HomeMy WebLinkAbout05/20/2025 - Meeting Materials
Board of Directors of the
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY
AGENDA
May 20, 2025 Tuesday 1:00 PM
Council Work Room
451 South State Street, Room 326
Salt Lake City, UT 84111
CRA.SLC.GOV
BOARD MEMBERS:
Darin Mano, Chair Dan Dugan, Vice Chair
Victoria Petro Alejandro Puy Chris Wharton
Eva Lopez Chavez 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 CRA Board Directors and select presenters. The public is welcome to listen,
unless otherwise specified as a public comment period. Items scheduled may be moved and / or discussed
during a different portion of the Meeting based on circumstance or availability of speakers. Item start
times and durations are approximate and are subject to change at the Chair’s discretion.
Generated: 13:49:53
Comments:A.
NONE.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Overview of the Community Reinvestment Agency Budget for
Fiscal Year 2025-26 ~ 1:00 p.m.
60 min.
The Board will receive a general overview of the proposed budget for the Community
Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. The Board will continue
to discuss the Mayor’s Recommended Budget over the next several weeks and will have
public hearings on Tuesday May 20, 2025 and Tuesday, June 3, 2025 at 7 p.m. The Board
expects to adopt the budget in mid-June.
2.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.
3.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
4.Report and Announcements from CRA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to scheduling
items.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
Adjournment
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5.discussion regarding deployment of security personnel, devices, or systems; and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
G.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on Friday, May 16, 2025, 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.
KEITH REYNOLDS
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@slc.gov, 801-535-7600, or relay service
711.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
CRA BUDGET
STAFF REPORT
COMMUNITY REINVESTMENT AGENCY BOARD of SALT LAKE CITY
TO:CRA Board Members
FROM: Jennifer Bruno, Kate Werrett and Allison Rowland
DATE:May 20, 2025
RE: Community Reinvestment Agency Budget (CRA) – FY 26
BUDGET BOOK PAGES: Key Changes pages 77-88, Department Overview 247-254, Staffing doc: 323-324
The Community Reinvestment 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 CRA 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.” It was renamed in
January 2025 from the “Redevelopment Agency” to the “Community Reinvestment Agency” or CRA to align with
state law.
The Mayor’s FY 2026 Community Reinvestment Agency Recommended Budget includes tax increment spending
in all project areas for projects, loan funds, as well as department administration. See page 247 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 CRA’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 26 budget is $86 million which is $1.3 million more (1.5%) than FY25. CRA
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 $51
million in FY 26, down from $55 million in FY 25, although that decrease is largely due to the expiration of the
Depot District project area.
The Administration provided the following policy goals for the proposed FY 26 budget:
“Affordable Housing - In accordance with the FY26 Affordable Housing Funding Priorities, this
goal prioritizes the deployment of the Agency’s housing funds for the development of affordable
housing units through the Housing Development Loan Program competitive Notice of Funding
Availability, acquisition of strategic property, and the issuance of a competitive Wealth Building
NOFA. The metrics and goals for these efforts are tracked within the Affordable Housing Construction
and Preservation Dashboard.
Project Timeline:
1st Briefing: May 20, 2025
2nd Briefing: TBD
Budget Hearing: May 20, and June 3
Potential Action: June 10 or 12 (TBD)
Page | 2
Commercial Opportunities – With the recent approval of the Agency’s updated Commercial
Development Loan Program, the proposed budget includes allocations for commercial assistance
programs across multiple project areas.
Infrastructure – The proposed budget includes the allocation of funds for public infrastructure
projects such as implementation of the Folsom Corridor plan, as well as public art in multiple project
areas. Funds are also proposed for potential improvements and capital repairs to the Gallivan
Center.”
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. 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 CRA 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 FY 26 budget does not propose any FTE increases for CRA or Gallivan. This brings the total CRA 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 CRA from the Public Services Department in the
FY21 annual budget.
The following chart outlines the operating budget for each division of the CRA, and separates those that are
funded through tax increment, and those that are funded through pass-through revenue from project areas:
2024-25 2025-26
Adopted Proposed Dollars %
Central Business District $ 29,893,016 $ 26,526,686 $ (3,366,330)-11%
Block 70 (Eccles Theater Block) $ 11,065,164 $ 11,106,801 $ 41,637 0%
Depot District $ 7,095,401 $ 94,857 $ (7,000,544)-99%
Granary District $ 1,748,249 $ 2,117,191 $ 368,942 21%
North Temple $ 1,952,466 $ 2,360,826 $ 408,360 21%
North Temple Viaduct $ 3,155,765 $ 3,062,979 $ (92,786)-3%
Northwest Quad CRA (North of I-
80) $ 2,603,998 $ 3,477,045 $ 873,047 34%
Westside Community Initiative
(Inland Port Legislation set aside for
housing )
$ 1,835,469 $ 2,069,236 $ 233,767 13%
Stadler Rail $ 168,744 $ 177,591 $ 8,847 5%
State Street - new in FY 23 $ 6,517,836 $ 10,063,947 $ 3,546,111 54%
9 Line - new in FY 23 $ 3,307,218 $ 4,095,450 $ 788,232 24%
Block 67 North - new in FY 25 -
West Quarter Block $ 365,771 $ 377,342 $ 11,571 3%
West Capitol Hill (no longer
collecting) $ 384,332 $ - $ (384,332)-100%
Administration $ 5,167,581 $ 6,456,132 $ 1,288,551 25%
Housing Develoment Fund $ 2,902,000 $ 3,641,842 $ 739,842 25%
Primary Housing Fund $ 3,602,241 $ 3,246,298 $ (355,943)-10%
Secondary Housing Fund $ 1,000,000 $ 103,055 $ (896,945)-90%
Program Income Fund $ 1,559,233 $ 3,961,359 $ 2,402,126 154%
Revolving Loan Fund* $ 332,400 $ 3,097,595 $ 105,650 47%
TOTALS $84,656,884 ######### $ 3,853,043 5%
Project Areas - Funded primarily with Tax Increment:
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 be administered through the Revolving Loan Fund although it would be tracked in
each project area.
Expenditures by Project Area/Account
Difference
Page | 3
The FY 26 budget continues the process
of bringing budgeting for CRA 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 247, and staffing
document on page 323. Key changes are
listed on pages 77-88.
The CRA budget can have follow-up
discussions through May and June as
needed. It will also have public hearings
on May 20 and June 3, with tentative
adoption scheduled for June 10 or 12.
Central Business
District,
$26,526,686
Depot District, $94,857
Granary District, $2,117,191
North Temple, $2,360,826
Block 70 , $11,106,801
State Street, $10,063,947
9 Line, $4,095,450
North Temple Viaduct , $3,062,979
Northwest Quadrant CRA, $3,477,045
Stadler Rail, $177,591
Block 67, $377,342 Westside Community Initiative
(Housing $ from Inland Port),
$2,069,236
Revolving Loan
Fund,
$3,097,595
Program
Income Fund,
$3,961,359
Secondary Housing Fund,
$103,055
Primary Housing
Fund, $3,246,298
Housing
Development
Trust Fund,
$3,641,842
FY 26 Project Areas
FY 25 Multi-use Funds - funded
through other sources including
transfers from project areas
Page | 4
KEY ELEMENTS OF THE MAYOR’S FY 2026 CRA BUDGET PROPOSAL
Staff has highlighted some key aspects of the Mayor’s Recommended FY 2026 CRA Budget:
1.CRA funding for affordable housing – The Mayor’s Recommended FY 2026 budget reflects a
continuation 0f the policy approach started in FY 20, to streamline affordable housing development
under the CRA and affordable housing programming under the Housing Stability Division of the
Community and Neighborhoods Department. 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 CRA
can make affordable housing investments Citywide.
The total housing investment proposed in the FY 26 CRA budget is $9 million, a slight increase from
FY 25 levels of $8.8 million. 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.
Annually, the CRA proposes a variety of strategies to implement various housing goals of the City with
its funding sources. The Board adopted the FY 26 strategy in March. See Attachments 2 for a
presentation for the housing strategy as long as data from the FY 25 fiscal year. The focus areas for this
year are:
a. Deeply Affordable Housing – This priority promotes housing units affordable for those
earning 30% Area Median Income (AMI) and below. This is a change from the previous years’
definition of 40% AMI and below. CRA staff indicates this better aligns with other City goals.
While the City has made progress facilitating the development of deeply affordable units, there
is still a shortage for those earning 30% AMI or less.
b. Family Housing w/ Amenities for Children – This priority promotes income-targeted
larger housing units for tenant populations with children that have at lest three or more
bedrooms and includes amenities for children. There is a need for income-targeted family-sized
units, especially as more families look outside of Salt Lake City boundaries for housing options
and enrollment in Salt Lake City school district decreases. Per the interlocal agreements with
the School District for the State Street and 9 Line project areas, the CRA must also priorities
affordable family and workforce housing.
c. 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.
Providing financing for ADUs also supports wealth building by increasing homeowner income
and property values.
d. 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 CRA’s High
Opportunity Area Map. In previous years, the CRA 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.
e. 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.
