HomeMy WebLinkAbout06/10/2025 - Meeting Materials
Board of Directors of the
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY
AGENDA
June 10, 2025 Tuesday 2:00 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: 11:25:27
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1.Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2.Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA Business. Comments
are limited to two minutes.)
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
1.Resolution: CRA Budget Amendment No.2 for Fiscal Year 2024-25 -
-
The Board will accept public comment for a resolution that would amend the final budget
of the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2024-25. Budget
amendments happen several times each year to reflect adjustments in the Community
Reinvestment Agency’s budget, including proposed project additions and modifications,
and staffing changes. The amendment includes adjustments to budgets based on
property tax increment received to satisfy obligations under state law, interlocal
agreements with other taxing entities, reimbursement agreements with private property
owners, and additional funding for agency operations. The budget amendment also
addresses an additional $4.8 million in interest revenue and a $1.8 million accounting
error.
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Resolution: CRA Budget Amendment No.2 for Fiscal Year 2024-
25 ~ 2:05 p.m.
10 min.
The Board will receive a briefing about and consider adopting a resolution that would
amend the final budget of the Community Reinvestment Agency of Salt Lake City for
Fiscal Year 2024-25. Budget amendments happen several times each year to reflect
adjustments in the Community Reinvestment Agency’s budget, including proposed
project additions and modifications, and staffing changes. The amendment includes
adjustments to budgets based on property tax increment received to satisfy obligations
under state law, interlocal agreements with other taxing entities, reimbursement
agreements with private property owners, and additional funding for agency operations.
The budget amendment also addresses an additional $4.8 million in interest revenue and
a $1.8 million accounting error.
2.Resolution: Partnership with NeighborWorks Salt Lake for Shared
Equity Workforce Housing
~ 2:15
p.m.
30 min.
The Board will receive a briefing about and consider adopting a resolution that would
provide $2.1 million in financial assistance to NeighborWorks Salt Lake for the
development of two affordable homeownership projects and to incorporate them into the
NeighborWorks Community Land Trust, aimed at ensuring long-term affordability and
community ownership of land.
3.Informational: Eccles Theater Year-End Report ~ 2:45 p.m.
20 min.
The Board will receive a briefing from the County’s Department of Arts & Culture
Division about the Eccles Theater year-end report on the annual activity, financial
statements, ticketing, and attendance. The management and operations of the Eccles
Theater are provided through an Interlocal Agreement between the owners (Salt Lake
City, Salt Lake City Community Reinvestment Agency and Salt Lake County) entitled the
“Utah Performing Arts Center Operating Agreement”.
4.Straw Poll: Ballpark Activation ~ 3:05 p.m.
5 min.
The Board will receive a briefing on a request to straw poll the use of $75,000 from the
State Street Fund-Strategic Intervention Program to approve a Professional Services
Agreement to Activate the Smith’s Ballpark stadium from July to December.
5.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
6.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
7.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:
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;
Adjournment
(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 _____________________, 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.
Item B1
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
TO:CRA Board of Directors
FROM:Kate Werrett, Budget & Policy Analyst
DATE:June 10, 2025
RE: CRA Budget Amendment #2 of Fiscal Year 2025
MOTION 1 – CLOSE PUBLIC HEARING
I move that the Board close the public hearing.
Staff note: A follow-up briefing is scheduled immediately after the public hearing in case Board
Members have any additional questions or discussions. The Board may consider adopting the
Budget Amendment during the briefing or at a future meeting.
MOTION 2 – CONTINUE PUBLIC HEARING
I move that the Board continue the public hearing to a future date.
SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
04/21/2025
Date Sent to Council:
04/22/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
04/21/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
04/22/2025
Subject:
CRA FY25 Budget Amendment #2
Additional Staff Contact:
Greg Cleary, Mary Beth Thompson
Presenters/Staff Table
Greg Cleary: greg.cleary@slc.gov and Mary Beth Thompson: marybeth.thompson@slc.gov
Document Type
Resolution
Recommendation:
Discuss and consider the adoption of the proposed Second Amendment to the AnnualCRA Budget for Fiscal Year 2025.
