05/14/2024 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
May 14, 2024 Tuesday 1:00 PM
Council Work Room
451 South State Street, Room 326
Salt Lake City, UT 84111
SLCRDA.com
BOARD MEMBERS:
Alejandro Puy, Chair Darin Mano, Vice Chair
Victoria Petro Chris Wharton Eva Lopez Chavez
Dan Dugan Sarah Young
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: 16:58:32
Comments:A.
1.General Comments to the Board ~ 1:00 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 the RDA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
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.3 for Fiscal Year 2023-24 -
-
The Board will accept public comment for a resolution that would amend the final budget
of the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. 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 several reallocations
related to funding a property acquisition in the North Temple project area, 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 ~ 1:05 p.m.
5 min.
The Board will approve the meeting minutes of March 19, 2024.
2.Resolution: RDA Budget Amendment No.3 for Fiscal Year 2023-
24 ~ 1:10 p.m.
10 min.
The Board will consider adopting a resolution that would amend the final budget of the
Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. 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 several reallocations related to funding a property acquisition
in the North Temple project area, among other items.
3.Resolution: RDA Budget Amendment No.4 for Fiscal Year 2023-
24 ~ 1:20 p.m.
20 min.
The Board will receive a briefing about a resolution that would amend the final budget of
the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. 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, reimbursement agreements with private
property owners, and additional funding for agency operations and the Ballpark NEXT
redevelopment strategy project.
4.Resolution: Authorizing Use of State Street Community
Reinvestment Area Funds Outside of the Area Boundaries for
Ballpark Properties
~ 1:40
p.m.
20 min.
The Board will receive a briefing about, and consider adopting a resolution that would
determine the use of the Project Area Funds on the Ballpark Properties will benefit the
State Street Project Area. The Ballpark site at approximately 77 West 1300 South, along
with multiple adjacent properties, are not included within but are surrounded by the
Community Reinvestment Area (CRA) boundaries. The resolution would provide an
ongoing authorization to use Board appropriated project area funds from the State Street
CRA for the Ballpark properties. There is a corresponding appropriation in Budget
Amendment No.4 for the Ballpark NEXT redevelopment strategy project.
5.Resolution: Northwest Quadrant Tax Increment Reimbursement
Agreement ~ 2:00 p.m.
20 min.
The Board will receive a briefing about and, consider adopting a resolution that would
approve a Tax Increment Reimbursement Agreement with NWQ, LLC for infrastructure
and property improvements that advance the goals of the community reinvestment area.
Up to 13 planned improvement projects are identified as eligible for post-performance
reimbursement. The projects include a mix of system-wide improvements benefiting the
broader area, such as constructing public roadways, and project-specific improvements
benefiting a particular private property development, such as solar panels on a
warehouse roof.
6.Straw Poll – Releasing State Street Strategic Intervention Funds for
Property Acquisition
~ 2:20
p.m.
10 min.
The Board will consider a straw poll to release State Street Intervention Funds for
property acquisition.
7.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.
8.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:
•Front Loan Update; and
•Scheduling Items.
9.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
1. Informational: Redevelopment Agency Semi-Annual Property Report -
-
The Board will receive a written briefing of all Tier 1 and Tier 2 properties owned by the
RDA, as per the Land Disposition Policy. The May 2024 report includes the description,
address, parcel ID, size, zoning and tier category of each property. In addition, the report
details approximate acquisition date, current category of disposition, interim use and
proposed permanent use for each property.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: RDA Budget Amendment No.4 for Fiscal Year 2023-
24 -
-
The Board will set the date of Tuesday, June 11, 2024 at 1 p.m. to accept public comment
and consider adopting a resolution that would amend the final budget of the
Adjournment
Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. 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, reimbursement agreements with private property owners, and additional
funding for agency operations and the Ballpark NEXT redevelopment strategy project.
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 4:00 p.m. on Friday, May 10, 2024, the undersigned, duly appointed City Recorder,
does hereby certify that the above notice and agenda was (1) posted on the Utah Public Notice
Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided to The
Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any others who
have indicated interest.
CINDY LOU TRISHMAN
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay
service 711.
REDEVELOPMENT AGENCY
F I S C A L Y E A R 2 0 2 3 - 2 0 2 4
B U D G E T A M E N D M E N T # 3
New Project Appropriations
Strategic Intervention: $1,721,227
RDA-FY23-NT-Strategic Intervention-NT: $1,397,327
RDA-FY24-NT-Strategic Intervention-NT: $285,490
New Project:
Whipple Property Acquisition
Strategic Intervention: $4,250,000
RDA-FY23-NT-Strategic Intervention-NT: $1,397,327
RDA-FY24-NT-Strategic Intervention-NT: $611,449
RDA-FY23-PIF-Strategic Intervention-NPA: $2,202,814
RDA-FY23-PIF-Strategic Intervention-NT: $38,410
RDA-FY23-PIF-Strategic Intervention-NT: $38,410
Commercial Assistance Reserves: $1,925,329
RDA-FY24-NT-Commercial Assistance Reserves-NT: $325,959
RDA-FY23-PIF-Commercial Assistance Reserves-NPA: $1,599,370
Housing Property Acquisition: $ 603,444 Legend:RDA-FY23-PIF-Housing Property Acquisition-9L
Project: PRJ-000011 RDA - 400 S/900W Acquisition: $603,444 North Temple Fund Program Income Fund
Appropriation Changes Impact
$2,528,773 shifts from Commercial Assistance Reserves and Housing Property Acquisition to Strategic Intervention
Current
Budget
Proposed
BudgetProjectProgramFundAppropriationChange
Available to allocate to
projects
Commercial
Assistance Reserves North Temple
RDA-FY24-NT-Commercial Assistance Reserves-
NT 543,277 (325,959)217,318
RDA-FY23-PIF-Commercial Assistance Reserves-
NPAProgram Income Fund 1,599,370 (1,599,370)
2,142,647 (1,925,329)
0
Available to allocate to projects Total 217,318
PRJ-000011 RDA - 400 Housing Property
S/900W Acquisition Acquisition Program Income Fund RDA-FY23-PIF-Housing Property Acquisition-9L 4,000,000
4,000,000
6,142,647 (2,528,773)
(603,444)
(603,444)
3,396,556
3,396,556
3,613,874
PRJ-000011 RDA - 400 S/900W Acquisition Total
Total
$4,250,000 New and Existing Strategic Intervention Program allocated to New Project: Whipple Property Acquisition
Current
Budget
Proposed
Project
New Project: Whipple
Property Acquisition
Program
Strategic Intervention North Temple
Program Income Fund
Fund Appropriation Change Budget
RDA-FY23-NT-Strategic Intervention-NT
RDA-FY24-NT-Strategic Intervention-NT
RDA-FY23-PIF-Strategic Intervention-9L
RDA-FY23-PIF-Strategic Intervention-NPA
RDA-FY23-PIF-Strategic Intervention-NT
0
0
0
0
0
0
0
1,397,327
611,449
603,444
1,599,370
38,410
4,250,000
4,250,000
1,397,327
611,449
603,444
1,599,370
38,410
4,250,000
4,250,000
New Project: Whipple Property Acquisition Total
Total
Workday Worktags & the RDA Budget
Appropriation
Cost Center Fiscal Year Fund Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments,
projects, or geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and
compliance. The RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be
monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal,
policy, or Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing,
Commercial, Infrastructure, and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which
means this Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Appropriations & Project Budgets
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Operations Appropriations Capital Reserves Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent
or encumbered by the end of the fiscal
year, drops to fund balance. Typically,
these would be for RDA operating
expenses. Occasionally may be
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval
to use these funds for specific loan
projects. Funds not awarded to projects
roll forward to the next year, unless
reappropriated by the Board.
Project Budgets
associated with a project budget (for
example, an office remodel).All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project
budgets may have multiple appropriations.
Redevelopment Agency Funds
Project Area Funds Housing Funds
Must be used within the boundaries of the project area, except for
money transferred to Primary Housing (legally required),
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legally obligated reasons.•
•
•
•
Primary Housing (1H)
Secondary Housing (2H)
•
•
•
•
•
•
•
•
•
•
•
•
Central Business District (CBD)
Block 70 (B70)
Depot District (DD)
Granary District (GD)
North Temple (NT)
North Temple Viaduct (NTV)
Stadler Rail (SR)
Northwest Quadrant (NWQ)
State Street (SS)
9 Line (9L)
Block 67 North (B67N)
West Capitol Hill (WCH)
Housing Development Fund (HDF)
West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
Revolving Loan Fund (RLF)•
Agency Operations Fund (OPS)
•Received transfers in from other funds to fund the Agency’s
operational expenses.Note: Region acronyms are the same as project area acronyms. If
there is “NPA” noted in an appropriation, it stands for “Non-Project
Area.”
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday,
March 19, 2024.
The following Board Members were present:
Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano, Eva
Lopez Chavez
Present Agency Leadership:
Mayor Erin Mendenhall, Jill Love – Chief Administrative Officer, Danny Walz – Director, Cara
Lindsley – Deputy Director
Present City Staff:
Allison Parks – Senior City Attorney, Cindy Lou Trishman – City Recorder, Thais Stewart –
Deputy City Recorder , Michelle Barney – Minutes & Records Clerk, Isaac Canedo – Public
Engagement Communication Specialist, Taylor Hill – Constituent Liaison/Policy Analyst, Scott
Corpany – Staff Assistant, Allison Rowland – Council Staff, Ben Luedtke – Public Policy Analyst,
Kate Werrett – RDA Project Manager, Tracy Tran – Project Manager, Erin Cunningham – RDA
Financial Analyst IV, Corinne Piazza – RDA-Senior Project Manager, Lauren Parisi – Senior
Project Manager
Director Chair Alejandro Puy presided at and conducted the meeting.
The meeting was called to order at 2:10 pm
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
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 the RDA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
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.)
Director Puy welcomed everyone to the meeting and reviewed the rules of decorum.
David Talbot spoke to the funding request from the Alliance House, asked the RDA to
support the funding request and thanked the Directors who had visited the facility.
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.Informational: Housing Development Funding Strategy Fiscal
Year 2024-25 ~ 2:05 p.m.
20 min.
The Board will receive an introductory briefing about the proposed Housing
Development Funding Strategy for Fiscal Year 2024-25. The Housing Development
Funding Strategy includes: a projected amount of revenue to be allocated to each
Housing Fund for the upcoming fiscal year; proposed housing funding priorities for the
upcoming fiscal year; and, the proposed funding allocations for specific housing activities
for the upcoming fiscal year.
Items C2 & C3 will be heard as one item.
Allison Rowland reviewed the purpose of the discussion and timeline for the proposal.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
2
Lauren Parisi and Tracy Tran presented the proposal including:
•Housing Allocation Funds Policy
•Annual Housing Funding Strategy
•FY24 Housing Activity Recap
•Current and future Salt Lake City deed restricted affordable housing development
map
•City supported affordable housing constructed since 2015 and future development
map
•Data charts showing a decrease in home ownership and a higher rate in rentals
•Number of commercial parcels having dropped in Salt Lake City
•Commercial growth rate having slowed while the percentage of lease rate increased
•Salt Lake City Housing Goals and Priorities:
◦Mayor’s 2024 Goals
◦Housing SLC
◦RDA Livability Benchmarks
•Recommended Annual Housing Priorities:
◦Wealth building opportunity
◦Affordable family housing with amenities for children
◦Deeply affordable housing
◦Neighborhood commercial and services
•Recommended Housing Activities:
◦Equity building Notice of Funding Availability (NOFA)
◦Housing Development Loan Program
◦Land acquisition/disposition
•Housing activities
•Housing Development Loan Program (HDLP) competitive NOFA
•FY25 Housing Activity Impact and Funding Strategy
•Redevelopment Advisory Committee comments
•Next steps
Directors, Lauren Parisi, and Tracy Tran discussed:
•Where the affordable units were being accounted for in the information
•Charts in the presentation representing data for Salt Lake City (not Salt Lake
County)
•Family size units and if one, two, or three bedrooms were necessary
•If free market developments offered three bedroom units more often than RDA
projects and what the incentives were for three bedroom units
•If the City was focused on bringing families back to downtown (the actions and
funding needed to match)
•Encouraging commercial affordable spaces was moving in a positive direction
•If the RDA was focusing on projects receiving Low Income Housing Tax Credits
(LIHTC),or projects that were not receiving tax credits
•The risk of considering projects not receiving tax credits
2.Resolution: Housing Development Loan Program (HDLP) Funding
Allocation for High Opportunity Areas
~ 2:25
p.m.
45 min.
The Board will consider adopting a resolution that would approve up to $2.7 million for
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
3
affordable housing projects located in “high opportunity areas.” These funds are
available through a special allocation within the RDA’s HDLP. Two applicants responded
to the Notice of Funding Availability (NOFA), requesting a total of $5.35 million in low
interest loans.
3.Resolution: Housing Development Loan Program (HDLP) Funding
Allocations for Gap Financing -
-
The Board will be briefed about and will consider adopting a resolution that would
approve up to $15.4 million in affordable housing funding allocations as selected through
a competitive Notice of Funding Availability (NOFA) for the HDLP. This year, Federal
Department of Housing and Urban Development (HUD) funds from the City’s Housing
Stability Division have been incorporated into the competitive NOFA through the HDLP.
The HDLP funds are available to projects located anywhere within Salt Lake City
municipal boundaries.
Allison Rowland gave a brief overview of the proposals, available funding, and purpose
for the request.
Tracy Tran, Danny Walz, and Kate Werrett reviewed the proposal highlighting:
•High Opportunity Area application overview
•Two applications received:
◦515 Tower – Conversion Phase 1 – $2.65M
◦Fairmont Heights II – $2.7M
•RDA finance recommendations
•FY2023-24 Competitive Housing Development Loan Program (HDLP) Notice of
Funding Available (NOFA) overview
•Application process
•Application summary:
◦20 applications received
◦15 applications eligible, five applications ineligible for HDLP funding
•Threshold requirements
•Project priorities
•Application review and overview
•Finance Committee recommendation
•Maps of development
Directors, Tracy Tran, Danny Walz, Kate Werrett, and Allison Rowland discussed:
•Funds that were not being allocated specific to HUD and applications having to
meet specific criteria; funds could be used for other projects after a specific time
frame had passed
•Why the application in District 6 was not eligible for funding and why it received a
low score
•Potential motions for the proposal
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
4
Motion:
Moved by Director Mano, seconded by Director Dugan to adopt RDA
Resolution 01 of 2024 Housing Development Loan Program (HDLP) Funding
Allocation for High Opportunity Areas and Housing Development Loan
Program (HDLP) Funding Allocations for GAP Financing.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin
Mano, Eva Lopez Chavez
Final Result: 7 – 0 Pass
4.Resolution: RDA Budget Amendment No.2 for Fiscal Year 2023-
24 ~ 3:10 p.m.
30 min.
The Board will receive a briefing about a resolution that would amend the final budget of
the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. 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 re-appropriating funding
for several previous projects in the Depot District and Station Center areas. The changes
consolidate appropriations to align with the City's new Workday financial system
structure. Most of the funding is for public infrastructure improvements in Station
Center which is located between 200 South to 400 South and 500 West to 600 West.
Ben Luedtke gave a brief overview of the amendment.
Erin Cunningham and Danny Walz presented the budget amendment including:
• Current appropriation and project budgets
• New project – Station Center property disposition and site work
• New project – Depot District infrastructure, design, construction, and site work
• Workday worktags and the RDA budget
• Appropriations and project budgets
• Redevelopment Agency funds
◦ Project area funds
◦ Housing funds
◦ Multi-Use funds
◦ Agency operation funds
• Budget amendment being budget neutral
Directors, Erin Cunningham, and Danny Walz discussed:
• Presentation and description of what would be happening
• Timeline for funding to be spent/collected for the Depot District
• No action required on this item
5.Informational: Japantown Visioning Process Update ~ 3:40 p.m.
30 min.
The Board will receive a briefing about the Japantown visioning process update. In 2018,
the RDA Board began supporting the revitalization of Salt Lake City's historic
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 1 , 2024
5
Japantown, located at 100 South between 200 and 300 West, through funding and
staffing a “visioning process” for the Japanese-American community. Institutions
including the Salt Lake Buddhist Temple, the Japanese Church of Christ, and the
Japanese Community Preservation Committee have worked since then to develop a
shared vision of how Japantown Street could be restructured to better serve the
community, particularly the key annual festivals of Obon, Nihon Matsuri and Aki
Matsuri.
Allison Rowland gave a brief overview of the Japantown project.
Corrine Piazza presented the project update including:
• Project background and flow of funds
• Alignment with Downtown Master Plan
• Japantown community concerns
• Facilitation process
• Japantown requirements
• Status update
• West Quarter project
• Japantown design strategy
• Board involvement and requirements
• Outcomes and accomplishments
• Current status and next steps
Directors and Corrine Piazza discussed:
• Tax reimbursement agreement
• If a Request for Proposal (RFP) had been released
Director Mano asked if bonding against the tax increment was considered, to fund the
project upfront, if not he wanted the Board to consider it.
Director Puy stated he would support bonding as well.
Director Petro stated she wanted further conversations with the leaders of the
community regarding bonding for the project, moving the project forward and informing
the community the project would be constructed around them.
Director Lopez Chavez stated the emphasis needed to be creating what the community
wanted, not what the City felt they wanted.
Danny Walz clarified the tax increment was a small portion of the funding needed for
the project and was unsure if the RDA could be the holder of the bond in the dollar
amount needed for the project.
Director Mano stated he wanted the Council and RDA to review funding whether it was
bonding, collaborating with the County or other entities; funding the project and make it
happen faster than the time frame the tax increment would provide.
6.Report and Announcements from the Executive Director TENTATIVE
5 min.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
6
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.
No report.
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:
•Project Updates;
•Request for Proposal Updates; and
•Scheduling items.
Danny Walz reported the following:
•Station Center project would be brought to the Board in April 2024
•S-Line extension would be brought to Board for update in April 2024
•Sunday Anderson Senior Center project had been awarded
•The Ball Park Next Request for Proposal (RFP) was in selection process
•Update on the Jeremy Street cleanup process
•Request for Proposal was out for on-call design services and would close on April
15, 2024
•Announced Corrine Piazza would be leaving RDA, moving to be closer to family
Director Puy thanked RDA Staff for all their work and collaboration with outside entities
on projects.
8.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
No report
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
1.Informational: Semiannual Status Report on RDA
Commercial Loan Portfolio Written Briefing
-
The Board will receive a written briefing about the status of the RDA’s commercial loan
portfolio. This report identifies the following:
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
7
•New loans approved between July 1, 2023 and December 31, 2023
•Remaining amount available in the existing portfolio
•Outstanding principal for the Revolving Loan Fund
•Any delinquencies
Written briefing only.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: RDA Budget Amendment No.2 for Fiscal Year 2023-
24 -
-
The Board will set the date of Tuesday, April 16, 2024 at 2 p.m. to accept public comment
and consider adopting a resolution that would amend the final budget of the
Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. 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 re-appropriating funding for several previous projects in the
Depot District and Station Center areas. The changes consolidate appropriations to align
with the City's new Workday financial system structure. Most of the funding is for public
infrastructure improvements in Station Center which is located between 200 South to
400 South and 500 West to 600 West.
Motion:
Moved by Board Member Dugan, seconded by Board Member Wharton to approve
the Consent agenda.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano,
Eva Lopez Chavez
Final Result: 7 – 0 Pass
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
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
8
Adjournment
(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.
Item not held.
G.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
9
Meeting adjourned at 4:07 pm
Minutes Approved:
_______________________________
Redevelopment Agency Chair Alejandro Puy
_______________________________
City Recorder
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Redevelopment Agency meeting held Tuesday, March 19, 2024 and is not intended to serve
as a full transcript. Please refer to the electronic recording for entire content pursuant to Utah
Code §52-4-203.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 19, 2024
10
REDEVELOPMENT AGENCY
F I S C A L Y E A R 2 0 2 3 - 2 0 2 4
B U D G E T A M E N D M E N T # 3
New Project Appropriations
Strategic Intervention: $1,721,227
RDA-FY23-NT-Strategic Intervention-NT: $1,397,327
RDA-FY24-NT-Strategic Intervention-NT: $285,490
New Project:
Whipple Property Acquisition
Strategic Intervention: $4,250,000
RDA-FY23-NT-Strategic Intervention-NT: $1,397,327
RDA-FY24-NT-Strategic Intervention-NT: $611,449
RDA-FY23-PIF-Strategic Intervention-NPA: $2,202,814
RDA-FY23-PIF-Strategic Intervention-NT: $38,410
RDA-FY23-PIF-Strategic Intervention-NT: $38,410
Commercial Assistance Reserves: $1,925,329
RDA-FY24-NT-Commercial Assistance Reserves-NT: $325,959
RDA-FY23-PIF-Commercial Assistance Reserves-NPA: $1,599,370
Housing Property Acquisition: $ 603,444 Legend:RDA-FY23-PIF-Housing Property Acquisition-9L
Project: PRJ-000011 RDA - 400 S/900W Acquisition: $603,444 North Temple Fund Program Income Fund
Appropriation Changes Impact
$2,528,773 shifts from Commercial Assistance Reserves and Housing Property Acquisition to Strategic Intervention
Current
Budget
Proposed
BudgetProjectProgramFundAppropriationChange
Available to allocate to
projects
Commercial
Assistance Reserves North Temple
RDA-FY24-NT-Commercial Assistance Reserves-
NT 543,277 (325,959)217,318
RDA-FY23-PIF-Commercial Assistance Reserves-
NPAProgram Income Fund 1,599,370 (1,599,370)
2,142,647 (1,925,329)
0
Available to allocate to projects Total 217,318
PRJ-000011 RDA - 400 Housing Property
S/900W Acquisition Acquisition Program Income Fund RDA-FY23-PIF-Housing Property Acquisition-9L 4,000,000
4,000,000
6,142,647 (2,528,773)
(603,444)
(603,444)
3,396,556
3,396,556
3,613,874
PRJ-000011 RDA - 400 S/900W Acquisition Total
Total
$4,250,000 New and Existing Strategic Intervention Program allocated to New Project: Whipple Property Acquisition
Current
Budget
Proposed
Project
New Project: Whipple
Property Acquisition
Program
Strategic Intervention North Temple
Program Income Fund
Fund Appropriation Change Budget
RDA-FY23-NT-Strategic Intervention-NT
RDA-FY24-NT-Strategic Intervention-NT
RDA-FY23-PIF-Strategic Intervention-9L
RDA-FY23-PIF-Strategic Intervention-NPA
RDA-FY23-PIF-Strategic Intervention-NT
0
0
0
0
0
0
0
1,397,327
611,449
603,444
1,599,370
38,410
4,250,000
4,250,000
1,397,327
611,449
603,444
1,599,370
38,410
4,250,000
4,250,000
New Project: Whipple Property Acquisition Total
Total
Workday Worktags & the RDA Budget
Appropriation
Cost Center Fiscal Year Fund Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments,
projects, or geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and
compliance. The RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be
monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal,
policy, or Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing,
Commercial, Infrastructure, and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which
means this Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Appropriations & Project Budgets
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Operations Appropriations Capital Reserves Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent
or encumbered by the end of the fiscal
year, drops to fund balance. Typically,
these would be for RDA operating
expenses. Occasionally may be
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval
to use these funds for specific loan
projects. Funds not awarded to projects
roll forward to the next year, unless
reappropriated by the Board.
Project Budgets
associated with a project budget (for
example, an office remodel).All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project
budgets may have multiple appropriations.
Redevelopment Agency Funds
Project Area Funds Housing Funds
Must be used within the boundaries of the project area, except for
money transferred to Primary Housing (legally required),
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legally obligated reasons.•
•
•
•
Primary Housing (1H)
Secondary Housing (2H)
•
•
•
•
•
•
•
•
•
•
•
•
Central Business District (CBD)
Block 70 (B70)
Depot District (DD)
Granary District (GD)
North Temple (NT)
North Temple Viaduct (NTV)
Stadler Rail (SR)
Northwest Quadrant (NWQ)
State Street (SS)
9 Line (9L)
Block 67 North (B67N)
West Capitol Hill (WCH)
Housing Development Fund (HDF)
West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
Revolving Loan Fund (RLF)•
Agency Operations Fund (OPS)
•Received transfers in from other funds to fund the Agency’s
operational expenses.Note: Region acronyms are the same as project area acronyms. If
there is “NPA” noted in an appropriation, it stands for “Non-Project
Area.”
ERIN MENDENHALL
Mayor
RDA BOARD TRANSMITTAL
MARY BETH THOMPSON
Chief Financial Officer
Date Received: 04/30/2024
Mayor Erin Mendenhall, Executive Director Date sent to Council: 04/30/2024
TO:Salt Lake City RDA Board DATE: April 30, 2024
Alejandro Puy, RDA Chair
FROM:Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Director
SUBJECT:RDA Budget Amendment #4, FY 2023-24
SPONSOR:NA
STAFF CONTACT: Danny Walz (801) 535-7209 or
Mary Beth Thompson (801) 535-6403 or
Greg Cleary (801) 535-6394 or
Mike Burns (801) 535-6461 or
Erin Cunningham (801) 535-7246
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: The Administration recommends that subsequent to a public hearing,
the RDA Board adopt the following amendment to the FY 2023-24 adopted budget.
BUDGET IMPACT:
The Fourth Amendment identifies appropriations for Agency operations and projects across
multiple funds.
REVENUE EXPENSE
RDA FUND $ 8,780,203.00 $ 7,294,792.00
TOTAL $ 8,780,203.00 $ 7,924,792.00
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 (Apr 30, 2024 14:31 MDT)
EXECUTIVE SUMMARY:
The purpose of the briefing is to provide final budget proposals for the Fourth Amendment
(“Amendment”). Mostly driven by a $7.7 million revenue increase in tax increment received
over budget, the proposed budget expenditure changes are fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other expenses related to Agency operations:
a. Taxing Entity Payments increased by $1,588,111.
b. Tax Increment Reimbursements increased by $1,019,916.
c. Primary Housing Contributions (not including School District Family & Workforce
Housing Requirements) increased by $589,124.
d. Agency Operations Fund Contributions increased by $790,676.
e. Debt Service and Other Contractual Obligations increased by $530,435.
f. Agency Operations Expenses increased by $228,117.
2. Discretionary expenses that may fall into the following types:
a. Transition Holding Account program funds to be allocated to the next fiscal year’s
budget would total $3,056,265.
b. Appropriations for programs and projects recommended by the Agency:
i. State Street Fund | Infrastructure and Studies Program
1. Ballpark NEXT Redevelopment Strategy project would increase by
$415,000.
The staff memo, included below, outlines greater details of project reallocations, and provides
additional staff analysis.
ATTACHMENTS:
A. RDA Budget Amendment #3 Resolution
B. Budget Amendment #3 Staff Memo
C. Budget Amendment Summary
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO
Fourth Budget Amendment for Fiscal Year 2023-2024
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2023-2024.
WHEREAS, on June 13, 2023, the Redevelopment Agency (RDA) Board of Directors
(Board) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2023,
and ending June 30, 2024, 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 annual 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 annual budget of the
RDA, as approved, ratified and finalized by the Board on June 13, 2023.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual 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 , 2024, to be effective upon adoption.
, Chair
Approved as to form:
Salt Lake City Attorney’s Office
Allison Parks
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]
Contingent Appropriation and Notes
Fiscal Year 2023-24 RDA Budget Amendment #4
Administration Proposed Board Approved
Initiative Number/Name Project Area Revenue Amount Expenditure Amount Revenue Amount Expenditure Amount Ongoing or One-time FTEs
Section A: New Items
1 Tax Increment Revenue Central Business District $2,621,013.00
1 Tax Increment Revenue Block 70 $304,764.00
1 Tax Increment Revenue Depot District $649,230.00
1 Tax Increment Revenue Granary District $253,977.00
1 Tax Increment Revenue North Temple $504,760.00
1 Tax Increment Revenue North Temple Viaduct $284,199.00
1 Tax Increment Revenue Stadler Rail $16,694.00
1 Tax Increment Revenue 9-Line $317,508.00
1 Tax Increment Revenue State Street $1,329,972.00
1 Tax Increment Revenue Northwest Quadrant $1,052,539.00
1 Tax Increment Revenue Block 67 North $358,599.00
2 Transfer In Primary Housing $589,124.00
2 Transfer Out Depot District $129,846.00
2 Transfer Out Granary District $50,795.00
2 Transfer Out North Temple $100,952.00
2 Transfer Out Stadler Rail $1,669.00
2 Transfer Out 9-Line $31,751.00
2 Transfer Out State Street $132,997.00
2 Transfer Out Northwest Quadrant $105,254.00
2 Transfer Out Block 67 North $35,860.00
3 Transfer In Agency Operations $790,676.00
3 Transfer Out Central Business District $262,102.00
3 Transfer Out Depot District $97,385.00
3 Transfer Out Granary District $38,096.00
3 Transfer Out North Temple $126,150.00
3 Transfer Out North Temple Viaduct $4,263.00
3 Transfer Out Stadler Rail $835.00
3 Transfer Out 9-Line $5,663.00
3 Transfer Out State Street $132,998.00
3 Transfer Out Northwest Quadrant $105,254.00
3 Transfer Out Block 67 North $17,930.00
4 Charges and Services Agency Operations $153,117.00
4 Operation and Maintenance Agency Operations $75,000.00
5 Debt Service and Contractual Obligations North Temple $27,766.00
5 Debt Service and Contractual Obligations North Temple Viaduct $279,936.00
5 Debt Service and Contractual Obligations Block 67 North $35,860.00
5 Debt Service and Contractual Obligations Primary Housing $81,619.00
5 Debt Service and Contractual Obligations Northwest Quadrant $105,254.00
6 Transfer out Central Business District $(292,852.00)
6 Transfer In Block 70 $(292,852.00)
7 Taxing Entity Payments Central Business District $1,572,608.00
7 Taxing Entity Payments Block 70 $11,912.00
7 Taxing Entity Payments 9-Line $3,591.00
8 TI reimbursements Stadler Rail $14,190.00
8 TI reimbursements Northwest Quadrant $736,777.00
8 TI reimbursements Block 67 North $268,949.00
9 Transition Holding Accout Central Business District $786,303.00
9 Transition Holding Accout Depot District $421,999.00
9 Transition Holding Accout Granary District $165,086.00
9 Transition Holding Accout North Temple $249,892.00
9 Transition Holding Accout 9-Line $276,503.00
9 Transition Holding Accout State Street $648,977.00
9 Transition Holding Accout Primary Housing $507,505.00
10 Infrastructire Study State Street $415,000.00
Section B: Grants for Existing Staff Resourc
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff R
Section F: Donations
-
Section G: Board Consent Agenda -- Grant
Section I: Board Added Items
Total of Budget Amendment Items -0 --
Total by Fund, Budget Amendment #4:
Redevelopment Agency Central Business District 2,621,013.00 2,328,161.00 -
Redevelopment Agency Block 70 11,912.00 11,912.00
Redevelopment Agency Depot District 649,230.00 649,230.00
Redevelopment Agency Granary District 253,977.00 253,977.00
Redevelopment Agency North Temple 504,760.00 504,760.00
Redevelopment Agency North Temple Viaduct 284,199.00 284,199.00
Redevelopment Agency Stadler Rail 16,694.00 16,694.00
Redevelopment Agency 9-Line 317,508.00 317,508.00
Redevelopment Agency State Street 1,329,972.00 1,329,972.00
Redevelopment Agency Northwest Quadrant 1,052,539.00 1,052,539.00
Redevelopment Agency Block 67 North 358,599.00 358,599.00
Redevelopment Agency Primary Housing 589,124.00 589,124.00
Redevelopment Agency Secondary Housing --
Redevelopment Agency Housing Development Fund --
Redevelopment Agency Westside Community Initiative --
Redevelopment Agency Program Income Fund --
Redevelopment Agency Revolving Loan Fund ---
Redevelopment Agency Agency Operations 790,676.00 228,117.00 -
-
Total of Budget Amendment Items 8,780,203.00 7,924,792.00 ---
Current Year Budget Summary, provided for infor
FY 2023-24 Budget, Including Budget Amen
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 80,803,841 -6,476,014 --$8,780,203.00 74,327,827
Total of Budget Amendment Items 80,803,841 -6,476,014 --74,327,827
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 80,803,841 -6,476,014 --$7,924,792.00 74,327,827
Total of Budget Amendment Items 80,803,841 -6,476,014 --74,327,827
Certification
Budget Manager
Deputy Director, City Council/RDA Board
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DANNY WALZ
Director
DATE: April 26, 2024
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #4, FY 2023-2024
REQUESTED ACTION: Discuss and consider the adoption of the proposed Fourth Amendment to the Annual
RDA Budget for Fiscal Year 2024.
BUDGET IMPACTS: The Fourth 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 Fourth
Amendment (“Amendment”). Mostly driven by a $7.7 million revenue increase in tax increment received over
budget, the proposed budget expenditure changes are fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractual
obligations or other expenses related to Agency operations:
a. Taxing Entity Payments increased by $1,588,111.
b. Tax Increment Reimbursements increased by $1,019,916.
c. Primary Housing Contributions (not including School District Family & Workforce Housing
Requirements) increased by $589,124.
d. Agency Operations Fund Contributions increased by $790,676.
e. Debt Service and Other Contractual Obligations increased by $530,435.
f. Agency Operations Expenses increased by $228,117.
2. Discretionary expenses that may fall into the following types:
a. Transition Holding Account program funds to be allocated to the next fiscal year’s budget would
total $3,056,265.
b. Appropriations for programs and projects recommended by the Agency:
i. State Street Fund | Infrastructure and Studies Program
1. Ballpark NEXT Redevelopment Strategy project would increase by $415,000.
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
ANALYSIS & ISSUES: This Budget Amendment outlines changes to multiple funds within the Agency's budget
for Fiscal Year 2024. The final tax increment distribution from the County totaled $53,093,492, surpassing our
initial budget by $7,693,255. As a result, adjustments are necessary for legally mandated expenses, including
payments to taxing entities and contributions from Project Area funds to the Primary Housing and Agency
Operations funds, as well as other contractual obligations. While Agency Operations expenses are not legally
mandated, they are necessary to maintain Agency operations.
Beyond these obligated expenses, Staff is proposing discretionary appropriations. If this budget amendment is
approved, it would allocate $3,056,265 across various funds to the Transition Holding Account program for use in
the Fiscal Year 2025 Budget. Additionally, Staff recommends adding $415,000 to the Infrastructure Studies and
Planning program, within the State Street project area fund for the Ballpark NEXT Redevelopment Strategy
project.
Revenue & Other Sources Adjustments
Revenue & Other Source Changes by Project Area Funds
All project areas have experienced higher than anticipated tax increment revenues. Notably, the Central Business
District, State Street, and Northwest Quadrant have led this increase. The Central Business District alone saw an
increase of $2,621,013 over the projected budget, signaling a rebound from the decline experienced over the past
few years. State Street and Northwest Quadrant also contributed significant amounts with increases of $1,329,972
and $1,052,539 respectively. Collectively, these three areas have driven a substantial portion of the overall
increase, contributing to the total tax increment rise of $7,693,255, which represents about 65% of the increase.
In prior years, funds were transferred from the Central Business District Fund to the Block 70 Fund to serve as
reserves for debt service. With the tax increment revenue for Block 70 above the budgeted amount, there is less
need to draw upon these reserves for debt payments.
Revenue Description Fund FY24 Budget Change FY24 BA4
Tax Increment Central Business District 24,644,694 2,621,013 27,265,707
Block 70 1,829,228 304,764 2,133,992
Depot District 5,422,435 649,230 6,071,665
Granary District 1,103,309 253,977 1,357,286
North Temple 1,008,715 504,760 1,513,475
North Temple Viaduct 2,774,419 284,199 3,058,618
Stadler Rail 141,297 16,694 157,991
9 Line 2,653,781 317,508 2,971,289
State Street 4,423,811 1,329,972 5,753,783
Northwest Quadrant 1,398,548 1,052,539 2,451,087
Block 67 North 0 358,599 358,599
Tax Increment Total 45,400,237 7,693,255 53,093,492
Transfer from CBD Eccles
Debt Service Reserve Block 70 747,501 (292,852)454,649
Account
Total 46,147,738 7,400,403 53,548,141
Revenue & Other Source Changes by Housing & Agency Operations Funds
The Primary Housing and Agency Operations funds are supported by revenue from project area funds. The
Primary Housing Fund is used to manage the Agency's legally required affordable housing contributions.
Contributions to the Agency Operations Fund are largely determined by set percentages in agreements with taxing
entities. Due to the increase in tax increment received from the project areas, there have been increased
allocations to these two funds. The Primary Housing Fund revenue budget will increase by $589,124, bringing the
new total to $2,957,760. Similarly, the Agency Operations Fund experienced an addition of $790,676, resulting in
a revised revenue budget of $5,219,338.
Fund Revenue Description FY24 Budget Change FY24 BA4
Primary Housing Transfer In from Depot District 1,084,487 129,846 1,214,333
Transfer In from Granary District 220,662 50,795 271,457
Transfer In from North Temple 201,743 100,952 302,695
Transfer In from Stadler Rail 14,130 1,669 15,799
Transfer In from 9-Line 265,378 31,751 297,129
Transfer In from Block 67 North 0 35,860 35,860
Transfer In from State Street 442,381 132,997 575,378
Transfer In from Northwest Quadrant 139,855 105,254 245,109
Primary Housing Total 2,368,636 589,124 2,957,760
Agency Operations Transfer In from Central Business District 2,464,469 262,102 2,726,571
Transfer In from Depot District 813,365 97,385 910,750
Transfer In from Granary District 165,496 38,096 203,592
Transfer In from North Temple 100,872 126,150 227,022
Transfer In from North Temple Viaduct 41,616 4,263 45,879
Transfer In from Stadler Rail 7,065 835 7,900
Transfer In from 9-Line 253,543 5,663 259,206
Transfer In from State Street 442,381 132,998 575,379
Transfer In from Northwest Quadrant 139,855 105,254 245,109
Transfer In from Block 67 North 0 17,930 17,930
Agency Operations Total 4,428,662 790,676 5,219,338
Total 6,797,298 1,379,800 8,177,098
Obligated Expenses & Other Uses Adjustments
Taxing Entity Payments
The Agency receives 100% of the tax increment from certain project areas and is obligated to reimburse specific
percentages back to the taxing entities based on interlocal agreements or initial project setups. Reflecting these
requirements, the budget amendment for Fiscal Year 2024 shows a combined increase of $1,588,111, which
adjusts the total appropriations for tax entity payments from the initial $10,501,863 to $12,089,974.
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Central
Business RDA-FY24-CBD-Taxing Entity Payments-CBD 9,621,707 1,572,608 11,194,315
District
Block 70 RDA-FY24-B70-Taxing Entity Payments-B70 548,768 11,912 560,680
9 Line RDA-FY24-9L-Taxing Entity Payments-9L 331,388 3,591 334,979
Total 10,501,863 1,588,111 12,089,974
Tax Increment Reimbursement Agreements
The Agency has entered into tax increment reimbursement agreements in some project areas, wherein developers
are reimbursed for certain improvement costs through the tax increment resulting from increased property values
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
tied to their projects. The budget adjustments in the table result in a total change of $1,019,916, updating the
combined budget for tax increment reimbursements to $2,119,002 across the listed project areas.
Quadrant
North
Primary Housing Fund Contributions
In compliance with Utah Code 17C, the Agency sets aside a minimum of 10% of the tax increment from most
project area funds specifically for affordable housing. Furthermore, for the 9 Line and State Street project areas,
the interlocal agreements with the School District stipulate that these contributions must be directed specifically
towards family and workforce housing. The required budget for these allocations has changed, as shown in the
provided image, with an increase of $589,124, adjusting the total budget to $2,957,760.
District Fund-DD
District Fund-GD
Temple Fund-NT
Fund-SR
Fund-9L
Required Family & Workforce Housing-9L
Fund-SS
Required Family & Workforce Housing-SS
Quadrant Fund-NWQ
North Fund-B67N
Agency Operations Expenses
The Agency Operations Fund receives a specified percentage of the tax increment from each project area,
determined by interlocal agreements with the taxing entities involved. This year, the fund has seen an increase in
contributions totaling $790,676. However, the Staff recommends increasing expenses by only $228,117 to address
rising operating costs. The surplus of $562,559 would be added to the fund balance to act as a financial buffer to
help bridge the gap between the expiration of the Depot District and Granary District project areas and the ramp-
up of tax increment collection in newer project areas. The Depot District will expire after Fiscal Year 2025 (Tax
Year 2024), and the Granary District will follow a year later.
Agency
Operations RDA-FY24-OPS-Administrative Fees-NPA 1,000,000 0 1,000,000
RDA-FY24-OPS-Charges & Services-NPA 296,883 153,117 450,000
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Stadler Rail RDA-FY24-SR-TI Reimbursements-SR 120,102 14,190 134,292
Northwest RDA-FY24-NWQ-TI Reimbursements-NWQ 978,984 736,777 1,715,761
Block 67 RDA-FY24-B67N-TI Reimbursements-B67N 0 268,949 268,949
Total 1,099,086 1,019,916 2,119,002
Depot RDA-FY24-DD-Internal Transfers - Primary Housing 1,084,487 129,846 1,214,333
Granary RDA-FY24-GD-Internal Transfers - Primary Housing 220,662 50,795 271,457
North RDA-FY24-NT-Internal Transfers - Primary Housing 201,743 100,952 302,695
Stadler Rail RDA-FY24-SR-Internal Transfers - Primary Housing 14,130 1,669 15,799
9 Line RDA-FY24-9L-Internal Transfers - Primary Housing 144,592 18,642 163,234
RDA-FY24-9L-Internal Transfers - School District 120,786 13,109 133,895
State Street RDA-FY24-SS-Internal Transfers - Primary Housing 182,405 64,487 246,892
RDA-FY24-SS-Internal Transfers - School District 259,976 68,510 328,486
Northwest RDA-FY24-NWQ-Internal Transfers - Primary Housing 139,855 105,254 245,109
Block 67 RDA-FY24-B67N-Internal Transfers - Primary Housing 0 35,860 35,860
Total 2,368,636 589,124 2,957,760
Fund FY24 Appropriation Project FY24 Budget Change FY24 BA4
RDA-FY24-OPS-Operating & Maintenance-NPA 375,000 75,000 450,000
RDA-FY24-OPS-RDA Personnel-NPA 2,756,779 0 2,756,779
Total 4,428,662 228,117 4,656,779
Debt Service and Other Contractual Obligations
In addition to the obligated expenses above, the Agency has debt service and other contractual obligations that are
impacted by the increased tax increment revenue as follows:
North Temple School Construction Reserves: A project has been established as a reserve fund per an
interlocal agreement with the School District, mandating the Agency to earmark portions of tax increment
for the construction of a prospective school. The total change of $27,766 will result in an amended budget
of $98,376.
North Temple Viaduct Debt Service: The Agency created the North Temple Viaduct project area to
mitigate the debt incurred by the City from bond issuance for infrastructure improvements in 2012.
Initially, the tax increment wasn't enough to cover debt service, requiring General Fund assistance. Apart
from a small percentage of increment transferred to the Agency Operations Fund, the remainder of the
increment is transferred to the City’s General Fund to facilitate debt service payments. The total change
of $279,936 will result in an amended budget of $3,012,739.
Northwest Quadrant Shared Costs Reserve: A project has been established as a reserve fund per the
interlocal agreement with the City to cover shared costs. This project will utilize tax increment financing
for redevelopment activities that benefit the entire project area, are system-wide, or that advantage
multiple property owners or parcels. The increase of $105,254 will result in a total of $245,108 added to
the reserve this fiscal year.
Japantown & the Block 67 North Interlocal Agreement: Per the interlocal agreement with the City, the
Agency is obliged to direct 10% of the tax increment toward the Japantown neighborhood. Although the
agreement mandates support for Japantown, it does not require a specific project. Agency staff
recommends these funds be designated to the RDA Arts & Culture Program, earmarking $35,860 for a
new Japantown Art project. The Agency also expects to request additional funding for this project in the
coming budget cycle.
School District Required Family & Workforce Housing: As previously mentioned, the funds from the 9
Line and State Street contributions are transferred into the Primary Housing Fund and expended from
there. These funds can be used with other allocations, such as the Housing Development Loan Program's
Notice of Funding Availability (NOFA) but are tracked separately to comply with the interlocal
agreement with the School District. The recent increase in contributions from these project area funds
totals $81,619, bringing the overall amount to $462,381.
Improvements-NT Construction Reserves
Improvements-NWQ
B67N
North RDA-FY24-NT- PRJ-000086 North
Temple Infrastructure Temple School 70,610 27,766 98,376
North RDA-FY24-NTV-Salt
Temple Lake City Debt Service- 2,732,803
Viaduct NTV
279,936 3,012,739
Northwest RDA-FY24-NWQ-PRJ-000087 NWQ
Quadrant Infrastructure Shared Costs Reserve 139,854 105,254 245,108
Block 67 RDA-FY24-B67N-RDA New Project: Japantown
North Arts & Culture Program-Art 0 35,860 35,860
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Primary
Housing
RDA-FY24-1H-School
District Required Family &
Workforce Housing-NPA
380,762 81,619 462,381
Discretionary Expenses & Other Uses Adjustments
Transition Holding Accounts
During the last fiscal year, the Agency established the Transition Holding Account program to manage surplus
revenue not earmarked for obligated expenses. Rather than allocating these funds within this amendment, the
Agency carries them over to the next fiscal year’s budget for simpler reconciliation by the Board. This timing
aligns with the simultaneous presentation of the Fiscal Year 2025 budget and the final amendment for the current
year. Staff recommends appropriating the additional $3,056,265 expected in the following funds in the next fiscal
year.
Central
District
District
Temple
Housing
Ballpark NEXT Redevelopment Strategy Project
Following the 2024 baseball season, the Salt Lake Bees baseball team will be moving to a new park in South
Jordan. This has created an opportunity for the Ballpark site and adjacent parking lot, located at 1300 South and
West Temple (approx. 13.5 acres) to be re-envisioned and potentially redeveloped. The Agency facilitated the
Ballpark NEXT Design Competition and followed up with a Community Visioning Process which elevated a set
of Guiding Principles to integrate into the next steps.
With the Fiscal Year 2024 Budget, the Board approved $300,000 for Ballpark Planning within the Ballpark
NEXT Redevelopment Strategy project. An initial $150,000 was used to hire a consultant to create a Design
Framework, leaving $150,000 remaining in the project budget.
Upon the approval of a straw poll in the December 2023 Board meeting, the Agency released a Request for
Proposals (RFP) for a specialized Ballpark NEXT Design Consultant Team to develop preferred concepts and an
overall implementation plan for the Ballpark Site. The consultant's proposed total for the scope of work was
$537,150, prompting the Agency to request an additional $415,000 to cover the scope and maintain a contingency
of $27,850 for potential change orders. Initially, funds were to come from the Strategic Intervention program, but
given the increase in tax increment received in the State Street project area, Staff is now recommending
appropriating $415,000 of those funds to add to the Infrastructure Studies and Planning program to fund this
project. Note that that the Ballpark Site is located outside the State Street Project Area however any activity
outside a project area determined by the board to benefit the State Street Project Area is an allowable use of
agency funds per Sections: 17C-1-409 and 17C-1-102.
Total 3,324,029 530,435 3,854,464
Business RDA-FY24-CBD-Transition Holding Account-CBD
District
0 786,303 786,303
Depot RDA-FY24-DD-Transition Holding Account-DD 0 421,999 421,999
Granary RDA-FY24-GD-Transition Holding Account-GD 0 165,086 165,086
North RDA-FY24-NT-Transition Holding Account-NT 0 249,892 249,892
9 Line RDA-FY24-9L-Transition Holding Account-9L 0 276,503 276,503
State Street RDA-FY24-SS-Transition Holding Account-SS 0 648,977 648,977
Primary RDA-FY24-1H-Transition Holding Account-NPA 0 507,505 507,505
Total 0 3,056,265 3,056,265
Deliverables will include a comprehensive site plan that identifies recommended right-of-way alignments,
development pads, building massing and scale, land use mix, and programming to support residents (“Design
Framework”). Primary goals of the Design Consultant RFP are to:
Ensure that the community’s Ballpark NEXT Guiding Principles are incorporated as a foundational
element of the Design Framework.
Utilize a team of specialists to advise the Agency on the implementation of human centered design and
programming, impact investment opportunities available through the Legacy Fund, and how to best
incorporate these opportunities into the Project.
Incorporate additional community representative input checkpoints along the way to inform key design
and programming decisions.
Incorporate the multiple moving pieces of the Project into a thoughtful Design Framework that includes
existing conditions, neighborhood opportunities, and aligns with existing engagement efforts.
Create a collaborative concept to inform the future RFP for a development team (or teams) to implement
the project.
Approval of this request will result in a total project budget of $715,000, as outlined in the table below. Should
the Board not approve the additional appropriation to this project, Staff recommends increasing the Transition
Holding Account program appropriation.
Fund FY24 Appropriation Project
FY24
Budget Change FY24 BA4
State Street
RDA-FY24-SS-
Infrastructure Studies and
PRJ-000051 RDA -
Ballpark Next 300,000 415,000 715,000
Planning-SS Redevelopment Strategy
300,000 415,000 715,000
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
2. Approval of the Fiscal Year 2023-2024 Budget Amendment #1.
3. Approval of the Fiscal Year 2023-2024 Budget Amendment #2.
4. *Pending* Approval of the Fiscal Year 2023-2024 Budget Amendment #3.
ATTACHMENTS:
1. Supplemental Slides of Expenditures Key Changes by Fund
R E D E V E L O P M E N T A G E N C Y
F I S C A L Y E A R 2 0 2 3 - 2 0 2 4
B U D G E T A M E N D M E N T # 4
Total Increase in Tax Increment Revenue
$7,693,255
Central Business District 2,621,013
State Street 1,329,972
Northwest Quadrant 1,052,539
Depot District 649,230
North Temple 504,760
Block 67 North 358,599
9 Line 317,508
Block 70 304,764
North Temple Viaduct 284,199
Granary District 253,977
Stadler Rail 16,694
Tax Increment Revenue Changes
Summary of Expense Changes
Total Project Area Funds Changes
292,852
415,000
Tax Incrment Increase Eccles Bond Debt Service Reserves
Reduction
Remaining Tax Increment Revenue Obligated Project Area Expenses Ballpark NEXT Redevelopment Strategy Transition Holding Accounts
Agency Operations Fund Changes
790,676 16 53 37 ,,15 15 79 57652,,050509 562,559
Incoming Transfers Charges & Services Operating &
Maintenance
Fund Balance
Note: Obligated Internal Transfers are the required transfers from Project Area Funds to Primary Housing and Agency Operations, which are based on a percentage of tax increment.