The following chart summarizes the sources and proposed uses in the various accounts:
Page | 5
f.Westside Community Initiative – This initiative is funded from the 10% set aside from tax
increment in the Inland Port jurisdictional boundary, as mandated by the State’s Inland Port
enabling legislation. It started receiving revenue in FY 22. The first round of these funds were
FY 2025
Adopted
FY 2026
Proposed Change
Secondary Housing & Development Fund (formerly Project Area Housing Fund)
Sources
Transfer from State Street 1,000,000 0 (1,000,000)
Transition holding account 0 103,055 103,055
Uses
Housing Development Loan Program 1,000,000 103,055 (896,945)
Total Secondary Housing Fund 1,000,000 103,055 (896,945)
Primary Housing & Development Fund (formerly Citywide Housing Fund)
Sources
Loan Repayments - Principle and Interest 77,821 82,000 4,179
Interest on Investments 0 248,345 248,345
Transfer from 9 Line 303,072 348,753 45,681
Transfer from Block 67 North 36,577 37,734 1,157
Transfer from Depot 1,238,620 0 (1,238,620)
Transfer from Granary 276,886 345,027 68,141
Transfer from North Temple 308,749 423,173 114,424
Transfer from NWQ 250,011 333,539 83,528
Transfer from Stadler Rail 16,115 17,424 1,309
Transfer from State street 586,886 866,120 279,234
Transition Holding Account 507,505 544,183 36,678
Uses
Housing Development Loans - competetive NOFA 2,684,859 2,480,591 (204,268)
Salt Lake School District Housing (required per School District)417,382 557,838 140,456
Non-Loan Housing (required per SL County)0 207,869 207,869
Total Primary Housing & Development Fund 3,102,241 3,246,298 144,057
Westside Community Initiative (NWQ Housing)
Sources
Increment set-aside from Utah Inland Port Authority 1,835,469 1,835,469 0
Transition Holding Account 0 133,581 133,581
Interest from investments 0 100,186 100,186
Uses
Administrative budget 0 103,462 103,462
Strategic Intervention Holding Account 1,000,000 0 (1,000,000)
Wealth Building Housing Opportunity (Holding Account)835,469 0 (835,469)
Housing Development Loans - competetive NOFA 0 1,965,774 1,965,774
Total Westside Community Initiative 1,835,469 2,069,236 233,767
Housing Development Fund
Sources
Funding Our Future Housing Transfer 2,590,000 0 (2,590,000)
Loan Repayments 312,000 379,000 67,000
Interest from Investments 0 288,361 288,361
Transition holding account 0 384,481 384,481
Uses
Administrative budget 0 129,500 129,500
Competitve Housing Development Loans 902,000 1,512,342 610,342
ADU Program Incentives (Citywide)0 0 0
Wealth Building Housing Opportunities 2,000,000 1,000,000 (1,000,000)
Sugar House DI Property Disposition 0 1,000,000 1,000,000
Total Housing Development Fund 2,902,000 3,641,842 739,842
Total All Housing Funding 8,839,710 9,060,431 220,721
RDA Housing Funding
Page | 6
distributed to qualifying partners in March 2025 after an open competitive process, and approval by the
board. The purpose of the initiative is to “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.Administrative Budget – The FY 2026 proposed Administrative budget for the CRA represents an
25% increase ($1.3 million) over the FY 25 budget. The main reason for the increase is a just over 100%
increase in Administrative fees, paid to the City based on cost analyses – largely driven by increases in
IMS/software contract fees. The sources for this budget include transfers of tax increment revenues
from various project areas to cover the approximately $6.5 million in administrative costs for the 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
CRA, as reflected in the staffing document. The following charts delineate the sources of funding for the
Administrative budget, as well as the specific uses:
FY 2025 Adopted
FY 2026
Proposed $ Change
%
Change
Central Business District 2,726,570$ 2,432,087$ (294,483)$ -12%
Program Income Fund -$ 1,803,299$ 1,803,299$
State Street 485,760$ 699,825$ 214,065$ 48%
Northwest Quadrant CRA
(7.5% of total increment set by
agreement)250,011$ 333,539$ 83,528$ 60%
North Temple 231,561$ 317,381$ 85,820$ 85%
9 Line 263,906$ 304,744$ 40,838$ 16%
Granary District 207,666$ 258,770$ 51,104$ 31%
Housing Development Fund -$ 129,500$ 129,500$
Westside Community
Initiative
(10% from Inland Port Area - not
originally intended for Admin)-$ 103,462$ 103,462$ n/a
North Temple Viaduct
(limited to 1.5% of increment)46,796$ 45,945$ (851)$ -2%
Block 67 18,288$ 18,868$ 580$ n/a
Stadler Rail 8,058$ 8,712$ 654$ 9%
Depot District (now expired)928,965$ -$ (928,965)$ -114%
Block 70
(does not allow for
Administrative collection)-$ -$ -$ n/a
Revolving Loan Fund -$ -$ -$
Primary Housing Fund -$ -$ -$
Total 5,167,581$ 6,456,132$ 1,288,551$ 25%
RDA Administrative Budget - Sources
Page | 7
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 26 it is proposed to
provide 38% of the administrative budget compared to 53% in FY 25 (the CBD project area
expires in 2042). Because the Depot District expired last year, the Program Income Fund budget
is now picking up the over $1 million that would have otherwise been contributed by Depot
District. Additionally, the Administration is proposing for the Westside Community Initiative and
Housing Development fund contribute just over $200k total to the Administrative budget, when
in years past they haven’t. Several recent project areas either cap or prohibit spending project area
funds on Administrative costs (usually as a result of negotiations with various taxing entities).
The Board may wish to ask the Administration to evaluate the overall strategy for
funding the administrative budget in future years, particularly as the Depot
District expired and Granary District will shortly. The Administration has
indicated draft recommendations will be developed for the Board to review. Staff
note: there is no statutory prohibition against using General Fund dollars to fund
Central Business District
38%
Program Income Fund
28%
State Street
11%
Northwest Quadrant CRA
(7.5% of total increment set by
agreement)
5%
North Temple
5%
9 Line …
Granary District
4%
Housing Development Fund
2%
Westside Community
Initiative
(10% from Inland Port
Area -not originally
intended for Admin)
1%
North Temple Viaduct
(limited to 1.5% of increment)
1%
Block 67
0%Stadler Rail
0%
CRA Administrative Budget - Uses
FY 2025
Adopted
FY 2026
Proposed Change %
Personal Services 3,170,296$ 3,541,674$ 371,378$ 12%
Operating and Maintenance 450,000$ 450,000$ -$ 0%
Charges and Services 450,000$ 450,000$ -$ 0%
Administrative Fees 1,000,000$ 2,014,458$ 1,014,458$ 101%
Allocation to fund balance 97,285$ -$ (97,285)$ -100%
Total RDA Budget 5,167,581$ 6,456,132$ 1,288,551$ 25%
Page | 8
Redevelopment Agency employees, since they are City employees. The City’s elected officials could elect
to reimburse CRA for a portion of the housing duties that they perform.
b.Because CRA revenues are estimated and can come in either higher or lower than
projected, the Board may wish to discuss policy guidance on how the CRA 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.
3. CRA Program and Project Proposals – The FY2026 CRA budget includes funding for 21 capital
projects and/or capital reserve accounts. Overall funding for CRA capital projects is $7 million across
project areas. These are described on pages 251-253 of the Mayor’s recommended budget book and
will be reviewed in more detail at the CRA meeting on Tuesday, May 20.
The Board adopted a FY2023 legislative intent to review all CRA accounts with positive balances to
ensure the projects and programs still align with current Board policy priorities. The Board may wish to
schedule a comprehensive review of these accounts.
Note: Capital project accounts do not lapse at the end of each 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.
4.Other policy areas of the FY 2026 CRA budget
a. Program Income Fund – The primary source of funds for this account are revenues
generated from the Gallivan and Broadway Center parking structures owned by the CRA
(approximately $1.2 million per year). The budget also includes rents for CRA commercial
spaces. It is the most flexible funding in the CRA 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). Because the Depot District
expired this year, the Program Income Fund is proposed to fill the funding gap for the CRA’s
Administrative budget. This year the Administration is proposing to use these funds as follows:
Page | 9
b. “Strategic Intervention” Holding Accounts – Over the last few budget cycles the Board
has approved several allocations for “Strategic Intervention” in several project areas. CRA 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 in
the FY 25 budget cycle:
“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
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. “
c. Commercial Development Loan Program – In March 2025 the Board approved the
Commercial Development Loan Program (CDLP) (see attachment). The Revolving Loan Fund
Program Income Fund
Sources
FY 2025
Adopted
FY 2026
Proposed Change
Parking Structure Income 1,290,184$ 1,290,184$ -$
Rents 229,449$ 229,449$ -$
Loan Repayments 33,600$ 10,000$ (23,600)$
Interest on Loans 6,000$ 1,000$ (5,000)$
Interest on Invested funds -$ 1,041,740$ 1,041,740$
Transition holding account -$ 1,388,986$ 1,388,986$
-$ Proposed Uses -$
Capital Project - Sugarhouse DI Demo 500,000$ 200,000$ (300,000)$
Gallivan Maintenance & Repairs 238,733$ 850,000$ 611,267$
Commercial Revolving Loans Holding Account -$ 208,060$
CRA Arts & Culture program - Sugar House Art -$ 25,000$ 25,000$
Transfer to Administration Fund -$ 1,803,299$ 1,803,299$
Charges and Services 457,500$ 500,000$ 42,500$
Operating and Maintenance 363,000$ 375,000$ 12,000$
Total Program Income Fund 1,559,233$ 3,961,359$ 2,402,126$
FY 2026 Balance*
Central Business District
(Identified separately as "Downtown for
Everyone" project)
$ - $ 2,017,256
Granary District $ 1,463,394 $ 421,805
North Temple $ 682,741 $ 861,812
Stadler Rail $ 3,354
State Street $ 1,595,150 $ 6,615,245
9 Line $ 2,376,552 $ 2,316,302
Total $ 6,121,191 $ 12,232,420
Strategic Intervention Funds
*Balance assuming BA #2 of FY 25 is adopted
Page | 10
will be the distribution point for all of these funds, although they will track which project area the funds
originated in, to comply with state law.
Revolving Loan Fund (RLF) – The FY 2026 budget proposes $3.1 million in
additional revenue to lend. The Revolving Loan Fund can lend in any project area.
