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05/16/2023 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
May 16, 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: 08:38:35
Comments:A.
1.General Comments to the Board ~2:00 p.m.
5 min
The RDA Board of Directors will receive public comments regarding Redevelopment
Agency business in the following formats:
1.Written comments submitted to RDA offices, 451 South State Street, Suite 118, P.O.
Box 145455, Salt Lake City, UT. 84114-5455.
2.Comments to the RDA Board of Directors. (Comments are taken on any item not
scheduled for a public Hearing, as well as on any other RDA Business. Comments
are limited to two minutes.)
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Redevelopment Agency Business - The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Election of the Vice Chair ~ 2:05 p.m.
5 min
The Board will select a Board Vice Chair (for the remainder of the one-year term). The
process includes expressions of interest from Board Members, nomination, and then
voting for the Vice Chair position.
2.Resolution: RDA Budget Amendment No.3 for Fiscal Year 2022-
23 ~ 2:10 p.m.
10 min
The Board will receive a follow-up briefing about, and consider adopting a resolution
that would amend the final budget of the Redevelopment Agency of Salt Lake City for
Fiscal Year 2022-23. Budget amendments happen several times each year to reflect
adjustments in the Redevelopment Agency’s budget, including proposed project
additions and modifications, and staffing changes. The amendment includes adjustments
to budgets based on actual property tax increment received to satisfy obligations under
state law, interlocal agreements with other taxing entities, and reimbursement
agreements with private property owners, and several holding accounts for capital
improvements and strategic intervention funds for future opportunities in project areas
among other items.
3.Overview of the Redevelopment Agency Budget for Fiscal Year
2023-24 ~ 2:20 p.m.
60 min
The Board will receive a general overview of the proposed budget for the Redevelopment
Agency of Salt Lake City for Fiscal Year 2023-24. The Board will continue to discuss the
Mayor’s Recommended Budget over the next several weeks and will have public hearings
on Tuesday May 16, 2023 and Tuesday, June 6, 2023 at 7 p.m. The Board expects to
adopt the budget in mid-June.
4.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
5.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to Scheduling
Items.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
Adjournment
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 1:00 p.m. on Friday, May 12, 2023, 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.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM: Ben Luedtke
Budget & Policy Analyst
DATE:May 16, 2023
RE: Budget Amendment #3 of Fiscal Year 2023
MOTION 1 – ADOPT
I move that the Board approve all remaining items as proposed by the Adminsitration.
Staff note: On May 9 the Board adopted a single item of $4 million from the General Fund for the Westside
Community Initiative. It was combined with $959,774 from an existing 9-Line property acquisition holding
account and $440,226 from an existing Westside Community Initiative property acquisition holding account.
It provided a total of $5.4 million for property acquisition in the 9-Line Project Area. There is a corresponding
item in General Fund #6 to transfer the $4 million to the RDA.
MOTION 2 – NOT ADOPT
I move that the Board proceed to the next agenda item.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
COUNCIL.SLCGOV.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:RDA Board Members
FROM: Ben Luedtke
Budget and Policy Analyst
DATE:May 9, 2023
RE: Redevelopment Agency (RDA) Budget
Amendment Number Three Fiscal Year (FY) 2023
________________________________________________________________________________
NEW INFORMATION
Comparing Actual Property Tax Increment to Annual Budget and County’s Estimates
The County provided final property tax increment amounts for FY2023. In total across all project areas, the RDA
has $5.5 million more than estimated in the annual budget but $620,681 less than the County estimated in
December (amounts used for the earlier transmittal and staff report). While every project area has less property tax
increment than the County estimated a few months ago, every project area has more property tax increment than
the City’s estimates in the FY2023 annual budget except for the Central Business District. This reflects the City’s
approach of conservatively estimating property tax increment growth in the annual budget. The below table
summarizes the changes and resulting actual property tax increment amounts.
Note: Only property tax increment is shown in the table above; it does not include other RDA revenue sources like
interest income, rental income, or internal transfers
Pro j e c t A re a
Fu n d s
FY 2 0 2 3 C i t y
A n n u al
Bu d g e t
C o u n t y 's
De c e m ber
E st im at es
A c t u al
Pro p ert y T ax
I n c re m e n t
Differe n c e
fro m A n n u al
Bu dge t
Diffe ren c e
fro m C o u n t y
Fo re c ast
Ce nt r a l Busine ss
Dist r ic t 2 7 ,5 7 3 ,1 5 0$2 6 ,0 2 9 ,3 0 6$2 5 ,9 4 1 ,7 83$(1 ,6 3 1 ,3 6 7 )$(87 ,5 2 3 )$
Blo c k 7 0 1 ,9 2 2 ,3 2 3$1 ,9 2 6 ,0 2 9$1 ,9 2 5 ,5 0 3$3 ,1 80$(5 2 6 )$
De p o t Distr ic t 3 ,9 9 9 ,5 87$5 ,5 7 0 ,2 6 4$5 ,3 1 6 ,1 1 3$1 ,3 1 6 ,5 2 6$(2 5 4 ,1 5 1 )$
Gr anar y Dist r ic t 6 3 3 ,5 4 6$1 ,0 87 ,3 2 4$1 ,0 81 ,6 7 5$4 4 8,1 2 9$(5 ,6 4 9 )$
No r th Te m p le 4 4 4 ,0 5 3$9 9 5 ,82 5$9 88,9 3 6$5 4 4 ,883$(6 ,889 )$
No r th Te m p le
V iad u c t 1 ,2 0 5 ,1 0 9$2 ,85 8,9 3 4$2 ,7 2 0 ,0 1 9$1 ,5 1 4 ,9 1 0$(1 3 8,9 1 5 )$
No r thwe st Qu a d r ant 9 0 3 ,1 0 0$1 ,4 5 0 ,2 6 1$1 ,3 7 1 ,1 2 5$4 6 8,0 2 5$(7 9 ,1 3 6 )$
St ad le r Rail 7 2 ,4 2 0$1 3 8,5 2 7$1 3 8,5 2 6$6 6 ,1 0 6$(1 )$
St at e Str e e t 2 ,6 3 1 ,1 83$4 ,3 5 1 ,6 4 0$4 ,3 3 7 ,0 7 0$1 ,7 0 5 ,887$(1 4 ,5 7 0 )$
9 -Line 1 ,4 7 7 ,7 2 7$2 ,6 3 5 ,0 6 7$2 ,6 0 1 ,7 4 6$1 ,1 2 4 ,0 1 9$(3 3 ,3 2 1 )$
T o t al 40 ,862,198$4 7 ,0 4 3 ,17 7$4 6 ,4 2 2 ,49 6$5 ,5 6 0 ,2 9 8$(6 2 0 ,6 81)$
Project Timeline:
Set Date & 1st Briefing: April 11, 2023
Public Hearing & 2nd Briefing: May 9, 2023
Potential Action: June 13, 2023
Page | 2
Summary of Discretionary Items Adjusted for Actual Property Tax Increment
The prior transmittal and staff report used the County’s December estimates of property tax increment. The RDA
has proposed adjustments based on actual property tax increment amounts all being lower than the County’s
December estimates. Legally required items such as taxing entity payments, reimbursement agreements with
private property owners, and affordable housing contributions are all automatically adjusted and not reflected in
the table below. A detailed list of all line items and adjustments based on actual property tax increment is provided
in the updated transmittal on pages 16-23. The table below focuses on discretionary item adjustments.
Pro j e c t A re a /
Fu n d I t e m
I n c rease / De c re as e
fo r A c t u al T ax
I n c re m e n t
Ne w Bu d g e t
T o t al
Op e r at io ns and Maint e na nc e -$ 6 6 0 ,0 0 0$
Ch a r ge s and Se r v ic e s (87 ,9 5 0 )$ 4 1 9 ,2 81$
Tr ansfe r to RDA A dm inis tr a tio n (1 6 3 ,1 3 7 )$ 2 ,5 9 4 ,1 7 8$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt (4 89 ,4 1 0 )$ 2 4 4 ,6 5 1$
Blo c k 7 0 Re g e nt St r e e t Par king St r u c t u r e Re s e r v e
Ho lding A c c o u nt 2 ,2 2 6$ 1 0 2 ,2 2 6$
Tr ansfe r to RDA A dm inis tr a tio n 1 9 7 ,4 7 9$ 7 9 7 ,4 1 7$
Tr ansitio n Ho ld ing A c c o unt 1 ,80 5 ,4 7 3$ 1 ,80 5 ,4 7 3$
Mis c e llane o u s Pr o p e r t y Ex p e ns e s 2 5 ,0 0 0$ 1 5 0 ,0 0 0$
Fu lly Re p a y Re v o lv ing Lo an Fund fo r a
Pr o pe r t y A c q u isitio n Tr a nsfe r 2 5 ,2 6 8$ 5 5 0 ,0 0 0$
Tr ansfe r to RDA A dm inis tr a tio n 6 7 ,2 1 9$ 1 6 2 ,2 5 1$
Tr ansitio n Ho ld ing A c c o unt 2 9 1 ,2 84$ 2 9 1 ,2 84$
Tr ansfe r to RDA A dm inis tr a tio n 5 4 ,4 89$ 9 8,89 4$
Tr ansitio n Ho ld ing A c c o unt 3 4 3 ,2 7 7$ 3 4 3 ,2 7 7$
Tr ansfe r to RDA A dm inis tr a tio n 2 2 ,7 2 3$ 4 0 ,80 0$
A nnu a l Bo nd De b t Se r v ic e Pa y m e nt to the
Ge ne r al Fu nd 1 ,4 9 2 ,1 87$ 2 ,6 80 ,7 1 9$
Tr ansfe r to RDA A dm inis tr a tio n 4 6 ,80 3$ 1 3 7 ,1 1 3$
Sh a r e d Co st s Ho lding A c c o u nt 4 6 ,80 2$ 1 4 2 ,1 1 2$
Tr ansfe r to RDA A dm inis tr a tio n City and
Sc h o o l Dis tr ic t Funds 1 7 0 ,5 89$ 4 3 3 ,7 0 7$
Tr ansitio n Ho ld ing A c c o unt 1 ,3 6 4 ,7 0 9$ 1 ,3 6 4 ,7 0 9$
Tr ansfe r to RDA A dm inis tr a tio n City and
Sc h o o l Dis tr ic t Funds 1 4 1 ,9 5 7$ 2 6 0 ,1 7 5$
Tr ansfe r to RDA A dm inis tr a tio n Co u nt y
Fu nd s 2 2 ,4 1 5$ 2 2 ,4 1 5$
Tr ansitio n Ho ld ing A c c o unt 80 2 ,2 0 8$ 80 2 ,2 0 8$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt (1 ,0 83 ,0 3 4 )$ 5 1 6 ,84 6$
Ho u sing De v e lo p m e nt Lo a n Pr o g r am 1 ,5 0 0 ,0 0 0$ 1 ,5 0 0 ,0 0 0$
Sc h o o l Dis tr ic t Fam ily & Wo r kfo r c e
Ho u sing A c c o unt 3 81 ,3 4 7$ 3 81 ,3 4 7$
Ho using
De v e lo p m e nt
Fund
Ho u sing De v e lo p m e nt Lo a n Pr o g r am
(2 ,3 82 ,0 0 0 )$ 1 ,84 8,0 0 0$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt 4 4 0 ,2 2 6$ 4 4 0 ,2 2 6$
Tr ansitio n Ho ld ing A c c o unt 4 3 3 ,880$ 4 3 3 ,880$
No r t h we st
Qu a d r ant
Stat e Str e e t
9 -Line
Pr imar y Ho using
We stsid e
Co m m u nit y
I nitia tiv e
A d m inis tr a tio n
Budge t
Ce ntr al Bu sine s s
Dis tr ic t
De p o t Dist r ic t
Gr a nar y Distr ic t
No r th Te m p le
No r th Te m p le
V ia d u c t
Page | 3
$4 Million Seed Funds for Westside Community Initiative Changing Source, Transfer, and Use for
Property Acquisition in the 9-Line Project Area
The RDA is requesting the Board approve a $4 million transfer from the General Fund to the Program Income
Fund. There is a corresponding item in General Fund Budget Amendment #6 to transfer $4 million from General
Fund Balance to the RDA. The funds are proposed to be combined with $959,774 from an existing 9-Line property
acquisition holding account and $440,226 from an existing Westside Community Initiative property acquisition
holding account. The three funding sources have a total of $5.4 million for the property acquisition.
These funds were originally approved in FY2022 Budget Amendment #4 coming from the City’s American Rescue
Plan Act or ARPA fiscal recovery funding as seed funding for the Westside Community Initiative. The proposal is to
keep the total funding at $4 million but switch from using ARPA dollars to using General Fund Balance. This
approach helps reduce the administrative workload to monitor, document, and report compliance to the federal
government. General Fund dollars are also more flexible than ARPA funds which are subject to many limitations
under U.S. Treasury guidance.
At the time of publishing this staff report, the Administration’s transmittal was being updated to reflect the $4
million coming from General Fund Balance and not ARPA.
Board Questions from April 11 Briefing
Administration Budget
The Board expressed interest in developing a policy for how transfers from each project area and fund to the
Administration budget are calculated, and how the RDA Administration budget should adjust when revenue is
significantly different than expected. The Board discussion included revisiting the idea of a General Fund transfer to
the RDA’s Administration Budget. Some project area interlocal agreements with taxing entities set limits on
contributions for administrative costs. Newer project areas may not generate enough tax increment to fully cover
administrative costs. The RDA plans to prepare recommendations for a future Board discussion on developing an
Administrative Budget policy.
Block 70 Regent Street Parking Structure
The Board asked what is the extent of the RDA’s responsibility for maintenance, repairs, and replacement of the
Regent Street parking structure? Is there a cost estimate available? Under an existing contract the RDA is
responsible for regular maintenance based on a pro-rata share of how many parking stalls are marked for Eccles
Theater patrons. Revenue from theater operations helps offset some of the regular maintenance costs. Major
expenses for repairs and replacement do not have cost estimates. They will be influenced to an extent by how many
parking stalls are needed for Eccles Theater patrons in the future. The parking structure predates the Eccles
Theater. Minor repairs were made at the time of constructing the Eccles Theater, however, the age and estimated
remaining useful life of the parking structure is unknown.
North Temple Viaduct Bond RDA Payments to General Fund
The Board asked whether the bond could be repaid early and when the General Fund is projected to be fully
reimbursed for making the bond payments? The original 2012A bonds were refinanced as part of Sales Tax Revenue
Bond 2022A. This refinancing saved taxpayers $1,013,504 compared to the original bond debt. The new Sales Tax
Revenue Bond does not have an option to be refinanced again or paid off early before the call date in 2031. The
remaining principal on the bond is $8.32 million. The Administration provided the below table detailing the RDA’s
remaining obligation to reimburse the General Fund.
Total Principal and Interest Payments $ 20,856,087
RDA Contributions to Date ($ 8,649,069)
North Temple Blvd Project ($ 3,000,000)
Pro-rated share of interest for excess ($ 1,185,636)
RDA Remaining Balance $ 8,021,382
Northwest Quadrant Shared Costs Holding Account
The Board asked what kinds of projects would be eligible for the shared costs holding account, and are there any
legal or timeliness requirements for these funds? The Administration replied that “Shared Costs are defined as
“redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property
Page | 4
owners or parcels.” There are no legal timelines or requirements for these funds outside of the project area term
and conditions. The reimbursement agreements do provide the ability for developers to apply to the Agency for
additional expenses that could be reimbursed from these shared costs, subject to Board approval.”
Two Property Acquisition Holding Accounts with $1 Million Each; One in the Primary Housing Fund and Another
in the Housing Development Fund
The Board asked how the two holding accounts relate and whether they could be combined? The Administration
clarified that the two separate holding accounts are mainly for accounting and reporting purposes. The funds could
be combined for a specific project or added to an affordable housing Notice of Funding Availability or NOFA. State
law requires project areas to set aside a portion of property tax increment for affordable housing which goes to the
Primary Housing Fund. Additional funds for affordable housing beyond the statutory requirements go to the
Housing Development Fund.
Housing Trust Fund
The Board asked for additional details about the Housing Trust Fund. FY2023 is the first full year for the RDA to
administer the Housing Trust Fund since it was transferred from the Community and Neighborhood Department’s
Housing Stability Division. The RDA provided the below updates in response:
- There are currently 38 active Housing Trust Fund loans.
- The total outstanding principal balance as of 4/18/2023 is $18,057,285.85.
- Does the Administration have the ability to create aging reports / accounts receivable reports by fiscal year to
help inform how much should be budgeted annually? Once the review of loan documentation and financial
information is complete and the migration is finalized, we will be in a position to provide this information. In
addition to budget information we anticipate providing semi-annual reports, similar to our commercial loan
program report.
- Are there additional tools that would help manage the Housing Trust Fund? Not at this time. The Agency has
acquired new loan software and is working on configuring the system to manage and report the data.
Information below was provided to the Board at earlier briefings
RDA Budget Amendment Number Three includes requested changes to 15 project areas and funds. Total
expenditures are $10,312,004 for 46 items in this amendment. Total revenues across all funding sources are $6.1
million more than budgeted. Two significant revenue decreases below budget are a $1.5 million drop in the Central
Business District and a $1.3 million drop in the Housing Trust Fund. Most of the proposed items are true-up
adjustments based on preliminary property tax increment numbers from Salt Lake County. The actual tax
increment received could be adjusted up or down. An updated transmittal will be sent later this month or next when
the final numbers are available. Note that in this staff report the amounts in red font are negative numbers.
The annual budget uses a conservative forecasting of property tax increment which results in an end of fiscal year
“true-up” budget amendment to recognize and adjust budgets based on actual tax increment revenues. The
“Amended Budget Totals by Fund” section on pages 13-19 of the transmittal provides line-item detail of revenue
and expense changes by project area and fund. The additional and background information section near the end of
this staff report includes project area expiration dates, allowable uses of RDA funds per state law, and an update on
the Board’s FY2023 legislative intent to review all RDA accounts. The Board may wish to reference Attachment 1 –
The RDA’s Guiding Framework for evaluating and prioritizing budget requests.
LEGALLY REQUIRED ITEMS
Many items in the budget amendment are legal requirements for the RDA which mostly fall into three categories
listed below. Detailed breakouts of the individual obligations within these line items can be requested from the
Administration if Board Members would like additional information.
Taxing entity payments which are pass throughs from the RDA to the School District or Salt Lake County as
required by interlocal agreements.
Page | 5
Property tax increment reimbursements to property owners that have agreements with the RDA. If certain
conditions are met, then a portion of their property taxes is reimbursed. This is called post-performance
because reimbursement is only provided after the property owner has met the conditions and the County
Assessor confirms higher property values.
State law affordable housing set aside which is required only for some project areas which mostly goes to
the primary housing fund (can be used citywide for units with rent affordable to 80% AMI and below).
