Rail 535 W 300 North Citywide Housing 80 55 Loan Completed $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $1,000,000
Colony B 228 W 1300 South State Street 140 106 Loan In Process $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,340,000 $0 $0 $1,340,000
Housing Trust Fund (HAND)N/A Citywide Housing Housing Trust Fund
Transfer to HAND na $288,910 $109,000 $208,578 $124,350 $899,902 $518,393 $0 $3,000,000 $0 $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 $6,647,403 $9,506,063 $25,011,480 $3,204,321 $5,511,290 $16,360,000 $81,148,489Note 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 2022-23 YTD (February 1, 2023). Projects were not necessarily completed during this timeframe.
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.
RDA AFFORDABLE & MIXED-INCOME HOUSING: FY 2010/11 - 2022/23 YTD: FUNDING ALLOCATIONS BY YEAR Last Updated: 2/24/2023
ATTACHMENT B - RDA AFFORDABLE HOUSING SUMMARY: 2010/11 - 2022/23
12
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: February 24, 2023
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, 2022 and December 31, 2022
• Remaining amount in the existing portfolio
• Outstanding principal for the Revolving Loan Fund
• Any delinquencies
ANALYSIS & ISSUES:
No new loans have been approved during the current fiscal year.
New Loans Approved
July 1, 2022 – December 31, 2022
Fund Borrower Resolution Date Approved Amount
Revolving Loan Fund None
Total New Loans
Funds Available to Lend
Funds Available to Lend December 31, 2022
Revolving Loan Fund 4,520,817.74
Outstanding Loan Principal Balances
As of December 31, 2022 Fund Type Number of Loans Principal Balance Revolving Loan Fund 14 21,067,074.88
Seller Financed Loans 2 5,000,000.00
Total 16 26,067,074.88
PREVIOUS BOARD ACTION: N/A
ATTACHMENTS: None
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474 WWW.SLCMAYOR.COM
TEL 801-535-7704
CITY COUNCIL TRANSMITTAL
______________________________ Date Received: 3/6/2023
Rachel Otto, Chief of Staff
Date Sent to Council: 3/6/2023
TO: DATE 3/6/2023
FROM:
Salt Lake City Council
Alejandro Puy, RDA Chair
Rachel Otto, Chief of Staff
Office of the Mayor
SUBJECT: Board Re-Appointment Recommendation: Redevelopment Advisory Committee
STAFF CONTACT: April Patterson
April.Patterson@slcgov.com
DOCUMENT TYPE: Board Re-Appointment Recommendation: Redevelopment Advisory
Committee
RECOMMENDATION: The Administration recommends the Council consider the
recommendation in the attached letter from the Mayor and re-appoint Mojdeh Sakaki as a
member of the Redevelopment Advisory Committee.
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474 WWW.SLCMAYOR.COM
TEL 801-535-7704
March 6, 2023
Salt Lake City Council
451 S State Street Room 304
PO Box 145476
Salt Lake City, Utah 84114
Dear Council Member Puy,
Listed below is my recommendation for membership re-appointment to Redevelopment Advisory
Committee.
.
Mojdeh Sakaki to be re-appointed for a four year term ending Monday, January 18, 2027 starting
from the date of City Council advice and consent.
I respectfully ask your consideration and support for this re-appointment.
Respectfully,
Erin Mendenhall, Mayor
Cc: File
