HomeMy WebLinkAbout06/11/2024 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
June 11, 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: 10:16:58
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.4 for Fiscal Year 2023-24 -
-
The Board will accept public comment on 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.
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 April 16, 2024, and May 14, 2024.
2.Resolution: RDA Budget Amendment No.4 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 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.
3.Resolution: Northwest Quadrant Tax Increment Reimbursement
Agreement Follow-up
~ 1:20
p.m.
20 min.
The Board will receive a follow-up 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.
4.Resolution: Amendment to Housing Development Loan Funding
Allocations for The Catherine
~ 1:40
p.m.
20 min.
The Board will receive a briefing about and consider adopting a resolution that
would amend the recent Housing Development Loan Program (HDLP) loan to The
Catherine (Phase 1 and Phase 2) project at approximately 1881 West North Temple. The
amendments would also include a conditional waiver of the 30-year deed restriction that
is standard in HDLP loans and would require the Developer pay an above-market
interest rate on the loan if the project does not progress as planned within two years. The
project is a 372-unit development that would provide studio to three-bedroom rental
apartments at 41-60% Average Median Income (AMI). It received $1.1 million in the
most recent HDLP allocation in March 2024.
5.Resolution: USA Climbing Property Disposition at Approximately
310 South 500 West
~ 2:00
p.m.
20 min.
The Board will receive a briefing and consider approving a resolution that would
authorize the ground lease rate and terms for USA Climbing’s Headquarters and
National Training Facility at approximately 310 South 500 West. The development is
envisioned to include adaptive reuse of the historic Salt Lake Mattress Company
building, construction of a primary building with multiple climbing walls, and a public
outdoor plaza on the corner. Related improvements could include a temporary surface
parking lot if needed, a permanent parking structure, utility upgrades, new streets, and
reconstruction of existing streets, among other potential projects.
6.Redevelopment Agency Budget for Fiscal Year 2024-25 Follow-up ~ 2:20 p.m.
30 min.
The Board will receive a follow-up briefing about the proposed budget for the
Redevelopment Agency of Salt Lake City for Fiscal Year 2024-25.
For more information visit tinyurl.com/SLCFY25.
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:
•Staffing updates; 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: Pre-Disposition and Lessee Selection Report
for Property Assemblage at 310 South 500 West in the Rio
Grande District
Written Briefing
-
The Board will receive a written briefing about plans for the disposition of the property
located at approximately 310 South 500 West. This item is related to a proposed ground
lease to accommodate the development of a USA Climbing facility.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5.discussion regarding deployment of security personnel, devices, or systems; and
6.investigative proceedings regarding allegations of criminal misconduct.
Adjournment
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 12:00 p.m. on Friday, June 7, 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.
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
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday,
April 16, 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, Danny Walz – Director, Cara Lindsley – Deputy Director
Present City Staff:
Katie Lewis – City Attorney, Allison Parks – City Attorney, Cindy Lou Trishman – City
Recorder, Stephanie Elliott – Minutes & Records Clerk, Scott Corpany – Staff Assistant, Cindy
Gust-Jenson – Council Executive Director, Allison Rowland – Council Staff, Ben Luedtke –
Public Policy Analyst, Tracy Tran – Project Manager, Lauren Parisi – Senior Project Manager –
Redevelopment Agency, Ashley Ogden – Senior Project Manager – Redevelopment Agency,
Marcus Lee – Project Coordinator - Redevelopment Agency, Lucas Goodrich – Project
Coordinator - Redevelopment Agency, Lynn Jacobs – Transportation Engineer III
Director Chair Puy presided at and conducted the meeting.
The meeting was called to order at 1:02 pm
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
1
A.Comments:
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.)
Nathan Strain spoke on the Rio Grande District Vision and Implementation Plan and
urged the Council to work with the State to redesign the railroad tracks to create more
safety.
Aidan Goddard spoke on the Green Loop, Tracks Expansion, and the need to
implement these plans to create the option to live car-free in the City.
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.2 for Fiscal Year 2023-
24 ~ 2:00 p.m.
5 min.
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 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 introduced the item.
There was no public comment.
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.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
2
The Board will approve the meeting minutes of February 13, 2024.
Motion:
Moved by Director Dugan, seconded by Director Mano to approve the
Minutes of February 13, 2024
AYE: Daniel Dugan, Sarah Young, Alejandro Puy, Eva Lopez Chavez, Darin Mano
ABSENT: Victoria Petro, Chris Wharton
Final Result: 5 – 0 Pass
2.Resolution: Annual Housing Funding Priorities Fiscal Year
2024-25 ~ 1:10 p.m.
20 min.
The Board will receive a briefing about, and consider a resolution that would adopt the
Affordable Housing Funding Priorities for Fiscal Year 2024-25. These Funding Priorities
guide the upcoming fiscal year’s housing activities including the requirements of the
competitive affordable housing Notice of Funding Availability (NOFA).
Motion:
Moved by Director Dugan, seconded by Director Mano to Adopt Resolution
03 of 2024.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva
Lopez Chavez, Darin Mano
Final Result: 7 – 0 Pass
Allison Rowland, Lauren Parisi, and Tracy Tran presented the following
information:
•Housing allocation funds policy and strategy
•Recommended annual housing priorities
◦Wealth building opportunities
◦Affordable family housing with amenities for children
◦Deeply affordable housing
◦Neighborhood commercial and services
◦Expand Opportunity
•High-opportunity areas around the City
•Housing funds allocations
•Housing activities
Directors discussed:
•Limitations of other housing projects that fall outside the current priority area
•Accessory Dwelling Units (ADU) RFP prioritization
•Timeline to make decisions on which projects to fund
•HUD’s definition of “family” in policy was nonrestrictive
◦Anyone who declared they were a family was treated as a family
◦The intent of “Amenities for Families” such as having a playground or other
children's opportunities
•Homeownership programs and opportunities
•Policy consideration of programs suggested
•Mixed homeownership and rental opportunities
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
3
Director Puy requested regular updates on these items and more plans to address issues
ahead of time.
3.Informational: Rio Grande District Vision and Implementation
Plan ~ 1:30 p.m.
30 min.
The Board will receive a briefing about the Rio Grande District Vision & Implementation
Plan. The two-block area is located in the Depot District Project Area between 500 to
600 West and 200 to 400 South. The RDA owns approximately eleven acres in the Rio
Grande District and an additional four acres near 600 West and 100 South. The Rio
Grande District is envisioned to have new and reconstructed streets, public open spaces,
upgraded utilities to allow for taller building heights, a shared parking structure, and a
mix of land uses supporting transit-oriented development.
The public hearing will be held before item C4 at 2:00 p.m.
Cara Lindsey, Ashley Ogden, and Marcus Lee presented the following information:
•Name change from Station Center to Rio Grande District
•Vision Statement – Places community wellness at the heart of the framework
•Design Moves
◦Establish compact, walkable blocks
◦Restore the site for all living things
◦Enable low carbon mobility
◦Champion the Green Loop
•Design Standards and Guidelines
◦Public Realm
◾300 South Festival Street
◾Arts Campus Alley
◾500 West Green Loop
◦Mobility Network
◾Active Transportation ( wide sidewalks, crosswalks, bike connection to
other streets)
◾Shared (mass) Parking
◾Land Use and Urban Form
◾Primary Gateway to the City
◾High-Density Development
◾Residential, Commercial Mixed-Used
◾Ground Floor Uses
◾Festival Streets and Retail Zones
◾Parkfront Zones
◾Building Heights and Density Request for Increase
◾Sustainable Design
◾Sewer, Storm Water, and other reusable sources
•Community Benefits
•Implementation
◦RDA Role
◾Primary Land Owner
◾Infrastructure Developer
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
4
◾Programming Manager
◾District Curator
◦Governance Framework Matrix
◾Phase 1: Start-Up
◾Phase 2: Stabilization
◾Phase 3: Long Term Growth
◾Next Steps
◾Align Neighborhood Stakeholders
◾Conduct Business Planning
◾Consider the Development of Rio Grande District Policies
•Next Steps
◦Publish the Vision and Implementation Plan on the project web page
◦Zoning Text Amendment to allow for taller building heights in G-MU
◦HRTZ Application
◦Develop construction drawings for public improvements
◦Developer RFP for north block sites
Directors discussed:
•The wall separating the location connecting the project's west side
•Concerns over the delegation of authority to an outside body
◦The RDA was not looking to set up an entity with an outside governance
◦Agency focused plan that maintained RDA long-term ownership
Director Puy requested more clarification on the “Governance Structure” to ensure
alignment with their goals before approving that piece.
Cindy Gust-Jenson advised Directors to review the plan and give feedback to the RDA,
suggested moving it to a future RDA meeting for further discussion and formal
consideration, and expressed the need for Directors to be involved in this project and the
next steps.
•Katie Lewis agreed with Cindy Cust-Jenson on the next steps of the plan.
Directors requested a solution to approve the Request for Purchase without finalizing the
Governance Structure.
Straw Poll: 7-0
In favor of RDA publishing the Rio Grande District Plan Request for
Purchase without the Governance Structure included. All Council Members
present were in favor.
4.Resolution: RDA Budget Amendment No.2 for Fiscal Year 2023-
24 ~ 2:05 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 re-appropriating funding for several previous projects in the
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
5
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 Director Petro, seconded by Director Wharton to adopt Resolution
04 of 2024.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva
Lopez Chavez, Darin Mano
Final Result: 7 – 0 Pass
5.Resolution: RDA Budget Amendment No.3 for Fiscal Year 2023-
24 ~ 2:15 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 several reallocations
related to funding a property acquisition in the North Temple project area, among other
items.
Ben Luedtke briefed the Council regarding the item.
6.Resolution: Renaming of the Redevelopment Agency of Salt Lake
City ~ 2:35 p.m.
20 min.
The Board will receive a briefing about, and consider adopting a resolution that
would rename the Redevelopment Agency of Salt Lake City to the Salt Lake City
Community Reinvestment Agency. The new name would align with changes to state law
governing such agencies.
Danny Walz presented the following information:
•RDA felt the name change would reflect the new goals of the agency
•Title 17C – Governing Code of Redevelopment Agencies
•Mission Statement
◦Economic Opportunities
◦Neighborhood Vibrancy
◦Equity & Inclusion
•Programs and Policies
◦Housing Development Loan Program
◦Sustainable Development Policy
◦Real Property Disposition Policy
◦Art Policy
◦Commercial Assistance Program
◦Equitable + Inclusive Development Work Plan
•Redevelopment Agency of Salt Lake City name change to Salt Lake City
Community Reinvestment Agency
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
6
•Advisory Committee name changed to Advisory Community Agency
Motion:
Moved by Director Dugan, seconded by Director Lopez Chavez to adopt
Resolution 05 of 2024.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Eva Lopez Chavez,
Darin Mano
ABSENT: Alejandro Puy
Final Result: 6 – 0 Pass
7.Informational: Gallivan Center 20-Year Plaza Plan ~ 2:55 p.m.
20 min.
The Board will receive a briefing about developing a Gallivan Center 20-Year Plaza Plan.
The interim update includes potential design changes to the plaza, project prioritization
and stakeholder feedback. The plan will provide recommendations for future
management and operations, programming, and capital improvements.
Lucas Goodrich and Jesse Allen and Erika Chmielewski (GSBS Architects
Consultants) presented the following information:
•Guiding Principles
◦Center Stage
◦6-sided and 4-season activation
◦Third-Place
•Restructuring of activating the edges versus the center
•Food and Beverage Anchor
•Ice Rink future
8.Informational: Sugar House RDA Properties and S-Line Streetcar
Extension Updates
~ 3:15
p.m.
20 min.
The Board will receive a briefing about extending the S-Line Streetcar one block from
McClelland Street to Highland Drive and potential impacts to the adjacent property
owned by the RDA. In 2021 the Utah Legislature approved $12 million for the project.
Tracy Tran, Jon Larsen, Lynn Jacobs, and Marcus Bennett (UTA Project
Manager) presented the following information:
•Help improve S-line and carrier into Sugar House
•S-Line extension up to Highland Drive
•Schedule
•Property Impacts and shifting of property
◦Public property leased to UTA
•RDA Properties Owned
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
7
9.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.
No report from the Executive Director.
10.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:
•Request for Proposal Status;
•Project Milestones; and
•Scheduling Items.
Dany Walz gave the following announcements:
•The County rescinded the Sunday Anderson Senior Center Awarded Request for
Purchase (RFP) due to a procurement conflict of interest
•Bicycle Collective new hub location in the Granary District was completed
•Closed on the $2.1 million affordable housing loan for Victory Heights 1 and 2,
converting an old medical office into 88 units of affordable housing
11.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
No report from the Chair or 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:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: Budget for the Redevelopment Agency of Salt Lake
City for Fiscal Year 2024-25 -
-
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
8
The Board will set the dates of Tuesday, May 21, 2024 and Tuesday, June 4, 2024 at 7
p.m. to accept public comment and consider approving a resolution adopting the final
budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2024-25.
2.Set Date – Resolution: RDA Budget Amendment No.3 for Fiscal Year 2023-
24 -
-
The Board will set the date of Tuesday, May 14, 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 several reallocations related to funding a property acquisition
in the North Temple project area, among other items.
Motion:
Moved by Director Petro, seconded by Director Dugan to approve the Consent
Agenda.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva Lopez
Chavez, Darin Mano
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
(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.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
9
Adjournment
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.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, April 16, 2024
10
Meeting adjourned at 3:30 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, April 16, 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, April 16, 2024
11
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday,
May 14, 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:
Danny Walz – Director
Present City Staff:
Katherine Lewis – City Attorney, Cindy Lou Trishman – City Recorder, Stephanie Elliott –
Minutes & Records Clerk, Taylor Hill – Constituent Liaison/Policy Analyst, Scott Corpany –
Staff Assistant, Ben Luedtke – Public Policy Analyst, Kate Werrett – RDA Project Manager
Director Chair Puy presided at and conducted the meeting.
The meeting was called to order at 1:03 pm
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
1
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.)
Roger Miller spoke against the sales tax increase to bring the National Hockey League
to Salt Lake City.
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.
Ben Luedtke introduced the item.
There was no public comment. Motion:
Moved by Director Dugan, seconded by Director Petro to close the public
hearing and defer action to later in the RDA Meeting.
ABSTAIN: Victoria Petro, Daniel Dugan, Sarah Young, Alejandro Puy, Eva Lopez
Chavez, Darin Mano
ABSENT: Chris Wharton
Final Result: 0 – 0 Pass
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.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
2
The Board will approve the meeting minutes of March 19, 2024.
Motion:
Moved by Director Dugan, seconded by Director Petro to approve the meeting
minutes.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Alejandro Puy, Eva Lopez Chavez,
Darin Mano
ABSENT: Chris Wharton
Final Result: 6 – 0 Pass
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.
Motion:
Moved by Director Mano, seconded by Director Dugan to adopt Resolution 06
of 2024.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Alejandro Puy, Eva Lopez Chavez,
Darin Mano
ABSENT: Chris Wharton
Final Result: 6 – 0 Pass
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.
Ben Luedtke and Danny Walz presented the item and discussed the Budget requests
with the Board.
Straw Poll: Support for Budget Amendment No. 4. All Directors present were in favor.
4.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
3
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.
Danny Walz presented the following to the Board:
•Initially, the properties were not included in the Ballpark Area plan
•Development of the Ballpark area benefiting from the addition of these properties
•Staff requested the Board’s approval of the fund usage on the Ballpark Properties
Motion:
Moved by Director Wharton, seconded by Director Mano to adopt Resolution
07 of 2024.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin
Mano, Eva Lopez Chavez
Final Result: 7 – 0 Pass
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.
Danny Walz and Kate Werrett presented the following to the Board:
•Master Plan established in August 2016
•Zoning and Overlay District established 2016-2018
•Community Reinvestment Area (CRA) established January 2018
•Development agreement in January 2018
•Northwest Quadrant Community Reinvestment Area (NWQ LLC Developer) Tax
Increment (TI) Reimbursement Policy established in August 2018
•NWQ LLC TI Reimbursement Agreement entered in May 2020
•Tax increment reimbursement for light industrial warehouse development
•Infrastructure improvements
◦Soil remediation
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
4
◦Access to utilities and renewable energy investments
•Creation of potential increased assessed value within the underutilized area
•New development projected to create 7,300 new jobs
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.
Discussion for this item was held during a closed session.
Straw Poll: Support for releasing State Street strategic intervention funds for property
acquisition. All Directors present were in favor.
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.
No report or announcements from the Executive Director.
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.
Danny Walz gave an update on the Front Climbing Gym loan and financial
information, stated there was little risk found for repayment and the loan was approved.
9.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
No report from the Chair or 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 -
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
5
-
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.
Director Mano requested a report combining the RDA and City real estate holdings to
show a complete list of both entities' properties.
•Jennifer Bruno stated Council Staff would coordinate with the Mayor’s Office to
gather a comprehensive list between Community and Neighborhoods (CAN)
and the RDA
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
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.
Motion:
Moved by Director Mano, seconded by Director Wharton to approve.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva Lopez
Chavez, Darin Mano
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:
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
6
(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.
Motion:
Moved by Board Member Dugan, seconded by Board Member Wharton to enter
into Closed Session for the purposes of strategy sessions to discuss the purchase,
exchange, or lease of real property, and attorney-client matters.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva Lopez
Chavez, Darin Mano
Final Result: 7 – 0 Pass
Closed Session Started at 1:55 pm
Held via Zoom and in the Work Session Room (location)
Board Members in Attendance: Board Members Petro, Puy, Wharton, Lopez Chavez, Mano,
Dugan, and Young.
City/RDA Staff in Attendance: Megan Yuill, Lindsey Nikola, Danny Walz, Katherine Lewis,
Allison Parks, Jennifer Bruno, Lehua Weaver, Ben Luedtke, Allison Rowland, Whitney
Fernandez Gonzalez, Amanda Greenland, Kathryn Hackman, Jim Sirrine, Austin Taylor,
Marcus Lee, Tracy Tran, Lucas Goodrich, Makena Hawley, Kate Werrett, Lauren Parisi,
Matthew Brown, and Cindy Lou Trishman.
Closed Session ended at 2:32 pm
Motion:
Moved by Board Member Dugan, seconded by Board Member Lopez Chavez to exit
Closed Session.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva Lopez
Chavez, Darin Mano
Final Result: 7 – 0 Pass
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
7
Adjournment G.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, May 14, 2024
8
Meeting adjourned at 2:51 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, May 14, 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, May 14, 2024
9
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
NWQ, LLC
TAX INCREMENT REIMBURSEMENT
Phases 2 & 3
RDA BOARD MEETING – JUNE 11, 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: 954.37 total acres
Phase 2: 342.51 acres
Phase 3: 611.86 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: After the May presentation, the developer added a 3.81-acre parcel to Phase 3. This parcel will consist of a dedicated public
roadway and swales. The amendment caused no change to the Reimbursable Improvements costs, tax increment projections, or the
Maximum Reimbursement.
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
may accommodate manufacturing, warehouse, and distribution tenants of
varying size.
Private investment for the planned system-wide improvements and the
Phase 2 & 3 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 $70,804,078
Note: Tax increment uses are projections based on the Public Benefits Analysis completed by LRB Public Finance Advisors.
•There are significant extraordinary infrastructure
improvements in the NWQ area, including soil remediation,
access to utilities and renewable energy investments.
•Tax increment participation will assist with removing
development impediments and the system-wide
infrastructure investment will lead to substantial
development within the remaining NWQ area.
•The Development has the potential to create billions of new
assessed value within an underutilized area that has
generated very little tax revenue historically for the City.
•The Development is projected to create over 7,300 new jobs.
•“But for” the use of tax increment, this area will remain
underutilized and vacant.
ATTACHMENT D: PUBLIC BENEFITS ANALYSIS
o
o
o
Parcel ID # Bldg. SF FAR%
Total Acreage Total SF Tax Dist. Land Value Building Value Total Final Value
Bldg. Value /
SF
Land Value
/ SF
TOTALS:6,425,388 0.37 390.18 16,996,241 70,746,800 842,972,484 913,719,284 Avg.135.34$ 3.73$
Additional Tables Below Used as Comparisons for other Western Salt Lake Valley Industrial Uses
Average 18.46 7,494,140.00$8.06$Average:
Average 18.46 24,837,660.00$45.17$
Payment Year
Tax Year
Year
Appendix E.3
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
Property Tax Participation Rate for Budget
Property Tax Increment for Budget
Appendix E.3
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
Payment Year 2024
Tax Year 2023
Year
Appendix E.4
NWQ, LLC Public Benefits Analysis 11.15.2023 (Appendix E Version).xlsx
2023
Class B/C Road Funds
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 Total
112,529.63$
Class B/C Road Fund
Road Revenues
Weighted # of miles
Weighted $ per mile
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 TOTALS NPV @ 4%
minus
Job Creation
Manufacturing Jobs
Total Annual Salaries 7,252,136 32,609,307 82,111,499 134,074,945 205,979,828 251,090,980 295,939,672 345,795,984 378,618,231 422,405,598 430,853,709 439,470,784 448,260,199 457,225,403 466,369,911
Average Employee/SF or Room Industrial
Construction Jobs
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
Average 43,584 48,037
ASSUMPTIONS:
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:June 11, 2024
RE:RESOLUTION: AMENDMENT TO HOUSING DEVELOPMENT LOAN FUNDING
ALLOCATIONS FOR THE CATHERINE
ISSUE-AT-A-GLANCE
The Board will review and consider approving an amendment to an affordable housing project that received
$1,134,323 in the most recent Notice of Funding Availability (NOFA) competition for Fiscal Year 2024 (FY24)
funds allocated to the RDA’s Housing Development Loan Program (HDLP). The developer of "The Catherine”
Phases 1 and 2, at approximately 1881 W. North Temple, was recently informed that the project did not receive
the 4% Federal Low-Income Housing Tax Credit (LIHTC) credits needed to make the project viable. The
developer, 22 Communities is an experienced and well-regarded developer of affordable housing that has been
working with RDA staff to find a workable alternative for this project.
The project is a 372-unit development that originally was awarded a low-interest loan for $1 million of
“dormant” Federal housing program income, as well as $134,323 from the RDA budget. As proposed, it would
provide studio to three-bedroom rental apartments at 41-60% Average Median Income (AMI).
The proposed amendment would shift the loan type to an acquisition loan to ensure the developer is able to buy
the property; this would be converted later to a construction-to-permanent loan. The amendment would require
a conditional waiver of the HDLP deed restrictions, and because RDA policy does not address this situation, the
staff needs Board approval to proceed. The condition of the waiver is that if the project is unable to secure tax
credits and financing in the next two years, and close on a construction-to-permanent loan, the developer would
be required to pay the RDA an above-market interest rate for the loan. In that case, the conditional waiver also
would allow the 30-year affordable deed restriction to be removed.
The RDA Finance Committee reviewed and unanimously recommended this request on May 29, 2024, with a
clarification that Phase 1 HUD HOME requirements and regulations be met prior to closing.
Item Schedule:
Briefing: June 11, 2024
Set Date: N/A
Public Hearing: N/A
Potential Action: June 11, 2024
Page | 2
Goal of the briefing: Discuss and consider adopting the resolution that would amend the Housing
Development Loan Program (HDLP) loan to The Catherine Phase 1 and Phase 2 projects.
ADDITIONAL INFORMATION
A. Background. The Catherine development project (Phases 1 and 2) was included on the list of projects
approved by the Board last March for $15.4 million in affordable housing loans offered through the FY24
Notice of Funding Availability (NOFA), issued in 2023. The purpose of these low-interest loans is to
incentivize the inclusion of affordable housing in new construction, as well as preservation and
rehabilitation projects. (For additional information, see Attachment C1, or see the March staff report.)
City loan funding for the development project was combined from two sources—“dormant” Federal housing
program income and the RDA budget—for a total of $1,134,323. At completion, the project would provide
372 rental apartments, ranging in size from studio to three-bedroom units, and priced at 41-60% Average
Median Income (AMI). The terms originally approved by the Board for each phase of the development are
identical, as listed below.