Background/Discussion
EXECUTIVE SUMMARY: The purpose of this briefing is to outline only the changes included in the SecondAmendment (“Amendment”). It does not provide complete revised budgets for each fund. A summary of allrevenues and expenses by fund, reflecting the updated totals after this amendment is included in the attached KeyChanges by Fund document. The proposed expenditure changes are primarily driven by a $30,573 increase in taxincrement revenue, a $4.8 million increase in interest revenue received over budget, and a $1.84 millionaccounting error. These changes fall into three categories:1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractualobligations or other expenses related to Agency operations:a. Taxing Entity Payments decreased by $422,230.b. Tax Increment Reimbursements increased by $352,675.c. Primary Housing Contributions increased by $328,976.d. Agency Operations Fund Contributions from Project Area funds increased by $654,099.e. Debt Service and Other Contractual Obligations decreased by $54,695.f. Agency Operations Expenses increased by $751,385.2. Discretionary expenses that may fall into the following types:a. Transition Holding Account program funds to be allocated to the next fiscal year’s budget wouldtotal $7,348,402.b. Other expenses related to decreases in tax increment received in Project Area funds decreased by$571,554.
3 A ti t dd th i t f t i t b l i t th S lt L k Cit Lib
Will there need to be a public hearing for this item?*
Yes
No
Public Process
Public Hearing
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1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO__________
Second Budget Amendment for Fiscal Year 2024-2025
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2024-2025.
WHEREAS, on June 11, 2024, the Salt Lake City Community Reinvestment Agency
(CRA) (formerly known as the Redevelopment Agency of Salt Lake City) Board of Directors
(Board) adopted the final budget of the CRA, effective for the fiscal year beginning July 1, 2024,
and ending June 30, 2025, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the CRA's final annual budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake
City Community Reinvestment Agency:
1. Purpose. The purpose of this resolution is to amend the final annual budget of the
CRA, as approved, ratified and finalized by the Board on June 11, 2024.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual budget of the CRA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the CRA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the CRA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this day of , 2025, to be effective upon adoption.
________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
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REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLC.GOV · WWW.SLCRDA.COM
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: April 25, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #2, FY 2024-2025
REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the Annual
CRA Budget for Fiscal Year 2025.
BUDGET IMPACTS: The Second Amendment identifies appropriations for Agency operations and projects
across multiple funds, as well as correcting an accounting error related to the Agency receiving Salt Lake City
Library funds with its tax increment payment from Salt Lake County.
EXECUTIVE SUMMARY: The purpose of this briefing is to outline only the changes included in the Second
Amendment (“Amendment”). It does not provide complete revised budgets for each fund. A summary of all
revenues and expenses by fund, reflecting the updated totals after this amendment is included in the attached Key
Changes by Fund document. The proposed expenditure changes are primarily driven by a $30,573 increase in tax
increment revenue, a $4.8 million increase in interest revenue received over budget, and a $1.84 million
accounting error. These changes fall into three categories:
1.Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractual
obligations or other expenses related to Agency operations:
a.Taxing Entity Payments decreased by $422,230.
b.Tax Increment Reimbursements increased by $352,675.
c.Primary Housing Contributions increased by $328,976.
d.Agency Operations Fund Contributions from Project Area funds increased by $654,099.
e.Debt Service and Other Contractual Obligations decreased by $54,695.
f.Agency Operations Expenses increased by $751,385.
2.Discretionary expenses that may fall into the following types:
a.Transition Holding Account program funds to be allocated to the next fiscal year’s budget would
total $7,348,402.
b.Other expenses related to decreases in tax increment received in Project Area funds decreased by
$571,554.
3.An accounting error to address the receipt of tax increment belonging to the Salt Lake City Library:
a.Library Reimbursement for tax increment received in error totals $1,844,037.
ANALYSIS & ISSUES: This Budget Amendment outlines changes to multiple funds within the Agency's budget
for Fiscal Year 2025. The final tax increment distribution from the County totaled $53,597,943, surpassing our
initial budget by $30,573. As a result, adjustments are necessary for legally mandated expenses, including
payments to taxing entities and contributions from Project Area funds to the Primary Housing and Agency
Operations funds, as well as other contractual obligations. While Agency Operations expenses are not legally
mandated, they are necessary to maintain Agency operations.
Beyond these obligated expenses, Staff is proposing discretionary appropriations. If this budget amendment is
approved, it would allocate $7,348,402 across various funds to the Transition Holding Account program for use in
the Fiscal Year 2026 Budget.