Obligated Internal Transfers
Transition Holding
Account
School District Required
Family & Workforce
Housing
Incoming Transfers
507,50581,619589,124
Primary Housing Fund Changes
2,548,760
7,400,4037,693,255
4,436,643
Central Business District
State Street
Primary Housing
Depot District
9 Line
North Temple
Granary District
Transition Holding Account Program
Total Transition Holding Account Funds Included in Fiscal Year 2025 Budget
$3,056,265
786,303
648,977
507,505
421,999
276,503
249,892
165,086
Project: Ballpark NEXT Redevelopment Strategy
Total Increase in Tax Increment Revenue in the State Street Project Area
$1,329,972
Remaining to Transition Holding Account
$648,977
Additional Project Funding Request
$415,000
Changes in Obligated Expenses
$265,995
E x p e n s e k e y c h a n g e s b y F u n d
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Programs Administration Assessment-CBD
Programming-CBD
Administration Fund-CBD
Debt Service-CBD
Payments-CBD
CBD
Project CBD Planning
Programs Account-CBD
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Central Business District
Obligation RDA Operations RDA-FY24-CBD-Gallivan -372,775 0 0 0 0 372,775
RDA-FY24-CBD-Gallivan - Management
& Maintenance Assessment-CBD 573,975 0 0 0 0 573,975
RDA-FY24-CBD-Gallivan -250,000 0 0 0 0 250,000
RDA-FY24-CBD-Internal Transfers -2,464,469 0 0 0 262,102 2,726,571
RDA-FY24-CBD-Internal Transfers -8,477,030 0 0 0 0 8,477,030
RDA-FY24-CBD-Property Management
and Maintenance-CBD 1,075,000 0 0 0 0 1,075,000
RDA-FY24-CBD-Taxing Entity 9,621,707 0 0 0 1,572,608 11,194,315
RDA-FY24-CBD-TI Reimbursements-1,300,000 0 0 0 0 1,300,000
Discretionary Capital Reserves RDA-FY24-CBD-Gallivan - Planning-PRJ-000061 RDA - Gallivan Plaza 509,738 0 0 0 0 509,738
RDA Operations RDA-FY24-CBD-Transition Holding 0 0 0 0 786,303 786,303
24,644,694 0 0 0 2,621,013 27,265,707
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves
Project
RDA-FY24-B70-Commercial
Relocation-B70
PRJ-000080 Bennion Jewelers
Relocation 100,000 0 0 0 0 100,000
RDA-FY24-B70-Eccles - Maintenance & PRJ-000084 Regent Street
Repairs-B70 Parking Structure Reserves 100,000 0 0 0 0 100,000
PRJ-000085 Regent Street
Maintenance 80,000 0 0 0 0 80,000
RDA-FY24-B70-RDA Arts & Culture
Program-B70
PRJ-000082 Eccles Fundraising
Fulfillment 125,000 0 0 0 0 125,000
PRJ-000083 Eccles Theater-
Operating Reserve for Ancillary
Spaces 475,000 0 0 0 0 475,000
RDA Operations
Programs
RDA-FY24-B70-Eccles Debt Service-
B70 9,599,991 0 0 0 0 9,599,991
RDA-FY24-B70-Taxing Entity Payments-
B70 548,768 0 0 0 11,912 560,680
Discretionary Capital Reserves
Project
RDA-FY24-B70-RDA Arts & Culture
Program-B70
PRJ-000081 Regent Street Event
Programming 25,000 0 0 0 0 25,000
11,053,759 0 0 0 11,912 11,065,671
Key Changes: Block 70
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-DD-Internal Transfers -
Administration Fund-DD 813,365 0 0 0 97,385 910,750
RDA-FY24-DD-Internal Transfers -
Primary Housing Fund-DD 1,084,487 0 0 0 129,846 1,214,333
RDA-FY24-DD-Property Management
and Maintenance-DD 150,000 0 0 0 0 150,000
Discretionary RDA Capital Reserves
Programs
RDA-FY24-DD-Commercial Assistance
Reserves-DD 500,000 0 0 0 0 500,000
RDA-FY24-DD-Infrastructure
Improvements-DD 3,680,056 0 (3,680,056)0 (3,680,056)0
Capital Reserves
Project
RDA-FY24-DD-Infrastructure
Improvements-DD
New Project: Depot District
Infrastructure, Design,
Construction, & Site Work 0 0 3,680,056 0 3,680,056 3,680,056
RDA Operations
Programs
RDA-FY24-DD-Internal Transfers -
Secondary Housing Fund-DD 1,000,000 0 0 0 0 1,000,000
RDA-FY24-DD-Transition Holding
Account-DD 0 0 0 0 421,999 421,999
7,227,908 0 0 0 649,230 7,877,138
Key Changes: Depot District
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-GD-Internal Transfers -
Administration Fund-GD 165,496 0 0 0 38,096 203,592
RDA-FY24-GD-Internal Transfers -
Primary Housing Fund-GD 220,662 0 0 0 50,795 271,457
RDA-FY24-GD-Property Management
and Maintenance-GD 5,000 0 0 0 0 5,000
Discretionary RDA Capital Reserves
Programs
RDA-FY24-GD-Commercial Assistance
Reserves-GD 1,003,435 0 0 0 0 1,003,435
RDA Operations
Programs
RDA-FY24-GD-Transition Holding
Account-GD 0 0 0 0 165,086 165,086
1,394,593 0 0 0 253,977 1,648,570
Key Changes: Granary District
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves RDA-FY24-NT-Infrastructure PRJ-000086 North Temple
Project Improvements-NT School Construction Reserves 70,610 0 0 0 27,766 98,376
RDA Operations RDA-FY24-NT-Internal Transfers -
Programs Administration Fund-NT 100,872 0 0 0 126,150 227,022
RDA-FY24-NT-Internal Transfers -
Primary Housing Fund-NT 201,743 0 0 0 100,952 302,695
Discretionary RDA Capital Reserves RDA-FY24-NT-Commercial Assistance
Programs Reserves-NT 543,277 0 0 (325,959)(325,959)217,318
RDA-FY24-NT-Infrastructure
Improvements-NT 100,000 0 0 0 0 100,000
RDA-FY24-NT-Strategic Intervention-NT
285,490 0 0 (285,490)(285,490)0
Capital Reserves RDA-FY24-NT-Infrastructure PRJ-000022 RDA - City Creek
Project Improvements-NT Daylighting Design Plan Budget 50,000 0 0 0 0 50,000
RDA-FY24-NT-Strategic Intervention-NT New Project: Whipple Property
Acquisition 0 0 0 611,449 611,449 611,449
RDA Operations RDA-FY24-NT-Transition Holding
Programs Account-NT 0 0 0 0 249,892 249,892
1,351,992 0 0 0 504,760 1,856,752
Key Changes: North Temple
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-NTV-Internal Transfers -
Administration Fund-NTV 41,616 0 0 0 4,263 45,879
RDA-FY24-NTV-Salt Lake City Debt
Service-NTV 2,732,803 0 0 0 279,936 3,012,739
2,774,419 0 0 0 284,199 3,058,618
Key Changes: North Temple Viaduct
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-SR-Internal Transfers -
Administration Fund-SR 7,065 0 0 0 835 7,900
RDA-FY24-SR-Internal Transfers -
Primary Housing Fund-SR 14,130 0 0 0 1,669 15,799
RDA-FY24-SR-TI Reimbursements-SR
120,102 0 0 0 14,190 134,292
141,297 0 0 0 16,694 157,991
Key Changes: Stadler Rail
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-9L-Internal Transfers -
Administration Fund-9L 253,543 0 0 0 5,663 259,206
RDA-FY24-9L-Internal Transfers -
Primary Housing Fund-9L 144,592 0 0 0 18,642 163,234
RDA-FY24-9L-Internal Transfers -
School District Required Family &
Workforce Housing-9L 120,786 0 0 0 13,109 133,895
RDA-FY24-9L-Taxing Entity Payments-
9L 331,388 0 0 0 3,591 334,979
Discretionary Capital Reserves
Project
RDA-FY24-9L-RDA Arts & Culture
Program-9L
New Project: 9-Line Public Art
Project 150,000 0 0 0 0 150,000
RDA Capital Reserves
Programs
RDA-FY24-9L-Accessory Dwelling Unit
Program-9L 1,455,680 0 0 0 0 1,455,680
RDA-FY24-9L-Commercial Assistance
Reserves-9L 500,000 0 0 0 0 500,000
RDA-FY24-9L-Strategic Intervention-9L
500,000 0 0 0 0 500,000
RDA Operations
Programs
RDA-FY24-9L-Transition Holding
Account-9L 0 0 0 0 276,503 276,503
3,455,989 0 0 0 317,508 3,773,497
Key Changes: 9 Line
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-SS-Internal Transfers -
Administration Fund-SS 442,381 0 0 0 132,998 575,379
RDA-FY24-SS-Internal Transfers -
Primary Housing Fund-SS 182,405 0 0 0 64,487 246,892
RDA-FY24-SS-Internal Transfers -
School District Required Family &
Workforce Housing-SS 259,976 0 0 0 68,510 328,486
Discretionary Capital Reserves
Project
RDA-FY24-SS-Infrastructure Studies
and Planning-SS
PRJ-000051 RDA - Ballpark Next
Redevelopment Strategy 300,000 0 0 0 415,000 715,000
RDA Capital Reserves
Programs
RDA-FY24-SS-Commercial Assistance
Reserves-SS 1,239,049 0 0 0 0 1,239,049
RDA-FY24-SS-Strategic Intervention-SS
3,364,709 0 0 0 0 3,364,709
RDA Operations
Programs
RDA-FY24-SS-Transition Holding
Account-SS 0 0 0 0 648,977 648,977
5,788,520 0 0 0 1,329,972 7,118,492
Key Changes: State Street
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves
Project
RDA-FY24-NWQ-Infrastructure
Improvements-NWQ
PRJ-000087 NWQ Shared Costs
Reserve 139,854 0 0 0 105,254 245,108
RDA Operations
Programs
RDA-FY24-NWQ-Internal Transfers -
Administration Fund-NWQ 139,855 0 0 0 105,254 245,109
RDA-FY24-NWQ-Internal Transfers -
Primary Housing Fund-NWQ 139,855 0 0 0 105,254 245,109
RDA-FY24-NWQ-TI Reimbursements-
NWQ 978,984 0 0 0 736,777 1,715,761
1,398,548 0 0 0 1,052,539 2,451,087
Key Changes: Northwest Quadrant
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Program-B67N
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Block 67 North
Obligation Capital Reserves
Project
RDA-FY24-B67N-RDA Arts & Culture New Project: Japantown Art 0 0 0 0 35,860 35,860
RDA Operations
Programs
RDA-FY24-B67N-Internal Transfers -
Administration Fund-B67N 0 0 0 0 17,930 17,930
RDA-FY24-B67N-Internal Transfers -
Primary Housing Fund-B67N 0 0 0 0 35,860 35,860
RDA-FY24-B67N-TI Reimbursements-
B67N 0 0 0 0 268,949 268,949
0 0 0 0 358,599 358,599
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Capital Reserves
Programs
RDA-FY24-1H-School District Required
Family & Workforce Housing-NPA
380,762 0 0 0 81,619 462,381
Discretionary Capital Reserves
Project
RDA-FY24-1H-Other Housing-NPA PRJ-000088 Sunday-Anderson
Senior Center - SLCO
Partnership 1,013,820 0 0 0 0 1,013,820
RDA Capital Reserves
Programs
RDA-FY24-1H-HDLP - Competitive-NPA
1,000,000 0 0 0 0 1,000,000
RDA Operations
Programs
RDA-FY24-1H-Transition Holding
Account-NPA 0 0 0 0 507,505 507,505
2,394,582 0 0 0 589,124 2,983,706
Key Changes: Primary Housing Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Discretionary Capital Reserves
Project
RDA-FY24-2H-Other Housing-NPA PRJ-000088 Sunday-Anderson
Senior Center - SLCO
Partnership 1,000,000 0 0 0 0 1,000,000
1,000,000 0 0 0 0 1,000,000
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Secondary Housing Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Discretionary Capital Reserves
Project
RDA-FY24-HDF-Shared Equity Housing-
NPA
PRJ-000089 Neighborworks for
Shared Equity Workforce 1,400,000 0 0 0 0 1,400,000
RDA Capital Reserves
Programs
RDA-FY24-HDF-Accessory Dwelling
Unit Program-NPA 1,000,000 0 0 0 0 1,000,000
RDA-FY24-HDF-HDLP - Competitive-
NPA 7,836,967 (6,476,014)0 0 (6,476,014)1,360,953
10,236,967 (6,476,014)0 0 (6,476,014)3,760,953
Key Changes: Housing Development Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Discretionary Capital Reserves
Project
RDA-FY24-WCI-Shared Equity Housing-
NPA
PRJ-000089 Neighborworks for
Shared Equity Workforce 700,000 0 0 0 0 700,000
RDA Capital Reserves
Programs
RDA-FY24-WCI-Wealth Building
Housing Opportunities-NPA 1,135,469 0 0 0 0 1,135,469
1,835,469 0 0 0 0 1,835,469
Key Changes: Westside Community Initiative
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Obligation RDA Operations
Programs
RDA-FY24-PIF-Operating &
Maintenance-NPA 330,000 0 0 0 0 330,000
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Program Income Fund
Discretionary Capital Reserves
Project
RDA-FY24-PIF-Gallivan - Maintenance
& Repairs-NPA PRJ-000057 Gallivan Repairs 214,692 0 0 0 0 214,692
RDA-FY24-PIF-Infrastructure
Improvements-NPA
PRJ-000078 Sugar House DI
Demolition 550,000 0 0 0 0 550,000
RDA Operations
Programs
RDA-FY24-PIF-Charges & Services-NPA
355,000 0 0 0 0 355,000
1,449,692 0 0 0 0 1,449,692
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Discretionary RDA Capital Reserves RDA-FY24-RLF-Commercial Revolving
Programs Loans-NPA 226,750 0 0 0 0 226,750
226,750 0 0 0 0 226,750
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Revolving Loan Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-OPS-Administrative Fees-
NPA 1,000,000 0 0 0 0 1,000,000
RDA-FY24-OPS-Charges & Services-
NPA 296,883 0 0 0 153,117 450,000
RDA-FY24-OPS-Operating &
Maintenance-NPA 375,000 0 0 0 75,000 450,000
RDA-FY24-OPS-RDA Personnel-NPA
2,756,779 0 0 0 0 2,756,779
4,428,662 0 0 0 228,117 4,656,779
Key Changes: Agency Operations Fund
A d d i t i o n a l i n f o r m a t i o n
Appropriation
Cost Center Fiscal Year Fund Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments,
projects, or geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and
compliance. The RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be
monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal,
policy, or Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing,
Commercial, Infrastructure, and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which
means this Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Workday Worktags & the RDA Budget
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project
budgets may have multiple appropriations.
Project Budgets
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval
to use these funds for specific loan
projects. Funds not awarded to projects
roll forward to the next year, unless
reappropriated by the Board.
Capital Reserves Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent
or encumbered by the end of the fiscal
year, drops to fund balance. Typically,
these would be for RDA operating
expenses. Occasionally may be
associated with a project budget (for
example, an office remodel).
Operations Appropriations
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Appropriations & Project Budgets
Project Area Funds
Must be used within the boundaries of the project area, except for
money transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legally obligated reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
•West Capitol Hill (WCH)
Note: Region acronyms are the same as project area acronyms. If
there is “NPA” noted in an appropriation, it stands for “Non-Project
Area.”
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Received transfers in from other funds to fund the Agency’s
operational expenses.
Redevelopment Agency Funds
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DANNY WALZ
Director
DATE:April 26, 2024
PREPARED BY:Lauren Parisi & Makena Hawley, RDA Project Managers
RE:Use of State Street Funds for Ballpark Site
REQUESTED ACTION:Consider adoption of a resolution determining that the use of project area
funds on the Ballpark properties will benefit the State Street Project Area
POLICY ITEM:State Street Community Reinvestment Area
BUDGET IMPACTS:N/A
EXECUTIVE SUMMARY: Utah Code 17C permits the Redevelopment Agency (“RDA”) to participate
in project area development outside of a project area if the RDA Board of Directors (“Board”) determines
that such development will be a benefit to the project area. Though wholly surrounded by the State Street
Community Reinvestment Area (“CRA”), the Ballpark site located at approximately 77 West 1300 South
along with multiple adjacent parcels are not included within the CRA’s boundaries. As a matter of
procedure, approval of the attached resolution would establish that the use of State Street funds on this
particular site will benefit the State Street project area as a whole.
ANALYSIS:
Utah Code Section 17C-1-409 states that an Agency may use funds for “project area development in a
project area.” Section 17C-1-102 defines project area development as “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… any activity described in this Subsection (48) [including
development planning] outside of a project area that the board determines to be a benefit to the project
area.”
Approval of the attached resolution aims to ensure compliance with this section of state code where the
Board must make a determination that spending State Street CRA funds on the Ballpark site will benefit the
State Street CRA. The benefits to the State Street CRA that come from supporting the development of the
Ballpark site are numerous including, but not limited to:
Bringing more people to the site to support surrounding State Street businesses
Activating the site to promote general safety throughout the neighborhood
Increasing pedestrian connectivity to and through the site to benefit existing residents and visitors
alike
As described within the RDA’s FY24 Budget Amendment #4, $415,000 of tax increment from the State
Street CRA is being requested to secure a consultant to create a design framework and vision for the
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
2
Ballpark development project. If additional State Street funds are needed to support the Ballpark project in
the future, these requests will continue to be brought to the Board for consideration as part of the Agency’s
budget process.
ATTACHMENTS:
Attachment A – Resolution
3
ATTACHMENT A – RESOLUTION
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO
Determination that the Use of Project Area Funds on
the Ballpark Properties will Benefit the State Street Project Area
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY DETERMINING THAT THE USE OF PROJECT AREA FUNDS ON
THE BALLPARK PROPERTIES WILL BENEFIT THE STATE STREET PROJECT AREA.
WHEREAS, the Redevelopment Agency Board of Directors (Board) adopted the State
Street Community Reinvestment Area (Project Area) pursuant to Resolution 25 of 2018 to
facilitate community reinvestment activities as described in the plan.
WHEREAS, the Project Area generally runs along State Street from downtown to 2100
South and includes blocks east and west of State Street. The Project Area exempts the ballpark and
some immediately adjacent parcels from the Project Area; however, these parcels are wholly
surrounded by the Project Area. A depiction of the Project Area and exempted ballpark properties
is attached as Exhibit A. The exempted parcels are collectively referred to in this resolution as
“Ballpark.”
WHEREAS, Utah Code 17C permits the Redevelopment Agency (RDA) to participate in
project area development outside of a project area if the Board determines that such development
will be a benefit to the project area.
WHEREAS, the RDA desires to participate in project area development at the Ballpark,
which is outside of the Project Area, and as such, requires a determination that the project area
development will be a benefit to the Project Area.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City that project area development at the Ballpark, which is
outside of the Project Area but wholly surrounded by the Project Area, will benefit the Project
Area.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this day of , 2024, to be effective upon adoption.
, Chair
2
Approved as to form:
Salt Lake City Attorney’s Office
Allison Parks
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
[Depiction of Project Area and Ballpark]
STATE STREET PROJECT AREA
Legend
State Street Project Area
1,000 500
0 1,000 Feet ±
NWQ, LLC
TAX INCREMENT REIMBURSEMENT
Phases 2 & 3
RDA BOARD MEETING – MAY 14, 2024
MASTER PLAN, AUGUST 2016
•Establishes the vision and land use plan for future development, from which subsequent zoning
amendments were based.
ZONING & OVERLAY DISTRICTS, 2016 - 2018
•Establishes natural areas to protect sensitive lands and developable areas zoned as M1: Light
Manufacturing.
CRA ESTABLISHED, JANUARY 2018
•Enables the collection of tax increment to facilitate economic development and master plan
implementation.
•An interlocal agreement between Salt Lake City and the RDA establishes that the RDA collect 75% of
tax increment for project area development activities over a 20-year term. The remaining 25% is
retained by the City.
DEVELOPMENT AGREEMENT, JANUARY 2018
•The RDA and City entered into a Master Reimbursement and Development Agreement with NWQ, LLC.
•The Agreement establishes “reimbursement qualified expenses” that are eligible for a tax increment
reimbursement.
NWQ TI REIMBURSEMENT POLICY, AUGUST 2018
•Establishes the policies and procedures for evaluating and approving a Tax Increment Reimbursement
Agreement.
•Applications for a reimbursement of $1 million or more of tax increment shall be subject to a public
benefits analysis completed by a third-party consultant.
NWQ TI REIMBURSEMENT AGREEMENT, MAY 2020
•The RDA and NWQ, LLC entered into a tax increment reimbursement agreement for Phase I with a
maximum reimbursement of $28 million.
NWQ, LLC’s Phases 2 & 3 are adjacent to the already developed International Center,
Phase 1, and within the area identified for development through the Northwest Quadrant
Master Plan.
APPLICANT: NWQ, LLC
PROPERTY: 950.56 total acres
Phase 2: 342.51 acres
Phase 3: 608.05 acres
RDA PARTICIPATION: 70%
TERM: 20 Years or the sum of the remaining collection years of
the Project Area, whichever is less
MAXIMUM REIBURSEMENT: $49,562,855
ELIGIBLE EXPENSES: $288,283,201
•Systemwide Improvements: $48,173,936
Improvements that benefit the larger area within Phase 2 & 3
•Project-Specific Improvements: $240,109,264
NWQ, LLC’s improvements specific to Phase 2 & 3 of property development.
Note: NWQ, LLC may only receive a reimbursement after the improvements are developed and the property
generates sufficient tax increment.
Note: Annual reimbursements subject to verification of the actual costs incurred by NWQ, LLC.
NWQ, LLC’s Phases 2 & 3 will include light industrial warehousing that
accommodate manufacturing, warehouse, and distribution tenants of
varying size.
Private investment for the planned system-wide improvements and the
Phase I development includes over $1.8 billion million in capital
expenditures.
Approximately 14.7 million square feet of development will be
generated to support over 7,300 jobs (PH 2: 2,842 & PH 3: 4,516 jobs).
Source Moderate Scenario
Value
High Scenario
Value
Total City Tax Increment $81,506,526 $94,405,437
City Portion (25%)$20,376,632 $23,601,359
RDA Portion (75%)$61,129,894 $70,804,078
Note: Tax increment values are projections over the remaining 15 years of the Project Area term
based on the Public Benefits Analysis completed by LRB Public Finance Advisors.
Use %Moderate Scenario High Scenario
Tax Increment
Reimbursement 70%$42,790,926 $49,562,855
Affordable Housing 10%$6,112,989 $7,080,408
RDA Administration 10%$6,112,989 $7,080,408
Shared Costs 10%$6,112,989 $7,080,408
Total Uses of Tax Increment 100%$61,129,894 $70,804,078
Note: Tax increment uses are projections based on the Public Benefits Analysis completed by LRB Public Finance Advisors.
•There are significant extraordinary infrastructure
improvements in the NWQ area, including soil remediation,
access to utilities and renewable energy investments.
•Tax increment participation will assist with removing
development impediments and the system-wide
infrastructure investment will lead to substantial
development within the remaining NWQ area.
•The Development has the potential to create billions of new
assessed value within an underutilized area that has
generated very little tax revenue historically for the City.
•The Development is projected to create over 7,300 new jobs.
•“But for” the use of tax increment, this area will remain
underutilized and vacant.
1
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DANNY WALZ
Director
DATE:April 26, 2024
PREPARED BY:Kate Werrett, Project Manager
RE:Consideration of the terms of a tax increment reimbursement request from NWQ,
LLC for light industrial warehouse development located in Phases II & III of the
Northwest Quadrant Community Reinvestment Area
REQUESTED ACTION:Consider approving a resolution authorizing a property tax increment
reimbursement of up to $49,562,855 to NWQ, LLC for its Phases II & III
of development.
POLICY ITEM:Northwest Quadrant Tax Increment Reimbursement Policy
BUDGET IMPACTS:Up to $49,562,855 of future tax increment proceeds with the actual
reimbursement amount based on increment generated only by Phases II &
III of the project.
EXECUTIVE SUMMARY: NWQ, LLC (“Developer”) has requested a tax increment reimbursement
for the development of improvements in the Northwest Quadrant Community Reinvestment Area
(“CRA”) that meet the goals and objectives of the Redevelopment Agency of Salt Lake City (“RDA”). If
the terms of a tax increment reimbursement agreement (“Reimbursement Agreement”) are approved,
Developer will receive a percentage of the tax increment generated from Phases II & III of its
development for a specified timeframe, and the RDA will receive the residual tax increment for other
project area development activities, RDA Administration, and affordable housing. The Developer may
only receive a reimbursement after the improvements are developed and the property generates sufficient
tax increment, with reimbursements subject to verification of the actual costs incurred by the Developer.
The Developer’s request includes the reimbursement of certain eligible improvements (“Reimbursable
Improvements”), separated into the following categories:
Systemwide Improvements: Infrastructure improvements that will facilitate the development of
the entire CRA.
Project-specific Improvements: Improvements that will facilitate the Developer’s second and
third phases of development, encompassing 950.56-acres of land and provide approximately 14.7
million square feet of light industrial and manufacturing space (“Phases II & III”).
Pursuant to established polices and agreements, the RDA and Developer have negotiated the terms of a
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
2
Reimbursement Agreement for consideration by the RDA Board of Directors (“Board”) – refer to
Attachment C: Resolution and Term Sheet.
RDA FINANCE COMMITTEE RECOMMENDATION: On April 17, 2024, the RDA Finance
Committee (“Committee”) convened to review the Developer’s request. The Committee unanimously
recommended the approval of the request with the terms contained herein.
ANALYSIS & ISSUES: Additional information on the project’s I) Background, II) Overview, III) Tax
Increment Budget, IV) Eligible Improvements, V) Policy Alignment, and VI) Applicant is as follows:
I. Background
The CRA is located north of Interstate 80 and includes over 3,000 acres of developable land
(Attachment A). To facilitate development of the CRA, Salt Lake City (“City”) and the RDA carried
out the following efforts:
Community Reinvestment Area, January 2018: The RDA established the CRA to enable the
collection of tax increment to carry out economic development and master plan implementation.
Subsequently, the RDA entered into an interlocal agreement with the City to collect 75% of the
City’s tax increment for a period of 20 years (“Project Area Increment”).
Master Reimbursement and Development Agreement, January 2018: The RDA and City
entered into a Master Reimbursement and Development Agreement (“Development Agreement”)
with each of the two majority property owners within the CRA. Pursuant to the Development
Agreement with Developer, 70% of Project Area Increment generated from Developer’s respective
property shall be available for reimbursement. Prior to receiving Project Area Increment, Developer
shall complete an application and review process and enter into a separate tax increment
reimbursement agreement (“Reimbursement Agreement”) that is approved by the Board.
Northwest Quadrant Tax Increment Reimbursement Policy, August 2018: The RDA adopted
the Northwest Quadrant Tax Increment Reimbursement Policy (“Policy”) that establishes the
policies and procedures for evaluating and approving a Reimbursement Agreement. Pursuant to the
Policy, applications for a reimbursement of $1 million or more of tax increment shall be subject to
a public benefits analysis completed by a third-party consultant. Refer to Attachment D: Public
Benefits Analysis for an analysis of the Developer’s request for Phases II & III completed by LRB
Public Finance Advisors (“LRB”).
Northwest Quadrant Phase I Tax Increment Reimbursement Agreement, May 2020: In
accordance with the Northwest Quadrant Tax Increment Reimbursement Policy, the RDA entered
into a Participation and Reimbursement Agreement with NWQ, LLC for Phase I of the
development.
II. Project Overview
In coordination with adjacent property owners, the Developer is working to develop the SLC Port
Global Logistics Center, an approximately 3,000-acre industrial and intermodal development that is
served by rail and can accommodate manufacturing, warehouse, and distribution tenants of varying
size. The Developer is the record owner of approximately 1,800 acres of land within the CRA.
Development activities have been phased. Currently, the known phases have approximately the
following acreage:
Phase I: 361 acres
Phase II: 342.51 acres
Phase III: 608.05 acres
3
Refer to Attachment B: Site Map for a map of the development plan. Private investment for the
planned system-wide improvements and the Phases II & III development will be over $1.8 billion.
Phases II & III may create over $3.4 billion of new assessed value and generate approximately 7,300
jobs.
III. Tax Increment Budget
According to the analysis by Lewis Robertson Burningham Public Finance Advisors (LRB), the RDA
is projected to receive between $61,129,894 and $70,804,078 in Project Area Increment from
Developer’s Phases II & III development over a 15-year period. Of the actual amount, Developer is
proposed to receive 70% as a reimbursement for Reimbursable Improvements. Tax increment
projections are as follows:
SOURCE MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Total City Tax Increment $81,506,526 $94,405,437
City Portion (25%)$20,376,632 $23,601,359
RDA Portion (75%)$61,129,894 $70,804,078
Pursuant to the Development Agreement, the Developer has requested 70% of the RDA’s portion of
tax increment, which is projected to be between $42,790,926 and $49,562,855. Uses of tax increment
are as follows:
USES %MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Tax Increment Reimbursement 70%$42,790,926 $49,562,855
CRA Housing 10%$6,112,989 $7,080,408
RDA Administration 10%$6,112,989 $7,080,408
Shared Costs 10%$6,112,989 $7,080,408
Total Uses of Tax Increment $61,129,894 $70,804,078
IV. Reimbursable Improvements
The Developer has submitted a combined $288,283,201 in projected Reimbursable Improvements for
Systemwide and Project-Specific categories, as provided below:
IMPROVEMENT DESCRIPTION OF COSTS AMOUNT*
Rail Plat A
Subdivision Roadway
Improvements
Road construction of 400 North from 8000 West to
7400 West and 7400 West from 700 North to 400
North. These roads shall be dedicated public roads
when complete.$3,826,355
700 North Extension
to 8000 West
Road widening with swale (storm drain) and
sidewalk improvements to 8000 West from 6715
West.$5,340,896
700 North Extension
past 8000 West
Total construction and buildout of the road from
8000 West (Where the road currently ends) that will
be constructed to 8780 West.$12,847,992
Lift Station 1 Infrastructure required by Salt Lake City Public
Utilities for sanitary sewer service for the area.$242,176
Gas Regulator Station
Land Dedication
Land for Dominion Energy regulator station which
provides necessary infrastructure for natural gas
service from a high-pressure gas line to an end user.$1,355,987
System Wide
Improvements
I-80 Frontage Road
Canal
Frontage storm drain canal that parallels the North
Temple frontage Road that will run up to 8780 West $900,000
4
from 8000 West. Roughly 5,070 linear feet of
improvements.
Land Dedication for
Roads in Phase III
8090 West, 8260 West, 8430 West roads that run
from 700 North to 1400 North.
8600 West road that runs from 800 North to 1400
North.
1000 North and 1200 North roads that run from 8000
West to 8780 West.$20,948,555
Storm Water
Filtration System
Improvements on all existing storm drain
infrastructure and dedicated public roads within the
NWQ Project Area: 700 North, 1000 North, 6550
West, 6715 West, 6880 West, 7400 West, 400 North,
8090 West, 8260 West, 8430 West, 8600 West, 8000
West.$2,711,974
Total System Wide Improvement Costs $48,173,936
Imported Fill
Building Foundations
Required imported fill due to the present risk of
liquefaction and poor soils.$30,056,585
20 Mil Vapor Barrier
Vapor barrier to be installed under each building
footprint to mitigate the risk of environmental vapor
intrusion pathways that arise from the former North
Temple landfill site.$38,644,180
Soft Spot Repair Imported cobble, rock, and fill required to fix and
remediate poor soils.$2,236,724
Insulated Sandwich
Panels
Cost differential between standard tilt-up panels and
high-insulating sandwich panels to promote
sustainable development.$34,350,382
Solar Panels
Photovoltaic Systems that will be placed upon
building rooftops that generate electricity and help
remove carbon footprint.$134,821,393
Project Specific
Improvements
(Phases II & III)
Total Project Specific Improvement Costs $240,109,264
Total Combined Reimbursable Improvements Costs $288,283,201
*Note: A cost escalator of 10% per line item may be applied to address inflation or market increases as improvements are
developed over time.
Pursuant to the proposed terms (Attachment C), the reimbursement may be applied to any of the listed
Reimbursable Improvements provided however that reimbursement does not exceed the actual cost
incurred by the Developer.
V. Policy Alignment
The Developer’s request aligns with the RDA and City’s plans and policies for the CRA and Northwest
Quadrant. Policy alignment includes the following:
Economic Development: The Developer’s Phases II & III development will create a dynamic
employment center that will allow for the recruitment, retention, and expansion of businesses to
provide livable-wage jobs and enhance economic prosperity. According to LRB’s analysis, the
project will generate over 7,300 jobs with an average wage of $48,037. In addition, it is estimated
that the Developer’s project will employ approximately 160 construction workers generating over
$79.4 million in construction salaries over a 10-year period.
Infrastructure Improvements: The Developer’s project will construct infrastructure in a
coordinated, efficient, and systematic manner for the facilitation of economic development and
implementation of the City general plan, including the Major Street Plan, the Northwest Quadrant
Master Plan, and the Northwest Quadrant Master Drainage Plan.
5
Sustainability: The Developer’s project will include a significant solar component to reduce
greenhouse gas emissions and reduce energy consumption. The solar component will assist in
mitigating impacts to air quality as new development occurs in the CRA.
The Northwest Quadrant Tax Increment Reimbursement Policy was approved prior to the RDA’s
Sustainable Development Policy. RDA staff and the attorney’s office have determined that tax
increment reimbursement agreements entered into within the CRA and in compliance with the
Northwest Quadrant Tax Increment Reimbursement Policy are not subject to the RDA’s
Sustainable Development Policy.
Affordable Housing: 10% of the tax increment generated from the Developer’s project, estimated
to be between $6.1 and $7.1 million, will be allocated toward affordable housing to ensure the
availability and affordability of quality housing throughout the City.
VI. Applicant Information
The tax increment reimbursement request is being coordinated by SLC GLC on behalf of NWQ,
LLC. SLC GLC is an entity associated with Colmena Capitol, one of Developer’s managing
members. As part of the Colmena Group, SLC GLC has real estate experience in developing, owning,
and managing multi-family apartments, commercial office space, student housing, research parks,
retail, hotel, industrial warehouses, and mixed-use properties. The Colmena Group has a current
portfolio of over $1.6 Billion, 5 million square feet and approximately 11,000 housing units.
PREVIOUS BOARD ACTION:
January 2018: The RDA Board approved Resolution No. R-1-2018 and the Salt Lake City Council
approved Ordinance 1-2018 adopting the Northwest Quadrant Community Reinvestment Area.
January 2018: The RDA Board approved Resolution No. R-4-2018 and the Salt Lake City Council
approved Ordinance 4-2018 authorizing approval of a development agreement between the RDA,
City, and NWQ, LLC.
August 2018: The RDA Board adopted Resolution No. R-26-2018 adopting the Northwest
Quadrant Tax Increment Reimbursement Policy.
August 2019: The RDA Board adopted Resolution No. R-11-2019 adopting the NWQ LLC Phase I
Tax Increment Reimbursement Agreement.
ATTACHMENTS:
A.Northwest Quadrant CRA Map
B.Site Map
C.Resolution and Term Sheet
D.Public Benefits Analysis
6
ATTACHMENT A: NORTHWEST QUADRANT CRA MAP
NWQ COMMUNITY REINVESTMENT AREA PLAN 7
1.NATURAL AREA
Area in which new development is limited for the
protection of sensitive lands and wiIdIife near the Great
SaIt Lake shorela nds.
2.ECO INDUSTRIAL BUFFER
Within this 400' tract of land, development may
occur with additional development standards that are
intended to help mitigate impacts on wildlife and the
nat ur aI areas.
3.DEVELOPMENT AREA
Area in which development of light manufacturing
uses may occur to promote economic development.
Supportive uses, such as restaurants, retaiI, and
services stations are also permitted within this area.
4.EXISTING RAILROAD
A short line railroad currently crosses under 1-80 west
of the Inter national Center. This raiI aIignment has the
potentia I to be expanded into the Development Area to
boost the economic advantage of the area.
5.MOUNTAINVIEW CORRIDOR@ 1-80
UDOT's expansion pl ans for the Mountai nview Corridor
include a system connection located at 1-80 halfway
between the 5600 W and 7200 W ramps.
6.PLANNED STREETS
Two streets wi11 be b uiIt to serve the new correctiona I
facility. These streets will need to be up sized to
accommodate economic development and growth.
7.CONCEPTUAL STREETS
Once finalized, Salt Lake City's Major Street PIan wi11
be updated to include additional arterial and collector
streets, thereby ena bling these streets to be eligible for
impact fees. As development occurs, adjustments to
the Major Street Plan may occur to provide flexibility.
8.7200 WEST @ I - 80
To be deve Ioped as a major gateway to SaIt Lake City.
Development is anticipated to be 4 - 5 stories high,
and provide office, lodging, and other services that wi11
sup port the area's employees and visitors.
DEVELOPMENT FRAMEWORK MAP SALT LAKE CITY NORTHWEST QUADRANT
0 4,100
I.......... ,_... . ._I....... ,._..............I
8,200 Feet f - - - -
: ----------..DEVELOPMENT FRAMEWORK
I : : : : : : Proposed RDA Area ==== Planned Streets
Development Buffer Conceptual Streets
I
I
I
I
Development Area ""'"""'" Existing Railroad
Landfill Area (closed)-Canal
Natural Area
SLCRDA
r--""
I
I
I
I
TO TOOELE
8
ATTACHMENT B: SITE MAP
9
ATTACHMENT C: RESOLUTION AND TERM SHEET
10
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO.
NWQ LLC Phases II & III Tax Increment Reimbursement Agreement
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING A TAX INCREMENT REIMBURSEMENT
AGREEMENT WITH NWQ LLC FOR ITS PHASES II & III OF DEVELOPMENT.
WHEREAS, the Redevelopment Agency of Salt Lake City (RDA) was created to transact
the business and exercise the powers provided for in the Utah Community Reinvestment Agency
Act.
WHEREAS, pursuant to RDA Resolution 1-2018 and Salt Lake City (City) Ordinance 1-
2018, the RDA and City adopted the Northwest Quadrant Community Reinvestment Area Plan
(Project Area).
WHEREAS, the RDA and City entered into an interlocal agreement authorizing use of
75% of the City’s tax increment (Project Area Increment) to support the implementation of the
Project Area plan.
WHEREAS, the RDA entered into a Master Development and Reimbursement Agreement
with NWQ LLC (Developer) that specifies up to 70% of Project Area Increment generated from
Developer’s respective property shall be available for reimbursement pending the execution of a
tax increment reimbursement agreement (Agreement).
WHEREAS, pursuant to RDA Resolution 26-2018, the RDA has established a tax
increment reimbursement policy for the Northwest Quadrant Community Reinvestment Area
(NWQ TI Policy) that establishes the policies and procedures for entering into an Agreement with
Developer.
WHEREAS, pursuant to the NWQ TI Policy, Developer entered into an Agreement with
the RDA on May 12, 2020 for phase I of their development.
WHEREAS, for phases II and III of their development, Developer intends to develop an
additional 950.56 acres within the Project Area (Property) for the purpose of constructing an
industrial development that can accommodate manufacturing, warehouse, and distribution tenants of
varying size (Project-Specific Improvements).
WHEREAS, Developer also intends to develop the Property with utility and street
infrastructure that will facilitate the development of the larger Project Area (Systemwide
Improvements).
WHEREAS, Developer’s development of the Project-Specific Improvements and
1
2
11
Systemwide Improvements will contribute to achieving the goals, policies, and purposes of the
Project Area plan.
WHEREAS, to facilitate Developer’s development of the Project-Specific Improvements
and Systemwide Improvements, the RDA is willing to provide a reimbursement of Project Area
Increment from the Property to Developer in the maximum amount of $49,562,855.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the term sheet for the tax
increment reimbursement agreement between the RDA and Developer, attached as Exhibit A, is
hereby approved. The Board finds that the proposed development will contribute to achieving the
goals, policies, and purposes of the Northwest Quadrant Project Area plan. The Board hereby
authorizes the Executive Director to negotiate and execute a tax increment reimbursement
agreement with NWQ LLC consistent with the term sheet. The documents shall also incorporate
such other terms as recommended by the Salt Lake City Attorney’s Office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
day of , 2024
Alejandro Puy, Chair
Transmitted to the Executive Director on .
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Approved as to form:
Salt Lake City Attorney’s Office
Allison Parks
ATTEST:
CITY RECORDER
3
12
EXHIBIT A TO RESOLUTION
Term Sheet for Tax Increment Reimbursement Agreement between
RDA and NWQ LLC for Phases II & III.
Property:
Tax increment shall be reimbursed from Developer’s Phase II & III development, which is more
particularly described in Exhibit 1 to this term sheet (the Property).
Reimbursable Improvements:
The RDA will agree to provide an annual reimbursement to Developer for certain improvements that
have been identified as eligible for reimbursement. The annual reimbursement may be applied to any
of the listed improvements as long as the conditions to payment are met. Reimbursable Improvements
are as follows:
Type Improvement Description of Costs Amount
Rail Plat A
Subdivision
Roadway
Improvements
Road construction of 400 North from
8000 West to 7400 West and 7400
West from 700 North to 400 North.
These roads shall be dedicated public
roads when complete.$3,826,355
700 North Extension
to 8000 West
Road widening with swale (storm
drain) and sidewalk improvements to
8000 West from 6715 West.$5,340,896
700 North Extension
past 8000 West
Total construction and buildout of the
road from 8000 West (Where the road
currently ends) that will be constructed
to 8780 West.$12,847,992
Lift Station 1
Infrastructure required by Salt Lake
City Public Utilities for sanitary sewer
service for the area.$242,176
Gas Regulator
Station Land
Dedication
Land for Dominion Energy regulator
station which provides necessary
infrastructure for natural gas service
from a high-pressure gas line to an end
user.$1,355,987
I-80 Frontage Road
Canal
Frontage storm drain canal that
parallels the North Temple frontage
Road that will run up to 8780 West
from 8000 West. Roughly 5,070 linear
feet of improvements.$900,000
8090 West, 8260 West, 8430 West
roads that run from 700 North to 1400
Land Dedication for North.
Roads in Phase III 8600 West road that runs from 800
North to 1400 North.
1000 North and 1200 North roads that
run from 8000 West to 8780 West.$20,948,555
Storm Water
Filtration System
Systemwide
Improvements
Improvements on all existing storm
drain infrastructure and dedicated
public roads within the NWQ Project
Area: 700 North, 1000 North, 6550 $2,711,974
4
12
West, 6715 West, 6880 West, 7400
West, 400 North, 8090 West, 8260
West, 8430 West, 8600 West, 8000
West.
Imported Fill
Building
Foundations
Required imported fill due to the
present risk of liquefaction and poor
soils.$30,056,585
20 Mil Vapor Barrier
Vapor barrier to be installed under each
building footprint to mitigate the risk of
environmental vapor intrusion
pathways that arise from the former
North Temple landfill site.$38,644,180
Soft Spot Repair Imported cobble, rock, and fill required
to fix and remediate poor soils.$2,236,724
Insulated Sandwich
Panels
Cost differential between standard tilt-
up panels and high-insulating sandwich
panels to promote sustainable
development.$34,350,382
Solar Panels
Project-specific
Improvements
(Phases II & III)
Photovoltaic Systems that will be
placed upon building rooftops that
generate electricity and help remove
carbon footprint.$134,821,393
NOTE: A cost escalator of 10% per line item may be applied to address inflation or market
increases as improvements are developed over time.
RDA Participation:
The RDA will agree to reimburse the Developer 70% of the annual tax increment the RDA is entitled
to receive from the Property, subject to the terms of the Reimbursement Agreement, for a term of 20
years or the sum of the remaining collection years of the Project Area, whichever is less. The first
annual payment shall be due in 2024 for the 2023 tax year.
Maximum Reimbursement:
The maximum amount available for reimbursement shall be $49,562,855 (Maximum
Reimbursement). The actual tax increment payment made to Developer may be lower or higher than
the projected amount based on actual increment generated from the Property, provided, however, that
the maximum total amount of the reimbursement shall not exceed the Maximum Reimbursement. In
the event that tax increment revenue the RDA is entitled to receive from the NWQ Project Area
exceeds the Maximum Reimbursement, Developer may request an increase in the Maximum
Reimbursement, which the RDA Board may authorize in its sole discretion.
Conditions to Payment:
The RDA will provide an annual payment for the Reimbursable Improvements once the following
information is satisfactorily provided:
1. A description and/or depiction of the Reimbursable Improvements for which Developer is
seeking reimbursement for that year.
2. Demonstration that the Reimbursable Improvements for which Developer is seeking
reimbursement for that year have been completed and paid in full.
3. A list of tax parcels comprising the area to be served by the Reimbursable Improvement
(Improvement Area), including owners and parcel numbers.
5
12
4. A map or drawing clearly identifying the boundaries of the Improvement Area, including the
location of the Reimbursable Improvements.
5. The total actual cost of the Reimbursable Improvements paid by Developer, with executed
construction contracts, supporting invoices, proof of payment, or other written documentation
acceptable to the RDA.
6. Any other sources of revenue and/or financing used to pay for the Reimbursable Improvements,
including but not limited to grants or loans from other governmental entities, impact fee
reimbursements, additional tax increment sources, or reimbursements from pioneering
agreements (Other Reimbursements).
7. Evidence reasonably acceptable to RDA that no mechanic’s and materialmen’s liens, or other
financial encumbrances related to payment to contractors for the Reimbursable
Improvements have been or will be recorded against the Property.
8. Evidence reasonably acceptable to RDA that no material or adverse changes have occurred in
the finances, business, operations, or affairs of Developer.
9. The construction of the Reimbursable Improvements shall be in compliance with all laws and
regulations.
10. Developer shall maintain the Reimbursable Improvements RDA provided reimbursements
for during the term of the Reimbursement Agreement, unless ownership is transferred to the
City.
Transfer of Property:
Developer reserves the right to all payments and reimbursements for Reimbursable Improvements
even if Developer sells any portion of the Property to a third-party. Any assignment of the right to
receive payments and reimbursements under the Reimbursement Agreement must be in writing,
signed by Developer and approved by RDA, and must include specific details regarding the right or
amount of reimbursement transferred to a third party.
Conditions for Agreement Execution:
1. RDA Board approves terms of the agreement.
2. Developer obtains all required City approvals.
3. Developer receives approval from the RDA and its legal counsel of all matters pertaining to title,
legality of the request, and the legality, sufficiency, and the form and substance of all documents
that are deemed reasonably necessary for the transaction.
4. Such other terms as recommended by the RDA’s legal counsel and staff.
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12
EXHIBIT 1 TO TERM SHEET
Legal Description and Map
Phase 2 Parcel
Parcel: 07321000060000
Legal Description:
BEG S 0^19'56" W 99 FT FR NW COR SEC 32, T1N, R2W, SLM; S 89^47'23" E 2638.70 FT; S
89^47'29" E 2393.95 FT; S 0^21'45"W 2050.56 FT; N 89^47'58" W 1496.07 FT; NW'LY ALG 2134.57
FTRADIUS CURVE TO L, CHD LENGTH 2508.50 FT (CHD N 56^20'03" W); N 89^46'57" W 1558.21
FT; N 0^19'56" E 745.85 FT TO BEG.
Phase 3 Parcels
Parcel: 0729200003000
Legal Description:
THE E 1/2 & E 1/2 OF W 1/2 OF SEC 29, T1N R2W, SLM; LESS & EXCEPT, BEG N 00^17'17" E
896.19 FT & W 64.96 FT FR SE COR OF SEC 32, T1N, R2W, SLM; N 89^47'54" W 210.00 FT; NE'LY
ALGA 30 FT RADIUS CURVE TO L 47.08 FT (CHD N 45^14'41" E 42.39 FT); N 00^17'17" E 1715.99
FT; N 00^21'58" E 2641.45 FT; N 00^21'58" E 0.49 FT; N 00^48'32" E 5281.60 FT; S 89^45'32"
E150.00 FT; S 00^17'54" W 0.41 FT; S 00^48'32" W 5281.60 FT; S 00^48'32" W 0.49 FT; S 00^21'58"
W 2641.26 FT; S 00^17'17"W 1715.57 FT; SE'LY ALG A 30 FT RADIUS CURVE TO L 47.17 FT
(CHD S 45^45'18" E 42.46 FT) TO BEG. ALSO LESS & EXCEPT, BEGN 89^45'32" W 200.00 FT FR
NE COR OF SEC 29, T1N, R2W, SLM; S 00^48'32" W 80.30 FT; NW'LY ALG A 30 FT RADIUS
CURVE TO L 47.42 FT (CHD N 44^28'30" W 42.64 FT); N 89^45'32" W 1760.31FT; W'LY ALG A
550 FT RADIUS CURVE TO R 236.33 FT (CHD N 77^26'56" W 234.52 FT); S 89^45'32" E 2020.23 FT
TO BEG. ALSO LESS & EXCEPT, BEG N 00^17'17" E 895.96 FT FR SE COR OFSD SEC 32; N
89^47'54" W 64.95 FT; NW'LY ALG A 30 FT RADIUS CURVE TO R 47.17 FT (CHD N 44^45'18" W
42.46 FT); N 00^17'17" E 1715.57 FT; N 00^21'58" E 2641.26 FT; N 00^48'32" E 0.49 FT; N 00^48'32"
E 5281.60 FT; N 00^17'53" E0.41 FT; S 89^45'32" E 50.00 FT; S 00^21'45" W 2641.00 FT; S00^16'44"
W 2640.71 FT; S 00^21;58" W 2641.95 FT; S 00^17'17" W 1745.41 FT TO BEG.
Parcel: 07291000030000
Legal Description:
THE W 1/2 OF THE W 1/2 OF SEC 29, T 1N, R 2W, S L M. 160 AC 5353-1232 09175-0202
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17
ATTACHMENT D: PUBLIC BENEFITS ANALYSIS
18BENEFITS ANALYSIS RELATED TO PHASE II AND
PHASE III
REDEVELOPME
NT AGENCY OF
SALT
LAKE CITY
NOVEMBER 15, 2023
NORTHWEST QUADRANT
PHASE II & III BENEFITS ANALYSIS
PREPARED BY:
LRB PUBLIC FINANCE ADVISORS
LEWIS I ROBERTSON I BURNINGHAM
18BENEFITS ANALYSIS RELATED TO PHASE II AND
PHASE III
NORTHWEST QUADRANT CRA
Page 2 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT
84101
19
The Redevelopment Agency of Salt Lake City (the “Agency”) has retained LRB Public Finance
Advisors (“LRB”, formerly Lewis Young Robertson & Burningham, Inc.) to conduct an
independent third-party review of the Tax Increment Reimbursement Application submitted by NWQ,
LLC, developer of the Salt Lake City Global Logistics Center (hereafter referred to as the “Developer”).
In accordance with Resolution No. R-26-2018 of Agency, which adopted the Northwest Quadrant
Tax Increment Reimbursement Policy, LRB performed the following analysis pursuant to Section
3.2 Application Analysis. This Application Analysis examines and analyzes (i) the public benefits
associated with the proposed development of Phase II and Phase III of Salt Lake City Global Logistics
Center (the “Global Logistics Center”), and (ii) the financial need and appropriateness of tax increment
reimbursement to the Developer to encourage and incentivize the development of supportable public
infrastructure and private investment.
The Developer, through its Tax Increment Reimbursement Application (attached hereto in
Appendix A) has requested the Agency to provide tax increment reimbursement to cover a portion
of the costs related to constructing system wide infrastructure improvements that will facilitate the
development of the entire 3,000+ acres of developable land within the Northwest Quadrant Community
Reinvestment Project Area (the “Northwest Quadrant CRA” or “NWQ CRA”) and project specific
infrastructure projects within the 950 acres referenced as Phase II and Phase III of the Global Logistics
Center. The estimated costs of the infrastructure necessary to support Phase II and Phase III is
estimated at $288 million.
As noted in the previous paragraphs, the purpose of this report is to conduct a benefits analysis, which
assesses the fiscal and economic impacts (benefits) that are anticipated to be derived from Phase II
and Phase III of the development; determine the anticipated level of tax increment to be generated; and
analyze the level of tax increment reimbursement necessary to facilitate the infrastructure projects
within the Northwest Quadrant CRA.
In summary, this analysis includes1:
1.A brief summary of the Northwest Quadrant CRA;
2.An evaluation of the reasonableness of the costs of the proposed development;
3.Efforts that have been made, or will be made to maximize private investment;
4.The rationale for use of tax increment funds, including an analysis of whether the proposed
development might reasonably be expected to occur in the foreseeable future solely through
private investment;
5.An estimate of the total amount of project area funds that the Agency intends to spend on the
development;
6.The anticipated public benefit from the proposed development, including a thorough analysis
of the various development revenues and expenditures;
1 A 15-year timeframe was used to calculate the public benefits of the development.
SECTION I: INTRODUCTION
Page 3 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT
84101
3
7.The associated business and economic activity the proposed development will likely
stimulate; and
8.Whether tax increment participation is necessary and appropriate to undertake the
proposed development.
INTERLOCAL COOPERATION AGREEMENT – Salt Lake City and Agency
Authorization was provided by Salt Lake City (the “City”) to the Agency to receive Tax Increment for the
purposes identified in an Interlocal Cooperation Agreement dated as of February 9, 2018, which is also
inclusive of the NWQ CRA Plan (adopted January 9, 2018). The Interlocal Cooperation Agreement
is attached hereto and included in Appendix C. Therein is the adopted Project Area Budget (17C-5-
303) and the required Public Benefits Analysis (17C-5-105(2)(b)). Other taxing entities who levy
property taxes within the Northwest Quadrant CRA determined not to participate in the Northwest
Quadrant CRA through sharing of tax increment revenues at the time it was created in 2018. Thus, for
the purposes of this analysis only the City’s tax increment is evaluated.
MASTER DEVELOPMENT AND REIMBURSEMENT AGREEMENT
The Master Development and Reimbursement Agreement (recorded January 31, 2018), by and
between the Agency and the Developer, outlines additional information including design
standards, infrastructure construction and dedication, planning and development
coordination/dedication and tax increment reimbursement guidelines. A copy of the Master
Development and Reimbursement Agreement is attached in Appendix D, which provides
additional context to the idea of tax increment reimbursement to facilitate the Global Logistics Center.
As was previously referenced herein, LRB relied in part upon that certain Tax Increment
Reimbursement Application submitted by the Developer to the Agency and attached hereto in
Appendix A. The Developer is seeking to receive 70% of the tax increment generated from Phase
II and Phase III of the development to partially offset the significant infrastructure costs, which have been
estimated to be approximately $288M.
Page 4 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT
84101
4
FIGURE 2.1: NWQ PROJECT AREA
Phase II of the Developer’s plan will consist of “Rail Plat A” which development and associated
buildings will be served by rail. In order to move forward with Phase II, significant infrastructure upsizing
and construction is necessary, including building out of 700 North to 8000 West, as well as improvements
to the east and south of the plat. Phase II also consists of the parcel that is west of 8000 West and
south of 700 North. The current plan for the remainder of Phase II is made up of smaller spaces, as
well as a possible commercial corner as continued adjacent development will create a larger
workforce and the need for retail and commercial services to meet growing demands of the work force.
Phase III (outlined in blue on map above) is reserved for larger spaces within the light industrial use.
Along with Phase II, the necessary buildout of 700 North is anticipated to add significantly to the overall
investment needed to serve the proposed development. Due to the size and shape of the parcels that
make up Phase III, additional public roads and associated infrastructure will be required to provide
adequate access to buildings. These roads will be public roads dedicated to the City for the benefit of
the public. Per communication with Dominion Energy, any
SECTION II: NORTHWEST QUADRANT COMMUNITY
REINVESTMENT AREA
Page 5 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT
84101
5
development in Phase III will require a gas regulation station to provide service to the structures. Without
tax increment reimbursement, this cost is unlikely to be covered through private financing and
investment, as it adds significantly to the cost burden on the land development.
OVERVIEW AND SUMMARY OF THE NORTWEST QUADRANT CRA
The Northwest Quadrant CRA or NWQ CRA is located immediately west of the Salt Lake City
International Airport and north of Interstate 80. It contains over 3,000 acres of developable land near an
international airport, major national and state highways, and national railway crossings. The Northwest
Quadrant CRA will assist the State of Utah in competing with other global economic development
regional hubs.
After adopting the NWQ CRA Project Area Plan and entering into the Interlocal Cooperation
Agreement with the City, the Utah State Legislature made the Northwest Quadrant CRA part of the
State’s Inland Port Authority and most of the tax increment and governing powers are controlled by
the Inland Port Authority. However, the Interlocal Cooperation Agreement, attached in Appendix
C was grandfathered and permitted the Agency to receive 75% of the City’s property tax increment for
a 20-year period.
The Developer in the Tax Increment Reimbursement Application, attached as Appendix A, and the
Developer’s TIR Narrative, attached as Appendix B, requests that the Agency authorize
reimbursement of 70% of all Tax Increment generated and received by the Agency related to Phase II
and Phase III of the Global Logistics Center project. The Developer has indicated to the Agency that they
will have over $29 million of tax increment reimbursement qualified expenses.
These expenses will include both system-wide infrastructure projects that will facilitate
development within the entire Northwest Quadrant CRA and project specific infrastructure
expenses on the Developer’s Phase II and Phase III development, which will include over 14 million
square feet of light industrial and manufacturing space.
As depicted in Table 2.1 below, the Project is anticipated to create over $3.4 billion of new
assessed value and generate over 7,300 jobs. It is estimated that the system-wide infrastructure
investment will enable the development of billions in new assessed value.
TABLE 2.1: PHASE II AND PHASE III PROJECTIONS
DEVELOPMENT PHASE SQ FT NEW ASSESSED
VALUE
TOTAL JOBS
Phase II 5,684,138 $1,441,007,641 2,842
Phase III 9,031,579 $1,966,064,999 4,516
Total 14,715,717 $3,406,982,527 7,358
INFRASTRUCTURE EXPENSES
In the Tax Increment Reimbursement Application (Appendix A), the Developer has provided an
estimate of $288,283,201 for both system-wide infrastructure projects and project specific
infrastructure projects (deemed to be qualified tax increment reimbursement expenses), which are critical
for the development of Phase II and Phase III of the development. Table 2.2 outlines
Page 6 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT
84101
6
the $48,173,936 of system-wide tax increment reimbursement qualified expenses, as identified by the
Developer.
TABLE 2.2: SYSTEM-WIDE INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Rail Plat A $3,826,355
700 N Extension to 80th W 5,340,896
Lift Station 1 242,176
700 N Extension past 80th 12,847,992
Gas Regulator Station 1,355,987
I-80 Frontage Road Canal 900,000
Dedicated Roads in Phase III 20,948,555
Storm Water Filtration System 2,711,974
Total System-Wide Infrastructure Costs $48,173,936
NPV System-Wide Infrastructure Costs $48,173,936
Table 2.3 outlines the $240,109,264 of project specific tax increment reimbursement qualified
expenses within the Phase II and Phase III development, as identified by the Developer.
TABLE 2.3: PROJECT SPECIFIC INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Imported Fill Building Foundation $30,056,585
20 Mil Vapor Barrier $38,644,180
Soft Spot Repair $2,236,724
Insulated Sandwich Panels $34,350,382
Solar Panels $134,821,393
Total Phase I Project-Specific Infrastructure Costs $240,109,264
NPV Phase I Project-Specific Infrastructure Costs $240,109,264
DEVELOPMENT ASSUMPTIONS
Development assumptions for the Phase II and Phase III development were provided by the
Developer. Table 2.4 includes the development assumptions used for this analysis, including a
Moderate and High development scenario.