Interest Rate Term Amortization Repayment
Type
Phase 1 2.0%16 year 40 year Cash Flow
Phase 2 2.0%16 year 40 year Cash Flow
Since the project did not receive LIHTC credits, the developer will not be able to buy the property before the
end of this year. Instead, the developer has executed a new purchase and sale agreement for the property
with a lower price and a much quicker closing date than originally anticipated. If the amendment to the
HDLP loans is approved by the Board, it would allow the funds to be used for acquisition, and the loan could
later be converted to a construction-to-permanent one.
B. Proposed New Terms. The developer has requested a loan modification with a conditional waiver of the
deed restriction. The proposal would change the original loan type to an acquisition loan that later could be
converted to a construction-to-permanent loan. The conditional waiver of the deed restriction would allow
the standard HDLP 30-year affordable deed restriction to be removed, provided the developer agrees to
repay the HDLP loan at an above-market interest rate. This rate would be set to the two-year US Treasury
Yield at the time of closing plus 800 basis points (8 percentage points) calculated from the time of interest
accrual. The condition is meant to avoid setting a precedent that could encourage other developers to
attempt to use the HDLP as a low-cost source for acquisition loans. The deed restriction would be waived,
and the loan’s interest rate would be raised, only if the project is unable to secure tax credits and financing
within the next two years, and cannot meet the conditions required to close on a construction-to-permanent
loan. This type of agreement falls within existing RDA policies.
Construction
Phase
Interest
Rate
Term Amortization Repayment
Type
Phase 1
Page | 3
- Acquisition 1.0%2 years Balloon or
Conversion
- Construction-
to-Permanent 2.0%16 years 40 years Cash Flow
Phase 2
- Acquisition 1.0%2 years Balloon or
Conversion
- Construction-
to-Permanent 2.0%16 years 40 years Cash Flow
C. Future Steps. The developer intends to reapply for tax credits in the coming months, and these may be
awarded as early as July. The 4% LITHC has become more competitive in recent years as construction prices
have risen and more projects seek this source of funding. Each year, a limited amount of funding is allocated
to projects on a first-come, first-served basis. By the time the Catherine Phase 1 and 2 was considered, most
funding had already been allocated.
D. Site Conditions. The existing land use for this property is Industrial. The developer has completed a
Phase 1 environmental review, which did not detect any hazardous materials associated with the property.
This environmental review is also required as a condition of the HOME funds that were allocated in March.
POLICY QUESTIONS
1. Does the Board agree that the terms of the proposed loan and conditional waiver are sufficiently rooted in
RDA policy, and strict in their terms, that they are unlikely to attract less scrupulous developers who wish to
cite precedent to obtain similar terms?
ATTACHMENTS
Attachment C1. Summary of RDA Finance Committee Recommended FY24 HDLP Funding.
REDEVELOPMENT AGENCY OF SLC
THE CATHERINE PHASE 1 AND 2
HOUSING DEVELOPMENT LOAN PROGRAM
LOAN TERM AMENDMENT
RDA BOARD OF DIRECTORS MEETING – JUNE 11, 2024
BACKGROUND
•The Catherine Phase 1 and Phase 2
o Developer: 22 Communities
o Funded through competitive Housing Development
Loan Program (HDLP) NOFA process
o RDA Board allocated $15M to 13 of the 15 projects
o Both projects ranked 10 of 15
o Allocations
▪Phase 1: $1M in HOME Program Income
Funds
▪Phase 2: $134,323 in RDA Funds
PROJECT SUMMARY
•2 phase project:
o Phase 1: 228 Units - 100% affordable to
households between 41%-60% AMI.
o Phase 2: 144 Units – 100% affordable to
households between 41%-60% AMI.
•Mix of studio, one-, two-, and three-bedroom units.
•Due to the lack of bond cap at the last PAB,
Developer is seeking to restructure the loan into
an acquisition loan.
PROPOSED AMENDMENTS
1.Amend the loan type for each phase to an acquisition loan that
may convert to a construction to permanent loan within 2 years
2.Allow for conditional waiver of affordable deed restriction that
would allow removal of 30 year deed restriction by requiring
Developer to pay an above market interest rate if project cannot
secure tax credits, financing, and meet other conditions required to
close on construction to permanent loan within 2 years.
APPROVED TERMS VS PROPOSED AMENDMENTS
Amended Request:$1,134,323 between HOME and RDA Funds
ORIGINAL APPROVAL PROPOSED AMENDMENT
Amount:Phase 1: $1,000,000 HUD HOME Funds
Phase 2: $134,323 RDA Funds
Phase 1: $1,000,000 HUD HOME Funds
Phase 2: $134,323 RDA Funds
Loan Type Construction to Permanent Acquisition loan that may convert to Construction to Permanent loan
Repayment Type Cash Flow Acquisition: Balloon payment or conversion to Construction to Permanent loan
Construction to Permanent: Cash flow
Interest Rate:2%*Acquisition: 1%*, may be subject to change. See “Other” section below.
Construction to Permanent: 2%*
Term/Am:16 yr/40 yr Acquisition: 2 years (24 months)
Construction to Permanent: 16 yr/40 yr
Other:Deed restriction of 30 years or same period as senior
financing, whichever is greater
Deed restriction of 30 years with conditional waiver to requirement: If unable to secure
tax credits and financing within 24 months and property cannot fulfill affordable housing
obligation, developer could request removal of deed restriction. Removal of deed
restriction will require the loan to be paid in full with an interest rate of the 2 Year US
Treasury Yield at time of closing + 8% calculated from the time of interest accrual.
*Interest rate after reductions from meeting project priorities.
CONSIDERATIONS
•The HDLP policy allows for acquisition loans.
o The LTV is 78%, under the 90% threshold as outlined in the policy.
o The developer has maximized other lending sources and will obtain
a loan from a senior lender.
•The amendment will help with project’s ability to acquire the property.
•The RDA has taken steps to ensure the Developer will not be
incentivized to flip the property to market due to the low interest rate by
requiring a significantly higher interest rate should the deed restriction
be waived on the property.
•If approved, Developer will purchase the property this month.
RDA FINANCE COMMITTEE RECOMMENDATION
•Approve loan amendments with the requirement that Phase 1 HUD
HOME requirements and regulations are met prior to closing.
1
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DANNY WALZ
Director
DATE:May 23, 2024
PREPARED BY:Tracy Tran, Senior Project Manager, and Marcus Lee, Project Coordinator
RE:Consideration and Adoption of a Resolution Approving the Amendment of a
Funding Allocation from the 2023 Notice of Funding Availability for
Affordable Housing.
REQUESTED ACTION:Consider approving an amendment to a loan and a conditional waiver of
the deed restriction to 22 Communities for The Catherine Phase 1 and
2, located at approximately 1881 W North Temple.
POLICY ITEM:Affordable housing.
BUDGET IMPACTS:$1,134,232 total: $1,000,000 in HUD HOME funds and $134,232 in
RDA funds
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City (“RDA”) issued a
competitive Notice of Funding Availability (“NOFA”) on November 17, 2023, to solicit applications
through the Housing Development Loan Program (“HDLP”). Through the HDLP, the RDA intends
to commit low-cost financial assistance to projects to incentivize the development and preservation
of affordable housing within city limits. The program provides flexibility to accommodate a wide
range of projects that may be dependent upon a myriad of underwriting standards by outside lenders.
The RDA Board adopted a policy for FY2023-2024 that required all projects applying for funding
through the HDLP to include either deeply affordable housing units or affordable family-sized units
in this competitive HDLP NOFA. In March 2024, the RDA Board allocated over $15 million to
thirteen of the fifteen eligible affordable housing developments.
Of those thirteen projects approved for funding, 22 Communities (“Developer”), proposed both The
Catherine Phase 1 and The Catherine Phase 2, which both had a ranking of 10 out of the 15 projects.
The Catherine Phase 1 received $1,000,000 in HOME Program Income Funds and The Catherine
received $134,323 in RDA Funds for a construction to permanent loan for each phase. The
Developer is seeking an amendment to the approval requesting to modify the loan type to an
acquisition loan that could be converted to a construction to permanent loan with a conditional
waiver of the deed restriction requirement within the HDLP policy. The conditional waiver could
allow that the 30-year affordable deed restriction be removed by requiring that the Developer pay an
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
above market interest rate if the projects are unable to secure tax credits, financing, and meet
conditions required to close on construction to permanent loan within 2 years.
RDA FINANCE COMMITTEE RECOMMENDATION: The RDA Finance Committee
(“Committee”) will review and provide a recommendation on the request on May 29, 2024. The
Committee’s recommendation will subsequently be forwarded to the Board.
ANALYSIS & ISSUES:
Guiding Policy
The subject loans are being administered pursuant to the Housing Allocation Funds Policy (“Funds
Policy”) and the Housing Development Loan Program Policy (“HDLP Policy”). The Funds Policy
establishes policies for allocating and directing resources for the development and preservation of
housing by various funding sources and the HDLP Policy provides low-cost financial assistance to
incentivize the development and preservation of affordable housing within Salt Lake City municipal
boundaries. Overall, the HDLP Policy provides a centralized application, underwriting, and approval
process. These loans applied in the FY2023-2024 competitive Notice of Funding Availability and are
subject to the FY2023-2024 HDLP Annual Affordable Housing Funds Guidelines + Application
Handbook.
Overview of Proposal
•Due to the limited amount of funds available through the State of Utah’s Private Activity
Bond (“PAB”) and the number of applications, the Developer’s bond allocation for the 4%
LIHTC request was not funded in the April 3, 2024, PAB meeting. With this delay, the
Developer will need to re-apply as additional bond cap becomes available. This has altered
the Developer’s ability to acquire the property by the end of 2024. In response, the Developer
has executed a new purchase and sale agreement for the property that has a lower price, but a
much quicker closing date than originally planned.
•By purchasing the property earlier than anticipated, the Developer will secure financing from
a senior lender for the acquisition and is requesting to amend their HDLP loans to allow them
to use the funds for acquisition that could be converted to a construction to permanent loan.
•The Developer is seeking a conditional waiver to the deed restriction requirement if they are
unable to secure tax credits, financing, and meet conditions required to convert the loan to a
construction to permanent loan within 2 years.
•The project details such as total units, affordability levels, and public benefits are not
anticipated to change. See Attachment B for updated Project Summaries.
Loan Type
The Developer applied for a construction to permanent loan for both The Catherine Phase 1 and The
Catherine Phase 2. The Developer is requesting to modify the loan type for both phases to an
acquisition loan that could convert to a construction to permanent loan within a 2-year term. HDLP
Policy allows for both acquisition loans as well as construction to permanent loans. Although these
loan types are allowed within the HDLP Policy, this proposed modification has a different set of loan
terms that would provide funds earlier for acquisition and is a change from what was previously
approved. The HDLP Standard Loan Terms and Conditions requires the following for funds used for
property acquisition:
3
•Maximize Other Sources: Applicants must demonstrate that they have maximized other
available financing sources thereby limiting HDLP funding to the lowest amount necessary
to close the funding gap and assure project feasibility.
•Loan to Value: Loans will be sized to a loan-to-value limit of 90% of the as-is appraised
value inclusive of the RDA’s loan and all senior debt.
The developer will obtain a loan from a senior lender and the requested loan amounts between the
RDA and senior debt is less than 90% LTV.
Conditional Waiver – Deed Restriction
The HDLP Standard Loan Term and Conditions for property acquisition require:
•A restriction shall be recorded against the property that requires continued use of the
specified units as affordable housing for at least the same period as the senior financing or a
minimum of 30 years, whichever is greater.
In this case, a 30-year deed restriction would be placed upon the property to ensure that the continued
use of the specified units would be for affordable housing. The HDLP Policy does not provide
language about the ability to remove deed restrictions. The Developer has requested that the deed
restriction could be removed in the case the Developer is unable to secure tax credits, financing, and
meet closing conditions within two years.
To ensure that the Developer commits to building affordable housing and does not flip the property
to the market for a profit, the RDA suggests adding a provision that if the Developer is unable to
secure tax credits, financing, and meet the conditions to convert to a construction to permanent loan,
the 30-year deed restriction on the property could be removed and the RDA’s 1% acquisition interest
rate would be replaced by the rate of the United States Treasury Yield Curve of the loan term at time
of closing plus 800 basis points calculated from the time of interest accrual (i.e. 2-Year yield + 8%)
for the repayment of the HOME and RDA funds. This provision is backed by existing RDA policies
and guidelines within the RDA’s Revolving Loan Program.
A comparison of the original approval and the proposed amendments can be found below:
4
THE
CATHERINE
PHASE 1 AND
PHASE 2**
ORIGINAL APPROVAL PROPOSED AMENDMENT
Amount:Phase 1: $1,000,000 HUD HOME
Funds Phase 2: $134,323 RDA
Funds
Phase 1: $1,000,000 HUD HOME
Funds Phase 2: $134,323 RDA
Funds
Loan Type:Construction to Permanent Acquisition loan that may convert to
Construction to Permanent loan
Repayment Type:Cash flow Acquisition: Balloon payment or
conversion to Construction to
Permanent loan
Construction to Permanent: Cash
flow
Interest Rate:2%*Acquisition: 1%*, may be subject
to change. See “Other” section
below.
Construction to Permanent: 2%*
Term/Am:16 yr/40 yr Acquisition: 2 years (24 months)
Construction to Permanent: 16
year/40 year
Other:Deed Restriction of 30 years or
same period as senior financing,
whichever is greater
Deed restriction of 30 years with
conditional waiver to requirement:
If unable to secure tax credits and
financing within 24 months and
property cannot fulfill affordable
housing obligation, developer
could request removal of deed
restriction. Removal of deed
restriction will require the loan to
be paid in full with an interest rate
of the 2-Year US Treasury Yield at
time of closing + 8% calculated
from the time of interest accrual.
*Interest rate after reductions from meeting project priorities.
**See Summary Sheets in Attachment B for additional project details
PREVIOUS BOARD ACTION:
•March 19, 2024: The Board approved the FY2023-2024 Competitive Housing Development
Loan Program funding allocations.
•April 11, 2023: The Board adopted the Affordable Housing Funding Priorities for Fiscal Year
2023-2024.
•March 8, 2022: The Board adopted revisions to the Housing Development Loan Program
Policy to direct review of applications to the RDA Finance Committee.
•February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy.
5
•March 2021: The Board adopted the Housing Development Loan Program Policy.
•February 2021: The Board adopted the Housing Allocation Funds Policy.
6
ATTACHMENTS:
•Attachment A: FY2023-2024 Competitive HDLP Funding Allocations
•Attachment B: Project Summary Sheets – The Catherine Phase 1 and The Catherine Phase 2
•Attachment C: HOME Funds Requirements
•Attachment D: Resolution
7
ATTACHMENT A: FY2023-2024 COMPETITIVE HDLP FUNDING ALLOCATIONS
PROJECT/APPLICANT ADDRESS LIHTC Awarded?
WEIGHTED PROJECT
PRIORITY SCORE/INTEREST
RATE REDUCTION*
FUNDIN
G
REQUE
ST
PRELIMINARY TERMS**
RDA
Committ
ed
Funds
Possible
Additional
RDA Funds
HOME
Program
Income
HOME
Development
Fund
HOME ARP
Development
TOTAL
FUNDING
RECOMMENDATI
ON
FUNDIN
G
RANKIN
G
Norbridge Court
Artspace 511 W 200 S Yes, 9%
Target
Populations: 3
Transportation
Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban
Design: 1 Commercial
Vitality: 1
Public Art: 1
TOTAL: 8
$895,000
Interest Rate: 1.0%
Term: 30 year
Amortization: 30
year Hard
Repayments
$895,000 $895,000 7
Bumper House
SMH Builders 269 W Brooklyn
Ave
Yes, 4%
Transportation
Opportunities: 1
Neighborhood
Safety: 1
Public Art: 1
TOTAL: 3
$3,000,000
Interest Rate: 1.5%
Term: 17 year
Amortization: 40 year
Hard Repayments
$0 14
New City Plaza Apartments
Housing Connect 1966 S 200 E Yes, 4%
Target
Populations: 3
Commercial
Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 5
$895,000
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
$895,000 $895,000 5
515 Tower - Conversion
Phase I
Perpetual Housing Fund
515 E 100 S Yes, 9%
Family
Housing: 3
Target
Populations: 3
Expand
Opportunity: 1
Historic Preservation/Adaptive
Reuse: 1 Transportation
Opportunities: 1
Commercial Vitality: 1
TOTAL: 10
$2,650,000
Interest Rate: 2.0%
Term: 15 year
Amortization: 15
year Cash Flow
Repayments
$0***3
2nd South Apartments
Hermes Affordable Services,
LLC
934-948 W 200 S Yes, 4%
Family
Housing: 3
Target
Populations: 3
Transportation Opportunities: 1
Public Art: 1
TOTAL: 8
$3,000,000
Interest Rate: 2.0%
Term: 30 year
Amortization: 30
year Cash Flow
Repayments
$2,420,000 $2,420,000 6
The Catherine Phase 1
22 Communities 1881 W N Temple Applying, 4%
Transportation
Opportunities: 1
Architecture & Urban
Design: 1 Commercial
Vitality: 1
Public Art: 1
TOTAL: 4
$2,524,802
Interest Rate: 2.0%
Term: 16 year
Amortization: 40
year Cash Flow
Repayments
$1,000,000 $1,000,000 10
The Catherine Phase 2
22 Communities 1881 W N Temple Applying, 4%
Family
Housing: 3
Transportation
Opportunities: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 6
$1,569,441
Interest Rate: 2.0%
Term: 16 year
Amortization: 40
year Cash Flow
Repayments
$134,323 $134,323 10
Citizens West 4
Developed. By Women. & Ivan
Carroll
515 W 300 N Yes, 9%
Family
Housing: 3
Target
Populations: 3
Transportation
Opportunities: 1
Architecture & Urban
Design: 1 Commercial
Vitality: 1
Public Art: 1
TOTAL: 10
$400,000
Interest Rate: 1.0%
Term: 15 year
Amortization: 30
year Hard
Repayments
$400,000 $400,000 2
Fairmont Heights I
Lincoln Avenue Communities 2557 S 1100 E Applying, 9%
Target
Populations: 3
Expand
Opportunity: 1
Transportation
Opportunities: 1
Architecture & Urban
Design: 1
TOTAL: 6
$3,200,000
Interest Rate: 1.0%
Acquisition Term: 2-
year Balloon or
conversion to
Permanent:
Term: 16 year
Amortization: 40 year
$1,000,000 $1,000,000 13
Project Open 3
Perpetual Housing Fund 529 W 400 N No
Family
Housing: 3
Homeownership
: 3
Missing
Middle: 3 Transportation
Opportunities: 1
Architecture & Urban
Design: 1
Public Art:
1
TOTAL:
12
$710,000
Interest Rate:
1.0% Term:
18 month
Balloon
Repayment
$710,000 $710,000 1
Pharos Apartments
Housing Authority of Salt Lake
City
915 W 200 N No
Target
Populations: 3
Transportation
Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
$880,000
Interest Rate: 2.5%
Term: 15 year
Amortization: 40
year Cash Flow
Repayments
$47,101 $726,291 $106,608 $880,000 12
Book Cliffs Lodge
Housing Authority of Salt Lake
City
1159 S W Temple No
Target
Populations: 3
Transportation
Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
$740,000
Interest Rate: 2.5%
Term: 15 year
Amortization: 30
year Cash Flow
Repayments
$740,000 $740,000 11
Liberty Corner
Cowboy Partners 1265 S 300 W Yes, 4%
Family
Housing: 3
Target
Populations: 3
Transportation
Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban
Design: 1 Commercial
Vitality: 1
TOTAL: 10
$4,500,000
Interest Rate: 2.0%
Term: 40 year
Amortization: 40
year Cash Flow
Repayments
$1,236,714 $1,530,677 $1,732,609 $4,500,000 4
8
9Ten West
Great Lakes Capital 910 W N Temple Yes, 4%
Target
Populations: 3
Transportation
Opportunities: 1
Neighborhood Safety: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 7
$2,000,000
Interest Rate: 2.0%
Term: 16 year
Amortization: 40
year Cash Flow
Repayments
$1,000,000 $1,000,000 9
Alliance House 1805
Rebuild
Alliance House & Cowboy
Partners
1805 S Main St No
Target
Populations: 3
Missing
Middle: 3
Neighborhood
Safety: 1
TOTAL: 7
$500,000
Interest Rate: 2.5%
Term: 40 year
Amortization: 40
year Cash Flow
Repayments
$500,000 $500,000 8
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to
2%) = proposed interest rate; Base interest rate shall be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from Project Priorities met may require Board approval.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-2024 Housing Development Loan Program ( HDLP) Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be
based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loan; consideration may be made for
other government entity loans if required through their policies. Funds may be disbursed in a lump sum if required by senior lender(s).
*** While reviewing applications, the Committee took into consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High Opportunity
Area funds. The Committee’s competitive HDLP funding recommendations incorporate the previously submitted High Opportunity Area recommendation.
NOTE: For all loan awards greater than $899,999, the Sustainable Development Policy requires buildings to be designed to operate without fossil fuels, but it would not restrict the ability to have backup generators for emergencies.
Funding Recommended by Finance Committee
Funds Availability Total Available Recommended Funding Funds
Remaining
RDA Committed Funds $4,241,714 $4,241,714 $ -
Possible Additional RDA Funds $1,665,000 $1,665,000 $ -
HOME Program Income $6,939,710 $6,939,710 $ -
HOME Development Fund $726,291 $726,291 $ -
HOME ARP Development $1,501,608 $1,501,608 $ -
HOME Community Housing
Development Organization Funds $351,841 $0 $351,84
1
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
Legend:
Grey box: Applicant qualifies for but doesn't want these funds.
Black box: Applicant does not qualify for these funds.
9
ATTACHMENT B: PROJECT SUMMARY SHEETS – THE CATHERINE PHASE 1 AND THE
CATHERINE PHASE 2
PROJECT NAME: 6 – The Catherine Phase I
ADDRESS: 1881 W North Temple
10
OVERVIEW
Developer 22 Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $1,000,000 (HUD HOME funds)
Total Project Cost Acquisition: $7,250,000
Construction to Perm:
$69,452,555
Loan to Cost Acquisition: 13.8%
Construction: 1.4%
PROPOSED TERMS
Interest Rate Acquisition: 1%1
Construction to Perm: 2%
Term,
Amortization
Acquisition: 2 Yr, Balloon or
Conversion
Construction to Perm: 16 Yr, 40
Yr
Repayment Terms Acquisition: Balloon or
Conversion
Construction to Perm: Cash flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Transportation
Opportunities, Architecture
& Urban Design,
Commercial Vitality, Public
Art
TIMELINE
Acquisition June 2024
Construction Start March 2025
1 Conditional waiver to affordable deed restriction of 30 years: if
unable to secure tax credits and financing within 24 months and
property cannot fulfill affordable housing obligation, developer could
request removal of deed restriction. Removal of deed restriction will
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-
60%
AMI
<40%
AMI
Studio 80 --80 -
1 Bed 44 --44 -
2 Bed 80 --80 -
3 Bed 24 --24 -
4 Bed -----
Total 228 --228 -
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N)Yes, 4%
Tax Credits Reserved (Y/N)No
ACQUISITION SOURCES
Source Amount % of Total
RDA -HDLP Phase 1 $1,000,000 13.8%
RDA -HDLP Phase 2 $134,323 1.8%
Seller’s Note $741,238 10.2%
Senior Debt $5,374,439 74.1%
Total $7,250,000 100%
ACQUISITION USES
Source Amount % of Costs
Acquisition $7,250,000 100%
Total $7,250,000 100%
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $21,767,665
require the loan to be paid in full with an interest rate of the 2-Year
US Treasury Yield at time of closing + 8% calculated from the time of
interest accrual.
PROJECT NAME: 6 – The Catherine Phase I
ADDRESS: 1881 W North Temple
11
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,541,202 39.7%
OWHLF $3,000,000 4.3%
SLC HOME Funds $1,000,000 1.4%
Other Sources $1,524,802 2.2
LIHTC Equity $30,627,027 44.1%
State Tax Credit
Equity $4,759,524 6.9%
Deferred Fee $1,000,000 1.4%
Total $69,452,555 100%
USES
Use Amount % of Cost
Land2 $5,710,000 8.2%
Hard Costs $43,906,872 63.2%
Soft Costs $3,225,662 4.6%
Developer Fee $5,636,749 8.1%
Financing Expense $7,889,000 11.4%
Contingency $2,504,272 3.6%
Reserves $580,000 0.8%
Total $69,452,555 100%
2 Land cost is based on appraised value.
PROJECT NAME: 6 – The Catherine Phase I
ADDRESS: 1881 W North Temple
12
PROJECT SUMMARY
From Developer:
“This phase of the project will include 228 units, all of which will be restricted units. There will be 80 studio units,
44 one-bedroom units, 80 two-bedroom units, and 24 three-bedroom units. The units will be available to tenants
living at 60% AMI or below. The project will provide eighteen (18) "Type A" units for persons with long-term
mobility impairments.”