The source of funding for the RLF is primarily repayments on commercial loans and
interest earnings (housing loans are now administered separately).
d. Funding for Art – The proposed budget has several line items for investment in public art in
various project areas. The Board may wish to ask the administration how it intends to
coordinate with the Arts Council, and whether current Arts Council staffing is sufficient to
ensure these funds are spent in a timely manner.
e. Interest income – The City and CRA earn interest on pooled funds that are invested with the
state treasury. Because of market conditions, these amounts are higher than in recent years. The
FY 26 budget reflects this additional revenue in the following areas. It should be noted that this
funding may not be considered ongoing because if market conditions change and interest rates
fall, this funding would also be reduced. Note that this is separate from interest received by the
CRA on loans.
FY 26 proposed Current balance
Central Business District 1,058,595$
Granary District -$ 2,267,132$
North Temple -$ 217,318$
State Street 1,000,000$
9 Line 500,000$ 500,000$
Depot District 1,000,000$
Total 2,558,595$ 3,984,450$
Note: Strategic Intervention Funds can also be used for commercial purposes.
Commercial Development Loan Funds
Notes
North Temple 100,000$
Installation and maintenance reserve for
public art in North Temple project area.
State Street 250,000$
Installation and maintenance reserve for
public art in State Street project area.
Program Income Fund -
Sugar House Art 25,000$
Funding for relocation of existing "Art
for Hope" pieces. Program Income Fund
is used because the Sugar House Project
Area has exprired.
9 Line 100,000$
Installation and maintenance reserve for
public art in the 9-line project area.
Block 67 37,733$
Installation and maintenance reserve for
public art on Japantown Street. To be
combined with FY 25 appropriation.
Total 512,733$
FY 26 Proposed Allocations for Public Art
Page | 11
f. Japantown Investment – There is no specific line item in the CRA or City budget relating to
the reconstruction of Japantown Street, although it does add some funding for art from Block
67. Construction-level documents were funded in FY 25, and efforts are underway. The Board
may wish to ask the Administration for a status update.
g. Property Management and Maintenance Budget. This is a line item that appears in
various project areas and is not covered by the centralized CRA Administrative budget. It covers
things like maintenance, security, and insurance for properties owned or managed by the CRA.
Actual expenditures vary year to year, and any unspent funds lapse to that project area’s fund
balance.
h. Regent Street Maintenance – The Block 70 (Eccles Theater) project area budget includes an
$80,000 ongoing allocation to the City General Fund to cover costs for maintenance of Regent
Street, given the enhanced features of the street are beyond typical City standards, and cost
more than a typical city street to maintain. The Attorney’s Office indicates that tax increment
funds can be used to maintain public infrastructure. The Board may wish to ask the
Administration if this transfer is the long-term plan for maintenance on Regent
Street when the Block 70 CRA ends in 2040, and what the City’s policy may be in
other enhanced-infrastructure areas (e.g., Central Ninth streetscape
improvements, Rio Grande Area festival street the Depot District, daylighting
City Creek near North Temple).
i. Gallivan Employees and Maintenance - The proposed budget continues the management
of the 13 Gallivan employees and maintenance under the CRA (accounting is separated from the
General Fund). The Board received a report from Gallivan and CRA staff relating to the
Central Business District 2,385,901$
Granary District 167,711$
North Temple -$
State Street 278,092$
9 Line 140,728$
Revolving Loan Rund 229,348$
Program Income Fund 1,041,740$
Primary Housing Fund 248,345$
Westside Community Initiative 100,186$
Total 4,592,051$
FY 26 Interest Income
FY 2025
Adopted
FY 2026
Proposed Change % Change
Central Business District $ 1,127,250 $ 1,129,568 $ 2,318 0%
Depot District $ 172,500 $ 50,000 $ (122,500)-71%
North Temple $ 50,000 $ 50,000 $ - 0%
State Street $ 50,000 $ 100,000 $ 50,000 100%
9 Line $ 50,000 $ 100,000
Total $ 1,449,750 $ 1,429,568 $ 299,750 26%
Property Management and Maintenance
Page | 12
strategic plan for the future of the Gallivan center, both in terms of capital projects and programming.
The Board may wish to ask the Administration if Gallivan/CRA staff is
working proactively with open streets downtown to leverage activation.
j. North Temple Viaduct Debt service – The CRA 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.
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. For FY 26, the Administration is proposing to use $5 million to help offset
the debt payments that were frontloaded by the general fund.
k. Eccles Theater Site Operations & Regent Street Activation – Per the terms of the
operating agreement with Salt Lake County, the City/CRA 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 $500,000 for this purpose, an increase of $25,000 from FY 25. The FY 26 budget also
proposes continuing the allocation started in FY 24 for an additional $25,000 to program the
McCarthy Plaza and Regent Street, which the CRA 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.
l.Block 70/Eccles Theater Debt Reserve – In previous budget years the CRA 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.
m. Housing and Transit Reinvestment Zones (HTRZ) – The CRA has two HTRZs approved
by the state committee. The 900 South HTRZ will begin collecting when the Granary District
CRA project area expires next year. The Board will first see funds in a FY 27 CRA budget
amendment. The Salt Lake Central Station HTRZ Phase 1 will also show up in a FY 27 CRA
budget amendment. Phase 2 will appear in a FY 30 budget amendment. The phasing of the Salt
Lake Central HTRZ was a condition of approval by the state board, and is largely due to
overlapping areas with CRA project areas that don’t yet expire.
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
Page | 13
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.
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.
b. The City has the ability to issue bonds for projects supported or offset by CRA 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 CRA 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). CRA 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 CRA 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 CRA 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 requested that staff prepare an overall policy for both the Council
and Board to consider in guiding discussions on these models. Staff will return to the board with options
that review of these different models to identify pros and cons and establish role clarity, transparency
expectations, and staff accountability upfront.
4.Consistency between CRA and City Policies – Currently the Board adopts policies to guide CRA
investment that typically mirror City policies, although in some cases they are different and/or more
targeted to CRA activities. The Board could adopt a blanket policy indicating that if the CRA 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 CRA’s annual administration costs. Finance is working with the CRA staff to provide cash balance
amounts for each project area.
6.Pooled Resources vs. Project Area Resources – Some initiatives and projects previously funded
with CRA 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
Page | 14
project area with limited tax increment to complete projects it might otherwise not be able to afford.
There are not clear guiding policies that would help determine when it is appropriate to use this
approach for a given project or initiative, but in the past it has enabled the CRA 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 CRA 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 CRAs 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 CRA Board extended the CBD from the original expiration year of 2007
** The CRA 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 CRA 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;
Page | 15
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or
improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating
environmental issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including
recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing
structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the
board determines to be a benefit to the project area.
Statutory limitations on retail incentives
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 CRA 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 26
3.Attachment 3 – Presentation on Commercial Development Loan Program approved in March 2025
11.24.21
Guiding Framework
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA
projects and partnerships.
MISSION:
VALUES: Economic Opportunity-
We invest in the long-
of our local economy.
Equity & Inclusion- Neighborhood Vibrancy-
We cultivate distinct and livable places
contextually sensitive, durable, co
sustainable.
PROJECT EVALUATION PROCESS: The RDA prioritizes projects that demonstrate a commitment to the Mission and Values, evaluating projects via three steps, which answer the
following questions: 1.) Does the project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving
defined LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the
RDA Loan Program or Tax Increment Reimbursement Program?
*Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans
will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process.
Step 1:
THRESHOLDS
Alignment with adopted City policies & plans
Alignment with RDA Project Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 2:
LIVABILITY
BENCHMARKS
Economic Opportunity
Leveraging
Timeliness
Return of Investment
Permanent Job Creation & Retention
Affordable Commercial Spaces
Ownership
Equity & Inclusion
Transit Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Community Engagement & Support
Housing for Everyone
Displacement Mitigation
Affordable Housing Preservation
Neighborhood Vibrancy
Public Space
Public Art
Architecture & Urban Design
Sustainability
Walkability
Building Preservation, rehabilitation, or
adaptive reuse
Missing Middle & Unique Building Types
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies, programs and procedures
Exhibit A to the Resolution
Power BI Desktop
Budget FY 25 - 26
Presented by Danny Walz
Power BI Desktop
Agency Funds
The Community Reinvestment Agency (CRA) manages a variety of funds to ensure compliance with legal requirements and to support the agency’s strategic goals.
Each type of fund is subject to specific rules about how and where the money can be used. Here’s an overview of the different types of funds the CRA manages:
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
Power BI Desktop
Agency Budget Process
$86.04M
Total Sources
$58.01M
Total Obligated Expenses
$28.03M
Total Discretionary Expenses
• 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 & Operating Expenses
• Proposed Programs and Projects
-=
Power BI Desktop
Project Area Tax Increment Revenue
A = Actual | B = Budget | F = Forecast
The FY 2025-2026 Budget assumes a 2% increase for each project area fund, with the exception of Central Business District at 3% decrease and Block 70 remaining flat.
Note: The County did not transfer the County's tax increment for the State Street Project Area for Fiscal Year 2025 (Tax Year 2024). As a result, the Fiscal Year 2026 budget
includes an estimate of an additional $1 million for the prior year's increment.
