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09/13/2022 - Meeting Materials
Board of Directors of the REDEVELOPMENT AGENCY OF SALT LAKE CITY AGENDA September 13, 2022 Tuesday 2:00 PM Council Work Room 451 South State Street Room 326 Salt Lake City, UT 84111 SLCRDA.com In accordance with State Statute 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: 13:35:45 The RDA Board has returned to a hybrid meeting approach. The hybrid meeting enables people joining remotely or in-person to listen to the Board meeting and participate during public comment items. Public Comments: The public can give comments to the Board during the meetings online through Webex or in-person in Room 326 of the City and County Building. In-person attendees can fill out a comment card and online participants will register through Webex in order to be added to the comment queue. Agenda & Registration Information: For more information, including Webex connection information, please visit www.slc.gov/council/virtual-meetings. (A phone line will also be available for people whose only option is to call in.) Public Health Information: Masks are no longer required in City Facilities, but are welcome for any attendees who prefer to continue using them. We will continue to monitor the situation take any reasonable precautions for the public and staff. Comments:A. 1.General Comments to the Board TENTATIVE 5 min The RDA Board of Directors will receive public comments regarding Redevelopment Agency business in the following formats: 1.Written comments submitted to RDA offices, 451 South State Street, Suite 118, P.O. Box 145455, Salt Lake City, UT. 84114-5455. 2.Comments to the RDA Board of Directors. (Comments are taken on any item not scheduled for a public Hearing, as well as on any other RDA Business. Comments are limited to two minutes.) B.Public Hearing - individuals may speak to the Board once per public hearing topic for two minutes, however written comments are always accepted: 1.Resolution: RDA Budget Amendment No. 1 for Fiscal Year 2022-23 - - The Board will accept public comment about a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 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 additional funding to complete the Marmalade Plaza Project and property acquisition in the Depot District among other items. C.Redevelopment Agency Business - The RDA Board of Directors will receive information and/or hold discussions and/or take action on: 1.Approval of Minutes ~2:05 p.m. 5 min. The Board will approve the meeting minutes of Tuesday, October 12, 2021. 2.Resolution: RDA Budget Amendment No. 1 for Fiscal Year 2022- 23 Follow-up ~ 2:10 p.m. 20 min. The Board will receive a follow-up briefing about, and consider adopting a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 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 additional funding to complete the Marmalade Plaza Project and property acquisition in the Depot District among other items. 3.Resolution: Seller’s Note and Gap Loan for Spark Development at 1500 West North Temple ~ 2:30 p.m. 20 min. The Board will receive a briefing about a request from Brinshore Development for a $4,000,000 Seller’s Note and $4,000,000 Gap Loan for the Spark mixed-use affordable housing project located at 1500 W. North Temple. The Board also may consider adopting a resolution that would approve the Seller’s Note. The Gap Loan would be part of RDA Budget Amendment No.2, which will be considered by the Board in October. 4. Informational: Housing and Transit Reinvestment Zone Creation ~ 2:50 p.m. 30 min. The Board will receive a briefing about Housing and Transit Reinvestment Zone (HTRZ) Creation. This would review potential HTRZ policies, explore potential areas in Salt Lake City where HTRZs could be implemented, and map out next steps for HTRZ creation. 5.Report and Announcements from the Executive Director TENTATIVE 5 min. Report of the Executive Director, including a review of information items, announcements, and scheduling items. The Board of Directors may give feedback or policy input. 6.Report and Announcements from RDA Staff TENTATIVE 5 min. The Board may review Board information and announcements. The Board may give feedback on any item related to City business, including but not limited to; •Project Updates; and •Scheduling Items. D.Written Briefings – the following briefings are informational in nature and require no action of the Board. Additional information can be provided to the Board upon request: 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. Adjournment F.Tentative Closed Session The Board will consider a motion to enter into Closed Session. A closed meeting described under Section 52-4-205 may be held for specific purposes including, but not limited to: 1.discussion of the character, professional competence, or physical or mental health of an individual; 2.strategy sessions to discuss pending or reasonably imminent litigation; 3.strategy sessions to discuss the purchase, exchange, or lease of real property: (i)disclose the appraisal or estimated value of the property under consideration; or (ii)prevent the public body from completing the transaction on the best possible terms; 4.strategy sessions to discuss the sale of real property, including any form of a water right or water shares, if: (i)public discussion of the transaction would: (A)disclose the appraisal or estimated value of the property under consideration; or (B)prevent the public body from completing the transaction on the best possible terms; (ii)the public body previously gave public notice that the property would be offered for sale; and< (iii)the terms of the sale are publicly disclosed before the public body approves the sale 5.discussion regarding deployment of security personnel, devices, or systems; and 6.investigative proceedings regarding allegations of criminal misconduct. A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and Public Meetings Act. G. CERTIFICATE OF POSTING On or before 2:00 p.m. on Friday September 9, 2022, the undersigned, duly appointed City Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any others who have indicated interest. CINDY LOU TRISHMAN SALT LAKE CITY RECORDER Final action may be taken in relation to any topic listed on the agenda, including but not limited to adoption, rejection, amendment, addition of conditions and variations of options discussed. The City & County Building is an accessible facility. People with disabilities may make requests for reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary aids and services. Please make requests at least two business days in advance. To make a request, please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay service 711. 