DEVELOPER SUMMARY
From Developer:
“Jake has over a decade of development, design, and project management experience with public, for-profit, and
nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned
the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects.
Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development
company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements,
and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at
Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all
single-family subdivisions and multi-family tax credit developments.
This work included the acquisition and initial concept planning for a 100-acre master-planned community in
Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a
managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140-
unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development
lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple
Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking
garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the
privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor’s
degree in Business Management, a master’s degree in Real Estate Development, and an Urban Planning
Certificate from the University of Utah.”
PROJECT NAME: 6 – The Catherine Phase I
ADDRESS: 1881 W North Temple
13
SITE MAP
PROJECT RENDERINGS
PROJECT NAME: 6 – The Catherine Phase I
ADDRESS: 1881 W North Temple
14
PROJECT NAME: 7 – The Catherine Phase II
ADDRESS: 1881 W North Temple
15
OVERVIEW
Developer 22 Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $134,323 (RDA funds)
Total Project Cost Acquisition: $7,250,000
Construction to Perm:
$45,194,612
Loan to Cost Acquisition: 1.9%
Construction to Perm: .3%
PROPOSED TERMS
Interest Rate Acquisition:1%1
Construction to Perm: 2%
Term,
Amortization
Acquisition: 2 Yr, Balloon or
Conversion
Construction to Perm: 16 Yr, 40
Yr
Repayment Terms Acquisition: Balloon or
Conversion
Construction to perm: Cash flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family Sized Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Family Housing,
Transportation
Opportunities, Commercial
Vitality, Public Art
TIMELINE
Acquisition June 2024
Construction Start March 2025
HOUSING UNITS
1 Conditional waiver to affordable deed restriction of 30 years: if
unable to secure tax credits and financing within 24 months and
property cannot fulfill affordable housing obligation, developer could
request removal of deed restriction. Removal of deed restriction will
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-
60%
AMI
<40%
AMI
Studio 45 --45 -
1 Bed 30 --30 -
2 Bed 45 --45 -
3 Bed 24 --24 -
4 Bed -----
Total 144 --144 -
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N)Yes, 4%
Tax Credits Reserved (Y/N)No
ACQUISITION SOURCES
Source Amount % of Total
RDA -HDLP Phase 1 $1,000,000 13.8%
RDA -HDLP Phase 2 $134,323 1.8%
Seller’s Note $741,238 10.2%
Senior Debt $5,374,439 74.1%
Total $7,250,000 100%
ACQUISITION USES
Source Amount % of Costs
Acquisition $7,250,000 100%
Total $7,250,000 100%
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $37,095,412
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $17,033,754 37.7%
OWHLF $2,500,000 5.5%
SLC RDA Funds $134,323 .3%
Other Funds $1,435,118 3.2%
LIHTC Equity $20,011,725 44.3%
State Tax Credit
Equity $3,079,692 6.8%
Deferred Fee $1,000,000 2.2%
Total $45,194,612 100%
require the loan to be paid in full with an interest rate of the 2-Year
US Treasury Yield at time of closing + 8% calculated from the time of
interest accrual.
PROJECT NAME: 7 – The Catherine Phase II
ADDRESS: 1881 W North Temple
16
PERMANENT USES
Use Amount % of Cost
Land2 $3,600,000 8.0%
Hard Costs $29,314,459 64.9%
Soft Costs $2,169,453 4.8%
Developer Fee $4,014,863 8.9%
Financing Expense $4,062,000 9.0%
Contingency $1,733,837 3.8%
Reserves $300,000 0.7%
Total $45,194,612 100%
PROJECT SUMMARY
From Developer:
“22 Communities LLC (22) (Applicant, Sponsor, Developer, Owner) and KTG Holdings, LLC (KTG) acting as the
Sponsor, and Developer, Owner (collectively as "Parties”) are pleased to apply for the April 2024 Private Activity
Bond round for the new construction of The Catherine Phase 1. The Catherine will be a 2-phase 2-building 378
unit apartment project directly southeast of the 1940 W North Temple Trax station at 1881 W North Temple, Salt
Lake City, Utah. Of the 378 units listed above,144 units will be a part of this Phase 2 Application and will be
restricted to incomes at 60% of the Area Median Income (AMI).
DEVELOPER SUMMARY
From Developer:
“Jake has over a decade of development, design, and project management experience with public, for-profit, and
nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned
the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects.
Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development
company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements,
and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at
Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all
single-family subdivisions and multi-family tax credit developments.
This work included the acquisition and initial concept planning for a 100-acre master-planned community in
Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a
managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140-
unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development
lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple
Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking
garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the
privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor’s
degree in Business Management, a master’s degree in Real Estate Development, and an Urban Planning
Certificate from the University of Utah.”
2 Land cost is based on appraised value.
PROJECT NAME: 7 – The Catherine Phase II
ADDRESS: 1881 W North Temple
17
SITE MAP
PROJECT RENDERINGS
PROJECT NAME: 7 – The Catherine Phase II
ADDRESS: 1881 W North Temple
18
ATTACHMENT C: HOME FUNDS REQUIREMENTS
19
As part of the FY2023-2024 NOFA, Numerous HUD HOME funds are available. An overview of the
HOME Program is available here: https://www.hudexchange.info/programs/home/home-overview/ and is
located within 24 CFR 92.1 of the Code of Federal Regulations.
Details on the different categories of funds are available here:
FUNDS CATEGORY AMOUNT*ADDITIONAL DETAILS
HOME Program Income**$6,939,710
24 CFR 92 (F)
https://www.hudexchange.info/programs/home/home-overview/
HOME ARP Development**$1,501,608 https://www.hudexchange.info/programs/home-arp/overview/
HOME Development Fund**$726,291
24 CFR 92.206(a): https://www.ecfr.gov/current/title-24/subtitle-
A/part-92/subpart-E/subject-group-ECFRf448ea7bbdfb69a/section-
92.206
HOME Community Housing
Development Organization
Funds**
$351,841
Additional Requirements are located here:
•24 CFR 92.208
•24 CFR 92.300
•24 CFR 92.301
ATTACHMENT D: RESOLUTION
20
21
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO.
AMENDMENT: Affordable Housing – FY2023-2024 Competitive Housing Development
Loan Program (HDLP) Funding Allocation Amendments
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING CERTAIN CITYWIDE AFFORDABLE HOUSING
PROJECT FUNDING ALLOCATIONS.
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
(the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing
the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the RDA Board of Directors (“Board”) approved the Housing Funds Allocation
Policy (“Funds Policy”), Resolution R-1-2022, which establishes policies with respect to
dedicating and directing resources for the development and preservation of housing based on
funding source (“Housing Funds”).
WHEREAS, through a Notice of Funding Availability (“NOFA”), the RDA administered a loan
application and review process for the Competitive Housing Development Loan Program
(“HDLP”) funds pursuant to the HDLP policy set forth in resolution R-2-2022 (the “HDLP
Policy”) and the RDA’s Housing Funding Priorities for Fiscal Year 2023-2024 set forth in R-8-
2023.
WHEREAS, pursuant to Resolution R-1-2024, passed by the Board on March 19, 2024, the Board
previously allocated $15,426,164 of Competitive HDLP funds to a number of affordable housing
development applicants (“2024 HDLP Allocation”).
WHEREAS, as part of the 2024 HDLP Allocation, the Board approved a $1,000,000 allocation
to The Catherine Phase 1 and a $134,323 allocation to The Catherine Phase 2 (collectively with
The Catherine Phase 1, the “Catherine Project”) to fund construction of affordable housing
located at 1881 West North Temple in Salt Lake City.
WHEREAS, following the Board’s approval of the HDLP funding allocations, RDA staff
received a request to amend the proposed loan terms for the Catherine Project to accommodate use
of the funds for property acquisition in addition to construction, along with changes to the terms.
WHEREAS, the Finance Committee has reviewed the amendment request and recommends the
term amendments described in Exhibit A be approved by the Board.
1
22
WHEREAS, following the Board’s approval of the proposed amendments set forth on Exhibit A,
the RDA shall provide a 24-month conditional commitment period, starting from March 19, 2024,
during which the approved applicant shall have the opportunity to obtain needed financial, legal,
and regulatory approvals, as well as satisfy other conditions determined by the RDA, to finalize
the loan terms.
WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the
conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan
terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the
funding allocation and amended preliminary terms as further described in Exhibit A, subject to
revisions that do not materially affect the rights and obligations of the RDA hereunder. For
approved applicants that successfully meet the required conditions, the Board authorizes the
Executive Director to negotiate and execute the conditional commitment letter, the Letter of
Commitment, the loan agreements, and other relevant documents consistent with the funding
allocations and preliminary terms contained on Exhibit A and incorporating such other terms and
conditions as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
day of June 2024.
Alejandro Puy, Chair
Approved as to form:
Salt Lake City Attorney’s Office
Sara Montoya
Date:May 24, 2024
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Attest:
City Recorder
2
23
EXHIBIT A: THE CATHERINE PROJECT PROPOSED TERM AMENDMENTS
PROJECT/APPLICA
NT
ADDRESS
LIHTC
Awarded?
WEIGHTED PROJECT
PRIORITY
SCORE/INTEREST RATE
REDUCTION*
FUNDIN
G
REQUE
ST
AS-
APPROVED
PRELIMINAR
Y
TERMS***
PROPOSED
PRELIMINA
RY
TERMS**
RDA
FUNDS
HOME
Progra
m
Incom
e
TOTAL
FUNDING
RECOMMENDATI
ON
FUNDIN
G
RANKIN
G
The Catherine
Phase 1
22 Communities
1881 W N
Temple
Applying, 4%
Transportation
Opportunities: 1
Architecture & Urban
Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 4
$1,000,000
Interest Rate: 2.0%
Term: 16 year
Amortization: 40
year Cash Flow
Repayments
Interest Rate:
1.0%****
Acquisition: 2 Yr
Term, Balloon or
Conversion.
Construction to
Perm: Term: 16
year
Amortization: 40
year Cash Flow
Repayments
$1,000,00
0
$1,000,000 10
The Catherine
Phase 2
22 Communities
1881 W N
Temple
Applying, 4%
Family Housing: 3
Transportation Opportunities: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 6
$134,323
Interest Rate: 2.0%
Term: 16 year
Amortization: 40
year Cash Flow
Repayments
Interest Rate:
1.0%****
Acquisition: 2 Yr
Term, Balloon or
Conversion.
Construction to
Perm: Term: 16
year
Amortization: 40
year Cash Flow
Repayments
$134,323 $134,323 10
TOTAL $1,134,323 $134,323 $1,000,00
0
$1,134,323
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows:
Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall be locked within a month of closing. Projects shall maintain project priorities and the same weighted
score at closing. Deviation from Project Priorities met may require Board approval.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-2024 Housing Development Loan Program ( HDLP)
Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in
repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loan; consideration may be made for other government entity loans if required
through their policies. Funds may be disbursed in a lump sum if required by senior lender(s).
*** While reviewing applications, the Committee took into consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and agreed to maintain their submitted recommendation to fund 515 Tower –
Conversion 1 with High
Opportunity Area funds. The Committee’s competitive HDLP funding recommendations incorporate the previously submitted High Opportunity Area recommendation.
****If the Developer is unable to secure tax credits, financing, or meet conditions to convert the loan to a construction to permanent loan, and cannot fulfill the affordable housing obligation, the 30-year deed
restriction on the property could be removed and the RDA’s 1% acquisition interest rate would be replaced by the rate of the United States Treasury Yield Curve of the loan term at time of closing plus 800 basis
points (i.e. 2-Year yield + 8%) of the repayment of the HOME and RDA funds.
NOTE: For all loan awards greater than $899,999, the Sustainable Development Policy requires buildings to be designed to operate without fossil fuels, but it would not restrict the ability to have backup generators for emergencies.
24
3
USA Climbing at
Rio Grande
RDA Board Meeting
June 11, 2024
Requested Action
Consideration of the resolution and proposed ground lease terms with USA Climbing to
facilitate the construction of the organization’s permanent headquarters and national
training facility in the Rio Grande District.
Next Steps
If approved, the RDA and USA Climbing will enter into an exclusive negotiation agreement
to memorialize both parties’ commitments until all conditions are met and final ground lease
and development agreements can be executed.
USA Climbing
Headquarters &
National Training Center
Provide competitive athletes with the terrain, spaces, and support they need to achieve
their best.
Host large-scale climbing events such as National Championships, World Cups, and
World Championships, with spectator counts up to 1,500 indoors and 5,000 outdoors.
Serve as a resource to provide indoor climbing access to the entire community, including
underserved populations.
Serve as the headquarters of the USA Climbing organization.
Provide true accessibility for all as a principal aspect of the design.
USA Climbing Project Goals:
A Catalytic Activation
Opportunity to have something tangible happening while
V&I Plan is finalized and other developers secured.
Exciting use that could help attract developers/tenants
for other sites.
May spur other South Block landowners to
make plans for their properties.
Would lend the Rio Grande District an identity and
focus that aligns with natural/cultural context of SLC.
Would attract visitors to district during off-
peak hours (early mornings and evenings).
6 - 10 large multi-day events planned to be held
per year.
Would bring awareness to SLC as a world-class
climbing destination.
Site & Project Details
Located at southwest corner of 500 W/300 S
New structure: 65-75 feet tall;
approx. 45,000 sf footprint
Adaptive reuse of SL Mattress Co. Building
Outdoor plaza that can be utilized for USAC-
hosted competitions and other public events
Lease Area
To include:
Building footprints (including SL Mattress)
and setback areas between buildings
and adjacent ROWs (~1.12 acres)
Outdoor plaza (~0.6 acres)
= ~1.72 acres
*Plaza area to be leased at no cost
Lease Rate
Fee simple Fair Market Value of Lease Area x 5%
Annual Lease Rate to be escalated every 5 years, based on
previous 5 years’ average consumer price index (CPI)
Minimum escalation of 2% and maximum of 5%
YR 1: $7,289,295 x 5% = $364,465/year
Requested Lease Abatement
Years 1-6: No lease payments made during construction/stabilization
Year 7: 45% of Escalated Annual Lease Rate due
Year 8: 50% of Escalated Annual Lease Rate due
Year 9: 55% of Escalated Annual Lease Rate due
Years 10-99: 60% of Escalated Annual Lease Rate due
YR 10: $379,043.37 * 60% = $227,426.02
Common Area Maintenance (CAM) fees to be collected from all Rio Grande
District lessees.
USA Climbing CAM fee = $1.50/sf of gross floor area
To be charged with same levels of escalation/abatement as the annual lease
rate.
Common Area Maintenance (CAM) Fees
FINANCIAL USES IMPLEMENTATION RDA CONTRIBUTION
Adaptive Reuse of SL Mattress
Co. Building USAC will fund and construct, with RDA contribution.$6 million
Outdoor Plaza
- USAC will fund and construct, with RDA contribution.
-USAC will manage future plaza.
-RDA will maintain future plaza, utilizing CAM fees.
$1 million
Demolition USAC will fund and implement demolition, with RDA contribution.$120,000
Environmental Remediation USAC will fund and implement remediation, with RDA contribution.~$200,000*
TOTAL DIRECT CONTRIBUTION TO USAC PROJECT:~$7,320,000
Relocation of State Warehouse
Users & Art Collection
RDA to work with State of Utah to find temporary location until permanent
facility at Capitol is completed (currently under construction).~523,000*
Shared Parking Structure RDA exploring feasibility of financing/developing structure. USAC will
lease future parking allocation from RDA.~$31 million*
TOTAL OUTSIDE COSTS:~$31,523,000
Associated Budget Impacts
*Cost estimates
Additional Community Benefits
Rehab and activation of SL Mattress Co. Building
Design, construction, management of outdoor plaza
5-year community benefits plan with progress reports to RDA BOD, to include:
youth programming through partnerships with K-12 schools,
workforce development opportunities,
efforts to expose non-traditional community members to sport based on income or
other key measures, and
transportation demand management strategies to reduce auto dependency and
encourage use of alternative modes of transportation.
Next Steps
Execute Exclusive Negotiation Agreement (ENA) to memorialize
commitments.
USAC to refine design and launch capital funding campaign to support
construction costs.
Coordinate on design and construction of District-wide public
improvements.
When all conditions have been met, execute ground lease and
development agreements.
Salt Lake Mattress Co. Building
Former State-owned warehouse at 500 West/300 South
Proposed Location of Shared Parking Structure & Interim Parking
MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DANNY WALZ
Director
STAFF MEMO
DATE:May 24, 2024
PREPARED BY:Ashley Ogden, Senior Project Manager
Marcus Lee, Project Coordinator
Cara Lindsley, Deputy Director
RE:USA Climbing at Rio Grande District – Property Disposition at approximately
310 South 500 West
REQUESTED ACTION:Review the proposed term sheet and consider approving via attached
resolution
POLICY ITEM:Property Disposition, Budget
BUDGET IMPACTS:Proposed ground lease abatement and ~$7.3 million in financial
contribution
EXECUTIVE SUMMARY:
The RDA has been engaged in discussions with USA Climbing centered on the opportunity of locating
their permanent headquarters and national training facility on RDA-owned property at approximately 310
South 500 West, which is within the bounds of the Rio Grande District redevelopment project. The RDA
and USA Climbing have negotiated the proposed term sheet (Attachment A), and key terms are
summarized in this memo. The RDA proposes to enter into a 99-year ground lease agreement with USA
Climbing and requests that the Board consider approving the requested lease abatement, which involves
no lease payments being charged while the facility is under construction and stabilization, and subsequent
escalation of the lease rate until 60% of fair market value (FMV) is reached. In addition, the proposed
terms call for multiple areas of RDA investment in the project, which would be funded via allocations that
were made as part of FY2024 Budget Amendment #2. If the proposed term sheet is approved, the RDA
and USA Climbing will enter into an exclusive negotiation agreement to memorialize the commitments
until all conditions are met and final ground lease and development agreements can be executed.
BACKGROUND:
USA Climbing is the national governing body of the sport of competition climbing in the United States
and as a 501(c)3 nonprofit, promotes the disciplines of bouldering, lead, and speed climbing, as well as
the collegiate and paraclimbing series. The organization is sanctioned by the International Federation for
Sport Climbing, the International Olympic Committee, and the United States Olympic & Paralympic
Committee. Sport Climbing became an official Olympic event at the 2020 Tokyo games and multiple
American athletes are preparing to compete at the 2024 Paris Summer Olympics.
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
USA Climbing relocated to Salt Lake City from Boulder, Colorado, in 2018, and quickly announced their
intentions to establish a National Training Center where athletes could receive specialized training to
compete at the highest levels internationally. Since that time, the organization has been operating and
training athletes in Granary District buildings that are slated for eventual redevelopment, while also
searching for a site where they can develop a permanent headquarters and training facility. The Utah State
Legislature appropriated $15 million to USA Climbing during the 2023 session to support the effort.
In the Spring of 2023, the RDA was asked to explore potential opportunities to locate the new facility on
RDA-owned property, and USA Climbing expressed interest in the Rio Grande District. As the Rio
Grande District Vision & Implementation Plan was actively in progress, negotiations were concurrent
with the visioning and planning of the district. USA Climbing has been a great partner, engaging in
productive and transparent negotiations while being an active participant in Rio Grande District planning
workshops and outreach events. RDA Staff welcomes the opportunity to continue to work with USA
Climbing to make the vision for the Rio Grande District a reality, with the headquarters and national
training facility serving as the first anchor tenant and catalytic flag in the ground. Please refer to
Attachment B, Rio Grande District Site Plan.
PROJECT DESCRIPTION:
The project involves the construction of a national headquarters and training facility for USA Climbing
on the southwest corner of 500 West and 300 South and is anticipated to include three primary
components:
1.New construction of a primary structure that is 65-75 feet tall with a roughly 45,000 square
foot (sf) footprint (exact specifications subject to further community engagement). This structure
will include bouldering, lead, and speed climbing walls, as well as other support uses that are
typical of a climbing facility. Most areas will be accessible by the community; some spaces will
be reserved for the U.S. National Team’s exclusive use.
2.Rehabilitation of the historic Salt Lake Mattress Company building, anticipated to include
publicly facing and accessible food, beverage, and retail uses, as well as private spaces for USA
Climbing offices.
3.New construction of an outdoor plaza that will be utilized for USA Climbing-hosted
competitions as well as other non-USA Climbing events (will be designed to accommodate 3,500
– 5,000 spectators). Adjacent building facades will include climbing walls to be used for regular
training and competition events, with secure access controls that allow the public to view the
climbing but prevent general access from the plaza.
Design work is preliminary and if the project moves forward, USA Climbing will work with the Planning
and Building Services Divisions to achieve a design that meets applicable zoning and building code
requirements, in addition to receiving administrative design approval from the RDA. USA Climbing’s
goal is to break ground on the facility in late Summer 2025 and, if feasible, be operational in time to
submit a bid to host the 2027 Climbing World Championships, a qualifying event for the 2028 Los
Angeles Olympic Games. Please refer to Attachment D, Preliminary Project Renderings.
COMMUNITY AND ECONOMIC IMPACT:
In addition to the community benefits described in the “Summary of Key Terms” section below, which
are captured in the proposed term sheet, the project will bring many additional community and economic
benefits to the Rio Grande District, Salt Lake City, and the State of Utah:
•Supported by a $15 million investment from the State of Utah (already appropriated).
•Lends the Rio Grande District an identity and focus that aligns with the natural/cultural context of
Salt Lake City and Utah.
•Will regularly attract visitors to the district during off-peak hours and activate the neighborhood
with ~6-10 large multi-day events per year.
•Provides near-term development activity in the Rio Grande District while developers for other
sites are solicited.
•Will be a catalytic activation to generate excitement for the Rio Grande District project, help
attract developers/tenants, and spur adjacent private landowners to make plans for their
properties.
•Will result in the creation of 50-60 new jobs.
•USA Climbing has an estimated events-related economic impact of ~$300 million over a 10-year
period.
•USA Climbing draws many national and international visitors and brings awareness to Salt Lake
City as a world-class climbing destination.
SUMMARY OF KEY TERMS:
Lease Area
•To include building footprints and setback areas between buildings and adjacent right-of-ways
(approximately 1.12 acres)
•Outdoor plaza area to be leased at no cost (approximately 0.6 acres)
•These areas are highlighted in Attachment D.
Lease Term
•99 years, to commence upon execution of a ground lease agreement
•In last five (5) years of term - option to extend for an additional 50 years at FMV, unless
otherwise negotiated and approved
Lease Rate
•Based on fee simple FMV of lease area multiplied by 5%
•Annual lease rate to be escalated every 5 years based on previous 5 years’ average Consumer
Price Index (CPI), with a minimum escalation of 2% and a maximum escalation of 5% (hereafter
referred to as “escalated annual lease rate”).
Lease Abatement
•The escalated annual lease rate shall be reduced according to the following schedule:
o Years 1-6: USA Climbing will not make any lease payments during the first six years to
account for construction and stabilization.
o Year 7: USA Climbing shall make a payment that is equal to 45% of the escalated annual
lease rate.
o Year 8: USA Climbing shall make a payment that is equal to 50% of the escalated annual
lease rate.
o Year 9: USA Climbing shall make a payment that is equal to 55% of the escalated annual
lease rate.
o Years 10-99: USA Climbing shall make annual payments that are equal to 60% of the
escalated annual lease rate.
Common Area Maintenance (CAM) Fees
•CAM fees will be collected from Rio Grande District developers to contribute to the cost of
maintaining public spaces in the neighborhood, including plazas, park strips, public art,
alleyways, parking facilities, etc.
•Annual CAM fee for USA Climbing will be $1.50/sf of the gross floor area of the project, to be
assessed upon receipt of an occupancy permit.