Additionally, property tax increment was received by the Agency with its final tax increment payment from the
County for project areas in which the Library does not participate. This amendment will allow the Agency to
redirect the $1,844,037 received in error to the Library.
Revenue & Other Sources Adjustments
Tax Increment Changes
This budget amendment reflects updated tax increment revenue based on actual collections for Fiscal Year 2025.
While the overall change is relatively small, with an increase of $30,573, there were notable differences across
individual project areas.
Central Business District experienced the largest decrease, coming in $2,378,301 below the original budget. The
revised total for this area is $24,887,406. Other decreases include Depot District at $99,765 below budget, Block
70 at $26,267 below, and North Temple Viaduct at $116,869 below.
Several areas exceeded their budgeted tax increment. Northwest Quadrant received $769,885 more than budgeted,
for a new total of $3,269,994. State Street increased by $642,121, with actuals totaling $6,510,980. North Temple
came in $530,631 higher than budgeted, bringing its total to $2,074,376. 9-Line exceeded budget by $388,426 and
Granary District by $306,870. Smaller increases were realized for Stadler Rail at $9,670 and Block 67 North at
$4,172.
The total Fiscal Year 2025 tax increment revenue is updated from $53,567,370 to $53,597,943 based on actual
amounts received.
Fund FY25 Budget Change FY25 BA #2
Northwest Quadrant 2,500,109 769,885 3,269,994
Block 67 North 365,771 4,172 369,943
Total 53,567,370 30,573 53,597,943
Interest Changes
This budget amendment incorporates actual interest earnings for Fiscal Year 2025. The Agency has shifted to
budgeting interest revenue one year in arrears in order to better align with actual earnings. As a result, the Fiscal
Year 2025 budget amendment reflects interest earned in the prior fiscal year.
Interest revenue for several funds was not estimated in the original budget because data was not available at the
time of last year’s budget process. With actuals now recorded, total interest revenue has increased by $4,884,671,
bringing the revised amount to $7,710,997.
The Central Business District saw the largest increase, with interest earnings coming in $1,340,195 higher than
originally budgeted, for a new total of $3,181,201. The Program Income Fund also received a substantial
adjustment of $1,388,986. Additional large increases were recorded in the Housing Development Fund, which
increased by $384,481, State Street by $370,789, Primary Housing by $331,126, and the Revolving Loan Fund by
$458,696. Depot District increased by $159,704, and the Westside Community Initiative received $133,581 in
actual interest.
Several funds that had no original budgeted amount received interest earnings once actuals were available. These
include 9-Line, which received $187,637; Secondary Housing, which received $103,055; and Block 67 North,
which received $4,840. Northwest Quadrant also received a higher-than-expected amount, increasing by $64,662.
Granary District and North Temple Viaduct saw smaller increases of $24,885 and $1,730, respectively. Two
funds experienced reductions compared to budgeted amounts: North Temple decreased by $65,457, and Stadler
Rail decreased by $4,239.
These updates ensure that interest revenue is accurately reflected based on actual amounts received in the prior
fiscal year.
Fund FY25 Budget Change FY25 BA #2
Total 2,826,326 4,884,671 7,710,997
Other Revenue & Source Changes
This budget amendment updates other revenue categories to reflect actual receipts and one-time events that
occurred during Fiscal Year 2025. Total other revenue increased by $3,048,926, bringing the revised total to
$11,571,643.
The fund increased by $654,099, for a new total of $5,821,681. Most of this change is due to transfers from
project area funds, which are based on updated tax increment collections. The original budget assumed a higher
transfer from the Central Business District, but that amount has been revised downward by $237,829 due to
lower-than-expected tax increment. The fund also reflects a $505,140 use of fund balance, to cover the increase in
Administrative Fees allocated to the Agency by the City.
The Primary Housing Fund increased by $328,976, for a revised subtotal of the changes of $3,351,711. Transfers
into this fund are made from individual project area funds and reflect actual tax increment received. These
transfers are tracked by source to show which project areas are contributing to housing initiatives. A number of
adjustments were made across several funds, most notably from North Temple ($106,126 increase), Northwest
Quadrant ($76,988 increase), and Granary District ($61,375 increase). An loan payments interest decrease of $1
adjusts for a rounding error on the budgeted interest.