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:September 13, 2022 RE: Redevelopment Agency (RDA) Budget Amendment Number One FY2023 ________________________________________________________________________________ NEW INFORMATION 100% Eligible for Parks Impact Fees: $1 Million for Marmalade Plaza Cost Increases At the August 9 briefing, the Board asked how much of the project is eligible for parks impact fees. RDA staff engaged the Public Lands Department and confirmed the plaza is 100% eligible for parks impact fees because its new open space increasing the level of parks service in the City. This would require action in a General Fund budget amendment to transfer the parks impact fees to the RDA and an RDA budget amendment to receive the park impact fees and expenditure for the Marmalade Plaza. The project is currently out to bid and there is typically a 30- or 45-day window to complete a construction contract based on the responsive bids. The Board could approve the additional $1 million from the Revolving Loan Fund and Arctic Court infill home so funding is available to sign the contract. Then in a later budget amendment transfer the funding source for the additional $1 million to use parks impact fees and return the Revolving Loan Fund and Arctic Court infill home budgets. The requested $1 million additional project funding could all come from parks impact fees. The project budget currently includes $1,145,394 of parks impact fees which is 29% of the total estimated cost. The portion of project funding coming from parks impact fees could increase to $2,145,394 or 54% of the total cost. There are $12,578,822 of available to spend parks impact fees. Some of those funds are anticipated to be proposed for use in the FY2024 Capital Improvement Program (CIP) cycle. Policy Question: ➢Parks Impact Fees – The Board may wish to discuss with the Administration how much to use parks impact fees to cover the project cost increases. ➢Development and Disposition of Arctic Court Infill Home – The Board may wish to discuss with the Administration options for development and disposition of the Arctic Court infill home such as the City’s community land trust, potential for an accessory dwelling unit (ADU) and how much funding may be needed in addition to the current $280,000 budget. Updated Station Center Map (on next page) RDA staff shared an updated map of the two blocks identified as Station Center (between 200 South and 400 South and 500 West and 600 West) and the adjacent west and east blocks. Project Timeline: Set Date & 1st Briefing: August 9, 2022 Public Hearing & 2nd Briefing: Sept. 13, 2022 Potential Action: Sept. 13, 2022 Page | 2 – Information below was previously provided for the August 9, 2022 briefing – ISSUE AT-A-GLANCE Page | 3 RDA Budget Amendment Number One includes requested changes to budgets in the West Capitol Hill project area, Depot District project area and the Revolving Loan Fund. Total expenditures are $4.9 million for two items in this amendment. The additional and background information section near the end of this staff report includes project area expiration dates and allowable uses of RDA funds per state law. $1 Million Additional Funding to Complete Marmalade Plaza in West Capitol Hill Project Area The plaza would be located just north of the Marmalade branch library and is surrounded on the other three sides by residential developments. It would serve as a connection point for pedestrian routes through the block in multiple directions. The project is planned to go out to bid later this year. The plaza is currently going through the building permit process. The budget amendment request would add to the existing budget to cover expected increases due to inflation and supply chain issues. There are two sources for the $1 million: -$720,000 from the Revolving Loan Fund which would leave an available to lend balance of nearly $3 million and -$280,000 from the Arctic Court infill housing budget which would need new funding identified for the new single-family home to be built and sold. Note the designs of the home have been finalized and approved by the Historic Landmark Commission. If the additional funding is approved, then the total project budget is estimated at $3,945,600 which is a 34% increase. This project uses RDA funds and City funds. The existing budget includes $1,145,394 of parks impact fees approved by the Council. Policy Question: ➢Maximize Park Impact Fees – The Board could ask the Administration to determine if the project is eligible for additional park impact fees and what is the maximum allowable amount. Using more parks impact fees could avoid defunding the Arctic Court home and/or leave more funding available to lend in the Revolving Loan Fund. $3.9 Million to Purchase Station Center Property in Depot District Project Area Over the years, the RDA has purchased multiple properties in the Station Center area which is defined as two blocks of west downtown located between 500 West to 600 West and 200 South to 400 South. Concepts for the area have included an innovation district, transit-oriented development, new city streets and a festival street. The RDA has a contractual option to purchase three parcels owned by the State of Utah at the corner of 300 South and 500 West (Site #4). Two of the parcels are needed for public right of way to create a new street: Woodbine South. The Administration is proposing the $3.9 million come from the existing $9.5 million budget that has been set aside over the years for public infrastructure projects in the area. This would increase the funding gap for the public infrastructure projects, which is estimated to be $15 million, although that could change. The Administration’s plans are to use proceeds from land sales to fund some of the infrastructure improvements. The infrastructure improvements include creation of new street segments to create smaller block sizes, utility upgrades to allow greater building densities, and Festival Street (300 South) amenities. Station Center Site Plan Map (Three Parcels in Development Site #4 are Proposed for Purchase) UPDATED MAP IN NEW INFO SECTION ABOVE Status of RDA’s Station Center Property Disposition The Administration provided the following status update on disposition of the RDA’s Station Center property: “Following a change in leadership and staffing at the University [of Utah], the Agency has continued to coordinate with the new staff as part of their task to become familiar with the joint effort and consultant team’s development of a vision/implementation plan for a community of innovation at Station Center. Despite