DISCRETIONARY ITEMS
The items below are not legal requirements of the RDA. If desired, the Board could decide to take additional time to
consider some or all the items below or could decline to fund any of the items. In recent years the Board’s
preference has been to limit duplication of funding requests for items in the last budget amendment of the year and
the proposed annual budget. This approach can provide the Board with greater flexibility to consider all competing
needs and funding sources together. The Administration is working to implement this approach while transitioning
to a new financial system. Holding accounts are typically for capital projects so the funding does not lapse to cash
reserves at the end of the fiscal year, and the Board would need to approve specific uses at a future meeting.
Transitioning between Financial Systems
The City is transitioning to a new financial system as part of the WorkDay Enterprise Resource Planning software
platform. The transition is expected to go live on July 1, 2023 to coincide with the start of FY2024. The RDA and
Finance Department are working to reconcile and convert accounts between the old and new financial systems. As
part this process, there are five transition holding accounts proposed in this budget amendment. The transition
holding accounts reflect remaining property tax increment revenues above budget after meeting legally required
expenses and anticipated obligations this fiscal year. This approach will be reflected in an updated transmittal. The
Administration plans to return to the Board for a comprehensive review of all RDA accounts once the new financial
system is implemented (per the Board’s FY2023 legislative intent in the Additional Info section for reference). The
new system is expected to include improved tracking such as whether an account is for housing, commercial, or
infrastructure so these categories can be easily shown across all project areas and funds.
Administration Budget
(All project areas contribute to the Administration budget. There is no policy guiding how the costs are shared
between the project areas.)
A. $360,000 increase to a new balance of $660,000 for the Operating and Maintenance budget.
B. $288,671 increase to a new balance of $507,231 for the Charges and Services budget.
Policy Questions:
1. Does the Board want to provide policy guidance for a) how RDA Administrative transfers are calculated
from each project area, and b) how the RDA Administration budget should adjust when revenue is
significantly different than expected? For example, administrative expenses may fluctuate unrelated to
the activity and revenue from project areas. Because RDA revenues are estimated and can come in
either higher or lower than projected, the Board may wish to discuss how those overages or shortfalls
should be applied. A little more than half of the RDA Administration budget is for ongoing personnel
costs (salary and benefits). The rest is used for property maintenance, operations, equipment,
administrative fees, and charges and services. The CBD provides more than half of the revenue for the
RDA Administration budget as shown in the table below.
Overview of Revenues from Project Areas to the RDA Administration Budget
Page | 6
2. The Board may wish to ask for additional information about the $200,000 for a remodel of the RDA
and Economic Development Department office space such as the project scope and cost breakout.
Central Business District (CBD)
C. (-$1,543,844) decrease in revenue from the adopted budget. As a result, there are three proposed
corresponding reductions in expense budgets. A (-$929,306) decrease to a new balance of $12,357,345 for
legally required taxing entity payments is based on the terms of those interlocal agreements. The other two
proposed reductions are up to the Board’s determination:
(-$154,384) decrease to a new balance of $2,602,931 for the CBD transfer to RDA Administration expenses
which is available, and
(-$463,153) decrease to a new balance of $270,908 for the property acquisition holding account.
Policy Questions:
1. What is causing the $1.5 million or 6% decrease in CBD property tax increment revenue? The
Administration mentions in the transmittal that the reduced property value assessments are potentially
driven by hotels and shopping centers. There could also be an increase of property tax appeals.
2. What is the funding target to purchase property downtown? The Board may wish to discuss with the
Administration how much funding would be needed to acquire property in the CBD and what policy
goals could be advanced by such purchases.
Block 70
(Eccles Theater and Regent Street between 100 and 200 South, and Main and State Streets)
D. $2,594 of additional funding for the Regent Street Parking Structure Capital Reserve holding account. If
approved, then the new total budget would be $366,275.
Policy Question:
1. Regent Street Parking Structure Responsibility – The Board may wish to ask the Administration to
what extent is the RDA and other entities responsible for maintenance of the parking structure. Note
that the agreement for maintenance is related to the guarantee of a certain number of parking spaces to
serve the Eccles Theater.
Depot District
(2024 is the last year for property tax increment collection. Note a tax increment reimbursement agreement
expired last year which resulted in a $1 million reduction in that legal obligation. This frees up funding that can
be used on discretionary items.)
Pro je c t A rea T ran sfer t o
RDA A dm in ist rat i o n Bu d get Bu dg e t A m e n dm e n t
#3 Fo re c ast V arian c e Pro je c t A rea
T ran sfe r % o f T o t al
9 -Line 1 1 8,2 1 8$ 3 1 0 ,6 7 3$ 1 9 2 ,4 5 5$ 7 %
Ce ntr al Bu sine ss Distr ic t 2 ,7 5 7 ,3 1 5$ 2 ,6 0 2 ,9 3 1$ (1 5 4 ,3 84 )$5 6 %
De p o t Dist r ic t 5 9 9 ,9 3 8$ 83 5 ,5 4 0$ 2 3 5 ,6 0 2$ 1 8%
Gr a nar y Distr ic t 9 5 ,0 3 2$ 1 6 3 ,0 9 9$ 6 8,0 6 7$ 4 %
No r th Te m p le 4 4 ,4 0 5$ 9 9 ,5 83$ 5 5 ,1 7 8$ 2 %
No r th Te m p le V iaduc t 1 8,0 7 7$ 4 2 ,884$ 2 4 ,80 7$ 1 %
No r thw e st Quad r a nt 9 0 ,3 1 0$ 1 4 5 ,0 2 6$ 5 4 ,7 1 6$ 3 %
Stadle r Ra il 7 ,2 4 2$ 7 ,4 2 6$ 1 84$ 0 %
Stat e St r e e t 2 6 3 ,1 1 8$ 4 3 5 ,1 6 4$ 1 7 2 ,0 4 6$ 9 %
We st Te m p le Ga te way *5 ,0 0 0$ 5 ,0 0 0$ -$ 0 %
TOTA LS 3 ,9 9 8,6 5 5$ 4 ,6 4 7 ,3 2 6$ 6 4 8,6 7 1$ 1 0 0 %
*Th is pro je c t a re a no lo ng e r c o lle c t s p ro pe rt y tax inc re m e nt. I nte re s t inc o m e is g e ne rat e d fro m u ns p e nt
Page | 7
E. $235,602 increase to a new balance of $835,540 for the Depot District transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
F. $1,970,671 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting.
G. $25,000 increase to a new balance of $150,000 for miscellaneous property expenses which includes costs such
as utilities, maintenance, and minor repairs.
H. $25,268 increase to a new balance of $550,000 to fully repay the Revolving Loan Fund for a Central Station
property acquisition transfer last fiscal year.
Granary District
(2025 is the last year for property tax increment collection)
I. $68,067 increase to a new balance of $163,099 for the Granary District transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
J. $294,955 increase to a new transition holding account. See the transitioning between financial systems at the
start of the discretionary items section above for more. As the funds are going into a holding account, the Board
would need to approve specific uses of the funds at a future meeting. Note that the $421,805 existing property
acquisition holding account remains available.
North Temple
K. $55,178 increase to a new balance of $99,583 for the North Temple transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
L. $347,616 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting.
North Temple Viaduct
M. $24,807 increase to a new balance of $42,884 for the North Temple Viaduct transfer to RDA Administration.
See policy question #1 in the Administration Budget section above about the Board providing policy guidance
for how the RDA Administration budget should be adjusted when revenue is significantly different than
expected.
N. $1,629,018 increase to a new balance of $2,817,550 for the annual bond debt service payment to the General
Fund. This is an ongoing annual payment to reimburse the General Fund for fronting annual bond payments
when the property tax increment revenues were insufficient to cover the debt service. Note that the General
Fund carries the responsibility to cover the debt service each year, but when the debt was issued, the
understanding was that the RDA would eventually fully cover those payments.
Policy Question:
1. The Board may wish to ask the Administration when is the General Fund projected to be fully
reimbursed for all bond payments? The Board may also wish to have a discussion with the
Administration about policy goals for these funds. For example, in the FY2022 annual budget the
Council transferred $1 million from that year’s reimbursement to the General Fund to the North
Temple Strategic Intervention Fund, as it was more than what was needed to cover the General Fund’s
bond obligation.
2. The Board may also wish to ask has the Administration evaluated whether the City could repay the
bond early?
Page | 8
Northwest Quadrant (NWQ)
O. $54,716 increase to a new balance of $145,026 for the Northwest Quadrant transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
P. $54,716 increase to a new balance of $150,026 for the shared costs holding account. This account is intended to
be used for projects that benefit the entire project area or multiple properties. No specific projects are currently
identified for use. Note this is the second year the RDA budgeted revenues from the Northwest Quadrant.
Policy Question:
1. The Board may wish to discuss with the Administration what kinds of projects would be eligible for
these funds. There may be opportunities to plan for these kinds of projects in the upcoming Capital
Asset Plan (five-year CIP plan) to leverage multiple funding sources with the Northwest Quadrant
shared costs holding account. For example, public infrastructure improvements in the area might be
eligible to use transportation impact fees in combination with the NWQ shared costs funds.
State Street
Q. $172,046 increase to a new balance of $435,164 for the State Street transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
R. $1,373,365 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting. Note that the $2,107,974 existing property
acquisition holding account remains available.
9-Line
S. $192,455 increase to a new balance of $310,673 for the 9-Line transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
T. $770,952 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting. Note that the $959,774 existing property
acquisition holding account remains available.
Primary Housing
(state law allows the RDA to fund housing at 80% or below AMI citywide – not just in project areas)
U. (-$635,647) decrease to a new balance of $964,223 for the property acquisition holding account.
Policy Question:
1. How does the Primary Housing property acquisition holding account relate to the Housing
Development Fund Affordable Housing property acquisition holding account? The Board adopted a
legislative intent with the FY2023 annual budget (see Additional Info Section) to review all RDA
accounts to see whether they still align with the Board’s priorities. The Board could identify potential
streamlining of multiple holding accounts for the same purpose.
V. $1,124,053 for additional funding to the Housing Development Loan Program.
W. $375,947 for a new School District Family & Workforce Housing account. The interlocal agreement between the
RDA and the School District limits a portion of that taxing entity’s property tax increment for family-sized
(three bedrooms or more) and workforce housing. Placing the funds into a separate account would allow for
better tracking and reporting.
Housing Development Fund
Page | 9
X. (-$1,382,000) decrease to a new balance of $2,848,000 for the Housing Development Loan Program.
Policy Question:
1. Details of Housing Trust Fund Portfolio – The Board may wish to ask the Administration for details on
the funds’ portfolio such as how many loans exist, what is the total future repayments, is an aging
report being developed so the agency knows how much revenue to budget each year from repayments,
etc.
ADDITIONAL & BACKGROUND INFORMATION
FY2023 Legislative Intent Update
The legislative intent below was adopted by the Board along with the FY2023 annual budget. The review of all RDA
accounts is pending implementation of the new Work Day Enterprise Resource Planning financial system which is
expected to go live on July 1, 2023 (first day of FY2024). There are several new holding accounts and additional
funding to existing holding accounts proposed in this budget amendment. Those accounts can be included in the
comprehensive review of all RDA financial accounts next fiscal year.
New Program Funding Allocations. It is the intent of the RDA Board in the current budget year, and in
future budget years, to consolidate the budgeting and policy development steps for new programs so that
funding is allocated after the Board has had the opportunity to get a full understanding of the proposal and
to exercise their policy making discretion. It is further the intent of the Council to review by December 2022
all RDA accounts that contain balances to determine whether the appropriations still align with the goals of
the Board.
Gallivan Utah Center Owners Association (GUCOA)
GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is
responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally
contemplated a contractor to provide maintenance and programming which has been provided by the Public
Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming, and events. The programming contract has
requirements for a set number of events that must be open to the public annually. Gallivan also provides many free
events to activate the space consistent with the Council/Board’s public policy goals for downtown.
Project Area Expiration Dates
Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax
increment already collected in expired project areas such as Sugar House. Sometimes project areas can be
extended/renewed for a longer length which happened to the Central Business District. The table below
summarizes project area timeframes from creation to expiration.
Project Area Initial Collection
Year
Last Collection
Year
Central Business District*†1983 2042
West Capitol Hill**1998 2022
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2039
North Temple Viaduct CDA 2012 2037
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2040
Stadler Rail 2019 2038
Block 67 2021 2040
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
Page | 10
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
†In October 2021 the Board approved two-year extensions for these project areas. State law was
changed to allow extensions for projects areas negatively impacted by the COVID-19 pandemic
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board, encourages,
promotes, or provides development or redevelopment for the purpose of implementing a project area plan,
including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including recreational
and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
ATTACHMENTS
1. RDA Guiding Framework
ACRONYMS
CBD – Central Business District
CCR - Covenants, Conditions & Restrictions
CDA – Community Development Area
FY – Fiscal Year
GUCOA – Gallivan Utah Center Owners Association
NWQ – Northwest Quadrant
PIF – Program Income Fund
RDA – Redevelopment Agency
RFP – Request for Proposals
TBD – To Be Determined
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,68 5,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City RDA Board DATE: April 24, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT: RDA Budget Amendment 3, FY2022-23-Retransmittal
SPONSOR: NA
STAFF CONTACT: Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed fourth amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 536,038.00 $ 536,038.00
RDA CAPITAL FUND 9,875,400.46 9,875,400.46
TOTAL $ 10,411,438.46 $ 10,411,438.46
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. True up for tax increment received.
2. Other House Keeping items.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening contains one item:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #3 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
1 Transfer In from General Fund for Housing Property
Acquisition Cap PIF 4,000,000.00 4,000,000.00
1 True-up of Tax Increment revenues for FY'23 CBD (1,141,957.00) (1,141,957.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap CBD (489,410.00) (489,410.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap BL-70 2,226.00 2,226.00 One-time -
1 True-up of Tax Increment revenues for FY'23 BL-70 954.00 954.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap DD 1,805,473.00 1,805,473.00 One-time -
1 True-up of Tax Increment revenues for FY'23 DD (514,215.00) (514,215.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap GD 291,284.00 291,284.00 One-time -
1 True-up of Tax Increment revenues for FY'23 GD 156,845.00 156,845.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NTV 1,514,910.00 1,514,910.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap SS 1,364,709.00 1,364,709.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SS 341,178.00 341,178.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 9L 775,212.00 775,212.00 One-time -
1 True-up of Tax Increment revenues for FY'23 9L 348,807.00 348,807.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NT 381,418.00 381,418.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NT 163,465.00 163,465.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SR 66,106.00 66,106.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NWQ 421,224.00 421,224.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NWQ 46,801.00 46,801.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap WCI 874,106.46 874,106.46 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 1P 798,313.00 798,313.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Admin 560,721.00 560,721.00 One-time -
2 Adjust loan payment revenue (prin/int) forecast for
Housing Develoment Trust Fund HDT (1,382,000.00) (1,382,000.00) One-time -
4 Return RLF short-term property acquisition loan Cap DD 25,268.00 25,268.00 One-time -
-
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - -
Total by Fund, Budget Amendment #3:
Redevelopment Agency Cap CBD (489,410.00) (489,410.00)
Redevelopment Agency CBD (1,141,957.00) (1,141,957.00)
Redevelopment Agency Cap BL-70 2,226.00 2,226.00
Redevelopment Agency BL-70 954.00 954.00
Redevelopment Agency Cap DD 1,830,741.00 1,830,741.00
Redevelopment Agency DD (514,215.00) (514,215.00)
Redevelopment Agency Cap GD 291,284.00 291,284.00
Redevelopment Agency GD 156,845.00 156,845.00
Redevelopment Agency NTV 1,514,910.00 1,514,910.00
Redevelopment Agency Cap SS 1,364,709.00 1,364,709.00
Redevelopment Agency SS 341,178.00 341,178.00
Redevelopment Agency Cap 9L 775,212.00 775,212.00
Redevelopment Agency 9L 348,807.00 348,807.00
Redevelopment Agency Cap NT 381,418.00 381,418.00
Redevelopment Agency NT 163,465.00 163,465.00
Redevelopment Agency SR 66,106.00 66,106.00
Redevelopment Agency Cap NWQ 46,801.00 46,801.00
Redevelopment Agency NWQ 421,224.00 421,224.00
Redevelopment Agency Cap WCI 874,106.46 874,106.46
Redevelopment Agency Cap 1P 798,313.00 798,313.00
Redevelopment Agency Admin 560,721.00 560,721.00
Redevelopment Agency HDT (1,382,000.00) (1,382,000.00)
Redevelopment Agency Cap PIF 4,000,000.00 4,000,000.00
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - - -
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments 3
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA #3 Total Total To-Date
Redevelopment Agency 50,172,718 - 2,546,805.00 - 52,719,523
Redevelopment Agency Cap 13,128,181 - (2,500,000.00) - 10,628,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 - 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedStaff Requested
1 of 1 5/1/2023 4:32 PM
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: April 22, 2023
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Discuss and consider the adoption of the proposed Third Amendment to the
Annual RDA Budget for Fiscal Year 2023.
BUDGET IMPACTS: The Third Amendment identifies appropriations for Agency operations and
projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to provide final budget proposals for the
Third Amendment (“Amendment”). The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within
the Agency budget for Fiscal Year 2023. Since the preliminary briefing provided in April, the Agency
received the final tax increment distribution from the County, additional funds of $874,106 from the Utah
Inland Port Authority and recognized a $4,000,000 transfer from the City’s General Fund. Final revenue
and transfer amounts for each fund are in the 2023-BA3 column in the tables below, with variances from
the budgeted and forecasted revenue.
Revenue & Other Sources Adjustments
Project Area Funds - Tax Increment Revenue
The actual tax increment received was $620,681 less than the forecasted numbers the Agency received
from the County back in December. However, the final tax increment received was $5,560,298 more than
originally budgeted, at $46,422,496.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,573,150 26,029,306 (1,631,367) (87,523) 25,941,783
Block 70 1,922,323 1,926,029 3,180 (526) 1,925,503
Depot District 3,999,587 5,570,264 1,316,526 (254,151) 5,316,113
Granary District 633,546 1,087,324 448,129 (5,649) 1,081,675
North Temple 444,053 995,825 544,883 (6,889) 988,936
North Temple Viaduct 1,205,109 2,858,934 1,514,910 (138,915) 2,720,019
Northwest Quadrant 903,100 1,450,261 468,025 (79,136) 1,371,125
Stadler Rail 72,420 138,527 66,106 (1) 138,526
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
Total 40,862,198 47,043,177 5,560,298 (620,681) 46,422,496
Project Area Funds – Total Revenue
After reviewing the changes in tax increment revenue, the agency has calculated the total revenue changes
generated within each project area. This total includes tax increment, interest on investments, rental
income, and internal transfers.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,596,650 26,052,806 (1,631,367) (87,523) 25,965,283
Block 70 10,915,154 10,918,860 3,180 (526) 10,918,334
Depot District 4,049,587 5,620,264 1,316,526 (254,151) 5,366,113
Granary District 648,546 1,102,324 448,129 (5,649) 1,096,675
North Temple 449,053 1,000,825 544,883 (6,889) 993,936
North Temple Viaduct 1,206,609 2,860,434 1,514,910 (138,915) 2,721,519
Northwest Quadrant 908,100 1,455,261 468,025 (79,136) 1,376,125
Stadler Rail 72,920 139,027 66,106 (1) 139,026
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
West Temple Gateway 5,000 5,000 0 0 5,000
West Capitol Hill 100,000 100,000 0 0 100,000
Total 50,060,529 56,241,508 5,560,298 (620,681) 55,620,827
Housing Funds Revenue
The total tax increment decrease led to a $66,040 lower transfer from Project Area funds to the Primary
Housing Fund than predicted, but still $2,398,193 higher than the original budget. As previously reported,
the Housing Development Fund will drop by $1,382,000, due to lower loan payments from the Housing
Trust Fund than initially anticipated. Additionally, the Westside Community Initiative will receive an
extra $874,106 in affordable housing funds from the Utah Inland Port Authority.