TABLE 2.4: DEVELOPMENT ASSUMPTIONS
ASSUMPTION MODERATE SCENARIO HIGH SCENARIO
Phase II & Phase III Acres 950.56 950.56
Incremental Land Value $3.73/square foot $3.73/square foot
Building Value $115.53/Square Foot $135.34/Square Foot
Personal Property Value 10% of Building Value 10% of Building Value
Land Use Flex/Light Industrial Flex/Light Industrial
Absorption Schedule 2024-2033 2024-2033
Using these assumptions, the Phase II and Phase III development will create between an
additional $2,026,801,991 and $2,347,539,131 in assessed value. Table 2.5 depicts the project assessed
value of the development for the Moderate Scenario and Table 2.6 depicts the project assessed value
of the development for the High Scenario.
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TABLE 2.5: PHASE II AND PHASE III PROJECTED TAXABLE VALUE: MODERATE SCENARIO
TAX
YEAR SQUARE FEET BUILDING VALUE LAND VALUE PERSONAL
PROPERTY
TOTAL INCREMENTAL
VALUE
Building 14 2025 338,800 39,141,564 3,914,156 3,607,350 46,663,070
Duraline 2024 301,939 34,883,013 3,488,301 3,214,875 41,586,189
Building 15 2026 725,329 83,797,259 8,379,726 7,722,891 99,899,876
Building 18 2027 1,019,200 117,748,176 11,774,818 10,851,862 140,374,855
Building 16 2027 108,360 12,518,831 1,251,883 1,153,756 14,924,470
Building 17 2027 107,500 12,419,475 1,241,948 1,144,599 14,806,021
C-Store 2026 107,024 12,364,483 1,236,448 1,139,531 14,740,462
Mt West 2025 444,312 51,331,365 5,133,137 4,730,781 61,195,283
Remainder 2025 246,000 28,420,380 2,842,038 2,619,268 33,881,686
Building 25 2026 250,880 28,984,166 2,898,417 2,671,228 34,553,811
Solar Farm Parcel 2026 871,636 100,700,061 10,070,006 9,280,680 120,050,747
Building 1 2027 162,958 18,826,538 1,882,654 1,735,084 22,444,276
Building 2 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679
Building 3 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679
Building 4 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679
Building 5 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679
Building 6 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679
Building 7 2027 105,840 12,227,695 1,222,770 1,126,924 14,577,389
Building 8 2028 105,840 12,227,695 1,222,770 1,126,924 14,577,389
Building 9 2028 105,840 12,227,695 1,222,770 1,126,924 14,577,389
Commercial Pads 2028 98,840 11,418,985 1,141,889 1,052,392 13,613,276
Building 10 2028 113,440 13,105,723 1,310,572 1,207,845 15,624,140
Building 19 2028 203,547 23,515,785 2,351,578 2,167,253 28,034,616
Building 20 2028 203,547 23,515,785 2,351,578 2,167,253 28,034,616
Building 21 2028 958,804 110,770,626 11,077,063 10,208,800 132,056,488
Building 22 2029 958,804 110,770,626 11,077,063 10,208,800 132,056,488
Building 23 2029 176,104 20,345,295 2,034,530 1,875,055 24,254,880
Building 24 2029 210,913 24,366,779 2,436,678 2,245,682 29,049,138
Building 25 2029 199,956 23,100,917 2,310,092 2,129,018 27,540,026
DC 26 – 1 2028 240,000 27,727,200 2,772,720 2,555,383 33,055,303
DC 26 – 2 2028 210,913 24,366,779 2,436,678 2,245,682 29,049,138
DC 26 – 3 2028 210,913 24,366,779 2,436,678 2,245,682 29,049,138
DC 26 – 4 2028 210,913 24,366,779 2,436,678 2,245,682 29,049,138
Building 27 2030 490,803 56,702,471 5,670,247 5,225,791 67,598,509
Building 28 2030 490,803 56,702,471 5,670,247 5,225,791 67,598,509
Building 29 2030 490,803 56,702,471 5,670,247 5,225,791 67,598,509
Building 30 2031 490,803 56,702,471 5,670,247 5,225,791 67,598,509
Building 31 2031 574,814 66,408,261 6,640,826 6,120,292 79,169,380
Building 32 2031 596,913 60,874,259 6,087,426 5,610,270 72,571,955
Building 33 2032 223,407 25,810,211 2,581,021 2,378,711 30,679,942
Building 34 2032 201,052 23,227,538 2,322,754 2,140,687 27,690,979
Building 35 2032 496,113 57,315,935 5,731,593 5,282,329 68,329,857
Building 36 2033 474,014 54,762,837 5,476,284 5,047,031 65,286,153
Building 37 2033 393,820 45,498,025 4,549,802 4,193,171 54,240,998
Building 38 2033 393,820 45,498,025 4,549,802 4,193,171 54,240,998
Total 14,715,817 $1,700,106,739 $170,010,665 $156,684,580 $2,026,711,991
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TABLE 2.6: PHASE I PROJECTED TAXABLE VALUE: HIGH SCENARIO
TAX
YEAR SQUARE FEET BUILDING VALUE LAND VALUE PERSONAL
PROPERTY
TOTAL INCREMENTAL
VALUE
Building 14 2025 338,800 45,854,593 4,585,459 3,607,350 54,047,402
Duraline 2024 301,939 40,865,673 4,086,567 3,214,875 48,167,115
Building 15 2026 725,329 98,169,027 9,816,903 7,722,891 115,708,820
Building 18 2027 1,019,200 137,942,744 13,794,274 10,851,862 162,588,880
Building 16 2027 108,360 14,665,891 1,466,589 1,153,756 17,286,235
Building 17 2027 107,500 14,549,495 1,454,949 1,144,599 17,149,043
C-Store 2026 107,024 14,485,071 1,448,507 1,139,531 17,073,109
Mt West 2025 444,312 60,135,024 6,013,502 4,730,781 70,879,308
Remainder 2025 246,000 33,294,658 3,329,466 2,619,268 39,243,391
Building 25 2026 250,880 33,955,137 3,395,514 2,671,228 40,021,878
Solar Farm Parcel 2026 871,636 117,970,768 11,797,077 9,280,680 139,048,524
Building 1 2027 162,958 22,055,410 2,205,541 1,735,084 25,996,035
Building 2 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204
Building 3 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204
Building 4 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204
Building 5 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204
Building 6 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204
Building 7 2027 105,840 14,324,823 1,432,482 1,126,924 16,884,230
Building 8 2028 105,840 14,324,823 1,432,482 1,126,924 16,884,230
Building 9 2028 105,840 14,324,823 1,432,482 1,126,924 16,884,230
Commercial Pads 2028 98,840 13,377,414 1,337,741 1,052,392 15,767,548
Building 10 2028 113,440 15,353,439 1,535,344 1,207,845 18,096,627
Building 19 2028 203,547 27,548,893 2,754,889 2,167,253 32,471,035
Building 20 2028 203,547 27,548,893 2,754,889 2,167,253 32,471,035
Building 21 2028 958,804 129,768,500 12,976,850 10,208,800 152,954,149
Building 22 2029 958,804 129,768,500 12,976,850 10,208,800 152,954,149
Building 23 2029 176,104 23,834,644 2,383,464 1,875,055 28,093,163
Building 24 2029 210,913 28,545,838 2,854,584 2,245,682 33,646,103
Building 25 2029 199,956 27,062,872 2,706,287 2,129,018 31,898,177
DC 26 – 1 2028 240,000 32,482,593 3,248,259 2,555,383 38,286,236
DC 26 – 2 2028 210,913 28,545,838 2,854,584 2,245,682 33,646,103
DC 26 – 3 2028 210,913 28,545,838 2,854,584 2,245,682 33,646,103
DC 26 – 4 2028 210,913 28,545,838 2,854,584 2,245,682 33,646,103
Building 27 2030 490,803 66,427,308 6,642,731 5,225,791 78,295,830
Building 28 2030 490,803 66,427,308 6,642,731 5,225,791 78,295,830
Building 29 2030 490,803 66,427,308 6,642,731 5,225,731 78,295,830
Building 30 2031 490,803 66,427,308 6,642,731 5,225,731 78,295,830
Building 31 2031 574,814 77,797,705 7,779,770 6,120,292 91,697,767
Building 32 2031 526,913 71,314,585 7,131,459 5,610,270 84,056,313
Building 33 2032 223,407 30,236,828 3,023,683 2,378,711 35,639,221
Building 34 2032 201,052 27,211,209 2,721,121 2,140,687 32,073,018
Building 35 2032 496,113 67,145,986 6,714,599 5,282,329 79,142,913
Building 36 2033 474,014 64,155,016 6,415,502 5,047,031 75,617,548
Building 37 2033 393,820 53,301,228 5,330,123 4,193,171 62,824,522
Building 38 2033 393,820 53,301,228 5,330,123 4,193,171 62,824,522
Total 14,715,817 $1,991,685,957 $199,168,597 $156,684,460 $2,347,539,131
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EVALUATION OF THE REASONABLENESS OF THE COSTS OF THE
PROPOSED PROJECT AREA DEVELOPMENT
Projected costs include system-wide infrastructure that will allow for development of the
Northwest Quadrant CRA and site-specific infrastructure for over 14 million square feet of light/flex
industrial space. The Developer has identified over $288 million of infrastructure costs, which are identified
in Table 3.1.
TABLE 3.1: TOTAL INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Rail Plat A $3,826,355
700 N Extension to 80th W 5,340,896
Lift Station 1 242,176
700 N Extension past 80th 12,847,993
Gas Regulator Station 1,355,987
I-80 Frontage Road Canal 900,000
Dedicated Roads in Phase III 20,948,555
Storm Water Filtration System 2,711,974
Imported Fill Building Foundation 30,056,585
20 Mil Vapor Barrier 38,644,180
Soft Spot Repair 2,236,724
Insulated Sandwich Panels 34,350,383
Solar Panels 134,821,393
Total Infrastructure Costs $288,283,201
NPV Infrastructure Costs $288,283,201
The infrastructure costs are comparable to other construction projects within the Wasatch Front. Additional
information regarding the infrastructure costs can be found in the Developer’s TIR Narrative at the end
of this document and included in Appendix B.
EFFORTS MADE TO MAXIMIZE PRIVATE INVESTMENT
Private investment in the Northwest Quadrant CRA and specifically within the proposed Phase II and
Phase III of the development will be significant. Based on the information provided by the Developer and
an independent survey of comparable costs, the private investment for the system-wide
improvements and the Phase II and Phase III Development will be between $2.3 and $2.5 billion.
RATIONALE FOR USE OF TAX INCREMENT FUNDS
The site requires significant remediation and infrastructure investment. Additionally, the Developer
is investing over $134.8 million in solar projects within the [Northwest Quadrant CRA or Phase II and
Phase III of the development], which is in line with the City’s sustainability goals
SECTION III: PUBLIC BENEFITS ANALYSIS
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and vision. “But for” the use of tax increment, the significant system-wide infrastructure
investment would not be feasible and the land within the [Northwest Quadrant CRA or Phase II and
Phase III of the development] would remain in its underutilized state and continue to generate
minimal benefit to the City and its residents.
Phase II and Phase III of the Development area was generating $287 in annual property tax revenue
for the City on $90,912 mostly vacant/agricultural land. Through the investment of tax increment funds, the
property within Phase II and Phase III of the development is projected to generate up to $10,759,251 in
annual property tax increment on $3,406,982,527 of assessed
value. This substantial increase would not be realized without public participation. Table 3.2
breaks out these projections by the phase of development.
TABLE 3.2: AGENCY TAX INCREMENT PROJECTIONS (15 YEARS)
DEVELOPMENT PHASE SQ FT NEW ASSESSED VALUE # OF BUILDINGS
Phase II 5,684,138 $1,441,007,641 22
Phase III 9,031,579 $1,966,064,999 23
Total 14,715,717 $3,406,982,527 45
ESTIMATE OF TOTAL AMOUNT OF PROJECT AREA FUNDS THE AGENCY
ESTIMATES TO SPEND ON DEVELOPMENT
The Agency has not yet negotiated tax increment participation with the Developer for Phase II and
Phase III of the development. This public benefit analysis will help guide the negotiation. The Agency has
entered into an interlocal agreement (Appendix C) with the City whereby the City will pass through
75% of the tax increment generated in the NWQ. In addition, the City, Agency, and Developer may enter
into a development agreement which provides that the Developer is eligible to receive 70% of the tax
increment received by the Agency pending the successful completion of an application, review, and
approval process. The Development is projected to generate between $63,841,987 and $70,804,078
during the remaining 15-year life of the CRA (20-year life for the entire CRA but 15-year life for Phase II
and Phase III of development). Table
3.3 outlines the tax increment projections.
TABLE 3.3: AGENCY TAX INCREMENT PROJECTIONS (15 YEARS)
ASSUMPTION MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Development Assessed Incremental Value $2,941,484,542 $3,406,982,527
2022 City Tax Rate 0.003158 0.003158
Total City Tax Increment $81,506,526 $94,405,437
Participation Rate 75%75%
Total Agency Tax Increment $61,129,894 $70,804,078
NPV (4.00%)$39,466,362 $45,712,191
The Developer has requested 70% of the Agency’s portion of tax increment related to Phase II and
Phase II of the Development, which is projected to be between $42,790,926 and
$49,562,855. Table 3.4 depicts an estimate of how much TIF will be generated within Phase II
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and Phase III and an allocation of how the Agency has determined to utilize the tax increment under
the Interlocal Agreement.
TABLE 3.4: USES OF TAX INCREMENT
MODERATE SCENARIO HIGH SCENARIOUSEPERCENTAGETOTALNPV (4%)TOTAL NPV (4%)
Tax Increment Reimbursement 70%$42,790,926 $27,626,453 $49,562,855 $31,998,534
CRA Housing 10%$6,112,989 $3,946,636 $7,080,408 $4,571,219
RDA Administration and Operations 10%$6,112,989 $3,946,636 $7,080,408 $4,571,219
Shared Costs 10%$6,112,989 $3,946,636 $7,080,408 $4,571,219
Total Uses of Tax Increment $61,129,894 $39,466,362 $70,804,078 $45,712,191
ANTICIPATED PUBLIC BENEFIT FROM THE PROPOSED DEVELOPMENT
REVENUES
PROPERTY TAX
Using the City’s 2022 certified tax rate, the Development will generate between approximately
$81 and $94 million of property tax revenue for the City during the 15-year life of the CRA, or an annual
average of between $5,433,768 and $6,293,696. This is a significant increase over the
$4,307 of base year taxes generated during the same period. Table 3.5 summarizes the City’s
property tax revenue.
TABLE 3.5: CITY PROPERTY TAX REVENUE (15 YEARS)
ASSUMPTION MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
2022 City Tax Rate 0.003158 0.003158
Base Year Value $90,912 $90,912
Annual Base Year Property Tax Revenue $287 $287
15-year Base Year City Property Tax Total $4,307 $4,307
15-Year Base Year Property Tax Total $14,369 $14,369
New Development Value $2,941,484,542 $3,406,982,527
Average Annual New Development Property Tax Revenue $5,433,768 $6,293,696
15-Year New Development Property Tax Total $81,506,526 $94,405,437
The Development is projected to generate over $244 million of property tax revenue for the other
taxing entities within the Development. Under HB 433, the Utah Inland Port Authority is authorized to
collect these revenues. Table 3.6 outlines the property tax revenues of the other taxing entities.
TABLE 3.6: TAXING ENTITY PROPERTY TAX REVENUE (15 YEARS)
TAXING ENTITY MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Salt Lake County $37,656,118 $43,615,432
Multicounty Assessing & Collecting Levy $387,143 $448,411
County Assessing & Collecting Levy $4,129,526 $4,783,049
Salt Lake City School District $112,194,068 $129,949,473
Salt Lake City $20,376,631 $23,601,359
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Salt Lake City Library $15,950,295 $18,474,528
Metropolitan Water District – Salt Lake $5,471,622 $6,337,540
Salt Lake City Mosquito Abatement District $4,336,003 $5,022,202
Central Utah Water Conservancy District $10,323,816 $11,957,623
15-Year New Development Property Tax Total $210,825,224 $244,189,618
SALES TAX
While industrial users typically do not generate sales of goods, some large industrial spaces have
cafeterias to serve employees. Using similar developments within the Wasatch Front, this analysis
assumes each industrial unit will average $1.8 million in annual gross taxable sales within their
cafeterias, increasing at an average annual inflation rate of two percent per year.
The analysis assumed the City will capture the full 1.00% of the local option sales tax rate, which represents
the City’s average rate over the previous 5 years. The Correctional Facility Tax became effective on
October 1, 2018, which allows the City to impose a 0.50% on taxable sales. Table 3.7 outlines the City’s
sales tax benefit.
TABLE 3.7: CITY SALES TAX REVENUE (15 YEARS)
ASSUMPTION MODERATE/HIGH
VALUE
Local Option Rate 1.00%
Correctional Facility Rate 0.50%
Total City Sales Tax Rate 1.50%
Average Annual Gross Taxable Sales $63,834,266
Average Annual Sales Tax Revenue $957,514
15-Year Gross Taxable Sales Total $957,513,985
15-Year Sales Tax Revenue Total $14,362,710
FRANCHISE TAX
The City charges a municipal energy (“franchise”) tax on all taxable electric and natural gas sales within
the City. Estimated average electric and natural gas usages were provided by Rocky Mountain
Power and Dominion Energy, additionally a 75% deduction was multiplied to the electric taxes, as
the solar investment will likely reduce the Development energy consumption. The actual franchise tax
benefit will increase or decrease with the performance of the solar infrastructure. Table 3.8
summarizes the City’s projected franchise tax revenue.
TABLE 3.8: CITY FRANCHISE TAX REVENUE (15 YEARS)
ASSUMPTION MODERATE/HIGH
VALUE
Non-Residential Electric Use per SF $1.21
Solar Reduction 75%
Development Electric Use per SF $0.31
Non-Residential Natural Gas Use per SF $0.16
Average Annual Franchise Tax $256,813
15-Year Franchise Tax Revenue Total $5,136,262
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CLASS B/C ROAD FUNDS
Utah Department of Transportation (“UDOT”) distributes road funds to cities based on both a
population distribution and a weighted road mile distribution. The Development will not increase
the City’s population but includes 1.39 miles of new roads. The Development is projected to
generate $112,530 in Class B/C Road Funds Table 3.9 depicts the Class B/C Road Fund revenues.
TABLE 3.9: CLASS B/C ROAD FUNDS (15 YEARS)
ASSUMPTION MODERATE/HIGH
VALUE
FY 2023 Weighted $ per Mile $2,218
Miles of Road 2.93
Growth Rate 2.00%
Average Annual Class B/C Road Funds $5,628
15-Year Class B/C Road Funds Total $112,530
TOTAL CITY REVENUES
The Development is projected to produce between approximately $101 and $114 million of total City
Revenue during the 15-year life of the CRA. This is a substantial increase over the $4,307 that would be
produced if the NWQ remained in its current underutilized state. Table 3.10 summarizes the City’s
total Development revenues.
TABLE 3.10: TOTAL CITY REVENUES (15 YEARS)
REVENUE TYPE MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Property Tax $81,506,526 $94,405,437
Sales Tax $14,362,710 $14,362,710
Franchise Tax $5,136,262 $5,136,262
Class B/C Road Funds $112,530 $112,530
15-Year Revenue Total $101,118,027 $114,016,938
EXPENDITURES
The Development will also create additional General Government, Public Safety and Public Works
expenses for the City. These expenses are calculated by multiplying the City’s total cost per $ assessed
value by the Development’s projected assessed value. Additionally, the analysis factors in the cost to
service the projected land uses within the Development.
GENERAL GOVERNMENT
TABLE 3.11: TOTAL GENERAL GOVERNMENT EXPENSE (15 YEARS)
ASSUMPTIONS MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
2021 Salt Lake City Assessed Value $37,481,061,604 $37,481,061,604
2021 General Government Expenditures $14,975,736 $14,975,736
Cost per $ Assessed $0.00040 $0.00040
Development Assessed Value $2,941,484,542 $3,406,982,527
Inflation 3.0%3.0%
15-Year General Government Total $971,366 $1,125,083
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PUBLIC SAFETY
TABLE 3.12: TOTAL PUBLIC SAFETY EXPENSE (15 YEARS)
ASSUMPTIONS MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
2021 Salt Lake City Assessed Value $37,481,061,604 $37,481,061,604
2021 Public Safety Expenditures $127,712,417 $127,712,417
Cost per $ Assessed $0.00341 $0.00341
Development Assessed Value $2,941,484,542 $3,406,982,527
Inflation 3.0%3.0%
15-Year Public Safety Total $8,283,767 $9,594,655
PUBLIC WORKS
TABLE 3.13: TOTAL PUBLIC WORKS EXPENSE (15 YEARS)
ASSUMPTIONS MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
2021 Salt Lake City Assessed Value $37,481,061,604 $37,481,061,604
2021 Public Works Expenditures $62,995,531 $62,995,531
Cost per $ Assessed $0.00168 $0.00168
Development Assessed Value $2,941,484,542 $3,406,982,527
Inflation 3.0%3.0%
15-Year Public Works Total $3,739,321 $4,732,668
TOTAL CITY EXPENDITURES
TABLE 3.14: TOTAL CITY EXPENSE (15 YEARS)
ASSUMPTIONS MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Estimated Budget (TIF Estimates)$61,129,894 $70,804,078
General Government $971,366 $1,125,083
Public Safety $8,283,767 $9,594,655
Public Works $3,739,321 $4,732,668
15-Year City Expense Total $74,124,349 $86,256,483
NET BENEFIT
Phase II and Phase III of development are projected to have a total City net benefit of up to
$27,760,268 during the 15-year life of the CRA. Any tax increment reimbursement up to this amount
will still provide a net benefit to the City. Table 3.15 outlines the net benefit of the Development
assuming both a moderate and high scenario valuation.
NET BENEFITS SUMMARY ANALYSIS (REVENUES COMPARED TO EXPENSES)
TABLE 3.15: TOTAL DEVELOPMENT NET BENEFIT (15 YEARS)
ASSUMPTIONS MODERATE SCENARIO
VALUE
HIGH SCENARIO
VALUE
Total Revenues $101,118,027 $114,016,936
Total Expenses $74,124,349 $86,256,483
Net Benefit $26,993,678 $27,760,455
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THE ASSOCIATED BUSINESS AND ECONOMIC ACTIVITY THE PROPOSED
DEVELOPMENT WILL LIKELY STIMULATE
FULL-TIME JOB CREATION
It is anticipated that Phase II and Phase III of development will produce over 7,300 jobs. This is
calculated by taking the average industrial employee per square foot and multiplying it by the square
footage of Phase II and Phase III of the development. This analysis assumes the average salary will be
$48,0372, which represents the average salary of various industrial wages within Utah. Table 3.16
depicts the full-time jobs created by Phase II and Phase III of development.
TABLE 3.16: FULL-TIME JOBS
ASSUMPTIONS VALUE
Total Square Feet 14,715,717
Employee per SF 2,000
Total Projected Employees 7,358
Average Industrial Wage $48,037
Growth Rate 2.00%
Average Annual Salaries $293,203,879
15-Year Salary Total $4,398,058,186
These wages will be reinvested into the local economy through purchases of goods, services, home,
etc. Additionally, these wages will create additional jobs within the community.
CONSTRUCTION BENEFIT
Phase II and Phase III will also create a significant number of construction jobs and investment over the
absorption period. The average construction wage is $49,2743 per year. The analysis assumes during
the construction period, there will be 100-175 construction workers in the Project. This will produce an
average additional $9.4 million in annual wages. Table 3.16 depicts the Development construction
wages.
TABLE 3.16: CONSTRUCTION JOBS
ASSUMPTIONS VALUE
Average Annual Construction Workers 160
Average Annual Wage $49,274
Average Annual Construction Salary $9,411,354
Absorption Period 10 Years
Total Construction Salaries $79,388,603
In addition to the construction jobs, construction materials and supplies will also be purchased within the
community. This could be a significant benefit, depending on the amount of materials and supplies
purchased within the City.
2 BLS, Merit Medical & Lifetime Products
3 BLS
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WHETHER TAX INCREMENT PARTICIPATION IS NECESSARY AND
APPROPRIATE
Our review and analysis has concluded that Tax Increment participation is necessary and appropriate for
the following reasons:
Extraordinary Site and Location Improvements Necessary for Development: There
are significant extraordinary infrastructure impediments in the Northwest Quadrant CRA and
particularly within Phase II and Phase III of the Development, including soil remediation,
access to utilities and renewable energy investments.
Tax Increment Participation Mitigates Several System-Wide Infrastructure
Impediments: public participation in the form of Tax Increment reimbursement will assist
the developer and the Agency in removing several impediments and system-wide
infrastructure investments that based on our professional opinion will lead to substantial
development with the remaining Northwest Quadrant CRA and specifically within Phase II and
Phase III of the development. Due to the size and cost of the system-wide and project
specific related infrastructure, the capital markets are unable to finance these necessary items
without the benefit of public participation from future tax revenue that will be created by Phase II
and Phase III of the Development.
Tax Increment Participation will lead to Significant Growth in the Area’s Tax Base:
Phase II and Phase III of development has the potential to create billions of new assessed value
within an underutilized area that has generated very little tax revenue historically for the City and
other taxing entities.
Current Capital Markets are not Sufficient to Cover the Extraordinary Costs: with
the increases in construction costs and significant increase in interest rates over the past 2-4 year
period, access to capital investment in Phase II and Phase III is significantly limited by virtue
of these two factors. In essence, capital markets are likely to be able to cover the traditional
“private” investment costs of Phase II and Phase III of Development but not the entire system-
wide and project specific infrastructure needed to support the nearly 14 million square feet of
development. “But for” the Tax Increment Reimbursement to the Developer, we believe
Phase II and Phase III will remain underutilized and vacant for the foreseeable future.
Page 17 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT
84101
17
APPENDIX A: TIR APPLICATION
RDA TIR PROGRAM PART A A'3s>L1CATION PAGE 1
NWQ Phase 2 and Phase 3 08/03/2023
Project Name
$1,828,554,355.22
Total Project Cost
2023
Estimated Project Start Date
Northwest Quadrant
Project Street Address
Baron Gajkowski
Contact Name
Date of Application
$288,283,200.93
Estimated Financial Gap
2023
Estimated Project Completion Date
Salt Lake City UT
City State
84116
Zip
-80-18-4-22-60-8----------------baron@slc-glc.com
Contact Phone Contact Email Address
RDA TIR
TAX INCREME H REI MBU RSEi\llE n PROGRAM
451 South State Street, Room 418, PO Box 145518, Salt Lake City, Utah 84114 I 801-535-7240 I www.slcrda.com
PART A
APPLICATION
The Part A Application for the Tax Increment Reimbursement Program ("Program") is the first
part of a two-part process to request tax increment reimbursement ("Reimbursement") from the
Redevelopment Agency of Salt Lake City ("RDA"). Please complete the application in full and
provide supplemental documentation as indicated in section VIII: Attachments. Within 10
business day of submission, RDA staff will notify the applicant if the Part A application is
approved. Once Part A is approved, the applicant will be invited to submit the Part B application.
NWQ, LLC 82-1888568
Business Name
1201 E Wilmington Ave
Tax ID Number
Salt Lake City UT 84106
Street Address City State Zip
Entity Type:LLC ,Sole Owner -501(c)3 I Partnership Joint Venture
=i C Corp S Corp -Other:
Ownership - Provide the following information for officers and shareholders owning 10% or more of the
entity.
Name, Title %Ownership Role in Proposed Project
NWQ, GP 36.10 General Partner
MWEF 3 NWQ, LLC 18.10%LP
BLUE FIELD NWQ, LLC 38.20%LP
Are there any judgments or liens outstanding against the applicant? -Yes • No
RDA TIR PROGRAM PART A A LICATION PAGE2
The Salt Lake City Global Logistics Center is a business park within the M-1 Zoning
that provides sustainable, and state of the art industrial buildings that range from
distribution, flex, manufacturing or the build to suit needs of tenants.
Project Summary: Provide a brief summary of the project.
Construction Type:
6 New Construction, Undeveloped Site
□ Renovation/Rehabilitation of Existing Structure(s)
Energy Efficiency Upgrades
□New Construction, Demolition of Existing Structures
□Addition to Existing Structure
I Other:
950.56 14,715,716.60
Land area (acres)Building area, (sq feet)
If the applicant does not currently own the site, explain how site control has been or will be obtained,
including timing of acquisition.
Is the site occupied?OYes
If yes, will the proposed project displace residents or businesses?DYes
What is the current and proposed zoning and use of the site?
ONo
Does the project require a zoning change or variance, conditional use permit, subdivision, or other planning
or zoning approval (including historic preservation)?
OYes [{]No
PAGE3RDA TIR PROGRAM PART A AP,HLICATION
Is the project located within an existing RDA Project Area?[Z]Yes □No
If Yes, please only fill out "Option I: Existing Project Area" fields in Section V
If No, please only fill out "Option 11: Single-Property Community Reinvestment Area" field in Section V
Refer to the RDA Tax Increment Reimbursement Program Policies & Guidelines for more information on Project
Objective Requirements.
Option I: Existing Project Area
Project is located in an existing Project Area and meets a corresponding Project Area Objective.
Which RDA Project Area is the proposed project located?
□ Central Business District □ Granary District
□ Central City □ North Temple
□ Depot District □ West Temple Gateway
Describe how the proposed project aligns with the Objectives as provided through the most recent Project
Area Strategic Plan as adopted y the RDA Board of Directors.
Option II: Single-Property Community Reinvesbnent Area ("CRA")
Project is not located in an existing Project Area, but will fulfill economic development objectives as described in the
answers to the five questions below:
1) Explain how the proposed project will result in a minimum of a $12 million investment of private capital
and expenditures.
The project area is located within the NWQ.
If a planning or zoning approval is required, indicate if this process has been initiated and provide a
timeline.
RDA TIR PROGRAM PART A A LICATION PAGE4
The business park's sustainable construction attracts national tenants that provide
employment opportunities that range from manufacturing, to distribution and logistics.
2)Demonstrate how the proposed project as a single-property CRA results in job retention/expansion
and/or job creation.
3)Describe how the tax increment reimburement is necessary for the proposed project to succeed.
4)Confirm that the business is an existing Salt Lake City-based business, and describe how the tax
increment reimbursement will result in the business remaining or expanding in Salt Lake City.
5)Explain how the proposed project employs sustainable construction practices consistent with a
reputable sustainable buildinci orociram.
Does the proposed project include a Public Benefit that may qualify it for increased incentives?
Check all that apply.
Iii Sustainability
D Public Amenities
D Adaptive Reuse
D Historic Preservation
Iii Permanent Job Creation
D Architecture & Urban Design
D Transit Alternatives
Iii Economic Impact
D Affordable Housing: AMI Targets
D Affordable Housing: Special Populations
D Affordable Housing: Neighborhood Opportunity
Describe how the proposed project will meet the criteria for each of the Public Benefits selected above.
RDA TIR PROGRAM PAGE 5PART A AOOLICATION
Development Team: Please provide the following information for each relevant development team member.
Role Finn/Organization Contact Name, Email Years of
Experience
Architect AEUrbia Andrew Bollschweiler 20+
Contractor Multiple R&O, Tom Stuart, Campbell 20+
Developer Colmena Lance Bullen 20+
Owner NWQ, LLC Travis Lish 15+
Property
Manager
/Marketing
Agent
CBRE Tom Dischmann 20+
Other
Other
The applicant must attach the following to assist in verficiation of the funding gap.
(please label accordingly)
•1: Sources and uses (template may be utilized)
•2: Appraised project value
•3: Operating pro forma (template may be utilized)
•4: Preliminary plans (include renderings if available)
•5: Market study (if available) *ONLY for Single-Property CRA
Check if Complete
□
□
□
□
□
RDA TIR PROGRAM PART A A !j>LICATION PAGE6
Applicant Certification
I/We hereby certify that all statements in this application are true and complete and are made for the purpose of
obtaining credit. I/We fully understand that it is a federal crime punishable by fine or imprisonment or both to
knowingly make any false statements concerning any of the above facts, as applicable under the provisions of Title
18, United States Code, Section 101.
Baron Gajkowski
Applicant (print)
Project Manager
Title
Tax Increment Reimbursement Calculation
A sample Tax Increment Reimbursement calculation is attached to this application as Exhibit A. The formula below
is to calculate the potential maximum total tax increment reimbursement generated from the proposed
improvements and available to a developer shall be as follows:
a.Step 1: Calculate the Total Annual Tax Increment
•The difference between the base taxable value of the proposed project prior to improvements and the
estimated new growth in taxable value resulting from the improvements. (New Growth - Base Value)
•Multiplied by the current Salt Lake County effective tax rate.
(New Growth - Base Value) x (Effecti',,€ Tax Rate) = Total Annual Tl
b.Step 2: Calculate the Annual Tax Increment Collected by the RDA
•Total Annual Tl multiplied by the percentage of Tl collected from the taxing entities by the RDA
(Total Annual Tl) x (% of Tl collected by the RDA) = Annual Tl Collected by the RDA
c.Step 3: Calculate the 1st Year Developer Allocation
•(Annual Tl Collected by the RDA) x (Developer's Reimbursement Split [defined below]) = Estimated Year 1 Tl
Reimbursement to Developer
(Refer to Section 2.4: Reimbursement Split for more information on calculating the split between the RDA and
the developer.)
d.Step 4: Calculate the Maximum Amount of Tax Increment Available to the Developer Over the Tenn of the
Tl Reimbursement Agreement.
•(Estimated Year 1 Tax Increment Reimbursement to Developer) x (the Term of the Reimbursement
Agreement*) = Total Developer Tax Increment Available 0,;er the Term
*Note: An annual growth multiplier based on current economic conditions may be applied to this calculation.
41
NWQ, LLC Phase 2 and Phase 3 TIR Application
To whom it may concern,
We are grateful and optimistic to apply for Tax Increment Reimbursement on phases 2 and 3 of the Salt
Lake City Global Logistics Center. As we are continuing through phase 1 of the project, we recognize Salt
Lake City’s efforts and cooperation in helping us arrive at where we are today. Due to the unique
challenges that are present in the Northwest Quadrant, development could not have taken place but for the
help of Salt Lake City. This group effort has been provided throughout the RDA, Zoning, Engineering,
Public Utilities, Planning Departments, Mayor’s Office, and much more. We hope that our contributions to
Salt Lake City reflect our gratitude for the ongoing cooperation that we already have and hope to continue
to receive in the years to come.
Included in the packet are the following:
RDA Application Cover Sheet
Qualification and Analysis Narrative
Analysis of Future Tax Increment
o Costs Associated with Site-Wide Improvements (Infrastructure)
o Costs Associated with Project/Lot Specific Burdens
o Tax Increment Analysis w/ 20 year analysis & Construction Schedule
Project Map of Phase 2 and Phase 3
42
Demonstrated Financial Gap in the Northwest Quadrant
Roughly half a decade ago, the Northwest Quadrant area was nothing short of an idea. As the continued
buildout of not only Salt Lake City, but the Wasatch Front as a whole, continued to reimagine the boundaries
of what is possible for tomorrow, the Northwest Quadrant became an emerging area for economic
development. As economic development has brought, and will continue to bring in, higher paying jobs, multi-
national companies with sustainable goals, and the opportunity for growth on the west side, the question arises,
“What took so long to make this happen?”
Upon conception of development and growth of the area, it became abundantly clear that there are
several hurdles that are prevalent in the Northwest Quadrant. The first of these is the major environmental
concern of the former North Temple Landfill. With its footprint taking up a significant amount of acreage of
the Northwest Quadrant Area, the former landfill presents a significant potential threat due to its Volatile
Organic Compounds (VOC’s). As these environmental concerns continue to be at the forefront of social, and
economic issues, significant evaluation, precautionary measures and improvements will be a common thread
throughout the entire area, until the source of contamination is fully remediated. The cost burdens that are
associated with such work is one large roadblock that is still present today.
Another significant characteristic of the area is the unique soil that is blanketed throughout the project
area. As Lake Bonneville encompassed the Salt Lake Valley ages ago, it has left its mark on the soils of the
area surrounding the Great Salt Lake. With the Northwest Quadrant being adjacent to the Great Salt Lake, it
means the native soil found throughout the area is former lakebed. As defined by geotechnical specialists who
have studied the area in great depth, the former lakebed soils, clay and other silt like materials, present a large
risk of liquefaction. Liquefaction is a major concern for building safety in the event of seismic activity and if
not properly addressed and planned for, is another barrier to development.
As the grand vision of the Northwest Quadrant was brought forward to Salt Lake City, these concerns
were addressed and acknowledged by city officials along with a desire for adoption of sustainable development
practices. As sustainable and responsible development continues to be a priority not only to the public, but to
NWQ, LLC / SLC-GLC
(Salt Lake City Global Logistics Center)
43
potential economic drivers as well, the implementation, and the cost of those practices were brought the
discussion. With “green” practices, design, and strategy almost always coming at a higher premium cost,
another financial gap to development was made known.
The last significant obstacle to development is that there is little to no existing infrastructure. With the
Northwest Quadrant area being relatively “untouched” with the exception of a handful of improvements that
came about by the relocation of the State Correctional Facility, each building that would eventually be built in
the area would also require the following improvements: roads built out to the specifications that could handle
the transportation demand of potential businesses, utility improvements (water, sewer, storm drain, power, and
gas), and also improvements that benefit the public like sidewalks. At the conception of this project, the area
was a vacant site with unworkable soils, adjacent to a former landfill, with no existing infrastructure to tie into.
As we flash forward to the present day, the first phase of the Salt Lake City Global Logistics Center is
roughly 80% built out and occupied with major tenants (Amazon, Walmart, Specialized Bikes, Duraline, etc.)
each being responsible for significant contributions to the local economy and surrounding area by providing
employment opportunities for a large array of socioeconomic backgrounds. As green and sustainable practices
have been and will continue to be at the forefront of SLC-GLC, it has attracted tenants and companies that
have interests in ESG goals and are aligned with Salt Lake City in taking measurable actions to be conscious in
reducing their carbon footprint.
Looking at the significant barriers to development that were and still are impeding future growth, SLC-
GLC or NWQ, LLC. would not be brought into existence but for the tax increment granted by Salt Lake City.
As we prepare for the next phases of the project, the same issues still present a sizeable financial gap that
would otherwise not be bridged except for tax increment.
RRBR
AREA
Tenant 2
1400 NORTHPhase 1 (Existing TIRA) Phase 2Phase 3
700 NORTH
Truck Fueling
MATERIAL DOCKSFINISHED GOODS MATERIAL DOCKS (1,200 SQ FT) DAY SUPPLY IN FY32
INBOUND RAW RECYCLE STORAGE FOR 30 (5,100 SQ FT)
STORAGE
EMPTY BARREL
(6000 SQ FT)
SOLAR FARM
BIG RIG WASH
AIR SCRUBBING PER
SCRUBBING PER CODE CODE
VENTILATION AND AIR HUMIDITY CONTROL
50% +/- 10 VENTILATION AND50% +/- 10
STRUCTURE 65°F +/- 10°
24'-0" CLR. HIGH OPEN TO STRUCTURE(41,000± SF) OPEN TO
V-B 24'-0" CLR. HIGH
S-1 (131,000± SF)
WINE V-BFINISHED SPIRITS S-1
DRY GOODS WINE
WAREHOUSE FINISHED SPIRITSFUTURE EXPANSION DRY GOODS
WAREHOUSE
22'-0" HIGH CEILING
(12,000 SQ FT)
EXTERIOR4'TALL (5,850 SQ FT)
TEMP. 65 ° +/- 15° I-BOPEN TO STRCUCT. H-2INTERIOR FILLING24'-0" HIGH CLEAR BARREL HANDLING BARREL90 POSITIONS
RECEIVING CONTAINMENT EXTERIOR
BULK TANKS
(GNS)24'DIA,36'TALL120,000GAL(5,100 SQ.FT)
IB
H-3INGREDIENTS
BARREL UNLOADING BARREL UNLOADING
9'diameter,15'tall TK17,000gallonsTANKB BULKTANKRECEIVING
9'diameter,15'tall7,000gallonsTANKC (FLEX)RECEIVING 8.5'DIA,24'TALL10,000GALTK6BULKTANKGYM6'diameter,10'tall 6'diameter,10'tall2,500gallons 2,500gallonsTK202 TK201GAUGINGTANK
(RYEA)17'DIA,36'TALL9'diameter,15'tall 60,000GAL(RYEE) TK2TANKD 8.5'DIA,24'TALLRECEIVING 10,000GAL BULKTANK
BULKTKTANK7 FarmTankGAUGINGTANK9'diameter,15'tall7,000gallons (BOURBONF)TANKE 8.5'DIA,24'TALLRECEIVING 10,000GALTK8
1 HR. SEPARATION BULKTANK
(BOURBONN)7'diameter,12'tall3,500gallonsTK9BULKTANK
(BOURBONM)17'DIA,36'TALL60,000GALTK3BULKTANK
OPERATOR AREA
13'diameter,22'tall 13'diameter,22'tall 13'diameter,22'tallTank Tank 21,000gallons 21,000gallonsFutureBlend FutureBlend Tank307 Tank301GlassBlend GlassBlend
MCC/PLC (FLEX)12'DIA,24'TALLROOM 20,000GALELECTRICAL TK4(BOURBONO) BULKTANK7'diameter,12'tall3,500gallonsTK10BULKTANK
(FLEX)(RYEB) 12'DIA,24'TALL7'diameter,12'tall3,500gallons 20,000GALTK11
13'diameter,22'tall 13'diameter,22'tallTank Tank 21,000gallons 21,000gallonsFutureBlend FutureBlend Tank308 Tank302
RO UNIT BULKTANK TK5BULKTANK
GlassBlend GlassBlend RO UNIT UnloadOPERATOR AREA 12'DIA,24'TALL20,000GAL Tanker
(15,360 SQ FT)ROWATERTANK
H-3OFF OPERATORtall tall tall tall9'-6"diameter,18' 9'-6"diameter,18' 9'-6"diameter,18' 9'-6"diameter,18'10,000gallons 10,000gallons 10,000gallons 10,000gallonsTank354 Tank353 Tank352 Tank351PETBlend PETBlend PETBlend PETBlend
12'DIA,24'TALL20,000GAL
ROWATERTANK
LAB/RR RR 13.5'DIA,28'TALL30,000GALSUCROSETANK
Truck Scales
Bulk
(2,460 SQ FT) BLENDING AREA
Tenant 1311,145 sq.ft.
LOADING/CIRCULATION
RECEIVING TANKS
35'-0" HIGH CEILING
(1,800 SQ FT)
INTERIOR
7,000gallons
I-B
(60
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FT)RECEIVIN
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16
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RRR
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(5,4
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(5,4
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(1,
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PAR
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24'-0
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.
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NWQ - GLOBAL LOGISTICS CENTERMASTER PLAN PROPOSAL44
45
Page 18 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX B: TIR NARRATIVE
46
Qualification & Analysis Narrative
As shown on the map provided, Phases 2 and 3 are included in this TIR application.
Phase 2 (outlined in red on the Master Plan) will consist of our “Rail Plat A” which we are
anticipating these buildings being rail served. In order to move forward with this phase, we were
required to put in major upsizes as well as build out 7th North to 80th West, as well as
improvements to the east and south of the plat. Phase 2 also consists of the parcel that is west of
80th West and south of 7th North. The current plan for the remainder of phase 2 is made up of
smaller spaces, as well as a possible commercial corner as continued adjacent development will
create a larger workforce and the need for such will warrant.
Phase 2 Parcel #’s:
07331000060000 – 195.10 Acres
07321000060000 – 147.41 Acres
Phase 3 (outlined in blue on the Master Plan) is reserved for larger spaces within the light
industrial use. Along with the second phase, the necessary buildout of 7th North will sum up to a
large cost burden. Due to the size and shape of the parcels that make up Phase 3, additional
public roads infrastructure will be required to grant the buildings access. These roads will be
public roads dedicated to the city for the benefit of the public. Per communication with
Dominion Energy, any development in Phase 3 will require a gas regulation station to provide
service to the structures.
Phase 3 Parcel #’s:
07292000030000 – 448.05 Acres
07291000030000 – 160.0 Acres
47
As is the case with the majority of the NWQ, the zoning for both phases is M-1, which calls for a
light manufacturing district. The current planned uses align with zoning regulations.
Burdened Cost Narrative
Included in the analysis are two separate groupings of costs. The first group of costs is
associated with the necessary infrastructure and improvements required for developing raw land.
Being one of the first developers to move forward with projects on this frontier, it requires an
extensive amount of costs to provide the infrastructure for current and future users. With the
historical land use being farmland, and grazing, there are little to no improvements regarding
“backbone” or existing improvements for basic utility service. Not only does developing in the
area present a momentous challenge to create roads from dirt paths but the costs associated with
planning, designing, and installing sewer, storm drain, water lines, and streetlights are extensive.
The second cost grouping consists of site-specific burdens that are present because of
conditions that are encountered while developing in the Northwest Quadrant of Salt Lake City,
Utah. Due to the proximity of the project site to the Great Salt Lake, the soil and geotechnical
makeup present a large hurdle for development. Unlike almost any other site in Salt Lake City,
the soil is at an elevated risk of liquefaction. The necessary fix and structural requirement are to
import a significant amount of structural fill. As construction continues, we can more fully
understand how much import fill is required, as well as “soft spot” repair. The quantitative
analysis included in the application carries figures that are projected based on actual costs from
the developments in Phase 1.
Another large cost that is specific to the NWQ area is the proximity to the former landfill.
Due to the environmental impact that has on the surrounding area, we must install a vapor barrier
48
to mitigate any pathways to VOC’s (Volatile Organic Compounds) that present a risk to any
possible inhabitants of the area. The cost of vapor barrier installation is being addressed on a per
project basis as the building footprint matches the square footage of vapor barrier installed.
The last cost that is included in the site-specific grouping is the improvements that are
made to the project through implementing sustainable practices. With all our buildings, we have
chosen to use thermally insulated “sandwich” panels which dramatically increase the R-Value.
With the increase R-value being found throughout the development, it results in less energy
required for heating, and cooling buildings throughout the year. The cost difference between the
thermally insulated panels, and the basic panel that is built through standard construction
practices, is included. Continuing along the lines of sustainable development, we are moving
forward with the installation of solar panels on our buildings for a source of renewable energy.
As we continue to work with Rocky Mountain Power and our tenants to identify ways to go
green, solar is an excellent solution but includes a significant upfront cost. The cost is
conservatively included in the quantitative analysis on buildings greater than 300,000 square
feet. Moving forward, our goal is to install solar on as many buildings as possible, however a
conservative approach was used in underwriting by only allocating the cost to buildings greater
than 300,000 square feet.
49
Page 19 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX C: INTERLOCAL COOPERATION AGREEMENT
50
ECORDED
FEB O 9 20!
Cl C DER
INTERLOCAL COOPERATlON AGREEMENT
fNorthwest Quadrant Project Area Tax Increment]
THIS INTERLOCAL COOPERATION AGREEMENT ("Agreement") is executed
as of 9 -, 2018 ("Effective Date"), by and between the Redevelopment Agency of Salt
Lake City, a public entity (''Agenct'), and Salt Lake City Corporation a Utah municipal
corporation (the "City') (collectively, the "Parties").
RECITALS
A.Pursuant to Resolution No. R-1-2018 adopted by the Agency on January 9, 2018, the
Agency has commenced the process under Utah Code l 7C to create the Northwest Quadrant
Project Area (the ' Project Area"), and has prepared a draft of a community reinvestment project
area plan for the Project Area, a copy of which is attached hereto as Exhibit A (the "Project Area
Plan," which includes the legal description and a map of the Project Area).
B.Under the Project Area Plan the Agency desires to support the development of the
Project Area into an ecologically-oriented industrial park that is an economic engine for the city
region, and state.
C.The City has determined that it is in its best interests to provide oe1tain financial
assistance through the use of Tax Increment (as defined below) to Agency for development as set
forth in the Project Area Plan.
D.The Agency anticipates using tax increment (as defined in Utah Code§ 17C-1-102(60)
("Tax Increment") created by development activities in the Project Area to assist in development
as set fmth in the Project Area Plan.
E.Utah Code § 17C-5-204 authorizes the City to consent to the payment to the Agency
of a portion of its share of Tax Increment generated from the Project Area for the puq:,oses set
forth in the Project Area Plan.
NOW, THEREFORE, for good and valuable consideration, the Parties agree as follows:
1.City's Consent. Pursuant to Utah Code § l7C-5-204, the City hereby agrees and
consents that the Agency shall be entitled to retain seventy-five percent (75%) of the City's
portion of the Tax Increment from the Project Area for twenty (20) years from the Effective Date
of this Agreement. The calculation of annual Tax Increment shall be made using (a) Salt Lake
County's then current tax levy rate for the City, and (b) the 2017 base year taxable value of
$735,791, which taxable value is subject to adjustment as required by law.
2.Budget. Pursuant to Utah Code§ 17C-5-204(6)(c), a copy of the Project Area budget
is attached hereto as Exhibit B.
51
3.lnterlocal Cooperation Act. ln satisfaction of the requirements of Utah Code§ 11-
13 et seq. (the 'lnterlocal Cooperation Act") in connection with this Agreement, the Parties
agree as follows:
a.This Agreement shall be authorized and adopted by resolution of the legislative
body of each Party pursuant to and in accordance with the provisions of Section 11-13-202.5 of
the lnterlocal Cooperation Act.
b.This Agreement shall be reviewed as to proper fonn and compliance with
applicable law by a duly authorized attorney on behalf of each Party pursuant to and in accordance
with the Section 11-13-202.5(3) of the Interlocal Cooperation Act.
c.Except as otherwise specifically provided her:ein, each Party shall be responsible
for its own costs of any action taken pursuant to this Agreement, and for any financing of such
costs.
d.A duly executed original counterpart of this Agreement shall be filed immediately
with the keeper of records of each Party pursuant to Section 11-13-209 of the Interlocal
Cooperation Act.
e.No separate legal entity is created by the tenns of this Agreement. The Executive
Director of the Agency is hereby designated the administrator for all pw:poses of the Interlocal
Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f.Following the execution of this Agreement by each of the Parties, each Party shall
cause a notice regarding this Agreement to be published in accordance with Section 11 13-219 of
the lnterlocal Cooperation Act.
g.No real or personal property shall be acquired jointly by the Parties as a result of
this Agreement. To the extent a Pa1iy acquires, holds, or disposes of any real or personal property
for use in the joint or cooperative undertaking contemplated by this Agreement, such Party shall
do so in the same manner that it deals with other prope1ty of such Patty.
h.No separate legal entity is created by the tenns of this Agreement.
4.Modification and Amendment. Any modification of or amendment to any
provision of this Agreement shall be effective only if the modification or amendment is in writing
and igned by each of the Parties. Any oral representation or modification concerning this
Agreement shall be of no force or effect.
5.Further Assurance. Each of the Parties hereto agrees to cooperate in good faith
with the other, to execute and deliver such further documents, to adopt any resolutions, to take any
other official action, and to perform such other acts as may be reasonably necessary or appropriate
to consummate and carry into effect the transactions contemplated under this Agreement.
2
52
6.Governing Law. This Agreement shall be governed by, and construed and
interpreted in accordance with, the laws of the State of Utah.
7.Authorization. Each of the Parties hereto represents and warrants to the other that
the warranting Prutyhas taken all steps, including the publication of public notice where necessary,
in order to autho1ize the execution, delivery, and performance of this Agreement by each such
Paity.
Executed to be effective as of the Effective Date.
Approved as to fonn:
Salt Lake City Attorney's Office
&.r-
Katherine N. Lewis
RECORDED
FEB 9 20 8
CITY REC RD -n
Approved as to f01m:
Salt Lake City Attorney's Office(IC//#k
E.Russell Vetter
SALT LAKE CITY CORPORATION
3
53
EXHIBIT A
[Attach Project Area Plan]
4
54
-
NORTHWEST
QUADRANT
CRA PLAN
I \
l \
\·r,,j
\I SLCRDA
REDEVELOPMENT AGENCY OF SALT LAKE CITY I DEPARTMENT OF ECONOMIC DEVELOPMENT
55
Adopted January 9, 2018
Salt Lake City Ordinance: 1-2018
RDA Resolution: R-1-2018
ACKNOWLEDGEMENTS:
MAYOR
RDA EXECUTIVE DIRECTOR
Jacqueline M. Biskupski
DEPARTMENT OF ECONOMIC DEVELOPMENT DIRECTOR
RDA CHIEF EXECUTIVE OFFICER
Lara Fritts
RDA CHIEF OPERATING OFFICER
Danny Walz
RDA BOARD OF DIRECTORS
James Rogers, District 1
Andrew Johnston, District 2
Chris Wharton, District 3
Derek Kitchen, District 4
Erin Mendenhall, District 5
Charlie Luke, District 6
Amy Fowler, District 7
56
ONTENTS
i)INTRODUCTION...........................................................................................................4
1)COMMUNITY REINVESTMENT ANALYSIS {17C-5-1O5)......................................................6
l(a): PROJECT AREA BOUNDARY DESCRIPTION,...............................................................................................7
l(b): EXISTING LAND USES AND NEIGHBORHOOD CONTEXT ....,.....................................................................8
l(c): STANDARDS TO GUIDE PROJECT AREA DEVELOPMENT........................................................................11
l(d): FURTHERING PURPOSES OF UTAH TITLE l 7C.......................................................................................13
l(e): GENERAL PLAN CONSISTENCY.................................................................................................................15
l(f): ELIMINATION OR REDUCTION OF BLIGHT................................................................................................15
l(g): SPECIFIC PROJECT AREA DEVELOPMENT...............................................................................................15
l(h): PROCESS OF SELECTING PARTICIPANTS................................................................................................15
l(i): REASON FOR SELECTING THE PROJECT AREA .......................................................................................16
l(j): EXISTING PHYSICAL, SOCIAL, ECONOMIC CONDITIONS ........................................................................16
l(k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS..........................................................................16
1(1): PUBLIC BENEFIT ANALYSIS SUMMARY....................................................................................................17
l(m): HISTORIC PRESERVATION.......................................................................................................................20
l(n): INTER LOCAL AGREEMENT .......,.................................................................................................................20
2)PROJECT AREA BUDGET (17C-5-3O3}.............................................................................21
l(a): BASE TAXABLE VALUE......................................................... ,..........................................................22
l(b): PROJECTED AMOUNT OF TIF.....................................................................................................................22
l(c), COLLECTION PERIOD .................................................................................................................................22
l(d): TIF PAID TO OTHER TAXING ENTITIES ........................, ...........................................................................22
l(e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY...................................................................22
Wl: PERCENTAGE OF TIF AUTHORIZED TO RECEIVE.....................................................................................23
l(g): MAXIMUM CUMULATIVE DOLLAR AMOUNT.............................................................................................23
2: SALES AND USE TAX REVENUE, ...................................................................................................................23
3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN...........................................................................23
4: RDA'S COMBINED INCREMENTAL VALUE.....................................................................................................24
5: PROJECT AREA FUNDS USED FOR ADMINISTRATION.................................................................................25
6: EXPECTED SALES PRICE FOR PROPERTY THE RDA OWNS........................................................................26
EXHIBIT A: PROJECT AREA LEGAL DESCRIPTION AND MAP
EXHIBIT B: DEFINITIONS
EXHIBIT C: PUBLIC BENEFIT ANALYSIS (17C-5-1O5{2)(b})
NWQCOMMUNITY REINVESTMENT AREA PLAf\l 3
57
INTRODUCTION
Through this Northwest Quadrant Community Reinvestment Area Plan ("CRA Plan"), the Redevelopment
Agency of Salt Lake City ("RDA") contemplates the creation of a Community Reinvestment Area
("CRA") to facilitate the use of tax increment financing ("TIF") as a funding mechanism to further Salt
Lake City's economic development goals. In addition, this CRA Plan will facilitate the implementation
of the community vision and land use plan established by the Northwest Quadrant Master Plan.