this pause in the process and discussions, the Station Center project remains a priority for the Page | 4 Agency as we continue to move forward with other aspects of the overall development. It is our intention to finalize the vision and work with potential partners to implement a plan to move the project forward.” Ongoing Maintenance and Programming Costs Maintenance and programming of enhanced assets in Station Center such as the Festival Street (300 South) may become the responsibility of the University of Utah, potentially through an SAA which requires majority property owner support. In October 2020, an SAA analysis estimated the annual cost for maintenance at $425,000. Policy Questions: ➢Timeline for Final Designs – The Board may wish to ask the Administration when final designs for Station Center may be available. Prior designs reached 70% completion but were significantly redesigned starting in 2019. The designs determine the total cost of public infrastructure projects. ➢Transportation Impact Fees to Fill Funding Gap – The Board may wish to ask the Administration how much of the public infrastructure improvements such as the three new streets are eligible for transportation impact fees which could help fill the funding gap. According to the July impact fee report, there is $8 million of available to spend transportation impact fees. The Council is currently considering spending $1.5 million of that in FY2023 CIP. ➢Existing Building Reuse or Demolition – The Board may wish to ask the Administration what the current use of the property is and whether existing buildings would be reused or demolished. ADDITIONAL & BACKGROUND INFORMATION 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 ** 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. Page | 5 (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 CIP – Capital Improvement Program FY – Fiscal Year PIF – Program Income Fund RDA – Redevelopment Agency SAA – Special Assessment Area TBD – To Be Determined 11.24.21 Guiding Framework This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA projects and partnerships. MISSION: The Redevelopment Agency of Salt Lake City strengthens neighborhoods and business districts to improve livability, create economic opportunity and foster authentic, equitable communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities, commercial vitality, public spaces, and environmental sustainability. VALUES: Economic Opportunity- We invest in the long-term prosperity and growth of our local economy. Equity & Inclusion- We prioritize people-focused projects and programs that encourage everyone to participate in and benefit from development decisions that shape their communities. Neighborhood Vibrancy- We cultivate distinct and livable places that are contextually sensitive, durable, connected, and sustainable. PROJECT EVALUATION PROCESS: The RDA prioritizes projects that demonstrate a commitment to the Mission and Values , evaluating projects via three steps, which answer the following questions: 1.) Does the project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving defined LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the RDA Loan Program or Tax Increment Reimbursement Program? *Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process. Step 1: THRESHOLDS Alignment with adopted City policies & plans Alignment with RDA Project Area Work Plans* Financial viability with a demonstrated and reasonable need for public assistance Step 2: LIVABILITY BENCHMARKS Economic Opportunity Leveraging Timeliness Return of Investment Permanent Job Creation & Retention Affordable Commercial Spaces Ownership Equity & Inclusion Transit Opportunities Mixed-Income Neighborhoods Neighborhood Safety Community Engagement & Support Housing for Everyone Displacement Mitigation Affordable Housing Preservation Neighborhood Vibrancy Public Space Public Art Architecture & Urban Design Sustainability Walkability Building Preservation, rehabilitation, or adaptive reuse Missing Middle & Unique Building Types Step 3: PROGRAM CRITERIA Evaluation of project according to respective RDA policies, programs and procedures Exhibit A to the Resolution 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: July 22, 2022 PREPARED BY: Erin Cunningham, Financial Analyst RE: RDA Budget Amendment #1, FY 2022-2023 REQUESTED ACTION: Public Hearing and Board Discussion BUDGET IMPACTS: The proposed First Amendment reallocates $1 million from prior year West Capitol Hill holding accounts to finalize the Marmalade Plaza project and $3.9 million from Station Center infrastructure budget appropriations to acquire State-owned property in Station Center. The West Capitol Hill Fund for the Arctic Court Infill Home project of $280,000 would be reduced to zero. It is anticipated the Agency will, in the future, request the use of affordable housing funds to finish the infill housing project. The Revolving Loan Fund Available to Lend Balance would be reduced from $3,689,968, as of June 30, 2022, to $2,969,968. The CIP Depot District Project Fund would be temporarily reduced from $9,570,186 to $5,670,186 until the reallocated funds can be replaced with proceeds from the RDA’s disposition of Station Center property. EXECUTIVE SUMMARY: The purpose of the briefing is to provide a preliminary budget proposal for the First Amendment to the Fiscal Year 2023 RDA Budget (“Amendment”) to reallocate funds from prior year budget holding accounts for two projects: 1. Marmalade Plaza in the West Capitol Hill Project Area: A total of $1 million is proposed to be reallocated from the Arctic Court Infill House ($280,000) and the Revolving Loan Fund reserves ($720,000) for the Marmalade Plaza project. 