Housing Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Primary Housing Fund 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund Revenue
The City will transfer $4,000,000 from the City’s General Fund to the Agency’s Program Income Fund.
Program Income 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Program Income Fund 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Total 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Agency Operations Fund Revenue
Despite a decrease of $87,950 in tax increment received compared to the forecast, there is still an increase
of $560,721 compared to the budget.
Agency Operations Fund 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Redevelopment Agency
Operations 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Total 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue, as compared to the budget, will lead to higher obligated expenses
such as transfers to the Primary Housing and Administration Funds, Debt Service to Salt Lake City,
School Construction Fund, and Administrative Fees payable to Salt Lake County. Inflation is expected to
increase Miscellaneous Property Expenses, and it is recommended to allocate the remaining tax increment
received in Block 70 to Regent Street Parking Structure reserves. However, expense reductions are
expected due to the expiration of a tax increment reimbursement agreement in the Depot District and a
decrease in taxing entity payments in the Central Business District.
To segregate the funds for family and workforce housing, a new line description has been added,
"Transfer to Primary Housing - School District Family & Workforce Housing," as per interlocal
agreements with the Salt Lake City School District for the 9 Line and State Street project areas.
The Agency's overall changes are summarized in the table below, totaling $1,370,689 more than the
original budget. However, this is approximately $432,901 less than the forecasted amount. Further details
regarding the changes by fund are available at the end of the document.
Project Area Funds
2023-B
2023-BA3
Forecast
Variance
to
Budget
Variance
to
Forecast 2023-BA3
Taxing Entity Payments 14,085,314 13,277,106 (900,229) (92,022) 13,185,085
County Administration Fee 26,996 35,374 (10,185) (18,563) 16,811
TI Reimbursements 4,090,606 3,532,931 (613,071) (55,396) 3,477,535
Transfer to Primary Housing
Fund 1,523,880 2,012,286 416,966 (71,440) 1,940,846
Transfer to Administration 3,612,319 3,896,489 225,760 (58,410) 3,838,079
Transfer to Administration- City
& SD Funds 381,336 698,671 312,546 (4,789) 693,882
Debt Service Payment to Salt
Lake City 1,188,532 2,817,550 1,492,187 (136,831) 2,680,719
Miscellaneous Property Expense 1,130,000 1,155,000 25,000 0 1,155,000
Transfer to Primary Housing -
School District Family &
Workforce Housing
0 375,947 381,347 5,400 381,347
Capital Reserves - Regent Street
Parking Structure 100,000 102,594 2,226 (368) 102,226
Capital Reserves - School
Construction Fund (10%) 31,084 69,708 38,142 (482) 69,226
Total 26,170,067 27,973,655 1,370,689 (432,901) 27,540,755
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified an additional $4,189,611 in project
area funds available for discretionary spending, as compared to the budget.
To comply with state laws, it is crucial to maintain the separation of project area funds, and the Agency
must ensure that each project area fund is used only for its designated purpose. It's worth noting that a
program may receive support from multiple funds and is not limited to a specific project area fund. With
this in mind, the program summaries provided below outline how the proposed budget amendments differ
from the original budget.
Housing Property Acquisition
To comply with regulatory and administrative requirements for reporting, staff has recognized the need to
specify the purpose of each property acquisition, instead of having a generic "Property Acquisition"
program. This will enable the Agency to report accurately on how much was spent on Housing,
Commercial, Infrastructure, and other categories. By standardizing programs in this manner, the Agency
can ensure more efficient and automated reporting in the Workday system, enabling more effective
management and oversight of its financial resources.
• Budget Impact: The original FY23 budget for the 9 Line project area allocated $959,774 for
Property Acquisition. The proposed amendment seeks to reclassify this budget specifically for
Housing Property Acquisition, which is described in the 9 Line Property Acquisition section
below.
Strategic Intervention
The Agency may not always have a specific property identified for acquisition at the time of budgeting, as
it depends on what becomes available in the market. Rather than creating a generic Property Acquisition
program, the staff is recommending using the Strategic Intervention program. The purpose of using this
program is to set aside funds that are not yet allocated to a specific type of property acquisition, with the
intention of returning to the Board when the use is better defined. This change is also being
recommended to align with the new reporting structure in Workday, as the current budget structure needs
to be converted into the new system.
It is worth noting that the Strategic Intervention program has already been approved for use in the North
Temple and Granary District project areas for uses that include property acquisition, site development
costs, and community benefits. Therefore, the Agency is proposing to use this already established
program for the general purpose of property acquisition because the intent of the Strategic Intervention
program aligns with that of a generic property acquisition program.
• Budget Impact: The original budget for FY23 allocated $2,104,947 for Property Acquisition in
the State Street project area with a generic purpose. However, the staff is proposing to reclassify
this amount to the Strategic Intervention program. As stated above, when a property is identified
and the use is determined, staff will return to the Board to request a reclassification to the
appropriate property acquisition program.
Shared Costs
The Northwest Quadrant project area has a budget for a Shared Costs reserve account, which is set aside
to fund redevelopment activities that benefit the entire Project Area, are system-wide, or benefit multiple
property owners or parcels.
• Budget Impact: Staff proposes allocating the additional funds received in the project area to this
reserve, increasing the budget from $95,310 to $ 142,112.
Transition Holding Account
The Transition Holding Account program serves to identify any additional funds that were received
during the current fiscal year, beyond any obligated spending. The purpose of this program is to pull these
amounts into the next fiscal year budget, so that the Board can see the impact of these funds alongside the
new fiscal year budget, as the budget amendment happens near the same time as the new fiscal year
budget.
• Budget Impact: Project areas funds contributing to the Transition Holding Account program
include Depot District, Granary District, North Temple, State Street, and 9 Line. Dollar amounts
by project area fund are included in the table below.
Revolving Loan Fund Repayment: The Board had previously approved the reallocation of $550,000 from
the Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment of
$524,732 to the Revolving Loan Fund was approved. With the additional tax increment received, the staff
is requesting to fully repay the $550,000.
• Budget Impact: $550,000 will transfer from Depot District to the Revolving Loan Fund.
The proposed changes for each fund and applicable program are summarized in the table below.
Project Area Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to
Forecast
2023-BA3
1
Central Business District 1,384,061 920,908 (489,410) (26,257) 894,651
Capital Reserves - Housing
Property Acquisition 734,061 270,908 (489,410) (26,257) 244,651
3
Depot District 524,732 2,520,671 1,830,741 (165,198) 2,355,473
Capital Reserves - Transition
Holding Account 0 1,970,671 1,805,473 (165,198) 1,805,473
Revolving Loan Fund
Repayment 524,732 550,000 25,268 0 550,000
4
Granary District 421,805 716,760 291,284 (3,671) 713,089
Capital Reserves - Strategic
Intervention 421,805 421,805 0 0 421,805
Capital Reserves - Transition
Holding Account 0 294,955 291,284 (3,671) 291,284
5
North Temple 0 347,616 343,277 (4,340) 343,277
Capital Reserves - Transition
Holding Account 0 347,616 343,277 (4,340) 343,277
7
Northwest Quadrant 95,310 150,026 46,802 (7,915) 142,112
Capital Reserves - Shared Costs 95,310 150,026 46,802 (7,915) 142,112
9
State Street 2,104,947 3,481,312 1,364,709 (11,656) 3,469,656
Capital Reserves - Strategic
Intervention [Formerly Property
Acquisition]
2,104,947 2,104,947 0 0 2,104,947
Capital Reserves - Transition
Holding Account 0 1,376,365 1,364,709 (11,656) 1,364,709
10
9-Line 959,774 1,730,726 802,208 31,256 1,761,982
Capital Reserves - Property
Acquisition 959,774 0 (959,774) 0 0
Capital Reserves - Housing
Property Acquisition 0 959,774 959,774 0 959,774
Capital Reserves - Transition
Holding Account 0 770,952 802,208 31,256 802,208
Total 5,775,382 10,152,773 4,189,611 (187,780) 9,964,993
Housing Funds Discretionary Expense & Other Uses Adjustments
Primary Housing Fund
The Agency will realize an increase of $798,313 in contributions to the Primary Housing Fund. However,
due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the remaining
budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into the Housing Property Acquisition program, for a total
of $516,846. The remainder of the Primary Housing funds will need to be set aside for Family and
Workforce Housing, per the interlocal agreements with the County for the State Street and 9 Line Project
Areas.
Housing Development Fund
To account for the decrease of $1,382,000 in budget revenue from loan principal and interest payments in
the Housing Development Fund, a reduction in the contribution to the Housing Development Loan
Program will be necessary. It is important to note that this is the first year of receiving payments from the
Housing Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in
the 2023 Notice of Funding Availability.
Westside Community Initiative
The Utah Inland Port Authority affordable housing payment provided an additional $874,106, for a total
of $1,374,106 in revenue to the Westside Community Initiative. Staff is proposing to allocate $440,226 to
the Housing Property Acquisition program, specifically to supplement the $4,000,000 in funding received
from the City’s General Fund for a property acquisition in the 9 Line project area. The details of this
project are provided later in the memo.
Additionally, staff is proposing to add the remaining $433,880 to the Transition Holding Account
program, to be allocated with the rest of the funds recommended to be added to this program in the FY24
budget, as described with the project area funds above.
Housing Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
15
Primary Housing 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Capital Reserves - Housing
Property Acquisition 1,599,880 588,286 (1,083,034) (71,440) 516,846
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,500,000 1,500,000 0 1,500,000
School District Family &
Workforce Housing 0 375,947 381,347 5,400 381,347
16
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Capital Reserves - Housing
Acquisition Program 1,000,000 1,000,000 0 0 1,000,000
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,000,000 1,000,000 0 1,000,000
Housing Development Loan
Program NOFA 4,230,000 1,848,000 (2,382,000) 0 1,848,000
18
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Capital Reserves - Housing
Development Loan Program 500,000 500,000 0 0 500,000
Capital Reserves - Housing
Property Acquisition 0 0 440,226 440,226 440,226
Capital Reserves - Transition
Holding Account 0 0 433,880 433,880 433,880
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund
As described above, the City will be transferring $4,000,000 from its General Fund to the Agency’s
Program Income Fund. Staff is proposing the use of the full amount for Housing Property Acquisition,
specifically for a property acquisition in the 9 Line project area. Details regarding this property
acquisition are provided in a separate section below.
Program Income 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
19
Program Income Fund 0 0 4,000,000 4,000,000 4,000,000
Capital Reserves - Housing
Property Acquisition 0 0 4,000,000 4,000,000 4,000,000
Total 0 0 4,000,000 4,000,000 4,000,000
Administration Fund Expense & Other Uses Adjustments
The contributions to the Administration Fund will increase by $560,721. To accommodate the expected
rise in operating expenses, the Agency proposes to augment the Operating & Maintenance and Charges &
Services line items. These increases will account for the costs associated with inflation, including
property maintenance and management, computer software and hardware, office supplies, and travel
expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Agency Operations Fund 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Charges and Services 218,560 507,231 200,721 (87,950) 419,281
Operating & Maintenance 300,000 660,000 360,000 0 660,000
Total 518,560 1,167,231 560,721 (87,950) 1,079,281
9 Line Property Acquisition
Staff is requesting a total of $5,400,000 to complete the acquisition of properties at the intersection of 900
West and 400 South. Staff has been negotiating with the owner in accordance with the First Right to
Offer agreement and previously closed on the first property acquisition on the southeast corner. The
owner recently accepted the conditional offer to acquire the remaining parcels, subject to final approval
from the respective Boards on both sides. This intersection is identified as a target area within the 9-Line
Project Area Plan and the assemblage provides a unique opportunity to bring commercial and support
services to the community along with residential within a mixed-use development.
The proposed funding sources for the property acquisition are outlined in the recommendations for the
Housing Property Acquisition program appropriations in the 9 Line, Program Income, and Westside
Community Initiative above.
Fund Program Amount
Program Income Fund Housing Property Acquisition 4,000,000
9 Line Housing Property Acquisition 959,774
West Side Community Initiative Housing Property Acquisition 440,226
Total 5,400,000
Transition Holding Accounts by Fund
The table presented below provides a summary of the allocations for the Transition Holding Account
program, as described earlier. This summary aims to facilitate the reconciliation of these amounts with the
FY24 budget. These allocations will be included in the relevant funds within the budget.
Fund Line Description 2023-BA3
Depot District Capital Reserves - Transition Holding Account 1,805,473
Granary District Capital Reserves - Transition Holding Account 291,284
North Temple Capital Reserves - Transition Holding Account 343,277
State Street Capital Reserves - Transition Holding Account 1,364,709
9-Line Capital Reserves - Transition Holding Account 802,208
Westside Community
Initiative Capital Reserves - Transition Holding Account 433,880
5,040,831
Amended Budget Totals by Fund
The following tables present the proposed amendments to the revenue and expense budgets, organized by
fund. These tables encompass all changes that have been made to the budget and provide a thorough
overview of the amended budget by fund.
Central Business District
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 23,500 23,500 0
Tax Increment 27,573,150 25,941,783 (1,631,367)
Total 27,596,650 25,965,283 (1,631,367)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 13,283,651 12,304,831 (978,820)
TI Reimbursements 1,400,000 1,400,000 0
Transfer to Administration 2,757,315 2,594,178 (163,137)
Eccles Debt Service 3,260,239 3,260,239 0
Eccles Debt Service Block 70 RDA Match 3,260,239 3,260,239 0
Gallivan Administration 365,323 365,323 0
Gallivan Maintenance 566,822 566,822 0
Gallivan Programming 250,000 250,000 0
Miscellaneous Property Expense 1,000,000 1,000,000 0
Parking Ramp Leases 69,000 69,000 0
Open Streets Initiative on Main Street 150,000 150,000 0
Capital Reserves - Japantown 250,000 250,000 0
Capital Reserves - Main Street Closure Study and
Design 150,000 150,000 0
Capital Reserves - Housing Property Acquisition 734,061 244,651 (489,410)
Capital Reserves - Gallivan Plaza Planning 100,000 100,000 0
Total 27,596,650 25,965,283 (1,631,367)
Block 70
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Tax Increment 1,922,323 1,925,503 3,180
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,334 3,180
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 576,697 577,651 954
Eccles Theater Debt Service 8,069,529 8,069,529 0
Fundraising Fulfillment 125,000 125,000 0
Regent Street Bond Debt Service 1,488,928 1,488,928 0
Regent Street Maintenance 80,000 80,000 0
Capital Reserves - Eccles Theater- Operating Reserve
for Ancillary Spaces 475,000 475,000 0
Capital Reserves - Regent Street Parking Structure 100,000 102,226 2,226
Total 10,915,154 10,918,334 3,180
Depot District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 50,000 50,000 0
Tax Increment 3,999,587 5,316,113 1,316,526
Total 4,049,587 5,366,113 1,316,526
Expenses & Other Uses
Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Administration 599,938 797,417 197,479
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
Transfer to Primary Housing Fund 799,917 1,063,223 263,306
Capital Reserves - Transition Holding Account 0 1,805,473 1,805,473
Total 4,049,587 5,366,113 1,316,526
Granary District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 15,000 15,000 0
Tax Increment 633,546 1,081,675 448,129
Total 648,546 1,096,675 448,129
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration 95,032 162,251 67,219
Miscellaneous Property Expense 5,000 5,000 0
Transfer to Primary Housing Fund 126,709 216,335 89,626
Capital Reserves - Strategic Intervention 421,805 421,805 0
Capital Reserves - Transition Holding Account 291,284 291,284
Total 648,546 1,096,675 448,129
North Temple
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 444,053 988,936 544,883
Total 449,053 993,936 544,883
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Folsom Corridor Prop Acq &
Remediation 284,753 284,753 0
Transfer to Administration 44,405 98,894 54,489
Transfer to Primary Housing Fund 88,811 197,787 108,976
Capital Reserves - Transition Holding Account 0 343,277 343,277
Capital Reserves - School Construction Fund (10%) 31,084 69,226 38,142
Total 449,053 993,936 544,883
North Temple Viaduct
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 1,500 1,500 0
Tax Increment 1,205,109 2,720,019 1,514,910
Total 1,206,609 2,721,519 1,514,910
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Debt Service Payment to Salt Lake City 1,188,532 2,680,719 1,492,187
Transfer to Administration 18,077 40,800 22,723
Total 1,206,609 2,721,519 1,514,910
Northwest Quadrant
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 903,100 1,371,125 468,025
Total 908,100 1,376,125 468,025
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 632,170 959,788 327,618
Capital Reserves - Shared Costs 95,310 142,112 46,802
Transfer to Administration 90,310 137,113 46,803
Transfer to Primary Housing Fund 90,310 137,113 46,803
Total 908,100 1,376,125 468,025
Stadler Rail
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 500 500 0
Tax Increment 72,420 138,526 66,106
Total 72,920 139,026 66,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 58,436 117,747 59,311
Transfer to Administration 7,242 7,426 184
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,026 66,106
State Street
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 2,631,183 4,337,070 1,705,887
Total 2,631,183 4,337,070 1,705,887
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration- City & SD Funds 263,118 433,707 170,589
Transfer to Primary Housing - School District Family
& Workforce Housing 0 259,327 259,327
Transfer to Primary Housing Fund 263,118 174,380 (88,738)
Capital Reserves - Property Acquisition 2,104,947 2,104,947 0
Capital Reserves - Transition Holding Account 0 1,364,709 1,364,709
Total 2,631,183 4,337,070 1,705,887
9-Line
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 1,477,727 2,601,746 1,124,019
Total 1,477,727 2,601,746 1,124,019
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 224,966 280,188 55,222
County Administration Fee 26,996 16,811 (10,185)
Transfer to Administration- City & SD Funds 118,218 260,175 141,957
Transfer to Administration- County Funds 0 22,415 22,415
Transfer to Primary Housing - School District Family
& Workforce Housing 0 122,020 122,020
Transfer to Primary Housing Fund 147,773 138,155 (9,618)
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Transition Holding Account 0 802,208 802,208
Capital Reserves - Housing Property Acquisition 0 959,774 959,774
Total 1,477,727 2,601,746 1,124,019
Program Income Fund
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Transfer from the City’s General Fund 0 4,000,000 4,000,000
Interest Income 50,000 50,000 0
Interest on Loans 8,800 8,800 0
Loan Repayments 39,000 39,000 0
Parking Structure Income 1,243,335 1,243,335 0
Rents 215,700 215,700 0
Total 1,556,835 5,556,835 4,000,000
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Commercial Loan Program 931,835 931,835 4,000,000
Marketing and Sales 25,000 25,000 0
Miscellaneous Property Expense 300,000 300,000 0
Professional Services 300,000 300,000 0
Capital Reserves - Housing Property Acquisition 4,000,000 4,000,000 0
Total 1,556,835 5,556,835 0
Primary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 260,175 112,402
Transfer In from Block 70 0 0 0
Transfer In from Central Business District 0 0 0
Transfer In from Depot District 799,917 1,063,223 263,306
Transfer In from Granary District 126,709 216,335 89,626
Transfer In from North Temple 88,811 197,787 108,976
Transfer In from North Temple Viaduct 0 0 0
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 433,707 170,589
Total 1,599,880 2,398,193 798,313
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Housing Development Loan Program 0 1,500,000 1,500,000
School District Family & Workforce Housing 0 381,347 381,347
Capital Reserves - Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Total 1,599,880 2,398,193 798,313
Secondary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 10,000 10,000 0
Total 10,000 10,000 0
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Accessory Dwelling Unit 9-Line
Pilot Program 10,000 10,000 0
Total 10,000 10,000 0
Housing Development Fund
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
HDLP-Competitive for Spark! 0 1,000,000 1,000,000
Housing Development Loan Program NOFA 4,230,000 1,848,000 (2,382,000)
Total 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
UIPA Housing Allocation 500,000 1,374,106 874,106
Total 500,000 1,374,106 874,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Housing Development Loan
Program 500,000 500,000 0
Capital Reserves - Transition Holding Account 0 433,880 433,880
Capital Reserves - Housing Property Acquisition 0 440,226 440,226
Total 500,000 1,374,106 874,106
Redevelopment Agency Operations
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Transfer In from 9-Line 118,218 282,590 164,372
Transfer In from Central Business District 2,757,315 2,594,178 (163,137)
Transfer In from Depot District 599,938 797,417 197,479
Transfer In from Granary District 95,032 162,251 67,219
Transfer In from North Temple 44,405 98,894 54,489
Transfer In from North Temple Viaduct 18,077 40,800 22,723
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 433,707 170,589
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,559,376 560,721
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Charges and Services 218,560 419,281 200,721
Operating & Maintenance 300,000 660,000 360,000
Total 3,998,655 4,559,376 560,721
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
4. Resolution – Year 2022/2023 Third Budget Amendment
ATTACHMENTS: Fiscal Year 2022/2023 Budget Amendment #3 Slides
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,6885,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 419,281 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final budget of the RDA, as
approved, ratified and finalized by the Board on June 14, 2022.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO:Salt Lake City RDA Board DATE: March 28, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT:RDA Budget Amendment #3, FY2022-23
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed third amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 10,312,004.00 $ 10,312,004.00
RDA CIP FUND 0.00 0.00
TOTAL $ 10,312,004.00 $ 10,312,004.00
3/28/2023
3/28/2023
rachel otto (Mar 28, 2023 10:58 MDT)
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. Transfer from the General Fund for the purchase of property.