There are interlocal agreement provisions related to the 9-Line and State Street project areas that require tracking
of School District and / or County contributions. For 9-Line, both the School District and County portions were
received as expected. However, for State Street, the County’s planned contribution was not received due to an
accounting error. The County was expected to begin participation in tax year 2024, and revenue was included in
the Fiscal Year 2025 budget. That contribution has now been adjusted to zero in the actuals.
The Program Income Fund received a $36,300 contribution to the Agency’s Percent for Art Program, associated
with the 2nd South Apartments loan. This development received HUD HOME funds that were allocated through a
one-time HDLP NOFA. As part of the loan agreement, the Borrower is contractually obligated to contribute to the
Percent for Art Program. While the loan documents were finalized by Housing Stability staff, the Borrower’s
contribution to the CRA’s program was executed and received as part of this amendment.
The Revolving Loan Fund increased by $2,029,551, bringing its new total to $2,361,951. This increase is
primarily due to a borrower paying off a loan early, resulting in the early receipt of $2 million in principal. The
fund also received $29,551 in additional interest revenue.
Fund Source FY25 Budget Change FY25 BA #2
Reinvestment
Agency
Operations
Total 5,167,582 654,099 5,821,681
Total 3,022,735 328,976 3,351,711
Transfer from 9-Line 160,934 24,684 185,618
Transfer from 9L - School District 142,138 14,159 156,297
Transfer from Central Business District 36,577 417 36,994
Transfer from Depot District 1,238,619 (19,952) 1,218,667
Transfer from Granary District 276,886 61,375 338,261
Transfer from North Temple 308,749 106,126 414,875
Transfer from Northwest Quadrant 250,011 76,988 326,999
Transfer from Stadler Rail 16,115 967 17,082
Transfer from State Street 185,235 88,860 274,095
Transfer from SS - County 126,406 (126,406)
Transfer from SS - School District 275,244 101,759 377,003
Program Income
Fund Total 36,300 36,300
Fund Total 332,400 2,029,551 2,361,951
Total 8,522,717 3,048,926 11,571,643
Obligated Expenses & Other Uses Adjustments
Taxing Entity Payments
The Agency receives 100 percent of the tax increment from certain project areas and is obligated to reimburse
specific percentages to the taxing entities based on interlocal agreements. These reimbursements are calculated
directly from the actual increment received. For Fiscal Year 2025, taxing entity payments decreased by $422,230,
adjusting the total from $12,441,752 to $12,019,522.
The most significant change occurred in the State Street Project Area, which was reduced by $341,296. This
adjustment reflects the County’s failure to transmit its share of tax increment revenue due to an accounting error.
Although the County was scheduled to begin participation in tax year 2024, no funds were received, requiring this
expense to be removed.
The Central Business District decreased by $110,721, and Block 70 decreased slightly by $5,372, both reflecting
minor reductions in actual tax increment received. The 9-Line Project Area increased by $35,159, consistent with
the increase in increment allocated to that area.
Fund FY25 Budget Change FY25 BA #2
Total 12,441,752 (422,230) 12,019,522
Tax Increment Reimbursement Agreements
The Agency has entered into tax increment reimbursement agreements in several project areas, allowing
developers to be reimbursed for eligible improvement costs using the tax increment generated by their projects.
These payments are based on actual increment received and the terms of each agreement.
For Fiscal Year 2025, total tax increment reimbursement expenses increased by $352,675 adjusting the combined
budget from $3,468,976 to $3,821,651 across the affected project areas.
The largest adjustment occurred in the Northwest Quadrant, which increased by $538,920, bringing its total to
$2,288,996. Smaller increases were also made in Block 67 North and Stadler Rail, with changes of $3,128 and
$627, respectively. A decrease of $190,000 made in Central Business District is bringing its total to $1,110,000.
These adjustments ensure that reimbursement amounts are aligned with actual increment available and eligible
under the terms of each agreement.
Fund FY25 Budget Change FY25 BA #2
Total 3,468,976 352,675 3,821,651
Project Area Fund Contributions to Primary Housing Fund
Under Utah Code 17C, the Agency is required to allocate a minimum of 10 percent of tax increment revenue from
most project areas to support affordable housing. These contributions are transferred to the Primary Housing Fund
and are intended to increase the availability of affordable housing within the Agency’s boundaries. The amount
contributed is based on the actual tax increment received from each project area, and the requirement applies to
most but not all funds.