HARNESSING OPPORTUNITY
Acclaimed as an area with unparalleled economic opportunity, the Northwest Quadrant ("NWQ")
north of Interstate 80 offers over 3,000 acres of developable land in close proximity to an
international airport, major highway interchange, and national rail crossing. Through the strategic
cultivation of growth and prosperity, this area is.positioned to become a model of regional
economic development that elevates the global competitiveness of Salt Lake City, Salt Lake
County, and the State of Utah.
The complexity of developing the NWQ, combined with a changing economic landscape, requires
a tacti.cal approach to maximize the opportunities at hand. This CRA Plan sets forth goals,
objectives, and strategies for the utilization of tax increment to advance development objectives
in a sustainable, efficient, and collaborative manner,
As efforts move forward, further coordination and partnership building will be key to take full
advantage ot the knowledge, skills, reach, and experience that stakeholders offer one another.
State, county, city, public, private, and nonprofit partners together can have greater impact than
working indlvidually. With a steadfast approach, the development of the NWQ will provide jobs,
economic growth1 and regional prosperity for generations to come.
JWQ COMMUNITY REINVESTMENT AREA PLAN
58
IMPLEMENTATION
CRA PLAN REQUIREMENTS
This CRA Plan compIies with the community reinvestment project area plan requirements as
per Utah Code 17C Community Reinvestment Agency Act. The RDA does not anticipate using
eminent domain within the Project Area. Since the RDA is not carrying out a blight study or a
blight determination, the Project Area is authorized through interlocal agreements with individual
taxing entities, rather than a taxing entity committee.
Prior to adopting a board resolution, the RDA Board of Directors (Board) has determined that this
CRA Plan:
•Contains a boundary description of the Project Area
•Contains the RDA's purposes and intent with respect to the Project Area
•Serves a public purpose
•Produces a public benefit as per l 7C-5-105(2)
•Is economically sound and feasible
•Conforms to the comll)unity's general plan
•Promotes the public peace, health, safety, and welfare of the community
PLAN & POLICY COORDINATION
Salt Lake City has carried out various planning efforts focused citywide as well as specific to the
NWQ. As components of the city's general plan, these efforts have established a clear vision for
future development, and are based on extensive data gathering and community engagement. It
is important that this CRA Plan draws from, builds upon, and integrates these prior plans and
studies. The hierarchy of the these plans is outlined below.
CITYWIDE VISION CITY SYSTEM PLANS COMMUNITY &
SMALL AREA PLANS
--•
. r. _NS &TRATEGIE
•Plan Salt Lake •Transportation,
Sustainability,
Open Space, etc.
•
Plan
L_.
"'-NWQ
C tnmunJfy
Refn\leslmant
A'-' Plalf.- - - _---....I
NWO COMMUNITY REINVESTMENT AREA PLAN 5
Quadrant Master
Northwest
59
COMMUNITY REINVESTMENT ANALYSIS
OVERVIEW
Section 1 conforms to the requirements of l ?C-5-105(1), and includes the following
Information:
a.Project Area Boundary Description
b.Existfng Land Uses and Nelghborhood Context
c.Standards To Guide Project Area Development
d.Furthering Purposes of Utah Title l 7C
e.General Plan Consistency
f.Elimination or Reduction of Blight
g.Specific Project Area Development
h.Process of Selecting Participants
i.Reasons for Selecting the Project Area
j.Existing Physical, Social, and Economic Conditions
k.Financial Assistance to be Offered to Participants
I.Public Benefit Analysis Results
m.Historic Preservation Requirements
n.lnterlocal Agreement
NWQ COMMUNITY REINVESTMENT AREA PLAN 6
60
0 2,050 4,100
I I
8,200 Feet
I I
........: NORTHWEST QUADRANT CRA BOUNDARY □PARCELS
l(a): PROJECT AREA BOUNDARY DESCRIPTION
The Northwest Quadrant Community Reinvestment Area ("Project Area") is generally defined on
the south by Interstate 80 and 700 North; on the west by the Salt Lake City municipal boundary;
on the North by the Salt Lake City municipal boundary; and on the east by 5600 West and the
western edge of the decommissioned North Temple Landfill. Refer to Exhibit A for a complete
legal description of the Project Area.
FIGURE 1: PROJECT AREA BOUNDARY MAP
NWQ COMMUNITY REINVESTMENT AREA PLA 7
61
1 (b): EXISTING LAND USES AND NEIGHBORHOOD CONTEXT
This section includes a general statement of the existing land uses, layout of principal streets,
population densities, and building intensities of the Project Area and how each will be affected
by the project area development.
LAND USES
Existing: Portions of the 7 ,739-acre Project Area have historically been used for agricultural,
recreational, and conservation purposes include farming, grazing, hunting and fishing, housing
for individuals working the land, and wildlife and habitat preservation, Today, several hundred
acres are still be.ing utilized as a working ranch, with the remainder of the area characterized by
vacant land, large canals, stormwater management systems, natural habitat, and floodplains.
ln addition, regions within the Project Area are characterized by low e·levations and highly
liquefiable soils, which pose challenges to development.
Anticipated Changes: The Northwest Quadrant Master Plan, adopted on August 16, 2016,
provides a foundation for future land uses. Of the 7,739 acres contained within the Project Area,
approximately half of the land area has been identified for preservation as a natural area. The
remaining land area is considered to be developable as per zoning, drainage, and transportation
planning requirements and standards. The Northwest Quadrant Overlay District, as established
through zoning code, provides the following three subareas:
1.Development Area:
Area in whicl1 ,development of light manufacturing uses may occur to promote economic
development while minimizing impacts to sensitive lands. Supportive uses, such as
restaurants, retaiI, and service stations are also permitted within this area.
2.Eco-Industrial Buffer Area:
A 400' tract of land in which development may occur with additional design standards to
mitlgate impacts on birds, other wildlife, and the Natural Area.
3.Natural Area:
Area in which new development is limited for the protection of sensitive lands and
wildlife near the Great Sa'lt Lake shorelands.
LAYOUT OF PRINCIPAL STREETS
Existing: There are currently no paved streets within the interior of the Project Area, however
there are a limited number of privately-owned dirt roads.
Anticipated Changes: In coordination with the development of the Utah State Correctional Facility,
two access roads will be constructed, the first runs along 8000 West and the second zigzags from
700 North to 7200 West to 1400 North. Other major arterials, minor arterials, and collectors are
being planned for the area and will be added to Salt Lake City's Major Street Plan. Additional
local streets will be added as development occurs.
NWQ COMMUNITY REINVESTMENT AREA PLAN 8
62
POPULATION DENSITIES
Existing: Residentia I uses in the area are currently Iimited to housing for individuaIs working the
land. As such, the Project Area has an ex,tremely low population density.
Anticipated Changes: As per the Northwest Quadrant Master Plan, residential is not a future land
use within the Project Area. As such, the residentlal population density is anticipated to be few
to zero. However,. as the Project Area and adjacent landfill develops into a major employment
center, a significant number of employees will be employed at businesses located in the NWQ.
Tens of thousands of jobs will be created at full build-out depending on the type and density of
businesses.
BUILDING INTENSITIES
Existing: Buildings currently located in the area are accessory structures relating to agricultural
and recreational uses. As such, there are a very few existing structures in the Project Area.
Anticipated Changes: Low density, large-scale industrial buildings will be developed for businesses
relating to technology, manufacturing, processing, fabrication, assembly, freight handling, or
similar operations. In addition, the NWQ has been contemplated for an intermodal facility and
logistics park, to include a rail system co-located with light industrial development. Incidental
commerdal, service, and hospita1ity-oriented buildings will be developed and located primarily at
gateways to the Project Area such as 7200 West at Interstate 80.
NWQ COMMUNITY REI VESTMENT AREA PLAN
63
0
r
FIGURE 2: DEVELOPMENT
1.NATURAL AREA
Area in which new development is limited for the
protection of sensitive lands and wildlife near the Great
Salt Lake shorelands.
2.ECO INDUSTRIAL BUFFER
Within this 400' tract of land, development may
occur with additional development standards that are
intended to help mitigate impacts on wildlife and the
natural areas.
3.DEVELOPMENT AREA
Area in which development of light manufacturing
uses may occur to promote economic development.
Supportive uses, such as restaurants, retail, and
services stations are also permitted within this area.
4.EXISTING RAILROAD
A short line railroad currently crosses under 1-80 west
of the International Center. This rail alignment has the
potential to be expanded into the Development Area lo
boost the economic advantage of the area.
5.MOUNTAINVIEW CORRIDOR @ 1-80
UDOT's expansion plans for the Mountainview Corridor
include a system connection located at 1-80 halfway
between the 5600 W and 7200 W ramps.
6.PLANNED STREETS
Two streets will be built to serve the new correctional
facility. These streets will need to be up sized to
accommodate economic development and growth.
7.CONCEPTUAL STREETS
Once finalized, Salt Lake City's Major Street Plan will
be updated to include additional arterial and collector
streets, thereby enabling these streets to be eligible for
impact fees. As development occurs, adjustments to
the Major Street Plan may occur to provide flexibility.
8.7200 WEST @ I - 80
To be developed as a major gateway to Salt Lake City.
Development is anticipated to be 4 - 5 stories high,
and provide office, lodging, and other services that will
support the area's employees and visitors.
NWQ COMMUNITY REINVESTMENT AREA PLAN 10
FRAMEWORK MAP SALT LAKE CITY NORTHWEST QUADRANT
DEVELOPMENT FRAMEWORK
: : : : : ; Proposed RDA Area ==== Planned Streets
-Development Buffer c:=:=:J Conceptual Streets
8,200 Feet r----
I ..
Development Area '"'""'""' Existing Railroad
-Canal
SLCRDA
64
1 (c): STANDARDS TO GUIDE PROJECT AREA DEVELOPMENT
As standards to guide development, the RDA proposes to use the Guiding Principles provided in
the Salt Lake City Northwest Quadrant Visioning Report ("Visioning Report"), dated March 2017.
These Guiding Principles were established through analysis of existing site conditions, review
of the Northwest Quadrant Master Plan, and input gathered through a stakeholder engagement
process that was carried out between November 2016 and January 2017. Input was collected
through seven roundtable groups that reached over 100 individual stakeholders. Guiding
Principles are divided into Physical, Economic, and Environmental categories, as follows:
PHYSICAL
1.Create a mixed-use gateway that highlights
the project area as the western entry
for Salt Lake City, capitalizes on key
transportation corridors, and connects to
existing neighborhoods.
2.Create walkable and bikeable linkages
to nearby residential communities and
recreation amenities.
3.Develop an infrastructure master plan
that accounts for high water table and
allows for flexibility in distribution and
maintenance.
4.Design for an interconnected street and
transportation network that accommodates
all modes (e.g. pedestrians, bicycles,
passenger vehicles, cargo trucks, and
passenger and freight raiI).
5.Incorporate passive sustainable practices
such as permeable surfaces, stormwater
capture/bio-filtration swales, and dark sky
requirements.
6.limit expansive impermeable parking
areas and maximize developable areas
by incorporating transportation demand
management strategies.
9.0SPER#Ty
NWQ COMMUNITY REINVESTMENT AREA PLAN 11
65
ECONOMIC
1.Maximize economic value and leverage
regional demand by creating a forward-
thinking, innovative development plan for
light industrial uses.
2.Assist in the identification of a preferred
location for an inland port to assure Salt
Lake Clty as a growing manufacturtng and
distribution center that attracts high-quality
and innovative businesses.
3.Encourage development of industrial Mega
Sites in order to enhance the employment
base and economic prosperity of the region.
4.Create partnerships between local
educational institutions and business
entities to enhance on-the-job training and
capitalize on a young, growingworkforce.
5.Ptomote the NWQ as ''open for business"
by facilitating -a streamlined development
approval process that includes clear
requirements but is flexible enough to
capitalize on market opportunities.
6.Recognize that the area provides
opportunity to connect to the global
supply chain in a more meaningful way by
strategically alignfng the site's exceptional
ability to connect to regionaJ, national, and
international transportation networks.
7.Maximize economic v lue by building
synergies with the prison development and
infrastructure improvements.
8.Build in flexibility to ensure that
implementation plans are nimble enough to
adapt to changes in society, technology, and
the economy.
9.Cultivate economic benefits enabled by Salt
Lake City's Foreign Trade Zone (FTZ).
NWQ COMMUNITY REINVESTMENT AREA PLAN
ENVIRONMENTAL
1.Promote transit use and alternative modes of
travel.
2.Respect the existing canals and work to
incorporate the existing landscape into the
overall site design.
3.Promote development that respects the
sensitive environment, balances uses
and conservation, and reflects a keen
understanding of the existing landsc.ape that
is unique to the NWQ.
4.Promote public and environmental health
to ensure clean air, clean water, and a
livable environment.
5.Facilitate the implementation of
development standards in the Eco-lndustr[al
Buffer to help mitigate impacts on birds,
wildlife, and the natural environment.
6.Prioritize the ecological health of the
NWQ by encour.aging project designs that
prioritize the preservation and restoration of
native habitats.
7.Encourage development that incorporates
renewable energy generation, is
environmentally friendly, and Includes
sustainable practices to reduce energy
consumption and greenhouse gas emissions.
8.Encourage sustainable project development,
possibly to include Eco-district
certification, LEED certification, and/or
Sustainable Sites certificat1on.
66
1
2
l(d): FURTHERING PURPOSES OF UTAH TITLE 17C
By implementing this CRA Plan, the RDA shall leverage private investment with TIF to facilitate
economic growth and prosperity through infrastructure improvements, preparation of building
sites, business development, and citywide housing development. Implementation shall be carried
out through the following objectives.
OBJECTIVE : INFRASTRUCTURE IMPROVEMENTS
•TO CONSTRUCT INFRASTRUCTURE IN A COORDINATED, EFFICIENT,
•AND SYSTEMATIC MANNER FOR THE FACILITATION OF ECONOMIC
•DEVELOPMENT AND IMPLEMENTATION OF THE CITY'S GENERAL PLAN,
•MAJOR STREET PLAN, AND THE NORTHWEST QUADRANT MASTER
DRAINAGE PLAN.
TlF may be provided for capital and land costs associated with public infrastructure
improvements. Projects shall facilitate economic development, the expansion of the
City's tax base, and encourage orderly growth in compliance with the City's General
Plan, Major Street Plan, and the Northwest Quadrant Master Drainage Plan. Eligible
uses of funds may include, but not be limited to, the following:
•Streets, sidewalks, curb and gutter, traffic cqntrols, street lights, bike lanes,
trails, wayfinding, and streetscaping;
•Stormwater and drainage management systems including drainage channels,
storm drains, bio swales, retention areas, and canal improvements;
•Water distribution and sewer systems;
•Railways and related facilities and infrastructure, including rail track, spurs,
terminals, bridges, underpasses, and crossings; and
•Other infrastructure that may be located outside of the Project Area but that is
found to directly benefit the Project Area.
OBJECTIVE:SITE DEVELOPMENT AND REMEDIATION
•TO FACILITATE ECONOMIC GOALS AND OBJECTIVES THROUGH THE
PREPARATION OF BUILDING SITES FOR FUTURE DEVELOPMENT.
Tl F may be provided for costs associated with the preparation of buiIding sites
for development. Uses of Tl F may include, but not be limited to, environmental
remediation and/or containment; vapor intrusion mitigation; grading, fill and/
or soil correction; burden costs associated with bringing water, sewer, electrical,
telecommunications, and/or other utility service to building sites; and landscaping
or drainage improvements. TIF shall support projects that are 1n accordance with
the City's General Plan, meet pol lcies established for the NWQ, meet the City's
economic development goals, are projected to generate an increase in the tax base,
and meet financial criteria.
NWQ COMMUNITY REINVESTMENT AREA PLAN 13
67
OBJECTIVE : BUSINESS DEVELOPMENT
: TO FACILITATE AN ACTIVE AND VITAL EMPLOYMENT CENTER THROUGH
: THE RECRUITMENT, RETENTION, AND EXPANSION OF BUSINESSES TO
:PROVIDE LIVABLE WAGE JOBS AND ENHANCE ECONOMIC PROSPERITY.
TlF may be provided to support business or industry-specific development
projects. In addition to loans and reimbursements, the RDA may utilize TIF for
the acquisition and/or disposition of property to carry out economic development
objectives within the Project Area. TIF shall support projects that are in accordance
with the City's general plan, meet policies established for the NWQ, meet the City's
economic development goals, are projected to generate an increase in the tax base
or return on investment, and meet financial criteria.
OBJECTIVE:CITYWIDE HOUSING DEVELOPMENT
TO EXPAND THE AVAILABILITY AND AFFORDABILITY OF HOUSING
' CITYWIDE TO PROVIDE ADDITIONAL HOUSING OPTIONS ALONG WITH
JOB GROWTH.
TlF may be provided for the development of citywide housing to ensure the
availability and affordability of quality housing throughout Salt Lake Ci,ty. Funding
will not only provide affordable housing for existing Salt Lake City residents, but
will also provide hous[ng for the expanding employment base spurred by economic
development in the NWQ.
NWQ COMMUNITY REINVESTMENT AREA PLAN 14
3
4
68
1 {e): GENERAL PLAN CONSISTENCY
The Northwest Quadrant Master Plan is the community general plan for the Project Area. The
construction of buildings and improvements in the Project Area will be carried out in accordance
with the stahdards set forth in the Northwest Quadrant Master Plan, as well as other applicable
plans and policies. Building permits will be issued by the City in order to assure that project area
development is consistent with the Northwest Quadrant Master Plan and City ordinances.
This CRA Plan aligns with the future land use framework and goals established through the
Northwest Quadrant Master Plan. Goals are as follows:
•Preserve natural open spaces and sensitive areas to sustain biodiversity and ecosystem
functions.
•Balance protection and management of natural lands with access to recreational
opportunities.
•Ensure that the City responds effectively to the social, environmental, and developmental
concerns.
•Encourage a resilient and diversified economy.
•Support quality jobs that include nonpolluting and environmentally-conscious hrgh-tech
and manufacturing sectors.
•Promote industrial development that is compatible with the enviranmentally-sensitive
nature of the area,
•Provide services and infrastructure that are similar to other parts of the City.
1 {f): ELIMINATION OR REDUCTION OF BLIGHT
Not applicable.
l{g): SPECIFIC PROJECT AREA DEVELOPMENT
Specific projects and project sites have not been identified. Rather, project area development
activities will facilitate infrastructure improvements, preparation of building sites, business
development, and citywide housing development as further described in Section l(d).
l(h): PROCESS OF SELECTING PARTICIPANTS
The RDA may enter into partic1pation agreements (also known as tax increment reimbursement
agreements) for the purpose of providing incentives in the form of tax increment for project area
development. Program participants shall be selected through an evaluation process as per the
RDA's tax increment reimbursement program and policies. Potential participants must provide
sufficient evidence that tax increment funding is necessary for the proposed project to succeed.
In addition, the proposed project must align with CRA objectives and involve significant private
investment so as to assure adequate yield of tax increment.
NWQ COMMUNITY REINVESTMENT AREA PLAN 15
69
l(i}: REASON FOR SELECTING THE PROJECT AREA
Salt Lake City selected the Project Area due to the unparalleled opportunity to facilitate job
creation, economic growth, and regional prosperity. However, the complexity of developing the
NWQ, combined with a changing economic landscape, requires a tactical approach to maximize
the opportunities at hand. As such, over the past several months, Salt Lake City has adopted a
land use master plan, enacted zoning amendments, drafted an economic development visioning
report and strategic plan, and established a public utilities basis for design. These efforts not
only provide a land use and development framework for the area, but also provide an assessment
of economic and market conditions to inform policy objectives and direct investments.
Looking to the future, implementation of the vision and plans recently completed will require
significant commitment of capital to leverage private investment. Establishment of the Project
Area to facilitate tax increment financing is the first step in advancing development objectives in
a sustainable, efficient, and collaborative manner.
1 (j}: EXISTING PHYSICAL, SOCIAL, ECONOMIC CONDITIONS
An analysis of social and economic conditions within the CRA is generally inapplicable due to
the undeveloped nature of the area. Current physical conditions relate to wildlife management,
ranching, farming, canals, stormwater management, and vacant land. The Project Area is
adjacent to a major regional rail line and extensive highway infrastructure. A relatively small
group of property owners control the majority of the Northwest Quadrant's undeveloped land,
providing a unique opportunity for quality planning and collaboration on development.
l(k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS
To promote investment in real property and consequent increases in property values, the RDA
has established programs to assist property owners and businesses within RDA project areas.
The most widely used forms of RDA assistance are loans, tax increment reimbursements, and
the property acquisition/disposition process. However, the RDA may also develop project area-
specific programs strategically targeted to promote the goals and objectives of the Project Area.
An overview of existing programs is as follows:
1.TAX INCREMENT REIMBURSEMENT PROGRAM
The RDA Tax Increment Reimbursement Program may provide project developers a tax
increment reimbursement for the development of improvements that meet the goals
and objectives of this CRA Plan and provide significant public benefit. Tax increment
NWQ COMMUNITY REINVESTMENT AREA PLAN 16
70
reimbursements shall be based upon the difference between the initial taxable value
of a property prior to improvements and the increased taxable value resulting from said
improvements. The developer will receive a percentage of the tax increment generated
from its project for a specified time frame, and the RDA will receive the residual tax
increment generated by the project.
2.LOAN PROGRAM
The RDA Loan Program may provide financing to facilitate various development projects,
including new construction, building rehabilitation, and energy efficiency upgrades.
Funding is made available for construction costs or hard costs. Loan funds may also
be used for site improvements associated with a development project. Use of funds for
environmental remediation or demolition shalI be considered on a case-by-case basis.
3.PROPERTY ACQUISITION/DISPOSITION
In addition to programs, the RDA may implement this CRA Plan by acquiring property to
market for strategic redevelopment, particularly to stimulate private investment, improve
conditions, and increase economic development with the area. As per the Utah Code
l 7C Community Reinvestment Agency Act, the RDA may sell, convey, grant, gift, or
otherwise dispose of any interest in real property to provide for project area development.
Disposition of all RDA-owned real property, including land write-downs, shall abide by
the RDA's real property disposition policy, all applicable laws, and be conducted in a
competitive and transparent manner as deemed appropriate and effective.
1 (I): PUBLIC BENEFITS ANALYSIS SUMMARY
According to the Utah Code l 7C Community Reinvestment Agency Act, the RDA shall conduct
an analysis to determine whether th is CRA Plan wi11 provide a pubIic benefit. The RDA contracted
with Zions Public Finance ("ZPFI") to carry out this effort. A summary of the resulting analysis,
as completed by ZPFI, is as follows. Refer to Exhibit C for the complete Northwest Quadrant
Community Reinvestment Area Public Benefits Analysis.
a.An evaluation of the reasonableness of the costs of the proposed project area development
An evaluation of the reasonableness of the costs of the proposed project area
development is based on a comparison of the costs of the development compared to the
revenues and benefits it will generate for the various taxing entities. The Project Area is
currently generating only a minimal amount of tax revenues annually. Over 20 years, the
anticipated tax revenues, assuming current conditions, will amount to $207,272.
NWQ COMMUNITY REINVESTMENT AREA PLAN 17
71
BASE (EXISTING) TAX REVENUES:
Base Year Tax Revenues Total -
20 Years
NPV* -
20 Years
Annual Tax
Revenues
Salt Lake County $32,934 $22,379 $1,647
Multicounty Assessing & Collecting Levy $147 $100 $7
County Assessing & Collecting Levy $3,591 $2,440 $180
Salt Lake City School District $84,586 $57,478 $4,229
Salt Lake City $63,072 $42,858 $3,154
Salt Lake Library $12,273 $8,340 $614
Salt Lake Metropolitan Water District $4,783 $3,250 $239
Central Utah Water Conservancy District $5,886 $4,000 $294
TOTAL $207,272 $140,845 $10,364
*Net present value discounted at a rate of 4 percent
In comparison, with the projected development, the area will generate an estimated $233
million in property tax revenues over 20 years. The annual tax increment revenue will
increase yearly, as development proceeds.
b.Efforts that have been, or wlll be made to capitalize private investment
Private investment in the area, for real property alon-e, is anticipated to reach nearly $3.6
billion within 35 years. This represents a substantial investment in an area of the Salt
Lake Valley that is currently undeveloped and that deals with significant construction
concerns, most notably the high water levels, soil stability, and lack of infrastructure. In
an effort to increase private investment in the area, the RDA is proposing the creation
of a CRA to assist with the extraordinary costs of construction that negatively impact
the attractiveness of the area to developers. The amount to be contributed to the RDA
is estimated at $174,815,907. Therefore, this represents a ratio of 20:1 of private
investment to public investment.
c.Rationale for use of project area funds ("but for" analysis)
Development Within the Project Area is unlikely to take place within the next ten years
without some sort of public assistance. The rationale for the use of tax increment funds
in the area is due to the extraordinary costs of construction associated with the high
water table and lack of infrastructure in the area. In addition, there are development
barriers relating to soil conditions and lowland areas within the general area. This adds
uncertainty, time, and cost to the construction process. By assisting with these concerns,
much of the present uncertainty expressed by developers would be mitigated and the area
would become more attractive for development.
NWQ COMMUNITY REINVESTMENT AREA PLAN 18
72
There is also some uncertainty regarding access to utilities and the placement of future
Infrastructure in the area. Preliminary plans indicate that the State of Utah will lead the
construction effort for two. roadway/transmissi,on corridors, one running north from 1-80 to
the prison site and the other running west from the International Center to the prison site.
It is ant1cipated that the State will cover the up-front costs of street and baseline water/
sewer infrastructure. In anticipation of future development. Salt Lake City may allocate
funding to cover the difference between the cost of baseline water/sewer infrastructure
and a higher capacity system, thereby establishing a backbone system for the Project
Area. Tax increment may be utilized to cover the cost of street and public utility
improvements that lead from this backbone system to developable sites.
d.An estimate of total amount of funds and the length of time during which funds will be spent
Because of the extremely high costs associated with placing backbone infrastructure
in this area, as welI the uncertainties with the soiI stabiIity in some areas, the RDA
anticipates the need for 75 percent of tax increment for a pe.riod of 20 years. Assuming
a 20-year timeframe, with 75 percent of increment flowing to the RDA, the RDA would
receive a total of nearly $175 million with a net present value (NPV) of roughly $100
million.
e.The beneficial influences on the community's tax base
The current taxable value of the Project Area is $735,791 or an average of $95.64 per
acre. With the proposed development, the average taxable value per acre is projected to
increase to $464,668 - an increase of roughly 485,751 percent. The following table
summarizes the increases in real property taxable value projected at different time
periods using the assumptions for absorption and average values.
Year
"
Taxable Value Increase over Current Value
5 $226,457,109 $225,721,318
10 $700,177,676 $699,441,885
15 $1,293,827,500 $1,293,091,710
20 $1,893,473,788 $1,892,737,997
25 $2,493,120,075 $2,492,384,285
30 $3,092,766,363 $3,092,030,572
35 $3,5741881,978 $3,574,146,187
Foutty-one percent of the increased tax revenues would benefit the Salt Lake City School
District, 30 percent would benefit Salt Lake City and 16 percent would benefit Salt Lake
County. Therefore, there are significant benefits to the tax base of the community from
creating a project area.
NWQ COMMUNITY REINVESTMENT AREA PL/\N 19
73
f.The associated business and economic activity the proposed project area development will
likely stimulate
Based on a financial feasibility analysis completed by Jones Lang LaSalle, the Salt Lake
City Northwest Quadrant Phase II Feasibility Analysis, nearly 32,000 jobs will be created
in the Project Area. This is a significant number, as total employment in Salt Lake
County was 712,912 in October 2017. Therefore, the job projections for the Project Area
represent 4.5 percent of the current workforce in the County.
The Kem C. Gardner Policy Institute ("Policy Institute") recently completed an economic
analysis specifically looking at employment sector comparisons for the NWQ. The Policy
lnstitute's analysis indicates that as many as 100,000+ jobs may be created at full build
out when factoring in local multipliers. In addition to full-time jobs created in the Project
Area, there will be a significant number of construction jobs created over a long period of
time as absorption takes place in this area.
g.Whether adoption of the proposed community reinvestment project area plan is necessary and
appropriate to undertake the proposed project area development
The creation of the proposed Community Reinvestment Project Area Plan is necessary
and appropriate for the following reasons:
•There are significant infrastructure issues (landfi11 remediation, uncertainty regarding
access to utilities, and lowlands with high water tables) that make the area currently
unattractive to developers.
•The creation of a Project Area with remediation of the above-listed problems will
generate significant economic development and increased property tax base.
•The development that wi11 take place in the area wi11 create a significant number of
new jobs.
•Expansion of the Salt Lake City International Airport will create significant
development opportunities in the area if a welI-planned area, with good infrastructure,
is available.
•This area forms a gateway from the west, along 1-80, for visitors entering Salt Lake
City, the State's capital city.
1 (m): HISTORIC PRESERVATION
Not applicable.
1 (n): INTERLOCAL AGREEMENT
Accardi ng to the Utah Code 17C Community Reinvestment Agency Act The Project Area is
subject to an interlocal agreement with taxing entities, rather than a taxing entity committee,
because the RDA is not carrying out a blight study.
NWQ COMMUNITY REINVESTMENT AREA PLAN 20
74
PROJECT AREA BUDGET
OVERVIEW
Section 2 of this CRA Plan conforms with the requirements of 17C-5-303, and includes the
following information:
1)Receipt of Tax Increment
a.Base taxable value;
b Projected amount of tax increment to be generated within the CRA;
c.Each project area funds collection period;
d.Projected amount of tax increment to be paid to other taxing entities in accordance with
Section l ?C-1-410 (if applicable);
e.If the area from which tax increment is collected is less than the entire community
reinvestment project area:
(i)a boundary description of the portion or portions of the community reinvestment
project area from which the agency receives tax increment; and
(ii)for each portion described in Subsection (l)(e)(i), the period of time during which tax
increment is collected;
t.Percentage of tax increment the agency is authorized to receive from the community
reinvestment project area; and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive
from the community reinvestment project area.
2)Receipt of Sales and Use Tax Revenue
3)Project Area Funds to Implement this CRA Plan
4)RDA's Combined Incremental Value
5)Amount for Administration
6)Property Owned and Expected to Sell
NWQ COMMUNITY REINVESTMENT AREA PLAN 21
75
1(a): BASE TAXABLE VALUE
The base year is anticipated to be 2017, with a base year taxable value of $735,791.
l(b}: PROJECTED AMOUNT OF TIF
INCREMENTAL PROPERTY TAX REVENUES GENERATED FOR 20 YEARS:
Incremental Tax Revenues - t 00%Total - 20 Years NPV* - 20 Years
Salt Lake County $37,035,901 $21,148,021
Multicounty Assessing & Collecting Levy $165,487 $94,495
County Assessing & Collecting Levy $4,037,873 $2,305,682
Salt Lake City School District $95,121,698 $54,315,828
Salt Lake City $70,927,557 $40,500,633
Salt Lake Library $13,801,582 $7,880,898
Salt Lake Metropolitan Water District $5,378,315 $3,071,093
Central Utah Water Conservancy District $6,619,464 $3,779,807
TOTAL $233,087,876 $133,096,458
*Net present value discounted at a rate of 4 percent
1 (c): COLLECTION PERIOD
The collection period shal I be 20 years.
1 (d): TIF PAID TO OTHER TAXING ENTITIES
INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES FOR 20 YEARS:
Incremental Tax Revenues to Taxing Entities Total - 20 Years NPV* - 20 Years
Salt Lake County $9,258,975 $5,287,005
Multicounty Assessing & Collecting Levy $41,372 $23,624
County Assessing & Collecting Levy $1,009,468 $576,421
Salt Lake City School District $23,780,424 $13,578,957
Salt Lake City $17,731,889 $10,125,158
Salt Lake Library $3,450,396 $1,970,224
Salt Lake Metropolitan Water District $1,344,579 $767,773
Central Utah Water Conservancy District $1,654,866 $944,952
TOTAL $58,271,969 $33,274,114
*Net present value discounted at a rate of 4 percent
l(e}: IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable. The TIF collection area is the entlre CRA boundary.
NWQCOMMUNITY REINVESTMENT AREA PLAN 22
76
1 (f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
REQUESTED PARTICIPATION FROM TAXING ENTITIES:
Taxing Entity Percentage Length
Salt Lake County 75%20 Years
Salt Lake City School District 75%20 Years
Salt Lake City 75%20 Years
Salt Lake Library 75%20 Years
Salt Lake Metropolitan District 75%20 Years
Salt Lake City Mosquito Abatement Dis.75%20 Years
Central Utah Water Conservancy District 75%20 Years
l(g): MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA
Based on a conservative projection of tax increment generation, the RDA estimates receiving
approximately $175,000,000 in tax increment revenues over a 20-year period. Actual receipt of
tax increment may be higher depending on absorption rates, market conditions, and taxing entity
participation terms. As such, tax increment budget estimates and maximums, if applicable, will
be established through an interlocal agreement with each of the participating taxing entities.
Estimated tax increment revenues are as fol lows:
20-YEAR TAX INCREMENT REVENUES TO RDA AT 75% PARTICIPATION RATE:
Incremental Tax Revenues to RDA Total, 2022-2041 NPV, 2022-2041
Salt Lake County $27,776,926 $15,861,016
Multicounty Assessing & Collecting Levy $124,115 $70,871
County Assessing & Collecting Levy $3,028,405 $1,729,262
Salt Lake City School District $71,341,273 $40,736,871
Salt Lake City $53,195,668 $30,375,475
Salt Lake Library $10,351,187 $5,910,673
Salt Lake Metropolitan Water District $4,033,736 $2,303,320
Central Utah Water Conservancy District $4,964,598 $2,834,855
TOTAL $174,815,907 $99,822,343
2:SALES AND USE TAX REVENUE: Not applicable.
3: PROJECT AREA FUNDS TO IMPLEME.NT THIS CRA PLAN
BUDGET FOR 20-YEAR TAX INCREMENT REVENUES TO RDA:
Activity Percentage Amount
Administration 10%$17,481,591
Housing 10%$17,481,591
Shared Costs 10%$17,481,591
Redevelopment Activities 70%$122,815,907
Total 100%$174,815,907
NWQ COMMUNITY REINVESTMENT AREA PLAN 23
77
The RDA shall implement this plan through the following activities:
•ADMINISTRATION AND OPERATIONS:
The tax increment expected to be used to cover the operatings costs of administering and
implementing the CRA Plan.
•HOUSING:
The tax increment allocation required to be used for housing activities pursuant to Section
l 7C-2-203, 17C-3-202, or 17C-5-307 for the purposes described in Section 17C-l-412.
•SHARED COSTS:
The tax increment expected to be used for redevelopment activities that benefit the entire
Project Area, are system wide, or that benefit multiple property owners or parcels.
•REDEVELOPMENT ACTIVITIES:
The tax increment expected to be used to carry out project development activities as further
described in this CRA Plan. Activities may include, but not be limited to, land acquisition,
public improvements, infrastructure improvements, loans, grants, and other incentives to
public and private entities.
4: RDA'S COMBINED INCREMENTAL VALUE
PROJECT AREA ASSESSED
PROPERTY VALUE
BASE TAXABLE
VALUE INCREMENTAL VALUE
SLC CBD In $2,253,069,110 $136,894,100 $2,116,175,010
SLC CBD Out $468,564,069 $0 $468,564,069
Sugar House $358,792,409 $53,401,199 $305,391,210
West Temple $131,625,455 $50,234,090 $81,391,365
Baseball $2,994,111 $0 $2,994,111
West Capitol Hill $83,471,701 $28,322,952 $55,148,749
Depot District $419,610,969 $27,476,425 $392,134,544
Depot District Non-Collection $17,069,143 $0 $17,069,143
Granary $90,443,298 $48,813,397 $41,629,901
North Temple Viaduct $64,730,133 $36,499,680 $28,230,453
North Temple $106,098,060 $84,073,572 $22,024,488
Block 70 $158,846,344 $58,757,937 $100,088,407
COMBINED VALUE $4,155,314,802 $524,473,352 $3,630,841,450
5: PROJECT AREA FUNDS USED FOR ADMINISTRATION
The RDA anticipates utilizing up to 10 percent of the funds captured and retained by the agency,
which is estimated to be $17,481,591.
6: EXPECTED SALE PRICE FOR PROPERTY THE RDA OWNS
The RDA does not own property within the Project Area.
NWQ COMMUNITY REI VESTMENT AREA PLAN 24
78
EXHIBIT A: PROJECT AREA LEGAL DESCRIPTION & MAP
Beginning at a point on the existing Salt Lake City boundary which is the Northwest Corner of Section 17,
Township 1 North, Range 2 West, Salt Lake Base and Meridian, and running thence along the existing
Salt Lake City boundary the following 18 courses: 1) N89°54'36"E 2637.89 feet to the Nl/4 Corner of
said Section 17; 2) N89°53'20"E 2640.05 feet to the NE Corner of said Section 17; 3) S89°48'47"E
2640.69 feet to the Nl/4 Corner of Section 16 said Township; 4) N00°26'13"E 1320.23 feet to the
Wl/4 Corner of the SEl/4 of Section 9 said Township; 5) S89°48'47"E 2625.84 feet to the El/4
Corner of the SEl/4 of said Section 9; 6) S00°24'42"W 1320.23 feet to the NE Corner of said Section
16; 7) S00°24'42"W 2650.57 feet to the El/4 Corner of said Section 16; 8) S00°26'25"W 1325.15
feet to the Wl/4 Corner of the SWl/4 of Section 15; 9) S89°50'13"E 1322.93 feet to the Center of
the SWl/4 of said Section 15; 10) N00°23'04"E 2648.09 feet to the Center of the NWl/4 of said
Section 15; 11) S89°44'08"E 3963.23 feet to the El/4 Corner of the NEl/4 of said Section 15; 12)
S89°47'29"E 1317.60 feet to the Center of the NWl/4 of Section 14 said Township; 13) S00°15'30"W
3961.12 feet to the Sl/4 Corner of the SWl/4 of said Section 14; 14) S89°47'29"E 1317.60 feet to
the Sl/4 Corner of said Section 14; 15) S00°13'53"W 1320.92 feet to the El/4 Corner of the NWl/4
Section 23 said Township; 16) S89°46'07"E 1320.22 feet to the Center of the NEl/4 of said Section
23; 17) S00°13'54"W 2643.89 feet to the Center of the SEl/4 of said Section 23; 18) S44°44'23"E
1868.01 feet to the SE Corner of said Section 23; thence along the east line of Section 26 said Township
S00°20'0l"W 3991.93 feet to the north line of John Cannon Drive; thence along the north line of John
Cannon Drive S89°47'45"E 44.00 feet to the projected east line of 5600 West, thence along the east line
of 5600 West S00°20'07"W 1284.30 feet to the south line of Section 25 said township; thence along
the south lines of said Section 25 and 26 N89°47'25"W 774.13 feet to the Southwest Corner of Watkins
Industrial Park Subdivision as recorded in Book 2003P, Page 162 of Subdivisions, in the Salt Lake County
Recorder's Office; thence along the south line of said Section 26 N89°47'24"W 2937.61 feet; thence
S00°11'54"W 99.14 feet to the Northeast Corner of Parcel 07-35-100-016; thence along said parcel the
following 6 courses: 1) N89°46'53"W 1609.45 feet; 2) N89°50'44"W 2642.88 feet; 3) N89°50'20"W
2644.04 feet; 4) N89°44'53"W 1317.05 feet; 5) soo013'52"W 2541.25 feet; 6) soo014'20"W
1723.95 feet to the north line of the 1-80 right-of-way and an 1849.86 foot radius non-tangent curve to
the right; thence along said north line and said curve 63.56 feet (chord bears S71°02'20"W 63.56 feet);
thence along said north line N89°47'45"W 9176.07 feet to the west boundary line of Salt Lake City;
thence along said west boundary the following 10 courses: 1) N00°19'37"E 1745.63 feet to the West
Quarter Corner of Section 32 said township; 2) N00°20'10"E 846.69 feet; 3) S89°47'26"E 1320.00
feet; 4) N00°20'10"E 950.40 feet; 5) N89°47'26"W 1320.00 feet; 6) N00°20'10"E 844.84 feet to the
Northwest Corner of said Section 32; 7) N00°19'16"E 5285.43 feet to the Southwest Corner of Section
20 said township; 8) N00°17'46"E 2629. 78 feet to the West Quarter Corner of said Section 20; 9)
N00°18'30"E 2631.00 feet to the Northwest Corner of said Section 20; 10) N00°l 7'29"E 5280.23 feet
to the point of beginning.
Contains 7,739.092 acres, more or less.
NWQ COMMUNITY REINVESTMENT AREA PLAN: EXHIBIT A 25
79
Q
=i ., -
2 ,
.f,
PROPOSED NORTHWEST QUADRANT
CRA BOUNDARY
SALT LAKE CITY
2525.84'
MUNICIPAL BOUNDARY
SALT LAKE CITY
MUNICIPAL BOUNDARY
.l96J.2l1 ,J17,60'
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IJ25,15 ree• to the Wt Cor!'er i:,f the: swJ or Section 15: 9) ss9•50'1J..£ 1322.93
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la lhe Si Ccarner oJ Uitf SWJ Df ,5l]id Sl!!c.6on 14; 14) SS!f♦?'29•E 1.3\7,60 fol 10
Ike sJ Corner of said Soction H: 15) 'SOO"l.3"5J.'\I.I 1.J20192 feet la the EJ Cor"-f!r
of the! N Scicliar, 23 snld fcW.osllip'; 16} S89"46'0rE 1.J:20.22" reel to tr,c Ce"l'!et
or lf'ie tnJ o/ soid SecUori '2J; 17) SOO"l."5'54"\Y ll54J.B9 le-el to the Ce.nte,r of
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soid Section 2J; Che.nee ol lftc eosl li,_ie of SeeUol'I 16 .sold To,,m.shlp
S00'2.0'01"W' J991.9J fcEt to I.to: non'.I\ li11e of .Jol\n, Ccinno-n O,i..r ; lhenee cilon9
lhe riotll-\ llne gf John Canl'IOn D,1..,e S89'47'-iS"'E ◄4.00 rc,et to the pro]e-cted :d
line of 5600 Weil; lhl!nice along ti'ie e '!II 11ne of 5600 Wes! S00"'20"07"'W 12.84,JO
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followlng fi COIJr.fH• l) NB9"46'5J'\¥ 1609,◄5 rieet; :!:) Na9'50'44"'W :1:642,8 Jeet:
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n.ric of Sall laln1 City; Uiencl!I along sDid we-st bour,da th.e follo'W'ln.g 10 C:OLlrUi;.
1} N00'19"3rE t745.6.1 r.e:et la ttie Wesl C1Jartoer Cc:irn11r r S1!1.c00n l2 !iloid
lcrwna;,ip; '2) HD0'20'to"E 846.69 rue J) $89'41'26•£ 1320,00 r!'t.:t; 4)
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tl\e West Ouorter Corner or 10h:I Secl1c:m 20; 9) NOO'H5' 0..E 2531,00 feel ta lM'
Nor01'fl'e:1-\ Corne-, of,aid Section lO: 10) NCO'l 7"29• .£ 5:280.ZJ /1:!et to \k,e QOinL
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INTERSTATE 80
NWQ COMMUNITY REINVESTMENT AREA PLAN· EXHIBIT A 26
80
EXHIBIT B: DEFINITIONS
1.The term "Act" or "Utah Code 17C Community Reinvestment Agency Act" shall mean the "Limited
Purpose Local Government Entities - Community Reinvestment Agency Act" as found in Title 17C,
Utah Code Annotated 1953, as amended.
2.The term "Affordable Housing" shall mean housing to be owned or occupied by persons and families
of low or moderate income, as determined by resolution of the RDA.
3.The term "Base Taxable Value" unless otherwise adjusted in accordance with provisions of this title,
shall mean a property's taxable value as shown upon the assessment roll last equalized during the base
year.
4.The term "Base Year" shall mean, except as provided in Subsection l 7C-l-402(4)(c), the year during
which the assessment rolI is last equalized
5.The term "Board" shall mean the governing body of the Agency, as provided in Section 17C-1-203 of
the Act.
6.The term "City" shall mean the city of Salt Lake City.
7.The term "Housing Allocation" shall mean tax increment allocated for housing under Section l 7C-2-
203, l ?C-3-202, or l 7C-5-307 for the purposes described in Section 17C-l-412.
8.The term "Income Targeted Housing" shall mean housing to be owned or occupied by a family whose
annual income is at or below 80% of the median annual income for Salt Lake County.
9.The term "Northwest Quadrant Master Plan" shall mean the Community General Plan as required by
the Act, which acts as the master plan, adopted by Salt Lake City on August 16, 2016.
10.The term "Project Area" shall mean the area described in Exhibit A attached hereto.
11.The term "Project Area Budget" shall mean a multiyear projection of annual or cumulative revenues
and expenses and other fiscal matters pertaining to the Project Area that includes:
(i)the Base Taxable Value of property in the Project Area;
(ii)the projected Tax Increment expected to be generated within the Project Area;
(iii)the amount of Tax Increment expected to be shared with other taxing entities;
(iv)the amount of Tax Increment expected to be used to implement the Project Area Plan, including
the estimated amount of Tax Increment to be used for land acquisition, public improvements,
infrastructure improvements, and loans, grants, or other incentives to private and public entities;
(v)the Tax Increment expected to be used to cover the cost of administering the Project Area Plan;
(vi)if the area from which Tax Increment is to be collected is less than the entire Project Area:
(a)the tax identification numbers of the parcels from which Tax Increment will be collected; or
(b)a legal description of the portion of the Project Area from which Tax Increment will be
collected;
(vii)for property that the RDA owns and expects to sell, the expected total cost of
the property to the RDA and the expected set Iing price; and
(viii)the following required information:
(a)the number of tax years for which the RDA will be allowed to receive Tax Increment from
the Project Area; and
(b)the percentage of Tax Increment or maximum cumulative dollar amount of Tax Increment
the RDA is entitled to receive from the Project Area under the Project Area Budget.
12.The term "RDA" shall mean the Redevelopment Agency of Salt Lake City.
13.The term "Taxable Value" shall mean the value of property as shown on the last equalized assessment
roll as certified by the Salt Lake County Assessor.
14.The term "Tax Increment" shall mean the difference between:
(i)the amount of property tax revenues generated each tax year by all taxing entities from the area
within a Project Area designated in the Project Area Plan as the area from which Tax Increment is to
be collected, using the current assessed value of the property; and
(ii)the amount of property tax revenues that would be generated from that same area using the Base
Taxable Value of the property.
15.The term "Taxing Entity' shall mean a public entity that levies a tax on a parcel or parcels of property
located within the City.
NWQ COMMUNITY REINVESTMENT AREA PLAN: EXHIBIT B 27
81
Salt Lake City Redevelopment Agency
Northwest Quadrant
Community Reinvestment Area
Benefits Analysis
ZIONS==PUBLIC FINANCE.INC.
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits AnalysisD
Contents
Contents.........................................................................................................................................................1
Background....................................................................................................................................................2
Development Assumptions............................................................................................................................4
Zones A & C...............................................................................................................................................5
Benefits Analysis............................................................................................................................................5
Evaluation of the Reasonableness of the Costs of the Proposed Project Area Development....................5
Efforts to Maximize Private Investment.....................................................................................................7
Rationale for Use of Project Area Funds - Whether the Proposed Project Area Development Might
Reasonably Be Expected to Occur in the Foreseeable Future Solely Through Private Investment.........7
Estimate ofTotal Amount of Project Area Funds the Agency Intends to Spend on Project Area
Development and Length ofTime Over Which the Project Area Funds Will Be Spent..............................8
Beneficial Influences on the Community's Tax Base.................................................................................9
Associated Business and Economic Activity the Proposed Project Area Development Will Likely
Stimulate...................................................................................................................................................10
Whether Adoption of the Proposed Community Reinvestment Project Area Plan is Necessary and
Appropriate to Undertake the Proposed Project Area Development.......................................................12
Appendix A...................................................................................................................................................13
Appendix B...................................................................................................................................................15
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Salt Lake·City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis
Background
The purpose of this report is to conduct a benefits analysis for development of the Northwest Quadrant
under Utah Code §17(-5-105(2) which lists the following requirements:
(a)An Agency shall conduct an analysis in accordance with Subsection (2)(b) to
determine whether the proposed community reinvestment project area plan
will provide a public benefit.
(b)The analysis described in Subsection (2)(a) shall consider:
(i) the benefit of any financial assistance or other public subsidy to be
provided by the agency, including:
(A)an evaluation of the reasonableness of the costs of the
proposed project area development;
(B)efforts that have been, or will be made, to maximize private
investment;
(C)the rationale for use of project area funds, including an analysis
of whether the proposed project area development might
reasonably be expected to occur in the foreseeable future solely
through private investment; and
(D)an estimate of the total amount of project area funds that the
agency intends to spend on project area development and the
length of time over which the project area funds will be spent;
and
(ii)the anticipated public benefit derived from the proposed project area
development, including:
(A)the beneficial influences on the community's tax base;
(B)the associated business and economic activity the proposed
project area development will likely stimulate; and
(C)whether adoption of the proposed community reinvestment
project area plan is necessary and appropriate to undertake the
proposed project area redevelopment.
The study area, outlined in the figure below, is the area located immediately west of the Salt Lake City
International Airport and the International Center, and north of 1-80, not including the North Temple
Landfill.
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2 N
Miles A
t.J Prupo.!tcd Rc,,-i.. '1) CRA Ruundory1 Dcccmhcr2017
Saft Lake City Northwest Quadrant CRA I DRAFT Market and Benefits AnalysisD
FIGURE 1: MAP OF PROJECT AREA BOUNDARIES
PROPOSED NORTHWEST QUADRANT COMMUNITY REINVESTMENT AREA
This report is organized as follows:
•Background
•Development Assumptions
•Tax Increment Projections
•Benefits Analysis
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Salt Lake'City Northwest Quadrant CRA I DRAFT Market and Benefits A=nalysis
Development Assumptions
Development assumptions were provided by the Salt Lake City Redevelopment Agency ("RDA") from the
Salt Lake City Northwest Quadrant Phase II Feasibility Analysis prepared by JLL in December 2017.
Absorption projections are for light industrial, flex office, retail and hotel development. Zones A & C
represent the study area shown above, minus the landfill. Zone B represents the landfill site.
TABLE 1: BUlt..OING Sf Ai3SORPTION PROJECTIONS, 2019-2053
Light Industrial Flex Office Retail Hotel
Rooms/Acres
Zone A 14,196,995 5,166,231 85,327 115
Zone B 5,880,412 5,302,950 534,293 718
Zonec 20,115,587 2,088,368
TOTAL SF Absorbed 40,192,994 12,557,549 619,620 833
Source: Salt Lake City Northwest Quadrant Phase II Feasibility Analysis
For purposes of analysis, Zones A and C have been combined in this study, and Zone B (landfill) is
considered in a separate analysis. Therefore, the total square feet absorbed in zones A & C is as
follows:
TABlE2: BUILDING SF ABSORPTION f'ROJECTIDNS, 2019-2053, ZON S A 8c
Light Industrial Flex Office Retail Hotel
Rooms/ Acres
Zone A 14,196,995 5,166,231 85,327 115
ZoneC 20,115,587 2,088,368
TOTAL SF Absorbed 34,312,582 7,254,599 85,327 115
Source: Salt Lake City Northwest Quadrant Phase II Feasibility Analysis
The JLL study also provides estimates of the future densities, or floor area ratios (FAR), of the various
types of development. ZPFI has used the JLL assumptions for light industrial, retail and hotel, but has
slightly reduced the FAR for flex office.
i ,\BLE OUILOIN , DENSITY ASSUMPTIONS
Light Industrial Flex Office Retail Hotel
Rooms/ Acres
Building sf per acre 13,068 17,424 13,068 79
Floor Area Ratio 0.3 0.5 0.3 NA
Finally, the JLL report also provides estimates of the land and construction costs of the various types of
development. This analysis uses the JLL estimates for all categories, with the exception of flex office
construction costs. For this category, we have reduced the building costs to $100 per building square
foot. Throughout the analysis, all costs have been inflated at a growth rate of two percent per year.
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Ana=lysis
TABLE : LANO Cosrs PEK A £
Light Industrial
$189,006
Flex Office
$325,319
Retail Hotel Rooms/Acres
$285,628 $831,904
T Bl£ 5. VERTICAL CONSTRUCTION COSTS PfR 8UllDING SF
Li ht Industrial
$60
Flex Office
$100
Retail
$160
Hotel Rooms/ Acres
$130,000
In addition, personal property valuation must be added to the light industrial and flex office construction
costs. This analysis adds $5.00 per building square foot to the light industrial and flex office categories
in order to cover personal property valuation. While it is recognized that personal property values
depreciate yearly, and replacement costs must also be considered, the $5.00 is an average value used.
Personal property values range significantly in industrial development. With no specific tenants in mind
at this point in time, a conservative estimate has been used.
Zones A & C
Based on the foregoing assumptions, total valuation is expected to reach $3,574,881,978 over the 35-
year time period of this analysis.
l 8LE 6; PROJECTED TAXABU V, L\JE AT 8UILD0UT-2ONES A & C
Building Category Taxable Value at Buildout
Zones A & C - Land
Light IndustriaI $496,363,338
Flex Office $54,189,523
Retail $1,865,342
Hotel $1,214,581
TOTAL Land $553,632,784
Zones A & C - Construction
Light Industrial $2,230,727,390
Flex Office $761,872,774
Retail $13,654,827
Hotel $14,994,202
TOTAL Construction $3,021,249,194
TOTAL TAXABLE VALUE $3,574,881,978
Benefits Analysis
Evaluation of the Reasonableness of the Costs of the Proposed Project Area Development
An evaluation of the reasonableness of the costs of the proposed project area development is based on
a comparison of the costs of the development compared to the revenues and benefits it will generate
for the various taxing entities.