2. True up for tax increment received.
3. Adjustments to the housing trust fund.
4. Adjustment to the revolving loan fund balance.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening contains one item:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #1 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final budget of the RDA, as
approved, ratified and finalized by the Board on June 14, 2022.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Transfer from GF for Property Purchase 4,000,000.00 4,000,000.00 One-Time -
1 True Up Tax Increment CBD (1,543,843.00) (1,543,843.00) One-time -
1 True Up Tax Increment DD 1,570,677.00 1,545,409.00 One-time -
1 True Up Tax Increment GD 453,778.00 453,778.00 One-time -
1 True Up Tax Increment NTV 1,653,825.00 1,653,825.00 One-time -
1 True Up Tax Increment Block 70 3,706.00 3,706.00 One-time -
1 True Up Tax Increment SS 1,720,457.00 1,720,457.00 One-time -
1 True Up Tax Increment 9 Line 1,157,340.00 1,157,340.00 One-time -
1 True Up Tax Increment NT 551,772.00 551,772.00 One-time -
1 True Up Tax Increment SR 66,107.00 66,107.00 One-time -
1 True Up Tax Increment NWQ 547,161.00 547,161.00 One-time -
1 True Up Tax Increment Primary Housing 864,353.00 864,353.00 One-time -
1 True Up Tax Increment Admin 648,671.00 648,671.00 One-time -
2 Adjust Housing Trust Fund Loan HTF (172,000.00) (1,382,000.00) One-time -
2 Adjust Housing Trust Fund Loan HTF (1,210,000.00) One-time -
3
Revolving Loan Fund balance adjustment
RLF - 25,268.00 One-time -
-
Total of Budget Amendment Items 10,312,004.00 10,312,004.00 - -
Total by Fund, Budget Amendment #2:
Redevelopment Agency RDA 10,312,004.00 10,312,004.00 - - -
Redevelopment Agency - CP RDA -CIP - - - -
Total of Budget Amendment Items 10,312,004.00 10,312,004.00 - - -
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2022-23 RDA Budget Amendment #3
Board ApprovedAdministration Proposed
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments
FY 2022-23
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA#3 Total To-Date
Redevelopment Agency 50,172,718 - 3,266,805.00 10,312,004.00 63,751,527
Redevelopment Agency CIP 13,128,181 - (3,220,000.00) - 9,908,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
2
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: March 24, 2023
PREPARED BY: Erin Cunningham
RE: Preliminary Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Written Briefing
BUDGET IMPACTS: The preliminary Third Amendment identifies appropriations for Agency
operations and projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to present forecasted budget proposals for the
Third Amendment (“Amendment”). These proposals are based on preliminary tax increment revenue
projections received from Salt Lake County, as well as adjustments to loan principal and interest revenue
received in the Housing Development Fund. These amounts will be adjusted after the Agency receives the
final distribution at the end of March.
The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Amendment provides for adjustments across multiple funds within the
Agency budget for Fiscal Year 2023, as described below.
Tax Increment and Other Revenue Adjustments
Based on the tax increment revenue projections received from the County, the Agency is expected to
receive over $6 million in additional revenue compared to the original budget. As a result, additional
contributions to the Primary Housing Fund and the Administration Fund are expected to increase.
However, while most project areas have a positive variance, the Central Business District is projected to
receive approximately $1.5 million less than was initially budgeted. A preliminary analysis indicates that
the cause is likely due to a drop in certified tax rates, coupled with decreasing assessed property values in
the hotel and shopping center industries, which are still recovering from the pandemic. Our staff is
actively gathering more data and conducting further analyses to fully understand the situation.
It is worth noting that this fiscal year marks the first year that the Agency has administered the Housing
Trust Fund loans, which were previously serviced by the Housing Stability Division. Initially, $1.6
million in principal and interest payments was budgeted, but it is now expected that the actual amount
will be approximately $1.3 million less than originally projected.
The tables below outline the forecasted revenue changes by fund.
Project Area Funds Budget BA3 Forecast Variance
Central Business District 27,573,150 26,029,306 (1,543,844)
Block 70 1,922,323 1,926,029 3,706
Depot District 3,999,587 5,570,264 1,570,677
Granary District 633,546 1,087,324 453,778
North Temple 444,053 995,825 551,772
North Temple Viaduct 1,205,109 2,858,934 1,653,825
Northwest Quadrant 903,100 1,450,261 547,161
Stadler Rail 72,420 138,527 66,107
State Street 2,631,183 4,351,640 1,720,457
9-Line 1,477,727 2,635,067 1,157,340
Total 40,862,198 47,043,177 6,180,979
Housing Funds Budget BA3 Forecast Variance
Primary Housing 1,599,880 2,464,233 864,353
Secondary Housing 10,000 10,000 0
Housing Development Fund 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative 500,000 500,000 0
Total 7,339,880 6,822,233 (517,647)
Administration Fund Budget BA3 Forecast Variance
Redevelopment Agency
Operations 3,998,655 4,647,326 648,671
Total 3,998,655 4,647,326 648,671
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue will result in an increase in obligated expenses, including transfers
to the Primary Housing and Administration Funds, Debt Service to Salt Lake City, and the School
Construction Fund in the North Temple project area, as well as Administrative Fees payable to Salt Lake
County.
Moreover, the Agency anticipates that Miscellaneous Property Expenses will rise due to inflation, and it
is recommended that the remaining tax increment received in Block 70 be allocated to the Regent Street
Parking Structure reserves.
On the other hand, some expense reductions are expected, such as the expiration of a tax increment
reimbursement agreement in the Depot District and a decrease in taxing entity payments due to the
decline in tax increment revenue received in the Central Business District.
Please note that a new line description, "Transfer to Primary Housing - School District Family &
Workforce Housing," has been added. This change is due to the interlocal agreements that the Agency has
with the Salt Lake City School District for the 9 Line and State Street project areas, which mandate that
the Primary Housing fund contribution be used exclusively for family and workforce housing. Therefore,
this addition has been made to segregate these funds and enable more efficient tracking of them.
The table below summarizes the overall changes for the Agency, which total approximately $1.8 million.
Details regarding changes by fund are provided at the end of this document.
Line Description Budget
BA3
Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing - School District Family
& Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Regent Street Parking Structure 100,000 102,594 2,594
Total 26,170,067 27,973,655 1,803,588
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified $4,377,391 in project area funds
available for discretionary spending. The staff recommends allocating any additional funds received from
tax increment to a Strategic Intervention Program for each project area, except for the following:
1. Central Business District - Due to a decrease in increment, the staff suggests reducing the
previously allocated $734,061 for Property Acquisition, specifically for Housing, to $270,908.
2. Depot District - The Board had previously approved the reallocation of $550,000 from the
Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment
of $524,732 to the Revolving Loan Fund was approved. With the additional tax increment
received, the staff is requesting to fully repay the $550,000.
3. Northwest Quadrant - The Northwest Quadrant project area has a budget for a Shared Costs
reserve account, which is set aside to fund redevelopment activities that benefit the entire Project
Area, are system-wide, or benefit multiple property owners or parcels. Staff proposes allocating
the additional funds received in the project area to this reserve, increasing the budget from
$95,310 to $150,026.
4. State Street and 9 Line - In addition to the extra tax increment, staff is requesting to reallocate
previously set-aside funds for Property Acquisition in the 9 Line and State Street Project Areas to
the Strategic Intervention Program. The Agency is categorizing property acquisitions into
Housing, Commercial, and Infrastructure categories to allow for better reporting during the City's
transition to Workday. As the property acquisition category had not been defined during the
Fiscal Year 2023 budget, the intention of using the Strategic Intervention Program is to set aside
funds that do not yet specify the type of property acquisition and to return to the Board when the
use is better defined.
For context, Strategic Intervention funds were approved for the North Temple and Granary District
project areas in the Fiscal Year 2022 and 2023 budgets. During the Board meeting held on April 12, 2022,
a straw poll was conducted to expand the use of these funds for property acquisition, site development
cost (cleaning of contaminated properties, etc.), and development support for community benefits.
However, the final use of these funds will require approval from the Board.
Expense changes by project area fund are outlined below.
Project Area Funds Budget BA3 Forecast Variance
1
Central Business District
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 734,061 270,908 (463,153)
3
Depot District
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 524,732 2,520,671 1,995,939
4
Granary District
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Total 421,805 716,760 294,955
5
Project Area Funds Budget BA3 Forecast Variance
8North Temple
Capital Reserves - Strategic Intervention 0 347,616 347,616
Total 0 347,616 347,616
7
Northwest Quadrant
Capital Reserves - Shared Costs 95,310 150,026 54,716
Total 95,310 150,026 54,716
9
State Street
Capital Reserves - Property Acquisition 2,104,947 0 (2,104,947)
Capital Reserves - Strategic Intervention 0 3,481,312 3,481,312
Total 2,104,947 3,481,312 1,376,365
10
9-Line
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 959,774 1,730,726 770,952
Project Area Funds Total 4,840,629 9,218,020 4,377,391
Housing Funds Discretionary Expense & Other Uses Adjustments
The Agency has projected an increase of $864,353 in contributions to the Primary Housing Fund.
However, due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the
remaining budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into property acquisition.
To account for the decrease of $1,382,000 in budget revenue from loan and principal payments in the
Housing Development Fund, a reduction in the contribution to the Housing Development Loan Program
will be necessary. It is important to note that this is the first year of receiving payments from the Housing
Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in the 2023
Notice of Funding Availability.
Housing Funds Budget BA3 Forecast Variance
Primary Housing
Capital Reserves - Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375.947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 4,230,000 2,848,000 (1,382,000)
Housing Funds Total 5,829,880 5,312,233 (517,647)
Administration Fund Expense & Other Uses Adjustments
The Agency anticipates that contributions to the Administration Fund will increase by $648,671. To
accommodate the expected rise in operating expenses, the Agency proposes to augment the Operating &
Maintenance and Charges & Services line items. These increases will account for the costs associated
with inflation, including property maintenance and management, computer software and hardware, office
supplies, and travel expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Line Description Budget BA3 Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges & Services 218,560 507,231 288,671
Total 518,560 1,167,231 648,671
Amended Budget Totals by Fund
The following tables show the preliminary proposed revenue and expense budget amendments by fund.
These tables include all the changes made to the budget and provide a comprehensive view of the
proposed amendments.
Central Business District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 27,573,150 26,029,306 (1,543,844)
Interest from Investments 23,500 23,500 0
Total 27,596,650 26,052,806 (1,543,844)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 13,283,651 12,357,345 (926,306)
Transfer to Administration 2,757,315 2,602,931 (154,384)
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 16,775,027 15,231,183 (1,543,844)
Block 70
Revenue & Other Sources Line Description Budget BA3 Forecast Variance
Tax Increment 1,922,323 1,926,029 3,706
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,860 3,706
Expenses & Other Uses Line Description Budget BA3 Forecast Variance
Taxing Entity Payments 576,697 577,809 1,112
Capital Reserves Regent Street Parking Structure 100,000 102,594 2,594
Total 676,697 680,403 3,706
Depot District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 3,999,587 5,570,264 1,570,677
Interest from Investments 50,000 50,000 0
Total 4,049,587 5,620,264 1,570,677
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 599,938 835,540 235,602
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Primary Housing Fund 799,917 1,114,053 314,136
Total 4,049,587 5,620,264 1,570,677
Granary District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 633,546 1,087,324 453,778
Interest from Investments 15,000 15,000 0
Total 648,546 1,102,324 453,778
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 95,032 163,099 68,067
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Transfer to Primary Housing Fund 126,709 217,465 90,756
Total 643,546 1,097,324 453,778
North Temple
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 444,053 995,825 551,772
Interest from Investments 5,000 5,000 0
Total 449,053 1,000,825 551,772
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 44,405 99,583 55,178
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Strategic Intervention 0 347,616 347,616
Transfer to Primary Housing Fund 88,811 199,165 110,354
Total 164,300 716,072 551,772
North Temple Viaduct
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,205,109 2,858,934 1,653,825
Interest from Investments 1,500 1,500 0
Total 1,206,609 2,860,434 1,653,825
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 18,077 42,884 24,807
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
Total 1,206,609 2,860,434 1,653,825
Northwest Quadrant
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 903,100 1,450,261 547,161
Interest from Investment 5,000 5,000 0
Total 908,100 1,455,261 547,161
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 90,310 145,026 54,716
Capital Reserves - Shared Costs 95,310 150,026 54,716
TI Reimbursements 632,170 1,015,183 383,013
Transfer to Primary Housing Fund 90,310 145,026 54,716
Total 908,100 1,455,261 547,161
Stadler Rail
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 72,420 138,527 66,107
Interest from Investments 500 500 0
Total 72,920 139,027 66,107
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 7,242 7,426 184
TI Reimbursements 58,436 117,748 59,312
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,027 66,107
State Street
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 2,631,183 4,351,640 1,720,457
Total 2,631,183 4,351,640 1,720,457
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 263,118 435,164 172,046
Transfer to Primary Housing Fund 263,118 179,430 (83,688)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 255,734 255,734
Capital Reserves - Property Acquisition 2,104,947 (2,104,947)
Capital Reserves - Strategic Intervention 3,481,312 3,481,312
Total 2,631,183 4,351,640 1,720,457
9-Line
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,477,727 2,635,067 1,157,340
Total 1,477,727 2,635,067 1,157,340
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 224,966 294,787 69,821
Transfer to Administration 118,218 310,673 192,455
Transfer to Primary Housing Fund 147,773 143,294 (4,479)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 120,213 120,213
County Administration Fee 26,996 35,374 8,378
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 1,477,727 2,635,067 1,157,340
Primary Housing
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 263,507 115,734
Transfer In from Depot District 799,917 1,114,053 314,136
Transfer In from Granary District 126,709 217,465 90,756
Transfer In from North Temple 88,811 199,165 110,354
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 435,164 172,046
Total 1,599,880 2,464,233 864,353
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Capital Reserves - Property Acquisition 1,599,880 964,223 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375,947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Administration Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Transfer In from 9-Line 118,218 310,673 192,455
Transfer In from Central Business District 2,757,315 2,602,931 (154,384)
Transfer In from Depot District 599,938 835,540 235,602
Transfer In from Granary District 95,032 163,099 68,067
Transfer In from North Temple 44,405 99,583 55,178
Transfer In from North Temple Viaduct 18,077 42,884 24,807
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 435,164 172,046
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,647,326 648,671
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
Total 3,998,655 4,647,326 648,671
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
ATTACHMENTS: Fiscal Year 2022/2023 Preliminary Budget Amendment #3 Slides
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,635,067
4,351,640
138,527
1,450,261
2,858,934
995,825
1,087,324
5,570,264
1,926,029
26,029,306
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area Revenue Changes
47,043,17740,862,198 6,180,979
Budget Forecast Variance
Tax Increment Revenue Change
Project Area Funds Expense Changes
1,803,588 6,180,979 4,377,391
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Line Description Budget Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing -School
District Family & Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,430,000 1,455,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves -School Construction
Fund (10%)*31,084 69,708 38,624
Capital Reserves -Regent Street Parking
Structure 100,000 102,594 2,594
Total 26,470,067 28,273,655 1,803,588
Total Obligations Total Discretionary
Line Description Budget Forecast Variance
Capital Reserves -Property
Acquisition 3,798,782 270,908 (3,527,874)
Capital Reserves -Shared Costs 95,310 150,026 54,716
Capital Reserves -Strategic
Intervention 421,805 8,247,086 7,825,281
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 4,840,629 9,218,020 4,377,391
=+
Project Area Funds Expense Changes
Discretionary Expenses by Project Area
Fund Line Description Budget Forecast Variance Comments
Central Business
District Capital Reserves -Property Acquisition 734,061 270,908 (463,153)Decrease in tax increment revenue requires a decreased
contribution
Depot District Capital Reserves -Strategic Intervention 0 1,970,671 1,970,671 Add remaining tax increment revenue to Strategic Intervention
Revolving Loan Fund Repayment 524,732 550,000 25,268 Return the entire $550K to the Revolving Loan Fund
Granary District Capital Reserves -Strategic Intervention 421,805 716,760 294,955 Add increased tax increment revenue to Strategic Intervention
North Temple Capital Reserves -Strategic Intervention 0 347,616 347,616 Add increased tax increment revenue to Strategic Intervention
Northwest
Quadrant Capital Reserves -Shared Costs 95,310 150,026 54,716 Increase contribution to Shared Costs
State Street Capital Reserves -Property Acquisition 2,104,947 0 (2,104,947)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 3,481,312 3,481,312 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
9 Line Capital Reserves -Property Acquisition 959,774 0 (959,774)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 1,730,726 1,730,726 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
Total 4,840,629 9,218,020 4,377,391
Housing Funds Changes
Fund Line Description Budget Forecast Variance
Primary Housing Capital Reserves -Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce
Housing 0 375,947 375,947
Housing Development Fund Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 5,829,880 5,312,233 (517,647)
Discretionary Expenses by Housing Fund
6,822,2337,339,880 (517,647)
Budget Forecast Variance
Housing Funds Revenue Change
10,000
500,000
1,599,880
5,230,000
10,000
500,000
2,464,233
3,848,000
Secondary Housing
Westside Community Initiative
Primary Housing
Housing Development Fund
1
6
1
8
1
5
1
7
Revenue Changes by Housing Funds
-
1,599,880
4,230,000
375,947
964,233
3,972,053
School District Family & Workforce
Housing
Capital Reserves - Housing Property
Acquisition
Housing Development Loan Program
Housing Funds Expense Changes by Line Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
518,560 1,167,231 648,671 300,000
218,560
660,000
507,231
Operating & Maintenance
Charges and Services
Administration Fund Expense Changes
4,647,3263,998,655 648,671
Budget Forecast Variance
Administration Fund Revenue Change
Page | 1
RDA BUDGET
STAFF REPORT
REDEVELOPMENT AGENCY BOARD of SALT LAKE CITY
TO:RDA Board Members
FROM: Jennifer Bruno, Ben Luedtke and Allison Rowland
DATE:May 16, 2023
RE: Redevelopment Agency (RDA) Budget – FY 2024
BUDGET BOOK PAGES: Key Changes pages 83-92, Department Overview 121-123 and 251-254, Staffing 289-290
The Redevelopment Agency is a tool of the City, as enabled by State law, that allows for the capture of property
tax increment in defined areas to reinvest in communities. The stated mission of the City’s RDA is “to revitalize
neighborhoods and business districts to improve livability, spark economic growth, and foster authentic
communities, serving as a catalyst for strategic development projects that enhance the City’s housing
opportunities, commercial vitality, public spaces, and environmental sustainability.”