In addition to the statutory 17C requirement, the Agency has entered into interlocal agreements with the School
District and the County for certain project areas. For both the 9-Line and State Street project areas, the interlocal
agreements with the School District require a portion of the increment to be used specifically for family and
workforce housing. These contributions must be tracked separately within the Primary Housing Fund. The State
Street Project Area also has an interlocal agreement with the County that requires a separate contribution to
affordable housing, which may not be used for loan programs. These funds must be reported independently from
other housing funds. While the School District contributions were received as expected, the County contribution
for State Street was not transmitted due to an accounting error. The County was scheduled to begin participation
in tax year 2024, and the revenue had been included in the Fiscal Year 2025 budget.
Based on actual increment received and the requirements outlined above, the budget for Primary Housing
contributions increased by $328,976, bringing the revised total to $3,345,891. The most significant increases
occurred in North Temple, State Street, and Granary District, each reflecting stronger-than-expected increment
collections. Smaller increases occurred in Northwest Quadrant, 9-Line, and Block 67 North. A reduction in the
Depot District offset some of these increases. The County’s planned contribution to the Primary Housing Fund for
State Street has been removed, and the actual amount is reflected as zero in this amendment.
Fund Program FY25 Budget Change FY25 BA #2
Stadler Rail
9-Line
Total 303,072 38,843 341,915
Internal Transfers - Primary
Housing Fund 160,934 24,684 185,618
Internal Transfers - School District
Required Family & Workforce
Total 586,885 64,213 651,098
Internal Transfers - County
Required Family & Workforce
Total 3,016,914 328,977 3,345,891
Project Area Fund Contributions to Agency Operations Fund
This amendment updates transfers from project area funds to the Agency Operations Fund based on actual tax
increment received. The total contribution increased by $148,959, bringing the revised total to $5,316,541. The
most significant increases came from State Street ($165,338), North Temple ($79,596), and Northwest Quadrant
($76,988). Reductions were made in Central Business District ($237,829), Depot District ($14,966), and North
Temple Viaduct ($1,752), reflecting lower-than-budgeted increment collections in those areas.
Fund FY25 Budget Change FY25 BA #2
Total 5,167,582 148,959 5,316,541
Agency Operations Expenses
The Agency Operations Fund receives a specified percentage of the tax increment from each project area,
determined by interlocal agreements with the taxing entities involved, to fund Agency Operations. This budget
amendment includes an increase in Administrative Fees, which rose from the estimated $1,000,000 to $1,751,385.
Administrative Fees represent costs assessed by the City to support functions such as information technology,
legal services, financial processing, and general administrative oversight. The increase reflects updated
calculations based on actual internal cost allocations.
Program FY25 Budget Change FY25 BA #2
Total 1,000,000 751,385 1,751,385
Debt Service and Other Contractual Obligations
In addition to the obligated expenses above, the Agency has debt service and other contractual obligations that are
impacted by the increased tax increment and other revenue as follows:
•Gallivan – Administration Assessment: The Agency is a member of the Block 57 Owners’ Group, an
owner’s association that oversees the shared spaces and operations on Block 57. As the owner of the
Gallivan Center property, the Agency is required to pay an annual administrative assessment to support
the association’s management activities. The original Fiscal Year 2025 budget underestimated this
expense. A correction has been made, increasing the budget in the Central Business District Fund by
$23,785, for a revised total of $409,232.
•Eccles Theater- Operating Reserve for Ancillary Spaces: Appropriation of funds to maintain a reserve for
the Agency’s obligations for operating and programming expenses related to the Eccles Theater. The
budget increased by $25,000, bringing the revised total to $500,000.
•North Temple School Construction Reserves: A program has been established as a reserve fund per an
interlocal agreement with the School District, mandating the Agency to earmark portions of tax increment
for the construction of a prospective school. The total change of $34,490 will result in an amended budget
of $134,834.
•North Temple Viaduct Debt Service: The Agency created the North Temple Viaduct project area to
mitigate the debt incurred by the City from bond issuance for infrastructure improvements in 2012.