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ==
The project area is currently generating only a minimal amount of tax revenues annually. Over 20 years,
the anticipated tax revenues, assuming current conditions, will amount to $207,272.1
TA.1Rf7' ASE(LIISIING)T4. REVENUtS
Base Year Tax Revenues Total - ZO Years NPV*-- 20 Years Annual Tax Revenues
Salt Lake County $32,934 $22,379 $1,647
Multicounty Assessing & Collecting Levy $147 $100 $7
f_ounty Assessing & C:: llectin eyy $3291 $2,440 $180
Salt Lake City School District $84,586 $57,478 $4,229
Salt Lake City $63,072 $42,858 $3,154
Salt Lake Library $12,273 $8,340 $614
Salt Lake Metropolitan Water District $4,783 $3,250 i23
Central Utah Water Conse_rvancyJ)istrict $5,886 $4,00_9_$294
TOTAL $207,272 $140,845 $10,364
*Net present value d counte at a rate of 4 percent
In comparison, with the projected development, the area will generate an estimated $233 million in
property tax revenues over 20 years. The annual tax increment revenue will increase yearly, as
development proceeds.
TASl 8 INCREMEN r/\L PROl'Ef{TV f A.X REVENUES GENERATED
Incremental Tax Revenues - 100%Total - 20 Years NPV* - 20 Years
Salt Lake County $37,035,901 $21,148,021
Multicounty Assessing & Collecting Levy $165,487 $94,495
County Assessing & Collecting Levy $4,037,873 2,30.?_, 8_3
Salt Lake City Sch£9I istri t $95,121,698 S ,31S,828
Salt Lake City $70,927,557 $40,500,633
Salt Lake Library $13,801,582 $7,880,898
Salt Lake Metropolitan Water District $5,378,315 $3,071,093
Central Utah Water Conservancy District $6,619,464 $3,779,807
TOTAL $233,087,876 $133,096,458
*Net present value discounted at a rate of 4 percent
Therefore, the proposal to contribute 75 percent to the Agency, with 25 percent remaining with the
taxing entities appears reasonable. The following table shows the additional property tax revenues that
the taxing entities will receive, assuming 25 percent of incremental tax revenues for a period of 20
years. The additional amount is projected to be over $58 million.
1 8!£ 9: l,'4CREMENT L PROPERTY r AX Rf VENUh ro TAXING ENTITIESFOR 20 VfARS
Incremental Tax Revenues to Taxing Entities Total - 20 Years NPV* - 20 Years
Salt Lake County $9,258,975 $5,287,005
Multicounty Asse ing & Collecting Levy $41,372 $23,624
County Assessing & Collecting Levy $1,009,468 $576,421
Salt Lake City School District $23,780,424 $13,578,957
Salt Lake City $17,731,889 $10,125,158
Salt Lake Library $3,450,396 $1,970,224
Salt Lake Metropolitan Water District $1,344,579 $767,773
1 The base year taxable value of the project area is $735,791.
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis rf11
Incremental Tax Revenues to Taxing Entities Total - 20 Years NPV* - 20 Years
Cen_ al Utah Water Conservancy District $1,654,866 $944,952
TOTAL
*Net present value discounted at a rate of 4 percent
$58,271,969 $33,274,114
Efforts to Maximize Private Investment
Private investment in the area, for real property alone, is anticipated to reach nearly $3.6 billion within
35 years. This represents a substantial investment in an area of the Salt Lake Valley that is currently
undeveloped and that deals with significant construction concerns, most notably the high water levels,
soil stability and lack of infrastructure. In an effort to increase private investment in the area, the
Redevelopment Agency is proposing the creation of a CRA to assist with the extraordinary costs of
construction that negatively impact the attractiveness of the area to developers.
The amount to be contributed to the Agency is estimated at $174,815,907. Therefore, this represents a
ratio of 20:1 of private investment to public investment.
Rationale for Use of Project Area Funds - Whether the Proposed Project Area Development
Might Reasonably Be Expected to Occur in the Foreseeable Future Solely Through Private
Investment
Development within the proposed Project Area is unlikely to take place within the next ten years
without some sort of public assistance. The rationale for the use of tax increment funds in the area is
due to the extraordinary costs of construction associated with the high water table and lack of
infrastructure in the area. By assisting with these concerns, much of the present uncertainty expressed
by developers would be mitigated and the area would become more attractive for development.
As the following map shows, there are a considerable amount of lowland areas within the general area.
This adds uncertainty, time and cost to the construction process.
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis rfam
FIGURE 2: MAP OF LOWLANDS IN NORTHWEST QUADRANT AREA
There is also some uncertainty regarding access to utilities and the placement of future infrastructure in
the area. Preliminary plans indicate that the State of Utah will lead the construction effort for two
roadway/transmission corridors, one running north from 1-80 to the prison site and the other running
west from the International Center to the prison site. It is anticipated that the State will cover the
upfront costs of street and baseline water/sewer infrastructure. In anticipation offuture development,
Salt Lake City may allocate funding to cover the difference between the cost of baseline water/sewer
infrastructure and a higher capacity system, thereby establishing a backbone system for the study area.
Tax increment may be utilized to cover the cost of street and public utility improvements that lead from
this backbone system to developable sites.
Estimate of Total Amount of Project Area Funds the Agency Intends to Spend on Project Area
Development and Length of Time Over Which the Project Area Funds Will Be Spent
Because of the extremely high costs associated with placing backbone infrastructure in this area, as well
the uncertainties with the soil stability in some areas, the Redevelopment Agency anticipates the need
for 75 percent of tax increment for a period of 20 years. The tax increment projections shown below
assume completion of major roads and utilities. Assuming a 20-year timeframe, with 75 percent of
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Year Taxable Value Increase over Current Value
5 $226,457,109 $225,721,318
10 $700,177,676 $699,441,885
15 $1,29 ,827, 00 $1,29 . ,710
20 $1,893,473,788 $1,892,737,997
25 $2,493,120,075 $2,492,384,285
30 $3,092,766,363 $3,092,030,572
35 $3,574,881,978 $3,574,146,187
Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits A nralys i s
increment flowing to the Agency, the Agency would receive a total of nearly $175 million with a net
present value (NPV) of roughly $100 million.
TARl.f 10' 20-YEAR T\)( INCRFMENT REVENUES 1'0 AGENCY AT 75% PARTICIPATION Rl\te
Incremental Tax Revenues to Agency Total, 20 Years NPV, 20 Years
Salt Lake County $27,776,926 $15,861,016
Multicounty Assessin,g & Collecting Levy $124,115 $70,871
County Assessing & Collecting Levy $3,028,405 $1,729,262
Salt La_ke City Scho.E_I District $71,341,273 $40,736,871
Salt Lake City $53,19S,668 $3 375,475
Salt Lake Library $10,351,187 $5,910,673
Salt Lake Metropolitan Water District $4,033,736 $2!303!320
Central Utah Water Conserv ncy pistrict l!:,9_§_4,598 $ ,834,85
TOTA.!:_ 174,815,907 $99,822,343
Beneficial Influences on the Community's Tax Base
The current taxable value of the project area is $735,791 (see list of attached parcels in Appendix A) or
an average of $95.64 per acre.2 With the proposed development, the average taxable value per acre is
projected to increase to $464,668 - an increase of roughly 485,751 percent.
The following table summarizes the increases in real property taxable value projected at different time
periods using the assumptions for absorption and average values discussed previously in this analysis.
TABLE ll: INCR MENTAL PROPERTY TAX VALUE
The project area is located in Tax Districts BE and 13F. The two districts have the following taxing
entities, with the following tax rates:3
T!\BLE 12.: PE!lCENTAGi' BE'4tfH TO VAmous TI\XING Et.TtnES
Taxing Entity Tax Rate % of Total
Salt Lake County 0.002238 16%
i Based on 7,693.41 acres in the project area.
3 Tax District 13E accounts for 942.52 acres in the project area, while Tax District 13F accounts for 6,750.89 acres.
There is one difference between the two tax districts. 13E includes the Magna Mosquito Abatement District while
13F does not. The Magna Mosquito Abatement District is not included in the analysis as much of the area located
in Tax District 13E is undevelopable and the impacts of the Mosquito Abatement District would be minimal.
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Salt Lake CitY Northwest Quadrant CRA I DAAFT Market and Benefits Analysis g
D
Taxing Entity Tax Rate % of Total
Multicounty Assessing & Collecting Levy 0.00001 0%
County Assessing & Collecting Levy 0.000244 2%
Salt Lake City School District 0.005748 41%
Salt Lake City 0.004286 30%
Salt Lake Library 0.000834 6%
Salt Lake Metropolitan Water District 0.000325 2%
Central Utah Water Conservancy District 0,0004 3%
TOTAL 0.014085 100%
Therefore, 41 percent of the increased tax revenues would benefit the Salt Lake City School District, 30
percent would benefit Salt Lake City and 16 percent would benefit Salt Lake County.
Therefore, there are significant benefits to the tax base of the community from creating a project area.
Associated Business and Economic Activity the Proposed Project Area Development Will
Likely Stimulate
Full-Time Job Creation. The proposed development will create jobs in the study area. The number of
jobs created will vary significantly by type, as shown in the table below, taken directly from the JLL
study.
TABLE 13; AVERAGE BullOING SQUARE FEET PER EMPLOY££
DeveIopment Type
Light Industrial
Flex Office
Retail
Hotel
Square Feet per Employee
2,000
500
500
0.5 employees per room
Using both the total square feet projections of JLL, and JLL's estimate of the number of square feet per
employee, nearly 32,000 jobs are created in the study area. This is a significant number. Total
employment in Salt Lake County was 712,912 in October 2017.4 Therefore, the job projections for the
project area represent 4.5 percent of the current workforce in the County.
T!'.\BLE 14; PROJECTEO JOB CREATION 35 YtMS
SF per
Square Feet per Employee Employee/Employees per Total SF Total Jobs
Room
Light Industrial 2,000 34,312,582 17,156
Flex Office 500 7,254,599 14,509
Retail 500 85,327 171
Hotel (per Room)0.5 115 58
TOTAL 31,894
4 Source: https://jobs.utah.gov/wi/press/200lpress/ratecurrent.pdf
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Ana=lysis
At the present time, average wages for available jobs in the Northwest Quadrant (including the
International Center and south of 1-80) are between $42,000 to $50,000.5
TIM•fl1MM
Assuming an average wage of $50,000, the following wages would be paid annually in the timeframes
shown below:
Tlif\L7 16: PROJECTED ANNUAL WAGE PAID h SE.t £ffiD VEAJI
Wages Vear 5 Year 10 Year 20 Year30
Jobs 1,936 6,174 16,852 27,582
Wages Paid in That Year $96,779,109 $308,714,911 $842,578,514 $1,379,124,848
With the wages paid, these employees will create additional jobs in the community through their
purchases for food, entertainment, housing, transportation, education, etc.
Construction Job Creation. In addition to full-time jobs created in the study area, there will be a
significant number of construction jobs created over a long period of time as absorption takes place in
this area, The average construction wage is roughly $50,000 per year.6 With benefits and other costs,
this analysis uses an average construction job cost of $75,000.
Labor costs represent approximately 40 percent of construction expenses, with the remaining 60
percent mainly allocated for construction supplies, and with some room for overhead and profit. This
analysis assumes that 40 percent of the projected construction investment per year will be spent on
construction labor and that the number of construction jobs created per year will vary depending on the
level of development taking place in that year. Given the absorption projections shown earlier in this
report, it is assumed that the area will average 460 construction jobs per year,7 with some years higher
and other years lower.
As the table below indicates, projected jobs are based on average burdened labor of $75,000 per
employee, with construction labor estimated at 40 percent of new construction costs. The number of
jobs created and wages paid in given years, is shown in the table below.
5 Source: Job Search databases, multiple listing services and active brokers
6 Utah Department of Workforce Services
7 Construction jobs in the early years are much lower than construction jobs in later years, as absorption is
projected to increase over time. Therefore, the average of 381 jobs per year is much more reflective of later years,
as this analysis considers development through 2050. The average number of jobs in the first three years Is only
30,
Years Year 10 Year 20 Year 30
Light Industrial 1,012 3,296 9,050 14,833
Flex Office 856 2,788 7,654 12,544
Retail 10 33 90 148
Hotel 58 58 58 58
TOTAL 1,936 6,174 16,852 27,582
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ==
TA!clL[ 17: PROJECTED Jolls I\NO WAGES PAID
Year 5 YearlO Year 20 Year30
Construction Cost $55,721,852 $91,181,212 $101,312,458 $101,312,458
Construction Wages Paid $22,288,741 $36,472,485 $40,524,983 $40,524,983
Construction Jobs 297 486 540 540
Whether Adoption of the Proposed Community Reinvestment Project Area Plan is Necessary
and Appropriate to Undertake the Proposed Project Area Development
The creation of the proposed Community Reinvestment Project Area Plan is necessary and appropriate
for the following reasons:
•There are significant infrastructure issues (landfill remediation, uncertainty regarding access to
utilities, and lowlands with high water tables) that make the area currently unattractive to
developers
•The creation of a Project Area with remediation of the above-listed problems will generate
significant economic development and increased property tax base
•The development that will take place in the area will create a significant number of new jobs
•Expansion of the Salt Lake City International Airport will create significant development
opportunities in the area if a well-planned area, with good infrastructure, is available
•This area forms a.gateway from the west, along 1-80, for visitors entering Salt Lake City, the
State's capitol city.
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Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis
Appendix A
TABLE 18: P4PCELS IN PllOJECT AREA
-
Parcel ID Owner Name Property Location
7094000020000 GILLMOR, EDWARD L JR 2698 N 8800 W
7094000044002 GILLMOR, EDWARD L, JR 2698 N 8800 W
7152000050000 SALT LAKE CITY CORPORATION 2698 N 8800 W
7154000040000 SALT LAKE CITY CORPORATION 2698 N 8800 W
7161000020000 KENNECOTT UTAH COPPER LLC 2698 N 8800 W
7162000010000 SIV GILLMOR PROPERTIES, LLC 2698 N 8800 W
7171000030000 EPPERSON ASSOCIATES, LLC 2698 N 8800 W
7173000020000 EPPERSON ASSOCIATES, LLC 2698 N 8800W
7173000030000 KENNECOTT UTAH COPPER 2698 N 8800W
7174000020000
7201000010000
7201000020000
7202000030000
7203000010000
EPPERSON ASSOCIATES, LLC
KENNECOTT UTAH COPPER
EPPERSON ASSOCIATES, LLC
MOREHOUSE, RICHARD M &
EPPERSON ASSOCIATES, LLC
2698 N 8800W
2698 N 8800W
2698 N 8800W
2698 N 8800W
2698 N 8800 W
7223000050000 KENNECOTT UTAH COPPER LLC 6901 W IEIGHTYWEST FWY
7223000060000
7223000070000
DIVERSIFIEDHABITATS 1 LLC
G-BAR VENTURES, LLC
6901 W IEIGHTYWEST FWY
2698 N 8800 W
7223000080000 GILLMOR, EDWARD L, JR 2698 N 8800 W
7231000180000
7231000190000
SALT LAKE CITY CORPORATION
SALT LAKE CITY CORPORATION
2698 N 8800 W
2698 N 8800 W
7233000034001
7234000040000
7251000120000
SIV GILLMOR PROPERTIES, LLC
G-BAR VENTURES, LLC
SALT LAKE CITY CORPORATION &
2698 N 8800 W
850 N 5600 W
780 N 5600 W
7261000080000 KENNECOTT UTAH COPPER, LLC 6620 W 700 N
7262000010000 G-BAR VENTURES, LLC 850 N 5600W
7262000030000 SUBURBAN LAND RESERVE, INC 718 N5600W
7262760010000
7264000010000
7264000024001
G-BAR VENTURES, LLC
SUBURBAN LAND RESERVE INC
SUBURBAN LAND RESERVE, INC
850 N 5600W
775 N 5600W
695 N JOHN GLENN RD
7264000024002 SUBURBAN LAND RESERVE, INC 695 N JOHN GLENN RD
7264260010000
7271000030000
G-BARVENTURES, LLC
G-BAR VENTURES, LLC
850 N 5600W
2698 N 8800W
7271000040000 GILLMOR, EDWARD L, JR 2698 N 8800 W
7274000020000 KENNECOTT UTAH COPPER LLC 6680 W 700 N
7291000030000
7292000010000
EPPERSON ASSOCIATES, LLC
EPPERSON ASSOCIATES LLC
8306 W 700 N
8306 W 700 N
7321000010000 BONNEVILLE INTERNATIONAL CORP 550 N 8800 W
95
Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ==
Parcel ID Owner Name Property Location
7321000030000 EPPERSON ASSOCIATES, LLC 8306 W 700 N
7321000040000 EPPERSON ASSOCIATES, LLC 8700 NORTHTEMPLE FRTG ST
7322000030000 EPPERSON ASSOCIATES LLC 8390 NORTHTEMPLE FRTG ST
7331000050000 EPPERSON-ASSOCIATES, LLC 7610 NORTHTEMPLE FRTG ST
7351000170000 KENNECOTT UTAH COPPER LLC 675 N JOHN GLENN RD
7352010050000 SALT LAKE CITY CORP 578 N JOHN GLENN RD
7331000010000
7341000010000
7342000010000
7342000020000
7342000030000
7342000040000
7342000050000
14
Zions Public Finance, Inc, December 2017
96
Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits A=nalysis
Appendix B
Tax Increment projections spreadsheet
15
Zions Public Finance, Inc. December 2017
97
98
99
EXHIBIT B
[Attach Project Area Budget]
5
100
Project A1·ea Budget
Salt Lake City's Portion of Tax Increment from the
orthwest Quadrant Community Reinvestment Area
Pursuant to the Northwest Quadrant Project Area Tax Increment Interlocal Cooperation Agreement
(''lrrterJocal Agreement") the Redevelopment Agency of Salt Lake City ("RDA'') shall be entitled to
retain seventy-five percent (75%) of Salt Lake City s portion of the Tax Increment from the Northwest
Quadrant Community Reinvestment Area ("CRA Area") for twenty (20) years. Accordi11gly, tax.
increment ("TIF ') shall be11tilized to implement the Northwest Quadrant Community ReiJwestment Arna
Plan ("CRA Plan") as follows:
I.BUDGET ALLOCATIONS
Budget allocations shall be provided as follows:
Activity
l.Administration and Operations
2.Housing
3.Shared Costs
Percentage
10%
10%
LO¾
4. Redevelopment Activities 70%
Total 100%
Description of activities is as follows:
l. Administration and Operations: The tax increment expected to be used to cover the
operating costs of administe1ing and implementing the CRA Plan.
2.Housing: The tax increment expected to be used for housing activities pursuant to Utah Code
17C.
3.Shared Costs: The ta· increrneut allocation required to be used for redevelopment activities
that benefit the entire Project Axea, are system wide, or that benefit multiple properly owners
or parcels.
4.Redevelopment Activities: The tax increment expected to be used to carry out project
development activities as further desc1ibed in this CRA Plan. Activities may include, but not
be limited to, land acquisition, public improvements, infrastructure improvements, loans,
grants, and other incentives to public and private entities.
II.BUDGET PRJORITIES
Priorities for the allocation of TIF are as follows:
I.Infrastructure Improvements: TIF may be provided for capital and land costs
associated with public infrastrncture improvements. Projects shall facilitate economic
development, the expansion of the Cily'staxbase, and encourage orderly growth in
compliance with the City' General Plan, Major Street Plan, and the No1thwest Quadrant
Master Drainage Plan. Eligible uses of funds may include, but not be limited to, the
following:
•Streets, sidewalks, curb and gutter, traffic controls, street ljghts, bike lanes, trails,
wayfindirtg and streetscaping;
101
•Stormwater and drainage management systems including drainage channels, st01m
drains, bio swales, retention areas, and canal improvements;
•Water distribution and sewer systems;
•Railways and related facilities and infrastrncture, including rail track spurs,
tenninals, bridges, underpasses, and crossings; and
•Other infrastructure that may be located outside of the Project Area but that is found
to directly benefit the CRA Area.
2.Site Development and Remediation: TIF may be provided for costs associated with the
preparation of building sites for development. Uses ofTIF may include, but not be
limited to, environmental remediation and/or containment; vapor intrusion mitigation;
grading, fill and/or soil con-ection; burden costs associated with bringing water, sewer,
electrical, telecommunications, and/or other utility service to building sites; and
landscaping or drainage improvements. TIF shall support projects that are in accordance
with the City's General Plan, meet policies established for the NWQ, meet the City's
economic development goals, are projected to generate an increase in the tax base, and
meet financial criteria.
3.Business Development: TIF may be provided to support business or industry-specific
development projects. In addition to loans and reimbursements, the RDA may utilize TIF
for the acquisition and/or disposition of property to carry out economic development
objectives within the Project Area. TTF shall suppmi projects that are in accordance with
the City's general plan, meet policies established for the NWQ, meet the City's economic
development goals, are projected to generate an increase in the tax base or retum on
investment, and meet financial criteria.
4.Citywide Housing Development: TIF may be provided for the development of citywide
housing to ensure the availability and affordability of quality housing throughout Salt
Lake City. Funding will not only provide affordable housing for existing Salt Lake City
residents, but will also provide housing for the expanding employment base spurred by
economic development in the Northwest Quadrant.
102
Page 20 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX D: MASTER DEVELOPMENT AND REIMBURSEMENT
AGREEMENT
103
Recording Requested By and
When Recorded Return to:
Salt Lake City Co1poration
Attn: _
451 South State Street
Salt Lake City UT 8411 l
RECORDED
JAN 3 1 20f8
CITY RECORDER
Parcel Nos. 07-29-100-003-0000
07-29-200-003-0000
07-32-100-003-0000
07-32-100-004-0000
07-32-200-004-0000
07-33-100-005-0000
MASTER DEVELOPMENT AND
REIMBURSKMENT AGREEMENT
Northwest Quadrant (West)
This Master Development and Reimbursement Agreement (this "Agreement") is made
and entered into and made effective as of the date this Agreement is recorded by the City
Recorder ("Effective Date") by and among SALT LAKE CITY CORPORATION, a Utah
municipal corporation(' City'); the REDEVELOPMENT AGENCY OF SALT LAKE CITY
a public entity ("RDA"); and NWQ, LLC, a Utah limited liability company ("Master
Developer"). City, RDA and Master Developer may from time to time be referred to herein each
as a "Party" or collectively as the ''Pai-ties."
RECITALS
A.Master Developer is the record owner of approximately 1,516 acres of lands
located in Salt Lake County, Utah, which are more paiticularly desc1ibed on the attached Exhibit
A (the ''Property"). The Prope11y is located within an area of Salt Lake City known as the
N011hwest Quadrant.
B.Master Developer is engaged in planning a large scale, master planned logistics
center, industrial and warehousing system and series of projects within portions of the Property,
and areas located near the Prnpe11y.
C.A significant component of the development of the Prope1ty is the installation of
an infrastructure network in, around and near the Prope11y to facilitate the development of the
Intended Uses.
D.Infrastructure planned for the area will require close coordination between
prope11Y owners, users and public and private service providers and will include rail and road
improvements, along with utilities and other improvements reasonable, necessary and usefu.l for
the development of the Property.
4823-3652-j657
•..,.OP,..RTY OF SALT LAl<E
1 ClfY REC RDER'S OFFICE
P.D, BOX 14.5515
ALT LA "E Cl Y, U AH 84114-5515
E.To support the develop1nent of the Property and the development of areas within
City s jurisdiction OD January 9 2018, RDA and City created and approved the N01thwest
Quadrant Community Reinvestment Project Area (the' Project Area") under Utah Code l?C-5-
101, et seq.
F.The Project Area includes the Property as well as a neighboring property owned
by Ke1111ecott Utah Copper LLC, a Utah limited liability company and other properties.
G.Under Utah Code Title 17C, RDA is entitled to receive ce1tain Tax Increment
from the Project Area.
H.City and RDA have executed an interlocal agreement whereby a portion of the
Tax Increment received by City shall be paid to RDA for use in accordance with this Agreement,
the Project Area Plan, and separate reimbursement agreements entered into between RDA and
prope1ty owners, including Master Developer.
I.This Agreement provides the core approvals and commitments that will facilitate
the commencement of development within the Prope1ty and provide a basis for future
agreements governing the development of the Property, construction of infrastructure and the
reimbursement of costs.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Patties hereby agree as follows:
ARTICLE I
DEFINITIONS
1.1 Definitions.
L.1.1 "Buildout" means the completion of all development in the Prope1ty.
1.1.2 "City's Current Laws" means all laws, ordinances, policies, standards,
guidelines, directives, prncedures and processing fee schedules of Cjty in effect as of the date of
this Agreement.
1.1.3 ' City's Future Laws" means the laws, ordinances policies, standards,
guidelines, directives, procedures and processing fee schedules of City which may be in effect in
the future at any tin1e when a Development Application is submitted and which may or may not
apply to such Development Application based upon the terms of this Agreement.
1.1.4 "Developer's Reimbursable Expenses" means costs incun-ed by Master
Developer or its assigns for the construction of Permitted Improvements.
L.J .5 "Development Application" means an application to City for development
of a pmtion of the Prope1ty, including but not limited to applications for site plan, subdivision,
4823-3652-5657
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·1 OP -my F SALT LAIC
CITY RECOl DER'<;OFi=:lcE
P.n.,x1 i::,15
Sfo.U LAJ<E:ITY, UT. 84 l l 4-5 - l5
105
building pennit or other pennit, certificate m- authorization from City required for development
of the Property.
1.1.6 "Intended Uses" means the use of all or p011ions of the Prope1ty for
warehouses, logistic centers, intermodal transfer facilities, offices, rail freight tenninal facilities,
storage facilities light manufacturing and supporting or facilitating uses allowed under City's
Ctment Laws.
below.
1.1.7 "Master De,eloper" means NWQ LLC, or its successors and assigns.
1.1.8 "Offiite Improvements" shall have the meaning given in Section 3.2
1.1.9 "Permitted Improvements' means site improvements; road infrastrncture
bridges over and under passes and including heavy haul roads described below; remediation or
containment of environmental conditions; water and sewer improvements; storm water
improvements; dedications of land for excess capacity in System Improvements or excess
capacity in improvements accommodating uses outside of the Project Area; Offsite
Improvements· utility infrastrncture of every type including, but not limited to, electric, gas,
fiber, coll1ll1unications; rail infrastructure; street lighting; developer incentives to facilitate and
attract development to the No1thwest Quadrant Project Area that has a positive impact for Salt
Lake City, including projects that increase propetiy tax value, provide high paying jobs, attract
prominent tenants, promote green building standai·ds or encourage good planning design; and
other uses as agreed to by RDA and Master Developer in future agreements.
I .1.10 "Project Area'' means the N01thwest Quadrant Community Reinvestment
Project Area as may be expanded or modified.
1.1.11 "Project Area Increment" shall mean the Tax Increment received by the
RDA pursuant to an interlocal agreement executed with any applicable taxing entities in the
Project Area, including the interlocal agreement executed January 9, 2018 with City.
1.1.12 'Project Area Plan" means the plan for the Project Area approved by
RDA and City on January 9, 2018.
1.L13 Project Phase' means an area designated by Master Developer for
development of a particular phase or portion of the Prope1iy.
1.1.14 "Property" means the real property desc1ibed on Exhibit A.
1.1.15 "Reimbursable System Improvement Expenses'' means costs and
expenses, as approved by City, incurred by Master Developer, or its contractors or those working
on its behalf, in acquuing or dedicating right of way for the location of System Improvements
and the constmction of System Improvements.
1.1.J 6 ' Sub Area Plan" means a plan for a po1tion of the Prope1ty, or Project
Area, as may be established by RDA.
4823-3652-5657
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I 84114-5515
106
1.1.L7 "Sub-developer" means an owner of development parcel within the
Prope1ty which is not the Master Developer or a□ affiliate of Master Developer.
L.1.18 "System Improvements" means improvements included in City's impact
fee facility plan now or in the future and are located within or facilitate development of the
Prope1ty and other prope1ties.
1.1.19 "Tax Increment" shall have the same meaning set fo1th in Utah Code §
l 7C-l-102(60) which is:
... the difference between:
(i) the amount of property tax revenue generated each tax year by a
taxing entity from the area within a project area designated in the project
area plan as the area from which tax increment is to be collected, using the
cutTent assessed value of the property; and (ii) the amount of
property tax revenue that would be generated from that same area using
the base taxable value of the property.
1.1.20 "Transfer Acknowledgment' means an acknowledgment in the form
attached hereto as Exhibit B.
1.1.21 'Transfer Deed" has the meaning set forth in Section 9.2.
ARTICLE Il
CITY APPROVALS AND VESTING
2.1 City Approval. City and RDA enter into this Agreement after talcing all necessary
actions to enter into the agreements and understandings set forth herein. City's enachnent of the
resolution approving this Agreement, and entering into this Agreement, are legislative acts
allowed and authorized by Utah Code § 10-9a-101, et seq., including specifically Utah Code §
l 0-9a-102(2).
2.2 Project Vesting. To the maximum extent pemiissible under state and federal law,
and at equity, City and Master Developer agree that this Agreement confinns that Master
Developer is vested with all rights to develop the Property in accordance with City's Cunent
Laws without modification or change by the City except as speci.ficallyprovided herein. Byway
of further cla1ification, Master Developer is vested with the right to develop and locate on the
Property the uses and densitjes including, without limitation, the Intended Uses, and to develop
in accordance with dimensional requirements as allowed by City's Cun-ent Laws. The Prope1ty is
also vested with access to &.11 City roads desc1ibed below, which adjoin or traverse any portion
of the Property. The Parties intend that the rights granted to Master Developer hereunder are
contractual vested 1ights and include the rights that exist as of the Effective Date under statute,
common law and at equity. The Parties acknowledge and agree this Agreement provides
significant and valuable rights, benefits, and interests in favor of Master Developer and the
Property, including, but not limited to, ce1tain vested rights, development rights, permitted and
conditional uses (including for industrial and commercial uses), potential rights for new
improvements, facilities, and infrastructure, as well as flexible timing, sequencing, and phasing
4823-3652-5657
4 PROPERTY OF '"AIT LAl'E
CITY RECORDER'OF ICE
. -,. BO' 14... /I 5
SALT LAKE CITY, UTJ H 84114-5515
107
rights to assist in the development of the Property. To the extent the City Council adopts that
ce1tain land use ordinance known as Ordinance No. , Inland Po1t in Manufacturing Zones
Text Amendment Petition #PLNPCM2017-01038 (' Text Amendment ), such Text
Amendment shall become included in the City's Ctmeut Laws and Master Developer shall
automatically be vested in the Text Amendment without further action or approval by the City.
2.2.1 Rescission Option. To the extent Master Developer has executed this
Agreement in advance of City approval of the Text Amendment, and if the Text Amendment is
not enacted in a form reasonably satisfactory to Master Developer by February 28, 2018, then
Master Developer may deliver notice of rescission to City and RDA to terminate this Agreement.
Any such rescission notice must be delivered, if at all, no later than March 14, 2018. Upon
Master Developer's delivery of notice of rescission pmsuant to this Section, this Agreement shall
automatically terminate whereupon the Parties shall have no further rights or obligations under
this Agreement.
2.2.2 invalidity. If any of the City's Oment Laws are declared to be unlawful,
unconstitutional or otherwise unenforceable then Master Developer will, nonetheless comply
with the tenns of this Agreement to the extent not precluded by law. In such an event, Master
Developer and City shall cooperate to have City adopt a new enactment which is materially
similar to any such saicken provisions and which implements the intent of the Pa1ties under this
Agreement.
2.2.3 City's Future Laws. City's Future Laws with respect to development or
use of the Prope1ty shall not apply except as follows:
A.City's Future Laws that Master Developer agrees in writing to the
application thereof to the Property;
B.City's Future Laws which are generally applicable to all properties
in the City s jurisdiction and which are required to comply with State and Federal laws and
regulations affecting the Prope1ty;
C.City's Future Laws that are updates or amendments to ex1stmg
building, plumbing, mechanical, electrical, dangerous buildings, or similar construction or safety
related codes, such as the International Building Code, the APWA Specifications, AAHSTO
Standards the Manual of Uniform Traffic Control Devices or similar standards that are
generated by a nationally or statewide recognized construction/safety organization, OT by the
State or Federal governments and are required to meet legitimate concerns related to public
health, safety or welfare;
D.City's Future Laws that are health and environmental standards
based on the City's obligations to comply with Federal or State environmental laws;
E.Taxes, or modifications thereto, so long as such taxes are lawfully
imposed and charged unifo1mly by the City to all prope1ties, applications, persons and entities
similarly situated;
5
4823-3652-5657
108
F.Changes to the amounts of fees (but not changes to the times
provided in the City's Cun-ent Laws for the imposition or collection of such fees) for the
processing of Development Applications that are generally applicable to all development within
City's jw·isdiction (or a po1tion of tbe City as specified in the lawfully adopted fee schedule) and
which are lawfully adopted pursuant to State law; or
G.Impact fees or modifications thereto which are lawfully adopted,
in1posed and collected.
2.2.4 Applications Under Cityis Future Laws. Without waiving any 1ights
granted or benefits impa1ted by this Agreement, Master Developer may at any time, choose to
submit a Development Application for some or all of the Property under the City's Future Laws
in effect at the time of the Development Application. Any Development Application _filed for
consideration under the City's Future Laws shall be governed by all portions of the City's Future
Laws related to the Development Application. The election by Master Developer at any time to
submit a Development Application under the City's Future Laws shall not be construed to
prevent or limit Master Developer from submitting and relying for other Development
Applications on the City's Cunent Laws.
2.3 Change in Law/Non-Conforming Uses. For the tenn of this Agreement, City
agrees that any City's Future Law shall not apply to the Property where the application would
impair or in1pede development, or eliminate or reclassify a use allowed under City's Cunent
Laws. To the extent any change in law causes a use, struc.ture or parcel to become non-
conforming such non-confonning status shall not impair, impede or prohibit the development of
previously approved uses reconstmction or restoration of developed uses, or the extension of
such uses on parcels within the Property. If a City's Future Law applies to any portion of the
Prope1ty under Section 2.2 above, it shall only apply as may be necessary to meet a legitimate
governmental interest and then only to the minimum extent needed to meet such legitimate
governmental interest.
2.4 Most Favored Nation. Should any property immediately adjacent to the Prope1ty
or the Project Area (excluding road 1ights of way, including interstates) receive a zoning use or
development entitlement not included in City's Cunent Laws, and which use or entitlement
could facilitate development within the Project Area, City agrees to cooperate with Master
Developer to promptly obtain the same use or entitlements for the Property.
2.5 Te1m. The initial te1m of this Agreement shall be fmty (40) years beginning on
the Effective Date, which te1m may be extended by written agreement of City, RDA, and Master
Developer.
2.6 Development of Prope1ty. The development of the Prope1ty shall be in
accordance with City's CwTent Laws, City's Future Laws (to the extent that they apply as
allowed by this Agreement) and this Agreement. City and RDA agree that Master Developer
shall have the full power and exclusive control of the Propeliy. Nothing in this Agreement shall
obligate Master Developer (or its successors) to develop the Prope11y or to develop in any
paiticular order or phase and that Master Developer reserves all discretion to determine whether
to develop a particular pmtion or phase of the Property based upon Master Developer's business
4823-3652-5057
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P. - . BOX l 45515
s .,. r L/-,I E ' ' 1 UTAH 4 l l 4•5515
109
judgment. The Prope1iy may be developed for all uses allowed by City's Current Laws
including, but not limited to, the Intended Uses.
2.7 Design Requirements. City shall not impose design requirements on buildings,
improvements and stmctures located within the Prope1ty other than those required by City's
Current Laws.
2.8 Open Space Dedications. No fu1ther open space dedications shall be required as a
condition of Development Application approval; it being acknowledged by the Parties that p1ior
to entering into this Agreement, and as consideration for creating a natural area to the n01th of
the Property, the Prope1ty is located within an area designated by City as suitable for
development. So long as there is no residential development within the Property, development
within the Prope1ty shall not be required to pay open space or park impact fees of any type.
2.9 Recitals and Exhibits. The above recitals and all exhibits hereto are hereby
incorporated by reference into this Agreement.
2.10 Separate Development Agreements. Master Developer may elect to propose and
enter into separate agreements with City to govern the construction or development of a
paiticular phase or po1tion of phase within the Property. City agrees to cooperate with the
preparation and execution of any such separate agreement with Master Developer.
ARTICLE III
ROADS AND UTILITIES
3.1 Roads.
3.1.1 Nlajor Roads. The Prope1ty includes proposed or existing state roads and
City arterial and collector roads. To the extent such roads will be owned by the State of Utah
("State"), the State will be responsible for the acquisition of 1ight of way and development of
such roads. Prior to development or acquisition of aiteiial or collector roads, the City shall
provide Master Developer nine (9) months advance notice and an oppmtunity to consult and
comment on any proposed plans to acquire or develop arterial and collector roads. City agrees to
cooperate with Master Developer in relocating, modifying or removing planned City arterial and
collector roads to the extent a Project Phase necessitates or would be improved by a different
road configuration.
3.1.2 Local Roads. Subject to Section 3.3, Master Developer shall be
responsible for the dedication of right of way and the construction of local roads installed in
connection with the development of a Project Phase or portion thereof.
3.1.3 Heavy Haul Road. Master Developer may elect to plan, designate and
constmct, or have conshucted ce1tain roads designed and constrncted for heavy loads in
connection with the uses contemplated for the Property. If such roads will be public roads,
City's p1ior approval will be required. The Paities agree in coordinating infrastrncture locations
to accommodate such roads, which may be public or private roads.
4823-3652-5657
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P.O. BOX l
A.LT LAKE TAI t!Ll I 1
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3.1.4 Road Widths. City agrees that road 1ight of way and pavement widths for
local roads collector roads, a,terial roads and any other public roads shall not exceed the
standards applicable to other similar developments within Salt Lake City.
3.1.5 Drainage Areas. Master Developer may propose that drainage facil.ities,
including swales, berms and surface facilities for the Project Area, or pmtion thereof, be located
within rights of way including road rights of way, dedicated to City. City agrees to accept such
offers of dedication consistent with City standards; provided that Master Developer provide a
commitment to have such areas as may be located outside of the typical road rights of way cross
sections maintained by an owners association or other fosm of property owner group.
3.2 Culinaiy Water and Sanitary Sewer Improvements. Master Developer shall be
responsible for constmcting and installing the requisite service and water and sewer distribution
lines and similar improvements within the Prope1ty necessaiy for City to provide culinary water
and sewer service to a particular Project Phase. Master Developer shall not be required to install
transmission, service or distribution lines (or other significant infrastrncture improvements)
outside of the Property, or lines within the Property providing capacity for areas outside of the
Prope1ty beyond City's normal project level requirements; pro, ided, however, Master Developer
acknowledges that ce1tain areas within the Property may not be developable without the
conshuction of infrastmcture improvements outside the Prope1ty that would not be paid for by
City (''Offsite Improvements'). A.JI such Offsite Improvements shall qualify for reimbursement
under the te1m Permitted Improvements or other reimbursement provision as provided for in this
Agreement. The foregoing liniitation shall not prohibit Master Developer from installing
improvements, including Offsite Improvements, subject to City's approval, for the benefit of
areas outside of the Property, or areas leading to the Prope1ty, where the costs for such
development will be paid for or Master Developer may be reimbursed by Project Arna
Increment, fees from a pioneering agreement(s), and/or the payment of impact fees.
3.3 Storm Water Improvements. Master Developer shall manage sto1m water flows
within the Property according to the Northwest Q\ladrant St01m Water Drainage Master Plan or
other City-approved N01ihwest Quadrant master plan. City Agrees to coordinate with Master
Developer in advance of approving or amending the Northwest Quadrant Storm Water Drainage
Master Plan in a way that will affect the Project Area. City agrees to work with Master
Developer to approve stonn water systems which account for the large amount of time
anticipated that will be required to develop the Prope1ty, and to allow the usage of existing
drainage areas by Master Developer where possible. City agrees to minimize situations where
Master Developer is required to design or constrnct detention or retention facilities to address
st01m water flows originating from outside the Prope1ty without reimbursement from City or
other propeliy owners. Master Developer may be required to provide additional drainage
capacity in conveyance channels and associated easements to accommodate pass-through
drainage from other properties. Notwithstanding the foregoing, the City may require dedications
for stonn water drainage within the Prope1ty. Any dedications for excess capacity required for
flows originating outside of the Project Area shall entitle Master Developer to obtain
reimbursement, including under the definition of Pem1itted Improvements, for the value of the
associated land dedications or space set aside for pass-through facilities. City agrees to consider
design of drainage systems which incorporate filtering or other methods so a project or prope1ty
may avoid the costs of designing a system with an oil/water separator1 including the installation
4823-3652-5657
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'I OP iF S l<E
DE Fl I:
P.O.-51
T LAI<ITY. U 8 4 '1-l 5515
of swales, bio-filters and other systems best suited for the unique drainage conditions in the
Project Area.
3.4 City Services. City agrees that it shall make available (subject to application for
service, issuance of applicable permits and payment of connection fees and applicable
conm10dity usage rates) culinary water, sanitary sewer, street light, storm water and other
municipal services to the Prope1ty. Such services shall be provided to the Prope1ty at the same
levels of services, on the same te1ms and at rates as approved by the Salt Lake City Council,
which rates may not differ materially from those charged to others in Salt Lake City.
3.5 Installation of Public Improvements. Notwithstanding any other provisions of
this Agreement, all improvements to be publically dedicated shall be constrncted in compliance
with City's Cuirnnt Laws and this Agreement. For each Project Phase, or portion thereof that is
subject to a Development Application, Master Developer may enter into an improvement
constrnction and assurance agreement in a fo1m consistent with State law and City s CmTent
Laws prior to recording the final plat for such phase provided, however, subject to City's
Current Laws, Master Developer may elect to install public improvements associated with such
phase in coordination with City and in advance of plat recordation in order to eliminate or
reduce the need for providing financial assmances for public improvements within each phase
which ai·e completed in advance of dedication.
3.6 City Cooperation. City agrees to cooperate in making available public rights of
way and easements for use by utility and service providers to development within th.e Prope1ty.
City further agrees to cooperate with Master Developer in effmts to relocate, reconfigure or
upgrade canal facilities which cross onto any p01tion of the Propetty. Separate agreements under
this Section will not require RDA approval.
ARTICLEN
DEVELOPMENT PROCESSES
4.1 Planning Coordination and Approval. City will use reasonable effo1ts to process
any Development Application promptly. Should City's Cunent Laws allow discretion as to
whether a Development Application should be approved by City staff or a public body, City staff
shall initially review the Development Application at the staff-level and make a reasonable
determination about whether the land use decision can appropriately be made at staff-level. In
the event the Development Application is forwarded to a non-staff land use authority, the City
will provide notice to the applicant of the reasons for refening the decision to a non-staff land
use authmi.ty.
4.2 Conditional Use Pemrits. City agrees that any conditional use pennits shall be
approved in accordance with State law and City's Current Laws. City agrees further that no land
use authority may impose conditions on a conditional use pe1mit which relate to criteria or
detrimental impacts not expressly stated in City's Cun-ent Laws. No conditional use permit
application shall be the subject to more than two pub!jc hearings without the express written
consent of Master Developer.
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4.3 Processing. City shall promptly process Development Applications. In order to
ensure that the Development Applications are promptly reviewed and processed, City will use
reasonable efforts to designate one or more City Planning Division staff member(s) as p1incipal
liaisons/specialists on the Development Applications. These Planning Division staff members
will be fully informed on the terms of this Agreement and will facilitate timely review of any
Development Applications submitted hereunder.
4.4 Acceptance of Certifications Required for Development Applications. Any
Development Application requiting the signature, endorsement, or certification and/or stamping
by a person holding a license or professional ce1tification required by the State of Utah in a
parttcular discipline shall be so signed, endorsed, ce1tified or stamped signifying that the
contents of the Development Application comply with the applicable regulatory standards of
City. Subject to City's review and confumation, a Development Application with the foregoing
signature, endorsement, certification or stamp shall be deemed to meet the specific standards
wbich are the subject of the opinion or certification. It is not the intent of this Section to preclude
the normal process of City's 'redlining', commenting on or suggesting alternatives to the
proposed designs or specifications in the Development Application.
4.5 City Denial of a Development Application. If City denies a Development
Application then City shall provide a wi.itten determination advising the applicant of the reasons
for denial including specifying the reasons City believes that the Development Application is not
consistent with this Agreement. In the event of a denial, City shall notify Master Developer even
if Master Developer is not the applicant. The following provisions shall apply to any such
denial:
4.5.1 Meet and Confer regarding Development Application Denials. City and
applicant shalJ, within fifteen (15) days of any denial, discuss possible methods of resolving the
issues specified in the denial of a Development Application. These discussions will not stay any
appeal deadlines, and any patty seeking to appeal should file a fmmal appeal with the City in
order to preserve jurisdiction. The Pa1ties may agree to stay the time for a formal appeal hearing
on the denial.
4.5.2 City Denials of Development Applications Based on Denials from Non-
City Agencies. If City's denial of a Development Application is based on the denial of the
Development Application by a non-City agency, applicant shall appeal any such denial through
the appropriate procedures for such a decision and not through the processes specified below.
4.6 Mediation of Development Application Denials.
4.6.l Issues Subject to Mediation. Issues resulting from the City's denial of a
Development Application may, upon the concmTence ofbothParties, be mediated.
4.6.2 Mediation Process. If City and applicant mutually agree to mediation, the
Parties shall attempt within ten (10) business days to appoint a mutually acceptable mediator
with knowledge of the issue in dispute. If the Pa1ties are unable to agree on a single acceptable
mediator they shall each, within ten (10) business days, appoint their own representative. These
two representatives shall, between them, choose the single mediator. Applicant shall pay the fees
4823-3652-5657
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of the chosen mediator. The chosen mediator shall within fifteen (15) business days, review the
positions of the Parties regarcfu1g the meiliation issue and promptly attempt to mediate the issue
between the Parties. If the Parties are unable to reach agreement, the mediator shall notify the
Pa1ties in writing of the resolution that the mediator deems approp1iate. The mediator's opinion
shall not be binding on the Parties.
ARTICLEV
TAX INCREMENT REIMBURSEMENT
5.1 CRA Project Area. RDA has established a Project Area Plan which includes the
Property and other prope1ty in the vicinity of the Prope1ty. The Project Area is intended to
produce Tax Increment available for the purposes described in this Agreement and the Project
Area Plan, including the Peanitted Improvements, economic development within the Project
Area Plan and other purposes as set fo1th in future agreements relating to the development of the
Property. Costs inctmed by Master Developer in developing, acquiring or installing Permitted
Improvements shall be reimbursable from Project Area Increment as more particularly set fo1th
in this Aiticle. RD.A's obligations under this Agreement are special limited obligations payable
solely from the Tax Increment collected from the Prope1ty and generated from property taxes
paid on behalf of the Property. RDA shall not expand or modify the Project Area without the
written consent of Master Developer.
5.2 Project Area Tax Reimbursement Policy. With.in six (6) months after the
Effective Date, RDA agrees to adopt a Tax Increment r imbursement policy ("Tl Policy") for
the Project Area. The TI Policy shall include the following provisions:
5.2.l Reimbursement Applications. RDA staff shall review each application for
a new reimbursement agreement and forward the application to the RDA Board of Directors
("Boa.rd") within thirty (30) days of receipt. The TI Policy will also establish that the Boar·d will
use best eff01ts to consider the application within sixty (60) days of the Board's receipt of the
application from RDA staff and to decide the application as soon as reasonably practicable
thereafter.
5.2.2 Reimbursement Triggers and Duration. Each application for a new
reimbursement agreement shall include an estimate of anticipated total future value, projected
construction schedule and recommended future assessed value "trigger" for commencing tax
increment collection and disbursement. The project ar·ea funds collection period for each
individual reimbursement period shall be for a period not less than twenty (20) years dating from
the day on which the first payment of project area funds is distributed to an agency under an
interlocal agreement.
5.2.3 Mutual Cooperation. RDA agrees to lead and cooperate with effo1ts of
the Parties to have other taxing entities enter into interlocaJ and other agreements allocating such
taxing entity(ies)' tax increment to RDA for use in the Project Area as described in this
Agreement.
5.2.1 Increment Allocations.Unless otherwise agreed by RDA and Master
Developer in writing, RDA shall allocate Project Area Increment received by RDA as follows:
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A.Administrative Increment. Ten percent (l 0%) of the Project Area
Increment received by RDA may be used by RDA for the payment of RDA administrative costs
("Administrative Increment"), provided however, that if any pmtion of the Administrative
Increment is not spent by the RDA on administrative costs in a given year, the RDA shall
reallocate the Administrative Increment to become Area-Wide Increment to be used in
accordance with Subsection C below.
B.Developer's Tax Increment. Seventy percent (70%) of the Project
Area Increment, plus any potential reallocated Affordable Housing Increment, shall be available
for reimbursement of Developer's Reimbursable Expenses.
C.Area-Wide Increment. Ten _percent (10%) of the Project Area
Increment shall be available for Project Area-wide improvements, including improvements
located outside of Project Area but which directly benefit or specifically enhance the Project
Area in a way that is measurable and not hypothetical or remote.
D.Affordable Housing Increment. Ten percent (10%) of the Project
Area Increment shall be used for affordable housing uses as required by State law, provided,
however, should the state amend Title l 7C of the Utah Code to remove the mandatory ten
percent (10%) affordable housing requirement applicable to projects such as the Project Area
then such increment may be reallocated in RDA's discretion and pursuant to Utah Code 17C.
5.2.2 Assignable. This Agreement or future reimbursement agreements as to
any po1tion of the Project Area may be assigned, in whole or in part by Master Developer to
successors, including Sub-developers, in writing, and subject to RDA's written approval, which
approval shall not be unreasonably withheld, delayed, or conditioned. RDA will be bound by the
same terms to the assignees.
5.2.3 Separate Reimbursement Agreements. Separate reimbursement
agreements shall be approved by the RDA Board of Di.rectors in accordance with this Agreement
and will not require City approval.
ARTICLE VI
IMPACT FEE REIMBURSEMENT
6.1 Reimbursements/ Impact Fee Plans. City will within six (6) months of the
Effective Date, cTeate a process by which it will commit to reimburse Master Developer from
applicable and available impact fees for Master Developer's Reimbursable System Improvement
Expenses, which are not paid for by Project Area Increment or a pionee1ing or other
reimbursement agreement. Nothing in the foregoing process shall preclude expenses from being
reimbursed from more than one revenue source so long as Master Developer is only reimbursed
once for Pennitted Improvements or Reimbursable System Improvement Expenses. Master
Developer acknowledges that there are cutTently no City impact fee facilities plans for System
Improvements in the Northwest Quadrant that are water, sewer, storm water, or street lighting
improvements. City agrees to consult with Master Developer in advance of amending or
enacting any impact fee facilities plan(s) which includes improvements to be located within or
directly servicing the Project Area.
12
4823-3652-5.651
6.2 Reimbursement Process. City's impact fee reimbursement process for the System
Improvements will include the requirement that, should Master Developer elect to construct any
System Improvement, Master Developer shall coordinate such construction with City. The
impact fee reimbursement process will also require Master Developer to provide City with
estimates for the costs of all System Improvements as they are received, which City rnay include
in updating its impact fee facilities plan. The impact fee reimbursement process will :include a
requirement that Master Developer provide monthly rep011s to City of all costs inctmed by
Master Developer in constructing System Improvements and in calculating Reimbursable System
Improvement Expenses, and a requirement that City provide Master Developer with reports on
impact fees collected upon reasonable request and without requiring Master Developer to file a
records request. The impact fee reimbursement process will only be for impact fees collected for
roads police and fire under City Code 18.98 et seq., and wi1J not include impact fees collected
by the City's Public Utilities Department.
6.3 No Moratorium or Waiver. City shall include the obligations set f011h in this
Agreement into any subsequently amended or adopted impact fee facilities plan. Should City
reduce any impact fees from the amounts set on the date of this Agreement, then City shall
deposit a sum equal to the amount of such reduction into each fund for each class or grouping of
impact fees at the time of payment to Master Developer hereunder; it being the Patties' intent
that the effective amount of the impact fees not be reduced while obligations are outstanding to
Master Developer under this Agreement
ARTICLE VII
PIONEERING AGREEMENTS AND OTHER METHODS FOR REIMBURSING
INFRASTRUCTURE COSTS
7.1 Bonds and Assessment Area. The Parties agree to evaluate and, where feasible,
explore the creation of assessment areas and consider the approp1iateness of issuing bonds to the
extent such actions will facilitate development of the P:rope1ty in accordance with this
Agreement and the Project Area Plan.
7.2 Pioneering Agreements. City and Master Developer shall enter into pioneering
agreements for any infrastructure, including System Improvements or Pennitted Improvements,
where Master Developer and City have mutually detennined that a pioneering agreement will
facilitate the reimbursement for costs incmTed in developing and improving the Prope1ty as set
forth in such pioneering agreements. Such pioneering agreements shall include provisions
requiring others connecting to infrastrncture built with excess capacity to pay for their share of
such capacity, including constmction, and other Teasonable costs and expenses incurred in
developing the excess capacity. City and Master Developer will :include a definition in the
pionee1ing agreements clarifying that "excess capacity'' is limited to the cost of upsizing
infrastructure. Nothing in a pioneering agreement shall preclude expenses from being
reimbursed from more than one revenue source so long as Master Developer is only reimbursed
once for Permitted Improvements or Reimbursable System Improvement Expenses.
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ARTICLE Vlll
ANNEXATION AND SUB PROJECTS
8.1 Additional Prope1ty. If Master Developer acquires prope1ties immediately
adjacent to the Property, Master Developer may elect to include such later acquired properties in
this Agreement, subject to City's and RDA's approval, which approval shall not be unreasonably
withheld, delayed, or conditioned. Such later acquired properties must be located within the
Project Area to be included in this Agreement, which inclusion must comply with Section 5.1
above.
8.2 Sub-developer Agreements. The Pa11ies hereto, or some of them, may enter into
separate agreements with Sub-developers or others obtaining rights from Master Developer,
provided however that nothing in any se_parate agreement may conflict with the entitlements and
benefits obtain.ed by Master Developer in this Agreement without the express written consent of
Master Developer, or, as applicable, City and/or RDA
ARTICLE IX
ASSIGNMENT AND TRANSFER
9.1 Assignment and Transfer of Development. If Master Developer assigns,
transfers, or otherwise conveys the entire Property or any p011ion thereof to a subsequent owner,
and intends to transfer any of the rights and obligations under this Agreement in connection with
such transfer, Master Developer shall execute and deliver a ''Transfer Acknowledgment" in the
form attached hereto as Exhibit B for the purpose of notifying City of the transfer. Upon
delivery of a fully executed Transfer Aclrnowledgment, the obligations of Master Developer
shall automatically be assigned and assumed to the identified assignee and Master Developer
shall be released from the obligations that are assumed by the identified assignee.
9.2 Transfer Deeds. Master Developer may make transfers, with or without
transfening the lights under this Agreement under Section 9.l above, in anticipation or
fui1herance of future land use approvals and development of the Prope1ty or a patticular por1ion
therein. In accordance with Utah Code§ 10-9a-103(57)(c)(v), Master Developer may convey
po11ions of the Project by metes and bounds prior to recordation of a plat of subdivision for such
portion and City agrees to execute an acknowledgment on such deeds of conveyance (each a
"Transfer Deed") for the pmposes of acknowledging only City's consent to the conveyance by
metes and bounds of the real prope11y that is the subject of the applicable Transfer Deed. Master
Developer expressly acknowledges that City's execution of a Transfer Deed shall not in any way
be deemed a waiver of the requirement that the prope11y transfeITed pursuant to such Transfer
Deed shaU be subject to the approval process set forth in this Agreement or City's Current Laws.