The Mayor’s FY 2024 Redevelopment Agency Recommended Budget includes tax increment spending in all
project areas for projects, loan funds, as well as department administration. See page 251 of the Mayor’s
Recommended Budget book for an overview of the Department including the full mission statement and core
values. Staff has also included Attachment 1 showing the RDA’s updated guiding framework adopted by the
Board in December 2021, which comprises the mission statement, core values and livability benchmarks. The
total proposed FY 24 budget is $75 million which is $11.7 million more (18.6%) than FY23. RDA
revenue includes property tax increment, loan proceeds, parking garage and commercial space rental revenues,
interest income, an annual transfer from Funding Our Future for affordable housing, and private donations for
the Eccles Theater. The largest non-donation source of revenue is tax increment, which will generate $46.8
million in FY 24 from eleven active project areas (up 13.2% from $41.4 million in FY 23).
The Administration has provided the following information about the three priority areas for the FY 24 RDA
budget:
•Affordable Housing Development – In accordance with the FY24 Affordable Housing Funding
Priorities, this goal prioritizes the deployment of the Agency’s housing funds for the development of
affordable housing units through the Housing Development Loan Program, acquisition of strategic
property, and the creation of a program to facilitate construction of accessory dwelling units. See
Attachment 2 for the Board’s approved FY 24 Housing Priorities.
•Commercial Opportunities – Staff has continued researching and holding meetings to determine
the scope of future Agency commercial assistance programs. An updated loan policy and programs will
be presented to the Board in the coming months. The proposed budget includes allocations for
Commercial Assistance Programs that will be made available as the Agency’s Revolving Loan Fund and
Adaptive Reuse programs are updated and approved. Staff note: This is proposed in the “Capital
Project Timeline:
1st Briefing: May 16, 2023
2nd Briefing: TBD
Budget Hearing: May 16, and June 6, 2023
Potential Action: June 13 (TBD)
Page | 2
Projects” Account in various project areas, which means that funds will not lapse to fund balance at
the end of each fiscal year. A total of $3.8 million across five project areas is proposed in the FY 24
budget. The Board also approved funding for commercial programs in prior years, which is sitting in
holding accounts. The Board may wish to schedule a more in-depth discussion about the goals of this
program.
•Public Infrastructure – The proposed budget includes the allocation of funds for public
infrastructure projects such as improvements to the Folsom Corridor area as well as public art in the 9-
Line project area. Funds are also proposed for potential improvements and capital repairs that are
identified as part of an upcoming Gallivan Center master plan.
State law requires that tax increment be used within the project area where it was generated unless it is used for
housing affordable at 80% area median income (AMI) or below. Other agency revenue sources are more flexible
and may be spent outside of project areas for housing and economic development purposes, again within state
law limitations. (These are listed in the Additional Information section below). Some RDA divisions are funded
through pass-through allocations from project areas or other revenue sources (see chart below), which increases
flexibility of those funds but reduce available budget in project areas where they originate.
The proposed budget for the RDA adds two FTEs for central RDA activities (for a total of 21) and 13 FTEs for
Gallivan-related maintenance and programming.(budget for Gallivan-related maintenance and programming is
now handled in a donation account, which is unique for a public space). Gallivan funding and FTEs were
transferred to the RDA from the Public Services Department in the FY21 annual budget.
The following chart outlines the operating budget for each division of the RDA, and separates those that are
funded through tax increment, and those that are funded through pass-through revenue from project areas:
Dollars %
Central Business District $ 27,596,650 $ 24,644,694 $ (2,951,956)-11 %
Block 70 $ 10,915,154 $ 11,053,759 $ 1 38,605 1%
Depot District $ 4,049,587 $ 7,227,908 $ 3,178,321 7 8%
Granary District $ 648,546 $ 1,394,593 $ 746,047 115%
North Temple $ 449,053 $ 1,351,992 $ 902,939 201%
North Temple Viaduct $ 1,206,609 $ 2,774,419 $ 1,567,81 0 1 30%
Northwest Quad CRA (North of I-80) $ 908,100 $ 1,398,548 $ 490,448 54%
Westside Community Initiative
(I nland Port Legislation set aside for
h ousing )
$ 500,000 $ 1,835,469 $ 1,335,469 267%
Stadler Rail $ 72,920 $ 141,297 $ 68,377 94%
State Street - new in FY 23 $ 2,631,183 $ 5,788,520 $ 3,1 57,337 1 20%
9 Line - new in FY 23 $ 1,477,727 $ 3,455,989 $ 1,978,262 1 34%
Administration $ 3,998,655 $ 4,428,662 $ 430,007 1 1%
Housing Develoment Fund $ 5,230,000 $ 4,510,953 $ (719,047)-14%
Primary Housing Fund $ 1,599,880 $ 2,394,582 $ 794,702 50%
Secondary Housing Fund $ 10,000 $ 1,000,000 $ 990,000 9900%
Program Income Fund $ 1,556,835 $ 1,449,692 $ (440,915)-28%
Revolving Loan Fund* $ 345,000 $ 226,750 $ (205,000)-59%
TOTALS $ 35,599,249 $ 50,433,133 $ 14,833,884 42%
P roject Areas - Funded primarily with Tax I ncrement:
Accounts funded internally (with transfers from GF or other project areas)
Other
*RDA Staff indicates the "Commercial Assistance Program" line item in many of the project areas
may be administered through the Revolving Loan Fund although it would be tracked in each project
Exp en ditu res b y Project Area /Accou n t
Difference2023-24
Proposed
2022-23
Proposed
Page | 3
Central Business
District,
24,644,694
Depot District, 7,227,908
Granary District, 1,394,593 North Temple, 1,351,992
Block 70 , 11,053,759
State Street, 5,788,520
9 Line, 3,455,989
North Temple Viaduct , 2,774,419
Northwest Quadrant CRA, 1,398,548
Stadler Rail, 141,297
Westside Community Initiative
(Housing $ from Inland Port),
1,835,469
Revolving Loan Fund, 226,750
Program
Income
Fund,
1,449,692
Secondary Housing Fund,
1,000,000
Primary Housing
Fund, 2,394,582
Housing
Development
Trust Fund,
4,510,953
FY 24 Project Areas funded through
Tax Increment
FY 24 Multi-use Funds - funded
through other sources including
transfers
Page | 4
The FY 24 budget continues the process of bringing budgeting for RDA dollars into context with other City
department budgets, and it is included in the Mayor’s Recommended Budget book. The Department budget is
shown in summary form on page 121, and staffing document on page 289.
The RDA budget can have follow-up discussions through May and June as needed. It will also have public
hearings on May 16 and June 6, with tentative adoption scheduled for June 13.
KEY ELEMENTS OF THE MAYOR’S FY 2024 RDA BUDGET PROPOSAL
Staff has highlighted key areas of the Mayor’s Recommended FY 2024 RDA Budget:
1.Two additional Project Coordinator FTEs – The workload and scope of the RDA Staff has
increased in recent years, as the City has increased affordable housing development efforts, created new
project areas, and explored additional funding tools like Housing and Transit Reinvestment Zones
(HTRZs) and the Westside Community Initiative from the Inland Port allocation. The annual cost for
these FTEs is $232,758 per FTE (staff is confirming this figure with finance). The proposed budget
includes $190,704 to fund 10 months of the new positions, recognizing time to hire. See item 4 below for
more on how the administration budget is funded.
2.RDA funding for affordable housing – The Mayor’s Recommended FY 2024 budget reflects a
continuation 0f the policy approach started in FY 20, to streamline affordable housing development
under the RDA and affordable housing programming under the Housing Stability Division of the
Community and Neighborhoods Department. Still, some recent efforts to develop permanent supportive
housing and community land trust activities have been managed in Housing Stability. One of the initial
goals was to create a “one-stop shop” for housing developers seeking financial assistance to deliver
affordable housing, recognizing that the RDA can make affordable housing investments Citywide.
The total housing investment proposed in the FY 24 RDA budget is $11.2 million, a 53% increase over
FY 23 investment levels, not including $4 million transferred from the General Fund as one-time seed
funds for the Westside Community Initiative. It should be noted that the Board could choose to allocate
additional funds for housing programs from any of the project areas (subject to project area
regulations), or program income fund. See chart below for more details on distribution of funds:
a.Annually, the RDA proposes a variety of strategies to implement various housing
goals of the City with its funding sources. The Board adopted the FY 24 strategy in
April. The focus areas for this year are:
➢Wealth Building Opportunity – Facilitate the ability for low-moderate income
households to build wealth through different pathways such as homeownership,
supplemental income opportunities, stipends for renters, cooperative housing, and
other wealth building models.
➢Affordable 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 with at least three or more bedrooms. Affordable
family housing is generally defined as units with three or more bedrooms affordable
to those earning 80% of the area median income (AMI) or below.
➢Deeply Affordable Housing – Expand the availability of units for extremely low-
income households, thereby providing more 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.
➢Missing Middle Housing – Promote an array of housing forms such as, but not
limited to, smaller apartment buildings, townhomes and accessory dwelling units
(ADU) to diversify the City’s housing stock and provide more affordable living options
Page | 5
for residents.
b. Staff has attached the final guiding document and presentation, approved by the Board in April,
for reference (see Attachments 2 & 3)
c.The Board may wish to discuss with staff a strategy in case no proposals are
received that achieve one of the four above goals. Previously the board has made the
choice to earmark a certain portion of funds for affordable housing in high opportunity areas,
and make it available over multiple fiscal years pending successful applications because it is
especially hard for the market to deliver.
d. The following chart summarizes the sources and proposed uses in the various accounts:
FY 2023
Adopted
FY 2024
Proposed Change
9 Line Project Area ADU fu nds 0 1,455,680 1,455,680
Secondary Housing Fund (formerly Project Area Housing Fund)
Sources
Transfer from Depot District 0 1,000,000 1,000,000
Interest Income 10,000 0 (10,000)
Uses
Housing Property Acquisition 1,000,000 1,000,000
9 Line ADU Program (Shift to 9 Line Project area)10,000 0 (10,000)
Total Secon da ry Hou sin g Fu n d 10,000 1,000,000 990,000
Primary Housing Fund (formerly Citywide Housing Fund)
Sources
Transfer from Depot 799,917 1,084,487 284,570
Transfer from State street 263,118 442,381 179,263
Transfer from 9 Line 147,773 265,378 117,605
Transfer from Granary 126,709 220,662 93,953
Transfer from North Temple 88,811 201,743 112,932
Transfer from NWQ 90,310 139,855 49,545
Loan Repayments 23,000 23,567 567
Transfer from Stadler Rail 7,242 14,130 6,888
Interest on Loans 3,000 2,379 (621)
Interest Income 50,000 0 (50,000)
Uses
Shared Equity Husing 0 1,013,820 1,013,820
Housing Development Loans 0 1,000,000 1,000,000
Salt Lake School District Housing 0 380,762 380,762
Housing Property Acquisition (mo v ing to Se c o ndary Housing Fund)1,599,880 0 (1,599,880)
Total Prima ry Hou sin g Fu n d 1,599,880 2,394,582 794,702
Westside Community Initiative (NWQ Housing)
Sources
Increment set-aside from Utah Inland Port Authority 500,000 1,401,589 901,589
FY'23 Transition Appropriation 433,880 433,880
Uses
Shared Equity Housing 0 1,835,469 1,835,469
Housing Development Loan Program 500,000 0 (500,000)
Total Westside Commu n ity I n itiative 500,000 1,835,469 1,335,469
Housing Development Fund
Sources
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Reallocaiton of excess North Temple Viaduct Increment 1,000,000 1,700,000 700,000
Loan Repayments 1,370,000 144,390 (1,225,610)
Interest on Loans 255,000 76,563 (178,437)
Interest on Investment 15,000 0 (15,000)
Uses
Housing Development Loans 4,230,000 4,510,953 280,953
Housing Property Acquisition (mo ving to Sec o ndary Ho using Fund)1,000,000 0 (1,000,000)
Total Hou sin g Developmen t Fu n d 5,230,000 4,510,953 (719,047)
Total All Hou sing Funding 7,339,880 11,196,684 3,856,804
RDA Hou sin g Fu n din g
Page | 6
e. Housing Property Acquisition and clarifying different housing funds – The
Administration has provided the following additional information about these line items and
clarity among the funds:
“… we intend to prioritize the Agency retaining ownership of its land to preserve
public benefits such as affordable housing in perpetuity. The Primary Housing Fund
receives the statutory required allocation of affordable housing funds from project
areas and is charged with spending these on housing at or below 80% AMI. The
Secondary Housing Fund receives allocations from project areas that don’t carry this
requirement (CBD) or transfers over and above what is required under statute or as
part of negotiated Interlocal Agreements. Secondary Housing funds can be spent at
AMI levels as determined by the Agency. Both funds are authorized as part of 17C and
carry requirements for separate tracking. It’s easiest to think of [primary housing
fund] as the housing funds we must contribute and for a stated purpose, whereas the
[secondary housing funds] are additional funds that we choose to contribute and have
a little bit more flexibility in their use.”
f. Westside Community Initiative – This initiative is funded from the 10% set aside from tax
increment in the Inland Port jurisdictional boundary, as mandated by the State’s Inland Port
enabling legislation. It started receiving revenue in FY 22.
➢In a FY 22 Budget Amendment, the Council approved dedicating $4 million from
ARPA dollars towards this initiative as seed funds, although later the Administration
shifted this to be funded from the General Fund which are more flexible dollars in
order to preserve options. In RDA Budget Amendment #3, the Board approved
expenditure of these funds to facilitate property purchase on the Westside that could
eventually be used consistent with the previous policy discussions on the topic. After
that expenditure the balance is $1.8 million. If tax increment is larger than proposed,
that balance will be higher, although that information will not be available until
March of 2024.
➢Some Board Members have expressed an interest in specific projects consistent with
the goals of the Westside Community Initiative, and larger conversations about
equity-sharing models. The Board may wish to discuss that at this time, since the
appropriation for a project could be made directly in the FY 24 budget.
3.Transition Holding Accounts and Midyear Budget Amendments – It should be noted that the
Board sometimes approves millions in additional funding for projects and programs in budget
amendments throughout the fiscal year. Based on feedback from previous budget years, RDA Budget
Amendment #3 and the Mayor’s Recommended Budget use a new approach called “transition holding
accounts” that carry forward actual property tax increment received (after meeting legal obligations) to
be considered in the next annual budget. This approach is meant to streamline budgeting by avoiding
multiple funding requests for the same projects in the final budget amendment of the year and in the
annual budget. The Council asked for this to be included in the context of the overall budget discussion
so all funding requests and ideas could be considered in context. The Board may wish to discuss
how they would like to allocate these funds. The only limitation on these funds is that they need
to be used in accordance with the project area guidelines.