Initially, the tax increment wasn't enough to cover debt service, requiring General Fund assistance. Apart
from a small percentage of increment transferred to the Agency Operations Fund, the remainder of the
increment is transferred to the City’s General Fund to facilitate debt service payments. The decrease of
$113,387 will result in an amended budget of $2,995,582.
•Japantown & the Block 67 North Interlocal Agreement: Per the interlocal agreement with the City, the
Agency is obliged to direct 10% of the tax increment toward the Japantown neighborhood. Although the
agreement mandates support for Japantown, it does not require a specific project. Agency staff
recommends these funds be designated to the RDA Arts & Culture Program, increasing the budget by
$417 to a total of $36,994 for the existing Japantown Art project. The Agency also expects to request
additional funding for this project in the coming budget cycle.
•School District Required Family & Workforce Housing: In accordance with interlocal agreements for
State Street and 9-Line, the Agency is required to allocate a portion of tax increment to support the
development of family and workforce housing. These contributions are specifically designated by the
School District and must be used to expand access to housing for working families. The funds are tracked
separately from other housing set-asides and are intended to directly benefit households within the School
District’s boundaries. This amendment increases the budget by $115,919, bringing the revised total to
$533,300.
•Percent for Art: A contribution of $36,300 has been added to the Percent for Art program as part of a loan
agreement tied to the 2nd South Apartments project. These funds, received through Program Income,
bring the total Percent for Art allocation to $36,300.
Fund Program Project
FY25
Budget Change
FY25 BA
#2
Block 70 475,000 25,000 500,000
North Temple
Block 67 North
Primary Housing Family & Workforce 417,381 115,919 533,300
- 36,300 36,300
Total
Discretionary Expenses & Other Uses Adjustments
Transition Holding Accounts
During the last fiscal year, the Agency established the Transition Holding Account program to manage surplus
revenue not earmarked for obligated expenses. Rather than allocating these funds within this amendment, the
Agency carries them over to the next fiscal year’s budget for simpler reconciliation by the Board. This timing
aligns with the simultaneous presentation of the Fiscal Year 2025 budget and the final amendment for the current
year. Staff recommends appropriating the additional $7,348,402 expected in the following funds in the next fiscal
year.
Fund FY25 Budget Change FY25 BA #2
Total - 7,348,402 7,348,402
Other Discretionary Expense Changes
This amendment reduces project funding in both the Block 70 and Central Business District project areas to
reflect a decrease in actual tax increment revenue received.
In the Block 70 fund, the budget for the CRA Arts & Culture Program, specifically the project for reinstallation of
“The Gulls”, is reduced by $45,895, bringing the revised allocation to $9,428.
In the Central Business District, one program area was reduced. The Strategic Intervention program, which funds
projects supporting Agency objectives in the area, was reduced by $523,341, adjusting the total to $2,017,256.
These reductions bring the combined project funding total from $2,595,920 to $2,026,684, a decrease of
$569,236, and align the budget with updated revenue availability.
Fund Program Project FY25 Budget Change FY25 BA #2
Block 70 CRA Arts &
Culture Program Reinstallation of "The 55,323 (45,895) 9,428
2,540,597 (523,341) 2,017,256
2,595,920 (569,236) 2,026,684
Accounting Error Corrections
The Agency received $1,844,037 in tax increment from Salt Lake County that inadvertently included funds
attributable to the Salt Lake City Library for project areas in which the Library does not participate. As the
Library is a separate taxing and legal entity from both the City and the Agency, the inclusion of these funds was
determined to be an accounting error. This budget amendment records the receipt of the funds as Other Revenue
and the return of the funds to the Library as Other Expenses, with no Agency program associated. The intent of
this amendment is solely to correct the error and ensure that the Library receives the funds it is entitled to. The
Agency will accept the cash and direct a payment to the Library, but will not use any Agency Programs to fund
the payment to the Library, as it was an administrative error.
Project Area Amount
Total 1,844,037
PREVIOUS BOARD ACTION:
1.Approval of the Fiscal Year 2024-2025 Budget.
2.Approval of the Fiscal Year 2024-2025 Budget Amendment #1.