2. Station Center in the Depot District Project Area: $3.9 million is proposed to be reallocated from Depot District CIP funds (which were allocated for Station Center infrastructure improvements) for the acquisition of State-owned Station Center property, which the RDA has an option to purchase. ANALYSIS & ISSUES: Marmalade Plaza Project, West Capitol Hill The Marmalade Plaza is the final piece of the RDA’s Marmalade Block to be constructed. The Marmalade Branch library was completed in 2016, the Grove at Marmalade Townhomes were completed in 2018, and the Harvest Apartments were completed this year. The RDA’s 2012 development strategy for the block included a City Library branch to anchor and create a brand for a new commercial district on the block, redevelopment of the remainder of the block with a mix of uses, and a public open space near the center of the site. The open space was identified as a development amenity that would provide a center for the neighborhood and improve pedestrian connections through the block, and the RDA’s property dispositions required development on the block to be oriented toward this future open space. The RDA, with the support of the Engineering Division, is preparing to advertise the Marmalade Plaza project for qualified construction contractors to bid on. In general, current market forces are causing construction bids to come in much higher than what was originally anticipated or budgeted for. This challenge is amplified by the fact that construction bids are typically valid for only 45 days, after which time contractors reserve the right to increase their bid amount. In anticipation of similar challenges, Staff is preliminarily requesting the allocation of an additional $1 million to the Marmalade Plaza project to supplement the current allocation of $2,945,600. The source of the additional funds includes $280,000 that was previously set aside in the West Capitol Hill Fund for the Artic Court Infill House, and $720,000 from the Revolving Loan Fund reserves. Bids will be received in early September and Staff will provide an update to the Board at that month’s meeting with a precise construction bid amount. If the entire $1 million allocation is not needed, the excess funds will be returned to the Revolving Loan Fund. For the Arctic Court Infill Home, Staff will return to the Board in the future to request the use of affordable housing funds to finalize the project. The current funding allocations for the Marmalade Park project total roughly $2.9 million, as detailed in the table below. Current Allocations Amount Public Services (Park Impact Fees) $1,145,394 Property Sale Proceeds $1,362,065 FY22 BA#2 - PIF Arctic Court Infill House Reallocation $338,141 FY22 BA#2 - WCH Interest Income $100,000 Total $2,945,600 It should be noted that the Second Budget Amendment for Fiscal Year 2021-2022 reallocated $150,000 from interest income to West Capitol Hill Projects. However, Staff anticipates that actual interest income will be closer to $100,000, which will impact the amount of cash available. In addition to the interest reallocation, the Board reallocated $338,141 from the Arctic Court Infill Home project that had been set aside in the Program Income Fund. In the Fiscal Year 2022-2023 Budget, an additional $100,000 in interest income was allocated to West Capitol Hill Projects. However, as the cash is spent on the project, less interest will be accrued. Therefore, that amount is not included in the table above since it is possible the interest will not be earned. Should the interest be realized, it will be repaid to the Revolving Loan Fund. Station Center Project, Depot District The State of Utah owns three parcels at the corner of 500 West and 300 South, and the RDA and State executed an agreement in 2003 that provides the RDA the exclusive option to purchase these parcels. The acquisition of this property will allow the RDA to implement the Station Center site plan by combining its property with the State’s property to provide the Woodbine Court right of way and create a developable parcel on this corner. The Board previously directed staff to proceed with negotiations for the acquisition under the terms of the option agreement with the State. The option agreement states that the purchase price is the appraised value of the property, which is $3.9 million. The RDA Board previously appropriated approximately $10 million for Station Center infrastructure improvements. This funding is anticipated to be used to create three new mid-block streets, reconstruct 300 South into a pedestrian-oriented “festival street,” install new utilities with increased capacity, and construct new streetscapes with landscaping, lighting, and furnishings. While these features are critical for creating the transit-oriented, urban innovation district that is envisioned for Station Center, the RDA is still working to plan the district and construction funds are not immediately needed. Therefore, this budget amendment proposes to reallocate $3.9 million of infrastructure funding for the State property acquisition, with the intent of replacing the reallocated infrastructure funds with proceeds from the RDA’s future disposition of Station Center property. PREVIOUS BOARD ACTION: 1. Approval of the Fiscal Year 2021-2022 Budget. 2. Approval of the Fiscal Year 2021-2022 Budget Amendment #2. 3. Approval of the Fiscal Year 2022-2023 Budget. ATTACHMENTS: 1. Preliminary FY23 BA#1 Budget Impact Slides. Public Services (Park Impact Fees)$1,145,394 FY22 BA#2 -PIF Arctic Court Infill House Allocation $338,141 Property Sale Proceeds $1,362,065 FY22 BA#2 -WCH Interest Income $100,000 Total Current Allocation $2,945,600 + Revolving Loan Fund Allocation $720,000* New Project Total Budget $3,945,600 + WCH Arctic Court Infill House Allocation $280,000 Revolving Loan Fund Available to Lend $3,689,968 -Marmalade Plaza Allocation $720,000 Remaining Available to Lend $2,969,968 WCH Arctic Court Infill House $280,000 -Marmalade Plaza Allocation $280,000 Remaining Budget $0** Revolving Loan FundMarmaladePlaza Project West Capitol Hill Arctic Court Infill House *If the entire $1M is not necessary, the $720K from the RLF will be returned.**The Agency will request the use of affordable housing funds to finish the Project. Budget Impact: Marmalade Plaza in the West Capitol Hill Project Area Property Acquisition $0 + CIP Depot District Project Allocation $3,900,000 New Project Total Budget $3,900,000 CIP Depot District Project Fund $9,570,186 -Station Center Property Acquisition $3,900,000* Remaining Available to Lend $5,670,186 Station Center Infrastructure FundsStation Center Property Acquisition *The Agency intends to replace the reallocated infrastructure funds with proceeds from the RDA’s future disposition of Station Center property. Budget Impact: Station Center in the Depot District Project Area PENDING MINUTES – NOT APPROVED The Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday, October 12, 2021 in an Electronic Meeting, pursuant to the Chair’s determination. The following Board Members were present: Dennis Faris, Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Darin Mano Present Agency Leadership: Mayor Erin Mendenhall Danny Walz – Chief Operating Officer Present City Staff: Lisa Shaffer – Chief Administrative Officer, Katie Lewis – City Attorney, Cara Lindsley – Project Manager, Kort Utley – Senior Project Manager, Lauren Parisi – Project Manager, Tammy Hunsaker – Deputy Chief Operating Officer, Cindy Lou Trishman – City Recorder, DeeDee Robinson – Minutes and Records Clerk, Ben Luedtke – Senior Public Analyst, Allison Rowland – Senior Policy Analyst, Isaac Canedo – City Council Staff, Jennifer Bruno – Council Deputy Director, Cindy Gust-Jenson – Council Executive Director, Lehua Weaver – Council Deputy Director, Taylor Hill – Council Staff Director Chair Valdemoros presided at and conducted the meeting. The meeting was called to order at 2:00 pm. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 1 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.) Minutes: There were no public comments. B.Public Hearing - individuals may speak to the Board once per public hearing topic for two minutes, however written comments are always accepted: 1.Resolution: RDA Budget Amendment No.1 for Fiscal Year 2021-22 The Board will accept public comment about, and consider adopting a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22. Budget amendments happen several times each year to reflect adjustments in the Redevelopment Agency’s budget, including proposed project additions and modifications, and staffing changes. The amendment includes funding for retail tenant relocation assistance and City Creek daylighting along the Folsom Trail designs among other items. Minutes: Benjamin Luedtke provided a brief introduction to the resolution. There were no public comments. Motion: Moved by Director Dugan, seconded by Director Faris to close the public hearing and adopt RDA Resolution 16 of 2021, amending the FY 2021-2022 final budget of the Redevelopment Agency as shown on the motion sheet. •Relocation Assistance to Utah Theater Retail Tenants ($116,000 from the Revolving Loan Fund) •City Creek Daylighting Technical Analysis and Design Study ($105,000 from the North Temple Strategic Intervention Fund) •Housekeeping Adjustments to North Temple Strategic Intervention Fund ($2,043,252 from several accounts) MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 2 AYE: Dennis Faris, Amy Fowler, Ana Valdemoros, Daniel Dugan, Darin Mano ABSENT: Chris Wharton Final Result: 5 – 0 Pass C.Redevelopment Agency Business - The RDA Board of Directors will receive information and/or hold discussions and/or take action on: 1.Motion: Meeting Remotely Without an Anchor Location ~ 2:05 p.m. 5 min. The Board will consider a motion to ratify the Chair’s determination to continue meeting remotely and without an anchor location due to the health and safety of the people who may be in attendance, and considering the continued closure of the City and County Building to the public. Motion: Moved by Director Fowler, seconded by Director Faris to ratify the Chair’s determination to meet remotely without an anchor location. AYE: Dennis Faris, Amy Fowler, Ana Valdemoros, Daniel Dugan, Darin Mano ABSENT: Chris Wharton Final Result: 5 – 0 Pass 2.Resolution: Project Area Extensions Follow-up ~ 2:10 p.m. 20 min. The Board will receive a follow-up briefing and consider adopting a resolution that would extend the Central Business District, Depot District, Granary District and North Temple project areas due to the impacts of the COVID-19 pandemic. During a 2020 special session, the State Legislature passed Senate Bill 6001, which allows a Community Reinvestment Agency to extend for up to two years the property tax increment collection period. Minutes: Benjamin Luedtke provided an introduction to the resolution and indicated the Depot District had a deadline for Federal noticing requirements. Motion: Moved by Director Fowler, seconded by Director Dugan to adopt RDA Resolution 17 of 2021, authorizing a two-year property tax increment collection period extension for the Central Business District, North Temple, Depot District and Granary District project areas. AYE: Dennis Faris, Amy Fowler, Ana Valdemoros, Daniel Dugan, Darin Mano ABSENT: Chris Wharton Final Result: 5 – 0 Pass MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 3 3.Informational: Potential Revisions to the RDA Guiding Framework ~ 2:30 p.m. 20 min. The Board will receive a briefing about potential revisions to the RDA guiding framework which was adopted in November 2019. The framework is an operational document that strategically guides and prioritizes the Redevelopment Agency’s work. The RDA has utilized the framework throughout the past two years to analyze requests for Agency financial assistance. During that time, RDA staff has noted where the framework might be improved to better serve its purpose. Potential changes to the framework include centering equity and inclusion and adding several housing related benchmarks among other suggested revisions. Minutes: Kort Utley and Tammy Hunsaker provided information regarding: •Potential revisions to guiding framework •Outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance (mission, values, project evaluation process, livability benchmarks) •How the items related to the housing funding priorities – adopted on an annual basis Director Fowler requested to reword the mission statement to state economic opportunity instead of economic growth, suggested a possible wording change to foster authentic and equitable communities language, and said she appreciated the extensive work on the document. Director Mano asked for the three values including equity, inclusion, and neighborhood vibrancy included in the mission statement as written. Director Faris inquired why the local independent business opportunities were crossed out from the livability benchmark and requested it be outlined in the affordability benchmark. Mr. Utley stated the benchmark was included in the affordability benchmark to address that need. Director Valdemoros asked for clarification on what was meant by people focused opportunities. Mr. Utley stated it was a way to highlight the outcomes of the work to benefit the residences and business in Salt Lake City. Ms. Hunsaker stated the comments from the Board would be incorporated into the policy and a final document would be brought to the Board for approval at a later time. Director Dugan and Valdemoros thanked RDA Staff for their work on the document. 4.Informational: Draft Sustainable Development Policy ~ 2:50 p.m. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 4 20 min. The Board will receive a briefing about the draft RDA Sustainable Development Policy. The purpose of the RDA sustainable development policy is to promote a built environment that incorporates sustainable building practices and technologies to reduce building-related greenhouse gas emissions, improve local air quality, preserve natural resources and enhance community resiliency. Minutes: Allison Rowland, Lauren Parisi, and Cara Lindsley provided information regarding: •Possible policy questions provided to the Board earlier today for consideration •Local air quality challenges: ◦Utah’s future growth (growing 2.5 times faster than national average) ◦Information on the state of our air report 2020 and how to reduce emissions ◦ Air Quality & Buildings (improving energy efficiency on buildings), growing markets for all-electric/emission-free buildings (falling costs of renewables, electric appliances, etc.) ◦Programs including: Salt Lake City’s Climate Positive 2040, Utah 100 Communities, RDA’s target to be emission free by 2023 (supporting projects without on-site emissions, become leader in sustainable development, model carbon-free buildings) ◦Purpose of proposed policies (reducing building-related greenhouse gas emissions, etc.), components of the policy, including: threshold sustainability measures (enhanced energy performance and emission-free building operation examples provided) and program specific sustainability requirements (off-site net zero and on-site net zero examples provided) •Information on stakeholder feedback •Examples of sustainability building projects, including: project overview, project innovations, and project savings: ◦Diamond Rail (535 West 200 South) ◦Stansbury Condos (710 East 200 South) ◦The Kirk (Tooele, Utah) Director Fowler praised RDA Staff for their work on sustainability policies and inquired about moving from incentives to mandates and if they should be moved to mandates. Ms. Parisi explained the energy star information (threshold measures) were mandates and the program specific measures would include further mandates that would encourage developers to utilize the tools. Director Wharton inquired about land disposition/loan programs, why it would be advised to be recommendations and not required and what were the other suitability requirements being requested. Ms. Parisi responded about balancing integrating sustainable development and still having people utilizing the tools instead of turning to other funding sources, she reviewed the requirements for developers to receive funding when participating in the programs. The Board and Staff discussed the threshold requirements and funding threshold, if the MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 5 dollar amount be raised, what the requirements were for different types of programs, and if exemptions could be made. Jennifer Bruno provided information regarding the Board having the ability to approve exceptions to policies. Director Dugan requested more information on if goals were not achieved what the penalties would be, why was the mark missed and if there were incentives on covered parking lots. He stated a response was not necessary at the time of the meeting but could be sent to the Board Members. Director Wharton joined the meeting during this agenda item (3:00pm). 5.Resolution: RDA Budget Amendment No.1 for Fiscal Year 2021-22 Follow-up TENTATIVE 10 min. The Board will receive a follow-up briefing and consider adopting a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22. Budget amendments happen several times each year to reflect adjustments in the Redevelopment Agency’s budget, including proposed project additions and modifications, and staffing changes. The amendment includes funding for retail tenant relocation assistance and City Creek daylighting along the Folsom Trail designs among other items. Minutes: Item adopted following the public hearing earlier in the agenda. 6.Report and Announcements from the Executive Director TENTATIVE 5 min. Report of the Executive Director, including a review of information items, announcements, and scheduling items. The Board of Directors may give feedback or policy input. Minutes: Item not held. 7.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; •Projects; •Community; and •Scheduling Items. Minutes: Danny Walz provided information regarding adaptive reuse for the Westend and 9- Line projects receiving a Certificate of Occupancy, currently in the process of Notice of Funding Availability (NOFA) program (through the end of October 2021), Gallivan Center programming updates, and Bart Walker (employee at Gallivan) was retiring. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 6 Director Valdemoros inquired about the Westend building/project. Mr. Walz said he would follow up with more information for the Board. 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. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 7 Adjournment F.Tentative Closed Session The Board will consider a motion to enter into Closed Session. A closed meeting described under Section 52-4-205 may be held for specific purposes including, but not limited to: 1.discussion of the character, professional competence, or physical or mental health of an individual; 2.strategy sessions to discuss pending or reasonably imminent litigation; 3.strategy sessions to discuss the purchase, exchange, or lease of real property: (i)disclose the appraisal or estimated value of the property under consideration; or (ii)prevent the public body from completing the transaction on the best possible terms; 4.strategy sessions to discuss the sale of real property, including any form of a water right or water shares, if: (i)public discussion of the transaction would: (A)disclose the appraisal or estimated value of the property under consideration; or (B)prevent the public body from completing the transaction on the best possible terms; (ii)the public body previously gave public notice that the property would be offered for sale; and< (iii)the terms of the sale are publicly disclosed before the public body approves the sale 5.discussion regarding deployment of security personnel, devices, or systems; and 6.investigative proceedings regarding allegations of criminal misconduct. A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and Public Meetings Act. Minutes: Item not held. G. Meeting adjourned at: 3:28 pm. Minutes Approved: ______________________________ MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 8 Redevelopment Agency Chair ______________________________ City Recorder This document is not intended to serve as a full transcript as other items may have been discussed; please refer to the audio or video for entire content pursuant to Utah Code §52-4-203(2)(b). To listen to the audio recording of the meeting or view meeting materials, please visit Salt Lake City Public Body Minutes library, available at www.data.slc.gov, selecting the Public Body Minutes hyperlink. If you are viewing this file in the Minutes library, use the links on the right of your screen within the ‘Document Relationships’ information to listen to the audio or view meeting materials. This document along with the digital recording constitutes the official minutes of the Redevelopment Agency meeting held Tuesday, October 12, 2021. MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY Tuesday, October 12, 2021 9 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:September 13, 2022 RE: Budget Amendment #1 of Fiscal Year 2023 MOTION 1A – ADOPT I move that the Board approve the $1 million for Marmalade Plaza as proposed by the Administration and with the understanding that the funding sources will later be switched to use park impact fees. MOTION 1B – ADOPT I move that the Board approve the $3.9 million to purchase property in Station Center as proposed by the Administration. 