Depot District 1,805,473$
Granary 291,284$
North Temple 343,277$
State Street 1,364,709$
9 Line 802,208$
Total 4,606,951$
Transition Appropriation Accounts
Page | 7
4.Administrative Budget – The FY 2024 budget includes transfers of tax increment revenues to cover
the approximately $4.4 million Administrative budget, which includes 2 additional FTEs to the central
RDA staff and raising the total to 21 FTEs). The 13 FTEs related to the Gallivan Center are budgeted in
the donation account, although they are considered under the purview of the RDA, as reflected in the
staffing document. The following charts delineate the sources of funding for the Administrative budget,
as well as the specific uses:
FY 2022
Adopted
FY 2023
Adopted
FY 2024
Proposed $ Change
%
Change
Central Business District 2,757,315$ 2,757,315$ 2,464,469$ (2 92,846)$ -11%
Depot District 588,175$ 599,938$ 813,365$ 213,427$ 36%
Granary District 93,168$ 95,032$ 165,496$ 70,464$ 74%
North Temple 43,535$ 44,405$ 100,872$ 56,467$ 127%
North Temple Viaduct
(lim ited to 1.5% of increm ent)17,722$ 18,077$ 41,616$ 23,539$ 130%
Stadler Rail 7,100$ 7,242$ 7,065$ (177)$ -2 %
Northwest Quadrant CRA 150,000$ 90,310$ 139,855$ 49,545$ 55%
State Street -$ 263,118$ 442,381$ 179,263$ 68%
9 Line -$ 118,218$ 253,543$ 135,325$ 114%
West Temple Gateway 50,000$ 5,000$ -$ (5,000)$ -100%
Block 70
(does not allow for
Adm inistrative collection)-$ -$ -$ -$ n/a
NWQ Housing Fund
(1 0% from I nland Port Area -
not intended for Adm in)-$ -$ -$ -$ n/a
Revolving Loan Fund -$ -$ -$ -$
Program Income Fund -$ -$ -$ -$
Primary Housing Fund -$ -$ -$ -$
Tota l 3,7 07,015$3,998,655$ 4,428 ,662$ 430,007$ 11%
RDA Ad min istra tive Bu dget - Sou rces
Central Business District
56%
Depot District
18%
Granary District
4%
North Temple
2%
North Temple Viaduct
(limited to 1.5% of increment)
1%
Stadler
Rail
0%
Northwest
Quadrant CRA
3%
State Street
10%
9 Line
6%
Page | 8
a. No official policy guides how much each district contributes to the administrative budget,
although to some extent it is related to available increment. The Central Business District is
typically the largest contributor, although the percentage has varied. In FY 24 it is proposed to
provide 56% of the administrative budgt compared to 71% in FY 23 (the CBD project area expires
in 2042). The Board may wish to ask the Administration to evaluate the overall
strategy for funding the administrative budget in future years, particularly as
project areas expire. The Administration has indicated draft recommendations
will be developed for the Board to review. For example, the Depot District will stop
collecting tax increment after 2024 and that project area contributes 18% of the proposed FY24
administrative budget. Staff note: there is no statutory prohibition against using General Fund
dollars to fund Redevelopment Agency employees, since they are City employees. The City’s
elected officials could elect to reimburse RDA for a portion of the housing duties that they
perform.
b.Because RDA revenues are estimated and can come in either higher or lower than
projected, the Board may wish to discuss policy guidance on how the RDA should
handle unexpected shortfalls in tax increment revenues, particularly as it relates
to the administrative budget, which is generally a fixed and ongoing cost (salary and
benefits). Staff is inquiring about the level of fund balance remaining after this budget. Board
Members previously expressed interest in aligning project area fund balances with fixed costs and
contractual obligations to ensure sufficient funding is available to cover those expenses if tax
increment significantly decreases in a future year.
RDA Administrative Budget - Uses
FY 2023 Adopted
FY 2024
Proposed Change %
Personal Services - RDA 2,480,095$ 2,756,779$ 276,684$ 12%
Operating and Maintenance 300,000$ 375,000$ 7 5,000$ 21%
Charges and Services 218,560$ 296,883$ 78,323$ 39%
Administrative Fees 1,000,000$ 1,000,000$ -$ 0%
Fu rnitu re, fixtures, equ ipment -$ -$ -$ 0%
Total RDA Bu dget 3,998,655$ 4,428,662$ 430,007$ 11%
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
5.Redevelopment Agency Capital Project and Holding Account Proposals – The FY2024 RDA budget includes funding for 25 capital
projects and/or holding accounts. Overall funding for RDA capital projects is $24,601,818 across all project areas and funds. The table below
provides a summary of the FY2024 proposed projects, provides a brief description, the dates that funding was approved by the Board in earlier
budget openings, and potential policy questions for the Board to consider. Holding accounts are sometimes created when the RDA staff recognizes
that multiple years of funding are needed to facilitate a major project (such as the Station Center infrastructure project), or when a proposal is still
in the development process (such as the Commercial Assistance Loan Program).
FY2024 Review of All RDA Account Balances with New Workday Financial System – The Board adopted a FY2023 legislative intent to review all
RDA accounts with positive balance to ensure the projects and programs still align with current Board policy priorities. The City is shifting to a new
financial system called Workday which is expected to go live on July 1, 2023, to coincide with the start of FY2024.
Advisory Board Review of RDA Capital Project Proposals – The Board may wish to consider whether it would add value to encourage the
Administration, in future years, to have RDA capital project requests go through the same public process/resident advisory board vetting and
recommendations that General Fund CIP applications do. The Board has previously discussed that opportunities to leverage RDA funds with other
City and private resources are enhanced when the information is processed in concert.
Capital Project Accounts Do Not Lapse at End of Fiscal Year – If approved by the Board, these would be considered capital accounts and funds
would not lapse to the project area’s fund balance if unspent by the end of the fiscal year.
Project Area Project Name FY2024
Proposed Description Policy Questions
Central
Business
District
(subtotal
$409,738)
Gallivan Capital
Improvements
or Repairs based
on pending
Master Plan
$ 509,738
Funds to implement repairs and capital
improvements to support future programming
at Gallivan Center based on the pending master
plan. The Board approved$100,000 in the
FY2023 annual budget to develop the master
plan. It is currently going through the RFP
process and is estimated to take a year to
complete a draft plan.
How would the Gallivan Utah Center Owners
Association (GUCOA) be involved in the plan
development and cost sharing for repairs and
improvements to the common areas?
Would the Board have a chance for an
interim check in briefing to provide early
policy guidance as the Council does for City
master plans?
Page | 10
Project Area Project Name FY2024
Proposed Description Policy Questions
Station Center
Infrastructure
Improvements
Holding Account
$ 3,680,056
Additional funding for public infrastructure
improvements to the two block Station Center
area between 200 South and 400 South and
500 West and 600 West. Improvements
include creation of new street segments to
create smaller block sizes, utility upgrades to
allow greater building densities, and a Festival
Street (300 South) amenities
If these funds are approved, then the total
available funding for the project would be
approximately $8.1 million. The total project
cost has been estimated at $15 million.
The Board may wish to ask for a status
update and timeline for the Station Center
Vision and Implementation Plan. The Board
approved $500,000 in Budget Amendment
#2 to create the plan. See policy question 2
about governance structures.
The Board may wish to ask how the project
would move forward if there weren't enough
property tax increment to cover the total
project cost. The Depot District's last year of
property tax increment collection is 2024.
Depot
District
(subtotal
$4,180,056)
Commercial
Assistance
Program
Holding Account
$ 500,000
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption.
The Board may wish to ask whether these
funds may be needed to close the funding gap
for Station Center infrastructure
improvements (see item above).
The Board may wish to ask how this relates to
the $931,835 in the Program Income Fund
approved in FY2023 and $667,535 approved
in FY2022 for a commercial revitalization
program. There have also been related
appropriations for expanding the Adaptive
Reuse Program beyond the Granary District
and creating a Storefront Activation Program.
Page | 11
Project Area Project Name FY2024
Proposed Description Policy Questions
Granary
District
(subtotal
$1,003,435)
Commercial
Assistance
Program
Holding Account
$ 1,003,435
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption.
The Board may wish to ask how this relates to
the $931,835 in the Program Income Fund
approved in FY2023 and $667,535 approved
in FY2022 for a commercial revitalization
program. There have also been related
appropriations for expanding the Adaptive
Reuse Program beyond the Granary District
and creating a Storefront Activation Program.
10% School Fund
Holding Account
$ 39,526
Based on an Interlocal Agreement with the SLC
School District, the Agency is obligated to set
aside 10% of the tax increment generated for
improvements that benefit schools served by
the project area.
Contractual obligation per Interlocal
Agreement with School District
Strategic
Intervention
Fund
Holding Account
$ 285,490
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition,
public infrastructure improvements, site
development, etc.
The Board may wish to clarify with the
Administration whether the strategic
intervention fund and infrastructure
improvements fund are part of the existing
catalytic development fund for North Temple
or have different policy goals. The balance of
the catalytic development fund was not
available at the time of publishing this staff
report.
North
Temple
(subtotal
$1,018,293)
Commercial
Assistance
Program
Holding Account
$ 543,277
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption.
The Board may wish to ask how this relates to
the $931,835 in the Program Income Fund
approved in FY2023 and $667,535 approved
in FY2022 for a commercial revitalization
program. There have also been related
appropriations for expanding the Adaptive
Reuse Program beyond the Granary District
and creating a Storefront Activation Program.
Page | 12
Project Area Project Name FY2024
Proposed Description Policy Questions
Infrastructure
Improvements
Holding Account
$ 100,000
The Board approved $284,753 in the FY2023
annual budget for this same item. The new
balance would be $384,753 if this item is
approved.
The Board may wish to clarify with the
Administration whether the strategic
intervention fund and infrastructure
improvements fund are part of the existing
catalytic development fund for North Temple
or have different policy goals.
City Creek
Daylighting $ 50,000
Concept and feasibility designs for resurfacing
or "daylighting" a portion of City Creek. This
project would be adjacent to the separate
Folsom Trail project.
The Board may wish to discuss with the
Administration how the project would move
forward if property tax increment is
insufficient to fully fund the total estimated
cost which could be millions of dollars.
Regent Street
Parking
Structure Capital
Reserves
Holding Account
$ 100,000
Additional funding to a reserve account to meet
potential obligations in the future that are
required under the contract with PRI which
provides parking for the Eccles Theater. Under
the agreement, the Agency is required to
contribute towards the maintenance and long
term capital repairs of the parking
structure.The approved $163,681 in FY2022,
$100,000 in the FY2023 annual budget and is
considering another $2,226 in RDA Budget
Amendment #3. If this additional funding is
approved, then the total available would be
$365,907.
The Board may wish to ask when a structural
assessment could be done to determine the
age, remaining useful life, and costs for major
repairs and replacement.
Block 70
(subtotal
$200,000)
Bennion
Jewelers
Relocation
$ 100,000
The Board approved $100,000 in Budget
Amendment #2 of FY2022 for the same
purpose. This relocation assistance is related to
the Eccles Theater development. The
Administration stated the $200,000 total
appropriation will fulfill the agency's
responsibility under the agreement.
Page | 13
Project Area Project Name FY2024
Proposed Description Policy Questions
Northwest
Quadrant
(subtotal
$139,854)
Shared Costs
Holding Account
$ 139,854
Additional funding to a reserve account for a
portion of the tax increment as approved
within the project area budget. The funds are
first prioritized for redevelopment activities
that benefit the entire NWQ Project Area, are
system wide, or that benefit multiple property
owners or parcels.
If this funding is approved and the request in
Budget Amendment #3, then the holding
account would have a balance of $705,120.
Strategic
Intervention
Holding Account
$ 3,364,709
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition,
public infrastructure improvements, site
development, etc.
If this funding is approved and the request in
Budget Amendment #3, then the holding
account would have a balance of $4,995,892.
Commercial
Assistance
Program
Holding Account
$ 1,239,049
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption.
The Board may wish to ask how this relates to
the $931,835 in the Program Income Fund
approved in FY2023 and $667,535 approved
in FY2022 for a commercial revitalization
program. There have also been related
appropriations for expanding the Adaptive
Reuse Program beyond the Granary District
and creating a Storefront Activation Program.
State Street
(subtotal
$4,903,758)
Ballpark
Planning $ 300,000
The funds would be used to hire a consultant to
develop a Vision and Implementation Plan for
the stadium and surrounding properties based
on the Ballpark Next competition and the
Ballpark Station Area Plan. The RDA would be
the lead agency on the effort.
Page | 14
Project Area Project Name FY2024
Proposed Description Policy Questions
Accessory
Dwelling Units
Pilot Program
Holding Account
$ 1,455,680
Additional funding for an ADU pilot program.
This is a required performance benchmark by
Salt Lake County to unlock additional tax
increment participation for the project area.
The program is envisioned as providing
financial incentives for construction of ADUs
potential with deed restrictions on rent
affordability levels.
If this item is approved, then the total funding
in the holding account would be $1,880,706.
The Board wish to ask for an update on plans
for an RFQ to potentially partner with
external organizations to create and operate
the pilot program.
Commercial
Assistance
Program
Holding Account
$ 500,000
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption.
The Board may wish to ask how this relates to
the $931,835 in the Program Income Fund
approved in FY2023 and $667,535 approved
in FY2022 for a commercial revitalization
program. There have also been related
appropriations for expanding the Adaptive
Reuse Program beyond the Granary District
and creating a Storefront Activation Program.
9-Line
(subtotal
$2,455,680)
Strategic
Intervention
Holding Account
$ 500,000
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition,
public infrastructure improvements, site
development, etc.
Program
Income Fund
(subtotal
$550,000)
Demolition of
former Deseret
Industries Site in
Sugar House
$ 550,000
Address is 2234 South Highland Drive. The Board may wish to ask whether the
adjacent old Fire Station #3 would also be
demolished.How does demolition of the
building(s) relate to extending the S-Line
Streetcar to Highland Drive?
Page | 15
Project Area Project Name FY2024
Proposed Description Policy Questions
Shared Equity
Housing
Holding Account
$ 1,013,820
These funds could be included in an upcoming
Notice of Funding Availability (NOFA)
The Board may wish to ask for clarity how
these funds relate to other City shared equity
housing efforts like the Community Land
Trust, Westside Community Initiative, and
proposed Perpetual Housing Fund with an
external nonprofit housing developer.
Housing
Development
Loans
Holding Account
$ 1,000,000
For inclusion in an upcoming Notice of
Funding Availability (NOFA)
Primary
Housing
Fund
(subtotal
$2,394,582)
Salt Lake City
School District
Family Sized
Housing
Holding Account
$ 380,762
This set aside for family sized housing is a
requirement of some interlocal agreements
between the RDA and Salt Lake City School
District. These funds could be included in an
upcoming Notice of Funding Availability
(NOFA)
Secondary
Housing
Fund
(subtotal
$1,000,000)
Housing
Property
Acquisition
Holding Account
$ 1,000,000
Note there are also housing property
acquisition accounts in the Primary Housing
Fund and Housing Stability Fund. Keeping the
accounts separate is largely to help with
tracking and reporting for compliance.
Westside
Community
Initiative
(subtotal
$500,000)
Shared Equity
Housing
Holding Account
$ 1,835,469
The Westside for purposes of this program are
defined as west of Interstate 15. Eligible uses
and policy priorities for the funds are set in the
Housing Allocations Fund Policy
The Board may wish to ask for clarity how
these funds relate to other City shared equity
housing efforts like the Community Land
Trust, $1 million holding account in the
Primary Housing Fund, and proposed
Perpetual Housing Fund with an external
nonprofit housing developer.
Page | 16
Project Area Project Name FY2024
Proposed Description Policy Questions
Housing
Development
Fund
(subtotal
$4,230,000)
Housing
Development
Loan Program
$ 4,510,953
For inclusion in an upcoming Notice of
Funding Availability (NOFA)
This funding includes $1.7 million from the
North Temple Viaduct transfer to the Debt
Service Fund above the annual bond
payment. The Board recently expressed a
preference that these funds be reinvested
along the North Temple Corridor. The
current proposal is to make the funds
available citywide. The Board may wish to
discuss whether to designate the funds for
housing development along the North
Temple Corridor or use citywide.
TOTAL $ 24,601,818
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
6.Other highlights of FY 2024 RDA budget
a.Program Income Fund – The primary source of funds for this account are revenues
generated from the Gallivan parking structure (approximately $1.2 million per year). The
budget also includes rents for RDA commercial spaces. It is the most flexible funding in the
RDA portfolio, as State law does not place limitations or expectations for how and where funds
are spent. In recent years this account has been used to fill funding gaps for infrastructure
projects in the Central 9th area and Station Center, provided funding to assist with strategic
acquisition along North Temple, as well as provide seed funds for new project areas (9-Line and
State Street). This year the Administration is proposing to use these funds as follows:
b.Miscellaneous Property Expense. This is a line item that appears in various project areas
and is not covered by the RDA Administrative budget. It covers things like maintenance,
security, and property taxes for properties owned or managed by the RDA. Actual expenditures
vary year to year, and any unspent funds lapse to that project area’s fund balance.
•Due to the unique nature of some RDA properties, the RDA obtains
insurance separately from the City’s “self-insured” approach for City
properties. The Board may wish to ask the Administration to evaluate if
there are any opportunities for savings or streamlining in this area for
certain RDA properties.
•The Board may wish to ask the Administration if this line item will be
needed in future years for the 9 Line, North Temple, and State Street
project areas, as property acquisitions are increasing in those areas.
c.Revolving Loan Fund (RLF) – The FY 2024 budget proposes $345,000 in additional
revenue to lend. The source of funding for the RLF is primarily repayments on loans and
interest earnings. Combined with previous years of funding the Administration indicates that
Program Income Fund
Sources
FY 2023
Ad op ted
FY 2024
Prop osed Change
Parking Structure Income 1,243,335$ 1,242,336$ (999)$
Rents 215,700$ 161,264$ (54,43 6)$
Loan Repayments 39,000$ 38,640$ (360)$
Interest on Loans 8,800$ 7,452$ (1,348)$
Interest Income 50,000$ -$ (50,000)$
Proposed Uses
Capital Project - Sugarhouse DI Demo -$ 550,000$ 550,000$
Professional Services 300,000$ 330,000$ 30,000$
Miscellaneous Property Expense 300,000$ 330,000$ 30,000$
Gallivan Maintenance -$ 214,692$ 2 14,692$
Marketing and Sales 25,000$ 25,000$ -$
Commercial Loans Holding Account 931,835$ -$ (931,835)$
Total Program In come Fund 1,556,835$ 1,449,692$ (107,143)$
FY 2023
Ad op ted
FY 2024
Prop osed Change % Change
Central Business District $ 1,000,000 $ 1,000,000 $ - 0%
Depot District $ 125,000 $ 150,000 $ 25,000 20%
Granary District $ 5,000 $ 5,000 $ - 0%
Program Income Fund $ 300,000 $ 330,000 $ 30,000 10%
Tota l $ 1,430,000 $ 1,485,000 $ 55,000 4%
Miscellaneou s Property Expense Allocation by Property Area
Page | 18
there is $4.5 million available to lend as of December 31, 2022 (although that does not include
the recent $1.4 million Bicycle Collective loan). Additional information is forthcoming. The
Board may wish to discuss with the Administration if they are aware of any
pending requests for these funds.
d.Regent Street Maintenance – The Block 70 CDA budget includes an $80,000 allocation to
the City General Fund for Regent Street Maintenance, given the enhanced features of the street
are beyond typical City standards. The Attorney’s Office indicates that tax increment funds can
be used to maintain public infrastructure. The Board may wish to ask the
Administration if this transfer is the long-term plan for maintenance on Regent
Street when the Block 70 CRA ends in 2040, and what the City’s policy may be in
other enhanced-infrastructure areas (e.g., Central Ninth streetscape
improvements, Station Center in the Depot District, daylighting City Creek near
North Temple).
e. Gallivan Employees and Maintenance - The proposed budget continues the management
of the 13 Gallivan employees and maintenance under the RDA (accounting is separated from the
General Fund). The Board may wish to ask the Administration for a review of how
this approach is working compared to the previous approach of managing those
employees in the General Fund (Public Services Department), particularly as it
relates to service level and programming, and whether additional resources are
needed to encourage activity downtown post-pandemic.
f.Interest Income and Rental Income – The RDA budget includes a new approach for
budgeting interest income given the last few years of experience in terms of actual versus
budgeted amounts. The proposed budget includes revenue of $0 for interest income and the
Administration indicates that their intention is to come back to the board in the FY 25 budget,
with a budget proposal that reflects the actual revenue received in FY 24. While interest rates
are increasing, the RDAs cash balances are lower than in previous years due to efficient
expenditure of budgeted monies. In previous years, the total amount generated from interest
income in various project areas has been around $1 million.
g.Trend in Increment Received - During the FY 19 budget cycle the Administration noted
that actual increment received in a number of districts was lower than in previous years, which
did not track with the overall increase in total property valuation in the City. Since that time the
Administration worked with County staff and a consultant who have determined that it was an
“anomaly,” and actual revenue received since then tracks more consistently with valuations. For
FY 23 the RDA has continued the practice of projecting tax revenues at 80% of what was
actually received in the previous year, to help account for these potential fluctuations. Staff has
provided information on selected tax increment for Board context (shown in independent charts
because of the dollar amount differences). This trend information is available for all project
areas.