9.3 Reservation of Reimbursement Rights. Notwithstanding any provision in City's
Current Laws to the contrary, Master Developer reserves unto itself the right to all payments and
reimbursements for items constmcted within the Property or by Master Developer even if Master
Developer sells any portion of the Property to a tbird-par1y. Any assignment of the right to
receive payments and reimbursements under this Agreement must be in w1iting, signed by
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F:B
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Master Developer, and approved by RDA, and must include specific details regarding the right
or amount of reimbursement transfeffed to a third pa1ty. In the event of a transfer of any
reimbursement or payment right under this Agreement, both assignor and assignee must provide
written notice to RDA and City in accordance with this Agreement. Notwithstanding the
foregoing, Master Developer shall not be entitled to retain rein1bursements or payments under
this Agreement that exceed the actual costs incun-ed by Master Developer.
ARTICLEX
DISPUTE RESOLUTION
I 0.1 Default. Except as otherwise expressed herein, in the event of a failure by any
Pa1ty to comply with the com.mitments set fotth herein, within th:iity (30) days of written notice
of such failure from the other Pmty, the non-defaulting Party shall have the right to pursue any or
all of the following remedies, which 1ight shaU be cumulative:
I 0.1.l To cure such default or enjoin such violation and otherwise enforce the
requirements contained in this Agreement· and
10.1.2 To enforce all rights and remedies available at law and in equity including,
but not limited to, injunctive relief, and/or damages.
ARTICLE XI
GENERAL MATTERS
11.1 Amendments. Any alteration or change to this Agreement shall be made in a
wiiting executed by Master Developer and City, after approval by City s appropriate executive
or legislative bodies. A provision of this Agreement relating to RDA may be amended with the
w1itten consent of RDA but RDA need not be a Party to an amendment that does not alteT the
reimbursement obligatio11s of RDA hereunder. Master Developer need not obtain the written
consent of a subsequent owner of a portion of the Property in order to amend this Agreement.
11.2 Exclusion from Moratmia. The Prope11y shall be excluded from any morato1ium
adopted pursuant to Utah Code § 10-9a-504 unless such a morato1ium is found on the record by
the City Council to be necessary to avoid jeopardizing a compelling, countervailing public
interest.
11.3 No Waiver. Nothing in this Agreement shall be construed as waiving Master
Developer's rights under the United States and Utah constitutions, and the land use and
development laws of the state of Utah.
11.4 Captions and Construction. This Agreement shall be constmed according to its
fair and plain meaning and as if prepared by all Paities hereto and shall be interpreted in
accordance with Utah law. Titles and captions are for convenience only and shall not constitute a
portion of this Agreement. As used in this Agreement, masculine, feminine or neuter gender and
the singular or plural number shall eacb be deemed to include the others wherever and whenever
the context so dictates. Fmthennore, this Agreement shall be construed so as to effectuate the
public purposes, objectives and benefits set fo1th herein. As used in this Agreement, the words
"include" and "including" shall mean 'including, but not limited to' and shall not be interpreted
4823-3652-5657
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to limit the generality of the terms preceding such wmd. To the extent a general provision of
City's Current Laws or Future Laws, or any other law conflicts with a specific provision of this
Agreement or an interpretation necessary to give effect to the Agreement, then this Agreement
shall control.
11.5 Laws and Forum. This Agreement shall be binding upon and shall inure to the
benefit of the Pa11ies hereto and their respective successors and assigns, and shall be construed in
accordance with Utah law. Any action brought in connection with this Agreement shall be
brought in court of competent jmisdiction located in Salt Lake County Utah.
11.6 No Third Pruty Rights. Unless othe1wise specifically provided hernin, the
obligations of the Patties set f011h in this Agreement shall not create any rights in or obligations
to any other persons or third parties.
11.7 Force Majeure. Any prevention, delay or stoppage of the peifonnance of any
obligation under this Agreement which is due to strikes; labor disputes; inability to obtain labor,
materials equipment or reasonable substitutes therefor; acts of nature· governmental restrictions,
regulations or conirnls; judicial orders; enemy or hostile government actions; wars; civil
commotions; fires, floods, earthquakes or other casualties or other causes beyond the reasonable
control of the Pai1y obligated to perf01m hereunder shall excuse performance of the obligation by
that Party for a pe1iod equal to the duration of that prevention, delay or stoppage. Any Pai1y
seeking relief under the provisions of this section must have notified the other Paiiy in writing of
a force majeure event within thi.I1Y (30) days following occunence of the claimed force majew-e
event.
11.8 Notices. A11 notices shall be in wntmg and shall be deemed to have been
sufficiently given or served when presented personally, or delivered by a reputable overnight
courier that keeps receipts of delivery (such as UPS or Federal Express), or when deposited in
the United States mail by registered or ce11ified mail addressed as follows:
4823-3652-5657
City:
With a copy to:
RDA:
With a copy to:
Salt Lake City
451 South State Street
Salt Lake City, UT 84111
Attention: City Recorder
Salt Lake City
Office of the City Attorney
451 South State Street
Salt Lake City UT 84111
Attention: City Attorney
Salt Lake City Redevelopment Agency
451 South State Street
Salt Lake City, UT 84111
Attention: Chief Administrative Officer
Salt Lake City
16
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119
Office of the City Attorney
451 South State Street
Salt Lake City, UT 84111
Attenti01 : Chief Counsel, RDA
Master Developer:NWQ, LLC
166 East 14000 South, Suite 210
Draper, UT 84080
Attn: Lance Bullen
With a copy to:Snell and Wilmer L.L.P.
15 West South Temple, Suite 1200
Salt Lake City, UT 8410 l
Attn: Wade R. Budge
Such addresses may be changed by notic€ to the other Pmty given in the same manner as above
provided. Any notice given hereander shall be deemed given as of the date delivered or mailed.
11.9 Entire Agreement. This Agreement, together with docmnents and all regulatory
approvals given by City for the Prope1ty, contain and constitute the entire agreement of the
Parties with respect to the subject matter hereof and supersede any prior promises,
representations, wananties, inducements or understandings between the Parties which are not
contained in such agreements, regulatory approvals and related conditions. It is expressly agreed
by the Pruties that this Agreement and additional planned agreements between Master Developer
and City, or between Master Developer and RDA, as contemplated and refen-ed to elsewhere in
this Agreement, are intended to and shall govern and facilitate the development of the Prope1ty.
11.10 Te1mination. If not timely rescinded in accordance with Section 2.2.1. above, this
Agreement shall terminate upon the first of the following to occur: (i) mutual wtitten agreement
of the Parties (ii) Buildout, or .(iii) fo11y (40) years after the Effective Date, unless extended by
in writing by City, RDA, and Master Developer, whichever occurs :firnt.
11.11 FUither Action. The Pa1ties hereby agree to execute and deliver such additional
documents and to take all further actions as may become necessary or desirable to fully cairy out
the provisions and intent of this Agreement.
11.12 Agreement Runs with the Land. This Agreement shall be recorded against the
Prope1ty as desc1ibed in the Exhibit A. The agreements contained herein shall be deemed to run
with the land and shall be binding on and shall inure to the benefit of all. successors in ownership
of the Property. Successors in title are on record notice of the provisions of this Agreement.
Notwithstanding the foregoing, each successor in interest shall accede only to the benefits and
burdens of this Agreement pursuant to an assignment by Master Developer which pertain to that
specific po11ion of the Prope11y to which such successor holds fee title or leasehold estate, and
shall not be deemed to be the "Master Developer" or a third party beneficiary of any of the
rights, interests, or benefits relating to other po1tions of the Prope11y. The provisions,
responsibilities and benefits relating or appertaining to a specific portion of the Prope1ty may be
17
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120
IL
assigned to such pmtion of the Property, or owner thereof, by specific wdtten instmment
executed by Master Developer and approved by City and RDA which approval shall not be
unreasonably withheld, delayed, or conditioned.
11.13 Counte1:pmts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which, together, shall constitute one and the same
instrument.
1I .14 Representation Regarding Ethics. Master Developer represents al'.\d wa1Tants that
it has not: (I) provided an illegal gift or payoff to a City officer or employee or former City
officer or employee, or his or her relative or business entity- (2) retained any person to solicit or
secLLre this contract upon an agreement or understanding for a commission, percentage,
brokerage or contingent fee, other than bona fide employees or bona fide commercial selling
agencies for the purpose of securing business; (3) knowingly breached any of the ethical
standards set forth in the City's conflict of interest ordinance, Chapter 2.44, Salt Lake City Code;
or (4) knowingly influenced, and hereby promises that it will not knowingly influence, a City
officer or employee or fonner City officer or employee to breach any of the ethical standards set
fo1th in the City's conflict of interest ordinance, Chapter 2.44, Salt Lake City Code.
IN WITNESS WHEREOF, the Pmties have executed this Development Agreement on
January_, 2018.
[Remainder qf Page Intentionally Blank: Signatures Follow}
4823-36.51-5657
18
C
P.O. BO'••
5AL LAI 'E CITY, I AH 4
121
Biskupski,
CITY:
SALT LAKE CITY CORPORATION, a Utah
municipal corporation
ATTEST:
RECORDED
JAN3 1 2018
CITY RECORDER
QJaque'erM.(!, Mayor
E.Russell Vetter
STATE OF UTAH
County of Salt Lake
)
: ss.
)
ACKNOWLEDGMENT
On this "li <;1'
.L\....- day of January, 2018, before the undersigned notary public in and for the
said state, personally appeared Jacqueline M. Biskupski, known or identified to me to be the
Mayor of Salt Lake City, who executed the foregoing instrument on behalf of said City and
acknowledged to me that said City executed the same.
IN WI1NESS WHEREOF, I have hereunto set my hand and seal the day and year fast
above w1itten.
Notary Public for Utah
Residing at:t\. I+(J..\ct 0o\J (\
My Commission Expires:iO 1:<; f"1-u1.. \
[Signatures Continue on Following Page]
PROPERTY OF St\LT l , E _
4823-3652-5657
CITYRECORDER'SOi-t·\<...:E
19 P.0 BOX 1 45bl 5 _
SALT LAKE CITY, UTP,H 84114-55l !:>
Approved as to fonn:
Salt Lake City Attorney's Office
2/?V
NOTARY PUBLIC
SIMONEBUTLER
697404
COMMISSION EXPIRES
OCTOBER 25, 2021
STATE OF UTAH
122
Approved as to form:
Salt Lake City Attorney's OfficeJmr> N
Katherine N. Lewis
RDA:
REDEVELOPMENT AGENCY OF SALT
LAKE CITY, a public entity:
STATE OF UTAH )
: ss.
County of Salt Lake )
ACKNOWLEDGMENT
On this 3,'.)K day of Januaiy, 2018, before the undersigned notary public in and for the
said state, personally appeared Jacqueline M. Biskupski, known or identified to me to be the
Executive Director of the Redevelopment Agency of Salt Lake City, and who executed the
foregoing instmment on behalf of said Redevelopment Agency of Salt Lake City and
acknowledged to me that said Redevelopment Agency of Salt Lake City executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first
above written.
Notary Public for Utah
Residing at:I+- LU-U (fi)\)'(\
My Commission Expires:o 'it;" 1.-01. I
[Signatures Continue on Following Page]
4823-3652-5657
P•.1 I Y OF SALT LAKE
20 • If I i-:c.. RDER':; OFFICE
,'U h.;Xl45515
\-I I A<ECIYY, UTAH 841·14..5515
NOTARY PUBLIC
Sitv10NE BUTLER
697404
COMMISSION EXPIRES
OCTOBER 25, 2021
STATE OF UTAH
123
MASTER DEVELOPER:
NWQ, LLC, a Utah limited liability company:
By: NWQ GP, LLC, a Utah limited liability company
Its:Manager
By: WADSWORTH NWQ, LLC, a Utah limited
liability company
Its: Manager
By:
Its:
By: COLMENA NWQ, LLC, a Utah Hmited
liability company
Its:Manager
By:COLMENA CAPITAL, INC., a
Utah corporation
Tts: Manager
By:_
Name:
1ts:
By:STOKES STEVENSON NWQ, LLC, a
Utah limited liability company
Its:Manager
By: STOKES STEVENSON MGT
NWQ, LLC, a Utah limited liability
company
1ts: Manager
By:BES INVESTMENT FUND,
LLC, a Utah limited liability
company
Its:Manager
4823-3652-5657 21 Pl<OPERTY OF SALT LAl<E
CITY RECORDER'S OFFICE
F.'O. BOX l 45515
SALT L/-\i(E CITY, UTAH 84114--55l 5
KW VENTUR.ES,
limited liability co
Manager
124
MASTER DEVELOPER:
NWQ, LLC, a Utah limited liability company:
By: NWQ GP LLC, a Utah limited liability company
Its:Manager
By:WADSWORTH NWQ, LLC, a Utah limited
liability company
Its:Manager
By: KW VENTURES LLC a Utah
limited liability company
Its:Manager
By: _
Kip L. Wadsworth Manager
By:COLMENA NWQ, LLC a Utah limited
liability company
Its: Manager
By: COLMENA CAPITAL, INC. a
Utah corporation
lts:Manager
By:STOKES STEVENSON NWQ LLC, a
Utah limited liability company
Its:Manager
By:STOKES STEVENSON MGT
NWQ, LLC, a Utah limited liability
company
Its:Manager
By:BES INVESTMENT FUND,
LLC, a Utah limited liability
company
Its:Manager
4813-J652-56j7
21 F, UF El'<TY OF SA.LT L/i,l(E
CITY RECOf<DEf<'S OrFICE
P.O. BOY 1 t!S5 l 5
SALT LAl<E ClTY, UTAH 84114-5515
.
•
YVONNE M SCHENK
NOTARY PUBLIC. STATE OF UTAHMy Comm. Exp, 10/29/2018
Commission# 679172
By:
tevenson, Manager
By: STRUCTURED FINANCE
CORPORATION, a Utah
corporation
Its:Manager
ACKNOWLEDGMENT
STATE OF UTAH )
: ss.
County of Salt Lake )
On this day of ,2018, before the undersigned notary public in and
for the said state, personally appeared Kip L. Wadsworth, knov,m or identified to me to be the
Manager of KW VENTURES, LLC, a Utah limited liability company, and the person who
executed the foregoing instrument and acknowledged to me that said company executed the
same as manager of WADSWORTH NWQ, LLC, which is a manager of NWQ GP, LLC., a
manager of NWQ, LLC.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first
above written.
Notary Public for Utah
STATE OF UTAH )
: ss.
County of Salt Lake )
On this2'P l11 day of 0).V\MA"Y , 20 L 8, before the undersigned notary public in and
for the said state, personally appeared L.a..vtc.e. 'Bu, lui , known or identified to me to be
the Ma-naga--of COLMENA CAPITAL, INC. a Utah corporation and the
person who executed the foregoing instnunent and acknowledged to me that said company
executed the same as manager of COLMENA NWQ, LLC, which is a manager of NWQ GP,
LLC, a manager ofNWQ, LLC.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first
above wTitten.
4823-3651-5657
125
CITY RECORDEr<'S OFFICE
P.O. BOX l 4551 5
S.t..LT LAKE CITY, UTAH 84114-5515
PRnPr=RiY OF SALT LAl(E
126
By: _
Bryan Stevenson, Manager
By: STRUCTURED FINANCE
CORPORATION, a Utah
corporation
Its:Manager
By:_
Travis Lish, President
ACKNOWLEDGMENT
STATE OF UTAH )
: ss.
County of Salt Lake )
0 this 1.c.:-n day of ""SP..P"'-P...'+:'1 , 2018 before the undersi ned _notary public in and
for the satd state, personally appeared Kip L. Wadsworth, known or identified to me to be the
Manager of KW VENTURES, LLC, a Utah limited liability company, and the person who
executed the foregoing instrument and acknowledged to me that said company executed the
same as manager of WADSWORTH NWQ, LLC, which is a manager of NWQ GP, LLC., a
manager of NWQ, LLC.
IN WITNESS WHEREOF, l have hereunto set my hand and seal the day and year first
above written.
Notary Public for Utah
STATE OF UTAH
County of Salt Lake
)
: ss.
)
On this day of ., 2018, before the undersigned notary public in and
for the said state, personally appeared -------- known or identified to me to be
the of COLMENA CAPITAL, INC., a Utah corporation, and the
person who executed the foregoing instrument and acknowledged to me that said company
executed the same as manager of COLMENA NWQ, LLC, which is a manager of NWQ GP,
LLC, a manager ofNWQ, LLC.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first
above written.
Notary Public for Utah
4823-3652-}657
22 PROPERTY OF SALT LAl<E
CITY RECOl<DER'S OFFICE
P.O. BOX l 4551 5
SALT LAl<E CITY, UTAH 84114-5515
Robert Roman Gro11beck
Notary Public State of Utah
My Commission EKplres on:
March 24, 2020
Comm. Number. 688506
127
J:
STATE OF UTAH )
: ss.
County of Salt Lake )
-pi
On this?,{g day of t).,VUJ...WY , 2018, before the undersigned notary public in and
for the said state, personally appeared Bryan Stevenson, known or identified to me to be the
Manager of BES INVESTMENT FUND, LLC, a Utah limited liability company, and the
person who executed the foregoing instrument and acknowledged to me that said company
executed the same as manager of STOKES STEVENSON MGT NWQ LLC, which is a
manager of STOKES STEVENSON NWQ, LLC, which is a manager of NWQ GP, LLC, a
manager ofNWQ, LLC.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the clay and year first
above written.
STATE OF UTAH )
: ss.
County of Salt Lake )
On this'µt'l day of ,J).n.'-Utl" y 2018, before the undersigned notary public in and
for the said state, personally appeared Travis Lish, known or identified to me to be the President
of STRUCTURED FINANCE CORPORATION, a Utah corporation, and the person who
executed the foregoing instrument and acknowledged to me that said company executed the
same as manager of STOKES STEVENSON MGT NWQ, LLC, which is a manager of STOKES
STEVENSON NWQ LLC, which is a manager of NWQ GP LLC, a manager of NWQ LLC.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first
above written.
HB _ATTY-#66574-v I-Master_Development_ Agreement_(NWQ_LLC)(Jan_2_1inal).docx
482.J-3652-5657
PROPERTY OF SALT LA\(E
CITY RECORDtR'S OFFICE
P.O. BOX 145515 r.:_
SJ,.LT LAKE CllY, UT,6-,H 8411 £\-.,515
YVONNE M SCHENK
NOTARY PUBLIC-STATE OF UTAH
My Comm. Exp. 10/29/2018
Commission # 679172
128
EXHIBIT A
Legal Description and Map of the Property
Legal Description by Parcel
07-29-200-003-0000 8306W700 N 448.05 The East Half and the East Half of the West Half of Section
29, Township 1 North, Range 2 West, Salt Lake Base and
Meridian.
07-29-100-003-0000 910 N 8800 W 160 The West Half of the West Half of Section 29, Township 1
North, Range 2 West, Salt Lake Base and Meridian.
07-32-100-003-0000 650 N 8800 W 23.6 Beginning at the Northwest corner of Sectlon 32, Township 1
North, Range 2 West, Salt Lake Base and Meridian, running
thence East 1320 feet; thence South 844.84 feet; thence
West 1320 feet; thence North 844.84 feet to beginning.
LESS AND EXCEPT that portion within the road.
07-32-100·004-0000 8750W NORTH
TEMPLE ST
79.54 Beginning at the West Quarter corner of Section 32,
Township 1 North, Range 2 West, Salt Lake Base and
Meridian, running thence South 1780 feet, more or less, to
the North line of 1-80; thence East 1320 feet, more or less;
thence North 262A.8 feet, more or less; thence West 1320
feet; thence South 844.8 feet to the point of beginning.
LESS AND EXCEPT therefrom any portion of either parcel
above which lies South ofthe North line North Temple Street
or within 1-80 and any portion lying within roads.
07-32-200-004-0000 202 N 8800 W 354.41 The East Half of Section 32, Township 1 North, Range 2 West,
Salt Lake Base and Meridian.
ALSO the East Half of the West Half of Section 32, Township
1 North, Range 2 West, Salt Lake Base and Meridian.
LESS AND EXCEPT therefrom any portion of either parcel
above which lies South of the North line North Temple Street
or within 1-80 and any portion lying within roads.
ALSO LESS AND EXCEPT from the aforesaid East Half of the
West Half of said Section 32 which lies within that portion
previously·deeded to the Radio Service Corporation of Utah,
more particularly described as follows:
Beginning at a point 844.8 feet South from the Northwest
corner of Section 32, Township 1 North, Range 2 West, Salt
Lake Base and Meridian, running thence East 1558.3 feet;
thence South 950.4 feet; thence West 1558.3 feet; thence
North 950.4 feet to the point of beginning.
07-33-100-005-0000 7610W NORTH
TEMPLE ST
395.95 The West 240 rods of Section 33, Town.ship 1 North, Range 2
West, Salt Lake Base and Meridian.
LESS AND EXCEPT therefrom any portion of either parcel
above which lies South of the North line North Temple Street
or within 1-80 and any portion lying within roads.
FURTHER LESS AND EXCEPT therefrorn all the following 3
24
4823-3652-5657
129
pieces of land lying within the aforesaid PARCELS 5 AND 8
ABOVE, which were conveyed to the State of Utah, Division
of Facilities and Construction Management, a division of the
Department of Administrative Services, by Quit Claim Deed,
included as an attachment to Special Warranty Deed,
recorded November 3, 2016 as Entry No. 12405144 in Book
10496 at Page 1608 of Official Records, and said Quit Claim
Deed being separately recorded November 22, 2016 as Entry
No. 12418688 in Book 10503 at Page 673 of Official Records:
Exception Parcel 1 (Access Road):
A parcel of land for an access road being part of an entire
tract of land situate in the El/2 of Section 29, and the El/2
of Section 32 Township 1 North, Range 2 West, Salt Lake
Base and Meridian, in Salt Lake County, Utah. The
boundaries of said parcel of land are described as follows:
Beginning at a point in the existing northerly highway right of
way line of the north Frontage Road of Interstate 80, which
point is 896.19 feet N.00°17'17"E. along the section line and
64.96 feet WEST from the southeast corner of said Section
32; and running thence N.89"47'54"W. 210.00 feet along said
existing highway right of way line to the point of curvature of
a non- tangent curve to the left with a radius of 30.00 feet;
thence northeasterly along said curve with an arc length of
47.08 feet, chord bears N.45°14'41"E. 42.39 feet; thence
N.00°17'17"E. 1715.99 feet; thence N.00°21'58"E. 2641.45
feet to the. northerly section line of said Section 32 (at a
point 245.00 feet N.89"47'20"W. along the section line from
the northeast corner of said Section 32); thence
N.00°21'58"E. 0.49 feet; thence N.00"48'32"E. 5281.60 feet
to the northerly section line of said Section 29 (at a point
200.00 feet N.89"45'32"W. along the section line from the
northeast corner of said Section 29; thence S.89°45'3211E.
150.00 feet along the northerly section line of said Section
29 (at a point 50.00 feet N.89"45'32"W. along the section
line from the southeast corner of said Section 29); thence
S.00"17'54"W. 0.41 feet; thence S.00°48'32"W. 5281.60 feet
to the southerly section line of said Section 29 (at a point
95.00 feet N.'89"47'2D"W. along the section line from the
southeast corner of said Section 29); thence S.00°48'32"W.
0.49 feet; thence S.00°2l'S811W. 2641.26 feet; thence
S.0D017'17"W. 1715,57 feet to the point of tangency of a
curve to the left with a radius of 30.00 feet; thence
southeasterly along said curve with an arc length of 47.17
feet, chord bears S.44"45'18"E. 42.46 feet to the point of
beginning.
Exception Parcel 2 (Secondary Access Road):
A parcel of land for an access road., also known as the
secondary access road, beihg part of an entire tract of land
situate in the NEl/4 NEl/4 and NWl/4 NEl/4 of Section 29,
Township 1 North, Range 2 West, Salt Lake Base and
Meridian, in Salt Lake County, Utah. The boundaries of said
parcel of land are described as follows:
25
4823-3652-5657
130
Beginning at a point 200.00 feet N.89°45'32"W. along the
section line from the northeast comer of said Section 29;
and running thence S.00°48'32"W. 80.30 feet to the point of
curvature of a non-tangent curve to the left with a radius of
30.00 feet; thence northwesterly along said curve with an
arc length of 47.42 feet, chord bears N.44"28'30"W, 42.64
feet; thence N.89"45'32"W. 1760.31 feet to the point of
tangency of a curve to the right with a radius of 5S0.00 feet;
thence westerly along said curve with an arc length of 236.33.
feet, chord bears N.77°26'56"W. 234.52 feet to the north
line of said section 29 and northerly boundary line of said
entire tract; thence S.89°45'32"E. 2020.23 feet along said
northerly boundary line to the point of beginning.
Exception Parcel 3 (East Strip UDOT Road):
A parcel of land being part of an entire tract of land situate in
the El/2 of Section 29, and the El/2 of Section 32 Township
1 North, Range 2 West, Salt Lake Base and Meridian, in Salt
Lake County, Utah. The boundaries of said parcel of land are
described as follows:
Beginning at the intersection of the existing northerly
highway right of way line of the north Frontage Road of
Interstate 80 and the east section line of said Section 32,
which point is 895.96 feet N.00°17'17"E. along the section
line. from the southeast corner of said Section 32; and
running thence N.89°47'54"W. 64.95 feet along said existing
northerly highway right of way line to the point of tangency
of a curve to the right with a radius of 30.00 feet; thence
northwesterly along said curve with an arc length of 47.17
feet, chord bears N.44"45'19"W. 42.46 feet; thence
N.00°17'17"E. 1715.57 feet; thence N.00"21'58"E. 2641.26
feet; thence N.00°48'32"E. 0.49 feet to the northerly section
line of said Section 32 (at a point 95.00 feet N.89°47'20''W.
along the section line from the northea.st corner of said
Section 32); thence N.00°48'32"E. 5281.60 feet; thence
N.00"17'53"E. 0.41 feet to the northerly section line of said
Section 29; thence S.89°45'32"E. 50.00 feet along said
section line to the northeast corner of said Section 29;
thence S.00°21'45"W. 2641.00 feet along the section line to
the east quarter corner of said Section 29; thence
S.00°16'44"W. 2640.71 feet along the section line to the
southeast corner of said Section 29; thence S.00"21'58"W.
2641.95 feet along the section line to the east quarter corner
of said Section 32; thence S.00°17'17"W. 1745.41 feet along
the section line to the point of beginning.
26
4&23-3652-5657
131
Parcel Map
NWQ LLC-OWNEDPARCELS I I
27
4823-3652-5657
..•·· NORTHWEST QUADRANT COMMUNTIY REINVESTMENT AREA•••• •
0 2,000 4,000 8,000 Feet
132
EXHIBITB
[Form of Transfer Acknowledgment]
TRANSFER ACKNOWLEDGEMENT
THIS TRANSFER ACKNOWLEDGEMENT is executed and delivered this , 2018,
("Effective Date"), by NWQ, LLC, a Utah limited liability company ("NWQ") and provided to Salt Lake
City Corporation, a Utah municipal corporation ("City"); and Redevelopment Agency of Salt Lake City,
a public entity ("RDA").
RECITALS
A.NWQ entered into that certain Master Development and Reimbursement Agreement for
the Northwest Quadrant (West) with City and RDA, recorded on., as Entry No. in Book
at Page_ of the official records of the Salt Lake County Recorder, State of Utah (the "Development
Agreement"). Capitalized tenns used but not defined herein shall have the meanings given to such tenns
in the Development Agreement.
B.The Development Agreement vests the use, configuration, densities, and processes
related to more than 1,500 acres of land in the northwest area of Salt Lake City.
C.The Development Agreement designates NWQ as a "Developer," with such designation
giving rise to various rights, obligations, and duties thereunder.
D.Pursuant to Section 9.1 of the Development Agreement Developer may assign or transfer
"any of the rights and obligations under this Agreement" and in connection with such a transfer is to
provide notice on this fonn to City.
NOW, THEREFORE, pursuant to Section 9.1 the Development Agreement, NWQ hereby
acknowledges that it has transferred and assigned the following rights, obligations, and duties as a
Developer under the Development Agreement to ("Transferee"),
and Transferee hereby acknowledges its acceptance of such rights and assumption of such obligations
described below:
1.Summary oflnterests Transferred: _
EXECUTED as of the date first above written.
NWQ:
NWQ, LLC a Utah limited liability company
By: _
Name: _
Title:.
28
4823-3652-5657
133
TRANSFEREE:
By:
Name: _
Title: _
CERTIFICATE OF NOTICE DELIVERY
Pursuant to Section 9.1 and 11.8 of the Development Agreement, NWQ, as transferor, hereby
arranges delivery of this notice by hand delivery to the following:
City:
With a copy to:
RDA:
With a copy to:
Receipt acknowledged by:
Salt Lake City
Salt Lake City
451 South State Street
Salt Lake City, UT 84111
Attention: City Recorder
Salt Lake City
Office of the City Attorney
451 South State Street
Salt Lake City, UT 84111
Salt Lake City Redevelopment Agency
451 South State Street
Salt Lake City, UT 84111
Attention: Chief Administrative Officer
Salt Lake City
Office of the City Attorney
451 South State Street
Salt Lake City, UT 84111
Attention: Chief Counsel, RDA
Redevelopment Agency of Salt Lake City:
By: _By: _
29
4823-3651-5657
134
Page 21 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX E: MODEL CALCULATIONS/SOURCES
Appendix E.1
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx135
43560 APPENDIX E.1: Development Absorption Schedule and Assumptions for Phase II and Phase IIIAssumptionsLand Value Assumptions Acreage Per SF Land Value Total Finished Land Value Unit Property Tax ExemptionBuilding 14 22.22 3.73 3,607,350 Per Square Foot 0%Duraline 19.80 3.73 3,214,875 Per Square Foot 0%Building 15 47.58 3.73 7,722,891 Per Square Foot 0%Building 18 66.85 3.73 10,851,862 Per Square Foot 0%Building 16 7.11 3.73 1,153,756 Per Square Foot 0%Building 17 7.05 3.73 1,144,599 Per Square Foot 0%C-store 7.02 3.73 1,139,531 Per Square Foot 0%Mt West 29.14 3.73 4,730,781 Per Square Foot 0%Remainder 16.14 3.73 2,619,268 Per Square Foot 0%Building 25 16.46 3.73 2,671,228 Per Square Foot 0%Solar Farm Parcel 57.17 3.73 9,280,680 Per Square Foot 0%BLD 1 10.69 3.73 1,735,084 Per Square Foot 0%BLD 2 6.17 3.73 1,001,710 Per Square Foot 0%BLD 3 6.17 3.73 1,001,710 Per Square Foot 0%BLD 4 6.17 3.73 1,001,710 Per Square Foot 0%BLD 5 6.17 3.73 1,001,710 Per Square Foot 0%BLD 6 6.17 3.73 1,001,710 Per Square Foot 0%BLD 7 6.94 3.73 1,126,924 Per Square Foot 0%BLD 8 6.94 3.73 1,126,924 Per Square Foot 0%BLD 9 6.94 3.73 1,126,924 Per Square Foot 0%Commercial Pads 6.48 3.73 1,052,392 Per Square Foot 0%BLD 10 7.44 3.73 1,207,845 Per Square Foot 0%Building 19 13.35 3.73 2,167,253 Per Square Foot 0%Building 20 13.35 3.73 2,167,253 Per Square Foot 0%
Building 21 62.89 3.73 10,208,800 Per Square Foot 0%
Building 22 62.89 3.73 10,208,800 Per Square Foot 0%
Building 23 11.55 3.73 1,875,055 Per Square Foot 0%
Building 24 13.83 3.73 2,245,682 Per Square Foot 0%
Building 25 13.12 3.73 2,129,018 Per Square Foot 0%
DC 26 - 1 15.74 3.73 2,555,383 Per Square Foot 0%
DC 26 - 2 13.83 3.73 2,245,682 Per Square Foot 0%
DC 26 - 3 13.83 3.73 2,245,682 Per Square Foot 0%
DC 26 - 4 13.83 3.73 2,245,682 Per Square Foot 0%
Building 27 32.19 3.73 5,225,791 Per Square Foot 0%
Building 28 32.19 3.73 5,225,791 Per Square Foot 0%
Building 29 32.19 3.73 5,225,791 Per Square Foot 0%
Building 30 32.19 3.73 5,225,791 Per Square Foot 0%
Building 31 37.70 3.73 6,120,292 Per Square Foot 0%
Building 32 34.56 3.73 5,610,270 Per Square Foot 0%
Building 33 14.65 3.73 2,378,711 Per Square Foot 0%
Building 34 13.19 3.73 2,140,687 Per Square Foot 0%
Building 35 32.54 3.73 5,282,329 Per Square Foot 0%
Building 36 31.09 3.73 5,047,031 Per Square Foot 0%
Building 37 25.83 3.73 4,193,171 Per Square Foot 0%
Building 38 25.83 3.73 4,193,171 Per Square Foot 0%
Total 965.22 156,684,578
Building
Value
Assumptions
Units or
Building
SF
Per
Unit/SF
Total
Finishe
d Value
Personal
Property
Building 14 338,800 135.34 45,854,593 4,585,459
Duraline 301,939 135.34 40,865,673 4,086,567
Building 15 725,329 135.34 98,169,027 9,816,903
Building 18 1,019,200 135.34 137,942,744 13,794,274
Building 16 108,360 135.34 14,665,891 1,466,589
Building 17 107,500 135.34 14,549,495 1,454,949
C-store 107,024 135.34 14,485,071 1,448,507
Mt West 444,312 135.34 60,135,024 6,013,502
Remainder 246,000 135.34 33,294,658 3,329,466
Building 25 250,880 135.34 33,955,137 3,395,514
Solar Farm Parcel 871,636 135.34 117,970,768 11,797,077
BLD 1 162,958 135.34 22,055,410 2,205,541
BLD 2 94,080 135.34 12,733,176 1,273,318
BLD 3 94,080 135.34 12,733,176 1,273,318
BLD 4 94,080 135.34 12,733,176 1,273,318
BLD 5 94,080 135.34 12,733,176 1,273,318
BLD 6 94,080 135.34 12,733,176 1,273,318
BLD 7 105,840 135.34 14,324,823 1,432,482
BLD 8 105,840 135.34 14,324,823 1,432,482
BLD 9 105,840 135.34 14,324,823 1,432,482
Commercial Pads 98,840 135.34 13,377,414 1,337,741
BLD 10 113,440 135.34 15,353,439 1,535,344
Building 19 203,547 135.34 27,548,893 2,754,889
Building 20 203,547 135.34 27,548,893 2,754,889
Building 21 958,804 135.34 129,768,500 12,976,850
Building 22 958,804 135.34 129,768,500 12,976,850
Building 23 176,104 135.34 23,834,644 2,383,464
Building 24 210,913 135.34 28,545,838 2,854,584
Building SF Full Land Value (assuming building sf at 35%)338800 968,000301939862,6837253292,072,36910192002,912,000108360309,600107500307,143107024305,7834443121,269,463246000702,857250880716,800871635.6 2,490,387162958465,59494080268,80094080268,80094080268,80094080268,80094080268,800105840302,400105840302,400105840302,40098840282,400113440324,114203547581,563203547581,5639588042,739,440
958804 2,739,440
176104 503,154
210913 602,609
199956 571,303
240000 685,714
210913 602,609
210913 602,609
210913 602,609
490803 1,402,294
490803 1,402,294
490803 1,402,294
490803 1,402,294
574814 1,642,326
526913 1,505,466
223407 638,306
201052 574,434
496113 1,417,466
474014 1,354,326
393820 1,125,200
393820 1,125,200
14,715,716.6
0
Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
Appendix E.1
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx136
Building 25 199,956 135.34 27,062,872 2,706,287DC 26 - 1 240,000 135.34 32,482,593 3,248,259DC 26 - 2 210,913 135.34 28,545,838 2,854,584DC 26 - 3 210,913 135.34 28,545,838 2,854,584DC 26 - 4 210,913 135.34 28,545,838 2,854,584Building 27 490,803 135.34 66,427,308 6,642,731Building 28 490,803 135.34 66,427,308 6,642,731Building 29 490,803 135.34 66,427,308 6,642,731Building 30 490,803 135.34 66,427,308 6,642,731Building 31 574,814 135.34 77,797,705 7,779,770Building 32 526,913 135.34 71,314,585 7,131,459Building 33 223,407 135.34 30,236,828 3,023,683Building 34 201,052 135.34 27,211,209 2,721,121Building 35 496,113 135.34 67,145,986 6,714,599Building 36 474,014 135.34 64,155,016 6,415,502Building 37 393,820 135.34 53,301,228 5,330,123Building 38 393,820 135.34 53,301,228 5,330,123TOTAL14,715,717 $ 1,991,685,957 $199,168,596Additional AssumptionsDiscount Rate 4.00%Primary Residential Value Exemption 45.00%Personal Property Rate (% of Building V 10.00%Growth Rate 4.00%AbsorptionTax YearAbsorption Rates 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building 14 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Duraline 0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Building 15 0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Building 18 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 16 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 17 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
C-store 0%0%0%100%0%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Mt West 0%0%100
%
0%0%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Remainder 0%0%100
%
0%0%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 25 0%0%0%100%0%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Solar Farm Parcel 0%0%0%100%0%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 1 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 2 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 3 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 4 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 5 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 6 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 7 0%0%0%0%100%0%0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 8 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 9 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Commercial Pads 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
BLD 10 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 19 0%0%0%0%0%100
%
0
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0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
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Building 20 0%0%0%0%0%100
%
0
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0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 21 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 22 0%0%0%0%0%0%100
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 23 0%0%0%0%0%0%100
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 24 0%0%0%0%0%0%100
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 25 0%0%0%0%0%0%100
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
DC 26 - 1 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
DC 26 - 2 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
DC 26 - 3 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
DC 26 - 4 0%0%0%0%0%100
%
0
%
0%0%0%0%0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
0
%
Building 27 0%0%0%0%0%0%0 100 0%0%0%0 0 0 0 0 0 0 0 0
Appendix E.1
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx137
%%%%%%%%%%%Building 28 0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%Building 29 0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%Building 30 0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%Building 31 0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%Building 32 0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%Building 33 0%0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%Building 34 0%0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%Building 35 0%0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%0%Building 36 0%0%0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%Building 37 0%0%0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%Building 38 0%0%0%0%0%0%0%0%0%0%100%0%0%0%0%0%0%0%0%0%Property Values Absorption SummaryBuilding 14 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value --45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593Personal Property Values --4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459Land Value --3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350Total Property Values --54,047,402 56,209,299 58,457,671 60,795,977 63,227,816 65,756,929 68,387,206 71,122,694 73,967,602 76,926,306 80,003,359 83,203,493 86,531,633 89,992,898 93,592,614 97,336,318 101,229,771 105,278,962Duraline20232024202520262027202820292030203120322033203420352036203720382039204020412042Building Value -40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673Personal Property Values -4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567Land Value -3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875Total Property Values -48,167,115 50,093,80
0
52,097,55
2
54,181,454 56,348,7
12
58,602,6
61
60,946,7
67
63,384,6
38
65,920,0
23
68,556,8
24
71,299,0
97
74,151,0
61
77,117,1
03
80,201,7
88
83,409,8
59
86,746,2
53
90,216,1
04
93,824,7
48
97,577,7
38
Building 15 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---98,169,02
7
98,169,027 98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
98,169,0
27
Personal Property Values ---9,816,90
3
9,816,903 9,816,90
3
9,816,90
3
9,816,90
3
9,816,90
3
9,816,90
3
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
9,816,9
03
Land Value ---7,722,89
1
7,722,891 7,722,89
1
7,722,89
1
7,722,89
1
7,722,89
1
7,722,89
1
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
7,722,8
91
Total Property Values ---115,708,820 120,337,173 125,150,660 130,156,687 135,362,954 140,777,472 146,408,571 152,264,914 158,355,511 164,689,731 171,277,320 178,128,413 185,253,550 192,663,692 200,370,239 208,385,049 216,720,451
Building 18 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744
Personal Property Values ----13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274
Land Value ----10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862
Total Property Values ----162,588,880 169,092,435 175,856,133 182,890,378 190,205,993 197,814,233 205,726,802 213,955,874 222,514,109 231,414,674 240,671,261 250,298,111 260,310,035 270,722,437 281,551,334 292,813,388
Building 16 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891
Personal Property Values ----1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589
Land Value ----1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756
Total Property Values ----17,286,235 17,977,685 18,696,792 19,444,664 20,222,450 21,031,348 21,872,602 22,747,506 23,657,407 24,603,703 25,587,851 26,611,365 27,675,820 28,782,852 29,934,167 31,131,533
Building 17 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495
Personal Property Values ----1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949
Land Value ----1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599
Total Property Values ----17,149,043 17,835,005 18,548,405 19,290,341 20,061,955 20,864,433 21,699,010 22,566,971 23,469,649 24,408,435 25,384,773 26,400,164 27,456,170 28,554,417 29,696,594 30,884,458
C-store 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---14,485,070.87 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071
Personal Property Values ---1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507
Land Value ---1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531
Total Property Values ---17,073,109 17,756,033 18,466,274 19,204,925 19,973,122 20,772,047 21,602,929 22,467,046 23,365,728 24,300,357 25,272,371 26,283,266 27,334,597 28,427,981 29,565,100 30,747,704 31,977,612
Mt West 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value --60,135,024 60,135,024.01 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024
Personal Property Values --6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502
Land Value --4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781
Total Property Values --70,879,308 73,714,480 76,663,059 79,729,582 82,918,765 86,235,516 89,684,936 93,272,334 97,003,227 100,883,356 104,918,690 109,115,438 113,480,055 118,019,258 122,740,028 127,649,629 132,755,614 138,065,839
Remainder 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value --33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658
Personal Property Values --3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466
Land Value --2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268
Total Property Values --39,243,391 40,813,127 42,445,652 44,143,478 45,909,217 47,745,586 49,655,409 51,641,626 53,707,291 55,855,583 58,089,806 60,413,398 62,829,934 65,343,131 67,956,857 70,675,131 73,502,136 76,442,222
Building 25 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137
Personal Property Values ---3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514
Land Value ---2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228
Total Property Values ---40,021,878 41,622,753 43,287,663 45,019,170 46,819,937 48,692,734 50,640,444 52,666,061 54,772,704 56,963,612 59,242,156 61,611,843 64,076,316 66,639,369 69,304,944 72,077,142 74,960,227
Solar Farm Parcel 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768
Personal Property Values ---11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077
Land Value ---9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680
Total Property Values ---139,048,524 144,610,465 150,394,884 156,410,679 162,667,107 169,173,791 175,940,742 182,978,372 190,297,507 197,909,407 205,825,784 214,058,815 222,621,168 231,526,014 240,787,055 250,418,537 260,435,278
BLD 1 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410
Personal Property Values ----2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541
Land Value ----1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084
Total Property Values ----25,996,035 27,035,876 28,117,311 29,242,004 30,411,684 31,628,151 32,893,277 34,209,008 35,577,369 37,000,463 38,480,482 40,019,701 41,620,489 43,285,309 45,016,721 46,817,390
Appendix E.1
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx138
BLD 2 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value ----12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176Personal Property Values ----1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318Land Value ----1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710Total Property Values ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928BLD 3 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value ----12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176Personal Property Values ----1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318Land Value ----1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710Total Property Values ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928BLD 4 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value ----12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176Personal Property Values ----1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318Land Value ----1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710Total Property Values ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928BLD 5 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value ----12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176Personal Property Values ----1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318Land Value ----1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710Total Property Values ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928BLD 6 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value ----12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176Personal Property Values ----1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318Land Value ----1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710Total Property Values ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928BLD 7 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value ----14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823Personal Property Values ----1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482Land Value ----1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924Total Property Values ----16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 27,032,196 28,113,484 29,238,023 30,407,544BLD 8 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -----14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823Personal Property Values -----1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482Land Value -----1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924Total Property Values -----16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 27,032,196 28,113,484 29,238,023BLD 9 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -----14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823Personal Property Values -----1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482
Land Value -----1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924
Total Property Values -----16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 27,032,196 28,113,484 29,238,023
Commercial Pads 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414
Personal Property Values -----1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741
Land Value -----1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392 1,052,392
Total Property Values -----15,767,548 16,398,250 17,054,180 17,736,347 18,445,801 19,183,633 19,950,978 20,749,017 21,578,978 22,442,137 23,339,823 24,273,416 25,244,352 26,254,126 27,304,291
BLD 10 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439
Personal Property Values -----1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344
Land Value -----1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845
Total Property Values -----18,096,627 18,820,492 19,573,312 20,356,245 21,170,494 22,017,314 22,898,007 23,813,927 24,766,484 25,757,143 26,787,429 27,858,926 28,973,283 30,132,215 31,337,503
Building 19 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893
Personal Property Values -----2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889
Land Value -----2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253
Total Property Values -----32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064 49,987,666 51,987,173 54,066,660 56,229,326
Building 20 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893
Personal Property Values -----2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889
Land Value -----2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253
Total Property Values -----32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064 49,987,666 51,987,173 54,066,660 56,229,326
Building 21 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500
Personal Property Values -----12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850
Land Value -----10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800
Total Property Values -----152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 226,409,505 235,465,885 244,884,520 254,679,901 264,867,097
Building 22 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ------129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500
Personal Property Values ------12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850
Land Value ------10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800
Total Property Values ------152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 226,409,505 235,465,885 244,884,520 254,679,901
Building 23 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ------23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644
Personal Property Values ------2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464
Land Value ------1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055
Total Property Values ------28,093,163 29,216,890 30,385,566 31,600,988 32,865,028 34,179,629 35,546,814 36,968,687 38,447,434 39,985,331 41,584,745 43,248,134 44,978,060 46,777,182
Building 24 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ------28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838
Personal Property Values ------2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584
Land Value ------2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682
Total Property Values ------33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235
Building 25 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ------27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872
Personal Property Values ------2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287
Land Value ------2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018
Total Property Values ------31,898,177 33,174,104 34,501,068 35,881,111 37,316,356 38,809,010 40,361,370 41,975,825 43,654,858 45,401,052 47,217,094 49,105,778 51,070,009 53,112,810
DC 26 - 1 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593
Personal Property Values -----3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259
Land Value -----2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383
Total Property Values -----38,286,236 39,817,685 41,410,392 43,066,808 44,789,480 46,581,060 48,444,302 50,382,074 52,397,357 54,493,251 56,672,981 58,939,901 61,297,497 63,749,396 66,299,372
DC 26 - 2 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value -----28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838
Appendix E.1
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx139
Personal Property Values -----2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584Land Value -----2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682Total Property Values -----33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 58,264,165DC 26 - 3 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -----28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838Personal Property Values -----2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584Land Value -----2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682Total Property Values -----33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 58,264,165DC 26 - 4 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -----28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838Personal Property Values -----2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584Land Value -----2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682Total Property Values -----33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 58,264,165Building 27 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -------66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308Personal Property Values -------6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731Land Value -------5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791Total Property Values -------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 125,354,147Building 28 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -------66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308Personal Property Values -------6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731Land Value -------5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791Total Property Values -------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 125,354,147Building 29 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value -------66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308Personal Property Values -------6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731Land Value -------5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791Total Property Values -------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 125,354,147Building 30 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value --------66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308Personal Property Values --------6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731Land Value --------5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791Total Property Values --------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833Building 31 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042Building Value --------77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705Personal Property Values --------7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770Land Value --------6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292Total Property Values --------91,697,767 95,365,678 99,180,305 103,147,517 107,273,418 111,564,355 116,026,929 120,668,006 125,494,726 130,514,516 135,735,096 141,164,500
Building 32 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value --------71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585
Personal Property Values --------7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459
Land Value --------5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270
Total Property Values --------84,056,313 87,418,566 90,915,309 94,551,921 98,333,998 102,267,358 106,358,052 110,612,374 115,036,869 119,638,344 124,423,877 129,400,833
Building 33 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---------30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828
Personal Property Values ---------3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683
Land Value ---------2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711
Total Property Values ---------35,639,221 37,064,790 38,547,381 40,089,277 41,692,848 43,360,562 45,094,984 46,898,783 48,774,735 50,725,724 52,754,753
Building 34 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---------27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209
Personal Property Values ---------2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121
Land Value ---------2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687
Total Property Values ---------32,073,018 33,355,938 34,690,176 36,077,783 37,520,894 39,021,730 40,582,599 42,205,903 43,894,139 45,649,905 47,475,901
Building 35 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ---------67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986
Personal Property Values ---------6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599
Land Value ---------5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329
Total Property Values ---------79,142,913 82,308,630 85,600,975 89,025,014 92,586,014 96,289,455 100,141,033 104,146,675 108,312,542 112,645,043 117,150,845
Building 36 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----------64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016
Personal Property Values ----------6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502
Land Value ----------5,047,031 5,047,031 5,047,031 5,047,031 5,047,031 5,047,031 5,047,031 5,047,031 5,047,031 5,047,031
Total Property Values ----------75,617,548 78,642,250 81,787,940 85,059,458 88,461,836 92,000,310 95,680,322 99,507,535 103,487,837 107,627,350
Building 37 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----------53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228
Personal Property Values ----------5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123
Land Value ----------4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171
Total Property Values ----------62,824,522 65,337,503 67,951,003 70,669,043 73,495,805 76,435,637 79,493,062 82,672,785 85,979,696 89,418,884
Building 38 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building Value ----------53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228
Personal Property Values ----------5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123
Land Value ----------4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171
Total Property Values ----------62,824,522 65,337,503 67,951,003 70,669,043 73,495,805 76,435,637 79,493,062 82,672,785 85,979,696 89,418,884
Grand Total Property Values -48,167,115 214,263,902 534,686,7
89
871,019,706 1,330,613,8
93
1,630,430,0
42
1,930,534,734 2,261,806,0
34
2,499,133,427 2,800,365,357 2,912,379,97
1
3,028,875,17
0
3,150,030,17
7
3,276,031,38
4
3,407,072,63
9
3,543,355,54
5
3,685,089,76
7
3,832,493,35
7
3,985,793,09
1
Sq Ft
Absorption
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Building 14 --338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800
Duraline -301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939
Building 15 ---725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329
Building 18 ----1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200
Building 16 ----108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360
Building 17 ----107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500
C-store ---107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024
Mt West --444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312
Remainder --246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000
Building 25 ---250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880
Appendix E.1
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx140
Solar Farm Parcel ---871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636BLD 1 ----162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958BLD 2 ----94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080BLD 3 ----94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080BLD 4 ----94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080BLD 5 ----94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080BLD 6 ----94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080BLD 7 ----105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840BLD 8 -----105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840BLD 9 -----105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840Commercial Pads -----98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840BLD 10 -----113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440Building 19 -----203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547Building 20 -----203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547Building 21 -----958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804Building 22 ------958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804Building 23 ------176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104Building 24 ------210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913Building 25 ------199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956DC 26 - 1 -----240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000DC 26 - 2 -----210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913DC 26 - 3 -----210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913DC 26 - 4 -----210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913Building 27 -------490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803Building 28 -------490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803Building 29 -------490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803Building 30 --------490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803Building 31 --------574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814Building 32 --------526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913Building 33 ---------223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407Building 34 ---------201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052Building 35 ---------496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113Building 36 ----------474,014 474,014 474,014 474,014 474,014 474,014 474,014 474,014 474,014 474,014Building 37 ----------393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820Building 38 ----------393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820TOTAL SF -301,939 1,331,051 3,285,920 5,260,178 7,922,775 9,468,552 10,940,961 12,533,491 13,454,063 14,715,717 14,715,717 14,715,717 14,715,717 14,715,717 14,715,717 14,715,717 14,715,717 14,715,717 14,715,717
Redevelopment Agency of Salt Lake City APPENDIX E.2: Comparables of Assessed Valuations of Industrial ProductNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis # of acres 950Industrial Comparables within the NWQ CRA Project AreaParcel ID #Bldg. SF FAR%Total Acreage Total SF Tax Dist.Land Value Building Value Total Final Value Bldg. Value / SF Land Value/ SF7273010140000585,750 0.38 35.69 1,554,656 01X 3,609,900 77,804,600 81,414,500 132.83 2.327273010080000221,760 0.40 12.83 558,875 01X 1,426,800 31,730,800 33,157,600 143.09 2.557264000060000855,000 0.28 70.26 3,060,526 01T 25,200,000 205,091,000 230,291,000 239.87 8.237264260010000457,320 0.34 30.58 1,332,065 01X 7,817,000 57,035,800 64,852,800 124.72 5.877262000050000824,320 0.39 48.05 2,093,058 01X 13,244,300 87,364,400 100,608,700 105.98 6.337273020060000205,340 0.36 12.99 565,844 01X 1,442,900 19,738,700 21,181,600 96.13 2.5572712600100001,067,000 0.45 54.06 2,354,854 01X 5,369,100 104,979,484 110,348,584 98.39 2.2872730101300001,032,248 0.40 58.59 2,552,180 01X 5,819,000 113,329,200 119,148,200 109.79 2.2872712600200001,011,710 0.42 55.25 2,406,690 01X 5,487,300 114,675,100 120,162,400 113.35 2.287273030020000164,940 0.32 11.88 517,493 01X 1,330,500 31,223,400 32,553,900 189.30 2.57TOTALS:6,425,388 0.37 390.18 16,996,241 70,746,800 842,972,484 913,719,284 Avg. $135.34 $ 3.73
Moderate Scenario $115.53
Additional Tables Below Used as Comparisons for other Western Salt Lake Valley Industrial Uses
SF Conversion 43560
Type of Development Acres 2023 Land
Value
Land
Value/SF
Parcel #Flex Space
Industrial/Manufacturing Land Value Building Value Total Value Value Per
Acre
20-10-400-013-
4001
Hexcel Corporation 17.41 3,597,600.00 4.74 3,597,600.00 27,229,000.00 30,826,600.00 1,770,626.08
15-23-378-014-
0000
W-GL SLC 2.57 739,000.00 6.60 739,000.00 11,945,100.00 12,684,100.00 4,935,447.47
07-27-303-002-
0000
Phase 1A GLC 5, LLC 11.88 1,330,500.00 2.57 1,330,500.00 31,223,400.00 32,553,900.00 2,740,227.27
15-17-300-005-
0000
Eridanus Centennial Plaza,
LLC
14.58 7,602,200.00 11.97 7,602,200.00 21,404,700.00 29,006,900.00 1,989,499.31
15-21-426-012-
0000
IBC Utah, LLC 14.69 4,837,600.00 7.56 4,837,600.00 22,030,500.00 26,868,100.00 1,829,006.13
15-07-300-013-
0000
Stoly Associates LC 30.00 16,357,300.00 12.52 16,357,300.00 13,396,800.00 29,754,100.00 991,803.33
15-09-105-012-
0000
Metro Development, LLC 38.33 14,391,500.00 8.62 14,391,500.00 4,043,400.00 18,434,900.00 480,952.26
15-23-402-006-
0000
B F Enterprises, LLC 3.31 942,100.00 6.53 942,100.00 9,948,900.00 10,891,000.00 3,290,332.33
14-01-101-004-
0000
Pool 5 Industrial UT, LLC 45.92 23,103,200.00 11.55 23,103,200.00 93,772,800.00 116,876,000.00 2,545,209.06
07-36-251-016-
0000
Reliance Steel & Aluminum
Co
5.90 2,040,400.00 7.94 2,040,400.00 13,382,000.00 15,422,400.00 2,613,966.10
Average 18.46 $ 7,494,140.00
$
8.06 Average:2,318,706.93
Type of Development Acres
2023 Building
Value
Building
Value/SF
Parcel #Flex Space
Industrial/Manufacturing
20-10-400-013-
4001
Hexcel Corporation 17.41 27,229,000.00 35.90
15-23-378-014-0000 W-GL SLC 2.57 11,945,100.00 106.7007-27-303-002-0000 Phase 1A GLC 5, LLC 11.88 31,223,400.00 60.3415-17-300-005-0000 Eridanus Centennial Plaza, LLC 14.58 21,404,700.00 33.7015-21-426-012-0000 IBC Utah, LLC 14.69 22,030,500.00 34.4315-07-300-013-0000 Stoly Associates LC 30.00 13,396,800.00 10.2515-09-105-012-0000 Metro Development, LLC 38.33 4,043,400.00 2.4215-23-402-006-0000 B F Enterprises, LLC 3.31 9,948,900.00 69.0014-01-101-004-0000 Pool 5 Industrial UT, LLC 45.92 93,772,800.00 46.8807-36-251-016-0000 Reliance Steel & Aluminum Co 5.90 13,382,000.00 52.07Average 18.46 $ 24,837,660.00 $45.17 140 Appendix E.2 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
Appendix E.3
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
141
APPENDIX E.3: Multi-Year Tax Increment Forecast of Phase II and Phase II DevelopmentASSUMPTIONS:Discount Rate 4.0%Growth Rate 4.0%
-
INCREMENTAL TAX ANALYSIS:Payment Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Tax Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 TOTALS NPVCumulative Taxable Value Year Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15Tax District 13Building 14 --54,047,402 56,209,299 58,457,671 60,795,977 63,227,816 65,756,929 68,387,206 71,122,694 73,967,602 76,926,306 80,003,359 83,203,493 86,531,633 89,992,898Duraline-48,167,115 50,093,800 52,097,552 54,181,454 56,348,712 58,602,661 60,946,767 63,384,638 65,920,023 68,556,824 71,299,097 74,151,061 77,117,103 80,201,788 83,409,859Building 15 ---115,708,820 120,337,173 125,150,660 130,156,687 135,362,954 140,777,472 146,408,571 152,264,914 158,355,511 164,689,731 171,277,320 178,128,413 185,253,550Building 18 ----162,588,88
0
169,092,435 175,856,133 182,890,378 190,205,993 197,814,233 205,726,802 213,955,874 222,514,109 231,414,674 240,671,261 250,298,111
Building 16 ----17,286,235 17,977,685 18,696,792 19,444,664 20,222,450 21,031,348 21,872,602 22,747,506 23,657,407 24,603,703 25,587,851 26,611,365
Building 17 ----17,149,043 17,835,005 18,548,405 19,290,341 20,061,955 20,864,433 21,699,010 22,566,971 23,469,649 24,408,435 25,384,773 26,400,164
C-store ---17,073,109 17,756,033 18,466,274 19,204,925 19,973,122 20,772,047 21,602,929 22,467,046 23,365,728 24,300,357 25,272,371 26,283,266 27,334,597
Mt West --70,879,308 73,714,480 76,663,059 79,729,582 82,918,765 86,235,516 89,684,936 93,272,334 97,003,227 100,883,356 104,918,690 109,115,438 113,480,055 118,019,258
Remainder --39,243,391 40,813,127 42,445,652 44,143,478 45,909,217 47,745,586 49,655,409 51,641,626 53,707,291 55,855,583 58,089,806 60,413,398 62,829,934 65,343,131
Building 25 ---40,021,878 41,622,753 43,287,663 45,019,170 46,819,937 48,692,734 50,640,444 52,666,061 54,772,704 56,963,612 59,242,156 61,611,843 64,076,316
Solar Farm Parcel ---139,048,52
4
144,610,46
5
150,394,884 156,410,679 162,667,107 169,173,791 175,940,742 182,978,372 190,297,507 197,909,407 205,825,784 214,058,815 222,621,168
BLD 1 ----25,996,035 27,035,876 28,117,311 29,242,004 30,411,684 31,628,151 32,893,277 34,209,008 35,577,369 37,000,463 38,480,482 40,019,701
BLD 2 ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441
BLD 3 ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441
BLD 4 ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441
BLD 5 ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441
BLD 6 ----15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441
BLD 7 ----16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496
BLD 8 -----16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785
BLD 9 -----16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785
Commercial Pads -----15,767,548 16,398,250 17,054,180 17,736,347 18,445,801 19,183,633 19,950,978 20,749,017 21,578,978 22,442,137 23,339,823
BLD 10 -----18,096,627 18,820,492 19,573,312 20,356,245 21,170,494 22,017,314 22,898,007 23,813,927 24,766,484 25,757,143 26,787,429
Building 19 -----32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064
Building 20 -----32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064
Building 21 -----152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 226,409,505
Building 22 ------152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447
Building 23 ------28,093,163 29,216,890 30,385,566 31,600,988 32,865,028 34,179,629 35,546,814 36,968,687 38,447,434 39,985,331
Building 24 ------33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896
Building 25 ------31,898,177 33,174,104 34,501,068 35,881,111 37,316,356 38,809,010 40,361,370 41,975,825 43,654,858 45,401,052
DC 26 - 1 -----38,286,236 39,817,685 41,410,392 43,066,808 44,789,480 46,581,060 48,444,302 50,382,074 52,397,357 54,493,251 56,672,981
DC 26 - 2 -----33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452
DC 26 - 3 -----33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452
DC 26 - 4 -----33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452
Building 27 -------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250
Building 28 -------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250
Building 29 -------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250
Building 30 --------78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971
Building 31 --------91,697,767 95,365,678 99,180,305 103,147,517 107,273,418 111,564,355 116,026,929 120,668,006
Building 32 --------84,056,313 87,418,566 90,915,309 94,551,921 98,333,998 102,267,358 106,358,052 110,612,374
Building 33 ---------35,639,221 37,064,790 38,547,381 40,089,277 41,692,848 43,360,562 45,094,984
Building 34 ---------32,073,018 33,355,938 34,690,176 36,077,783 37,520,894 39,021,730 40,582,599
Building 35 ---------79,142,913 82,308,630 85,600,975 89,025,014 92,586,014 96,289,455 100,141,033
Building 36 ----------75,617,548 78,642,250 81,787,940 85,059,458 88,461,836 92,000,310
Building 37 ----------62,824,522 65,337,503 67,951,003 70,669,043 73,495,805 76,435,637
Building 38 ----------62,824,522 65,337,503 67,951,003 70,669,043 73,495,805 76,435,637
New Assessed Value -48,167,115 214,263,90
2
534,686,78
9
871,019,70
6
###########1,630,430,04
2
1,930,534,73
4
2,261,806,03
4
2,499,133,42
7
2,800,365,35
7
2,912,379,97
1
3,028,875,17
0
3,150,030,17
7
3,276,031,38
4
3,407,072,63
9
TOTAL INCREMENTAL VALUE:48,077,003 214,173,790 534,596,67
7
870,929,59
4
###########1,630,339,93
0
1,930,444,62
2
2,261,715,92
2
2,499,043,31
5
2,800,275,24
5
2,912,289,85
9
3,028,785,05
8
3,149,940,06
5
3,275,941,27
2
3,406,982,527
TAX RATE & INCREMENT ANALYSIS:2022
Rates
Salt Lake County 0.001459 -70,144 312,480 779,977 1,270,686 1,941,234 2,378,666 2,816,519 3,299,844 3,646,104 4,085,602 4,249,031 4,418,997 4,595,763 4,779,598 4,970,788 43,615,432 28,158,787
Multicounty Assessing & Collecting Levy 0.000015 -721 3,213 8,019 13,064 19,958 24,455 28,957 33,926 37,486 42,004 43,684 45,432 47,249 49,139 51,105 448,411 289,501
County Assessing & Collecting Levy 0.000160 -7,692 34,268 85,535 139,349 212,884 260,854 308,871 361,875 399,847 448,044 465,966 484,606 503,990 524,151 545,117 4,783,049 3,088,010
Salt Lake City School District 0.004347 -208,991 931,013 2,323,892 3,785,931 5,783,787 7,087,088 8,391,643 9,831,679 10,863,341 12,172,796 12,659,724 13,166,129 13,692,789 14,240,517 14,810,153 129,949,473 83,897,359
Salt Lake City 0.003158 -151,827 676,361 1,688,256 2,750,396 4,201,794 5,148,613 6,096,344 7,142,499 7,891,979 8,843,269 9,197,011 9,564,903 9,947,511 10,345,423 10,759,251 94,405,437 60,949,588
Salt Lake City Library 0.000618 -29,712 132,359 330,381 538,234 822,264 1,007,550 1,193,015 1,397,740 1,544,409 1,730,570 1,799,795 1,871,789 1,946,663 2,024,532 2,105,515 18,474,528 11,927,437
Metropolitan Water District - Salt Lake 0.000212 -10,192 45,405 113,334 184,637 282,071 345,632 409,254 479,484 529,797 593,658 617,405 642,102 667,787 694,500 722,280 6,337,540 4,091,613
Salt Lake City Mosquito Abatement District 0.000168 -8,077 35,981 89,812 146,316 223,528 273,897 324,315 379,968 419,839 470,446 489,265 508,836 529,190 550,358 572,373 5,022,202 3,242,410
Central Utah Water Conservancy District 0.000400 -19,231 85,670 213,839 348,372 532,210 652,136 772,178 904,686 999,617 1,120,110 1,164,916 1,211,514 1,259,976 1,310,377 1,362,793 11,957,623 7,720,024
Totals:0.010537 -506,587 2,256,749 5,633,045 9,176,985 14,019,729 17,178,892 20,341,095 23,831,701 26,332,419 29,506,500 30,686,798 31,914,308 33,190,918 34,518,593 35,899,375 314,993,696 203,364,728
TOTAL INCREMENTAL REVENUE IN PROJECT AREA:-506,587 2,256,749 5,633,045 9,176,985 14,019,729 17,178,892 20,341,095 23,831,701 26,332,419 29,506,500 30,686,798 31,914,308 33,190,918 34,518,593 35,899,375 314,993,696 203,364,728
Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
Appendix E.3
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
142
APPENDIX E.3: Multi-Year Tax Increment Forecast of Phase II and Phase II DevelopmentPROJECT AREA BUDGET 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Sources of Funds:2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 TOTALS NPVProperty Tax Participation Rate for BudgetSalt Lake County 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Multicounty Assessing & Collecting Levy 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%County Assessing & Collecting Levy 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Salt Lake City School District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Salt Lake City 0%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City Library 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Metropolitan Water District - Salt Lake 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake City Mosquito Abatement District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Central Utah Water Conservancy District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Property Tax Increment for Budget
Salt Lake County ------------------
Multicounty Assessing & Collecting Levy ------------------
County Assessing & Collecting Levy ------------------
Salt Lake City School District ------------------
Salt Lake City -113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191
Salt Lake City Library ------------------
Metropolitan Water District - Salt Lake ------------------
Salt Lake City Mosquito Abatement District ------------------
Central Utah Water Conservancy District ------------------
Total Property Tax Increment for Budget:-113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191
Uses of Tax Increment Funds:2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Redevelopment Activities (Infrastructure, Relocation,
Incentives, etc.)