Fu…Trend
C…
Bl…
D…
Gr…
N…
N…
St…
9-…
St…
N…
Bl…
W…
Total
Fund 2020-A
2021-A
2022-A
2023-A
2024-A
2024-B
2025-B
2025-A
2026-B
Central Business District $32,241,850 $31,160,698 $29,210,363 $25,941,783 $27,265,707 $24,644,694 $27,265,707 $24,887,406 $24,140,784
Block 70 $2,151,501 $2,145,823 $2,156,531 $1,925,503 $2,133,992 $1,829,228 $2,133,992 $2,107,725 $2,107,725
Depot District $5,331,207 $5,375,538 $5,165,393 $5,316,113 $6,071,665 $5,422,435 $6,193,098 $6,093,333
Granary District $737,929 $926,661 $975,276 $1,081,675 $1,357,286 $1,103,309 $1,384,433 $1,691,303 $1,725,129
North Temple $526,266 $633,123 $674,845 $988,936 $1,513,475 $1,008,715 $1,543,745 $2,074,376 $2,115,864
North Temple Viaduct $1,550,077 $2,100,528 $2,573,995 $2,720,019 $3,058,618 $2,774,419 $3,119,790 $3,002,921 $3,062,979
Stadler Rail $69,903 $101,927 $108,334 $138,526 $157,991 $141,298 $161,151 $170,821 $174,237
9-Line $1,871,603 $2,601,746 $2,971,289 $2,653,781 $3,030,715 $3,419,141 $3,487,524
State Street $3,289,619 $4,337,070 $5,753,783 $4,423,811 $5,868,859 $6,510,980 $8,661,200
Northwest Quadrant $197 $1,684,441 $1,035,350 $1,371,125 $2,451,087 $1,398,548 $2,500,109 $3,269,994 $3,335,394
Block 67 North $358,599 $365,771 $369,943 $377,342
West Capitol Hill ($113,393)$526,903
Total $42,495,537 $44,655,642 $47,061,309 $46,422,496 $53,093,492 $45,400,238 $53,567,370 $53,597,943 $49,188,178
Power BI Desktop
Overview of Expense Changes by Fund
Fund Type
2025-B FY26 Change 2026-B
Project Area$68,257,959 ($4,797,244)$63,460,715
Central Business District $29,893,016 ($3,366,330)$26,526,686
Block 70 $11,065,164 $41,637 $11,106,801
Depot District $7,095,401 ($7,000,544)$94,857
Granary District $1,748,249 $368,942 $2,117,191
North Temple $1,952,466 $408,360 $2,360,826
North Temple Viaduct $3,155,765 ($92,786)$3,062,979
Stadler Rail $168,744 $8,847 $177,591
9-Line $3,307,218 $788,232 $4,095,450
State Street $6,517,835 $3,546,112 $10,063,947
Northwest Quadrant $2,603,998 $873,047 $3,477,045
Block 67 North $365,771 $11,571 $377,342
West Capitol Hill $384,332 ($384,332)$0
Total $68,257,959 ($4,797,244)$63,460,715
Fund Type 2025-B FY26 Change 2026-B
Housing$9,339,709 ($279,278)$9,060,431
Housing Development Fund $2,902,000 $739,842 $3,641,842
Primary Housing $3,602,240 ($355,942)$3,246,298
Westside Community Initiative $1,835,469 $233,767 $2,069,236
Secondary Housing $1,000,000 ($896,945)$103,055
Multi-Use$1,891,633 $5,167,321 $7,058,954
Program Income Fund $1,559,233 $2,402,126 $3,961,359
Revolving Loan Fund $332,400 $2,765,195 $3,097,595
Operations$5,070,296 $1,385,836 $6,456,132
Community Reinvestment
Agency Operations
$5,070,296 $1,385,836 $6,456,132
Total $16,301,638 $6,273,879 $22,575,517
Power BI Desktop
Revenue & Other Sources
Tax Increment
Transition Holding Account
Interest from Investments
Funding Our Future
Inland Port Housing
Parking Structure Income
Loan Payments - Principal
Loan Payments - Interest
Rents
$49,188,178
$7,343,562
$4,880,412
$2,590,000
$1,835,469
$1,290,184
$609,000
$243,000
$229,449
Source Type External Transfer Fund Balance Revenue
Total Revenue
$86,036,232
Revenue
$58,275,692
Internal Transfer
$17,826,978
Fund Balance
$7,343,562
External Transfer
$2,590,000
Source or Use…×
$68,209,254
Total Revenue Excluding Internal Transfers
Power BI Desktop
Revenue & Other Sources
Housing Funds
Funding Our Future
Inland Port Housing
Transition Holding Account
Interest from Investments
Transfer from NT
Transfer from SS - School District
Transfer from GD
Transfer from NWQ
Loan Payments - Principal
Transfer from SS
Transfer from SS - County
Transfer from 9L
Transfer from 9L - School District
Loan Payments - Interest
Transfer from B67N
Transfer from SR
$2,590,000
$1,835,469
$1,165,300
$636,892
$423,173
$398,415
$345,027
$333,539
$319,000
$259,836
$207,869
$189,330
$159,423
$142,000
$37,734
$17,424
Source Type External Transfer Fund Balance Internal Transfer Revenue
$9,060,431
Total Revenue
Total Revenue
$9,060,431
Revenue
$2,933,361
External Transfer
$2,590,000
Internal Transfer
$2,371,770
Fund Balance
$1,165,300
Source or Use…×
$9,060,431
Total Revenue Including Internal Transfers
Power BI Desktop
Pr
o
g
r
a
m
Taxing Entity Payments
Eccles Debt Service
Internal Transfers - Debt Service
Internal Transfers - Administration Fund
TI Reimbursements
Salt Lake City Debt Service
County Required Non-Loan Housing Funds
Internal Transfers - Primary Housing Fund
Property Management and Maintenance
CRA Arts & Culture Program
Gallivan - Management & Maintenance Assessment
Internal Transfers - School District Required Family & Workforce Housing
Shared Costs Reserves
Gallivan - Administration Assessment
Operating & Maintenance
Gallivan - Programming
Internal Transfers - County Required Non-Loan Housing
School Construction Reserves
Regent Street Parking Structure Reserves
Eccles - Maintenance & Repairs
$12,292,124
$9,722,000
$8,477,030
$4,419,871
$4,065,884
$3,017,034
$1,870,819
$1,606,063
$1,429,568
$662,733
$615,343
$557,838
$475,191
$424,174
$375,000
$250,000
$207,869
$137,531
$100,000
$80,000
Source or Use Type Expense Internal Transfer
Obligated Expenses
Project Area & Multi-Use Funds
$50,786,072
Total Expense
Power BI Desktop
Obligated Expenses
Project Area & Multi-Use Funds
Program 9L
B67N
B70
CBD
DD
GD
NT
NTV
NWQ
PIF
SR
SS
Total
Taxing Entity Payments$315,401 $554,801 $10,839,889 $582,033 $12,292,124
Eccles Debt Service $9,722,000 $9,722,000
Internal Transfers - Debt Service $8,477,030 $8,477,030
Internal Transfers - Administration Fund$304,744 $18,868 $2,432,087 $258,770 $317,381 $45,945 $333,539 $8,712 $699,825 $4,419,871
TI Reimbursements $283,007 $1,300,000 $2,334,776 $148,101 $4,065,884
Salt Lake City Debt Service $3,017,034 $3,017,034
County Required Non-Loan Housing Funds $1,870,819 $1,870,819
Internal Transfers - Primary Housing Fund$189,330 $37,734 $345,027 $423,173 $333,539 $17,424 $259,836 $1,606,063
Property Management and Maintenance$100,000 $1,129,568 $50,000 $50,000 $100,000 $1,429,568
CRA Arts & Culture Program $37,733 $625,000 $662,733
PRJ-000083 Eccles Theater- Operating
Reserve for Ancillary Spaces
$500,000 $500,000
PRJ-000082 Eccles Fundraising Fulfillment $125,000 $125,000
PRJ-000108 Japantown Art $37,733 $37,733
Gallivan - Management & Maintenance
Assessment $615,343 $615,343
Internal Transfers - School District Required
Family & Workforce Housing$159,423 $398,415 $557,838
Shared Costs Reserves $475,191 $475,191
Gallivan - Administration Assessment $424,174 $424,174
Operating & Maintenance $375,000 $375,000
Gallivan - Programming $250,000 $250,000
Internal Transfers - County Required Non-
Loan Housing $207,869 $207,869
School Construction Reserves $137,531 $137,531
Regent Street Parking Structure Reserves $100,000 $100,000
Eccles - Maintenance & Repairs $80,000 $80,000
PRJ-000085 Regent Street Maintenance $80,000 $80,000
Total $1,068,898 $377,342 $11,081,801 $25,468,091 $50,000 $603,797 $928,085 $3,062,979 $3,477,045 $375,000 $174,237 $4,118,797 $50,786,072
Power BI Desktop
Discretionary Expenses
Project Area & Multi-Use Funds
Program 9L
B70
CBD
DD
GD
NT
PIF
RLF
SR
SS
Total
Strategic Intervention$2,376,552 $1,463,394 $682,741 $3,354 $1,595,150 $6,121,191
Commercial Revolving Loans$500,000 $1,058,595 $208,060 $3,097,595 $1,000,000 $5,864,250
Infrastructure Improvements $44,857 $100,000 $200,000 $2,950,000 $3,294,857
New Project: Ballpark Infrastructure, Design, Construction, &
Site Work
$1,000,000 $1,000,000
New Project: State Street Infrastructure $1,000,000 $1,000,000
New Project: Ballpark Management & Activation $750,000 $750,000
PRJ-000078 Sugar House DI Demolition $200,000 $200,000
New Project: State Street Corridor $150,000 $150,000
PRJ-000022 CRA - City Creek Daylighting Design Plan Budget $100,000 $100,000
New Project: 900 S Freeway Underpass Infrastructure $50,000 $50,000
PRJ-000098 CRA Depot District Infrastructure, Design,
Construction, & Site Work
$44,857 $44,857
Internal Transfers - Administration Fund $1,803,299 $1,803,299
Gallivan - Maintenance & Repairs $850,000 $850,000
PRJ-000057 Gallivan Repairs $850,000 $850,000
CRA Charges & Services$50,000 $50,000 $50,000 $500,000 $50,000 $700,000
Commercial Property Disposition $500,000 $500,000
New Project: Whipple Tenant Improvements $500,000 $500,000
CRA Arts & Culture Program$100,000 $25,000 $100,000 $25,000 $250,000 $500,000
New Project: State Street Art Projects $250,000 $250,000
New Project: North Temple Art Project $100,000 $100,000
PRJ-000107 9-Line Public Art Project $100,000 $100,000
New Project: Sugar House Art $25,000 $25,000