•The annual CAM fee shall be escalated using the same escalation method as the annual lease rate
and charged at the same reduced schedule used for the lease abatement.
Community Benefits
•The proposed lease abatement is tied to USA Climbing providing certain community benefits and
as such, if they are not provided, the lease rate will increase. A mechanism for this increase will
be specified in a future ground lease agreement.
•Some community benefits are physical improvements that will be memorialized in construction
drawings, development agreements, cost-sharing agreements, and/or use agreements. These
include:
o Activation of the historic Salt Lake Mattress Company Building as described above.
o Design, construction, and management of the outdoor plaza, which will primarily be used
for USA Climbing-hosted events and made available for use by other entities for
additional events. USA Climbing shall allow all reasonable requests by outside parties to
utilize the plaza for special events and shall not charge the City or RDA for use of the
space.
•Other community benefits are programmatic and ongoing in nature and shall be memorialized in
a 5-year community benefits plan that is provided by USA Climbing to RDA staff for their
approval, and which may be amended from time to time with prior staff approval. RDA staff will
present USA Climbing’s informational progress report to the RDA Board of Directors at the
conclusion of each 5-year plan period. At this time, the following benefits have been noted in the
Term Sheet:
o Equitable and inclusive programming that may include offerings such as youth
programming, workforce development opportunities, and access to the facility for
community members who may not otherwise have access to the sport of climbing, based
on income or other key measures.
o Transportation demand management strategies to reduce auto dependency of employees
and visitors and encourage the use of alternative modes of transportation. This may
include discounted day passes for those that utilize public transit, and inclusion of
shower, locker, and bicycle storage facilities.
RDA Participation and Other Obligations
Parking – The RDA is exploring the feasibility of financing and developing a shared parking structure on
the south block of the neighborhood.
•If developed, the RDA will lease parking privileges to interested property owners and tenants,
including USA Climbing.
•If the structure is not completed by the time the USA Climbing facilities are operational, the RDA
shall lease adjacent property to USA Climbing at no cost, to be used as a temporary surface
parking lot. The planned location of the parking structure and temporary lot (if needed) is shown
in Attachment E.
Outdoor Plaza – Prior to construction, USA Climbing and the RDA will determine a cost-sharing
formula and the RDA will reimburse USA Climbing up to $1 million for agreed-upon plaza construction
costs.
Adaptive Reuse of Salt Lake Mattress Company Building – The RDA will reimburse USA Climbing
up to $6 million for design and construction costs associated with seismic upgrades and building
improvements needed to meet minimum building code requirements. After the 2020 earthquake, the RDA
made a significant investment in the stabilization of this historic warehouse with the intent to rehabilitate
and incorporate it into Rio Grande District development.
Demolition of Existing Structures on Site – The RDA will reimburse USA Climbing up to $120,000 for
costs related to the demolition of existing structures on site.
Environmental Remediation – The RDA will reimburse USA Climbing for the cost differential between
disposing of clean soils and contaminated soils that may be encountered on site. It is estimated that these
costs will not exceed $200,000.
Adjacent Public Improvements, Accessible Parking Spaces – USA Climbing will benefit from the
planned Rio Grande District public improvements, to include upgraded utilities, the reconstruction of 300
South, construction of new mid-block street connections and public plazas. It is the RDA’s intent to
coordinate with USA Climbing, the design consultants, and pertinent City divisions when developing the
public improvement plans and construction phasing strategy. The RDA will identify opportunities to
incorporate accessible on-street parking spaces near the project to serve the organization’s paraclimbing
athletes.
Relocation of State Warehouse Users & Art Collection (not in term sheet) – In late 2022, the RDA
purchased multiple State-owned parcels that will make up the future USA Climbing site. As part of that
transaction, the RDA agreed to allow the State’s Department of Cultural & Community Engagement
(C&CE) to continue using the existing warehouse structure, parking lot, and small storage shed on site, as
their future permanent home is currently under construction near the State Capitol building. A handful of
C&CE employees work on site and a historic art collection is housed there. The lease agreement indicates
that this arrangement shall remain in place until 1) C&CE can move into the new facility or 2) through the
end of 2028, whichever comes first. If the RDA desires to redevelop the property before either of the
above milestones are reached, the RDA must work with C&CE to relocate the employees and art to
another site that can accommodate their needs. The RDA and C&CE leadership will work together to
identify potential locations where the art collection and office can be temporarily located until the new
C&CE facilities at the State Capitol are completed, anticipated in Fall 2026.
ASSOCIATED BUDGET IMPACTS:
The table below summarizes RDA budget impacts associated with the USA Climbing project and
attached term sheet. The planned shared parking structure and relocation of the State warehouse users and
art collection are listed separately as outside costs because the parking structure will not solely benefit
USA Climbing, and the State relocation would be a necessary RDA obligation for any redevelopment
project that occurs before 2027.
FINANCIAL USES IMPLEMENTATION RDA
CONTRIBUTION
Outdoor Plaza •USA Climbing will fund design work.
•USA Climbing will fund and implement
construction, with RDA contribution.
•USA Climbing will be responsible for
management.
•RDA will be responsible for maintenance,
utilizing USA Climbing CAM Fees.
$1 million
Adaptive Reuse of SL
Mattress Co. Building
•USA Climbing will fund and implement
construction, with RDA contribution.
$6 million
Demolition •USA Climbing will fund and implement
demolition, with RDA contribution.
$120,000
Environmental Remediation •USA Climbing will fund and implement
remediation work, with RDA
contribution.
~$200,000 (cost
estimate)
TOTAL DIRECT CONTRIBUTION TO USA CLIMBING PROJECT ~$7,320,000
Shared Parking Structure •RDA exploring feasibility of
financing/developing structure.
•USA Climbing will lease future parking
allocation from RDA.
~$31 million
Relocation of State Warehouse
Users & Art Collection
•RDA to work with State of Utah to find
new temporary location until permanent
facility at State Capitol is completed
(currently under construction).
~$523,000 (cost
estimate)
TOTAL OUTSIDE COSTS ~$31,523,000
NEXT STEPS:
It is requested that the Board review the proposed term sheet and consider approving via attached
resolution. If approved, next steps will include the following:
•The RDA and USA Climbing will enter into an exclusive negotiation agreement to memorialize
commitments by both parties until final ground lease and development agreements can be
executed.
•USA Climbing will refine the project design and launch a capital funding campaign to support
construction costs, with the goal of securing permits and breaking ground in late Summer 2025.
•RDA staff will work with USA Climbing to identify and incorporate short-term infrastructure
needs into the larger Rio Grande District public improvements planning, funding, and design
strategy.
•When all conditions have been met (listed in Attachment A, Proposed Term Sheet), the RDA and
USA Climbing will finalize and execute ground lease and development agreements.
PREVIOUS BOARD ACTION:
•On September 15, 2020, the RDA Board allocated $865,000 for the stabilization of the Salt Lake
Mattress Company Building.
•On April 16, 2024, the RDA Board adopted a resolution approving FY2024 Budget Amendment
#2, which allocated $8,100,000 to activities related to Rio Grande District property disposition
and site work.
ATTACHMENTS:
A. Proposed Resolution and Term Sheet
B. Rio Grande District Site Plan
C. Proposed Lease Area
D. Preliminary Project Renderings
E. Proposed Parking Locations
ATTACHMENT A
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO.
Authorizing Lease Rate and Terms for USA Climbing Headquarters and Training Facility
at Approximately 500 West 300 South
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AUTHORIZING LEASE RATE AND TERMS FOR USA CLIMBING
HEADQUARTERS AND TRAINING FACILITY AT RDA-OWNED PROPERTY AT
APPROXIMATELY 500 WEST 300 SOUTH IN THE DEPOT DISTRICT PROJECT AREA.
WHEREAS, the Redevelopment Agency of Salt Lake City (RDA) desires to ground
lease real property located at approximately 500 West and 300 South in Salt Lake City
(Property) for the purpose of redeveloping it in a manner consistent with RDA’s Depot District
Project Area Plan.
WHEREAS, USA Climbing (USAC), a non-profit and national governing body of the
sport of competition climbing in the United States, intends to ground lease the Property from the
RDA and construct their national headquarters and training facility (Project) at the Property. The
Project will also include certain public benefits including equitable and inclusive programming,
transportation demand management strategies, use and activation of the historic Salt Lake Mattress
Company building, and construction of an outdoor plaza to be utilized for USAC-hosted
competitions as well as other non-USAC community events. Certain details of the Project, ground
lease terms, and public benefits are more particularly described on the term sheet attached as
Exhibit A (Term Sheet).
WHEREAS, the RDA is willing to provide USAC a below-market ground lease of the
Property to facilitate the development of the Project in exchange for USAC’s commitment to
develop and maintain the public benefits in the Project as detailed on the Term Sheet.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City that the Board approves the terms outlined on the
Term Sheet for the Project and that the Board authorizes the RDA administration to negotiate the
final agreements consistent with the Term Sheet or more beneficial to the RDA, and execute the
ground lease and any other relevant documents consistent with this Resolution and incorporating
such other terms and agreements as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
day of , 2024.
, Chair
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
EXHIBIT A
TERM SHEET
USA CLIMBING AT RIO GRANDE DISTRICT
Draft Development and Ground Lease Agreement Term Sheet
Purpose
The purpose of ground leasing Redevelopment Agency property to USA Climbing is to help facilitate the
construction of their national headquarters and training facility as well as establish an exciting and
catalytic anchor tenant for the Rio Grande District.
Parties
The Redevelopment Agency of Salt Lake City (RDA) and USA Climbing. USA Climbing is the national
governing body of the sport of competition climbing in the United States. USA Climbing is a non-profit
entity that promotes the disciplines of bouldering, lead and speed climbing, as well as collegiate and
paraclimbing series.
Property to be Leased
A portion of property near the southwest corner of 500 West 300 South, Salt Lake City, Utah 84101. The
lease area shall encompass building footprints, setback areas between buildings and adjacent rights-of-
way, and the outdoor plaza. An approximate depiction of the real property to be leased is shown in Exhibit
A of this document and will be referred throughout as “Lease Area.”
Project Description
The project involves the construction of a headquarters and training facility for USA Climbing, which will
include:
1. New construction of a primary structure that is about 65-75 feet tall with a roughly 45,000 sf
footprint (exact specifications subject to further stakeholder engagement). This structure will
include bouldering, lead, and speed climbing walls, as well as other support uses that are typical
of a climbing facility. Most areas of the facility will be accessible by the community; some spaces
will be reserved for the U.S. National Team’s exclusive use. The exterior building facades will
include climbing walls.
2. Rehabilitation of the historic Salt Lake Mattress Company building, anticipated to include
publicly facing and accessible food, beverage, and retail uses, as well as private spaces for USA
Climbing offices.
3. New construction of an outdoor plaza that will be utilized for USA Climbing-hosted competitions
as well as other non-USA Climbing events (will be designed to accommodate 3,500 – 5,000
spectators).
Lease Terms
1. Term: 99 years, to commence upon execution of a ground lease agreement. Execution of a
ground lease agreement is contingent on both parties satisfying the conditions outlined in the last
section of this document. Ownership of the improvements constructed on the Lease Area will
revert to RDA ownership at the end of the term. In the last five years of the term, USA Climbing
may exercise an option to renew the lease for an additional 50 years. The lease rate for the
additional lease period will be fair market value, unless otherwise negotiated and approved by the
administration and legislative body.
1
2. Lease Rate: As set forth in more detail below, the lease rate will be based on a portion of the fair
market value of the Lease Area and will be increased incrementally over time. The outdoor plaza
space shall not be included in the calculation of the lease rate. Stated another way, the outdoor
plaza shall be leased at no cost.
a. The annual lease rate will be the fee simple, fair market value of the Lease Area (not
including the outdoor plaza space, as determined by an RDA-commissioned appraisal)
multiplied by 5% (Annual Lease Rate). If a ground lease agreement is not executed
within 12 months of the approval of this term sheet by the RDA Board of Directors, the
RDA shall reserve the right to commission an updated appraisal on which the Annual
Lease Rate will be based.
b. The Annual Lease Rate will be increased, or escalated, every five years. This escalator is
based on the average consumer price index (CPI) rate over the previous five years, with a
minimum escalation rate of 2% and a maximum escalation rate of 5%. The first
escalation will take place at the start of the 6th year of the lease and be based on the
average CPI rate calculated for the first 1-5 years of the lease. The Annual Lease Rate,
inclusive of the escalation, shall be referred to as the “Escalated Annual Lease Rate.”
c. The Escalated Annual Lease Rate shall be reduced according to the following schedule:
i. Years 1-6: USA Climbing will not make any lease payments during the first six
years to account for construction and stabilization.
ii. Year 7: USA Climbing shall make a payment that is equal to 45% of the
Escalated Annual Lease Rate.
iii. Year 8: USA Climbing shall make a payment that is equal to 50% of the
Escalated Annual Lease Rate.
iv. Year 9: USA Climbing shall make a payment that is equal to 55% of the
Escalated Annual Lease Rate.
v. Years 10-99: USA Climbing shall make annual payments that are equal to 60% of
the Escalated Annual Lease Rate.
3. Common Area Maintenance (CAM) Fees: CAM fees will be collected from Rio Grande District
property lessees to contribute to the cost of maintaining public spaces in the neighborhood. The
annual CAM fee for USA Climbing will be $1.50 per square foot of the gross floor area of their
project, inclusive of the new structure and the Salt Lake Mattress Company Building (Annual
CAM Fee). Gross floor area shall be interpreted to mean the sum in square feet of all floors of the
building, measured from the exterior face of the exterior walls. The Annual CAM Fee will be
assessed upon USA Climbing receiving its occupancy permit, be charged at the same reduced rate
as the schedule provided in 2.c.i-v, and escalated in the same manner as outlined in 2.b.
4. Community Benefits: During the term of the lease, USA Climbing is committed to providing the
community benefits described below. The lease rate outlined above is tied to USA Climbing
providing these benefits, and as such, should USA Climbing not provide these benefits, the lease
rate will increase as specified in more detail in the agreements.
a. Equitable and inclusive programming that may include offerings such as youth
programming, workforce development opportunities, and access to the facility for
community members who may not otherwise have access to the sport of climbing, based
on income or other key measures.
b. Transportation demand management strategies to reduce auto dependency of employees
and visitors and encourage the use of alternative modes of transportation. This may
2
include discounted day passes for those that utilize public transit, and inclusion of
shower, locker, and bicycle storage facilities.
c. Activation of the historic Salt Lake Mattress Company Building, anticipated to include –
at ground level - food and beverage and retail components that are open and clearly
accessible by the general public during regular operating hours. The second floor will
house private USA Climbing offices and the basement may be utilized for storage.
d. Design, construction, and management of the outdoor plaza, which will primarily be used
for USA Climbing-hosted events and made available for use by other entities for
additional events.
i. Design – USA Climbing shall work collaboratively with the RDA to develop the
design for the outdoor plaza, which shall be incorporated into the construction
drawings for the larger project at USA Climbing’s sole expense.
ii. Construction – The plaza shall be constructed by USA Climbing and built at the
same time as the rest of the project. Prior to construction, USA Climbing and the
RDA will determine a cost-sharing formula and the RDA will reimburse USA
Climbing for agreed-upon plaza construction costs, in an amount not to exceed
$1 million, unless a greater amount is approved by the RDA Board of Directors.
iii. Management – USA Climbing will be responsible for managing the use of the
plaza, for both USA Climbing and non-USA Climbing-hosted events. It is
anticipated that USA Climbing will host six (6) multi-day competition events per
year, in addition to smaller events associated with their programming. USA
Climbing events may take precedence over other plaza uses but when there is no
scheduling conflict, USA Climbing shall allow all reasonable requests by outside
parties to utilize the plaza for special events. USA Climbing shall not charge the
City or RDA for the use of the plaza. Other Rio Grande District property lessees
that contribute to the CAM fund will be charged a reduced rental rate for the use
of the plaza.
iv. Maintenance – USA Climbing shall contribute to a CAM fund that will be
utilized to fund maintenance of the outdoor plaza, as well as other publicly
owned parks, plazas, park strips, public art, alleyways, parking facilities, etc.,
within the neighborhood. CAM fees will also be used to fund enhanced street and
sidewalk maintenance beyond the baseline City maintenance level. The RDA
shall be responsible for implementing maintenance activities funded by the CAM
assessment.
e. Tracking and Reporting. Some of the community benefits described above are physical
improvements that will be memorialized in construction drawings, development
agreements, cost-sharing agreements, and/or use agreements. Others are programmatic
and ongoing in nature and shall be memorialized in a 5-year community benefits plan that
is provided by USA Climbing to RDA Staff for their approval, and which may be
amended from time to time with prior Staff approval. RDA Staff will present USA
Climbing’s informational progress report to the RDA Board of Directors at the conclusion
of each 5-year plan period.
5. Additional Terms:
a. Parking: The RDA is exploring the feasibility of financing and developing a shared
parking structure on the south block of the neighborhood.
3
i. If developed, the RDA will lease parking privileges to interested property owners
and tenants, including USA Climbing, based on operational needs, estimated
demand, and parking management best practices.
ii. If the parking structure is not completed by the time the USA Climbing project is
operational, the RDA shall lease adjacent RDA-owned property to USA
Climbing at no cost for a temporary surface parking lot. USA Climbing shall be
responsible for funding and constructing all site improvements necessary for the
surface parking lot. The planned location of the parking structure and temporary
surface parking lot (if needed) is shown in Exhibit B.
iii. Should the parties need surface parking for an extended period, or if the proposed
temporary parking location becomes unavailable for this use, the parties will
work together to negotiate a solution to accommodate USA Climbing’s parking
needs within one block of their facility, with the goal of ultimately eliminating
the surface parking lot.
b. Salt Lake Mattress Building: As part of the construction of the project, USA Climbing
will take on the responsibility of paying the up-front costs of rehabilitating the historic
Salt Lake Mattress Building. The RDA will reimburse USA Climbing up to $6 million for
design and construction costs associated with seismic upgrades and building
improvements needed to meet minimum building code requirements, unless a greater
amount is approved by the RDA Board of Directors.
c. Demolition of Existing Buildings: The Lease Area currently contains existing structures.
USA Climbing will take on the responsibility of paying the up-front costs of demolition.
The RDA will reimburse USA Climbing up to $120,000 for these costs, unless a greater
amount is approved by the RDA Board of Directors.
d. Contaminated Soil Disposal: It is possible that USA Climbing will encounter soils
contaminated with semi-volatile organic compounds (SVOCs) during excavation for their
building. Potentially contaminated soils should be screened and stockpiled during
excavation and disposed of in accordance with applicable laws. USA Climbing will take
on the responsibility of paying the up-front costs of disposing of contaminated soils, and
the RDA will reimburse USA Climbing for the cost differential associated with
transporting and disposing of contaminated soil versus non-contaminated soil. It is
anticipated that the cost differential will not exceed $200,000.
e. RDA to Develop Certain Adjacent Public Improvements: As part of the planned
redevelopment of the neighborhood, RDA will design and install utilities with increased
capacity to support increased density, reconstruct 300 South between 500 West and 600
West, and extend the City grid by building out new midblock street connections, as
illustrated in Exhibit C. It is the RDA’s intent to coordinate with USA Climbing, the
design consultants, and pertinent City divisions when developing plans for the public
improvements adjacent to USA Climbing’s lease area.
i. Accessible Parking Spaces – The RDA recognizes that USA Climbing works
with paraclimbing athletes who may require special accommodation. As such, the
RDA commits to working with USA Climbing to identify opportunities to
incorporate accessible on-street parking spaces near the project, along the
planned Market Street alignment.
4
Conditions to Execution of Lease and Development Agreements
•USA Climbing to receive approval of these development agreement and lease terms by the RDA
Board of Directors.
•Compliance with all applicable laws and regulations, including any applicable RDA policies such
as the Sustainable Development and Public Art policies. If any waivers of RDA policies are
requested, such waivers must be considered by the RDA Board of Directors.
•The Project shall align with the RDA’s administrative design review process, which shall require
RDA’s review and approval to ensure the design and development plans are consistent with the
term sheet.
•USA Climbing to receive all City approvals required to construct the Project, including obtaining
any necessary zoning approvals from the City’s Planning Division and a will-issue demolition
and building permit from the City’s Building Services Division.
•USA Climbing to provide evidence of insurance in such amounts and coverage as deemed
necessary by the RDA.
•Parties agree on the form of a Development Agreement, which shall include, but is not limited to:
o USA Climbing’s commitment to construct the Project consistent with the RDA Board-
approved term sheet, all City approvals, and a schedule of development.
o An RDA-approved community benefit plan/strategy.
o RDA to approve USA Climbing’s financial sources and uses and firm financial
commitments for sources of funding and donations consistent with the schedule of
development.
o USA Climbing’s commitment to comply with all applicable laws and regulations.
o An obligation for USA Climbing to provide the RDA quarterly progress reports on the
construction of the Project.
o Remedies should USA Climbing not comply with the terms of the Development
Agreement may include, but not be limited to, filing a breach of contract claim,
terminating the ground lease, damages, injunctive relief, or any other remedies available
at law.
•Parties to agree on the form of a Lease Agreement, which shall include, but is not limited to:
o USA Climbing’s obligation to pay the applicable Lease Rate and CAM fees.
o USA Climbing’s commitment to maintain the Project, during the term, consistent with the
RDA-Board approved term sheet.
o USA Climbing shall not be permitted to assign the lease to an unaffiliated entity without
the RDA’s consent, which may be withheld at the RDA’s sole discretion.
o Submission and approval of the community benefits plan.
o An obligation for USA Climbing to provide the RDA annual progress reports on the
performance of the public benefits.
o Continual operation of USA Climbing’s headquarters, outdoor plaza, and activation of the
Salt Lake Mattress Building consistent with the term sheet and the community benefits
plan.
o Remedies should USA Climbing not comply with the terms of the Lease Agreement may
include, but not be limited to, filing a breach of contract claim, terminating the ground
lease, increasing the Lease Rate, damages, injunctive relief, or any other remedies
available at law.
•Receive approval from the RDA and City Attorney’s Office on all matters pertaining to the
legality, sufficiency, and form and substance of all other documents that are deemed reasonably
necessary for the execution of the transaction.
5
Exhibit A: Lease Area
6
Temporary Surface
Parking Lot
Shared Parking
Structure
Exhibit B: Proposed Future Parking Areas
7
Exhibit C: Planned Neighborhood Midblock Street Connections
8
ATTACHMENT B
RIO GRANDE DISTRICT SITE PLAN
ATTACHMENT C
PROPOSED LEASE AREA
ATTACHMENT D
PRELIMINARY PROJECT RENDERINGS
.,.USA
VcuMBING VCBd
',.USA
VcuMBtNG
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VCB
ATTACHMENT E
PROPOSED PARKING LOCATIONS
Page | 1
RDA BUDGET
STAFF REPORT
REDEVELOPMENT AGENCY BOARD of SALT LAKE CITY
TO:RDA Board Members
FROM: Jennifer Bruno, Ben Luedtke and Allison Rowland
DATE:May 21, 2024
RE: Redevelopment Agency (RDA) Budget – FY 2025
BUDGET BOOK PAGES: Key Changes pages 81-90, Department Overview 119-121 and 241-244, Staffing doc: 313
The Redevelopment Agency is a tool of the City, as enabled by State law, that allows for the capture of property
tax increment in defined areas to reinvest back in those same communities. The stated mission of the City’s RDA
is “to revitalize neighborhoods and business districts to improve livability, spark economic growth, and foster
authentic communities, serving as a catalyst for strategic development projects that enhance the City’s housing
opportunities, commercial vitality, public spaces, and environmental sustainability.” Note that the RDA is in the
process of being renamed the Community Reinvestment Agency or CRA to align with state law which is expected
to be completed by the start of the new fiscal year on July 1, 2025.
The Mayor’s FY 2025 Redevelopment Agency Recommended Budget includes tax increment spending in all
project areas for projects, loan funds, as well as department administration. See page 241 of the Mayor’s
Recommended Budget book for an overview of the Department including the full mission statement and core
values. Staff has also included Attachment 1 showing the RDA’s updated guiding framework adopted by the
Board in December 2021, which comprises the mission statement, core values and livability benchmarks. The
total proposed FY 25 budget is $84.7 million which is $3.9 million more (5%) than FY24. RDA
revenue includes property tax increment, loan proceeds, parking garage and commercial space rental revenues,
interest income, an annual transfer from Funding Our Future for affordable housing, and private donations for
the Eccles Theater. The largest non-donation source of revenue by far is tax increment, which will generate
$55.4 million in FY 25 from twelve active project areas (up 18.4% from $46.8 million in FY 24).