ATTACHMENTS:
1.Supplemental Slides and Key Changes by Fund
Fiscal Year 2025
Budget Amendment #2
Supplemental Slides & Key Changes by Fund
Overview of Revenue Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,167,582 $654,099 $5,821,681
Community Reinvestment
Agency Operations
$5,167,582 $654,099 $5,821,681
Total $16,398,924 $5,848,851 $22,247,775
Overview of Expense Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,070,296 $751,385 $5,821,681
Community Reinvestment
Agency Operations
$5,070,296 $751,385 $5,821,681
Total $16,301,638 $5,946,137 $22,247,775
Tax Increment Revenue Changes by Fund
Central Business District
Depot District
State Street
North Temple Viaduct
9-Line
Northwest Quadrant
Block 70
North Temple
Granary District
Block 67 North
Stadler Rail
$27.3M
$6.2M
$5.9M
$3.1M
$3.0M
$2.5M
$2.1M
$1.5M
$1.4M
$0.4M
$0.2M
$24.9M
$6.1M
$6.5M
$3.0M
$3.4M
$3.3M
$2.1M
$2.1M
$1.7M
$0.4M
$0.2M
FY25 Budget FY25 BA #2
Interest Revenue Changes by Fund
Central Business District
Depot District
West Capitol Hill
Granary District
North Temple
Northwest Quadrant
North Temple Viaduct
Stadler Rail
9-Line
Housing Development Fund
Primary Housing
Program Income Fund
Revolving Loan Fund
State Street
Westside Community Initiative
$1.84M
$0.48M
$0.38M
$0.20M
$0.16M
$0.10M
$0.04M
$0.01M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$3.18M
$0.64M
$0.38M
$0.22M
$0.09M
$0.17M
$0.04M
$0.00M
$0.19M
$0.38M
$0.33M
$1.39M
$0.46M
$0.37M
$0.13M
FY25 Budget FY25 BA #2
Other Revenue Changes by Fund
Internal Transfers In
Community Reinvestment Agency Operations
Primary Housing
$5.2M
$3.0M
$5.3M
$3.3M
FY25 Budget FY25 BA #2
Percent for Art
Program Income Fund $36K
Loan Payments
Revolving Loan Fund
Primary Housing
$0.3M
$0.1M
$2.4M
$0.1M
Use of Fund Balance
Community Reinvestment Agency Operations $0.51M
FY25 Budget FY25 BA #2
Taxing Entity Payments & TI Reimbursements
Taxing Entity Payments
Central Business District
Block 70
9-Line
State Street
$11.2M
$0.6M
$0.3M
$0.3M
$11.1M
$0.6M
$0.4M
FY25 Budget FY25 BA #2
Tax Increment Reimbursements
Northwest Quadrant
Central Business District
Block 67 North
Stadler Rail
$1.8M
$1.3M
$0.3M
$0.1M
$2.3M
$1.1M
$0.3M
$0.1M
FY25 Budget FY25 BA #2
Project Area Fund Transfers to Primary Housing
Total Transfers by Project Area Fund
Depot District
State Street
North Temple
9-Line
Granary District
Northwest Quadrant
Block 67 North
Stadler Rail
$1.24M
$0.59M
$0.31M
$0.30M
$0.28M
$0.25M
$0.04M
$0.02M
$1.22M
$0.65M
$0.41M
$0.34M
$0.34M
$0.33M
$0.04M
$0.02M
FY25 Budget FY25 BA #2
Total Transfers by Program
Internal Transfers -
Primary Housing
Fund
Internal Transfers -
School District
Required Family &
Workforce Housing
Internal Transfers -
County Required
Non-Loan Housing
$2.5M
$0.4M
$0.1M
$2.8M
$0.5M
FY25 Budget FY25 BA #2
Debt Service & Other Contractual Obligations
Fund
FY25 Budget Change FY25 BA #2
Central Business District$385,447 $23,785 $409,232
Gallivan - Administration Assessment$385,447 $23,785 $409,232
Block 70$475,000 $25,000 $500,000
RDA Arts & Culture Program$475,000 $25,000 $500,000
PRJ-000083 Eccles Theater- Operating Reserve for Ancillary Spaces $475,000 $25,000 $500,000
North Temple$100,344 $34,490 $134,834
School Construction Reserves$100,344 $34,490 $134,834
North Temple Viaduct$3,108,969 ($113,387)$2,995,582
Salt Lake City Debt Service$3,108,969 ($113,387)$2,995,582
Block 67 North$36,577 $417 $36,994
CRA Arts & Culture Program$36,577 $417 $36,994
PRJ-000108 Japantown Art $36,577 $417 $36,994
Primary Housing$417,381 $115,919 $533,300
School District Required Family & Workforce Housing$417,381 $115,919 $533,300
Program Income Fund$36,300 $36,300
Percent for Art$36,300 $36,300
Total $4,523,718 $122,524 $4,646,242
Transition Holding Account
Revolving Loan Fund
Program Income Fund
State Street
Primary Housing
9-Line
Housing Development Fund
North Temple
Granary District
Northwest Quadrant
Westside Community Initiative
Secondary Housing
Depot District
Block 67 North
Stadler Rail
$2,488K
$1,389K
$1,125K
$544K
$467K
$384K
$245K
$224K
$142K
$134K
$103K
$95K
$5K
$3K
Agency Operations Fund
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
CRA Personnel
Administrative Fees
CRA Charges & Services
Operating & Maintenance
$3,170,296
$1,751,385
$450,000
$450,000
Program FY25 Budget Change FY25 BA #2
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
CRA Personnel $3,170,296 $0 $3,170,296
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Source FY25 Budget Change FY25 BA #2
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from HDF $0 $0
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from PIF $0 $0
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Transfer from WCI $0 $0
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Questions?