PRJ-000081 Regent Street Event Programming $25,000 $25,000
Infrastructure Studies and Planning $100,000 $100,000
New Project: Public Utilities Feasibility Study $100,000 $100,000
Total $3,026,552 $25,000 $1,058,595 $44,857 $1,513,394 $1,432,741 $3,586,359 $3,097,595 $3,354 $5,945,150 $19,733,597
Power BI Desktop
Housing Funds & Programs
Fund Discretionary
Obligation
Total
HDF$3,641,842 $3,641,842
HDLP - Competitive$1,512,342 $1,512,342
Housing Property Disposition$1,000,000 $1,000,000
New Project: Sugar House DI
Disposition
$1,000,000 $1,000,000
Wealth Building Housing
Opportunities$1,000,000 $1,000,000
Internal Transfers -
Administration Fund$129,500 $129,500
1H$2,480,591 $765,707 $3,246,298
HDLP - Deeply Affordable$2,480,591 $2,480,591
School District Required
Family & Workforce Housing $557,838 $557,838
County Required Non-Loan
Housing Funds $207,869 $207,869
WCI$2,069,236 $2,069,236
HDLP - Competitive$1,965,774 $1,965,774
Internal Transfers -
Administration Fund$103,462 $103,462
2H$103,055 $103,055
HDLP - Competitive$103,055 $103,055
Total $8,294,724 $765,707 $9,060,431
Discretionary Expenses by Program & Fund
Pr
o
g
r
a
m
HDLP - Competitive
HDLP - Deeply Affordable
Housing Property Disposition
Wealth Building Housing Opportunities
Internal Transfers - Administration Fund
$3,581,171
$2,480,591
$1,000,000
$1,000,000
$232,962
Fund 1H 2H HDF WCI
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
School District Required Family & Workforce Housing
County Required Non-Loan Housing Funds
$557,838
$207,869
Fund 1H
Power BI Desktop
Multi-Use Funds & Programs
Fund Discretionary
Obligation
Total
PIF$3,586,359 $375,000 $3,961,359
Internal Transfers -
Administration Fund$1,803,299 $1,803,299
Gallivan - Maintenance &
Repairs$850,000 $850,000
PRJ-000057 Gallivan Repairs $850,000 $850,000
CRA Charges & Services$500,000 $500,000
Operating & Maintenance $375,000 $375,000
Commercial Revolving Loans$208,060 $208,060
Infrastructure Improvements$200,000 $200,000
PRJ-000078 Sugar House DI
Demolition
$200,000 $200,000
CRA Arts & Culture Program$25,000 $25,000
New Project: Sugar House Art $25,000 $25,000
RLF$3,097,595 $3,097,595
Commercial Revolving Loans$3,097,595 $3,097,595
Total $6,683,954 $375,000 $7,058,954
Discretionary Expenses by Program & Fund
Pr
o
g
r
a
m
Commercial Revolving Loans
Internal Transfers - Administration Fund
Gallivan - Maintenance & Repairs
CRA Charges & Services
Infrastructure Improvements
CRA Arts & Culture Program
$3,305,655
$1,803,299
$850,000
$500,000
$200,000
$25,000
Fund PIF RLF
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
Operating & Maintenance $375,000
Fund PIF
Power BI Desktop
Agency Operations Fund
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
CRA Personnel
Administrative Fees
CRA Charges & Services
Operating & Maintenance
$3,541,674
$2,014,458
$450,000
$450,000
Program 2025-B Change 2026-B
CRA Personnel $3,170,296 $371,378 $3,541,674
Administrative Fees $1,000,000 $1,014,458 $2,014,458
CRA Charges & Services $450,000 $0 $450,000
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $1,385,836 $6,456,132
Source 2025-B Change 2026-B
Transfer from CBD $2,726,570 ($294,483)$2,432,087
Transfer from PIF $0 $1,803,299 $1,803,299
Transfer from SS $485,760 $214,065 $699,825
Transfer from NWQ $250,011 $83,528 $333,539
Transfer from NT $231,561 $85,820 $317,381
Transfer from 9L $263,906 $40,838 $304,744
Transfer from GD $207,666 $51,104 $258,770
Transfer from HDF $0 $129,500 $129,500
Transfer from WCI $0 $103,462 $103,462
Transfer from NTV $46,796 ($851)$45,945
Transfer from B67N $18,288 $580 $18,868
Transfer from SR $8,058 $654 $8,712
Total $5,167,582 $1,288,550 $6,456,132
Power BI Desktop
Staffing - CRA
Role Grade
FY 2025 Change FY 2026 Comments
Director 41 1 0.00 1
Deputy Director 37 1 0.00 1
Senior Project Manager 35 5 0.00 5
Project Manager 33 5 0.00 5
Communications Manager 32 1 0.00 1
Financial Analyst IV 32 1 0.00 1
Property Manager 30 1 0.00 1
Financial Analyst III 29 1 0.00 1
Project Coordinator 28 2 0.00 2
Communications Coordinator 25 1 0.00 1
Office Manager 21 1 0.00 1
Special Projects Assistant 21 1 0.00 1
Office Facilitator II Non -Union 20 1 0.00 1
Total 22 0.00 22
Power BI Desktop
Staffing - Gallivan
Role Grade
FY 2025 Change FY 2026 Comments
Plaza & Comm Events Div Director 32 1 0.00 1
Operations Manager 31 1 0.00 1
Gallivan Event Adv/Mktg Manager 25 2 0.00 2
Event Coordinator II 23 1 0.00 1
Office Facilitator II Non-Union 22 1 0.00 1
General Maintenance Worker III 21 3 0.00 3
Office Technician I 19 1 0.00 1
General Maintenance Worker II 18 1 0.00 1
General Maintenance Worker I 16 1 0.00 1
Custodian II 11 1 0.00 1
Total 13 0.00 13
Power BI Desktop
THANK YOU
Power BI Desktop
Community Reinvestment Agency | Program Funding Allocated to Specific Projects
Program Type Program Program Description Project Project Description 2026-B
CRA Infrastructure
Programs
Infrastructure Improvements Investments in city infrastructure
improvements.
New Project: Ballpark
Infrastructure, Design,
Construction, & Site Work
Appropriation of funds to support the future development
of the Ballpark property. Funds will support studies,
demolition, site work, and construction costs as part of
the property reuse and development.
$1,000,000
New Project: State Street
Infrastructure
Appropriation of funds to support public infrastructure
projects within State Street project area. Projects may
include roadway construction, public transit, streetscape
improvements, trails, or open space improvements.
$1,000,000
New Project: Ballpark
Management & Activation
Allocation of funds for programming costs, repairs, and
operating expenses for temporary activation of Ballpark
facility and parking lot.
$750,000
PRJ-000078 Sugar House DI
Demolition
Site and demolition costs in anticipation of offering
property for affordable housing development.
$200,000
New Project: State Street
Corridor
Appropriation of funds to enhance or update State Street
corridor master plan and future land use goals.
$150,000
PRJ-000022 CRA - City
Creek Daylighting Design
Plan Budget
Appropriation of funds to support implementation of the
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.
$100,000
New Project: 900 S Freeway
Underpass Infrastructure
Appropriation of funds for improvements to Mead Avenue
underpass project. Funds will support installation of
improvements to enhance open space and encourage
activation.
$50,000
PRJ-000098 CRA Depot
District Infrastructure, Design,
Construction, & Site Work
Appropriation of funds to begin implementing public
improvement plans within Rio Grande District
neighborhood. Funds will support public improvements
design, site work to prepare Rio Grande District
properties for development, and public improvements
construction.
$44,857
Power BI Desktop
Community Reinvestment Agency | Program Funding Allocated to Specific Projects
Program Type Program Program Description Project Project Description 2026-B
CRA Infrastructure
Programs
CRA Arts & Culture
Program
Arts and culture initiatives.PRJ-000083 Eccles Theater-
Operating Reserve for
Ancillary Spaces
Appropriation of funds to maintain a reserve for Agency's
obligations for operating and programming expenses
related to the Eccles Theater.
$500,000
New Project: State Street Art
Projects
Appropriation of funds for the installation of a public art
piece within the State Street Project Area. Funds may be
used for the commission, artist's stipend, installation, and
maintenance reserve contribution related to the art piece.
$250,000
PRJ-000082 Eccles
Fundraising Fulfillment
Appropriation of funds to meet Agency obligations and
manage donor agreements related to the Eccles Theater
and Regent Street.
$125,000
New Project: North Temple
Art Project
Appropriation of funds for the installation of a public art
piece within the North Temple Project Area. Funds may
be used for the commission, artist's stipend, installation,
and maintenance reserve contribution related to the art
piece.
$100,000
PRJ-000107 9-Line Public Art
Project
Appropriation of funds for the installation of a public art
piece within the 9-Line Project Area. Funds may be used
for the commission, artist's stipend, installation, and
maintenance reserve contribution related to the art piece.
$100,000
PRJ-000108 Japantown Art Appropriation of funds for the installation of a public art
piece within Japantown. Funds may be used for the
commission, artist's stipend, installation, and
maintenance reserve contribution related to the art piece.