The Administration provided the following policy goals for the proposed FY 25 budget:
•“Affordable Housing - In accordance with the FY25 Affordable Housing Funding Priorities, this goal
prioritizes the deployment of the Agency’s housing funds for the development of affordable housing
units targeted for families and the deeply affordable as well as the facilitation of wealth building
opportunities and home ownership.
•Commercial Opportunities – The Agency has been collaborating with City staff in Economic
Development and Housing Stability to inform the Board on existing commercial funding programs prior
to presenting proposed/amended programs to the Board in the coming months. The proposed budget
includes allocations for Commercial Assistance Programs that will be made available as the Agency’s
programs are updated and approved.
Project Timeline:
1st Briefing: May 21, 2024
2nd Briefing: TBD
Budget Hearing: May 21, and June 4, 2024
Potential Action: June 11 or 13 (TBD)
Page | 2
•Infrastructure – The proposed budget includes the allocation of funds for the continued development of
public infrastructure projects such as Folsom Corridor and Japantown, as well as potential
improvements and capital repairs to the Gallivan Center.
•Public Art – The proposed budget also includes allocations of funds across multiple project areas for the
installation of public art. In the 9-Line area, additional funds are requested for the installation of a
second westside public art installation within the project area. Funding allocations have also been
requested for the re-installation of the “Gulls of Salt Lake City” sculpture as well as a public art project
within the CBD area.”
State law requires that tax increment be used within the project area where it was generated unless it is used for
housing affordable at 80% area median income (AMI) or below, or the Board makes a determination that
spending funds outside the project area directly benefits that project area (such as was recently done for
investment in properties around the Smith’s Ballpark). Other agency revenue sources are more flexible and may
be spent outside of project areas for housing and economic development purposes, again within state law
limitations. (These are listed in the Additional Information section below). Some RDA divisions are funded
through pass-through allocations from project areas or other revenue sources (see chart below), which increases
flexibility of those funds but reduces available budget in project areas where they originate.
The proposed budget for the RDA adds one financial analyst FTE for coordinating RDA activities across multiple
project area budgets and funds. This brings the total RDA employee count to 22, and 13 FTEs for Gallivan-
related maintenance and programming. Note: the budget for Gallivan-related maintenance and programming
is now handled in a donation account, which is unique for a public space). Gallivan funding and FTEs were
transferred to the RDA from the Public Services Department in the FY21 annual budget.
The following chart outlines the operating budget for each division of the RDA, and separates those that are
funded through tax increment, and those that are funded through pass-through revenue from project areas:
Page | 3
2024-25
Proposed Dollars %
Centra l Business District $ 24,644,694 $ 29,893,016 $ 5,248,322 21%
Block 7 0 (Eccles Thea ter Block) $ 11,053,759 $ 11,065,164 $ 11,405 0%
Depot District $ 7,227 ,908 $ 7,095,401 $ (132,507)-2%
Granary District $ 1,394,593 $ 1,748,249 $ 353,656 25%
North Temple $ 1,351,992 $ 1,952,466 $ 600,47 4 44%
North Temple Viaduct $ 2 ,7 74,419 $ 3,155,765 $ 381,346 14%
Northwest Quad CRA (North of I-80) $ 1,398,548 $ 2 ,603,998 $ 1 ,205,450 86%
Westside Community Initiative
(I nland Port Legislation set aside for
h ousing )
$ 1,835,469 $ 1,835,469 $ - 0%
Stadler Rail $ 141,2 97 $ 168,744 $ 27,447 19%
State S treet - new in FY 23 $ 5,788,520 $ 6,517,836 $ 729,31 6 13%
9 Line - new in FY 2 3 $ 3,455,989 $ 3,307,218 $ (148,771 )-4%
Block 67 North - new in FY 25 - West
Quarter Block $ 365,771 $ 365,771
West Capitol Hill (no lo nge r c o lle c ting) $ 384,332
Administration $ 4,428,662 $ 5,167,581 $ 738,91 9 17%
Housing Develoment Fund** $ 10,236,967 $ 2 ,902,000 $ (7 ,334,967)-72%
Primary Housing Fund $ 2,394,582 $ 3,602,241 $ 1,207,659 50%
Secondary Housing Fund $ 1,000,000 $ 1,000,000 $ - 0%
Progra m Income Fund $ 1,449,692 $ 1,559,233 $ 109,541 8%
Revolving Loan Fund* $ 2 2 6,7 50 $ 332,400 $ 105,650 47 %
TOTALS $80,803,8 41 $84,656,884 $ 3,853,043 5%
Project Areas - Funded primarily with Tax I ncrement:
Accounts funded internally (with transfers from General Fund or other project areas)
Other
*RDA Staff indicates the "Commercial Assistance Program" line item in many of the project areas
may b e administered through the Revolving Loan Fund although it would be tracked in each project
area.
**The Housing Development Fund was much higher in FY 24 due to one-time infusion of money
from dormant HUD Funds.
Expenditu res by Project Area/Accou n t
Difference2023-24
Adopted
Page | 4
The FY 25 budget continues the process
of bringing budgeting for RDA dollars
into context with other City department
budgets, and it is included in the
Mayor’s Recommended Budget book.
The Department budget is shown in
summary form on page 241, and staffing
document on page 313. Key changes are
listed on pages 80-90.
The RDA budget can have follow-up
discussions through May and June as
needed. It will also have public hearings
on May 21 and June 4, with tentative
adoption scheduled for June 11 or 13.
Central Business
District,
29,893,016
Depot District, 7,095,401
Granary District, 1,748,249
North Temple, 1,952,466
Block 70 , 11,065,164
State Street, 6,517,836
9 Line, 3,307,218
North Temple Viaduct , 3,155,765
Northwest Quadrant CRA,
2,603,998
Stadler Rail, 168,744
Block 67, 365,771
Westside Community
Initiative (Housing $ from
Inland Port), 1,835,469
FY 25 Project Areas
funded through Tax Increment
FY 25 Multi-use Funds - funded
through other sources including
transfers from project areas
Revolving Loan Fund, 332,400
Program
Income
Fund,
1,559,233
Secondary Housing Fund,
1,000,000
Primary Housing
Fund, 3,602,241
Housing
Development
Trust Fund,
2,902,000
Page | 5
KEY ELEMENTS OF THE MAYOR’S FY 2025 RDA BUDGET PROPOSAL
Staff has highlighted key areas of the Mayor’s Recommended FY 2025 RDA Budget:
1.One additional Financial Analyst FTE – The proposed FY 25 budget proposes to add an additional
FTE to assist with financial analysis and tracking within the RDA. The fully loaded (salary and benefits)
annual cost for this FTE is$137,653. The Administration reports the position is planned to be funded for
10 months to recognize the time from job posting to hiring at a cost of $112,211. The Council may wish to
request how this FTE may assist in further coordinating RDA financing with overall City financing plans
for bonding and investment in the City.
2.RDA funding for affordable housing – The Mayor’s Recommended FY 2025 budget reflects a
continuation 0f the policy approach started in FY 20, to streamline affordable housing development
under the RDA and affordable housing programming under the Housing Stability Division of the
Community and Neighborhoods Department. Still, some recent efforts to develop permanent supportive
housing and community land trust activities have been managed in Housing Stability. One of the initial
goals was to create a “one-stop shop” for housing developers seeking financial assistance to deliver
affordable housing, recognizing that the RDA can make affordable housing investments Citywide.
The total housing investment proposed in the FY 25 RDA budget is $9.3 million, a decrease from FY 24
levels (although the FY 24 budget was an anomaly due to the one-time transfer of dormant HUD funds).
It should be noted that the Board could choose to allocate additional funds for housing programs
from any of the project areas (subject to project area regulations), or program income fund. For
example, there are several strategic intervention fund holding accounts that are intentionally flexible
for a variety of potential investment including affordable housing which the Board could instead
dedicate to housing programs. See chart below for more details on distribution of funds:
Annually, the RDA proposes a variety of strategies to implement various housing goals of the City with
its funding sources. The Board adopted the FY 25 strategy in April. See Attachments 2 & 3 for the final
guiding document and strategy. The focus areas for this year are:
a. Wealth Building Opportunity – Facilitate the ability for low-moderate income households
to build wealth through different pathways such as homeownership, supplemental income
opportunities, stipends for renters, cooperative housing, and other wealth building models.
b. Affordable Family Housing w/ Amenities for Children – Provide opportunities for
families to enjoy the many benefits of urban living by encouraging the development of housing
that is more conducive to larger household sizes with at least three or more bedrooms.
Affordable family housing is generally defined as units with three or more bedrooms affordable
to those earning 80% of the area median income (AMI) or below.
c. Deeply Affordable Housing – Expand the availability of units for extremely low-income
households, thereby providing more housing options for individuals or families that are
homeless or at risk of homelessness. Deeply affordable housing is generally defined as housing
affordable to those earning 40% of the area median income (AMI) or below.
d. Neighborhood Commercial and Services - Promote an array of commercial spaces that
support the neighborhoods, such as daycares, restaurants, and retail spaces. This priority
ensures that as housing continues to be built throughout the City, residents and neighbors
continue to have access to neighborhood services and amenities.
e. Expand Opportunity - Provide affordable housing within areas that have access to resources
that may improve a person’s chances of upward economic mobility as identified on RDA’s High
Opportunity Area Map. In previous years, the RDA Board dedicated funding towards areas of
high opportunity. With the majority of that funding expended, including this priority maintains
that the Board wants to see affordable housing expanded to Salt Lake City’s eastside
neighborhoods.
The following chart summarizes the sources and proposed uses in the various accounts:
Page | 6
FY 2024
Adopted
FY 2025
Proposed Change
9 Lin e Project Area ADU fu nds
(capital account continued from FY 24)1,455,680 0
Secon da ry Hou sin g & Develop men t Fu n d (formerly Project Area Hou sin g Fu n d)
Sources
Transfer from Depot District 1,000,000 0 (1,000,000)
Transfer from State Street 0 1,000,000 1,000,000
Uses
Housing Development Loan Program 0 1,000,000 1,000,000
Sunday-Anderson Senior Center 1,000,000 0 (1,000,000)
Total Secon d a ry Hou sin g Fu n d 1,000,000 1,000,000 0
Prima ry Hou sin g & Develop men t Fu n d (formerly Citywid e Hou sin g Fu n d )
Sources
Transfer from Depot 1,084,487 1,238,620 154,133
Transfer from State street 442,381 586,886 144,505
Transfer from 9 Line 265,378 303,072 37,694
Transfer from Granary 220,662 276,886 56,224
Transfer from North Temple 201,743 308,749 107,006
Transfer from NWQ 139,855 250,011 110,156
Transfer from Block 67 North 0 36,577
Loan Repayments 23,567 77,820 54,253
Transfer from Stadler Rail 14,130 16,115 1,985
Transition Holding Account 2,379 507,505 505,126
0 0
Uses 0
Housing Development Loans 1,000,000 2,684,859 1,684,859
Salt Lake School District Housing 380,762 417,382 36,620
Sunday Anderson Senior Center 1,013,820 0 (1,01 3,820)
West Capitol Hill/Arctic Court Infill Housing 0 500,000 500,000
Total Primary Hou sin g & Developmen t Fu n d 2,394,582 3,602,241 794,702
Westsid e Commu n ity I n itia tive (NWQ Hou sin g)
Sources
Increment set-aside from Utah Inland Port Authority 1,401,589 1,835,469 433,880
Transition Holding Account 433,880 0 (433,880)
Uses
Strategic Intervention Holding Account 0 1,000,000 1,000,000
Wealth Building Housing Opportunity (Holding Account)1,135,469 835,469 (300,000)
Wealth Building Housing Opportunity (Neighborworks)700,000 0 (700,000)
Total Westside Commu n ity I n itiative 1,835,469 1,835,469 0
Hou sin g Developmen t Fu n d
Sources
Funding Our Future Housing Transfer 1,840,000 2,590,000 750,000
Loan Repayments 220,953 312,000 91,047
Reallocaiton of excess North Temple Viaduct Increment 1,700,000 0 (1,700,000)
Transfer from Dormant HUD Funds (one-time)6,476,014 0 (6,476,014)
Uses
Competitve Housing Development Loans 7,836,967 902,000 (6,934,967)
ADU Program Incentives (Citywide)1,000,000 0 (1,000,000)
Wealth Building Housing Opportunities 0 2,000,000 2,000,000
Neighborworks Shared Equity Housing Project 1,400,000 0 (1,400,000)
Total Hou sin g Develop men t Fu n d 10,236,967 2,902,000 (719,047)
Total All Hou sing Fu nding 16,922,698 9,339,710 (7,582,988)
RDA Hou sin g Fu n din g
Page | 7
f. Family and Workforce Housing Holding Account – The Administration is proposing a
line item specific to family and workforce housing in the Primary Housing Fund, and has
provided the following additional information:
“This is a separate appropriation that recently started to meet the requirement within
the Interlocal Agreements with the School District for the State Street and 9-Line
project areas. There is not a proposed use for them at this time. They could be
appropriated via Board approval to a HDLP NOFA recommended project that meets the
requirements (similar to how the High Opportunity Funds were utilized). Or they could
be appropriated to a property acquisition or project that is developed intentionally to
meet the requirements.”
The Board may wish to discuss this allocation further with the Administration.
g. Westside Community Initiative – This initiative is funded from the 10% set aside from tax
increment in the Inland Port jurisdictional boundary, as mandated by the State’s Inland Port
enabling legislation. It started receiving revenue in FY 22. The Administration provided the
following information about the “Wealth Building Opportunities” line item within this fund:
“It would be a competitive NOFA for projects that “Facilitate the ability for low-
moderate income households to build wealth through different pathways such as
homeownership, supplemental income opportunities, stipends for renters, cooperative
housing, and other wealth building models.”
3.Administrative Budget – The FY 2025 proposed Administrative budget for the RDA represents an
11% increase ($435,007) over the FY 24 budget. It includes transfers of tax increment revenues from
various project areas to cover the approximately $5.2 million in administrative costs, which includes 1
additional FTE to the central RDA staff and raising the total to 35 FTEs (which includes 13 FTEs relating
to the Gallivan Center). The 13 FTEs related to the Gallivan Center are budgeted in the donation
account, although they are considered under the purview of the RDA, as reflected in the staffing
document. The following charts delineate the sources of funding for the Administrative budget, as well
as the specific uses:
Page | 8
FY 2 02 4
Adopted
FY 2025
Proposed $ Change
%
Change
Central Business District 2 ,464,469$ 2,72 6,570$ 262,101$ 11%
Depot District 813,365$ 928,965$ 115,600$ 14%
Granary District 165,496$ 207,666$ 42,170$ 2 5%
North Temple 100,87 2$ 2 31,561$ 13 0,689$ 130%
North Temple Viaduct
(lim ited to 1 .5% of increm ent)41,616$ 46,796$ 5,180$ 12%
Stadler Rail 7 ,065$ 8,058$ 993$ 14%
Northwest Quadrant CRA
(7.5% of total increm ent set by
agreem ent)139,855$ 250,011$ 110,156$ 79%
State Street 442,381$ 485,760$ 43 ,379$ 10%
9 Line 253,543$ 263,906$ 10,363$ 4%
Block 67 18,288$ 18,288$ n/a
Block 70
(does not allow for
Adm inistrative collection)-$ -$ -$ n/a
NWQ Housing Fund
(10% from I nland Port Area -
not intended for Adm in)-$ -$ -$ n/a
Revolving Loan Fund -$ -$ -$
Program Income Fund -$ -$ -$
Primary Housing Fund -$ -$ -$
Tota l 4,428,662$5,167,581$ 435,007$ 11%
RDA Ad min istra tive Bu d get - Sou rces
Central Business District
53%
Depot District
18%
Granary District
4%
North Temple
5%
North Temple Viaduct
(limited to 1.5% of increment)
1%
Stadler Rail
0%
Northwest Quadrant CRA
(7.5% of total increment
set by agreement)
5%State Street
9%
9 Line
5%
Block 67
0%
Page | 9
a. No official policy guides how much each district contributes to the administrative budget,
although to some extent it is related to available increment. The Central Business District is
typically the largest contributor, although the percentage has varied. In FY 25 it is proposed to
provide 53% of the administrative budget compared to 56% in FY 24 (the CBD project area expires
in 2042). Several recent project areas either cap or prohibit spending project area funds on
Administrative costs (usually as a result of negotiations with various taxing entities). The Board
may wish to ask the Administration to evaluate the overall strategy for funding
the administrative budget in future years, particularly as the Depot District and
Granary District project areas expire in the next couple years which provide 22%
of the total Administrative Budget funding. The Administration has indicated draft
recommendations will be developed for the Board to review. Staff note: there is no
statutory prohibition against using General Fund dollars to fund Redevelopment Agency
employees, since they are City employees. The City’s elected officials could elect to reimburse
RDA for a portion of the housing duties that they perform.
b.Because RDA revenues are estimated and can come in either higher or lower than
projected, the Board may wish to discuss policy guidance on how the RDA should
handle unexpected shortfalls in tax increment revenues, particularly as it relates
to the administrative budget, which is generally a fixed and ongoing cost (salary and
benefits). Staff is inquiring about the level of fund balance remaining after this budget. Board
Members previously expressed interest in aligning project area fund balances with fixed costs and
contractual obligations to ensure sufficient funding is available to cover those expenses if tax
increment significantly decreases in a future year.
RDA Administrative Budget - Uses
FY 2024
Adopted
FY 2025
Proposed Change %
Personal Services - RDA 2,756,779$ 3,170,296$ 413,51 7$ 15%
Operating and Maintenance 375 ,000$ 450,000$ 7 5,000$ 21%
Charges and Services 296,883$ 450,000$ 7 8,323$ 39%
Administrative Fees 1,000,000$ 1,000,000$ -$ 0%
Allocation to fu nd balance -$ 97,285$ -$ 0%
Total RDA Bu dget 4,428,662$ 5,167,581$ 430,007$ 11%
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
4.Redevelopment Agency Capital Project and Holding Account Proposals – The FY2025 RDA budget includes funding for 35 capital
projects and/or capital reserve accounts. Overall funding for RDA capital projects is $29,153,507 across all project areas and funds which is
$4,551,689 more than the adopted annual budget last year. The table below provides a summary of the FY2025 proposed projects, provides a brief
description, the dates that funding was approved by the Board in earlier budget openings, and potential policy questions for the Board to consider.
Holding accounts are sometimes created when the RDA staff recognizes that multiple years of funding are needed to facilitate a major project
(such as the Rio Grande District infrastructure project), or when a proposal is still in the development process (such as the Commercial Assistance
Loan Program).
FY2025 Review of All RDA Account Balances with New Workday Financial System – The Board adopted a FY2023 legislative intent to review all
RDA accounts with positive balances to ensure the projects and programs still align with current Board policy priorities. The City is shifting to a
new financial system called Workday which went live on July 1, 2023, to coincide with the start of FY2024. The Board may wish to ask the
Administration when this review could begin in FY2025.
Advisory Board Review of RDA Capital Project Proposals – The Board may wish to consider whether it would add value to encourage the
Administration, in future years, to have RDA capital project requests go through the same public process/resident advisory board vetting and
recommendations that General Fund CIP applications do. The Board has previously discussed that opportunities to leverage RDA funds with other
City and private resources are enhanced when the information is processed in concert. An alternative approach could be to ask the Redevelopment
Agency Committee or RAC to review and provide funding recommendations to the Board.
Capital Project Accounts Do Not Lapse at End of Fiscal Year – If approved by the Board, then these would be considered capital accounts and
funds would not lapse to the project area’s fund balance if unspent by the end of the fiscal year.
Project Area Project Name FY2025
Proposed Description Policy Questions
Strategic
Intervention Fund
Holding Account
$ 2,540,597
Labeled "Downtown for All" funding for projects
that support families such as daycares,
opportunities for play, and family-sized housing
as well as amenities for every generation of
individuals, families, residents, and visitors.
The Board may wish to ask if there is a
specific project in mind that accomplishes
this goal, and discuss whether these funds
should be kept flexible for a variety of
possible uses. The Board could provide more
specific prioritization of the funds.
Central
Business
District
(subtotal
$3,940,597)Gallivan Center
Playground $ 500,000
A playground for children of all ages. The
project will focus on creating safe, accessible
play structures to enhance the community’s
recreational facilities.
The Board may wish to ask how a playground
was selected as a top priority for Gallivan
Center from the list of nearly 40 projects in
the 20-year Plaza Plan prioritization list?
Page | 11
Project Area Project Name FY2025
Proposed Description Policy Questions
Maintenance and
Repairs of
Gallivan Center
$ 250,000
For capital maintenance of the Gallivan Center
potentially of the structure, parking garage, or
larger amenities. Note there is also $238,733 in
the Program Income Fund for a total of
$488,733 to maintain RDA-owned property at
Gallivan Center.
The Board may wish to ask which capital
maintenance needs are greatest at the
Gallivan Center. In recent years, the Board
has approved multiple appropriations for the
parking garage and staircase.
Japantown Art $ 300,000
Installation of a public art piece with
Japantown. Note there is also $36,577 for this
project in the proposed Block 67 budget.
The Board may wish to ask would these
funds be used for a single large artwork or
spread across multiple smaller projects, and
does the Board want to prioritize either
approach?
CBD Public Art $ 250,000
New public art in the CBD The Board may wish to discuss whether these
funds should be combined with the
$300,000 for Japantown Art, or where else
in the downtown to prioritize new public
artworks.
Japantown
Construction
Documents
$ 100,000
Drafting of construction documents to
implement the Japantown Design Strategy. The
funding will be used to create detailed
construction plans that are crucial for guiding
redevelopment efforts and revitalizing the
neighborhood while honoring its historical
significance.
The Board may wish to continue the
discussion of a potential bond to fund
construction of Japantown improvements.
The total estimated cost was $7,447,172 in
the April 2021 report. However, inflation and
supply chain impacts since then could have
doubled the total cost for all the
improvements.
West Capitol
Hill
(expired
project area;
no longer
collects tax
increment)
Arctic Court Infill
Home
Construction
$ 384,332
Prior year budget amendments redirected funds
from the new infill construction at 524 North
Arctic Court to Marmalade Plaza due to rising
construction costs. Note there is another
$500,000 for the project in the Primary
Housing Development Fund for a total project
cost of $884,332.
Some Board Members previously discussed a
desire to construct an entry-level home,
affordable family-sized home, adding the
property to the City's Community Land
Trust, and why the total project cost exceeds
the median home price in the City by over
$250k.
Page | 12
Project Area Project Name FY2025
Proposed Description Policy Questions
Rio Grande
District
Infrastructure
Improvements
Holding Account
$ 3,705,316
Additional funding for public infrastructure
improvements to the two block Rio Grande
District between 200 South and 400 South and
500 West and 600 West. Improvements include
creation of new street segments to create
smaller block sizes, utility upgrades to allow
greater building densities, and a Festival Street
(300 South) amenities.
The Board approved $3,680,056 for this project
in the FY2024 annual budget.
The Board may wish to ask how the project
would move forward if there isn't enough
property tax increment to cover the total
project cost. 2024 is the final year for the
Depot District to collect property tax.
Commercial
Assistance
Program
Holding Account
$ 500,000
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption. Some prior year
appropriations were repurposed for uses while
the programs are still in development.
The Board may wish to ask whether these
funds may be needed to close the funding gap
for the Rio Grande District infrastructure
improvements (see item above). The Board
may also wish to ask why a new program is
proposed to be created in the final year of the
Depot District's property tax increment
collection, and what could be accomplished.
Depot
District
(Last year of
property tax
increment
collection;
subtotal
$4,705,316)
Home Inn Rio
Grande
Maintenance
$ 500,000
Adds to a reserve account to cover obligated
maintenance and repairs at the Home Inn
property in the Depot District owned by the
RDA. The building provides 50 units of
transitional housing.
The Board may wish to ask if the funding
level would fully meet the estimated cost for
maintenance needs.