Page | 19
h. North Temple Viaduct Debt service – The RDA created the North Temple Viaduct project
area specifically to help offset the debt incurred by the City to issue bonds to rebuild and shorten
the North Temple Viaduct in 2012, and to facilitate development in the adjacent area. All
increment except a small percentage for administration is transferred to the general fund to
offset this annual payment. The chart below provides a summary of tax increment received,
annual debt service payment made by the City and the tax increment as a percentage of those
debt payments. In the early years of this arrangement, the tax increment generated was not
sufficient to cover the full debt service payment, so the general fund covered the remainder.
However, starting in FY19, actual tax increment received exceeded debt service payments. In FY
21, the Board re-purposed this surplus to re-invest on North Temple in the soon-to-open State
Fair Park International Public Market. In FY 23, the Board approved using the excess $1 million
of this available overage to invest in the Housing Development Fund, to increase the number of
affordable units in the City. For FY 24 the Mayor is proposing to increase the Housing
Development Fund by $1.7 million with this source. Note: This recommendation was
made before the Board’s discussion that the intent for this overage is to make
improvements in the North Temple Area. The Board could ask the staff to
earmark these funds for housing development in that area, or direct those funds
towards another purpose in the area.
Central Business District Depot District Block 70 State Street
2019 $22,915,000 $3,695,000 $1,610,000
2020 $24,575,000 $3,768,900 $1,847,677
2021 25,066,500 3,844,278 1,884,631
2022 $27,573,150 $3,921,164 $1,922,323
2023 27,596,650 4,049,587 1,922,323 2,631,183
2024 24,644,694 5,422,435 1,829,228 4,423,811
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Selected Project Area Revenue Trends
Granary District North Temple Westside Community Initiative (Housing $ from Inland Port)
2019 $508,000 $318,000
2020 $597,005 $418,441
2021 608,945 426,810
2022 $621,124 $435,346 250,000
2023 648,546 449,053 500,000
2024 1,394,593 1,351,992 1,835,469
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
Selected Project Area Revenue Trends
Page | 20
i.Eccles Theater Site Operations & Regent Street Activation – Per the terms of the
operating agreement with Salt Lake County, the City/RDA are responsible for any operating
costs (net of revenues) that the County experiences in operating the ancillary sites around the
Eccles Theater (Black Box, Regent Street Plaza, and Winter Garden). The FY 24 budget
proposes $475,000 for this purpose, which is flat from FY 23, and could be less than this if
activities continue to rebound post-pandemic. The FY 24 budget also includes a
recommendation for an additional $25,000 to program the McCarthy Plaza and Regent Street.
Consistent with the Council’s initial goals for the construction of the Eccles Theater, the UPACA
Board continues to ask County staff to find innovative ways to increase programming in the
spaces, with a primary goal of activation rather than purely revenue generation.
j.Block 70 Debt Reserve – Each year the RDA funds a certain reserve for Debt Service for the
Eccles Theater, to cover years when tax increment for the block is insufficient to cover payments
(originally projected to be a span of 5-8 years, depending on projections). As of FY 23 the debt
service reserve was approximately $5.1 million. This is kept in a capital account that does not
lapse to fund balance each year. RDA staff worked with finance to recalculate the exact amount
of this gap. In 2018 it was calculated to be $7.5 million. Tax increment grew at a faster rate in
Block 70 which allowed this gap to shrink. An updated analysis from the RDA and Finance
concluded the current reserve balance of $5.1 million and projected tax increment growth are
anticipated to be sufficient to fully cover the funding gap through FY2029. Staff is including the
graph below, from 2018, to illustrate the RDA’s original reasoning for establishing a debt service
reserve. Annual bond payments are shown as the red line and available resources are shown as
the blue line.
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
North Temple Viaduct Annual Bond Payments by Year and RDA Tax
Increment Contribution
RDA Tax Increment Transfer to General Fund for Debt Service
Total Annual Debt Service Payment for Series 2012A Bond
Tax Increment as Percent of Debt Payment
Page | 21
Note: this chart was prepared for the FY 18 budget cycle. It is included in this staff report to illustrate the RDA’s original
reasoning for establishing a debt service reserve, which at a level of $5.1 million, is now sufficient to cover any gaps.
GENERAL POLICY QUESTIONS
1.Project Area/Workload Prioritization – The Board may wish to continue the discussion of project
area and/or staff workload prioritization. In January 2020 the Board approved two resolutions
establishing survey boundaries for potential Community Reinvestment Areas at the University of Utah
Research Park, and discussions are ongoing. Additionally, Staff is continuing to work on Housing and
Transit Reinvestment Zones (HTRZs), and is in continued discussions about new project areas to
facilitate developments around the Granary District, which is soon to expire. RDA staff also is critical to
the City’s efforts during State legislative discussions about changes to the City’s development tools,
which is an increasing workload compared to previous years. Affordable housing development in the
City is also an overarching workload handled by RDA staff, as is work on some of the programs
approved by the Board last fiscal year and proposed this fiscal year, such as the ADU program. The two
new FTEs may help with this increased workload, but the Board may wish to have additional
discussions.
2.Evaluation of Public/Private Partnership Models and proposals with alternate
governance models - As the City and RDA consider the public-private partnership ideas that are
periodically raised, the Board/Council could consider a policy discussion to provide staff guidance about
the extent to which they are willing to consider separate or alternative governance models outside the
typical City structure. Public-private partnerships are raised as a potential tool, and the Board may
consider lessons learned from other multi-jurisdictional entities (Downtown Alliance, UPACA Board,
Inland Port Board, Fairpark Authority). A review of these different models could help future models
establish role clarity, transparency expectations, and staff accountability upfront.
3.Consistency between RDA and City Policies – Currently the Board adopts policies to guide RDA
investment that typically mirror City policies, although in some cases they are different and/or more
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
Annual Debt Service In Millions
Year
Regent Street Bond Ends in 2029
Eccles Theater Bond Ends in 2038
County Tax Increment Capped at $43 Million, Ends Approx. 2035
Block 70
Annual Bond Payments and Projected Revenues
$7.5 Million Funding Gap{
Page | 22
targeted to RDA activities. The Board could adopt a blanket policy indicating that if the RDA does not
have a policy for a given area, City policy applies.
4.Bonding for catalytic projects in new project areas – The Board may wish to ask the
Administration whether they have a recommendation for bond-eligible catalytic projects in either the
State Street or 9-Line project areas, given tax increment flow has started. Based on previous discussions,
the Board and Administration agreed that bonding early in project areas, as was done for Block 70 and
Regent Street/Eccles Theater, makes financial sense, since bonding capacity is maximized early in a
project area.
5.Fund Balances for Project Areas with Ongoing Funding Obligations – The Board may wish to
review with the Administration the levels of fund balances (“savings accounts” or “cash reserves”) for
project areas with ongoing obligations such as the Central Business District which has bond debt service
payments and agreements (such as Eccles, Regent Street, and Gallivan) and significantly contributes to
the RDA’s annual administration costs. Finance is working with the RDA staff to provide cash balance
amounts for each project area.
6.Pooled Resources vs. Project Area Resources – Some initiatives and projects previously funded
with RDA tax increment have been funded by transferring funds out of one project area, into a pooled
account, such as the Primary Housing Fund or Revolving Loan Fund (via appropriation from Fund
Balance). Because these accounts are flexible in terms of serving all project areas, this allows for a
project area with limited tax increment to complete projects it might otherwise not be able to afford.
There are not clear guiding policies that would help determine when it is appropriate to use this
approach for a given project or initiative, but in the past it has enabled the RDA to respond to unique
opportunities and projects.
ADDITIONAL & BACKGROUND INFORMATION
1.Gallivan Utah Center Owners Association (GUCOA) - GUCOA is the managing agency for the
entire block through Covenants, Conditions & Restrictions (CCRs) and is responsible for maintenance
and programming. The RDA is the majority owner (over 51%). The CCRs originally contemplated a
contractor to provide maintenance and programming which has been provided by the Public Services
Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming, and events. The programming
contract has requirements for a set number of events that must be open to the public annually. Gallivan
also provides many free events to activate the space consistent with the Council/Board’s public policy
goals for downtown.
2.Project Area Expiration Dates -Project areas have a designated expiration (aka sunset) date. State
law allows RDAs to continue spending tax increment already collected in expired project areas such as
Sugar House. Sometimes project areas can be extended/renewed for a longer length which happened to
the Central Business District. The table below summarizes project area timeframes from creation to
expiration.
Project Area Initial Collection
Year
Last Collection
Year
Central Business District*†1983 2042
West Capitol Hill**1998 2022
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2039
Page | 23
Project Area Initial Collection
Year
Last Collection
Year
North Temple Viaduct CDA 2012 2037
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2040
Stadler Rail 2019 2038
Block 67 2021 2040
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
†In October 2021 the Board approved two-year extensions for these project areas. State law
was changed to allow extensions for projects areas negatively impacted by the COVID-19
pandemic
3.Statutory Definition of Project Area Development (Utah Code 17C-1-102(48)) - The section
of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board,
encourages, promotes, or provides development or redevelopment for the purpose of implementing
a project area plan, including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or
improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating
environmental issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including
recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing
structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
Note: in the 2022 legislative session some changes were made to limit a taxing entity’s ability to invest in
certain retail uses in HB 151 – in summary it it prohibits a city or its RDA from making or entering into an
agreement to make certain incentive payments for retail facilities. While retail incentives are limited, there
some exceptions, including:
-census tract areas with the median income below 70% AMI (to ease food and service deserts, etc),
-mixed use developments with a certain amount of housing units, or 10% of the units being affordable,
-retail facilities under 20,000 sqft, retail for small businesses, etc.
- Incentives can still be used for public infrastructure, structured parking, main street or historic
programs, and environmental mitigation.
-If incentives for retail developments are used, a report must be issued to GOEO.
Page | 24
-If a taxing entity violates any of the incentives restrictions or doesn't submit a report, GOEO can send
a notice to the state auditor. There is still the ability to cure the problem or appeal the determination
of GOEO.
ATTACHMENTS
1. Attachment 1 - RDA Guiding Framework Transmittal December 2021 (Mission, Core Values and
Livability Benchmarks)
2.Attachment 2 - Housing Funding Priorities for FY 24
3.Attachment 3 – Presentation on Housing Funding Priorities for FY 24
Exhibit A to the Resolution
Guiding Framework
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA
projects and partnerships.
MISSION:The Redevelopment Agency of Salt Lake City strengthens neighborhoods and business districts to improve livability, create economic opportunity and
foster authentic, equitable communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities,
commercial vitality, public spaces, and environmental sustainability.
VALUES:Economic Opportunity-Equity & Inclusion-Neighborhood Vibrancy-
We invest in the long-term prosperity and growth We prioritize people-focused projects and We cultivate distinct and livable places that are
contextually sensitive, durable, connected, and
sustainable.
of our local economy.programs that encourage everyone to
participate in and benefit from development
decisions that shape their communities.
PROJECT EVALUATION PROCESS: The RDA prioritizes projects that demonstrate a commitment to the Mission and Values, evaluating projects via three steps, which answer the
following questions: 1.) Does the project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving
defined LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the
RDA Loan Program or Tax Increment Reimbursement Program?
Alignment with adopted City policies & plans
Alignment with RDA Project Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 1:
THRESHOLDS
Economic Opportunity Equity & Inclusion
Transit Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Community Engagement & Support
Housing for Everyone
Displacement Mitigation
Neighborhood Vibrancy
Public Space
Public Art
Architecture & Urban Design
Sustainability
Walkability
Building Preservation, rehabilitation, or
adaptive reuse
Leveraging
Timeliness
Return of Investment
Permanent Job Creation & Retention
Affordable Commercial Spaces
Ownership
Step 2:
LIVABILITY
BENCHMARKS
Affordable Housing Preservation
Missing Middle & Unique Building Types
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies, programs and procedures
*Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans
will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process.
11.24.21
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DATE: March 24, 2023
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Senior Project Managers
RE: FY 24 Annual Housing Funding Priorities
REQUESTED ACTION: Consider adoption of a resolution to establish the FY 24 Housing Funding
Priorities
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City’s (“RDA”) Housing
Development Loan Program (“HDLP”) policy requires that the RDA Board of Directors (“Board”) approve
housing funding priorities (“Funding Priorities”) on an annual basis. These Funding Priorities guide the
upcoming fiscal year’s housing activities including the requirements of the HDLP's competitive affordable
housing notice of funding availability (NOFA).
At their March 2023 meeting, the Board reviewed and discussed potential Funding Priorities for the
upcoming fiscal year 2023-2024 (“FY 24”). More detail regarding the information presented at this meeting
can be found within the March RDA Board Memo. The Board seemed to come to a consensus regarding
the approval of four priorities including:
•Wealth Building Opportunity
•Affordable Family Housing
•Deeply Affordable Housing
•Missing Middle Housing
This memo outlines the intent of each of the four Funding Priorities. The resolution under Attachment A
has been included for the Board’s consideration to approve the FY 24 Funding Priorities.
ANALYSIS:
FY 24 Annual Housing Funding Priorities. The intent of each priority that will be used to guide housing
decisions throughout the upcoming fiscal year are described below.
2
1.Wealth Building Opportunity – Facilitate the ability for low-moderate income households to build
wealth through different pathways such as homeownership, supplemental income opportunities,
stipends for renters, cooperative housing, and other wealth building models.
2.Affordable 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 with at least three (3) or more bedrooms. Affordable family housing is generally defined as
units with three or more bedrooms affordable to those earning 80% of the area median income
(AMI) or below.
3.Deeply Affordable Housing – Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are homeless or at
risk of homelessness. Deeply affordable housing is generally defined as housing affordable to those
earning 40% of the area median income (AMI) or below.
4.Missing Middle Housing – Promote an array of housing forms such as – but not limited to – smaller
apartment buildings, townhomes and accessory dwelling units to diversify the City’s housing stock
and provide more affordable living options for residents.
Workforce Housing. As a part of the housing priorities discussion in March, the Board indicated that
workforce housing – designated for essential workers such as police officers, teachers, nurses, etc. – is a
housing type important to promote across the city. While it’s not proposed as one of the four main housing
priorities for the upcoming fiscal year, staff will aim to reserve units for essential workers as part of land
disposition projects. This may also be a priority for the Board to consider next fiscal year.
Housing Development Loan Program – Competitive NOFA. To utilize the competitive HDLP notice of
funding availability (NOFA) to promote the Funding Priorities, RDA staff recommends to make family
housing and/or deeply affordable housing into thresholds requirements in order for a project to be eligible
for funding. To meet the family housing threshold, at least 10% of a project’s units must have three or more
bedrooms. To meet the deeply affordable housing threshold, at least 10% of a project’s units must be
affordable to those earning 40% AMI or below. Similar to previous year, the priorities for the upcoming
fiscal year will be weighted more in scoring than other benchmarks. Projects will also be eligible for
interest rate reductions for meeting other RDA benchmarks as outlined in the HDLP guidelines.
FY 24 Housing Fund Projections. RDA staff will share the housing fund projections for the upcoming
fiscal year when it becomes available.
NEXT STEPS:
•Pursuant to the Housing Development Loan Program Policy, the Board may wish to consider the
adoption of the attached resolution to approve the Funding Priorities for FY 24.
•RDA staff will present proposed funding allocations to housing activities as a part of the FY 24
budget discussion.
3
ATTACHMENTS:
Attachment A – FY 24 Affordable Housing Funding Priorities Resolution
4
ATTACHMENT A - FY 24 AFFORDABLE HOUSING FUNDING PRIORITIES
RESOLUTION
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2023-24 Affordable Housing Funding Priorities
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR
2023-24
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(Board) adopted the Housing Funds Allocation Policy and the Housing Development Loan
Program Policy, which provide that the Redevelopment Agency of Salt Lake City (RDA) will
present to the Board an overall funding strategy and specific funding priorities (Funding
Priorities) for how housing funds should be allocated to the housing funds and housing loan
program for the upcoming fiscal year.
WHEREAS, the Housing Development Loan Program Policy provides that the specific
Funding Priorities shall be subject to approval by the Board.
WHEREAS, the Board desires to adopt the Funding Priorities identified in this
resolution to direct resources for the development of affordable housing for fiscal year 2023-24.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the
Redevelopment Agency of Salt Lake City hereby adopt following Funding Priorities for fiscal year
2023-24:
Funding Priority Objective
Deeply Affordable Housing
Threshold requirement for Housing
Development Loan Program applications
Expand the availability of units for extremely
low-income households, thereby providing
housing options for individuals or families that
are homeless or at risk of homelessness.
Affordable Family Housing
Threshold requirement for Housing
Development Loan Program applications
Provide opportunities for families to enjoy the
many benefits of urban living by encouraging
the development of housing that is more
conducive to larger household sizes.
Wealth Building Opportunity Facilitate the ability for low-moderate income
households to build wealth through different
pathways such as homeownership,
supplemental income opportunities, stipends
for renters, cooperative housing, and other
wealth building models.
Missing Middle Housing Promote an array of housing forms to diversify
the City’s housing stock and provide more
affordable living options for residents.
5
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2023.
________________________________
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
March 23, 2023
6
Annual
HOUSING
FUNDING
Priorities
Fy 24
APRIL 11, 2023
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.
Estimated amounts
will be brought to
the Board for
budget review next
month
For your
consideration
today
These will be
adopted as part
of the budget
approval
PRIMARY
HOUSING
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
HOUSING
DEVELOPMENT
FUND
SECONDARY
HOUSING
FUND
housing fund allocations
$TBD
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
$TBD $TBD $TBD
WEALTH
BUILDING
OPPORTUNITY
recommended annual housing priorities
For the Board's consideration 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, which will be approved as part of the budget.
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
housing ACTIVItIES
Housing Development Loan Program
Competitive NOFA
Resolution proposes requiring affordable
family housing and/or deeply affordable
housing as threshold
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
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
Today - Board may wish to consider the adoption of the
resolution to approve the Funding Priorities for FY 24.