70.0%-79,709 355,089 886,335 1,443,958 2,205,942 2,703,022 3,200,581 3,749,812 4,143,289 4,642,716 4,828,431 5,021,574 5,222,443 5,431,347 5,648,607 49,562,855 31,998,534
CRA Housing 10.0%-11,387 50,727 126,619 206,280 315,135 386,146 457,226 535,687 591,898 663,245 689,776 717,368 746,063 775,907 806,944 7,080,408 4,571,219
RDA Administration and Operations 10.0%-11,387 50,727 126,619 206,280 315,135 386,146 457,226 535,687 591,898 663,245 689,776 717,368 746,063 775,907 806,944 7,080,408 4,571,219
Shared Costs 10.0%-11,387 50,727 126,619 206,280 315,135 386,146 457,226 535,687 591,898 663,245 689,776 717,368 746,063 775,907 806,944 7,080,408 4,571,219
Total Uses -113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191
REMAINING TAX REVENUES FOR TAXING ENTITIES 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Salt Lake County -70,144 312,480 779,977 1,270,686 1,941,234 2,378,666 2,816,519 3,299,844 3,646,104 4,085,602 4,249,031 4,418,997 4,595,763 4,779,598 4,970,788 43,615,432 28,158,787
Multicounty Assessing & Collecting Levy -721 3,213 8,019 13,064 19,958 24,455 28,957 33,926 37,486 42,004 43,684 45,432 47,249 49,139 51,105 448,411 289,501
County Assessing & Collecting Levy -7,692 34,268 85,535 139,349 212,884 260,854 308,871 361,875 399,847 448,044 465,966 484,606 503,990 524,151 545,117 4,783,049 3,088,010
Salt Lake City School District -208,991 931,013 2,323,892 3,785,931 5,783,787 7,087,088 8,391,643 9,831,679 10,863,341 12,172,796 12,659,724 13,166,129 13,692,789 14,240,517 14,810,153 129,949,473 83,897,359
Salt Lake City -37,957 169,090 422,064 687,599 1,050,449 1,287,153 1,524,086 1,785,625 1,972,995 2,210,817 2,299,253 2,391,226 2,486,878 2,586,356 2,689,813 23,601,359 15,237,397
Salt Lake City Library -29,712 132,359 330,381 538,234 822,264 1,007,550 1,193,015 1,397,740 1,544,409 1,730,570 1,799,795 1,871,789 1,946,663 2,024,532 2,105,515 18,474,528 11,927,437
Metropolitan Water District - Salt Lake -10,192 45,405 113,334 184,637 282,071 345,632 409,254 479,484 529,797 593,658 617,405 642,102 667,787 694,500 722,280 6,337,540 4,091,613
Salt Lake City Mosquito Abatement District -8,077 35,981 89,812 146,316 223,528 273,897 324,315 379,968 419,839 470,446 489,265 508,836 529,190 550,358 572,373 5,022,202 3,242,410
Central Utah Water Conservancy District -19,231 85,670 213,839 348,372 532,210 652,136 772,178 904,686 999,617 1,120,110 1,164,916 1,211,514 1,259,976 1,310,377 1,362,793 11,957,623 7,720,024
Total -392,717 1,749,479 4,366,853 7,114,188 10,868,384 13,317,432 15,768,837 18,474,827 20,413,435 22,874,048 23,789,040 24,740,631 25,730,285 26,759,526 27,829,937 244,189,618 157,652,537
ASSUMPTIONS:Discount Rate 4.0%Growth Rate 4.0%Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
APPENDIX E.4: Base Year Taxes32758Phase II58154Phase III90912
Payment
Year
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039INCREMENTAL TAX ANALYSIS:
Tax Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 TOTALS NPV
Cumulative Taxable Value Year Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
Base Year Value (Real Property)90,91
2
90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912
TOTAL INCREMENTAL VALUE:90,91
2
90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912
TAX RATE & INCREMENT ANALYSIS:2022
RATES
Salt Lake County 0.001459 -133 133 133 133 133 133 133 133 133 133 133 133 133 133 133 1,990 1,418
Multicounty Assessing & Collecting Levy 0.000015 -1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 20 15
County Assessing & Collecting Levy 0.000160 -15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 218 156
Salt Lake City School District 0.004347 -395 395 395 395 395 395 395 395 395 395 395 395 395 395 395 5,928 4,225
Salt Lake City 0.003158 -287 287 287 287 287 287 287 287 287 287 287 287 287 287 287 4,307 3,069
Salt Lake City Library 0.000618 -56 56 56 56 56 56 56 56 56 56 56 56 56 56 56 843 601
Metropolitan Water District - Salt Lake 0.000212 -19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 289 206
Salt Lake City Mosquito Abatement District 0.000168 -15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 229 163
Central Utah Water Conservancy District 0.000400 -36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 545 389
Totals:0.010537 -958 958 958 958 958 958 958 958 958 958 958 958 958 958 958 14,369 10,241
TOTAL BASE YEAR REVENUE IN PROJECT
AREA:
958 958 958 958 958 958 958 958 958 958 958 958 958 958 958 14,369 10,651
ASSUMPTIONS:Discount Rate 4.0%Inflation Rate 0.0%Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
143 Appendix E.4 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
Additional AssumptionsGrowth Rate 2.00%Discount Rate 4.00%70.00%Appendix E.5: Sales Tax AnalysisSales Tax Rates (Net Rate)City EffectiveRate County EffectiveRate State EffectiveRateState0.000%0.000%4.850%County 0.000%0.250%0.000%County Option Trans 0.000%0.250%0.000%Transportation Infrastructure 0.000%0.250%0.000%
Additional Mass Trans 0.000%0.250%0.000%
Botanical, Cultural, Zoo 0.000%0.100%0.000%
City 1.000%0.000%0.000%
Correctional Facility Sales Tax 0.500%0.000%0.000%
Mass Transit 0.000%0.300%0.000%
Total 1.500%1.400%4.850%
Source: Rates in effect as of January 1, 2023
1 3 4 10 11 4 3 3 3 3
GROSS TAXABLE SALES
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total
Manufacturing -1,800,000 7,236,00
0
14,580,720 32,872,33
4
53,329,78
1
61,596,37
7
68,228,30
4
74,992,87
0
81,892,72
8
88,930,58
2
90,709,19
4
92,523,37
8
94,373,84
5
96,261,32
2
98,186,54
9
957,513,98
5
Total Gross Taxable Sales -1,800,000 7,236,00
0
14,580,720 32,872,33
4
53,329,78
1
61,596,37
7
68,228,30
4
74,992,87
0
81,892,72
8
88,930,58
2
90,709,19
4
92,523,37
8
94,373,84
5
96,261,32
2
98,186,54
9
957,513,98
5
CITY SALES TAX REVENUE (est.)
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV 4%
Estimated Gross Taxable Sales -1,800,000 7,236,000 14,580,720 32,872,33
4
53,329,78
1
61,596,37
7
68,228,30
4
74,992,87
0
81,892,72
8
88,930,58
2
90,709,19
4
92,523,37
8
94,373,84
5
96,261,32
2
98,186,54
9
957,513,98
5
624,764,418
City Sales Tax Generation -27,000 108,540 218,711 493,085 799,947 923,946 1,023,42
5
1,124,89
3
1,228,39
1
1,333,959 1,360,638 1,387,851 1,415,608 1,443,920 1,472,79
8
14,362,710 9,371,466
Total Sales Tax Generation -27,000 108,540 218,711 493,085 799,947 923,946 1,023,42
5
1,124,89
3
1,228,39
1
1,333,959 1,360,638 1,387,851 1,415,608 1,443,920 1,472,79
8
14,362,710 9,371,466
Personal Property Rate 15%New Sales to State 30.00%New Sales to County 100.00%New Sales to City 100.00%Annual Sales/Unit 1,800,000
144 Appendix E.5 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsxRedevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
Average Yearly Gas Use per/SF
$ 0.16
An average from multiple sources,
rounded down
8,469 38,083 95,894 156,579 240,553 293,236 345,612 403,837 442,168 493,305 503,171 513,235 523,500 533,970 544,64
9
Non-Residential Electric Energy Usage per SF per YearElectric Tax Revenue $3,378,397
Non-Residential NG per SF per Year
Appendix E.6: Franchise Tax Revenue$ 0.31 $ 0.31 $ 0.32 $ 0.33 $ 0.33 $ 0.34 $ 0.35 $ 0.35 $ 0.36 $ 0.37 $ 0.37 $ 0.38 $ 0.39 $ 0.40 $0.41ASSUMPTIONS:2023Inflation (CPI)2.00%Franchise Tax Rate 6.00%Discount Rate 4.00%
$ 0.16 $ 0.16 $ 0.17 $ 0.17 $ 0.17 $ 0.18 $ 0.18 $ 0.18 $ 0.19 $ 0.19 $ 0.20 $ 0.20 $ 0.20 $ 0.21 $ 0.21
Average Electricity per/SF per Year
$ 1.21
Source: Rocky Mountain Power: Energy Usage Calculator - Conservative assumptions
used to calculate
Electricity Tax Revenue Unit 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV @ 4%NWQ Per Sq. Ft.-92,846 417,484 1,051,241 1,716,509 2,637,079 3,214,619 3,788,799 4,427,090 4,847,300 5,407,893 5,516,051 5,626,372 5,738,899 5,853,677 5,970,751 56,306,611 36,536,387Total Revenue -92,846 417,484 1,051,241 1,716,509 2,637,079 3,214,619 3,788,799 4,427,090 4,847,300 5,407,893 5,516,051 5,626,372 5,738,899 5,853,677 5,970,751 56,306,611 36,536,387Tax Revenue -5,571 25,049 63,074 102,991 158,225 192,877 227,328 265,625 290,838 324,474 330,963 337,582 344,334 351,221 358,245 3,378,397 2,192,183Natural Gas Tax
Revenue
Unit 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV @
4%
NWQ Dth Per Sq. Ft.-48,310 217,228 546,987 893,143 1,372,13
9
1,672,64
7
1,971,40
8
2,303,52
7
2,522,17
3
2,813,86
3
2,870,14
0
2,927,54
3
2,986,09
4
3,045,81
6
3,106,73
2
29,297,74
9
19,010,80
3
Total -48,310 217,228 546,987 893,143 1,372,139 1,672,647 1,971,408 2,303,527 2,522,173 2,813,863 2,870,140 2,927,543 2,986,094 3,045,816 3,106,732 29,297,749 19,010,803
Tax Revenue -2,899 13,034 32,819 53,589 82,328 100,359 118,284 138,212 151,330 168,832 172,208 175,653 179,166 182,749 186,404 1,757,865 1,140,648
Natural Gas Tax
Revenue
$
1,757,86
5
ASSUMPTIONS:2023
Inflation (CPI)2.00%
Franchise Tax Rate 6.00%
Discount Rate 4.00%
Total Franchise Tax
Revenue
$
5,136,26
2
145 Appendix E.6 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsxRedevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
Appendix E.7: Class C Road Fund RevenueYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Total6,507.08 6,637.22 6,769.97 6,905.36 7,043.47 7,184.34 7,328.03 7,474.59 7,624.08 7,776.56 7,932.09 8,090.73 8,252.55 8,417.60 8,585.95 $ 112,529.63
Appendix E.7
146 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
2023Road Revenues $ 6,571,174Weighted # of miles 2,962.90Weighted $ per mile $ 2,217.82Class B/C Road FundFY 2023 Weighted $ per Mile $2,218New Miles of Road (Phase II and III)2.934Growth Rate 2.00%LF 15492.95Converted to miles 2.934Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits AnalysisClass B/C Road Funds* Reference: https://www.udot.utah.gov/connect/business/public-entities/local-government-program-assistance/
147 Appendix
E.8 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E
Version).xlsx
General Government
Expenditure
$
1,125,08
3
ASSUMPTIONS:2021
Cost per $ Assessed (2021) $
0.00040
Inflation (CCI)
3.0
%
Assessed Value (2021) 1
37,481,061,6
04
General Government Expenditures (2021) 2
14,975,7
36
Industrial Cost Ratio
10
%
Equalization Ratio (commercial vs. residential)
65
%
Discount Rate
4.00
%
Appendix E.8: City ExpendituresGeneral Government Total Assessed Value 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV @ 4%Building 14 --1,580 1,692 1,813 1,942 2,080 2,228 2,387 2,557 2,739 2,934 3,143 3,367 3,606 3,863 35,931 23,997Duraline-1,367 1,464 1,569 1,680 1,800 1,928 2,065 2,212 2,370 2,539 2,719 2,913 3,120 3,342 3,580 34,669 23,506Building 15 ---3,484 3,732 3,997 4,282 4,587 4,914 5,263 5,638 6,040 6,470 6,930 7,424 7,952 70,712 46,508Building 18 ----5,042 5,401 5,786 6,197 6,639 7,111 7,618 8,160 8,741 9,364 10,030 10,744 90,833 58,814Building 16 ----536 574 615 659 706 756 810 868 929 996 1,066 1,142 9,657 6,253Building 17 ----532 570 610 654 700 750 803 861 922 988 1,058 1,133 9,581 6,203C-store ---514 551 590 632 677 725 777 832 891 955 1,023 1,095 1,173 10,434 6,862Mt West --2,072 2,219 2,377 2,547 2,728 2,922 3,130 3,353 3,592 3,848 4,122 4,415 4,729 5,066 47,120 31,471Remainder--1,147 1,229 1,316 1,410 1,510 1,618 1,733 1,857 1,989 2,130 2,282 2,444 2,618 2,805 26,089 17,424Building 25 ---1,205 1,291 1,383 1,481 1,587 1,700 1,821 1,950 2,089 2,238 2,397 2,568 2,751 24,458 16,086Solar Farm Parcel ---4,186 4,484 4,804 5,146 5,512 5,905 6,325 6,775 7,258 7,775 8,328 8,921 9,556 84,976 55,889BLD 1 ----806 864 925 991 1,061 1,137 1,218 1,305 1,398 1,497 1,604 1,718 14,523 9,404BLD 2 ----465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429BLD 3 ----465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429BLD 4 ----465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429BLD 5 ----465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429BLD 6 ----465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429BLD 7 ----524 561 601 644 689 738 791 847 908 972 1,042 1,116 9,433 6,108BLD 8 -----539 578 619 663 710 761 815 873 935 1,002 1,073 8,566 5,459BLD 9 -----539 578 619 663 710 761 815 873 935 1,002 1,073 8,566 5,459Commercial Pads -----504 539 578 619 663 710 761 815 873 935 1,002 8,000 5,098BLD 10 -----578 619 663 710 761 815 873 935 1,002 1,073 1,150 9,182 5,851
Building 19 -----1,037 1,111 1,190 1,275 1,366 1,463 1,567 1,679 1,798 1,926 2,063 16,475 10,498
Building 20 -----1,037 1,111 1,190 1,275 1,366 1,463 1,567 1,679 1,798 1,926 2,063 16,475 10,498
Building 21 -----4,886 5,233 5,606 6,005 6,433 6,891 7,381 7,907 8,470 9,073 9,719 77,603 49,452
Building 22 ------5,032 5,390 5,774 6,185 6,626 7,097 7,603 8,144 8,724 9,345 69,921 43,838
Building 23 ------924 990 1,061 1,136 1,217 1,304 1,396 1,496 1,602 1,716 12,842 8,052
Building 24 ------1,107 1,186 1,270 1,361 1,457 1,561 1,672 1,791 1,919 2,056 15,381 9,643
Building 25 ------1,049 1,124 1,204 1,290 1,382 1,480 1,586 1,698 1,819 1,949 14,582 9,142
DC 26 - 1 -----1,223 1,310 1,403 1,503 1,610 1,725 1,848 1,979 2,120 2,271 2,433 19,425 12,378
DC 26 - 2 -----1,075 1,151 1,233 1,321 1,415 1,516 1,624 1,739 1,863 1,996 2,138 17,071 10,878
DC 26 - 3 -----1,075 1,151 1,233 1,321 1,415 1,516 1,624 1,739 1,863 1,996 2,138 17,071 10,878
DC 26 - 4 -----1,075 1,151 1,233 1,321 1,415 1,516 1,624 1,739 1,863 1,996 2,138 17,071 10,878
Building 27 -------2,653 2,842 3,044 3,261 3,493 3,742 4,009 4,294 4,600 31,938 19,695
Building 28 -------2,653 2,842 3,044 3,261 3,493 3,742 4,009 4,294 4,600 31,938 19,695
Building 29 -------2,653 2,842 3,044 3,261 3,493 3,742 4,009 4,294 4,600 31,938 19,695
Building 30 --------2,733 2,927 3,136 3,359 3,598 3,854 4,129 4,423 28,159 17,073
Building 31 --------3,201 3,428 3,672 3,934 4,214 4,514 4,836 5,180 32,979 19,996
Building 32 --------2,934 3,143 3,366 3,606 3,863 4,138 4,433 4,748 30,231 18,329
Building 33 ---------1,281 1,372 1,470 1,575 1,687 1,807 1,936 11,129 6,632
Building 34 ---------1,153 1,235 1,323 1,417 1,518 1,626 1,742 10,015 5,969
Building 35 ---------2,845 3,048 3,265 3,497 3,746 4,013 4,299 24,713 14,728
Building 36 ----------2,800 2,999 3,213 3,442 3,687 3,949 20,090 11,765
Building 37 ----------2,326 2,492 2,669 2,859 3,063 3,281 16,691 9,775
Building 38 ----------2,326 2,492 2,669 2,859 3,063 3,281 16,691 9,775
Total -1,367 6,263 16,098 27,011 42,501 53,640 65,419 78,944 89,844 103,693 111,076 118,985 127,457 136,532 146,253 1,125,083 716,800
Note 1: Source, Utah State Tax Commission , 2021 List of Final Values, Total Real Property, Personal Property, Centrally Assessed w/out Motor Vehicle (https://propertytax.utah.gov/tax-rates/final-value/2021yevaluebyentity.pdf)
Note 2: Source, Utah State Auditors Office - Salt Lake City 2021 CAFR
Public Safety Total Assessed
Value
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV @ 4%
Building 14 --13,47
3
14,432 15,46
0
16,56
0
17,73
9
19,00
3
20,35
5
21,80
5
23,35
7
25,02
0
26,802 28,710 30,754 32,944 306,415 204,648
Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
148 Appendix
E.8 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E
Version).xlsx
Public Safety Expenditure $
9,594,65
5
ASSUMPTIONS:2021
Cost per $ Assessed (2021)$ 0.00341
Inflation (CCI)3.0%
Assessed Value (2021) 1 37,481,061,604
Public Safety Expenditures (2018) 2 127,712,417
Industrial Cost Ratio 10%
Equalization Ratio (commercial vs.
residential)
65%
Discount Rate 4.00%
Duraline -11,657 12,487 13,376 14,329 15,349 16,442 17,612 18,866 20,210 21,649 23,190 24,841 26,610 28,505 30,534 295,658 200,455Building 15 ---29,709 31,824 34,090 36,517 39,117 41,903 44,886 48,082 51,505 55,172 59,101 63,309 67,816 603,032 396,619Building 18 ----42,998 46,060 49,339 52,852 56,615 60,646 64,964 69,589 74,544 79,852 85,537 91,627 774,623 501,564Building 16 ----4,571 4,897 5,246 5,619 6,019 6,448 6,907 7,399 7,925 8,490 9,094 9,742 82,357 53,326Building 17 ----4,535 4,858 5,204 5,575 5,971 6,397 6,852 7,340 7,863 8,422 9,022 9,664 81,703 52,902C-store ---4,384 4,696 5,030 5,388 5,772 6,183 6,623 7,095 7,600 8,141 8,720 9,341 10,006 88,979 58,522Mt West --17,669 18,927 20,274 21,718 23,264 24,920 26,695 28,595 30,631 32,812 35,149 37,651 40,332 43,204 401,841 268,381Remainder--9,783 10,479 11,225 12,024 12,880 13,798 14,780 15,832 16,960 18,167 19,461 20,846 22,330 23,920 222,485 148,593Building 25 ---10,276 11,008 11,791 12,631 13,530 14,493 15,525 16,631 17,815 19,083 20,442 21,897 23,457 208,579 137,184Solar Farm Parcel ---35,702 38,244 40,966 43,883 47,008 50,355 53,940 57,780 61,894 66,301 71,022 76,079 81,496 724,670 476,621BLD 1 ----6,875 7,364 7,889 8,450 9,052 9,697 10,387 11,127 11,919 12,767 13,676 14,650 123,853 80,194BLD 2 ----3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298BLD 3 ----3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298BLD 4 ----3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298BLD 5 ----3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298BLD 6 ----3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298BLD 7 ----4,465 4,783 5,124 5,488 5,879 6,298 6,746 7,227 7,741 8,292 8,883 9,515 80,442 52,086BLD 8 -----4,599 4,927 5,277 5,653 6,056 6,487 6,949 7,443 7,973 8,541 9,149 73,054 46,553BLD 9 -----4,599 4,927 5,277 5,653 6,056 6,487 6,949 7,443 7,973 8,541 9,149 73,054 46,553Commercial Pads -----4,295 4,601 4,928 5,279 5,655 6,058 6,489 6,951 7,446 7,976 8,544 68,223 43,474BLD 10 -----4,929 5,280 5,656 6,059 6,490 6,953 7,448 7,978 8,546 9,154 9,806 78,300 49,896Building 19 -----8,845 9,475 10,149 10,872 11,646 12,475 13,363 14,315 15,334 16,426 17,595 140,495 89,529Building 20 -----8,845 9,475 10,149 10,872 11,646 12,475 13,363 14,315 15,334 16,426 17,595 140,495 89,529Building 21 -----41,664 44,630 47,808 51,212 54,858 58,764 62,948 67,430 72,231 77,373 82,882 661,798 421,726Building 22 ------42,913 45,969 49,242 52,748 56,504 60,527 64,836 69,452 74,397 79,695 596,283 373,845Building 23 ------7,882 8,443 9,044 9,688 10,378 11,117 11,908 12,756 13,665 14,638 109,520 68,664Building 24 ------9,440 10,112 10,832 11,603 12,429 13,314 14,262 15,278 16,366 17,531 131,167 82,237Building 25 ------8,949 9,587 10,269 11,000 11,784 12,623 13,521 14,484 15,515 16,620 124,353 77,964DC 26 - 1 -----10,429 11,171 11,967 12,819 13,732 14,709 15,757 16,878 18,080 19,367 20,746 165,656 105,563DC 26 - 2 -----9,165 9,817 10,516 11,265 12,067 12,927 13,847 14,833 15,889 17,020 18,232 145,579 92,769DC 26 - 3 -----9,165 9,817 10,516 11,265 12,067 12,927 13,847 14,833 15,889 17,020 18,232 145,579 92,769
DC 26 - 4 -----9,165 9,817 10,516 11,265 12,067 12,927 13,847 14,833 15,889 17,020 18,232 145,579 92,769
Building 27 -------22,626 24,237 25,963 27,811 29,791 31,913 34,185 36,619 39,226 272,370 167,957
Building 28 -------22,626 24,237 25,963 27,811 29,791 31,913 34,185 36,619 39,226 272,370 167,957
Building 29 -------22,626 24,237 25,963 27,811 29,791 31,913 34,185 36,619 39,226 272,370 167,957
Building 30 --------23,305 24,964 26,742 28,646 30,685 32,870 35,210 37,717 240,138 145,600
Building 31 --------27,294 29,237 31,319 33,549 35,938 38,496 41,237 44,173 281,243 170,522
Building 32 --------25,019 26,801 28,709 30,753 32,943 35,288 37,801 40,492 257,806 156,312
Building 33 ---------10,926 11,704 12,538 13,430 14,386 15,411 16,508 94,904 56,560
Building 34 ---------9,833 10,533 11,283 12,086 12,947 13,869 14,856 85,407 50,900
Building 35 ---------24,264 25,991 27,842 29,824 31,948 34,222 36,659 210,750 125,600
Building 36 ----------23,878 25,578 27,400 29,351 31,440 33,679 171,326 100,331
Building 37 ----------19,839 21,251 22,764 24,385 26,121 27,981 142,341 83,357
Building 38 ----------19,839 21,251 22,764 24,385 26,121 27,981 142,341 83,357
Total -11,657 53,411 137,284 230,349 362,449 457,440 557,888 673,228 766,185 884,293 947,254 1,014,699 1,086,945 1,164,336 1,247,236 9,594,655 6,112,840
Note 1: Source, Utah State Tax Commission , 2021 List of Final Values, Total Real Property, Personal Property, Centrally Assessed w/out Motor Vehicle (https://propertytax.utah.gov/tax-rates/final-value/2021yevaluebyentity.pdf)
Note 2: Source, Utah State Auditors Office - Salt Lake City 2021 CAFR
Public Works Total Assessed
Value
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV @ 4%
Building 14 --6,646 7,119 7,626 8,169 8,750 9,373 10,041 10,755 11,521 12,342 13,220 14,162 15,170 16,250 151,142 100,945
Duraline -5,75
0
6,159 6,598 7,068 7,571 8,110 8,688 9,306 9,969 10,678 11,439 12,253 13,126 14,060 15,061 145,836 98,877
Building 15 ---14,654 15,698 16,815 18,013 19,295 20,669 22,140 23,717 25,406 27,214 29,152 31,228 33,451 297,452 195,637
Building 18 ----21,209 22,719 24,337 26,070 27,926 29,914 32,044 34,326 36,770 39,388 42,192 45,196 382,091 247,402
Building 16 ----2,255 2,415 2,587 2,772 2,969 3,180 3,407 3,649 3,909 4,188 4,486 4,805 40,623 26,303
Building 17 ----2,237 2,396 2,567 2,750 2,945 3,155 3,380 3,620 3,878 4,154 4,450 4,767 40,301 26,095
C-store ---2,162 2,316 2,481 2,658 2,847 3,050 3,267 3,499 3,749 4,016 4,301 4,608 4,936 43,890 28,867
Mt West --8,715 9,336 10,000 10,713 11,475 12,292 13,167 14,105 15,109 16,185 17,337 18,572 19,894 21,311 198,213 132,382
Remainder --4,825 5,169 5,537 5,931 6,353 6,806 7,290 7,809 8,365 8,961 9,599 10,283 11,015 11,799 109,743 73,295
Building 25 ---5,069 5,430 5,816 6,230 6,674 7,149 7,658 8,203 8,787 9,413 10,083 10,801 11,570 102,884 67,668
149 Appendix
E.8 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E
Version).xlsx
Public Works Expenditure $
4,732,66
8
ASSUMPTIONS:2021
Cost per $ Assessed (2021)$ 0.00168
Inflation (CCI)3.0%
Assessed Value (2021) 1 37,481,061,604
Public Works Expenditures (2018) 2 62,995,531
Industrial Cost Ratio 10%
Equalization Ratio (commercial vs.
residential)
65%
Discount Rate 4.00%
Solar Farm Parcel ---17,610 18,864 20,207 21,646 23,187 24,838 26,606 28,501 30,530 32,704 35,032 37,527 40,199 357,451 235,099BLD 1 ----3,391 3,633 3,891 4,168 4,465 4,783 5,123 5,488 5,879 6,298 6,746 7,226 61,092 39,557BLD 2 ----1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837BLD 3 ----1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837BLD 4 ----1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837BLD 5 ----1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837BLD 6 ----1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837BLD 7 ----2,202 2,359 2,527 2,707 2,900 3,106 3,328 3,565 3,818 4,090 4,381 4,693 39,679 25,692BLD 8 -----2,269 2,430 2,603 2,788 2,987 3,200 3,427 3,672 3,933 4,213 4,513 36,035 22,963BLD 9 -----2,269 2,430 2,603 2,788 2,987 3,200 3,427 3,672 3,933 4,213 4,513 36,035 22,963Commercial Pads -----2,119 2,269 2,431 2,604 2,789 2,988 3,201 3,429 3,673 3,934 4,214 33,652 21,444BLD 10 -----2,431 2,605 2,790 2,989 3,201 3,429 3,674 3,935 4,215 4,515 4,837 38,622 24,612Building 19 -----4,363 4,673 5,006 5,363 5,744 6,153 6,592 7,061 7,564 8,102 8,679 69,301 44,161Building 20 -----4,363 4,673 5,006 5,363 5,744 6,153 6,592 7,061 7,564 8,102 8,679 69,301 44,161Building 21 -----20,551 22,014 23,582 25,261 27,059 28,986 31,050 33,260 35,629 38,165 40,883 326,439 208,021Building 22 ------21,168 22,675 24,289 26,018 27,871 29,855 31,981 34,258 36,697 39,310 294,123 184,403Building 23 ------3,888 4,165 4,461 4,779 5,119 5,484 5,874 6,292 6,740 7,220 54,022 33,869Building 24 ------4,656 4,988 5,343 5,723 6,131 6,567 7,035 7,536 8,073 8,647 64,700 40,564Building 25 ------4,414 4,729 5,065 5,426 5,812 6,226 6,670 7,144 7,653 8,198 61,339 38,457DC 26 - 1 -----5,144 5,510 5,903 6,323 6,773 7,255 7,772 8,325 8,918 9,553 10,233 81,712 52,070DC 26 - 2 -----4,521 4,843 5,187 5,557 5,952 6,376 6,830 7,316 7,837 8,395 8,993 71,808 45,759DC 26 - 3 -----4,521 4,843 5,187 5,557 5,952 6,376 6,830 7,316 7,837 8,395 8,993 71,808 45,759DC 26 - 4 -----4,521 4,843 5,187 5,557 5,952 6,376 6,830 7,316 7,837 8,395 8,993 71,808 45,759Building 27 -------11,161 11,955 12,806 13,718 14,695 15,741 16,862 18,063 19,349 134,349 82,846Building 28 -------11,161 11,955 12,806 13,718 14,695 15,741 16,862 18,063 19,349 134,349 82,846Building 29 -------11,161 11,955 12,806 13,718 14,695 15,741 16,862 18,063 19,349 134,349 82,846Building 30 --------11,495 12,314 13,191 14,130 15,136 16,213 17,368 18,604 118,451 71,819Building 31 --------13,463 14,422 15,448 16,548 17,727 18,989 20,341 21,789 138,726 84,112Building 32 --------12,341 13,220 14,161 15,169 16,249 17,406 18,646 19,973 127,166 77,103Building 33 ---------5,390 5,773 6,184 6,625 7,096 7,602 8,143 46,812 27,899Building 34 ---------4,850 5,196 5,565 5,962 6,386 6,841 7,328 42,128 25,107Building 35 ---------11,968 12,820 13,733 14,711 15,759 16,881 18,082 103,955 61,954
Building 36 ----------11,778 12,617 13,515 14,477 15,508 16,612 84,508 49,489
Building 37 ----------9,786 10,482 11,229 12,028 12,885 13,802 70,211 41,117
Building 38 ----------9,786 10,482 11,229 12,028 12,885 13,802 70,211 41,117
Total -5,750 26,346 67,717 113,622 178,782 225,637 275,184 332,077 377,929 436,18
7
467,243 500,511 536,148 574,321 615,213 4,732,668 3,015,225
Note 1: Source, Utah State Tax Commission , 2021 List of Final Values, Total Real Property, Personal Property, Centrally Assessed w/out Motor Vehicle (https://propertytax.utah.gov/tax-rates/final-value/2021yevaluebyentity.pdf)
Note 2: Source, Utah State Auditors Office - Salt Lake City 2021 CAFR
Appendix E.9: City Benefit/Cost Analysis2023202420252026202720282029203020312032203320342035203620372038TOTALSNPV @ 4%REVENUES1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15Property Tax (Increment)-151,827 676,361 1,688,256 2,750,396 4,201,794 5,148,613 6,096,344 7,142,499 7,891,979 8,843,269 9,197,011 9,564,903 9,947,511 10,345,423 10,759,251 94,405,437 60,949,588Sales Tax -27,000 108,540 218,711 493,085 799,947 923,946 1,023,425 1,124,893 1,228,391 1,333,959 1,360,638 1,387,851 1,415,608 1,443,920 1,472,798 14,362,710 9,371,466Class B/C Road Funds -6,507 6,637 6,770 6,905 7,043 7,184 7,328 7,475 7,624 7,777 7,932 8,091 8,253 8,418 8,586 112,530 79,051Energy Sales & Use Tax (Natural Gas)-2,899 13,034 32,819 53,589 82,328 100,359 118,284 138,212 151,330 168,832 172,208 175,653 179,166 182,749 186,404 1,757,865 1,140,648Energy Sales and Use Tax (Electric)-5,571 25,049 63,074 102,991 158,225 192,877 227,328 265,625 290,838 324,474 330,963 337,582 344,334 351,221 358,245 3,378,397 2,192,183TOTAL REVENUES -193,804 829,621 2,009,631 3,406,965 5,249,337 6,372,979 7,472,709 8,678,704 9,570,162 10,678,310 11,068,753 11,474,080 11,894,871 12,331,730 12,785,284 114,016,938 73,732,936-EXPENDITURESEstimated Budget -113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191General Government Services -1,367 6,263 16,098 27,011 42,501 53,640 65,419 78,944 89,844 103,693 111,076 118,985 127,457 136,532 146,253 1,125,083 716,800Public Works Servics -5,262 24,110 61,971 103,980 163,611 206,490 251,833 303,898 345,859 399,173 427,594 458,039 490,651 525,585 563,007 4,331,061 2,759,358Public Safety Services -11,657 53,411 137,284 230,349 362,449 457,440 557,888 673,228 766,185 884,293 947,254 1,014,699 1,086,945 1,164,336 1,247,236 9,594,655 6,112,840TOTAL EXPENDITURES -132,157 591,055 1,481,545 2,424,137 3,719,907 4,579,031 5,447,398 6,412,943 7,120,871 8,019,611 8,383,683 8,765,400 9,165,686 9,585,520 10,025,934 85,854,877 55,301,189Total Revenue minus Expenditures -61,647 238,566 528,086 982,828 1,529,430 1,793,949 2,025,311 2,265,760 2,449,291 2,658,699 2,685,070 2,708,680 2,729,185 2,746,210 2,759,350 28,162,061 18,431,747
Appendix
E.9 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E
Version).xlsx
150
Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits Analysis
Average Employee/SF or Room Industrial2,000JLL Study ASSUMPTIONS:2023Jobs/SF 2,000Industrial SF 14,715,717Discount Rate 6.00%Growth Rate 2.00%Appendix E.10: Full-Time and Construction Job Creation aManufacturing Jobs 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038Manufacturing01516661,643 2,630 3,961 4,734 5,470 6,267 6,727 7,358 7,358 7,358 7,358 7,358 7,358Average Wage 0 48,037 48,998 49,978 50,977 51,997 53,037 54,098 55,180 56,283 57,409 58,557 59,728 60,923 62,141 63,384Total Annual Salaries 7,252,136 32,609,307 82,111,499 134,074,945 205,979,828 251,090,980 295,939,672 345,795,984 378,618,231 422,405,598 430,853,709 439,470,784 448,260,199 457,225,403 466,369,911Construction Jobs 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 TOTALSConstruction Jobs 100 125 150 175 175 175 175 175 175 175 1,600Average Wage 45,000 45,900 46,818 47,754 48,709 49,684 50,677 51,691 52,725 53,779 492,737
Total Annual Salaries 4,500,000 5,737,500 7,022,700 8,357,013 8,524,153 8,694,636 8,868,529 9,045,900 9,226,818 9,411,354 79,388,603
2019 2023
Industrial Production 31,420 40,347
Medical Manufacturing Tech 46,290 50,288
Cargo and Freight Workers 42,470 32,905
Chemical Equipment Operators 39,520 53,100
Controlled Machine Tool Operators 35,220 36,786
Conveyor Operators 44,900 36,962
Supervisors Production and Operation 60,190 60,585
Food Processing Workers 26,780 49,369
Industrial Mechanics 58,000 55,238
Industrial Techs 58,780 55,238
Industrial Truck Drivers 35,850 57,590
Average 43,584 48,037
BLS, Merit Medical, and Lifetime Products Salary.com
Redevelopment Agency of Salt Lake CityNorthwest Quadrant CRA - Phase II and Phase III Benefits AnalysisJob Creation
151 Appendix E.10 NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
Redevelopment Agency of Salt
Lake City
Northwest Quadrant CRA - Phase II and Phase III
Benefits Analysis
Appendix E.11: System-Wide and Project Infrastructure Costs
System-Wide Infrastructure Total Cost
Rail Plat A 3,826,355.25
700 N Extension to 80th W 5,340,896.28
Lift Station 1 242,176.13
700 N Extension past 80th 12,847,992.98
Gas Regulator Station 1,355,986.93
I-80 Frontage Road Canal 900,000.00
Dedicated Roads in Phase 3 20,948,555.04
Storm water Filtration System 2,711,973.87
Total System-Wide Infrastructure Costs 48,173,936.48
NPV System-Wide Infrastructure Costs $ 48,173,936.48
Project Specific Costs (Phase II &
III)
Total Cost
Imported Fill Building Foundation 30,056,584.75
20 Mil Vapor Barrier 38,644,180.39
Soft Spot Repair 2,236,723.99
Insulated Sandwich Panels 34,350,382.57
Solar Panels 134,821,392.76
Total Site Specific (Phase I) Infrastructure
Costs
240,109,264.45
NPV Site Specific (Phase I) Infrastructure
Costs
$ 240,109,264.45
Total Infrastructure Costs Total Cost
Rail Plat A 3,826,355.25
700 N Extension to 80th W 5,340,896.28
Lift Station 1 242,176.13
700 N Extension past 80th 12,847,992.98
Gas Regulator Station 1,355,986.93
I-80 Frontage Road Canal 900,000.00
Dedicated Roads in Phase 3 20,948,555.04
Storm water Filtration System 2,711,973.87
Imported Fill Building Foundation 30,056,584.75
20 Mil Vapor Barrier 38,644,180.39
Soft Spot Repair 2,236,723.99
Insulated Sandwich Panels 34,350,382.57
Solar Panels 134,821,392.76
Total Infrastructure Costs 288,283,200.93
NPV Infrastructure Costs $ 288,283,200.93
Appendix E.11
NWQ, LLC Pu15b2lic Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DANNY WALZ
Director
STAFF MEMO
DATE:April 26, 2024
PREPARED BY:Jim Sirrine, Property Manager
RE:Redevelopment Agency Semi-Annual Property Report
REQUESTED ACTION: None. Written Briefing
EXECUTIVE SUMMARY: As directed in the Land Disposition Policy, the RDA provides the Board, not
less than semi-annually per fiscal year, an inventory of all Tier 1 and Tier 2 properties.
ANALYSIS & ISSUES: The attached report contains a current inventory of all RDA owned properties.
The report includes the description, address, parcel ID, size, zoning, and tier category of each property. In
addition, the report details the approximate acquisition date, current category of disposition, interim use,
and proposed permanent use for each property.
This report includes the addition of the Indiana Avenue property in the 9 Line District, transferred to the
RDA from Salt Lake City. The report also reflects the name change of the Station Center parcels to Rio
Grande District properties in the Depot District.
ATTACHMENTS:
May 2024 RDA Property Report
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
9 LINE23 24 1) Commissary Kitchen2)Indiana AvenueBLOCK 703)Eccles Theater and Ancillary Spaces4)Regent Street at 200 South19
17 7
318
16 4
15 6 5
10 14 9
11 13 812
1
25
2
21 20
CENTRAL BUSINESS DISTRICT5)Broadway Center (Parking Garage)
6)Gallivan Center Plaza, Parking, and Retail
(Block 57)
7)Land - Arena (Block 79)
8)Metro Condos Parking (Block 53)
DEPOT DISTRICT
9)Rio Grande Hotel (Block 62)
10)Rio Grande District Parcel 1
11)Rio Grande District Parcel 2
12)Rio Grande District Parcel 3
13)Rio Grande District Parcel 4
14)Rio Grande District Parcel 5
15)Rio Grande District Parcel 6
16)Sun Bar (Block 47)
17)Central Station (South)
18)Central Station (North)
NORTH TEMPLE
19)Folsom Trail Property
SUGAR HOUSE
20)Street Car Power Substation Site
21)S-Line Greenway
22)Sugarmont Plaza
WEST CAPITOL HILL
23)Marmalade Development
24)524 N. Arctic Court
WEST TEMPLE GATEWAY
25)W. Montrose Ave
22
Semi-Annual Property Report |
May 2024
RDA-Owned Properties - Page 1 of 3
Project Area/Property Description Assessor
Address
Parcel ID Acres/Tota
l
Zoning Tier Acquired Use
Status
Interim Use Proposed Reuse
9 LINE
1 Commissary Kitchen Former gas station property 877 W. 400 S.15-02-406-001-0000 0.32 0.32 R-MU-35 T-2 2021 Use Study Leased to Taqueria El
Angel
To be determined
2 Indiana Avenue Vacant land (former city owned property)1410 W. Indiana Ave.15-10-236-018-0000 0.57 0.57 CN T-2 2024 Use Study To be determinied To be determined
TOTAL # of Project
Properties:
2 # of
Acres:
0.89 # of Parcels: 2
BLOCK 70
Eccles Theater, retail spaces, and plaza 16-06-105-064-0000 1.7
Alley to Priority Dispatch and 111 131 S. Main St.16-06-105-065-0000 0.01
3 Eccles Theater and Ancillary Spaces
Midblock walkway connecting Main St. to Regent
St. and access to the Eccles Theater 147 S. Main St.16-06-105-009-0000 0.08
1.79 D-1 T-1 2003-2014 Permanent
Use
Theater events in
partnership with County
Center for the Arts and
leased retail
N/A
Vacant land (former N. parking area of the NAC
Drivers' Lounge)167 S. Regent St.16-06-151-003-0000 0.03
Vacant land (former NAC Drivers Lounge)169 S. Regent St 16-06-151-004-0000 0.064Regent Street at 200 South
Vacant land (former E. parking area of the NAC
Drivers Lounge)167 S. Regent St.16-06-151-018-0000 0.04
0.13 D-1 T-1 2013 Active
Disposition
Construction staging for
adjacent development
Entered into a Purchase Agreement
with Dakota Pacific Regent, LLC
TOTAL # of Project
Properties:
2 # of
Acres:
1.92 # of
Parcels:
6
CENTRAL BUSINESS DISTRICT
5 Broadway Center (Parking Garage)Parking structure with retail spaces 251 S. Floral St.16-06-154-048-0000 0.66 0.66 D-1 T-2 1989 Permanent
Use
Leased to Broadway
Center Limited N/A
16-06-152-072-0000 0.4Gallivan Center - plaza, event center, and
amphitheater
239 S. Main St.16-06-152-077-2000 3.49
Event spaces, plaza, and
walkway
Parking Structure under Gallivan Center Plaza 49 E. Gallivan Ave.16-06-152-077-6001 3.49 Leased to Boyer-Block 57
Associates LTD
16-06-152-079-6001 0.27
6 Gallivan Center Plaza, Parking, and Retail (Block 57)
Retail 228 S. State St.16-06-152-079-2000 0.27
7.92 D-1 T-1 1984-1991 Permanent
Use
Retail spaces
N/A
Arena - SE section 15-01-127-017-2000 9.18
Arena - SE section (underground)15-01-127-017-2001 0.01
Arena - SE section (underground)
301 W. S. Temple
15-01-127-017-6001 9.18
Arena - NE Corner 15-01-127-018-6001 0.84
7 Land - Arena (Block 79)
Arena - NE Corner (underground)365 W. S. Temple 15-01-127-018-2000 0.84
20.05 D-4 T-1 1989 Permanent
Use
Land leased to Larry H.