Granary
District
(Second to last
year of
property tax
increment
collection)
Commercial
Assistance
Program
Holding Account
$ 1,263,697
This is one of multiple proposed holding
accounts for commercial assistance pilot
programs in different project areas. The
Administration is developing draft policies for
the pilot program that would come to the Board
for review and adoption. The Board approved
$1,003,435 in the FY2024 annual budget for the
same program.
The Board may also wish to ask why a new
program is proposed to be created in the last
two years of the Granary District's property
tax increment collection, and what could be
accomplished.
North
Temple
(subtotal
$1,312,156)
10% School Fund
Holding Account
$ 100,344
Based on an Interlocal Agreement with the SLC
School District, the Agency is obligated to set
aside 10% of the tax increment generated for
improvements that benefit schools served by the
project area.
Page | 13
Project Area Project Name FY2025
Proposed Description Policy Questions
Strategic
Intervention Fund
Holding Account
$ 861,812
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition, public
infrastructure improvements, site development,
etc.
The Board may wish to discuss whether these
funds should be kept flexible for the variety
of possible uses or the Board could provide
more specific prioritization of the funds.
Property Reuse
Planning $ 300,000
Site costs and evaluation of development
options for Agency-owned parcels along the
Folsom Corridor.
City Creek
Daylighting $ 50,000
Concept and feasibility designs for resurfacing
or "daylighting" a portion of City Creek from I-
15 to 1000 West. This project would be adjacent
to the separate Folsom Trail project. Project
goals include increasing access to nature,
improving water quality and mitigating surface
flooding.
The Board may wish to discuss with the
Administration how the project would move
forward if property tax increment is
insufficient to fully fund the total estimated
cost which could be millions of dollars.
Regent Street
Parking Structure
Capital Reserves
Holding Account
$ 100,000
Additional funding to a reserve account to meet
potential obligations in the future that are
required under the contract with PRI which
provides parking for the Eccles Theater. Under
the agreement, the Agency is required to
contribute towards the maintenance and long
term capital repairs of the parking structure.
The Board approved over $365,907 for this
holding account in the last three fiscal years.
The Board may wish to ask when a structural
assessment could be done to determine the
age, remaining useful life, and costs for
major repairs and replacement.
Eccles Theater
Ancillary Spaces
Operating Reserve
$ 475,000
The Board may wish to ask for examples of
when these reserve funds would be used and
whether the amount is sufficient to cover
expenses in the event of an economic
downturn.
Block 70
(subtotal
$780,323)
Eccles Theater
Fundraising
Fulfillment
Reserve
$ 125,000
Project set up to manage various gift
agreements related to the Eccles Theater and
Regent Street.
Page | 14
Project Area Project Name FY2025
Proposed Description Policy Questions
Reinstallation of
"The Gulls"
Sculpture
$ 55,323
Reinstallation of the sculpture, formerly
installed in the façade of the Prudential Federal
Savings building, which is now the Eccles
Theater. The 100 bronze and nickel sculptures
were originally installed in the 1960s.
The Board may wish to ask whether the
funds include fabricating replacements for
the sculptures that disappeared or were
damaged over the years.
Regent Street
Event
Programming
Reserve
$ 25,000
Activation and programming of McCarthy Plaza
and Regent Street. The intent is to leverage
funds with other sources and coordinate efforts
with County operations and theater staff.
Northwest
Quadrant
(subtotal
$353,900)
Shared Costs
Holding Account
$ 353,900
Additional funding to a reserve account for a
portion of the tax increment as approved within
the project area budget. The funds are first
prioritized for redevelopment activities that
benefit the entire NWQ Project Area, are system
wide, or that benefit multiple property owners
or parcels.
If this funding is approved, then the holding
account would have a balance of over $1 million.
State Street
Strategic
Intervention Fund
Holding Account
$ 4,003,894
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition, public
infrastructure improvements, site development,
etc.
The Board may wish to discuss whether these
funds should be kept flexible for the variety
of possible uses or the Board could provide
more specific prioritization of the funds.
9-Line
(subtotal
$2,297,272)
9-Line Public Art $ 300,000
The Board may wish to ask whether these
funds would be combined with the $300,000
for iconic Westside art approved in the
FY2024 budget or would be for separate
projects?
Page | 15
Project Area Project Name FY2025
Proposed Description Policy Questions
Strategic
Intervention
Holding Account
$ 1,994,272
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition, public
infrastructure improvements, site development,
etc.
The Board may wish to discuss whether these
funds should be kept flexible for the variety
of possible uses or the Board could provide
more specific prioritization of the funds.
Some Board Members have expressed a
desire to prioritize additional funding for the
9-Line ADU pilot program which is a
requirement of the interlocal agreement with
Salt Lake County to unlock additional
property tax increment for the project area.
Block 67 Japantown Art $ 36,577
Installation of a public art piece with
Japantown. Note there is also $300,000 for this
project in the proposed Central Business
District budget.
The Board may wish to ask would these
funds be used for a single large artwork or
spread across multiple smaller projects, and
does the Board want to prioritize either
approach?
Demolition of
former Deseret
Industries Site in
Sugar House
$ 500,000
The address is 2234 South Highland Drive. The
Board approved $550,000 for this demolition in
the FY2024 annual budget.
The Board may wish to ask whether the
adjacent old Fire Station #3 would also be
demolished, and whether additional funding
is anticipated to be needed. In the FY2024
annual budget the $550,000 was estimated
to fully fund the project but costs have
doubled.
Program
Income Fund
(subtotal
$738,733)Maintenance and
Repairs of
Gallivan Center
$ 238,733
For capital maintenance of the Gallivan Center
potentially of the structure, parking garage, or
larger amenities. Note there is also $250,000 in
the Central Business District budget for a total
of $488,733 to maintain RDA-owned property
at Gallivan Center.
The Board may wish to ask which capital
maintenance needs are greatest at the
Gallivan Center. In recent years, the Board
has approved multiple appropriations for the
parking garage and staircase.
Primary
Housing
Fund
(subtotal
$3,602,241)
Arctic Court Infill
Home
Construction
$ 500,000
Prior year budget amendments redirected funds
from the new infill construction at 524 North
Arctic Court to Marmalade Plaza due to rising
construction costs. Note there is another
$384,332 for the project in the West Capitol Hill
budget for a total project cost of $884,332.
Some Board Members previously discussed a
desire to construct an entry-level home,
affordable family-sized home, adding the
property to the City's Community Land
Trust, and why the total project cost exceeds
the median home price in the City by over
$250k.
Page | 16
Project Area Project Name FY2025
Proposed Description Policy Questions
Housing
Development
Loans
Holding Account
$ 2,684,859
For inclusion in an upcoming Notice of Funding
Availability (NOFA).
Salt Lake City
School District
Family Sized
Housing
Holding Account
$ 417,382
This set aside for family sized housing is a
requirement of some interlocal agreements
between the RDA and Salt Lake City School
District. These funds could be included in an
upcoming Notice of Funding Availability
(NOFA)
Secondary
Housing
Fund
Housing
Development
Loan Program
Competitive NOFA
Holding Account
$ 1,000,000
Note there are also housing development line
items in other funds. Keeping the accounts
separate is largely to help with tracking and
reporting for compliance. The funds would be
combined and/or added to a competitive Notice
of Funding Availability (NOFA). Note there is
also $902,000 in the Housing Development
Fund for this same NOFA.
Strategic
Intervention
Holding Account
$ 1,000,000
A holding account for multiple potential uses
depending on opportunities that arise in the
project area such as property acquisition, public
infrastructure improvements, site development,
etc.
The Board may wish to discuss whether these
funds should be kept flexible for the variety
of possible uses or the Board could provide
more specific prioritization of the funds. Westside
Community
Initiative
(subtotal
$1,835,469)
Wealth Building
Housing
Opportunities
Holding Account
$ 835,469
The Board approved $1,135,469 for this
program in the FY2024 annual budget. Note
there is also $2 million in the Housing
Development Fund for the same program.
The Board may wish to ask the
Administration for a status update and
timeline of next steps for the program's
implementation, and whether any additional
resources are needed.
Page | 17
Project Area Project Name FY2025
Proposed Description Policy Questions
Housing
Development
Loan Program
Competitive NOFA
Holding Account
$ 902,000
For inclusion in an upcoming competitive
Notice of Funding Availability (NOFA). Note
there is also $1 million in the Secondary
Housing Fund for this same NOFA.
This funding includes $1.7 million from the
North Temple Viaduct transfer to the Debt
Service Fund above the annual bond
payment. The Board recently expressed a
preference that these funds be reinvested
along the North Temple Corridor. The
current proposal is to make the funds
available citywide. The Board may wish to
discuss whether to designate the funds for
housing development along the North
Temple Corridor or use citywide.
Housing
Development
Fund
(subtotal
$2,902,000)
Wealth Building
Housing
Opportunities
Holding Account
$ 2,000,000
The Board approved $1,135,469 for this
program in the FY2024 Westside Communities
Initiative annual budget. Note that WCI
proposed budget also has $835,469 for the same
program.
The Board may wish to ask the
Administration for a status update and
timeline of next steps for the program's
implementation, and whether any additional
resources are needed.
TOTAL $ 29,153,507
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
5.Other policy areas of the FY 2025 RDA budget
a. Program Income Fund – The primary source of funds for this account are revenues
generated from the Gallivan parking structure (approximately $1.2 million per year). The
budget also includes rents for RDA commercial spaces. It is the most flexible funding in the
RDA portfolio, as State law does not place limitations or expectations for how and where funds
are spent. In recent years this account has been used to fill funding gaps for infrastructure
projects in the Central 9th area and Rio Grande District, provided funding to assist with strategic
acquisition along North Temple, as well as provide seed funds for new project areas (9-Line and
State Street). When the Depot District and Granary District expire in the next couple years,
Program Income Fund might be increasingly relied upon to fill the funding gap for the RDA’s
Administrative Budget. This year the Administration is proposing to use these funds as follows:
b. “Strategic Intervention” Holding Accounts – Over the last few budget cycles the Board
has approved several allocations for “Strategic Intervention” in several project areas. RDA Staff
provided the following policy information about goals for these funds. These funds have been
used for timely investments in property purchases (several recent purchases have nearly or fully
depleted existing strategic intervention accounts), along with other uses. The Board must
approve releasing the funds from a holding account for specific uses. The Board may wish to
discuss these line items with more specificity such as prioritizing policy goals for each area,
given the quantity of funds that could build up. The Board could also discuss with the
Administration using some of these funds for affordable housing development.
•The Administration provided this information for general context on this approach:
“The overarching goal of the Strategic Intervention line items within the various funds is to
provide an appropriation into a program that may or may not have a specific project identified
Program Income Fund
Sources
FY 2024
Adop ted
FY 2025
Proposed Change
Parking Structure Income 1,242,336$ 1,290,184$ 47,848$
Rents 161,264$ 229,449$ 68,185$
Loan Repayments 38,640$ 33,600$ (5,040)$
Interest on Loans 7,452$ 6,000$ (1,452)$ -$ Proposed Uses -$
Capital Project - Sugarhouse DI Demo 550,000$ 500,000$ (50,000)$
Gallivan Maintenance & Repairs 214,692$ 238,733$ 24,041$
Charges and Services 355,000$ 457,500$ 102,500$
Operating and Maintenance 330,000$ 363,000$ 33 ,000$
Total Program Income Fu nd 1,449,692$ 1,559,233$ 109,541$
FY 2025 Prop osed
Central Business District
(Identified separately as "Downtown for
Every one" project)
$ 2 ,540,597
Westside Community Initiative $ 1,000,000
North Temple $ 861,812
State Street $ 4,003,894
9 Line $ 1,994,27 2
Tota l $ 10,400,575
Strategic Interven tion Fu n ds
Page | 19
yet. This program’s approved uses include property acquisition, site development costs and
community benefits. If there is an approved project, or projects, within a program
appropriation, those are identified as such. Otherwise, it is anticipated that staff will return to
the Board for approval to appropriate funds to specific projects. “
•The Administration has provided the following additional information about the $2.5
Million “Downtown for All” project in the CBD:
“This Strategic Intervention program appropriation is identified for a “Downtown for All” project
to implement the Mayor’s goal of creating a thriving and equitable downtown. This would
provide funding for projects that support families such as daycares, opportunities for play, and
family-sized housing as well as amenities for every generation of individuals, families, residents,
and visitors.”
c. Commercial Assistance Programs – The RDA Board has allocated money in various
project areas (most of the funding is since the FY 23 budget) for “Commercial Assistance” in a
variety of ways. Because these funds were budgeted in capital accounts they do not lapse to fund
balance. The Board has been meeting with RDA staff to discuss plans for moving forward with
these programs and coordinating the policies with the Economic Development Loan Fund and
Housing Stability Division’s CDBG economic development plans.
d. Transition Holding Accounts and Midyear Budget Amendments – It should be noted
that the Board sometimes approves millions in additional funding for projects and programs in
Commercial Assistance Funding
Ap p rop ria tion Title/District Fisca l Yea r Rema in in g
Amou n t
Commercia l Ad a p tive Reu se Loa n s
Granary District 2023 882,176
Commercia l Assista n ce Reserves
9 Line 2024 500,000
Depot District 2024 500,000
Granary District 2024 1,003,435
North Temple 2024 217 ,318
Program Income Fund 2023 0
State Street 2024 1,239,049
Commercia l Assista n ce Reserves
Tota l 3,459,802
Commercia l Revolvin g Loa n s
Central Business District 2023 568,354
North Temple 2023 18,675
Program Income Fund 2023 811,857
Revolving Loan Fund 2023 2,994,965
Revolving Loan Fund 2024 22 6,750
State Street 2023 500,000
Commercia l Revolvin g Loa n s Tota l 5,120,600
Commu n ity & Cu ltu ra l I n itia tive
Central Business District 2023 338,717
Granary District 2023 67 3,930
Commu n ity & Cu ltu ra l I n itia tive
Tota l 1,012,647
Total Commercial Assistan ce
Fu nding 10,475,225
Page | 20
budget amendments throughout the fiscal year, particularly when the City receives actual tax
increment revenue information from the County in April. Based on feedback from previous
budget years, the Mayor’s Recommended Budget continues an approach called “transition
holding accounts” that carry forward actual property tax increment received (after meeting legal
obligations) to be considered in the next annual budget. This approach is meant to streamline
budgeting by avoiding multiple funding requests for the same projects in the final budget
amendment of the year and in the annual budget. The Council asked for this to be included in
the context of the overall budget discussion so all funding requests and ideas could be
considered in context. The Board may wish to discuss how they would like to
allocate these funds and note that the Mayor’s Recommended Budget proposes
fully using the $3 million available across project areas and funds. The only
limitation on these funds is that they need to be used in accordance with the project area
guidelines.
e. Japantown Investment –
➢The FY 25 budget allocates $100,000 from the Central Business District to facilitate
construction documents for the Japantown Streetscape improvements. The Board has
expressed a desire to see these street improvements happen in the near term, as
discussions are ongoing regarding the investment in the Sports, Entertainment,
Cultural and Convention district. See policy question regarding bonding (via
the City or RDA) for these costs.
➢The FY 25 budget also adds $336,577 between the Central Business District
($300,000) and Block 67 ($36,577) for “Japantown Art”. When combined with
previous years allocation the total available for this purpose is $436,577 (not
including transition holding account funds from FY 24).
f. Property Management and Maintenance Budget. This is a line item that appears in
various project areas and is not covered by the centralized RDA Administrative budget. It
covers things like maintenance, security, and insurance for properties owned or managed by the
RDA. Actual expenditures vary year to year, and any unspent funds lapse to that project area’s
fund balance.
Central Bu siness District 786,303$
Depot 421,999$
Granary 165,086$
North Temple 249,892$
State Street 648,977$
9 Line 276,503$
Primary Hou sing Development Fund 507,505$
Total 3,056,265$
Transition Holdin g Accou nts
FY 2024
Adop ted
FY 2025
Prop osed Change % Change
Central Business District $ 1,000,000 $ 1,127,250 $ 1 27,250 1 3%
Depot District $ 150,000 $ 172,500 $ 22,500 1 5%
Granary District $ 5,000 $ - $ (5,000)-1 00%
North Temple $ - $ 50,000 $ 50,000 n/a
State Street $ - $ 50,000 $ 50,000 n/a
9 Line $ - $ 50,000
Tota l $ 1,155,000 $ 1,449,7 50 $ 294,750 26%
Property Management and Maintenance
Page | 21
•Due to the unique nature of some RDA properties, the RDA obtains insurance
separately from the City’s “self-insured” approach for City properties. The Board
may wish to ask the Administration to evaluate if there are any
opportunities for savings or streamlining in this area for certain RDA
properties.
g. Revolving Loan Fund (RLF) – The FY 2025 budget proposes $345,000 in additional
revenue to lend. The source of funding for the RLF is primarily repayments on loans and
interest earnings. Combined with previous years of funding the Administration indicates that
there is $3.6 million available to lend. The outstanding balance of existing loans being repaid
over the coming decades is over $26 million from 15 loans.
h. Regent Street Maintenance – The Block 70 (Eccles Theater) project area budget includes an
$80,000 ongoing allocation to the City General Fund to cover costs for maintenance of Regent
Street, given the enhanced features of the street are beyond typical City standards, and cost
more than a typical city street to maintain. The Attorney’s Office indicates that tax increment
funds can be used to maintain public infrastructure. The Board may wish to ask the
Administration if this transfer is the long-term plan for maintenance on Regent
Street when the Block 70 CRA ends in 2040, and what the City’s policy may be in
other enhanced-infrastructure areas (e.g., Central Ninth streetscape
improvements, Rio Grande Area festival street the Depot District, daylighting
City Creek near North Temple).
i. Gallivan Employees and Maintenance - The proposed budget continues the management
of the 13 Gallivan employees and maintenance under the RDA (accounting is separated from the
General Fund).
➢The Board may wish to ask the Administration for a review of how this
approach is working compared to the previous approach of managing
those employees in the General Fund (Public Services Department),
particularly as it relates to service level and programming.
➢The Board may wish to use this discussion to inform future policy
discussions, as the Administration has indicated they are exploring
alternative models for programming and maintenance of “enhanced”
public spaces coming to downtown such as Pioneer Park, Main Street
pedestrianization, the Sports, Entertainment, Cultural and Convention
district, and potentially the Green Loop.
j. Trend in Increment Received - During the FY 19 budget cycle the Administration noted
that actual increment received in a number of districts was unexpectedly lower than in previous
years, which did not track with the overall increase in total property valuation in the City and
construction of new buildings in some RDA project areas. Since that time the Administration
worked with County staff and a consultant who have determined that it was an “anomaly,” and
actual revenue received since then tracks more consistently with valuations. For FY 25 the RDA
has continued the practice of projecting tax revenues at roughly 80% of what was actually
received in the previous year, to help account for these potential fluctuations. The below charts
illustrate the fluctuations in tax increment revenue received in selected project areas for Board
context (Central Business District is shown on an independent chart due to the relatively larger
dollar amount differences). This trend information is available for all project areas if the board
is interested.
Page | 22
k. North Temple Viaduct Debt service – The RDA created the North Temple Viaduct project
area specifically to help offset the debt service costs on a City-issued bond to rebuild and shorten
the North Temple Viaduct in 2012, allowing the current TRAX alignment, and to facilitate
development that has now materialized in the adjacent area. All increment except a small
percentage for administration is transferred to the general fund to offset this annual payment.
The chart below provides a summary of tax increment received, annual debt service payment
made by the City and the tax increment as a percentage of those debt payments. In the early
years of this arrangement, the tax increment generated was not sufficient to cover the full debt
service payment, so the general fund covered the remainder. However, starting in FY19, actual
tax increment received exceeded debt service payments. In FY 21, the Board re-purposed this
surplus to re-invest on North Temple in the soon-to-open State Fair Park International Public
Market. In FY 23, the Board approved using the excess $1 million of this available overage to
invest in the Housing Development Fund, to increase the number of affordable units in the City.
In FY 24 this source was used to increase the Housing Development Fund by $1.7 million. With
the calendar year 2024 audit, the Administration will determine if, based on Taxing Entity
Agreements, any of this overage should be paid back to taxing entities.
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5
C E N T R A L B U S I N E S S D I S T R I C T TA X I N C R E M E N T R E V E N U E
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5
TA X I N C R E M E N T R E V E N U E
Depot District State Street North Temple Viaduct Northwest Quadrant CRA State Street 9 Line Block 70 (Eccles)Granary District North Temple
Page | 23
l. Eccles Theater Site Operations & Regent Street Activation – Per the terms of the
operating agreement with Salt Lake County, the City/RDA are responsible for any operating
costs (net of revenues) that the County experiences in operating the ancillary sites around the
Eccles Theater (Black Box, Regent Street Plaza, and Winter Garden). The FY 25 budget
proposes $475,000 for this purpose, which is flat from FY 24. The FY 25 budget also includes
continuing the allocation started in FY 24 for an additional $25,000 to program the McCarthy
Plaza and Regent Street, which the RDA reports to be a very successful endeavor. Consistent
with the Council’s initial goals for the construction of the Eccles Theater, the UPACA Board
continues to ask County staff to find innovative ways to increase programming in the spaces,
with a primary goal of activation rather than purely revenue generation.
m. Block 70/Eccles Theater Debt Reserve – In previous budget years the RDA has funded a
certain reserve to cover debt service for the Eccles Theater, to cover years when tax increment
for the block is insufficient to cover payments (originally projected to be a span of 5-8 years,
depending on projections). As of FY 25, the Finance Department believes the combination of
increment from Block 70 and the current level of debt service reserve is sufficient to cover debt
on the Eccles Theater
GENERAL POLICY QUESTIONS
1.Bonding for catalytic or specific projects – The Board may wish to ask the Administration
whether they have a recommendation for bond-eligible projects in any project area, especially new
project areas like the State Street or 9-Line project areas, given tax increment flow has started. Based on
previous discussions, the Board and Administration agreed that bonding early in project areas, as was
done for Block 70 and Regent Street/Eccles Theater, makes financial sense, since bonding capacity is
maximized early in a project area.
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
North Temple Viaduct Annual Bond Payments by Year and RDA Tax
Increment Contribution
RDA Tax Increment Transfer to General Fund for Debt Service
Total Annual Debt Service Payment for Series 2012A Bond
Tax Increment as Percent of Debt Payment
Page | 24
a. Bonding may also make sense for a project that is of particular immediate interest or
importance to the Board, such as Japantown Street improvements. Given the City’s
favorable interest rates, the Council may wish to initiate this conversation with
the City finance department to conduct an analysis.
b. The City has the ability to issue bonds for projects supported or offset by RDA tax increment
(the North Temple Viaduct rebuild project was financed this way), or it can issue bonds as an
agency (A portion of Eccles theater debt and Regent Street Improvements were financed this
way via Block 70 increment).
2.Project Area/Workload Prioritization – The Board may wish to continue the discussion of project
area and/or staff workload prioritization. Staff is continuing to work on Housing and Transit
Reinvestment Zones (HTRZs), the recent discussions about a Sports, Entertainment, Cultural and
Convention District, and is in continued discussions about new project areas to facilitate developments
around the Granary District, which is soon to expire. The RDA is also continuing property disposition
work in three expired project areas that no longer collect tax increment to offset these costs (Sugar
House, West Capitol Hill, and West Temple Gateway). RDA staff also is critical to the City’s efforts
during State legislative discussions about changes to the City’s development tools, which is an increasing
workload compared to previous years. Affordable housing development in the City is also an overarching
workload handled by RDA staff, as is work on some of the programs approved by the Board in recent
years, such as the ADU program. In January 2020 the Board approved two resolutions establishing
survey boundaries for potential Community Reinvestment Areas at the University of Utah Research
Park, and discussions are ongoing. The two new FTEs added in FY2023 and the new financial analyst
FTE proposed in FY2025 may help with this increased workload, but the Board may wish to have
additional discussions.
3.Public/Private Partnership Models and proposals with alternate governance models - As
the City and RDA consider the public-private partnership ideas that are periodically raised, the
Board/Council have shared feedback that they prefer to keep elected officials in the appropriate policy-
making and budgetary role. The Board/Council may wish to formalize this feedback in a policy
document to guide future administrative conversations about alternate governance and management.