$37,733
New Project: Sugar House
Art
Appropriation of funds for the relocation of existing "Art
for Hope" pieces. Funds may be used for artist's fees,
replacement expenses, and installation costs of the
existing art pieces.
$25,000
PRJ-000081 Regent Street
Event Programming
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.
$25,000
Power BI Desktop
Community Reinvestment Agency | Program Funding Allocated to Specific Projects
Program Type Program Program Description Project Project Description 2026-B
CRA Housing
Programs
Housing Property
Disposition
Sale of Agency-owned properties
to foster affordable housing
developments.
New Project: Sugar House DI
Disposition
Appropriation of funds to support the inclusion of deeply
affordable units as part of the property disposition and
development.
$1,000,000
CRA Gallivan
Programs
Gallivan - Maintenance &
Repairs
Maintenance and repair at the
Gallivan Center.
PRJ-000057 Gallivan Repairs Appropriation of funds to maintain a reserve for the
Agency's obligations for maintenance and repair
expenses related to the Gallivan Center property.
$850,000
CRA Commercial
Programs
Commercial Property
Disposition
Sale or lease of CRA-owned
commercial properties for
development.
New Project: Whipple Tenant
Improvements
Appropriation of funds to support the adaptive reuse and
future development of the Agency's property on Folsom
Avenue and 1000 West. Funds will support studies,
demolition, site work, tenant improvements, and
construction costs as part of the property reuse and
development.
$500,000
CRA Studies and
Planning Programs
Infrastructure Studies and
Planning
Research and planning for future
infrastructure projects.
New Project: Public Utilities
Feasibility Study
Appropriation of funds to explore feasibility and options
related to the redevelopment of the Public Utilities facility.
$100,000
CRA Eccles Programs Eccles - Maintenance &
Repairs
Upkeep and repair of Eccles
Theater funded facilities and
projects.
PRJ-000085 Regent Street
Maintenance
Appropriation of funds for maintenance and repair
expenses related to Regent Street.
$80,000
Power BI Desktop
Community Reinvestment Agency | Program Funding Not Assigned to Projects
Program Type Program Program Description 2026-B
CRA Tax Increment
Programs
Taxing Entity Payments Payments to taxing entities as part of interlocal agreements.$12,292,124
TI Reimbursements Reimbursements related to tax increment reimbursement agreements.$4,065,884
CRA Debt Service Eccles Debt Service Debt service for the Eccles Theater.$9,722,000
Salt Lake City Debt Service Repayment of debts incurred by Salt Lake City in redevelopment projects.$3,017,034
CRA Housing
Programs
HDLP - Competitive Financial assistance through loans for affordable housing development.$3,581,171
HDLP - Deeply Affordable Financial assistance through loans for deeply affordable housing development.$2,480,591
County Required Non-Loan Housing Funds Funds for housing projects, stipulated by Salt Lake County interlocal agreements not to be used for loans.$2,078,688
Wealth Building Housing Opportunities Affordable homeownership through a shared equity model.$1,000,000
School District Required Family & Workforce
Housing
Housing solutions for families and the workforce, mandated by interelocal agreements with the Salt Lake
City School District.
$557,838
CRA Strategic
Intervention Programs
Strategic Intervention Uses include property acquisition, site development, and community benefits, e.g., when allocation
between housing or commercial use is has not been determined.
$6,121,191
CRA Commercial
Programs
Commercial Revolving Loans Loan options for commercial development projects.$5,864,250
CRA Gallivan
Programs
Gallivan - Management & Maintenance
Assessment
Fees related to the Block 57 Owners Group, formerly Gallivan Utah Center Owners Association.$615,343
Gallivan - Administration Assessment Fees related to the Block 57 Owners Group, formerly Gallivan Utah Center Owners Association.$424,174
Gallivan - Programming Development and management of programs and events at the Gallivan Center.$250,000
CRA Infrastructure
Programs
Shared Costs Reserves A reserve fund per the interlocal agreement with the City to cover shared costs.$475,191
School Construction Reserves 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.
$137,531
Regent Street Parking Structure Reserves A reserve account for the upkeep and repair of Eccles Theater parking structure.$100,000
Power BI Desktop
Community Reinvestment Agency | Program Funding Not Assigned to Projects
Program Type Program Program Description 2026-B
Internal Transfers Internal Transfers - Debt Service Transfers from one Agency fund to another to pay debt service, e.g., from the Central Business District to
Block 70 for Eccles debt service.
$8,477,030
Internal Transfers - Administration Fund Internal fund transfers to the Redevelopment Agency Operations Fund. Administrative contributions
typically defined in interlocal agreements with taxing entities; some contributions may come from non-
project area funds.
$6,456,132
Internal Transfers - Primary Housing Fund Internal fund transfers to the Primary Housing fund, legally required per Utah Code Title 17C.$1,606,063
Internal Transfers - School District Required
Family & Workforce Housing
Internal fund transfers to the Primary Housing fund, legally required per Utah Code Title 17C, with a
stipulation from Salt Lake City School District interlocal agreements for Family and Workforce Housing.
$557,838
Internal Transfers - County Required Non-Loan
Housing
Internal fund transfers to the Primary Housing fund, legally required per Utah Code Title 17C, with a
stipulation from Salt Lake County interlocal agreements that these funds must not be used for loans.
$207,869
Operations Programs CRA Personnel Agency employee compensation including salaries, wages, benefits, and other forms of remuneration.$3,541,674
Administrative Fees Fees charged to the CRA from the City to distribute the costs of shared resources.$2,014,458
Property Management and Maintenance Management and maintenance of properties under the agency’s control, typically within a project area.$1,429,568
CRA Charges & Services Expenses for services such as consulting, legal advice, accounting, marketing, audits, travel, software, or
other service-related expenses.
$1,150,000
Operating & Maintenance Expenses for utilities, facility maintenance, equipment, supplies, and other costs related to Agency
operations.
$825,000
Power BI Desktop
Central Business District
Sources 2025-B FY26 Change 2026-B
Revenue $29,893,016 ($3,366,330)$26,526,686
Tax Increment $27,265,707 ($3,124,922)$24,140,785
Interest from Investments $1,841,006 $544,895 $2,385,901
Transition Holding Account $786,303 ($786,303)$0
Total $29,893,016 ($3,366,330)$26,526,686
Uses
2025-B FY26 Change 2026-B
Expense $29,893,016 ($3,366,330)$26,526,686
Obligation $26,052,419 ($584,328)$25,468,091
TI Reimbursements $1,300,000 $0 $1,300,000
Taxing Entity Payments $11,194,315 ($354,426)$10,839,889
Property Management and Maintenance $1,127,250 $2,318 $1,129,568
Internal Transfers - Debt Service $8,477,030 $0 $8,477,030
Internal Transfers - Administration Fund $2,726,570 ($294,483)$2,432,087
Gallivan - Programming $250,000 $0 $250,000
Gallivan - Management & Maintenance
Assessment
$591,807 $23,536 $615,343
Gallivan - Administration Assessment $385,447 $38,727 $424,174
Discretionary $3,840,597 ($2,782,002)$1,058,595
Strategic Intervention $2,540,597 ($2,540,597)$0
Infrastructure Improvements $600,000 ($600,000)$0
PRJ-000109 Japantown Construction Documents $100,000 ($100,000)$0
PRJ-000104 Gallivan Playground $500,000 ($500,000)$0
Gallivan - Maintenance & Repairs $250,000 ($250,000)$0
PRJ-000057 Gallivan Repairs $250,000 ($250,000)$0
CRA Arts & Culture Program $450,000 ($450,000)$0
PRJ-000108 Japantown Art $300,000 ($300,000)$0
PRJ-000103 CBD Public Art Project $150,000 ($150,000)$0
Commercial Revolving Loans $0 $1,058,595 $1,058,595
Total $29,893,016 ($3,366,330)$26,526,686
Community Reinvestment Agency Key Changes
Power BI Desktop
Block 70
Sources 2025-B FY26 Change 2026-B
Revenue $11,065,164 $41,637 $11,106,801
Transfer From CBD Taxing Entity Payments $5,165,109 ($332,660)$4,832,449
Transfer From CBD Eccles Debt Service RDA match $3,311,921 $670,518 $3,982,439
Tax Increment $2,133,992 ($26,267)$2,107,725