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:September 13, 2022 RE: Redevelopment Agency (RDA) Budget Amendment Number One FY2023 ________________________________________________________________________________ NEW INFORMATION 100% Eligible for Parks Impact Fees: $1 Million for Marmalade Plaza Cost Increases At the August 9 briefing, the Board asked how much of the project is eligible for parks impact fees. RDA staff engaged the Public Lands Department and confirmed the plaza is 100% eligible for parks impact fees because its new open space increasing the level of parks service in the City. This would require action in a General Fund budget amendment to transfer the parks impact fees to the RDA and an RDA budget amendment to receive the park impact fees and expenditure for the Marmalade Plaza. The project is currently out to bid and there is typically a 30- or 45-day window to complete a construction contract based on the responsive bids. The Board could approve the additional $1 million from the Revolving Loan Fund and Arctic Court infill home so funding is available to sign the contract. Then in a later budget amendment transfer the funding source for the additional $1 million to use parks impact fees and return the Revolving Loan Fund and Arctic Court infill home budgets. The requested $1 million additional project funding could all come from parks impact fees. The project budget currently includes $1,145,394 of parks impact fees which is 29% of the total estimated cost. The portion of project funding coming from parks impact fees could increase to $2,145,394 or 54% of the total cost. There are $12,578,822 of available to spend parks impact fees. Some of those funds are anticipated to be proposed for use in the FY2024 Capital Improvement Program (CIP) cycle. Policy Question: ➢Parks Impact Fees – The Board may wish to discuss with the Administration how much to use parks impact fees to cover the project cost increases. ➢Development and Disposition of Arctic Court Infill Home – The Board may wish to discuss with the Administration options for development and disposition of the Arctic Court infill home such as the City’s community land trust, potential for an accessory dwelling unit (ADU) and how much funding may be needed in addition to the current $280,000 budget. Updated Station Center Map (on next page) RDA staff shared an updated map of the two blocks identified as Station Center (between 200 South and 400 South and 500 West and 600 West) and the adjacent west and east blocks. Project Timeline: Set Date & 1st Briefing: August 9, 2022 Public Hearing & 2nd Briefing: Sept. 13, 2022 Potential Action: Sept. 13, 2022 Page | 2 – Information below was previously provided for the August 9, 2022 briefing – ISSUE AT-A-GLANCE Page | 3 RDA Budget Amendment Number One includes requested changes to budgets in the West Capitol Hill project area, Depot District project area and the Revolving Loan Fund. Total expenditures are $4.9 million for two items in this amendment. The additional and background information section near the end of this staff report includes project area expiration dates and allowable uses of RDA funds per state law. $1 Million Additional Funding to Complete Marmalade Plaza in West Capitol Hill Project Area The plaza would be located just north of the Marmalade branch library and is surrounded on the other three sides by residential developments. It would serve as a connection point for pedestrian routes through the block in multiple directions. The project is planned to go out to bid later this year. The plaza is currently going through the building permit process. The budget amendment request would add to the existing budget to cover expected increases due to inflation and supply chain issues. There are two sources for the $1 million: -$720,000 from the Revolving Loan Fund which would leave an available to lend balance of nearly $3 million and -$280,000 from the Arctic Court infill housing budget which would need new funding identified for the new single-family home to be built and sold. Note the designs of the home have been finalized and approved by the Historic Landmark Commission. If the additional funding is approved, then the total project budget is estimated at $3,945,600 which is a 34% increase. This project uses RDA funds and City funds. The existing budget includes $1,145,394 of parks impact fees approved by the Council. Policy Question: ➢Maximize Park Impact Fees – The Board could ask the Administration to determine if the project is eligible for additional park impact fees and what is the maximum allowable amount. Using more parks impact fees could avoid defunding the Arctic Court home and/or leave more funding available to lend in the Revolving Loan Fund. $3.9 Million to Purchase Station Center Property in Depot District Project Area Over the years, the RDA has purchased multiple properties in the Station Center area which is defined as two blocks of west downtown located between 500 West to 600 West and 200 South to 400 South. Concepts for the area have included an innovation district, transit-oriented development, new city streets and a festival street. The RDA has a contractual option to purchase three parcels owned by the State of Utah at the corner of 300 South and 500 West (Site #4). Two of the parcels are needed for public right of way to create a new street: Woodbine South. The Administration is proposing the $3.9 million come from the existing $9.5 million budget that has been set aside over the years for public infrastructure projects in the area. This would increase the funding gap for the public infrastructure projects, which is estimated to be $15 million, although that could change. The Administration’s plans are to use proceeds from land sales to fund some of the infrastructure improvements. The infrastructure improvements include creation of new street segments to create smaller block sizes, utility upgrades to allow greater building densities, and Festival Street (300 South) amenities. Station Center Site Plan Map (Three Parcels in