Prior to adopting a policy, the Board could request a comprehensive review of these different models to
identify pros and cons and establish role clarity, transparency expectations, and staff accountability
upfront.
4.Consistency between RDA and City Policies – Currently the Board adopts policies to guide RDA
investment that typically mirror City policies, although in some cases they are different and/or more
targeted to RDA activities. The Board could adopt a blanket policy indicating that if the RDA does not
have a policy for a given area, City policy applies.
5.Fund Balances for Project Areas with Ongoing Funding Obligations – The Board may wish to
review with the Administration the levels of fund balances (“savings accounts” or “cash reserves”) for
project areas with ongoing obligations such as the Central Business District which has bond debt service
payments and agreements (such as Eccles, Regent Street, and Gallivan) and significantly contributes to
the RDA’s annual administration costs. Finance is working with the RDA staff to provide cash balance
amounts for each project area.
6.Pooled Resources vs. Project Area Resources – Some initiatives and projects previously funded
with RDA tax increment have been funded by transferring funds out of one project area, into a pooled
account, such as the Primary Housing Fund or Revolving Loan Fund (via appropriation from Fund
Balance). Because these accounts are flexible in terms of serving all project areas, this allows for a
project area with limited tax increment to complete projects it might otherwise not be able to afford.
Page | 25
There are not clear guiding policies that would help determine when it is appropriate to use this
approach for a given project or initiative, but in the past it has enabled the RDA to respond to unique
opportunities and projects.
ADDITIONAL & BACKGROUND INFORMATION
1.Gallivan Utah Center Owners Association (GUCOA) - GUCOA is the managing agency for the
entire block through Covenants, Conditions & Restrictions (CCRs) and is responsible for maintenance
and programming. The RDA is the majority owner (over 51%). The CCRs originally contemplated a
contractor to provide maintenance and programming which has been provided by the Public Services
Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming, and events. The programming
contract has requirements for a set number of events that must be open to the public annually. Gallivan
also provides many free events to activate the space consistent with the Council/Board’s public policy
goals for downtown.
2.Project Area Expiration Dates -Project areas have a designated expiration (aka sunset) date. State
law allows RDAs to continue spending tax increment already collected in expired project areas such as
Sugar House. Sometimes project areas can be extended/renewed for a longer length which happened to
the Central Business District. The table below summarizes project area timeframes from creation to
expiration.
Project Area Initial Collection
Year
Last Collection
Year
Central Business District*†1983 2042
West Capitol Hill**1998 2022
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2039
North Temple Viaduct CDA 2012 2037
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2040
Stadler Rail 2019 2038
Block 67 2021 2040
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
†In October 2021 the Board approved two-year extensions for these project areas. State law
was changed to allow extensions for projects areas negatively impacted by the COVID-19
pandemic
3.Statutory Definition of Project Area Development (Utah Code 17C-1-102(48)) - The section
of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board,
encourages, promotes, or provides development or redevelopment for the purpose of implementing
a project area plan, including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or
improvements;
Page | 26
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating
environmental issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including
recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing
structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
Note: in the 2022 legislative session some changes were made to limit a taxing entity’s ability to invest in
certain retail uses in HB 151 – in summary it it prohibits a city or its RDA from making or entering into an
agreement to make certain incentive payments for retail facilities. While retail incentives are limited, there
some exceptions, including:
-census tract areas with the median income below 70% AMI (to ease food and service deserts, etc),
-mixed use developments with a certain amount of housing units, or 10% of the units being affordable,
-retail facilities under 20,000 sqft, retail for small businesses, etc.
- Incentives can still be used for public infrastructure, structured parking, main street or historic
programs, and environmental mitigation.
-If incentives for retail developments are used, a report must be issued to GOEO.
-If a taxing entity violates any of the incentives restrictions or doesn't submit a report, GOEO can send
a notice to the state auditor. There is still the ability to cure the problem or appeal the determination
of GOEO.
ATTACHMENTS
1. Attachment 1 - RDA Guiding Framework Transmittal December 2021 (Mission, Core Values and
Livability Benchmarks)
2.Attachment 2 – Presentation on Housing Funding Priorities for FY 25
3.Attachment 3 – Transmittal: Housing Funding Priorities for FY 25
Exhi bi t A t o t he Re s ol ut i on
Guiding Fra me work
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mis s ion and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, s ocia l, and physical outcomes expected of RDA
projects and partnerships.
MIS S ION:The Redevelopment Agency of Salt La ke City strengthens neighborhoods and business districts to improve livability, create economic opportunity and
fos ter authentic, equitable communities, s e rving as a catalyst for strategic development projects that enhance the City’s housing opportunities,
comme rcial vita lity, public spaces, and environmental s us tainability.
VALUES :Economic Opportunity-Equity & Inclus ion-Neighborhood Vibrancy-
We inves t in the long-term prosperity and growth We prioritize people-focused projects and We cultivate distinct and livable places that are
contextually sensitive, durable, connected, and
sustainable.
of our local economy.programs that encourage everyone to
participate in and be ne fit from development
decisions that shape their communities.
PROJ ECT EVALUATION PROCESS: The RDA prioritize s projects that demonstrate a commitment to the Mis s ion and Values, evaluating projects via three steps, which answer the
following questions: 1.) Doe s the project meet the minimumTHRESHOLDS required for RDA pa rticipa tion? 2.) To wha t degree does the project be ne fit the public by achieving
de fine d LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Doe s the project meet the CRITERIAoutlined in e xis ting RDA progra ms and policie s , such as the
RDA Loan Program or Tax Increment Reimbursement Program?
Alignme nt with adopted City policies &plans
Alignme nt with RDAProject Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 1:
THRESHOLDS
Economic Opportunity Equity & Inclus ion
Tra ns it Opportunities
Mixe d-Income Neighborhoods
Neighborhood Safety
Community Engagement &Support
Hous ing for Everyone
Dis place me nt Mitiga tion
Neighborhood Vibrancy
Public Space
Public Art
Architecture &Urba n Des ign
Sustainability
Wa lka bility
Building Preservation, rehabilitation, or
adaptive reuse
Le ve ra ging
Time line s s
Return of Investment
Permanent Job Creation &Retention
Afforda ble Commercial Spaces
Owne rs hip
Step 2:
LIVABILITY
BENCHMARKS
Afforda ble Hous ing Preservation
Mis s ing Middle &Unique Building Type s
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies , programs and procedures
*Spanning a 1-3 year time frame, Project Are a Work Plans identifyredevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule &budget for each project. The Project Are a Work Plans
will be based on relevant City policies and plans and the Project Are a Plans that we re adopted when the project area was created and will provide direction for the annual RDA budget process.
11.24.21
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DATE: March 29, 2024
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Senior Project Managers
RE: FY 2024-25 Annual Housing Funding Priorities
REQUESTED ACTION: Consider adoption of a resolution to establish the FY 2024-25 Housing
Funding Priorities
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City’s (“RDA”) Housing
Development Loan Program (“HDLP”) policy requires that the RDA Board of Directors (“Board”)
approves housing funding priorities (“Funding Priorities”) on an annual basis. These Funding Priorities
guide the upcoming fiscal year’s housing activities including the requirements of the HDLP's competitive
affordable housing notice of funding availability (NOFA).
At their March 2024 meeting, the Board reviewed and discussed potential Funding Priorities for the
upcoming fiscal year 2024-2025 (“FY 25”). More detail regarding the information presented at this meeting
can be found within the March RDA Board Memo. The Board seemed to come to a consensus regarding
the approval of four priorities including:
• Wealth Building Opportunity
• Affordable Family Housing with Amenities for Children
• Deeply Affordable Housing
• Neighborhood Commercial and Services
In March 2024, the Board expended nearly all of the remaining high opportunity area funds, which are
focused on incentivizing affordable housing in high opportunity areas (east side of Salt Lake City). Since
these funds are no longer available, RDA Staff wanted to check if the Board would be interested in adding
an Expand Opportunity priority to the list above that could further incentivize affordable housing in high
opportunity areas. A map of the high opportunity areas has been included under Attachment A.
This memo outlines the intent of each of the four Funding Priorities and a potential fifth priority if the
Board would like to include. Two resolution options are included under Attachment B for the Board’s
consideration to approve the FY 25 Funding Priorities.
1
ANALYSIS:
FY 25 Annual Housing Funding Priorities. The intent of each priority that will be used to guide housing
decisions throughout the upcoming fiscal year are described below.
1. Wealth Building Opportunity – Facilitate the ability for low-moderate income households to build
wealth through different pathways such as homeownership, supplemental income opportunities,
stipends for renters, cooperative housing, and other wealth building models.
2. Affordable Family Housing – Provide opportunities for families to enjoy the many benefits of
urban living by encouraging the development of housing that is more conducive to larger household
sizes that have at least three or more bedrooms and includes family-oriented amenities.
3. Deeply Affordable Housing – Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are homeless or at
risk of homelessness. Deeply affordable housing is generally defined as housing affordable to those
earning 40% of the area median income (AMI) or below.
4. Neighborhood Commercial and Services – Promote an array of commercial spaces that support the
neighborhoods, such as daycares, restaurants, and retail spaces. This priority ensures that as
housing continues to be built throughout the City, residents and neighbors continue to have access
to neighborhood services and amenities.
5. Potential Priority: Expand Opportunity – Provide affordable housing within areas that have access
to resources that may improve a person’s chances of upward economic mobility as identified on
RDA’s High Opportunity Area Map. In previous years, the RDA Board dedicated funding towards
areas of high opportunity. With the majority of that funding expended, including this priority
maintains that the Board wants to see affordable housing expanded to Salt Lake City’s eastside
neighborhoods.
Housing Development Loan Program – Competitive NOFA. To utilize the competitive HDLP notice of
funding availability (NOFA) to promote the Funding Priorities, RDA staff recommends making affordable
family housing with amenities for children and/or deeply affordable housing into thresholds requirements
in order for a project to be eligible for funding. To meet the family housing threshold, at least 10% of a
project’s units must have three or more bedrooms and be affordable to households earning 60% of the area
median income as established by the U.S. Department of Housing and Urban Development (“HUD”). To
meet the deeply affordable housing threshold, at least 10% of a project’s units must be affordable to those
earning 40% AMI or below as established by HUD. Similar to previous years, the priorities the Board
approves for the upcoming fiscal year will be weighted more in scoring than other benchmarks. Projects
will also be eligible for interest rate reductions for meeting other RDA benchmarks as outlined in the
HDLP guidelines.
FY 25 Housing Fund Projections. RDA staff will share the housing fund projections for the upcoming
fiscal year when it becomes available.
2
NEXT STEPS:
• Pursuant to the Housing Development Loan Program Policy, the Board may wish to consider the
adoption of the attached resolution to approve the Funding Priorities for FY 25.
• RDA staff will present proposed funding allocations to housing activities as a part of the FY 25
budget discussion.
ATTACHMENTS:
Attachment A - High Opportunity Area Map and Table
Attachment B – Resolution Options: FY 25 Affordable Housing Funding Priorities Resolution
3
ATTACHMENT A – HIGH OPPORTUNITY AREA MAP
High opportunity areas are geographical locations within the city that provide conditions that expand a person’s
likelihood for social mobility. These areas have been identified through an analysis of a variety of economic,
housing, health, and community metrics. With these multiple indicators, a single composite, or standardized score
is calculated for each census tract. Scores may range from 0 to 10, with 1 indicating low opportunity and 10
indicating high opportunity.
A Census Tract with an Opportunity Index score of 7 or higher shall be designated as an Area of High Opportunity.
HIGH OPPORTUNITY AREA MAP
4
HIGH OPPORTUNITY AREA TABLE
SCORING NOTES
The High Opportunity Index uses an eleven-point rating scale to evaluate metrics associated with high economic
opportunity by census tract. Scores 0-2 indicate very low opportunity, 3-4 indicates low opportunity, 5-6 indicate
moderate opportunity, 7-8 indicate high opportunity, and 9-10 indicate very high opportunity.
For the methodology, scoring for the Opportunity Index was done by evaluating each tract on the variables in
Attachment A as compared to other census tracts in the city. A normalization formula is used to establish the
thresholds for scoring in 11 equal scoring ranges (0-10). Each tract’s normalized scores for all variables were then
multiplied by their determined weight and aggregated. The aggregate scores are then put through the same
normalization formula to determine the overall Opportunity Index score.
Tract Opportunity
Index Score Tract Opportunity
Index Score
1001 3 1028.01 2
1002 5 1028.02 4
1003.06 3 1029 2
1003.07 2 1030 6
1003.08 1 1031 8
1005 1 1032 6
1006 0 1033 7
1007 5 1034 8
1008 5 1035 7
1010 8 1036 10
1011.01 6 1037 8
1011.02 9 1038 7
1012 8 1039 7
1014.01 3 1040 9
1014.02 4 1041 8
1015 8 1042 9
1016 6 1043 6
1017 8 1044 7
1018 4 1047 8
1019 7 1048 5
1020 6 1049 5
1021 7 1118.02 6
1023 5 1140 6
1025.01 4 1141 7
1025.02 6 1145 1
1026 3 1147 3
1027.01 3 1148 8
1027.02 1
5
ATTACHMENT B – RESOLUTIONS: FY 25 AFFORDABLE HOUSING FUNDING
PRIORITIES RESOLUTION
6
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2024-25 Affordable Housing Funding Priorities
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR
2024-25
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(Board) adopted the Housing Funds Allocation Policy and the Housing Development Loan
Program Policy, which provide that the Redevelopment Agency of Salt Lake City (RDA) will
present to the Board an overall funding strategy and specific funding priorities (Funding
Priorities) for how housing monies should be allocated to the housing funds and housing loan
program for the upcoming fiscal year.
WHEREAS, the Housing Development Loan Program Policy provides that the specific
Funding Priorities shall be subject to approval by the Board.
WHEREAS, the Board desires to adopt the Funding Priorities identified in this
resolution to direct resources for the development of affordable housing for fiscal year 2024-25.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the
Redevelopment Agency of Salt Lake City hereby adopt following Funding Priorities for fiscal year
2024-25:
Funding Priority Objective
Deeply Affordable Housing
Threshold requirement for Housing
Development Loan Program applications
Expand the availability of units for extremely
low-income households, thereby providing
housing options for individuals or families that
are homeless or at risk of homelessness.
Affordable Family Housing with
Amenities for Children
Threshold requirement for Housing
Development Loan Program applications
Provide opportunities for families to enjoy the
many benefits of urban living by encouraging
the development of housing that is more
conducive to larger household sizes that have
at least three or more bedrooms and includes
family-oriented amenities.
Wealth Building Opportunity Facilitate the ability for low-moderate income
households to build wealth through different
pathways such as homeownership,
supplemental income opportunities, stipends
for renters, cooperative housing, and other
wealth building models.
Resolution - Option A
7
Neighborhood Commercial and
Services
Promote an array of commercial spaces that
support the neighborhoods, such as daycares,
restaurants, and retail spaces.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2024.
________________________________
Alejandro Puy, Chair
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
8
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2024-25 Affordable Housing Funding Priorities
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR
2024-25
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(Board) adopted the Housing Funds Allocation Policy and the Housing Development Loan
Program Policy, which provide that the Redevelopment Agency of Salt Lake City (RDA) will
present to the Board an overall funding strategy and specific funding priorities (Funding
Priorities) for how housing monies should be allocated to the housing funds and housing loan
program for the upcoming fiscal year.
WHEREAS, the Housing Development Loan Program Policy provides that the specific
Funding Priorities shall be subject to approval by the Board.
WHEREAS, the Board desires to adopt the Funding Priorities identified in this
resolution to direct resources for the development of affordable housing for fiscal year 2024-25.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the
Redevelopment Agency of Salt Lake City hereby adopt following Funding Priorities for fiscal year
2024-25:
Funding Priority Objective
Deeply Affordable Housing
Threshold requirement for Housing
Development Loan Program applications
Expand the availability of units for extremely
low-income households, thereby providing
housing options for individuals or families that
are homeless or at risk of homelessness.
Affordable Family Housing with
Amenities for Children
Threshold requirement for Housing
Development Loan Program applications
Provide opportunities for families to enjoy the
many benefits of urban living by encouraging
the development of housing that is more
conducive to larger household sizes that have
at least three or more bedrooms and includes
family-oriented amenities.
Wealth Building Opportunity Facilitate the ability for low-moderate income
households to build wealth through different
pathways such as homeownership,
supplemental income opportunities, stipends
for renters, cooperative housing, and other
wealth building models.
Resolution - Option B
9
Neighborhood Commercial and
Services
Promote an array of commercial spaces that
support the neighborhoods, such as daycares,
restaurants, and retail spaces.
Expand Opportunity Provide affordable housing within areas that
have access to resources that may improve a
person’s chances of upward economic mobility
as identified on RDA’s High Opportunity Area
map.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2024.
________________________________
Alejandro Puy, Chair
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
10
Annual
HOUSING
FUNDING
PRIORITIES
Fy 2024-25
APRIL 16, 2024
HOUSING
DEVELOPMENT
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
SECONDARY
HOUSING
FUND
ADOPTED Q1 2021 YEARLY BOD APPROVAL
PRIMARY
HOUSING
FUND
HOUSING ALLOCATION
FUNDS POLICY
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
This policy
established guidelines
for allocating/directing
resources for housing
by funding source.
Also requires "Annual
Housing Funding
Strategy" (right) be
brought in front of
Board every year.
To be included
in RDA budget
For your approval
today
To be included
in RDA budget
WEALTH
BUILDING
OPPORTUNITY
recommended annual housing priorities
Priorities to focus on this FY; Seeking Board feedback today
AFFORDABLE
FAMILY
HOUSING w/
AMENITIES for
CHILDREN
DEEPLY
AFFORDABLE
HOUSING
NEIGHBORHOOD
COMMERCIAL
AND SERVICES
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
EXPAND
OPPORTUNITY
UPDATED HIGH OPPORTUNITY AREA MAP
2
3
4
5
6
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates (1,2, 3, 4)
Salt Lake County Assessor (5)
CoStar Group (6)
HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED WITHIN
SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME HOUSEHOLD MAKING LESS
THAN $50K HAVE DECREASED.
NUMBER OF COMMERCIAL PARCELS HAVE DECREASED WITHIN SALT LAKE CITY
COMMERCIAL GROWTH RATE IS SLOWING, WHILE OCCUPANCY AND LEASE RATES
HAVE INCREASED
PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 2018
AT LEAST 8,431 RENTING HOUSEHOLDS FALL IN THE "EXTREMELY LOW INCOME” LIMIT
SET BY HUD FOR FY23.
1 HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTAL RATE
Data - other metrics
Data - current and future slc deed-restricted affordable housing developments map
LAND
ACQUISITION/
DISPOSITION
HOUSING
DEVELOPMENT
LOAN
PROGRAM
EQUITY
BUILDING
NOFA
recommended housing ACTIVItIES
Tools/programs by which to achieve Priorities; Seeking Board feedback today
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
housing ACTIVItIES
Housing Development Loan Program
Competitive NOFA
Require affordable family housing and/or deeply
affordable housing as threshold
Utilize interest rate reduction benchmarks for
competitive NOFA (Alignment with RDA's Guiding
Framework); annual priorities will have greater
ranking weight
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13I03I5I&4
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
HOUSING
DEVELOPMENT
FUND
SECONDARYPRIMARY
WESTSIDE
COMMUNITY
INITIATIVE
FUND
housing fund
allocations
FY25 ANNUAL HOUSING FUNDING STRATEGY
ANNUAL HOUSING
PRIORITIES
HOUSING
ACTIVITIES
NEIGHBORHOOD
COMMERCIAL
AND SERVICES
DEEPLY
AFFORDABLE
HOUSING
WEALTH
BUILDING
OPPORTUNITY
AFFORDABLE
FAMILY
HOUSING
HOUSING
DEV. LOAN
PROGRAM
LAND
ACQUISITION/
DISPOSITION
EQUITY
BUILDING
NOFA
EXPAND
OPPORTUNITY
next steps
The RDA Board may wish to consider the adoption of the FY 25
Annual Housing Priorities
RDA staff will present proposed funding allocations to housing
activities as a part of the FY 25 budget discussion
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
Redevelopment Agency FY24-25 Budget
Presented by Danny Walz
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Redevelopment Agency Funds
2
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legal 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)
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)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Agency Budget Process
=-
•Tax Increment Revenue
•Loan Payments
•Rent Payments
•Parking Structure Income
•Interest from Investments
•Internal Fund Transfers
•External Fund Transfers
•Transition Holding
Account
•Tax Increment
Reimbursements
•Taxing Entity Payments
•Primary Housing
Contributions
•Debt Service
•Contractual Obligations
•Property Management &
Maintenance
•Administrative and
Operating Expenses
•Proposed Programs and
Projects
Revenue Sources Obligated Expenses Discretionary Expenses
3
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Overview of Expense Changes by Fund
4
FY24 Proposed
Changes
FY25
Recommended
FTE: 21 FTE: +1 FTE: 22
Fund Type Fund Name
FY 2024 Adopted
Budget Change
FY 2025
Recommended
Budget
Project Area Central Business District 24,644,694 5,248,322 29,893,016
Block 70 11,053,759 11,405 11,065,164
Depot District 7,227,908 (132,507)7,095,401
Granary District 1,394,593 353,656 1,748,249
North Temple 1,351,992 600,474 1,952,466
North Temple Viaduct 2,774,419 381,346 3,155,765
Stadler Rail 141,297 27,447 168,744
9-Line 3,455,989 (148,771)3,307,218
State Street 5,788,520 729,316 6,517,836
Northwest Quadrant 1,398,548 1,205,450 2,603,998
Block 67 North 0 365,771 365,771
West Capitol Hill 0 384,332 384,332
Housing Primary Housing 2,394,582 1,207,659 3,602,241
Secondary Housing 1,000,000 0 1,000,000
Housing Development Fund 10,236,967 (7,334,967)2,902,000
Westside Community Initiative 1,835,469 0 1,835,469
Multi-Use Program Income Fund 1,449,692 109,541 1,559,233
Revolving Loan Fund 226,750 105,650 332,400
Operations Redevelopment Agency Operations 4,428,662 641,634 5,070,296
Total 80,803,841 3,755,758 84,559,599
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Organizational Chart
5
REDEVELOPMENT AGENCY
DIRECTOR
GALLIVAN
STAFF
(12 POSITIONS)
GALLIVAN
DIRECTOR
OFFICE
FACILITATOR
OFFICE
MANAGER
RDA DEPUTY
DIRECTOR
COMM/
OUTREACH
COORDINATOR
COMM/
OUTREACH
MANAGER
SR. PROJECT
MANAGER
SR. PROJECT
MANAGER
SR. PROJECT
MANAGER
PROJECT
MANAGER
PROJECT
MANAGER
PROJECT
COORDINATOR
SR. PROJECT
MANAGER
SR. PROJECT
MANAGER
PROPERTY
MANAGER
PROJECT
MANAGER
PROJECT
MANAGER
PROJECT
COORDINATOR
FINANCIAL
ANALYST
DATA
MANAGER
SPECIAL
PROJECTS
FINANCIAL
ANALYST
REVENUE PROJECTIONS
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Project Area Tax Increment Revenue
7
Fund 2020-A 2021-A 2022-A 2023-A 2024-B 2024-A 2025-B %
Central Business District 32,241,850 31,160,698 29,210,363 25,941,783 24,644,694 27,265,707 27,265,707 0%
Depot District 5,331,207 5,375,538 5,165,393 5,316,113 5,422,435 6,071,665 6,193,098 2%
Granary District 737,929 926,661 975,276 1,081,675 1,103,309 1,357,286 1,384,433 2%
Block 70 2,151,501 2,145,823 2,156,531 1,925,503 1,829,228 2,133,992 2,133,992 0%
North Temple 526,266 633,123 674,845 988,936 1,008,715 1,513,475 1,543,745 2%
North Temple Viaduct 1,550,077 2,100,528 2,573,995 2,720,019 2,774,419 3,058,618 3,119,790 2%
West Capitol Hill (113,393) 526,903 - - - - -
Northwest Quadrant 197 1,684,441 1,035,350 1,371,125 1,398,548 2,451,087 2,500,109 2%
Stadler Rail 69,903 101,927 108,334 138,526 141,298 157,991 161,151 2%
9-Line - - 1,871,603 2,601,746 2,653,781 2,971,289 3,030,715 2%
State Street - - 3,289,619 4,337,070 4,423,811 5,753,783 5,868,859 2%
Block 67 North - - - - - 358,599 365,771 2%
Total 42,495,537 44,655,642 47,061,309 46,422,496 45,400,237 53,093,492 53,567,370 1%
A = Actual | B = Budget | F = Forecast
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
200,220
229,449
561,600
1,290,184
1,835,469
2,590,000
3,056,265
3,210,658
53,567,370
Loan Payments - Interest
Rents
Loan Payments - Principal
Parking Structure Income
Inland Port Housing
Funding Our Future
Transition Holding Account
Interest from Investments
Tax Increment
Revenue & Other Sources
Estimated Revenue*
66,541,215
*Excluding internal transfers
8
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Housing Fund Revenue & Other Sources
9
$1MM– Supplemental Transfer from SS to 2H
507,505
2,590,000
113,820
276,000
1,835,469
16,115
36,577
250,011
276,886
303,072
308,749
1,238,620
1,586,886
Transition Holding Account
Funding Our Future
Loan Payments - Interest
Loan Payments - Principal
Inland Port Housing
Stadler Rail
Block 67 North
Northwest Quadrant
Granary District
9-Line
North Temple
Depot District
State Street
R
e
v
e
n
u
e
I
n
t
e
r
n
a
l
T
r
a
n
s
f
e
r
Estimated Revenue*
9,339,710
*Including internal transfers
EXPENSE PROJECTIONS
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
417,382
2,599,534
5,167,581
8,477,030
180,000
250,000
363,000
385,447
417,382
454,244
591,807
636,577
1,849,750
3,108,969
3,468,976
9,644,668
12,441,752
School District Required Family & Workforce Housing
Primary Housing Fund
Administration (Agency Operations) Fund
Internal Transfers - Debt Service
Eccles - Maintenance & Repairs
Gallivan - Programming
Operating & Maintenance
Gallivan - Administration Assessment
School District Required Family & Workforce Housing
Infrastructure Improvements
Gallivan - Management & Maintenance Assessment
RDA Arts & Culture Program
Property Management and Maintenance
Salt Lake City Debt Service
TI Reimbursements
Eccles Debt Service
Taxing Entity Payments
I
n
t
e
r
n
a
l
T
r
a
n
s
f
e
r
E
x
p
e
n
s
e
Obligated Expenses
11
Estimated Obligations*
50,454,099
*Including internal transfers &
excluding the Agency Operations Fund.