Miller Arena Group thru
2040
N/A
16-06-309-001-0000 0.018Metro Condos Parking (Block 53)Lower two levels (250 stalls) of an underground
parking structure 350 S. 200 E.16-06-309-002-0000 0.01 0.02 D-1 T-2 1991 Permanent
Use
Parking stalls leased to the
State of Utah N/A
TOTAL # of Project
Properties:
4 # of
Acres:
28.65 # of
Parcels:
13
DEPOT DISTRICT
9 Rio Grande Hotel, Block 62 Home Inn - Single room occupancy housing units 428 W. 300 S.15-01-179-012-0000 0.3 0.3 D-3 T-2 2009 Permanent
Use
Leased to Home Inn Rio
Grande, LLC N/A
243-255 S. 600 W.15-01-151-009-0000 0.5
265 S. 600 W.15-01-151-010-0000 0.88
245 S. 600 W.15-01-151-011-0000 0.11
245 S. 600 W.15-01-151-012-0000 0.26
564-566 W. 300 S.15-01-151-013-0000 0.13
558-560 W. 300 S.15-01-151-014-0000 0.13
235 S. 600 W.15-01-152-012-0000 0.11
552 W. 300 S.15-01-152-013-0000 0.13
1
0
Rio Grande District Parcel 1 Vacant land and warehouse (former Intermountain
Furniture Company)
544 W. 300 S.15-01-152-014-0000 0.13
2.38 D-3 T-1 2008 Use Study Construction staging for
adjacent development To be determined
Vacant building (formally Serta mattress factory)15-01-302-018-0000 0.6
Semi-Annual Property Report |
May 2024
RDA-Owned Properties - Page 2 of 3
15-01-153-010-0000 0.191
1
Rio Grande District Parcel 2
Vacant land (formally Serta factory dock area)
535 W. 300 S.
15-01-153-011-0000 0.06
0.85 D-3 T-1 2002 Use Study N/A To be determined
DEPOT DISTRICT (continued on next page)
Project Area/Property Description Assessor
Address
Parcel ID Acres/Tota
l
Zoning Tier Acquired Use
Status
Interim Use Proposed Reuse
DEPOT DISTRICT (continued)
540 W. 400 S.15-01-302-017-0000 0.93
346 S. 500 W.15-01-302-021-0000 0.321
2
Rio Grande District Parcel 3 Vacant land and blue warehouse
336 S. 500 W.15-01-302-022-0000 1.25
2.5 D-3 T-1 2002 Use Study Construction staging for
adjacent development To be determined
15-01-302-019-0000 0.16Vacant land 336 S. 500 W.15-01-302-020-0000 0.31 2002 N/A
Warehouse building (former State art storage)310 S 500 W 15-01-153-009-0000 0.59 2022 Leased to Utah State
Archives
519 W. 300 S.15-01-153-006-0000 0.13 2002
529 W 300 S 15-01-153-004-0000 0.18
1
3
Rio Grande District Parcel 4
Vacant land (formally owned by State of Utah)
523 W 300 S 15-01-153-005-0000 0.16
1.53 D-3/D-2 T-1
2022
Use Study
N/A
To be determined
Warehouse buildings 502 W. 300 S.15-01-152-021-0000 1.65
1
4
Rio Grande District Parcel 5
Paved parking lot area (formally Beehive Brick
parking )
250 S. 500 W.15-01-152-025-0000 0.56
2.21 D-3 T-1 2010 Use Study
Leased to Sportswear
Design Group, SLC "A
Place For Your Stuff," Fill
the Pot, and parking for
Mac. Flats
To be determined
Vacant land 233 S. 600 W.15-01-151-005-0000 0.31
Intermountain Furniture- N warehouse 235 S. 600 W.15-01-151-008-0000 0.49 2008 Temporary Shelter
Community1
5
Rio Grande District Parcel 6
Parking Lot/Rail Spur 230 S. 500 W. (600 W.)15-01-151-020-0000 0.36
1.16 D-3 T-1
2023
Use Study
Storm Water Project
To be determined
1
6
Sun Bar (Block 47)Vacant land 702 W. 200 S.15-02-234-015-0000 0.31 0.31 GMU T-2 2003 Use Study N/A To be determined
Single family home (vacant)42 S. 600 W.15-01-104-004-0000 0.15 2015 N/A
Howa Gardens, SE 622 W. 100 S.15-01-104-014-0000 0.27
Howa Gardens, NE 624 W. 100 S.15-01-104-013-0000 0.31
Howa Gardens, S 626 W. 100 S.15-01-104-015-0000 0.08
Howa Gardens, SW 632 W. 100 S.15-01-103-023-0000 0.34
Howa Gardens, NW 636 W. 100 S.15-01-103-021-0000 0.37
Howa Storage Bays 648 W. 100 S.15-01-103-022-0000 0.5
2008
Leased: gardens - Green
Team job training; storage
units - multiple tenants
Former Miera parcel (north)650 W. 100 S.15-01-103-017-0000 0.13
Former Miera parcel (south)652 W. 100 S.15-01-103-005-0000 0.08 2022
1
7
Central Station (North)
Vacant lot (city land swap for substation)662 W. 100 S.15-01-103-020-0000 0.1
2.33 GMU T-1
2021
Use Study
N/A
Included as part of the Salt Lake
Central Station area plan
Howa Offices, N 663 W. 100 S.15-01-107-042-0000 0.25
Howa Offices, S 663 W. 100 S.15-01-107-041-0000 0.25
Howa Yard 1 657 W. 100 S.15-01-107-034-0000 0.2
Howa Yard 2 655 W. 100 S.15-01-107-035-0000 0.01
Howa Yard 3 653 W. 100 S.15-01-107-036-0000 0.16
Howa Yard 4 651 W. 100 S.15-01-107-037-0000 0.16
Howa Yard 5 633 W. 100 S.15-01-107-038-0000 0.34
Howa Paint Shop 633 W. 100 S.15-01-107-039-0000 0.19
1
8
Central Station (South)
Howa Yard E 625-627 W. 100 S.15-01-107-040-0000 0.22
1.78 GMU T-2 2008 Use Study Leased to Utah Art Alliance Included as part of the Salt Lake
Central Station area plan
TOTAL # of Project
Properties:
10 # of
Acres:
15.35 # of Parcels: 46
NORTH TEMPLE
19 Folsom Trail Property Vacant building (former Schovaers Electronics)22 S JEREMY ST 15-02-204-007-0000 0.34 0.34 TSA-UN T-2 2023 Use Study N/A To be determined
TOTAL # of Project
Properties:
1 # of
Acres:
0.34 # of Parcels: 1
Semi-Annual Property Report |
May 2024
RDA-Owned Properties - Page 3 of 3
COMBINED TOTALS # of Project Properties: 25 # of Acres:51.69 # of Parcels: 88
Project Area/Property Description Assessor
Address
Parcel ID Acres/Tota
l
Zonin
g
Tier Acquired Use
Status
Interim Use Proposed Reuse
SUGAR HOUSE
20 Street Car Traction Power Substation Site S-Line Facility 1015
E.
Sugarmont Dr.16-20-205-021-0000 0.06 0.06 R-1-5000 T-1 2012 Permanent Use S-Line Facility N/A
21 S-Line Greenway S-Line/Parley's Trail Greenway 2211 S. 900 E 16-20-135-021-0000 0.04 0.04 FB-SE T-1 2013 Permanent Use S-Line/Parley's Trail
Greenway
N/A
Retail building and parking (former DI)2234 S. Highland Dr.16-20-252-008-0000 0.85 CSHBD1 2012 Construction staging for
adjacent
development
Former Sugarhouse Fire Station (West)1085 E. Simpson Ave.16-20-252-001-0000 0.32 N/A
Former Sugarhouse Fire Station (East)1085 E. Simpson Ave.16-20-252-002-0000 0.14 N/A
SLC Facilities Maint. Bldg.1113 E. Simpson Ave.16-20-252-003-0000 0.21 SLC Facilities Dept.
2
2
Sugarmont Plaza
East Parking Area 1104
E.
Sugarmont Dr.16-20-252-005-0000 0.09
1.61
PL
T-1
2021
Use Study
N/A
RDA staff is working through due
diligence and considering options and
schedule for marketing property.
TOTAL # of Project Properties:
3
# of
Acres:
1.71 # of Parcels: 7
WEST CAPITOL HILL
23 Marmalade Development Marmalade Lot 1 - Future Park 524 N. 300 W.08-36-205-044-0000 0.56 0.56 R-MU T-1 2005 Permanent Use N/A Future Park
24 524 N. Arctic Ct.Vacant Land 524 N. Arctic Ct.08-36-206-011-0000 0.11 0.11 SR-1A T-1 2015 Active
Disposition
N/A Single family home. Preparing RFP for
construction.
TOTAL # of Project Properties: 2 # of
Acres:
0.67 # of Parcels: 2
WEST TEMPLE GATEWAY
15-12-206-013-6000 0.1Vacant shop and apartment (formally T&G
Upholstery)
745 S. 300 W.15-12-206-013-2000 0.1
Vacant land (formally A&E Generator, N. yard)252 W. Montrose Ave.15-12-206-015-6000 0.09
Vacant land 254 W. Montrose Ave.15-12-206-017-0000 0.1
15-12-206-016-6000 0.09Building (Bulldog Sheet Metal)244-246 W. Montrose Ave.15-12-206-016-2000 0.09
Vacant land and storage building (formally
DeVroom)
753 S. 300 W.15-12-207-001-0000 0.34
Leased shop and storage
to Bulldog Sheetmetal
Fabrication
244 W. 800 S.15-12-207-012-0000 0.1Vacant land 252 W. Montrose Ave.15-12-206-015-2000 0.09
Vacant building (formally A&E Generator)264 W. 800 S.15-12-207-013-0000 0.84
2
5
W. Montrose Ave.
Vacant land (formally Zaxx Car Wash)765 S. 300 W.15-12-207-002-0000 0.22
2.16 FBUN-2 T-1*2008 Use Study
NA
*The 2.16 acres includes a private
street with unclear ownership.
Removing the private street from
acreage totals, reduces the total to
less than 2 acres, classifying the
assemblage as a Tier 2 property.
RDA staff is working through the
street issues and will market property
once a path forward has been
determined.
TOTAL # of Project Properties: 1 # of
Acres:
2.16 # of Parcels: 11
ERIN MENDENHALL
Mayor
RDA BOARD TRANSMITTAL
MARY BETH THOMPSON
Chief Financial Officer
Date Received: 04/30/2024
Mayor Erin Mendenhall, Executive Director Date sent to Council: 04/30/2024
TO:Salt Lake City RDA Board DATE: April 30, 2024
Alejandro Puy, RDA Chair
FROM:Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Director
SUBJECT:RDA Budget Amendment #4, FY 2023-24
SPONSOR:NA
STAFF CONTACT: Danny Walz (801) 535-7209 or
Mary Beth Thompson (801) 535-6403 or
Greg Cleary (801) 535-6394 or
Mike Burns (801) 535-6461 or
Erin Cunningham (801) 535-7246
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: The Administration recommends that subsequent to a public hearing,
the RDA Board adopt the following amendment to the FY 2023-24 adopted budget.
BUDGET IMPACT:
The Fourth Amendment identifies appropriations for Agency operations and projects across
multiple funds.
REVENUE EXPENSE
RDA FUND $ 8,780,203.00 $ 7,294,792.00
TOTAL $ 8,780,203.00 $ 7,924,792.00
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 (Apr 30, 2024 14:31 MDT)
EXECUTIVE SUMMARY:
The purpose of the briefing is to provide final budget proposals for the Fourth Amendment
(“Amendment”). Mostly driven by a $7.7 million revenue increase in tax increment received
over budget, the proposed budget expenditure changes are fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other expenses related to Agency operations:
a. Taxing Entity Payments increased by $1,588,111.
b. Tax Increment Reimbursements increased by $1,019,916.
c. Primary Housing Contributions (not including School District Family & Workforce
Housing Requirements) increased by $589,124.
d. Agency Operations Fund Contributions increased by $790,676.
e. Debt Service and Other Contractual Obligations increased by $530,435.
f. Agency Operations Expenses increased by $228,117.
2. Discretionary expenses that may fall into the following types:
a. Transition Holding Account program funds to be allocated to the next fiscal year’s
budget would total $3,056,265.
b. Appropriations for programs and projects recommended by the Agency:
i. State Street Fund | Infrastructure and Studies Program
1. Ballpark NEXT Redevelopment Strategy project would increase by
$415,000.
The staff memo, included below, outlines greater details of project reallocations, and provides
additional staff analysis.
ATTACHMENTS:
A. RDA Budget Amendment #3 Resolution
B. Budget Amendment #3 Staff Memo
C. Budget Amendment Summary
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO
Fourth Budget Amendment for Fiscal Year 2023-2024
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2023-2024.
WHEREAS, on June 13, 2023, the Redevelopment Agency (RDA) Board of Directors
(Board) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2023,
and ending June 30, 2024, 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 annual 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 annual budget of the
RDA, as approved, ratified and finalized by the Board on June 13, 2023.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual 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 , 2024, to be effective upon adoption.
, Chair
Approved as to form:
Salt Lake City Attorney’s Office
Allison Parks
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]
Contingent Appropriation and Notes
Fiscal Year 2023-24 RDA Budget Amendment #4
Administration Proposed Board Approved
Initiative Number/Name Project Area Revenue Amount Expenditure Amount Revenue Amount Expenditure Amount Ongoing or One-time FTEs
Section A: New Items
1 Tax Increment Revenue Central Business District $2,621,013.00
1 Tax Increment Revenue Block 70 $304,764.00
1 Tax Increment Revenue Depot District $649,230.00
1 Tax Increment Revenue Granary District $253,977.00
1 Tax Increment Revenue North Temple $504,760.00
1 Tax Increment Revenue North Temple Viaduct $284,199.00
1 Tax Increment Revenue Stadler Rail $16,694.00
1 Tax Increment Revenue 9-Line $317,508.00
1 Tax Increment Revenue State Street $1,329,972.00
1 Tax Increment Revenue Northwest Quadrant $1,052,539.00
1 Tax Increment Revenue Block 67 North $358,599.00
2 Transfer In Primary Housing $589,124.00
2 Transfer Out Depot District $129,846.00
2 Transfer Out Granary District $50,795.00
2 Transfer Out North Temple $100,952.00
2 Transfer Out Stadler Rail $1,669.00
2 Transfer Out 9-Line $31,751.00
2 Transfer Out State Street $132,997.00
2 Transfer Out Northwest Quadrant $105,254.00
2 Transfer Out Block 67 North $35,860.00
3 Transfer In Agency Operations $790,676.00
3 Transfer Out Central Business District $262,102.00
3 Transfer Out Depot District $97,385.00
3 Transfer Out Granary District $38,096.00
3 Transfer Out North Temple $126,150.00
3 Transfer Out North Temple Viaduct $4,263.00
3 Transfer Out Stadler Rail $835.00
3 Transfer Out 9-Line $5,663.00
3 Transfer Out State Street $132,998.00
3 Transfer Out Northwest Quadrant $105,254.00
3 Transfer Out Block 67 North $17,930.00
4 Charges and Services Agency Operations $153,117.00
4 Operation and Maintenance Agency Operations $75,000.00
5 Debt Service and Contractual Obligations North Temple $27,766.00
5 Debt Service and Contractual Obligations North Temple Viaduct $279,936.00
5 Debt Service and Contractual Obligations Block 67 North $35,860.00
5 Debt Service and Contractual Obligations Primary Housing $81,619.00
5 Debt Service and Contractual Obligations Northwest Quadrant $105,254.00
6 Transfer out Central Business District $(292,852.00)
6 Transfer In Block 70 $(292,852.00)
7 Taxing Entity Payments Central Business District $1,572,608.00
7 Taxing Entity Payments Block 70 $11,912.00
7 Taxing Entity Payments 9-Line $3,591.00
8 TI reimbursements Stadler Rail $14,190.00
8 TI reimbursements Northwest Quadrant $736,777.00
8 TI reimbursements Block 67 North $268,949.00
9 Transition Holding Accout Central Business District $786,303.00
9 Transition Holding Accout Depot District $421,999.00
9 Transition Holding Accout Granary District $165,086.00
9 Transition Holding Accout North Temple $249,892.00
9 Transition Holding Accout 9-Line $276,503.00
9 Transition Holding Accout State Street $648,977.00
9 Transition Holding Accout Primary Housing $507,505.00
10 Infrastructire Study State Street $415,000.00
Section B: Grants for Existing Staff Resourc
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff R
Section F: Donations
-
Section G: Board Consent Agenda -- Grant
Section I: Board Added Items
Total of Budget Amendment Items -0 --
Total by Fund, Budget Amendment #4:
Redevelopment Agency Central Business District 2,621,013.00 2,328,161.00 -
Redevelopment Agency Block 70 11,912.00 11,912.00
Redevelopment Agency Depot District 649,230.00 649,230.00
Redevelopment Agency Granary District 253,977.00 253,977.00
Redevelopment Agency North Temple 504,760.00 504,760.00
Redevelopment Agency North Temple Viaduct 284,199.00 284,199.00
Redevelopment Agency Stadler Rail 16,694.00 16,694.00
Redevelopment Agency 9-Line 317,508.00 317,508.00
Redevelopment Agency State Street 1,329,972.00 1,329,972.00
Redevelopment Agency Northwest Quadrant 1,052,539.00 1,052,539.00
Redevelopment Agency Block 67 North 358,599.00 358,599.00
Redevelopment Agency Primary Housing 589,124.00 589,124.00
Redevelopment Agency Secondary Housing --
Redevelopment Agency Housing Development Fund --
Redevelopment Agency Westside Community Initiative --
Redevelopment Agency Program Income Fund --
Redevelopment Agency Revolving Loan Fund ---
Redevelopment Agency Agency Operations 790,676.00 228,117.00 -
-
Total of Budget Amendment Items 8,780,203.00 7,924,792.00 ---
Current Year Budget Summary, provided for infor
FY 2023-24 Budget, Including Budget Amen
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 80,803,841 -6,476,014 --$8,780,203.00 74,327,827
Total of Budget Amendment Items 80,803,841 -6,476,014 --74,327,827
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 80,803,841 -6,476,014 --$7,924,792.00 74,327,827
Total of Budget Amendment Items 80,803,841 -6,476,014 --74,327,827
Certification
Budget Manager
Deputy Director, City Council/RDA Board
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DANNY WALZ
Director
DATE: April 26, 2024
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #4, FY 2023-2024
REQUESTED ACTION: Discuss and consider the adoption of the proposed Fourth Amendment to the Annual
RDA Budget for Fiscal Year 2024.
BUDGET IMPACTS: The Fourth 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 Fourth
Amendment (“Amendment”). Mostly driven by a $7.7 million revenue increase in tax increment received over
budget, the proposed budget expenditure changes are fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractual
obligations or other expenses related to Agency operations:
a. Taxing Entity Payments increased by $1,588,111.
b. Tax Increment Reimbursements increased by $1,019,916.
c. Primary Housing Contributions (not including School District Family & Workforce Housing
Requirements) increased by $589,124.
d. Agency Operations Fund Contributions increased by $790,676.
e. Debt Service and Other Contractual Obligations increased by $530,435.
f. Agency Operations Expenses increased by $228,117.
2. Discretionary expenses that may fall into the following types:
a. Transition Holding Account program funds to be allocated to the next fiscal year’s budget would
total $3,056,265.
b. Appropriations for programs and projects recommended by the Agency:
i. State Street Fund | Infrastructure and Studies Program
1. Ballpark NEXT Redevelopment Strategy project would increase by $415,000.
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
ANALYSIS & ISSUES: This Budget Amendment outlines changes to multiple funds within the Agency's budget
for Fiscal Year 2024. The final tax increment distribution from the County totaled $53,093,492, surpassing our
initial budget by $7,693,255. As a result, adjustments are necessary for legally mandated expenses, including
payments to taxing entities and contributions from Project Area funds to the Primary Housing and Agency
Operations funds, as well as other contractual obligations. While Agency Operations expenses are not legally
mandated, they are necessary to maintain Agency operations.
Beyond these obligated expenses, Staff is proposing discretionary appropriations. If this budget amendment is
approved, it would allocate $3,056,265 across various funds to the Transition Holding Account program for use in
the Fiscal Year 2025 Budget. Additionally, Staff recommends adding $415,000 to the Infrastructure Studies and
Planning program, within the State Street project area fund for the Ballpark NEXT Redevelopment Strategy
project.
Revenue & Other Sources Adjustments
Revenue & Other Source Changes by Project Area Funds
All project areas have experienced higher than anticipated tax increment revenues. Notably, the Central Business
District, State Street, and Northwest Quadrant have led this increase. The Central Business District alone saw an
increase of $2,621,013 over the projected budget, signaling a rebound from the decline experienced over the past
few years. State Street and Northwest Quadrant also contributed significant amounts with increases of $1,329,972
and $1,052,539 respectively. Collectively, these three areas have driven a substantial portion of the overall
increase, contributing to the total tax increment rise of $7,693,255, which represents about 65% of the increase.
In prior years, funds were transferred from the Central Business District Fund to the Block 70 Fund to serve as
reserves for debt service. With the tax increment revenue for Block 70 above the budgeted amount, there is less
need to draw upon these reserves for debt payments.
Revenue Description Fund FY24 Budget Change FY24 BA4
Tax Increment Central Business District 24,644,694 2,621,013 27,265,707
Block 70 1,829,228 304,764 2,133,992
Depot District 5,422,435 649,230 6,071,665
Granary District 1,103,309 253,977 1,357,286
North Temple 1,008,715 504,760 1,513,475
North Temple Viaduct 2,774,419 284,199 3,058,618
Stadler Rail 141,297 16,694 157,991
9 Line 2,653,781 317,508 2,971,289
State Street 4,423,811 1,329,972 5,753,783
Northwest Quadrant 1,398,548 1,052,539 2,451,087
Block 67 North 0 358,599 358,599
Tax Increment Total 45,400,237 7,693,255 53,093,492
Transfer from CBD Eccles
Debt Service Reserve Block 70 747,501 (292,852)454,649
Account
Total 46,147,738 7,400,403 53,548,141
Revenue & Other Source Changes by Housing & Agency Operations Funds
The Primary Housing and Agency Operations funds are supported by revenue from project area funds. The
Primary Housing Fund is used to manage the Agency's legally required affordable housing contributions.
Contributions to the Agency Operations Fund are largely determined by set percentages in agreements with taxing
entities. Due to the increase in tax increment received from the project areas, there have been increased
allocations to these two funds. The Primary Housing Fund revenue budget will increase by $589,124, bringing the
new total to $2,957,760. Similarly, the Agency Operations Fund experienced an addition of $790,676, resulting in
a revised revenue budget of $5,219,338.
Fund Revenue Description FY24 Budget Change FY24 BA4
Primary Housing Transfer In from Depot District 1,084,487 129,846 1,214,333
Transfer In from Granary District 220,662 50,795 271,457
Transfer In from North Temple 201,743 100,952 302,695
Transfer In from Stadler Rail 14,130 1,669 15,799
Transfer In from 9-Line 265,378 31,751 297,129
Transfer In from Block 67 North 0 35,860 35,860
Transfer In from State Street 442,381 132,997 575,378
Transfer In from Northwest Quadrant 139,855 105,254 245,109
Primary Housing Total 2,368,636 589,124 2,957,760
Agency Operations Transfer In from Central Business District 2,464,469 262,102 2,726,571
Transfer In from Depot District 813,365 97,385 910,750
Transfer In from Granary District 165,496 38,096 203,592
Transfer In from North Temple 100,872 126,150 227,022
Transfer In from North Temple Viaduct 41,616 4,263 45,879
Transfer In from Stadler Rail 7,065 835 7,900
Transfer In from 9-Line 253,543 5,663 259,206
Transfer In from State Street 442,381 132,998 575,379
Transfer In from Northwest Quadrant 139,855 105,254 245,109
Transfer In from Block 67 North 0 17,930 17,930
Agency Operations Total 4,428,662 790,676 5,219,338
Total 6,797,298 1,379,800 8,177,098
Obligated Expenses & Other Uses Adjustments
Taxing Entity Payments
The Agency receives 100% of the tax increment from certain project areas and is obligated to reimburse specific
percentages back to the taxing entities based on interlocal agreements or initial project setups. Reflecting these
requirements, the budget amendment for Fiscal Year 2024 shows a combined increase of $1,588,111, which
adjusts the total appropriations for tax entity payments from the initial $10,501,863 to $12,089,974.
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Central
Business RDA-FY24-CBD-Taxing Entity Payments-CBD 9,621,707 1,572,608 11,194,315
District
Block 70 RDA-FY24-B70-Taxing Entity Payments-B70 548,768 11,912 560,680
9 Line RDA-FY24-9L-Taxing Entity Payments-9L 331,388 3,591 334,979
Total 10,501,863 1,588,111 12,089,974
Tax Increment Reimbursement Agreements
The Agency has entered into tax increment reimbursement agreements in some project areas, wherein developers
are reimbursed for certain improvement costs through the tax increment resulting from increased property values
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
tied to their projects. The budget adjustments in the table result in a total change of $1,019,916, updating the
combined budget for tax increment reimbursements to $2,119,002 across the listed project areas.
Quadrant
North
Primary Housing Fund Contributions
In compliance with Utah Code 17C, the Agency sets aside a minimum of 10% of the tax increment from most
project area funds specifically for affordable housing. Furthermore, for the 9 Line and State Street project areas,
the interlocal agreements with the School District stipulate that these contributions must be directed specifically
towards family and workforce housing. The required budget for these allocations has changed, as shown in the
provided image, with an increase of $589,124, adjusting the total budget to $2,957,760.
District Fund-DD
District Fund-GD
Temple Fund-NT
Fund-SR
Fund-9L
Required Family & Workforce Housing-9L
Fund-SS
Required Family & Workforce Housing-SS
Quadrant Fund-NWQ
North Fund-B67N
Agency Operations Expenses
The Agency Operations Fund receives a specified percentage of the tax increment from each project area,
determined by interlocal agreements with the taxing entities involved. This year, the fund has seen an increase in
contributions totaling $790,676. However, the Staff recommends increasing expenses by only $228,117 to address
rising operating costs. The surplus of $562,559 would be added to the fund balance to act as a financial buffer to
help bridge the gap between the expiration of the Depot District and Granary District project areas and the ramp-
up of tax increment collection in newer project areas. The Depot District will expire after Fiscal Year 2025 (Tax
Year 2024), and the Granary District will follow a year later.
Agency
Operations RDA-FY24-OPS-Administrative Fees-NPA 1,000,000 0 1,000,000
RDA-FY24-OPS-Charges & Services-NPA 296,883 153,117 450,000
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Stadler Rail RDA-FY24-SR-TI Reimbursements-SR 120,102 14,190 134,292
Northwest RDA-FY24-NWQ-TI Reimbursements-NWQ 978,984 736,777 1,715,761
Block 67 RDA-FY24-B67N-TI Reimbursements-B67N 0 268,949 268,949
Total 1,099,086 1,019,916 2,119,002
Depot RDA-FY24-DD-Internal Transfers - Primary Housing 1,084,487 129,846 1,214,333
Granary RDA-FY24-GD-Internal Transfers - Primary Housing 220,662 50,795 271,457
North RDA-FY24-NT-Internal Transfers - Primary Housing 201,743 100,952 302,695
Stadler Rail RDA-FY24-SR-Internal Transfers - Primary Housing 14,130 1,669 15,799
9 Line RDA-FY24-9L-Internal Transfers - Primary Housing 144,592 18,642 163,234
RDA-FY24-9L-Internal Transfers - School District 120,786 13,109 133,895
State Street RDA-FY24-SS-Internal Transfers - Primary Housing 182,405 64,487 246,892
RDA-FY24-SS-Internal Transfers - School District 259,976 68,510 328,486
Northwest RDA-FY24-NWQ-Internal Transfers - Primary Housing 139,855 105,254 245,109
Block 67 RDA-FY24-B67N-Internal Transfers - Primary Housing 0 35,860 35,860
Total 2,368,636 589,124 2,957,760
Fund FY24 Appropriation Project FY24 Budget Change FY24 BA4
RDA-FY24-OPS-Operating & Maintenance-NPA 375,000 75,000 450,000
RDA-FY24-OPS-RDA Personnel-NPA 2,756,779 0 2,756,779
Total 4,428,662 228,117 4,656,779
Debt Service and Other Contractual Obligations
In addition to the obligated expenses above, the Agency has debt service and other contractual obligations that are
impacted by the increased tax increment revenue as follows:
North Temple School Construction Reserves: A project has been established as a reserve fund per an
interlocal agreement with the School District, mandating the Agency to earmark portions of tax increment
for the construction of a prospective school. The total change of $27,766 will result in an amended budget
of $98,376.
North Temple Viaduct Debt Service: The Agency created the North Temple Viaduct project area to
mitigate the debt incurred by the City from bond issuance for infrastructure improvements in 2012.
Initially, the tax increment wasn't enough to cover debt service, requiring General Fund assistance. Apart
from a small percentage of increment transferred to the Agency Operations Fund, the remainder of the
increment is transferred to the City’s General Fund to facilitate debt service payments. The total change
of $279,936 will result in an amended budget of $3,012,739.
Northwest Quadrant Shared Costs Reserve: A project has been established as a reserve fund per the
interlocal agreement with the City to cover shared costs. This project will utilize tax increment financing
for redevelopment activities that benefit the entire project area, are system-wide, or that advantage
multiple property owners or parcels. The increase of $105,254 will result in a total of $245,108 added to
the reserve this fiscal year.
Japantown & the Block 67 North Interlocal Agreement: Per the interlocal agreement with the City, the
Agency is obliged to direct 10% of the tax increment toward the Japantown neighborhood. Although the
agreement mandates support for Japantown, it does not require a specific project. Agency staff
recommends these funds be designated to the RDA Arts & Culture Program, earmarking $35,860 for a
new Japantown Art project. The Agency also expects to request additional funding for this project in the
coming budget cycle.
School District Required Family & Workforce Housing: As previously mentioned, the funds from the 9
Line and State Street contributions are transferred into the Primary Housing Fund and expended from
there. These funds can be used with other allocations, such as the Housing Development Loan Program's
Notice of Funding Availability (NOFA) but are tracked separately to comply with the interlocal
agreement with the School District. The recent increase in contributions from these project area funds
totals $81,619, bringing the overall amount to $462,381.
Improvements-NT Construction Reserves
Improvements-NWQ
B67N
North RDA-FY24-NT- PRJ-000086 North
Temple Infrastructure Temple School 70,610 27,766 98,376
North RDA-FY24-NTV-Salt
Temple Lake City Debt Service- 2,732,803
Viaduct NTV
279,936 3,012,739
Northwest RDA-FY24-NWQ-PRJ-000087 NWQ
Quadrant Infrastructure Shared Costs Reserve 139,854 105,254 245,108
Block 67 RDA-FY24-B67N-RDA New Project: Japantown
North Arts & Culture Program-Art 0 35,860 35,860
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Primary
Housing
RDA-FY24-1H-School
District Required Family &
Workforce Housing-NPA
380,762 81,619 462,381
Discretionary Expenses & Other Uses Adjustments
Transition Holding Accounts
During the last fiscal year, the Agency established the Transition Holding Account program to manage surplus
revenue not earmarked for obligated expenses. Rather than allocating these funds within this amendment, the
Agency carries them over to the next fiscal year’s budget for simpler reconciliation by the Board. This timing
aligns with the simultaneous presentation of the Fiscal Year 2025 budget and the final amendment for the current
year. Staff recommends appropriating the additional $3,056,265 expected in the following funds in the next fiscal
year.
Central
District
District
Temple
Housing
Ballpark NEXT Redevelopment Strategy Project
Following the 2024 baseball season, the Salt Lake Bees baseball team will be moving to a new park in South
Jordan. This has created an opportunity for the Ballpark site and adjacent parking lot, located at 1300 South and
West Temple (approx. 13.5 acres) to be re-envisioned and potentially redeveloped. The Agency facilitated the
Ballpark NEXT Design Competition and followed up with a Community Visioning Process which elevated a set
of Guiding Principles to integrate into the next steps.
With the Fiscal Year 2024 Budget, the Board approved $300,000 for Ballpark Planning within the Ballpark
NEXT Redevelopment Strategy project. An initial $150,000 was used to hire a consultant to create a Design
Framework, leaving $150,000 remaining in the project budget.
Upon the approval of a straw poll in the December 2023 Board meeting, the Agency released a Request for
Proposals (RFP) for a specialized Ballpark NEXT Design Consultant Team to develop preferred concepts and an
overall implementation plan for the Ballpark Site. The consultant's proposed total for the scope of work was
$537,150, prompting the Agency to request an additional $415,000 to cover the scope and maintain a contingency
of $27,850 for potential change orders. Initially, funds were to come from the Strategic Intervention program, but
given the increase in tax increment received in the State Street project area, Staff is now recommending
appropriating $415,000 of those funds to add to the Infrastructure Studies and Planning program to fund this
project. Note that that the Ballpark Site is located outside the State Street Project Area however any activity
outside a project area determined by the board to benefit the State Street Project Area is an allowable use of
agency funds per Sections: 17C-1-409 and 17C-1-102.
Total 3,324,029 530,435 3,854,464
Business RDA-FY24-CBD-Transition Holding Account-CBD
District
0 786,303 786,303
Depot RDA-FY24-DD-Transition Holding Account-DD 0 421,999 421,999
Granary RDA-FY24-GD-Transition Holding Account-GD 0 165,086 165,086
North RDA-FY24-NT-Transition Holding Account-NT 0 249,892 249,892
9 Line RDA-FY24-9L-Transition Holding Account-9L 0 276,503 276,503
State Street RDA-FY24-SS-Transition Holding Account-SS 0 648,977 648,977
Primary RDA-FY24-1H-Transition Holding Account-NPA 0 507,505 507,505
Total 0 3,056,265 3,056,265
Deliverables will include a comprehensive site plan that identifies recommended right-of-way alignments,
development pads, building massing and scale, land use mix, and programming to support residents (“Design
Framework”). Primary goals of the Design Consultant RFP are to:
Ensure that the community’s Ballpark NEXT Guiding Principles are incorporated as a foundational
element of the Design Framework.
Utilize a team of specialists to advise the Agency on the implementation of human centered design and
programming, impact investment opportunities available through the Legacy Fund, and how to best
incorporate these opportunities into the Project.
Incorporate additional community representative input checkpoints along the way to inform key design
and programming decisions.
Incorporate the multiple moving pieces of the Project into a thoughtful Design Framework that includes
existing conditions, neighborhood opportunities, and aligns with existing engagement efforts.
Create a collaborative concept to inform the future RFP for a development team (or teams) to implement
the project.
Approval of this request will result in a total project budget of $715,000, as outlined in the table below. Should
the Board not approve the additional appropriation to this project, Staff recommends increasing the Transition
Holding Account program appropriation.
Fund FY24 Appropriation Project
FY24
Budget Change FY24 BA4
State Street
RDA-FY24-SS-
Infrastructure Studies and
PRJ-000051 RDA -
Ballpark Next 300,000 415,000 715,000
Planning-SS Redevelopment Strategy
300,000 415,000 715,000
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
2. Approval of the Fiscal Year 2023-2024 Budget Amendment #1.
3. Approval of the Fiscal Year 2023-2024 Budget Amendment #2.
4. *Pending* Approval of the Fiscal Year 2023-2024 Budget Amendment #3.
ATTACHMENTS:
1. Supplemental Slides of Expenditures Key Changes by Fund
R E D E V E L O P M E N T A G E N C Y
F I S C A L Y E A R 2 0 2 3 - 2 0 2 4
B U D G E T A M E N D M E N T # 4
Total Increase in Tax Increment Revenue
$7,693,255
Central Business District 2,621,013
State Street 1,329,972
Northwest Quadrant 1,052,539
Depot District 649,230
North Temple 504,760
Block 67 North 358,599
9 Line 317,508
Block 70 304,764
North Temple Viaduct 284,199
Granary District 253,977
Stadler Rail 16,694
Tax Increment Revenue Changes
Summary of Expense Changes
Total Project Area Funds Changes
292,852
415,000
Tax Incrment Increase Eccles Bond Debt Service Reserves
Reduction
Remaining Tax Increment Revenue Obligated Project Area Expenses Ballpark NEXT Redevelopment Strategy Transition Holding Accounts
Agency Operations Fund Changes
790,676 16 53 37 ,,15 15 79 57652,,050509 562,559
Incoming Transfers Charges & Services Operating &
Maintenance
Fund Balance
Note: Obligated Internal Transfers are the required transfers from Project Area Funds to Primary Housing and Agency Operations, which are based on a percentage of tax increment.
Obligated Internal Transfers
Transition Holding
Account
School District Required
Family & Workforce
Housing
Incoming Transfers
507,50581,619589,124
Primary Housing Fund Changes
2,548,760
7,400,4037,693,255
4,436,643
Central Business District
State Street
Primary Housing
Depot District
9 Line
North Temple
Granary District
Transition Holding Account Program
Total Transition Holding Account Funds Included in Fiscal Year 2025 Budget
$3,056,265
786,303
648,977
507,505
421,999
276,503
249,892
165,086
Project: Ballpark NEXT Redevelopment Strategy
Total Increase in Tax Increment Revenue in the State Street Project Area
$1,329,972
Remaining to Transition Holding Account
$648,977
Additional Project Funding Request
$415,000
Changes in Obligated Expenses
$265,995
E x p e n s e k e y c h a n g e s b y F u n d
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Programs Administration Assessment-CBD
Programming-CBD
Administration Fund-CBD
Debt Service-CBD
Payments-CBD
CBD
Project CBD Planning
Programs Account-CBD
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Central Business District
Obligation RDA Operations RDA-FY24-CBD-Gallivan -372,775 0 0 0 0 372,775
RDA-FY24-CBD-Gallivan - Management
& Maintenance Assessment-CBD 573,975 0 0 0 0 573,975
RDA-FY24-CBD-Gallivan -250,000 0 0 0 0 250,000
RDA-FY24-CBD-Internal Transfers -2,464,469 0 0 0 262,102 2,726,571
RDA-FY24-CBD-Internal Transfers -8,477,030 0 0 0 0 8,477,030
RDA-FY24-CBD-Property Management
and Maintenance-CBD 1,075,000 0 0 0 0 1,075,000
RDA-FY24-CBD-Taxing Entity 9,621,707 0 0 0 1,572,608 11,194,315
RDA-FY24-CBD-TI Reimbursements-1,300,000 0 0 0 0 1,300,000
Discretionary Capital Reserves RDA-FY24-CBD-Gallivan - Planning-PRJ-000061 RDA - Gallivan Plaza 509,738 0 0 0 0 509,738
RDA Operations RDA-FY24-CBD-Transition Holding 0 0 0 0 786,303 786,303
24,644,694 0 0 0 2,621,013 27,265,707
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves
Project
RDA-FY24-B70-Commercial
Relocation-B70
PRJ-000080 Bennion Jewelers
Relocation 100,000 0 0 0 0 100,000
RDA-FY24-B70-Eccles - Maintenance & PRJ-000084 Regent Street
Repairs-B70 Parking Structure Reserves 100,000 0 0 0 0 100,000
PRJ-000085 Regent Street
Maintenance 80,000 0 0 0 0 80,000
RDA-FY24-B70-RDA Arts & Culture
Program-B70
PRJ-000082 Eccles Fundraising
Fulfillment 125,000 0 0 0 0 125,000
PRJ-000083 Eccles Theater-
Operating Reserve for Ancillary
Spaces 475,000 0 0 0 0 475,000
RDA Operations
Programs
RDA-FY24-B70-Eccles Debt Service-
B70 9,599,991 0 0 0 0 9,599,991
RDA-FY24-B70-Taxing Entity Payments-
B70 548,768 0 0 0 11,912 560,680
Discretionary Capital Reserves
Project
RDA-FY24-B70-RDA Arts & Culture
Program-B70
PRJ-000081 Regent Street Event
Programming 25,000 0 0 0 0 25,000
11,053,759 0 0 0 11,912 11,065,671
Key Changes: Block 70
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-DD-Internal Transfers -
Administration Fund-DD 813,365 0 0 0 97,385 910,750
RDA-FY24-DD-Internal Transfers -
Primary Housing Fund-DD 1,084,487 0 0 0 129,846 1,214,333
RDA-FY24-DD-Property Management
and Maintenance-DD 150,000 0 0 0 0 150,000
Discretionary RDA Capital Reserves
Programs
RDA-FY24-DD-Commercial Assistance
Reserves-DD 500,000 0 0 0 0 500,000
RDA-FY24-DD-Infrastructure
Improvements-DD 3,680,056 0 (3,680,056)0 (3,680,056)0
Capital Reserves
Project
RDA-FY24-DD-Infrastructure
Improvements-DD
New Project: Depot District
Infrastructure, Design,
Construction, & Site Work 0 0 3,680,056 0 3,680,056 3,680,056
RDA Operations
Programs
RDA-FY24-DD-Internal Transfers -
Secondary Housing Fund-DD 1,000,000 0 0 0 0 1,000,000
RDA-FY24-DD-Transition Holding
Account-DD 0 0 0 0 421,999 421,999
7,227,908 0 0 0 649,230 7,877,138
Key Changes: Depot District
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-GD-Internal Transfers -
Administration Fund-GD 165,496 0 0 0 38,096 203,592
RDA-FY24-GD-Internal Transfers -
Primary Housing Fund-GD 220,662 0 0 0 50,795 271,457
RDA-FY24-GD-Property Management
and Maintenance-GD 5,000 0 0 0 0 5,000
Discretionary RDA Capital Reserves
Programs
RDA-FY24-GD-Commercial Assistance
Reserves-GD 1,003,435 0 0 0 0 1,003,435
RDA Operations
Programs
RDA-FY24-GD-Transition Holding
Account-GD 0 0 0 0 165,086 165,086
1,394,593 0 0 0 253,977 1,648,570
Key Changes: Granary District
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves RDA-FY24-NT-Infrastructure PRJ-000086 North Temple
Project Improvements-NT School Construction Reserves 70,610 0 0 0 27,766 98,376
RDA Operations RDA-FY24-NT-Internal Transfers -
Programs Administration Fund-NT 100,872 0 0 0 126,150 227,022
RDA-FY24-NT-Internal Transfers -
Primary Housing Fund-NT 201,743 0 0 0 100,952 302,695
Discretionary RDA Capital Reserves RDA-FY24-NT-Commercial Assistance
Programs Reserves-NT 543,277 0 0 (325,959)(325,959)217,318
RDA-FY24-NT-Infrastructure
Improvements-NT 100,000 0 0 0 0 100,000
RDA-FY24-NT-Strategic Intervention-NT
285,490 0 0 (285,490)(285,490)0
Capital Reserves RDA-FY24-NT-Infrastructure PRJ-000022 RDA - City Creek
Project Improvements-NT Daylighting Design Plan Budget 50,000 0 0 0 0 50,000
RDA-FY24-NT-Strategic Intervention-NT New Project: Whipple Property
Acquisition 0 0 0 611,449 611,449 611,449
RDA Operations RDA-FY24-NT-Transition Holding
Programs Account-NT 0 0 0 0 249,892 249,892
1,351,992 0 0 0 504,760 1,856,752
Key Changes: North Temple
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-NTV-Internal Transfers -
Administration Fund-NTV 41,616 0 0 0 4,263 45,879
RDA-FY24-NTV-Salt Lake City Debt
Service-NTV 2,732,803 0 0 0 279,936 3,012,739
2,774,419 0 0 0 284,199 3,058,618
Key Changes: North Temple Viaduct
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-SR-Internal Transfers -
Administration Fund-SR 7,065 0 0 0 835 7,900
RDA-FY24-SR-Internal Transfers -
Primary Housing Fund-SR 14,130 0 0 0 1,669 15,799
RDA-FY24-SR-TI Reimbursements-SR
120,102 0 0 0 14,190 134,292
141,297 0 0 0 16,694 157,991
Key Changes: Stadler Rail
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-9L-Internal Transfers -
Administration Fund-9L 253,543 0 0 0 5,663 259,206
RDA-FY24-9L-Internal Transfers -
Primary Housing Fund-9L 144,592 0 0 0 18,642 163,234
RDA-FY24-9L-Internal Transfers -
School District Required Family &
Workforce Housing-9L 120,786 0 0 0 13,109 133,895
RDA-FY24-9L-Taxing Entity Payments-
9L 331,388 0 0 0 3,591 334,979
Discretionary Capital Reserves
Project
RDA-FY24-9L-RDA Arts & Culture
Program-9L
New Project: 9-Line Public Art
Project 150,000 0 0 0 0 150,000
RDA Capital Reserves
Programs
RDA-FY24-9L-Accessory Dwelling Unit
Program-9L 1,455,680 0 0 0 0 1,455,680
RDA-FY24-9L-Commercial Assistance
Reserves-9L 500,000 0 0 0 0 500,000
RDA-FY24-9L-Strategic Intervention-9L
500,000 0 0 0 0 500,000
RDA Operations
Programs
RDA-FY24-9L-Transition Holding
Account-9L 0 0 0 0 276,503 276,503
3,455,989 0 0 0 317,508 3,773,497
Key Changes: 9 Line
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-SS-Internal Transfers -
Administration Fund-SS 442,381 0 0 0 132,998 575,379
RDA-FY24-SS-Internal Transfers -
Primary Housing Fund-SS 182,405 0 0 0 64,487 246,892
RDA-FY24-SS-Internal Transfers -
School District Required Family &
Workforce Housing-SS 259,976 0 0 0 68,510 328,486
Discretionary Capital Reserves
Project
RDA-FY24-SS-Infrastructure Studies
and Planning-SS
PRJ-000051 RDA - Ballpark Next
Redevelopment Strategy 300,000 0 0 0 415,000 715,000
RDA Capital Reserves
Programs
RDA-FY24-SS-Commercial Assistance
Reserves-SS 1,239,049 0 0 0 0 1,239,049
RDA-FY24-SS-Strategic Intervention-SS
3,364,709 0 0 0 0 3,364,709
RDA Operations
Programs
RDA-FY24-SS-Transition Holding
Account-SS 0 0 0 0 648,977 648,977
5,788,520 0 0 0 1,329,972 7,118,492
Key Changes: State Street
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves
Project
RDA-FY24-NWQ-Infrastructure
Improvements-NWQ
PRJ-000087 NWQ Shared Costs
Reserve 139,854 0 0 0 105,254 245,108
RDA Operations
Programs
RDA-FY24-NWQ-Internal Transfers -
Administration Fund-NWQ 139,855 0 0 0 105,254 245,109
RDA-FY24-NWQ-Internal Transfers -
Primary Housing Fund-NWQ 139,855 0 0 0 105,254 245,109
RDA-FY24-NWQ-TI Reimbursements-
NWQ 978,984 0 0 0 736,777 1,715,761
1,398,548 0 0 0 1,052,539 2,451,087
Key Changes: Northwest Quadrant
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Program-B67N
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Block 67 North
Obligation Capital Reserves
Project
RDA-FY24-B67N-RDA Arts & Culture New Project: Japantown Art 0 0 0 0 35,860 35,860
RDA Operations
Programs
RDA-FY24-B67N-Internal Transfers -
Administration Fund-B67N 0 0 0 0 17,930 17,930
RDA-FY24-B67N-Internal Transfers -
Primary Housing Fund-B67N 0 0 0 0 35,860 35,860
RDA-FY24-B67N-TI Reimbursements-
B67N 0 0 0 0 268,949 268,949
0 0 0 0 358,599 358,599
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Capital Reserves
Programs
RDA-FY24-1H-School District Required
Family & Workforce Housing-NPA
380,762 0 0 0 81,619 462,381
Discretionary Capital Reserves
Project
RDA-FY24-1H-Other Housing-NPA PRJ-000088 Sunday-Anderson
Senior Center - SLCO
Partnership 1,013,820 0 0 0 0 1,013,820
RDA Capital Reserves
Programs
RDA-FY24-1H-HDLP - Competitive-NPA
1,000,000 0 0 0 0 1,000,000
RDA Operations
Programs
RDA-FY24-1H-Transition Holding
Account-NPA 0 0 0 0 507,505 507,505
2,394,582 0 0 0 589,124 2,983,706
Key Changes: Primary Housing Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Discretionary Capital Reserves
Project
RDA-FY24-2H-Other Housing-NPA PRJ-000088 Sunday-Anderson
Senior Center - SLCO
Partnership 1,000,000 0 0 0 0 1,000,000
1,000,000 0 0 0 0 1,000,000
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Secondary Housing Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Discretionary Capital Reserves
Project
RDA-FY24-HDF-Shared Equity Housing-
NPA
PRJ-000089 Neighborworks for
Shared Equity Workforce 1,400,000 0 0 0 0 1,400,000
RDA Capital Reserves
Programs
RDA-FY24-HDF-Accessory Dwelling
Unit Program-NPA 1,000,000 0 0 0 0 1,000,000
RDA-FY24-HDF-HDLP - Competitive-
NPA 7,836,967 (6,476,014)0 0 (6,476,014)1,360,953
10,236,967 (6,476,014)0 0 (6,476,014)3,760,953
Key Changes: Housing Development Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Discretionary Capital Reserves
Project
RDA-FY24-WCI-Shared Equity Housing-
NPA
PRJ-000089 Neighborworks for
Shared Equity Workforce 700,000 0 0 0 0 700,000
RDA Capital Reserves
Programs
RDA-FY24-WCI-Wealth Building
Housing Opportunities-NPA 1,135,469 0 0 0 0 1,135,469
1,835,469 0 0 0 0 1,835,469
Key Changes: Westside Community Initiative
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Obligation RDA Operations
Programs
RDA-FY24-PIF-Operating &
Maintenance-NPA 330,000 0 0 0 0 330,000
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Program Income Fund
Discretionary Capital Reserves
Project
RDA-FY24-PIF-Gallivan - Maintenance
& Repairs-NPA PRJ-000057 Gallivan Repairs 214,692 0 0 0 0 214,692
RDA-FY24-PIF-Infrastructure
Improvements-NPA
PRJ-000078 Sugar House DI
Demolition 550,000 0 0 0 0 550,000
RDA Operations
Programs
RDA-FY24-PIF-Charges & Services-NPA
355,000 0 0 0 0 355,000
1,449,692 0 0 0 0 1,449,692
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Discretionary RDA Capital Reserves RDA-FY24-RLF-Commercial Revolving
Programs Loans-NPA 226,750 0 0 0 0 226,750
226,750 0 0 0 0 226,750
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Revolving Loan Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-OPS-Administrative Fees-
NPA 1,000,000 0 0 0 0 1,000,000
RDA-FY24-OPS-Charges & Services-
NPA 296,883 0 0 0 153,117 450,000
RDA-FY24-OPS-Operating &
Maintenance-NPA 375,000 0 0 0 75,000 450,000
RDA-FY24-OPS-RDA Personnel-NPA
2,756,779 0 0 0 0 2,756,779
4,428,662 0 0 0 228,117 4,656,779
Key Changes: Agency Operations Fund
A d d i t i o n a l i n f o r m a t i o n
Appropriation
Cost Center Fiscal Year Fund Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments,
projects, or geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and
compliance. The RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be
monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal,
policy, or Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing,
Commercial, Infrastructure, and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which
means this Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Workday Worktags & the RDA Budget
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project
budgets may have multiple appropriations.
Project Budgets
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval
to use these funds for specific loan
projects. Funds not awarded to projects
roll forward to the next year, unless
reappropriated by the Board.
Capital Reserves Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent
or encumbered by the end of the fiscal
year, drops to fund balance. Typically,
these would be for RDA operating
expenses. Occasionally may be
associated with a project budget (for
example, an office remodel).
Operations Appropriations
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Appropriations & Project Budgets
Project Area Funds
Must be used within the boundaries of the project area, except for
money transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legally obligated reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
•West Capitol Hill (WCH)
Note: Region acronyms are the same as project area acronyms. If
there is “NPA” noted in an appropriation, it stands for “Non-Project
Area.”
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Received transfers in from other funds to fund the Agency’s
operational expenses.
Redevelopment Agency Funds
SALT LAKE CITY REDEVELOPMENT AGENCY
SWORN STATEMENT SUPPORTING CLOSURE OF MEETING
I, _ , acted as the presiding member of the Redevelopment Agency of Salt Lake City,
which met on________________________in an electronic meeting pursuant to Salt Lake City Proclamation.
Appropriate notice was given of the Redevelopment Agency meeting as required by §52-4-202.
A quorum of the Council was present at the meeting and voted by at least a two-thirds vote, as detailed in the minutes of
the open meeting, to close a portion of the meeting to discuss the following:
§52-4-205(l)(a) discussion of the character, professional competence, or physical or mental health of anindividual;
§52 -4-205(1)(b) strategy sessions to discuss collective bargaining;
§52-4-205(l)(c) strategy sessions to discuss pending or reasonably imminent litigation;
§52-4-205(l)(d) strategy sessions to discuss the purchase, exchange, or lease of real property, including
any form of a water right or water shares, if public discussion of the transaction would: (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;
§52-4-205(l)(e) 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) if 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;
§52-4-205(1)(f) discussion regarding deployment of security personnel, devices, or systems; and
§52-4-205(1)(g) 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 andPublic Meetings Act.
Other, described as follows:
The content of the closed portion of the Council meeting was restricted to a discussion of the matter(s) for which the
meeting was closed.
With regard to the closed meeting, the following was publicly announced and recorded, and entered on the minutes of the
open meeting at which the closed meeting was approved:
(a)the reason or reasons for holding the closed meeting;
(b)the location where the closed meeting will be held; and
(c)the vote of each member of the public body either for or against the motion to hold the closed meeting.
The recording and any minutes of the closed meeting will include:
(a) the date, time, and place of the meeting;
(b)the names of members Present and Absent; and
(c) the names of all others present except where such disclosure would infringe on the confidentiality
necessary to fulfill the original purpose of closing the meeting.
Pursuant to §52-4-206(6), a sworn statement is required to close a meeting under §52-4-205(1)(a) or (f), but a record by
tape recording or detailed minutes is not required; and Pursuant to §52-4-206(1), a record by tape recording and/or
detailed written minutes is required for a meeting closed under §52-4-205(1)(b),(c),(d),(e),and (g):
A record was not made
A record was made by : Electronic recording Detailed written minutes
I hereby swear or affirm under penalty of perjury that the above information is true and correct to the best of my
knowledge.
Presiding Member Date of Signature
n n
n
n
Alejandro Puy
May 14, 2024
Alejandro Puy җMay 14, 2024 1фѷ0ф MҘ May 14, 2024
Sworn Statement template - RDA - Updated
May 2024
Final Audit Report 2024-05-14
Created:2024-05-14
By:STEPHANIE ELLIOTT (stephanie.elliott@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAHvfPmMAp-iTVxwEJmsij9mhruUnSF7Li
"Sworn Statement template - RDA - Updated May 2024" History
Document created by STEPHANIE ELLIOTT (stephanie.elliott@slcgov.com)
2024-05-14 - 8:27:38 PM GMT
Document emailed to alejandro.puy@slcgov.com for signature
2024-05-14 - 8:49:22 PM GMT
Email viewed by alejandro.puy@slcgov.com
2024-05-14 - 9:05:02 PM GMT
Signer alejandro.puy@slcgov.com entered name at signing as Alejandro Puy
2024-05-14 - 9:05:24 PM GMT
Document e-signed by Alejandro Puy (alejandro.puy@slcgov.com)
Signature Date: 2024-05-14 - 9:05:26 PM GMT - Time Source: server
Agreement completed.
2024-05-14 - 9:05:26 PM GMT