Transfer from CBD Eccles Debt Service Reserve
Account
$454,142 ($269,954)$184,188
Total $11,065,164 $41,637 $11,106,801
Uses
2025-B FY26 Change 2026-B
Expense $11,065,164 $41,637 $11,106,801
Obligation $10,984,841 $96,960 $11,081,801
Taxing Entity Payments $560,173 ($5,372)$554,801
Regent Street Parking Structure Reserves $100,000 $0 $100,000
Eccles Debt Service $9,644,668 $77,332 $9,722,000
Eccles - Maintenance & Repairs $80,000 $0 $80,000
PRJ-000085 Regent Street Maintenance $80,000 $0 $80,000
CRA Arts & Culture Program $600,000 $25,000 $625,000
PRJ-000083 Eccles Theater- Operating Reserve for
Ancillary Spaces
$475,000 $25,000 $500,000
PRJ-000082 Eccles Fundraising Fulfillment $125,000 $0 $125,000
Discretionary $80,323 ($55,323)$25,000
CRA Arts & Culture Program $80,323 ($55,323)$25,000
PRJ-000106 Reinstallation of "The Gulls"$55,323 ($55,323)$0
PRJ-000081 Regent Street Event Programming $25,000 $0 $25,000
Total $11,065,164 $41,637 $11,106,801
Community Reinvestment Agency Key Changes
Power BI Desktop
Depot District
Sources 2025-B FY26 Change 2026-B
Revenue $7,095,401 ($7,000,544)$94,857
Transition Holding Account $421,999 ($327,142)$94,857
Interest from Investments $480,304 ($480,304)$0
Tax Increment $6,193,098 ($6,193,098)$0
Total $7,095,401 ($7,000,544)$94,857
Uses
2025-B FY26 Change 2026-B
Expense $7,095,401 ($7,000,544)$94,857
Obligation $2,840,085 ($2,790,085)$50,000
Property Management and Maintenance $672,500 ($622,500)$50,000
PRJ-000064 CRA - Home Inn Rio Grande
Maintenance
$500,000 ($500,000)$0
Available $172,500 ($122,500)$50,000
Internal Transfers - Primary Housing Fund $1,238,619 ($1,238,619)$0
Internal Transfers - Administration Fund $928,966 ($928,966)$0
Discretionary $4,255,316 ($4,210,459)$44,857
Infrastructure Improvements $3,705,316 ($3,660,459)$44,857
PRJ-000098 CRA Depot District Infrastructure,
Design, Construction, & Site Work
$0 $44,857 $44,857
Available $3,705,316 ($3,705,316)$0
Commercial Assistance Reserves $500,000 ($500,000)$0
Charges & Services $50,000 ($50,000)$0
Total $7,095,401 ($7,000,544)$94,857
Community Reinvestment Agency Key Changes
Power BI Desktop
Granary District
Sources 2025-B FY26 Change 2026-B
Revenue $1,748,249 $368,942 $2,117,191
Tax Increment $1,384,433 $340,696 $1,725,129
Transition Holding Account $165,086 $59,265 $224,351
Interest from Investments $198,730 ($31,019)$167,711
Total $1,748,249 $368,942 $2,117,191
Uses
2025-B FY26 Change 2026-B
Expense $1,748,249 $368,942 $2,117,191
Obligation $484,552 $119,245 $603,797
Internal Transfers - Primary Housing Fund $276,886 $68,141 $345,027
Internal Transfers - Administration Fund $207,666 $51,104 $258,770
Discretionary $1,263,697 $249,697 $1,513,394
Strategic Intervention $0 $1,463,394 $1,463,394
CRA Charges & Services $0 $50,000 $50,000
Commercial Assistance Reserves $1,263,697 ($1,263,697)$0
Total $1,748,249 $368,942 $2,117,191
Community Reinvestment Agency Key Changes
Power BI Desktop
North Temple
Sources 2025-B FY26 Change 2026-B
Revenue $1,952,466 $408,360 $2,360,826
Tax Increment $1,543,745 $572,119 $2,115,864
Transition Holding Account $249,892 ($4,930)$244,962
Interest from Investments $158,829 ($158,829)$0
Total $1,952,466 $408,360 $2,360,826
Uses
2025-B FY26 Change 2026-B
Expense $1,952,466 $408,360 $2,360,826
Obligation $690,654 $237,431 $928,085
School Construction Reserves $100,344 $37,187 $137,531
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - Primary Housing Fund $308,749 $114,424 $423,173
Internal Transfers - Administration Fund $231,561 $85,820 $317,381
Discretionary $1,261,812 $170,929 $1,432,741
Strategic Intervention $861,812 ($179,071)$682,741
Infrastructure Improvements $50,000 $50,000 $100,000
PRJ-000022 CRA - City Creek Daylighting Design
Plan Budget
$50,000 $50,000 $100,000
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $0 $100,000 $100,000
New Project: North Temple Art Project $0 $100,000 $100,000
Commercial Studies and Planning $300,000 ($300,000)$0
PRJ-000105 North Temple Property Reuse Planning $300,000 ($300,000)$0
Commercial Property Disposition $0 $500,000 $500,000
New Project: Whipple Tenant Improvements $0 $500,000 $500,000
Total $1,952,466 $408,360 $2,360,826
Community Reinvestment Agency Key Changes
Power BI Desktop
North Temple Viaduct
Sources 2025-B FY26 Change 2026-B
Revenue $3,155,765 ($92,786)$3,062,979
Tax Increment $3,119,790 ($56,811)$3,062,979
Interest from Investments $35,975 ($35,975)$0
Total $3,155,765 ($92,786)$3,062,979
Uses
2025-B FY26 Change 2026-B
Expense $3,155,765 ($92,786)$3,062,979
Obligation $3,155,765 ($92,786)$3,062,979
Salt Lake City Debt Service $3,108,969 ($91,935)$3,017,034
Internal Transfers - Administration Fund $46,796 ($851)$45,945
Total $3,155,765 ($92,786)$3,062,979
Community Reinvestment Agency Key Changes
Power BI Desktop
Stadler Rail
Sources 2025-B FY26 Change 2026-B
Revenue $168,744 $8,847 $177,591
Tax Increment $161,151 $13,086 $174,237
Transition Holding Account $0 $3,354 $3,354
Interest from Investments $7,593 ($7,593)$0
Total $168,744 $8,847 $177,591
Uses
2025-B FY26 Change 2026-B
Expense $168,744 $8,847 $177,591
Obligation $168,744 $5,493 $174,237
TI Reimbursements $144,571 $3,530 $148,101
Internal Transfers - Primary Housing Fund $16,115 $1,309 $17,424
Internal Transfers - Administration Fund $8,058 $654 $8,712
Discretionary $0 $3,354 $3,354
Strategic Intervention $0 $3,354 $3,354
Total $168,744 $8,847 $177,591
Community Reinvestment Agency Key Changes
Power BI Desktop
9-Line
Sources 2025-B FY26 Change 2026-B
Revenue $3,307,218 $788,232 $4,095,450
Interest from Investments $0 $140,728 $140,728
Tax Increment $3,030,715 $456,808 $3,487,523
Transition Holding Account $276,503 $190,696 $467,199
Total $3,307,218 $788,232 $4,095,450
Uses
2025-B FY26 Change 2026-B
Expense $3,307,218 $788,232 $4,095,450
Obligation $962,946 $105,952 $1,068,898
Taxing Entity Payments $345,968 ($30,567)$315,401
Property Management and Maintenance $50,000 $50,000 $100,000
Internal Transfers - School District Required
Family & Workforce Housing
$142,138 $17,285 $159,423
Internal Transfers - Primary Housing Fund $160,934 $28,396 $189,330
Internal Transfers - Administration Fund $263,906 $40,838 $304,744
Discretionary $2,344,272 $682,280 $3,026,552
Strategic Intervention $1,994,272 $382,280 $2,376,552
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $300,000 ($200,000)$100,000
PRJ-000107 9-Line Public Art Project $300,000 ($200,000)$100,000
Commercial Revolving Loans $0 $500,000 $500,000
Total $3,307,218 $788,232 $4,095,450
Community Reinvestment Agency Key Changes
Power BI Desktop
State Street
Sources 2025-B
FY26 Change 2026-B
Revenue $6,517,835 $3,546,112 $10,063,947
Tax Increment $5,868,859 $2,792,341 $8,661,200
Transition Holding Account $648,976 $475,679 $1,124,655
Interest from Investments $0 $278,092 $278,092
Total $6,517,835 $3,546,112 $10,063,947
Uses
2025-B FY26 Change 2026-B
Expense $6,517,835 $3,546,112 $10,063,947
Obligation $1,463,941 $2,654,856 $4,118,797
Taxing Entity Payments $341,296 $240,737 $582,033
Property Management and Maintenance $50,000 $50,000 $100,000
Internal Transfers - School District Required
Family & Workforce Housing
$275,244 $123,171 $398,415
Internal Transfers - Primary Housing Fund $185,235 $74,601 $259,836
Internal Transfers - County Required Non-Loan
Housing
$126,406 $81,463 $207,869
Internal Transfers - Administration Fund $485,760 $214,065 $699,825
County Required Non-Loan Housing Funds $0 $1,870,819 $1,870,819
Discretionary $5,053,894 $891,256 $5,945,150
Strategic Intervention $4,003,894 ($2,408,744)$1,595,150
Internal Transfers - Secondary Housing Fund $1,000,000 ($1,000,000)$0
Infrastructure Studies and Planning $0 $100,000 $100,000
New Project: Public Utilities Feasibility Study $0 $100,000 $100,000
Infrastructure Improvements $0 $2,950,000 $2,950,000
New Project: State Street Infrastructure $0 $1,000,000 $1,000,000
New Project: State Street Corridor $0 $150,000 $150,000
New Project: Ballpark Management & Activation $0 $750,000 $750,000
New Project: Ballpark Infrastructure, Design,
Construction, & Site Work
$0 $1,000,000 $1,000,000
New Project: 900 S Freeway Underpass
Infrastructure
$0 $50,000 $50,000
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $0 $250,000 $250,000
New Project: State Street Art Projects $0 $250,000 $250,000
Commercial Revolving Loans $0 $1,000,000 $1,000,000