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Discretionary Expenses
Project Area Funds
12
Program > Project CBD B70 DD GD NT 9L SS WCH Total
Charges & Services 50,000 50,000 50,000 50,000 200,000
Commercial Assistance Reserves 500,000 1,263,697 1,763,697
Commercial Studies and Planning 300,000 300,000
New Project: North Temple Property Reuse Planning 300,000 300,000
Gallivan - Maintenance & Repairs 250,000 250,000
PRJ-000057 Gallivan Repairs 250,000 250,000
Infrastructure Improvements 600,000 3,705,316 50,000 4,355,316
Available for Project Assignment 3,705,316 3,705,316
New Project: Japantown Construction Documents 100,000 100,000
New Project: Gallivan Playground 500,000 500,000
PRJ-000022 RDA - City Creek Daylighting Design Plan Budget 50,000 50,000
Internal Transfers - Secondary Housing Fund 1,000,000 1,000,000
Property Management and Maintenance 50,000 50,000 100,000
RDA Arts & Culture Program 450,000 80,323 300,000 830,323
New Project: Japantown Art 300,000 300,000
New Project: CBD Public Art Project 150,000 150,000
PRJ-000081 Regent Street Event Programming 25,000 25,000
New Project: Reinstallation of "The Gulls"55,323 55,323
New Project: 9-Line Public Art Project 300,000 300,000
Strategic Intervention 2,540,597 861,812 1,994,272 4,003,894 9,400,575
Available for Project Assignment 861,812 1,994,272 4,003,894 6,859,978
New Project: Downtown for All 2,540,597 2,540,597
Housing Construction & Rehabilitation 384,332 384,332
PRJ-000015 RDA - Arctic Court Infill Home Construction 384,332 384,332
Total 3,840,597 80,323 4,255,316 1,263,697 1,261,812 2,394,272 5,103,894 384,332 18,584,243
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Discretionary Expenses
Housing & Multi-Use Funds
13
Housing Funds
Housing Funds
Total
Multi-Use
Funds
Multi-Use
Funds Total
Program > Project 1H 2H WCI HDF RLF PIF
Charges & Services 457,500 457,500
Commercial Revolving Loans 332,400 332,400
Gallivan - Maintenance & Repairs 238,733 238,733
PRJ-000057 Gallivan Repairs 238,733 238,733
HDLP - Competitive 2,684,859 1,000,000 902,000 4,586,859
Infrastructure Improvements 500,000 500,000
PRJ-000078 Sugar House DI Demolition 500,000 500,000
Operating & Maintenance 363,000 363,000
School District Required Family & Workforce Housing*417,382 417,382
Strategic Intervention 1,000,000 1,000,000
Housing Construction & Rehabilitation 500,000 500,000
PRJ-000015 RDA - Arctic Court Infill Home Construction 500,000 500,000
Wealth Building Housing Opportunities 835,469 2,000,000 2,835,469
Total 3,602,241 1,000,000 1,835,469 2,902,000 9,339,710 332,400 1,559,233 1,891,633
*School District Required Family & Workforce Housing is an obligated expense, but the utilization of the program is discretionary provided it meets the requirements of the interlocal agreement.
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Fund Name Revenue or Expense Appropriation Type Program
FY 2024 Adopted
Budget Change
FY 2025
Recommended
Budget
Redevelopment Agency Operations
Revenue 4,428,662 738,919 5,167,581
Expense Operations Program RDA Personnel 2,756,779 413,517 3,170,296
Administrative Fees 1,000,000 0 1,000,000
Charges & Services 296,883 153,117 450,000
Operating & Maintenance 375,000 75,000 450,000
Expense Total 4,428,662 641,634 5,070,296
Total 0 97,285 97,285
Agency Operations Fund
14
Note: FY23 Amended Budget | C&S - $419,281 | O&M - $660,000
STAFFING
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
22
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Redevelopment Agency Grade FY 2022 FY2023 FY 2024 FY 2025 Comments
Director 41 1 1 1 1
Deputy Director 37 1 1 1 1
Senior Project Manager 35 2 2 4 5 1 New position(s)
Financial Analyst III 29 1 1 0 1 1 New position(s)
Financial Analyst IV 32 0 0 1 1
Project Manager 33 7 7 4 5 1 New position(s)
Communications Manager 32 1 1 1 1
Communications Coordinator 25 0 0 1 1
Property Administrator 26 1 1 0 0
Property Manager 30 0 0 1 1
Project Coordinator 28 1 1 4 2 2 Position(s) eliminated
Office Manager 21 1 2 1 1
Special Projects Assistant 21 1 1 1 1
Office Facilitator II Non-Union 20 2 1 1 1
Redevelopment Agency Total 19 19 21 22
Redevelopment Agency Staffing
16
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
Gallivan Staffing
13
REDEVELOPMENT AGENCY FY24-25 BUDGET PROPOSAL
Presented by Danny Walz, Department Director
17
Gallivan Plaza Grade FY 2022 FY2023 FY 2024 FY 2025 Comments
Plaza & Comm Events Div Director 32 1 1 1 1
Operations Manager 31 1 1 1 1
Facilities Maintenance Supervisor 25 0 0 0 0
Gallivan Event Adv/Mktg Manager 25 2 2 2 2
Plaza Marketing/Activities Supr 23 1 1 0 0
Event Coordinator II 23 0 0 1 1
Office Facilitator II Non-Union 22 1 1 1 1
General Maintenance Worker I 16 5 5 2 1
General Maintenance Worker II 18 0 0 1 1
General Maintenance Worker III 21 0 0 2 3
Office Technician I 19 1 1 1 1
Custodian II 11 1 1 1 1
Gallivan Total 13 13 13 13
With support from:
Erin Cunningham, Financial Analyst
THANK YOU
Presented Danny Walz, Department Director
APPENDIX: PROGRAM & PROJECT DESCRIPTIONS
Housing Programs > Projects
20
Housing Development Loan Program (HDLP) – Competitive - $4,586,859
•A permanent and annually renewable loan program that consolidates and centralizes resources for the development and preservation of affordable housing.
Funds are awarded through a Notice of Funding Availability (NOFA) on a competitive basis. {Capital Reserves Program}
Wealth Building Housing Opportunities - $2,835,469
•Affordable Housing through Wealth Building opportunities such as homeownership or shared equity models. {Capital Reserves Program}
School District Required Family & Workforce Housing - $417,382
•Housing solutions for families and the workforce, mandated by interlocal agreements with the Salt Lake City School District. Funds may be combined with other
housing programs provided the project meets the requirements of the agreement. {Capital Reserves Program}
Housing Construction & Rehabilitation - $884,332
•Support for new housing development and renovation of existing structures. {Capital Reserves Program}
•> Project: PRJ-000015 RDA -Arctic Court Infill Home Construction -$884,332
•Prior year budget amendments redirected funds from the new infill construction at 524 North Arctic Court to Marmalade Plaza due to rising construction
costs. Staff committed to requesting re-funding from the Board in future budget proposals. {Capital Reserves Project}
Commercial Programs > Projects
21
Commercial Assistance Reserves - $1,763,697
•Reserve funds to ensure resources are available for commercial programs currently being revised by the Agency. {Capital Reserves Program}
Commercial Revolving Loans - $332,400
•Offers loans to support local businesses, part of the broader Commercial Assistance Program. {Capital Reserves Program}
Studies & Planning Programs > Projects
Commercial Studies and Planning - $300,000
•Research and planning for commercial development strategies.
•>New Project: New Project: North Temple Property Reuse Planning -$300,000
•Appropriation of funds to support site costs and evaluation of development options for Agency-owned parcels along the Folsom Corridor.
Infrastructure Programs > Projects
22
Infrastructure Improvements - $5,309,560
•Diverse infrastructure improvements are funded, including utilities, streets, public transportation, lighting, and the creation of curbs, sidewalks, and open
spaces. These efforts aim to enhance safety, connectivity, walkability, accessibility, and enjoyment in neighborhoods and business districts.
•> Available for future projects -$3,705,316
•Staff will return with proposed projects for infrastructure improvements.
•>New Project: Gallivan Playground -$500,000
•Funding for the Gallivan Center Playground project aims to develop an inclusive and engaging playground for children of all ages. The project will focus on
creating safe, accessible play structures to enhance the community’s recreational facilities.
•> New Project: Japantown Construction Documents -$100,000
•Appropriation of $100,000 to fund the drafting of construction documents to implement the Japantown Design Strategy. The funding will be used to create
detailed construction plans that are crucial for guiding redevelopment efforts and revitalizing the neighborhood while honoring its historical significance.
•>Project: PRJ-000022 RDA -City Creek Daylighting Design Plan Budget -$50,000
•Appropriation of funds to support a design plan to daylight (bring to the surface) a portion of City Creek that runs north of the Folsom Trail from 800 West to
1000 West. Project goals include increasing access to nature, improving water quality and mitigating surface flooding.
•> Project: PRJ-000078 Sugar House DI Demolition -$500,000
•Site and demolition costs in anticipation of offering property for affordable housing development.
•>Project: PRJ-000086 North Temple School Construction Reserves -$100,344
•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 potential new school, improvements to existing schools, or infrastructure improvements for the benefit and safety of
students.
•>Project: PRJ-000087 NWQ Shared Costs Reserve -$353,900
•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.
RDA Arts & Culture Program > Projects
23
RDA Art Program - $1,466,900
•Dedicated to enriching the community by supporting local artists and promoting cultural diversity through exhibitions, performances, and educational
initiatives.
•>New Project: 9-Line Public Art Project -$300,000
•Installation of a public art piece within the 9-Line Project Area.
•>New Project: CBD Public Art Project -$150,000
•Installation of a public art piece within the Central Business District.
•>New Project: Japantown Art -$336,577
•Installation of a public art piece with Japantown.
•>New Project: Reinstallation of "The Gulls of Salt Lake City“ -$55,323
•Reinstallation of the sculpture, formerly installed in the façade of the Prudential Federal Savings building, which is now the Eccles Theater.
•>PRJ-000081 Regent Street Event Programming -$25,000
•Funds for additional activation and programming of McCarthy Plaza and Regent Street. The intent is to leverage funds with other sources and coordinate
efforts with County operations and theater staff, whenever possible.
•>PRJ-000082 Eccles Fundraising Fulfillment -$125,000
•Project set up to manage various gift agreements related to the Eccles Theater and Regent Street.
•>PRJ-000083 Eccles Theater-Operating Reserve for Ancillary Spaces -$475,000
•Project created to track an operating reserve set aside for operating expenses related to the Eccles Theater
Strategic Intervention Programs > Projects
24
Strategic Intervention - $10,400,575
•Uses include property acquisition, site development, and community benefits, e.g., when allocation between housing or commercial use is has not been
determined.
•>Available for future projects -$7,859,978
•Staff will return with proposed projects for infrastructure improvements. Note: Funds received from Salt Lake County in the State Street project area have
restricted uses defined in the interlocal agreement.
•>New Project: Downtown for All -$2,540,597
•Appropriation of funds to support Mayor’s goal of creating a thriving and equitable downtown. This would provide funding for projects that support families
such as daycares, opportunities for play, and family-sized housing as well as amenities for every generation of individuals, families, residents, and visitors.
Debt Service > Projects
Eccles Debt Service - $9,644,668
•Debt service for the Eccles Theater.
Salt Lake City Debt Service - $3,108,969
•Repayment of debts incurred by Salt Lake City in redevelopment projects.
Eccles & Gallivan Programs > Projects
25
Eccles - Maintenance & Repairs - $180,000
•Upkeep and repair of Eccles Theater funded facilities and projects.
•>PRJ-000084 Regent Street Parking Structure Reserves -$100,000
•Project created to reserve funds for repairs related to the Regent Street parking structure.
•>PRJ-000085 Regent Street Maintenance -$80,000
•Project created for maintenance required for Regent Street.
Gallivan - Maintenance & Repairs – $488,733
•Maintenance and repair at the Gallivan Center.
•>PRJ-000057 Gallivan Repairs -$488,733
•Project created for repairs associated with the Gallivan Center property owned by the Agency.
Gallivan - Administration Assessment - $385,447
•Fees related to the Block 57 Owners Group, formerly Gallivan Utah Center Owners Association.
Gallivan - Management & Maintenance Assessment - 591,807
•Fees related to the Block 57 Owners Group, formerly Gallivan Utah Center Owners Association.
Gallivan – Programming - $250,000
•Development and management of programs and events at the Gallivan Center.
Tax Increment Programs > Projects
26
Taxing Entity Payments - $12,441,752
•Payments to taxing entities as part of interlocal agreements.
TI Reimbursements - $3,468,976
•Reimbursements related to tax increment reimbursement agreements.
RDA Operations Programs > Projects
27
PRG92030 RDA Charges & Services - $1,107,500
•Expenses for services such as consulting, legal advice, accounting, marketing, audits, travel, software, or other service-related expenses.
PRG92059 Operating & Maintenance - $813,000
•Expenses for utilities, facility maintenance, equipment, supplies, and other costs related to Agency operations.
PRG92061 Property Management and Maintenance - $1,949,750
•Management and maintenance of properties under the agency’s control, typically within a project area.
•>PRJ-000064 RDA -Home Inn Rio Grande Maintenance -$500,000
•This project reserves funds for these obligated for maintenance and repairs related to maintaining the Home Inn property in the Depot District owned by the
Agency.
PRG92023 Administrative Fees - $1,000,000
•Fees from the City to distribute the costs of shared resources.
PRG92063 RDA Personnel - $3,170,296
•Agency employee compensation including salaries, wages, benefits, and other forms of remuneration.
MAYOR ERIN MENDENHALL DANNY WALZ
Executive Director Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DATE:May 24, 2024
PREPARED BY:Marcus Lee, Project Coordinator
Ashley Ogden, Senior Project Manager
Cara Lindsley, Deputy Director
RE:Tier 1 Pre-Disposition and Lessee Selection Report for Property Assemblage
located at approximately 310 South 500 West
REQUESTED ACTION: Written Briefing
POLICY ITEM:Property Disposition
N/ABUDGET IMPACTS:
EXECUTIVE SUMMARY
In accordance with the revised Real Property Disposition Policy that was adopted on March 23, 2021,
when disposing of Tier 1 properties, the RDA is required to provide an update to the Board of Directors
during the following stages of the disposition process: pre-disposition (prior to marketing the property),
developer/lessee selection, and development/lease agreement. Per the same policy, the RDA may
exclusively negotiate with a non-profit or governmental agency to dispose of property for community
development or public use. This memorandum provides a pre-disposition and lessee selection report for a
lease area that totals 1.72 acres and is located at approximately 310 South 500 West in the Depot District
Project Area.
ANALYSIS & ISSUES
The information provided in Attachment A is intended to serve as a pre-disposition and lessee selection
report for the lease of Tier 1 property located at approximately 310 South 500 West. The report provides
an update to the Board as to the property’s reuse plan, method of disposition, selected lessee, timeline of
disposition, and other information relevant to the disposition of the property.
PREVIOUS BOARD ACTION
•On September 15, 2020, the RDA Board allocated $865,000 for the stabilization of the Salt Lake
Mattress Company Building.
ATTACHMENTS:
A. Tier 1 Pre-Disposition and Lessee Selection Report
B. Proposed Project Renderings
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518
WWW.SLC.GOV · WWW.SLCRDA.COM
TEL 801-535-7240 · FAX 801-535-7245
Attachment A
TIER 1 PRE-DISPOSITION AND LESSEE
SELECTION REPORT
Property to be leased located at approximately 310 South 500 West
The following information serves as a pre-disposition and lessee selection report for the lease of Tier 1
property located at 310 South 500 West. The report includes the property’s reuse plan, method of
disposition, selected lessee, timeline of disposition, and other information relevant to the disposition of
the property.
Property/Lease Area: 1.72-acre lease area located at approximately 310 South 500 West, to include
proposed building footprints, setback areas between buildings and adjacent right-
of-ways, and a proposed outdoor plaza area. The lease area spans multiple
parcels that will be consolidated to create a development site.
Current Status:The area contains the historic Salt Lake Mattress Company building, as well as a
warehouse, accessory structure and parking lot that was purchased from, and is
currently leased back by, the State of Utah Department of Community and
Cultural Engagement.
Project Area:Depot District
Property Type:
Tier 1 Justification:
Tier 1
The property is specifically identified in a Salt Lake City adopted master plan.
The property is fronting or adjacent to city-owned property, other than a public
street, of at least 0.5 acres in size.
Property’s Reuse Plan:
The RDA has been exclusively negotiating with USA Climbing, the national governing body of the sport
of competition climbing, for the opportunity to develop their permanent headquarters and national
training facility on RDA-owned property at approximately 310 South 500 West, which is within the
bounds of the Rio Grande District redevelopment project. A separate agenda item and staff memo
includes a draft term sheet that is being presented for the Board’s consideration. The proposed project is
anticipated to include three primary components:
1. New construction of a primary structure that is 65-75 feet tall with a roughly 45,000 square
foot (sf) footprint (exact specifications subject to further stakeholder engagement). This structure
will include bouldering, lead, and speed climbing walls, as well as other support uses that are
typical of a climbing facility. Most areas of the facility will be accessible by the community;
some spaces will be reserved for the U.S. National Team’s exclusive use.
2. Rehabilitation of the historic Salt Lake Mattress Company building, anticipated to include
publicly facing and accessible food, beverage, and retail uses, as well as private spaces for USA
Climbing offices.
3. New construction of an outdoor plaza that will be utilized for USA Climbing-hosted
competitions as well as other non-USA Climbing events (will be designed to accommodate 3,500
– 5,000 spectators). Adjacent building facades will include climbing walls to be used for regular
training and competition events, with secure access controls that allow the public to view the
climbing but prevent general access from the plaza.
Design work is preliminary and if the project moves forward, USA Climbing will work with the Planning
and Building Services Divisions to achieve a design that meets applicable zoning and building code
requirements, in addition to receiving administrative design approval from the RDA.
Method of Disposition:
The RDA has exclusively negotiated with USA Climbing, a non-profit entity, proposed terms of a 99-year
ground lease. The RDA’s Real Property Disposition Policy allows for disposition via exclusive
negotiation in certain circumstances, including if the disposition is to a non-profit for a community
development or public use. The RDA proposes to lease property to USA Climbing through exclusive
negotiation because USA Climbing is a 501(c)3 and the proposed project is projected to achieve the
following community development objectives:
•
•
Will regularly attract visitors to the district during off-peak hours and activate the neighborhood
with ~6-10 large multi-day events per year.
Will be a catalytic activation to generate excitement for the Rio Grande District project, help
attract developers/tenants, and spur adjacent private landowners to make plans for their
properties.
•Will result in the creation of 50-60 new jobs.
•
•
USA Climbing has an estimated events-related economic impact of ~$300 million over a 10-year
period.
USA Climbing draws many national and international visitors and brings awareness to Salt Lake
City as a world-class climbing destination.
•
•
Activation of the historic Salt Lake Mattress Company Building as described above.
Equitable and inclusive programming that may include offerings such as youth programming,
workforce development opportunities, and access to the facility for community members who
may not otherwise have access to the sport of climbing, based on income or other key measures.
Terms include the option to extend the lease term for an additional 50 years at fair market value, unless
otherwise negotiated and approved. The annual lease rate is based on the fee simple, fair market value of
the lease area, with the exception of the outdoor plaza area, which is proposed to be leased at no cost. The
annual lease rate will escalate every five 5 years based on the previous 5 years’ average Consumer Price
Index (CPI). A draft term sheet has been presented to the Board for their consideration and includes a
proposed lease abatement that would reduce the lease rate according to the following schedule:
•
•
•
•
•
Years 1-6: USA Climbing will not make any lease payments during the first six years to account
for construction and stabilization.
Year 7: USA Climbing shall make a payment that is equal to 45% of the escalated annual lease
rate.
Year 8: USA Climbing shall make a payment that is equal to 50% of the escalated annual lease
rate.
Year 9: USA Climbing shall make a payment that is equal to 55% of the escalated annual lease
rate.
Years 10-99: USA Climbing shall make annual payments that are equal to 60% of the escalated
annual lease rate.
Property discounts are subject to approval by a majority vote of the Board if property is to be leased at a
discount greater than 10% of the appraised fair market value.
Lessee Selection:
If the RDA Board approves the proposed term sheet, the RDA and USA Climbing will enter into an
exclusive negotiation agreement to memorialize the commitments until all conditions are met and final
ground lease and development agreements can be executed.
Estimated Timeline of Disposition:
Pending RDA Board approval of the terms, the RDA estimates the schedule of disposition of the property
will be as follows:
•
•
•
•
•
RDA Board approval of term sheet: Q3 2024
Both parties enter into exclusive negotiation agreement: Q3 2024
USA Climbing to refine project design and secure necessary City approvals: Q3 2024 – Q3 2025
Both parties finalize/enter into ground lease and development agreements: Q2 – Q3 2025
USA Climbing breaks ground on project: Q3 2025
Other Information Relevant to Disposition of the Property:
In late 2022, the RDA purchased multiple State-owned parcels that will make up the future USA
Climbing site. As part of that transaction, the RDA agreed to allow the State’s Department of Cultural &
Community Engagement (C&CE) to continue using the existing warehouse structure, parking lot, and
small storage shed on site, as their future permanent home is currently under construction near the State
Capitol building. A handful of C&CE employees work on site and a historic art collection is housed there.
The lease agreement indicates that this arrangement shall remain in place until 1) C&CE can move into
the new facility or 2) through the end of 2028, whichever comes first. If the RDA desires to redevelop the
property before either of the above milestones are reached, the RDA must work with C&CE to relocate
the employees and art to another site that can accommodate their needs. The RDA and C&CE leadership
will work together to identify potential locations where the art collection and office can be temporarily
located until the new C&CE facilities at the State Capitol are completed, anticipated in Fall 2026.
Attachment B – Proposed Project Renderings