Development Site #4 are Proposed for Purchase) UPDATED MAP IN NEW INFO SECTION ABOVE Status of RDA’s Station Center Property Disposition The Administration provided the following status update on disposition of the RDA’s Station Center property: “Following a change in leadership and staffing at the University [of Utah], the Agency has continued to coordinate with the new staff as part of their task to become familiar with the joint effort and consultant team’s development of a vision/implementation plan for a community of innovation at Station Center. Despite this pause in the process and discussions, the Station Center project remains a priority for the Page | 4 Agency as we continue to move forward with other aspects of the overall development. It is our intention to finalize the vision and work with potential partners to implement a plan to move the project forward.” Ongoing Maintenance and Programming Costs Maintenance and programming of enhanced assets in Station Center such as the Festival Street (300 South) may become the responsibility of the University of Utah, potentially through an SAA which requires majority property owner support. In October 2020, an SAA analysis estimated the annual cost for maintenance at $425,000. Policy Questions: ➢Timeline for Final Designs – The Board may wish to ask the Administration when final designs for Station Center may be available. Prior designs reached 70% completion but were significantly redesigned starting in 2019. The designs determine the total cost of public infrastructure projects. ➢Transportation Impact Fees to Fill Funding Gap – The Board may wish to ask the Administration how much of the public infrastructure improvements such as the three new streets are eligible for transportation impact fees which could help fill the funding gap. According to the July impact fee report, there is $8 million of available to spend transportation impact fees. The Council is currently considering spending $1.5 million of that in FY2023 CIP. ➢Existing Building Reuse or Demolition – The Board may wish to ask the Administration what the current use of the property is and whether existing buildings would be reused or demolished. ADDITIONAL & BACKGROUND INFORMATION 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 ** 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. Page | 5 (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 CIP – Capital Improvement Program FY – Fiscal Year PIF – Program Income Fund RDA – Redevelopment Agency SAA – Special Assessment Area TBD – To Be Determined 11.24.21 Guiding Framework This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA projects and partnerships. MISSION: The Redevelopment Agency of Salt Lake City strengthens neighborhoods and business districts to improve livability, create economic opportunity and foster authentic, equitable communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities, commercial vitality, public spaces, and environmental sustainability. VALUES: Economic Opportunity- We invest in the long-term prosperity and growth of our local economy. Equity & Inclusion- We prioritize people-focused projects and programs that encourage everyone to participate in and benefit from development decisions that shape their communities. Neighborhood Vibrancy- We cultivate distinct and livable places that are contextually sensitive, durable, connected, and sustainable. PROJECT EVALUATION PROCESS: The RDA prioritizes projects that demonstrate a commitment to the Mission and Values , evaluating projects via three steps, which answer the following questions: 1.) Does the project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving defined LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the RDA Loan Program or Tax Increment Reimbursement Program? *Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process. Step 1: THRESHOLDS Alignment with adopted City policies & plans Alignment with RDA Project Area Work Plans* Financial viability with a demonstrated and reasonable need for public assistance Step 2: LIVABILITY BENCHMARKS Economic Opportunity Leveraging Timeliness Return of Investment Permanent Job Creation & Retention Affordable Commercial Spaces Ownership Equity & Inclusion Transit Opportunities Mixed-Income Neighborhoods Neighborhood Safety Community Engagement & Support Housing for Everyone Displacement Mitigation Affordable Housing Preservation Neighborhood Vibrancy Public Space Public Art Architecture & Urban Design Sustainability Walkability Building Preservation, rehabilitation, or adaptive reuse Missing Middle & Unique Building Types Step 3: PROGRAM CRITERIA Evaluation of project according to respective RDA policies, programs and procedures Exhibit A to the Resolution Public Services (Park Impact Fees)$1,145,394 FY22 BA#2 -PIF Arctic Court Infill House Allocation $338,141 Property Sale Proceeds $1,362,065 FY22 BA#2 -WCH Interest Income $100,000 Total Current Allocation $2,945,600 + Revolving Loan Fund Allocation $720,000* New Project Total Budget $3,945,600 + WCH Arctic Court Infill House Allocation $280,000 Revolving Loan Fund Available to Lend $3,689,968 -Marmalade Plaza Allocation $720,000 Remaining Available to Lend $2,969,968 WCH Arctic Court Infill House $280,000 -Marmalade Plaza Allocation $280,000 Remaining Budget $0** Revolving Loan FundMarmalade Plaza Project West Capitol Hill Arctic Court Infill House *If the entire $1M is not necessary, the remainder will be returned to the RLF.**The Agency will request the use of affordable housing funds to finish the Project. Budget Impact: Marmalade Plaza in the West Capitol Hill Project Area Property Acquisition $0 + CIP Depot District Project Allocation $3,900,000 New Project Total Budget $3,900,000 CIP Depot District Project Fund $9,570,186 -Station Center Property Acquisition $3,900,000* Remaining Budget $5,670,186 Station Center Infrastructure FundsStation Center Property Acquisition *The Agency intends to replace the reallocated infrastructure funds with proceeds from the RDA’s future disposition of Station Center property. Budget Impact: Station Center in the Depot District Project Area © 2020 Microsoft Corporation © 2020 DigitalGlobe ©CNES (2020) Distribution Airbus DS RDA OWNED PARCELS U OF U UNDER CONTRACT TO PURCHASE RDA HAS OPTION TO PURCHASE PRIVATELY - OWNED (NON-RDA PROPERTIES TO BE REDEVELOPED) DEVELOPMENT SITE# 300 SOUTH Pierpont Avenue - West Pierpont Avenue - East W o o d b i n e - N o r t h W o o d b i n e - S o u t h 400 SOUTH 200 SOUTH 6 0 0 W E S T 5 0 0 W E S T 1 6 5 2 4 3 Market St. - West Market St. - East FUTURE TRAX CORRIDOR BRADLEY D.LASHNo. 8681468 PROFESS I O N AL ENGI N E E R S TATE O F U TAH 07/15/22 N/A