Total $6,517,835 $3,546,112 $10,063,947
Community Reinvestment Agency Key Changes
Power BI Desktop
Northwest Quadrant
Sources 2025-B
FY26 Change 2026-B
Revenue $2,603,998 $873,047 $3,477,045
Tax Increment $2,500,109 $835,285 $3,335,394
Interest from Investments $103,889 ($103,889)$0
Transition Holding Account $0 $141,651 $141,651
Total $2,603,998 $873,047 $3,477,045
Uses
2025-B FY26 Change 2026-B
Expense $2,603,998 $873,047 $3,477,045
Obligation $2,603,998 $873,047 $3,477,045
TI Reimbursements $1,750,076 $584,700 $2,334,776
Shared Costs Reserves $353,900 $121,291 $475,191
Internal Transfers - Primary Housing Fund $250,011 $83,528 $333,539
Internal Transfers - Administration Fund $250,011 $83,528 $333,539
Total $2,603,998 $873,047 $3,477,045
Community Reinvestment Agency Key Changes
Power BI Desktop
Block 67 North
Sources 2025-B
FY26 Change 2026-B
Revenue $365,771 $11,571 $377,342
Tax Increment $365,771 $11,571 $377,342
Total $365,771 $11,571 $377,342
Uses
2025-B FY26 Change 2026-B
Expense $365,771 $11,571 $377,342
Obligation $365,771 $11,571 $377,342
TI Reimbursements $274,329 $8,678 $283,007
Internal Transfers - Primary Housing Fund $36,577 $1,157 $37,734
Internal Transfers - Administration Fund $18,288 $580 $18,868
CRA Arts & Culture Program $36,577 $1,156 $37,733
PRJ-000108 Japantown Art $36,577 $1,156 $37,733
Total $365,771 $11,571 $377,342
Community Reinvestment Agency Key Changes
Power BI Desktop
West Capitol Hill
Sources 2025-B
FY26 Change 2026-B
Revenue $384,332 ($384,332)$0
Interest from Investments $384,332 ($384,332)$0
Total $384,332 ($384,332)$0
Uses
2025-B FY26 Change 2026-B
Expense $384,332 ($384,332)$0
Discretionary $384,332 ($384,332)$0
Housing Construction & Rehabilitation $384,332 ($384,332)$0
PRJ-000015 CRA - Arctic Court Infill Home
Construction
$384,332 ($384,332)$0
Total $384,332 ($384,332)$0
Community Reinvestment Agency Key Changes
Power BI Desktop
Primary Housing
Sources 2025-B
FY26 Change 2026-B
Revenue $3,602,240 ($355,942)$3,246,298
Transfer from DD $1,238,619 ($1,238,619)$0
Transition Holding Account $507,505 $36,678 $544,183
Transfer from NT $308,749 $114,424 $423,173
Transfer from GD $276,886 $68,141 $345,027
Transfer from SS - School District $275,244 $123,171 $398,415
Transfer from NWQ $250,011 $83,528 $333,539
Transfer from SS $185,235 $74,601 $259,836
Transfer from 9L $160,934 $28,396 $189,330
Transfer from 9L - School District $142,138 $17,285 $159,423
Transfer from SS - County $126,406 $81,463 $207,869
Loan Payments - Principal $72,000 ($20,000)$52,000
Transfer from B67N $36,577 $1,157 $37,734
Transfer from SR $16,115 $1,309 $17,424
Loan Payments - Interest $5,821 $24,179 $30,000
Interest from Investments $0 $248,345 $248,345
Total $3,602,240 ($355,942)$3,246,298
Uses
2025-B FY26 Change 2026-B
Expense $3,602,240 ($355,942)$3,246,298
Obligation $417,381 $348,326 $765,707
School District Required Family & Workforce
Housing
$417,381 $140,457 $557,838
County Required Non-Loan Housing Funds $0 $207,869 $207,869
Discretionary $3,184,859 ($704,268)$2,480,591
Housing Construction & Rehabilitation $500,000 ($500,000)$0
PRJ-000015 RDA - Arctic Court Infill Home
Construction
$500,000 ($500,000)$0
HDLP - Deeply Affordable $0 $2,480,591 $2,480,591
HDLP - Competitive $2,684,859 ($2,684,859)$0
Total $3,602,240 ($355,942)$3,246,298
Community Reinvestment Agency Key Changes
Power BI Desktop
Secondary Housing
Sources 2025-B
FY26 Change 2026-B
Revenue $1,000,000 ($896,945)$103,055
Transfer from SS $1,000,000 ($1,000,000)$0
Transition Holding Account $0 $103,055 $103,055
Total $1,000,000 ($896,945)$103,055
Uses
2025-B FY26 Change 2026-B
Expense $1,000,000 ($896,945)$103,055
Discretionary $1,000,000 ($896,945)$103,055
HDLP - Competitive $1,000,000 ($896,945)$103,055
Total $1,000,000 ($896,945)$103,055
Community Reinvestment Agency Key Changes
Power BI Desktop
Housing Development Fund
Sources 2025-B
FY26 Change 2026-B
Revenue $2,902,000 $739,842 $3,641,842
Funding Our Future $2,590,000 $0 $2,590,000
Loan Payments - Principal $204,000 $63,000 $267,000
Loan Payments - Interest $108,000 $4,000 $112,000
Interest from Investments $0 $288,361 $288,361
Transition Holding Account $0 $384,481 $384,481
Total $2,902,000 $739,842 $3,641,842
Uses 2025-B FY26 Change 2026-B
Expense $2,902,000 $739,842 $3,641,842
Discretionary $2,902,000 $739,842 $3,641,842
HDLP - Competitive $902,000 $610,342 $1,512,342
Housing Property Disposition $0 $1,000,000 $1,000,000
New Project: Sugar House DI Disposition $0 $1,000,000 $1,000,000
Wealth Building Housing Opportunities $2,000,000 ($1,000,000)$1,000,000
Internal Transfers - Administration Fund $0 $129,500 $129,500
Total $2,902,000 $739,842 $3,641,842
Community Reinvestment Agency Key Changes
Power BI Desktop
Westside Community Initiative
Sources 2025-B
FY26 Change 2026-B
Revenue $1,835,469 $233,767 $2,069,236
Inland Port Housing $1,835,469 $0 $1,835,469
Interest from Investments $0 $100,186 $100,186
Transition Holding Account $0 $133,581 $133,581
Total $1,835,469 $233,767 $2,069,236
Uses
2025-B FY26 Change 2026-B
Expense $1,835,469 $233,767 $2,069,236
Discretionary $1,835,469 $233,767 $2,069,236
Wealth Building Housing Opportunities $835,469 ($835,469)$0
Strategic Intervention $1,000,000 ($1,000,000)$0
Internal Transfers - Administration Fund $0 $103,462 $103,462
HDLP - Competitive $0 $1,965,774 $1,965,774
Total $1,835,469 $233,767 $2,069,236
Community Reinvestment Agency Key Changes
Power BI Desktop
Program Income Fund
Sources 2025-B
FY26 Change 2026-B
Revenue $1,559,233 $2,402,126 $3,961,359
Parking Structure Income $1,290,184 $0 $1,290,184
Rents $229,449 $0 $229,449
Loan Payments - Principal $33,600 ($23,600)$10,000
Loan Payments - Interest $6,000 ($5,000)$1,000
Interest from Investments $0 $1,041,740 $1,041,740
Transition Holding Account $0 $1,388,986 $1,388,986
Total $1,559,233 $2,402,126 $3,961,359
Uses
2025-B FY26 Change 2026-B
Expense $1,559,233 $2,402,126 $3,961,359
Obligation $363,000 $12,000 $375,000
Operating & Maintenance $363,000 $12,000 $375,000
Discretionary $1,196,233 $2,390,126 $3,586,359
Internal Transfers - Administration Fund $0 $1,803,299 $1,803,299
Infrastructure Improvements $500,000 ($300,000)$200,000
PRJ-000078 Sugar House DI Demolition $500,000 ($300,000)$200,000
Gallivan - Maintenance & Repairs $238,733 $611,267 $850,000
PRJ-000057 Gallivan Repairs $238,733 $611,267 $850,000
CRA Charges & Services $457,500 $42,500 $500,000
CRA Arts & Culture Program $0 $25,000 $25,000
New Project: Sugar House Art $0 $25,000 $25,000
Commercial Revolving Loans $0 $208,060 $208,060
Total $1,559,233 $2,402,126 $3,961,359
Community Reinvestment Agency Key Changes
Power BI Desktop
Revolving Loan Fund
Sources 2025-B
FY26 Change 2026-B
Revenue $332,400 $2,765,195 $3,097,595
Loan Payments - Principal $252,000 $28,000 $280,000
Loan Payments - Interest $80,400 $19,600 $100,000
Interest from Investments $0 $229,348 $229,348
Transition Holding Account $0 $2,488,247 $2,488,247
Total $332,400 $2,765,195 $3,097,595
Uses
2025-B FY26 Change 2026-B
Expense $332,400 $2,765,195 $3,097,595
Discretionary $332,400 $2,765,195 $3,097,595
Commercial Revolving Loans $332,400 $2,765,195 $3,097,595
Total $332,400 $2,765,195 $3,097,595
Community Reinvestment Agency Key Changes
Power BI Desktop
Community Reinvestment Agency Operations
Sources
2025-B FY26 Change 2026-B
Revenue $5,167,582 $1,288,550 $6,456,132
Transfer from 9L $263,906 $40,838 $304,744
Transfer from B67N $18,288 $580 $18,868
Transfer from CBD $2,726,570 ($294,483)$2,432,087
Transfer from DD $928,966 ($928,966)$0
Transfer from GD $207,666 $51,104 $258,770
Transfer from HDF $0 $129,500 $129,500
Transfer from NT $231,561 $85,820 $317,381
Transfer from NTV $46,796 ($851)$45,945
Transfer from NWQ $250,011 $83,528 $333,539
Transfer from PIF $0 $1,803,299 $1,803,299
Transfer from SR $8,058 $654 $8,712
Transfer from SS $485,760 $214,065 $699,825
Transfer from WCI $0 $103,462 $103,462
Total $5,167,582 $1,288,550 $6,456,132
Uses 2025-B FY26 Change 2026-B
Expense $5,070,296 $1,385,836 $6,456,132
Obligation $5,070,296 $1,385,836 $6,456,132
CRA Personnel $3,170,296 $371,378 $3,541,674
Administrative Fees $1,000,000 $1,014,458 $2,014,458
CRA Charges & Services $450,000 $0 $450,000
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $1,385,836 $6,456,132
Community Reinvestment Agency Key Changes