May - Proposed funding allocations to housing funds and
activities will be brought to the Board with the budget
presentation.
June - Housing activities are approved as a part of the RDA
budget approval
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
•Salt Lake City Proposed FY23-24 Budget
•Presented by Danny Walz
Redevelopment Agency FY23-24 Budget
Presented by Danny Walz
AGENCY FUNDS
Project Area Funds
Multi-Use Funds
Housing Funds
Agency Operations
•Central Business District
•Block 70
•Depot District
•Granary District
•North Temple
•North Temple Viaduct
•West Capitol Hill
•Northwest Quadrant
•Stadler Rail
•9-Line
•State Street
•Block 67 North
•Program Income Fund
•Revolving Loan Fund
•Primary Housing Fund
•Secondary Housing Fund
•Housing Development Fund
•Westside Community Initiative Fund
•Redevelopment Agency Operations Fund
3
AGENCY BUDGETING PROCESS
=-Revenue Sources Obligated Expenses Discretionary Expenses
•Tax Increment Revenue
•Loan Payments
•Rent Payments
•Parking Structure Income
•Interest from Investments
•Internal Fund Transfers
•External Fund Transfers
•Tax Increment
Reimbursements
•Taxing Entity Payments
•Primary Housing
Contributions
•Debt Service
•Contractual Obligations
•Property Management &
Maintenance
•Administrative and
Operating Expenses
•Proposed Programs and
Projects
4
REVENUE
4,606,951
747,501
3,311,921
5,165,109
37,452
161,264
235,390
1,242,336
45,400,238
FY23 Transition Holding Account
Transfer from CBD Eccles Debt Service Reserve Account
Transfer From CBD Eccles Debt Service RDA match
Transfer From CBD Taxing Entity Payments
Loan Payments - Interest
Rents
Loan Payments - Principal
Parking Structure Income
Tax Increment
C
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h
B
a
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e
T
r
a
n
s
f
e
r
I
n
R
e
v
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u
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REVENUE & OTHER SOURCES
PROJECT AREA & MULTI-USE FUNDS
Total Revenue*
47,076,680
*Excluding internal transfers and use of
cash balances
6
TAX INCREMENT REVENUE
Fund 2020-A 2021-A 2022-A 2023-B 2023-A 2024-B
2024-B vs.
2023-A
Central Business District 32,241,850 31,160,698 29,210,363 27,573,150 25,941,783 24,644,694 95%
Depot District 5,331,207 5,375,538 5,165,393 3,999,587 5,316,113 5,422,435 102%
Granary District 737,929 926,661 975,276 633,546 1,081,675 1,103,309 102%
Block 70 2,151,501 2,145,823 2,156,531 1,922,323 1,925,503 1,829,228 95%
North Temple 526,266 633,123 674,845 444,053 988,936 1,008,715 102%
North Temple Viaduct 1,550,077 2,100,528 2,573,995 1,205,109 2,720,019 2,774,419 102%
West Capitol Hill (113,393)526,903 ----N/A
Northwest Quadrant 197 1,684,441 1,035,350 903,100 1,371,125 1,398,548 102%
Stadler Rail 69,903 101,927 108,334 72,420 138,527 141,298 102%
9-Line --1,871,603 1,477,727 2,601,746 2,653,781 102%
State Street --3,289,619 2,631,183 4,337,070 4,423,811 102%
Block 67 North ------N/A
Total 42,495,537 44,655,642 47,061,309 40,862,198 46,422,497 45,400,237 98%
A = Actual | B = Budget
7
REVENUE BY FUND
PROJECT AREA & MULTI-USE FUNDS
Total Revenue*
47,076,680
*Excluding internal transfers and use of
cash balances
8
433,880
2,590,000
78,942
167,957
1,700,000
1,401,588
3,368,636
FY23 Transition Holding Account
Funding Our Future Land Discounts and Financing
Loan Payments - Interest
Loan Payments - Principal
Mayor's Request for Additional Affordable housing
UIPA Housing Allocation
C
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n
s
f
e
r
s
REVENUE & OTHER SOURCES
HOUSING FUNDS
Total Revenue*
9,741,003
*Including internal transfers
9
REVENUE & OTHER SOURCES
HOUSING FUNDS
Total Revenue*
9,741,003
*Including internal transfers
10
OBLIGATED EXPENSES
11
OBLIGATED EXPENSES BY PROGRAM
PROJECT AREA & MULTI-USE FUNDS
Total Obligations
44,355,286
100,000
180,000
210,465
250,000
372,775
573,975
600,000
1,560,000
2,732,803
9,599,991
12,900,950
Commercial Relocation
Eccles - Maintenance & Repairs
Infrastructure Improvements
Gallivan - Programming
Gallivan - Administration Assessment
Gallivan - Management & Maintenance Assessment
RDA Arts & Culture Program
Property Management and Maintenance
Salt Lake City Debt Service
Eccles Debt Service
TI Reimbursements & Taxing Entity Payments
Obligated Expenses
380,761
1,987,874
4,428,662
8,477,030
Internal Transfers - School District Required Family & Workforce Housing
Internal Transfers - Primary Housing Fund
Internal Transfers - Administration Fund
Internal Transfers - Debt Service
Obligated Expenses -Internal Transfers
12
DISCRETIONARY EXPENSES
13
RDA Arts & Culture Program
PROGRAM/PROJECT INSIGHTS
$25,000 –Regent Street Event Programming
Appropriation of funds for additional activation and programming of McCarthy Plaza and
Regent Street. The intent is to leverage funds with other sources and coordinate efforts
with County operations and theater staff, whenever possible.
$150,000 –RDA Arts & Culture Program
Appropriation of funds for the installation of a public art piece within the 9-Line Project
Area. Funds may be used in conjunction with the Mayor’s goal for a westside art
installation, depending on location.
14
Gallivan Programs
PROGRAM/PROJECT INSIGHTS
$214,692 -Gallivan Maintenance and Repairs
Appropriation of funds for the increased maintenance and repairs of Agency-owned retail
spaces along Gallivan Avenue.
$509,738 -Gallivan Plaza Planning
Appropriation of funds to provide urban design enhancements and capital repairs as
recommended in the overall design plan and programming strategy currently underway.
15
Commercial Assistance Programs
PROGRAM/PROJECT INSIGHTS
$226,750 –Commercial Revolving Loans
The amount available to lend in the Revolving Loan Fund.
$3,785,761 –Commercial Assistance Program
Update of Agency Revolving Loan Fund, expansion of Adaptive Reuse Loan Program, and
creation of Storefront Activation Program to support development, rehabilitation, and
activation of commercial space within project areas.
16
Strategic Intervention
PROGRAM/PROJECT INSIGHTS
$4,150,199
Project area development goals include property acquisition, site development costs, and
community benefits.
17
Infrastructure Improvements
PROGRAM/PROJECT INSIGHTS
$50,000 –City Creek Daylighting
Development of construction drawings to support a design plan to daylight a portion of
City Creek that runs north of Folsom Trail.
$550,000 -Sugar House DI Demolition
Site and demolition costs in anticipation of offering property for affordable housing
development.
18
Infrastructure Improvements
PROGRAM/PROJECT INSIGHTS
$3,680,056 –Depot District
Funds reserved for infrastructure projects may encompass a range of initiatives such as
utility upgrades, street improvements or construction, streetscapes, parks, and other
physical assets within the project area.
$100,000 -North Temple
Funds reserved for infrastructure projects may encompass a range of initiatives such as
utility upgrades, street improvements or construction, streetscapes, parks, and other
physical assets within the project area.
19
Infrastructure Studies and Planning Program
PROGRAM/PROJECT INSIGHTS
$300,000 –Ballpark Planning
Appropriation of funds to engage a consultant to develop a Vision and Implementation
Plan. The intent is to expand upon the Station Area Plan and Ballpark Next design
competition to refine goals and priorities for the offering and development of the stadium
and adjacent property.
20
DISCRETIONARY EXPENSES
PROJECT AREA & MULTI-USE FUNDS
Program Project
Central
Business
District Block 70
Depot
District
Granary
District
North
Temple State Street 9-Line
Program
Income
Fund
Revolving
Loan Fund Total
RDA Arts & Culture Program
Regent Street Event
Programming 25,000 25,000
150,000 150,000
Gallivan -Maintenance &
Repairs 214,692 214,692
Commercial Revolving Loans 226,750 226,750
Infrastructure Studies and
Planning Ballpark Planning 300,000 300,000
Operations 355,000 355,000
Gallivan -Planning Gallivan Plaza
Planning 509,738 509,738
Internal Transfers -
Secondary Housing Fund 1,000,000 1,000,000
Accessory Dwelling Unit
Program 1,455,680 1,455,680
Commercial Assistance
Reserves 500,000 1,003,435 543,277 1,239,049 500,000 3,785,761
Strategic Intervention 285,490 3,364,709 500,000 4,150,199
Infrastructure Improvements
City Creek
Daylighting 50,000 50,000
Sugar House DI 550,000 550,000
3,680,056 100,000 3,780,056
Total 509,738 25,000 5,180,056 1,003,435 978,767 4,903,758 2,605,680 1,119,692 226,750 16,552,87621
Housing Activities
PROGRAM/PROJECT INSIGHTS
$2,000,000 –Property Acquisition
Establishment of a reserve fund for acquisition of properties for the purpose of
preserving, improving or increasing affordable housing units.
$1,455,680 –Accessory Dwelling Unit Program
Appropriation of funds to facilitate a pilot program for the construction of Accessory
Dwelling Units. Potential uses could also include the creation and marketing of the
program as well as related design or consulting expenses. The intent would be to
incentivize owners and increase the supply of ADUs.
22
Housing Activities
PROGRAM/PROJECT INSIGHTS
$4,510,953 –HDLP -Competitive
A permanent and annually renewable program that consolidates and centralizes
resources for the development and preservation of affordable housing.
$380,761 –Family & Workforce Housing –School District
Funds reserved specifically for Family & Workforce Housing, as defined in the Interlocal
Agreements with the Salt Lake City School Districts for the State Street and 9 Line project
areas.
23
Housing Activities
PROGRAM/PROJECT INSIGHTS
$2,849,288 –Shared Equity
Appropriation of funds to carry out the shared equity and wealth building priority of the
WCI. Funds could be offered through the NOFA and provided in the form of loans or
equity investments to projects or entities that achieve the public benefit.
24
FY24 ANNUAL HOUSING FUNDING STRATEGY
25
DISCRETIONARY & OBLIGATED EXPENSES
HOUSING FUNDS
Program
Housing
Development Fund
Primary Housing
Fund
Secondary Housing
Fund
Westside
Community
Initiative Total
HDLP -Competitive 4,510,953 1,000,000 5,510,953
Housing Property Acquisition 1,000,000 1,000,000
School District Required Family & Workforce Housing 380,761 380,761
Shared Equity Housing 1,013,820 1,835,468 2,849,288
Total 4,510,953 2,394,582 1,000,000 1,835,468 9,741,003
380,761
1,000,000
1,455,680
2,849,288
5,510,953
School District Required Family & Workforce Housing
Housing Property Acquisition
Accessory Dwelling Unit Program
Shared Equity Housing
HDLP - Competitive
Total by Program -All Funds
9-Line
26
ADMINISTRATIVE EXPENSES
Administration
PROGRAM/PROJECT INSIGHTS
RDA –2 New FTE -$276,684
Includes increase in overall Admin costs along with addition of two Project Coordinator positions to
address project workload and provide added entry level positions.
28
THANK YOU
Presented by the Redevelopment Agency / Director / Danny Walz
APPENDIX
REVENUE & OTHER SOURCES
PROJECT AREA & MULTI-USE FUNDS
Fund Revenue Description Revenue Transfer In Cash Balance Total
Central Business District Tax Increment 24,644,694 24,644,694
Block 70
Tax Increment 1,829,228 1,829,228
Transfer From CBD Eccles Debt Service RDA match 3,311,921 3,311,921
Transfer from CBD Eccles Debt Service Reserve Account 747,501 747,501
Transfer From CBD Taxing Entity Payments 5,165,109 5,165,109
Depot District FY23 Transition Holding Account 1,805,473 1,805,473
Tax Increment 5,422,435 5,422,435
Granary District FY23 Transition Holding Account 291,284 291,284
Tax Increment 1,103,309 1,103,309
North Temple FY23 Transition Holding Account 343,277 343,277
Tax Increment 1,008,715 1,008,715
North Temple Viaduct Tax Increment 2,774,419 2,774,419
Northwest Quadrant Tax Increment 1,398,548 1,398,548
Stadler Rail Tax Increment 141,298 141,298
State Street FY23 Transition Holding Account 1,364,709 1,364,709
Tax Increment 4,423,811 4,423,811
9-Line FY23 Transition Holding Account 802,208 802,208
Tax Increment 2,653,781 2,653,781
Program Income Fund
Loan Payments -Interest 7,452 7,452
Loan Payments -Principal 38,640 38,640
Parking Structure Income 1,242,336 1,242,336
Rents 161,264 161,264
Revolving Loan Fund Loan Payments -Interest 30,000 30,000
Loan Payments -Principal 196,750 196,750
Total 47,076,680 9,224,531 4,606,951 60,908,162
31
REVENUE & OTHER SOURCES
HOUSING FUNDS
Fund Revenue Description Revenue
Internal
Transfers
External
Transfers Cash Balance Total
Primary Housing Fund
Loan Payments -Interest 2,379 2,379
Loan Payments -Principal 23,567 23,567
Transfer In from 9-Line 265,378 265,378
Transfer In from Depot District 1,084,487 1,084,487
Transfer In from Granary District 220,662 220,662
Transfer In from North Temple 201,743 201,743
Transfer In from Northwest Quadrant 139,855 139,855
Transfer In from Stadler Rail 14,130 14,130
Transfer In from State Street 442,381 442,381
Secondary Housing Fund Transfer In from Depot District 1,000,000 1,000,000
Housing Development Fund
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000
Loan Payments -Interest 76,563 76,563
Loan Payments -Principal 144,390 144,390
Mayor's Request for Additional Affordable housing 1,700,000 1,700,000
Westside Community Initiative FY23 Transition Holding Account 433,880 433,880
UIPA Housing Allocation 1,401,588 1,401,588
Total 3,348,487 3,368,636 2,590,000 433,880 9,741,003
32
OBLIGATED EXPENSES
PROJECT AREA & MULTI-USE FUNDS
Program Project
Central Business
District Block 70
Depot
District
Granary
District
North
Temple
North
Temple
Viaduct
Northwest
Quadrant Stadler Rail 9-Line
Program
Income
Fund Total
Commercial Relocation Bennion Jewelers Relocation
Agreement 100,000 100,000
Eccles -Maintenance & Repairs
Regent Street Maintenance 80,000 80,000
Regent Street Parking
Structure Reserves 100,000 100,000
Infrastructure Improvements NWQ Shared Costs Reserve 139,855 139,855
School Construction Reserves 70,610 70,610
Gallivan -Programming 250,000 250,000
Gallivan -Administration
Assessment 372,775 372,775
Gallivan -Management &
Maintenance Assessment 573,975 573,975
RDA Arts & Culture Program
Eccles Fundraising Fulfillment 125,000 125,000
Eccles Theater-Operating
Reserve for Ancillary Spaces 475,000 475,000
Property Management and
Maintenance 1,075,000 150,000 5,000 330,000 1,560,000
Salt Lake City Debt Service 2,732,803 2,732,803
Eccles Debt Service 9,599,991 9,599,991
TI Reimbursements & Taxing
Entity Payments 10,921,707 548,768 978,984 120,103 331,388 12,900,950
Total 13,193,457 11,028,759 150,000 5,000 70,610 2,732,803 1,118,838 120,103 331,388 330,000 29,080,958
33
Program Project
Central
Business
District
Depot
District
Granary
District
North
Temple
North
Temple
Viaduct
Northwest
Quadrant
Stadler
Rail
State
Street 9-Line Total
Internal Transfers -School District Required Family
& Workforce Housing 259,976 120,786 380,761
Internal Transfers -Primary Housing Fund 1,084,487 220,662 201,743 139,855 14,130 182,405 144,592 1,987,874
Internal Transfers -Administration Fund 2,464,469 813,365 165,496 100,872 41,616 139,855 7,065 442,381 253,543 4,428,662
Internal Transfers -Debt Service 8,477,030 8,477,030
Total 10,941,499 1,897,852 386,158 302,615 41,616 279,710 21,195 884,762 518,921 15,274,327
OBLIGATED EXPENSES –INTERNAL TRANSFERS
PROJECT AREA & MULTI-USE FUNDS
34
DISCRETIONARY EXPENSES
PROJECT AREA & MULTI-USE FUNDS
Fund Revenue Transfer In Cash Balance Total Obligated Expenses
Available
Discretionary
Central Business District 24,644,694 24,644,694 24,134,956 509,738
Block 70 1,829,228 9,224,531 11,053,759 11,028,759 25,000
Depot District 5,422,435 1,805,473 7,227,908 2,047,852 5,180,056
Granary District 1,103,309 291,284 1,394,593 391,158 1,003,435
North Temple 1,008,715 343,277 1,351,992 373,225 978,767
North Temple Viaduct 2,774,419 2,774,419 2,774,419 -
Northwest Quadrant 1,398,548 1,398,548 1,398,548 -
Stadler Rail 141,298 141,298 141,298 -
State Street 4,423,811 1,364,709 5,788,520 884,762 4,903,758
9-Line 2,653,781 802,208 3,455,989 850,309 2,605,680
Program Income Fund 1,449,692 1,449,692 330,000 1,119,692
Revolving Loan Fund 226,750 226,750 -226,750
Total 47,076,680 9,224,531 4,606,951 60,908,162 44,355,286 16,552,876
35
ADMINISTRATION
AGENCY OPERATIONS FUND
Total Transfers In
4,428,662
296,883
375,000
1,000,000
2,756,779
Charges & Services
Operating & Maintenance
Administrative Fees
RDA Personnel
Redevelopment Agency Operations Expenses
36
DIVISION FY22 FY23 FY24 FY24 Request
FTEs Actual $FTEs Budget $FTEs Budget $FTEs Budget $
Redevelopment Agency 19
[4 FTE Open]1,588,385 19 2,480,095 21 2,756,779 2 276,684
Gallivan Center 13 1,123,317 13 1,231,498 13 1,365,174 0 133,676
AGENCY FTE SUMMARY
37
FY24 Depot District
Commercial
Assistance Reserves Depot District FY24-DD-Commercial Assistance Reserves-DD
FY24 Program Income Fund Commercial
Assistance Reserves
Central Business
District FY24-PIF-Commercial Assistance Reserves-CBD
FY24 Primary Housing Fund Housing Property
Acquisition Non-Project Area FY24-1H-Housing Property Acquisition-NPA
&&&=Fiscal
Year ProgramFund Region Appropriation
APPROPRIATION WORKTAG EXAMPLES
38
Appropriation 1
Appropriation 2
Appropriation 3
Project A
Project B
Project C
APPROPRIATIONS & PROJECTS
39