Central Business District
Sources
FY25 Budget Change FY25 BA #2
Revenue $29,893,016 ($1,038,106)$28,854,910
Interest from Investments $1,841,006 $1,340,195 $3,181,201
Tax Increment $27,265,707 ($2,378,301)$24,887,406
Transition Holding Account $786,303 $0 $786,303
Total $29,893,016 ($1,038,106)$28,854,910
Uses
FY25 Budget Change FY25 BA #2
Expense $29,893,016 ($1,038,106)$28,854,910
Obligation $26,052,419 ($514,765)$25,537,654
TI Reimbursements $1,300,000 ($190,000)$1,110,000
Taxing Entity Payments $11,194,315 ($110,721)$11,083,594
Property Management and Maintenance $1,127,250 $0 $1,127,250
Internal Transfers - Debt Service $8,477,030 $0 $8,477,030
Internal Transfers - Administration Fund $2,726,570 ($237,829)$2,488,741
Gallivan - Programming $250,000 $0 $250,000
Gallivan - Management & Maintenance
Assessment
$591,807 $0 $591,807
Gallivan - Administration Assessment $385,447 $23,785 $409,232
Discretionary $3,840,597 ($523,341)$3,317,256
Strategic Intervention $2,540,597 ($523,341)$2,017,256
Available for Projects $2,540,597 ($523,341)$2,017,256
Infrastructure Improvements $600,000 $0 $600,000
PRJ-000109 Japantown Construction Documents $100,000 $0 $100,000
PRJ-000104 Gallivan Playground $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $250,000 $0 $250,000
PRJ-000057 Gallivan Repairs $250,000 $0 $250,000
CRA Arts & Culture Program $450,000 $0 $450,000
PRJ-000108 Japantown Art $300,000 $0 $300,000
PRJ-000103 CBD Public Art Project $150,000 $0 $150,000
Total $29,893,016 ($1,038,106)$28,854,910
Community Reinvestment Agency Key Changes
Block 70
Sources FY25 Budget Change FY25 BA #2
Revenue $11,065,164 ($26,267)$11,038,897
Tax Increment $2,133,992 ($26,267)$2,107,725
Transfer From CBD Eccles Debt Service RDA match $3,311,921 $670,518 $3,982,439
Transfer from CBD Eccles Debt Service Reserve
Account
$454,142 $0 $454,142
Transfer From CBD Taxing Entity Payments $5,165,109 ($670,518)$4,494,591
Total $11,065,164 ($26,267)$11,038,897
Uses
FY25 Budget Change FY25 BA #2
Expense $11,065,164 ($26,267)$11,038,897
Obligation $10,984,841 $19,628 $11,004,469
Taxing Entity Payments $560,173 ($5,372)$554,801
Regent Street Parking Structure Reserves $100,000 $0 $100,000
RDA 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
Eccles Debt Service $9,644,668 $0 $9,644,668
Eccles - Maintenance & Repairs $80,000 $0 $80,000
PRJ-000085 Regent Street Maintenance $80,000 $0 $80,000
Discretionary $80,323 ($45,895)$34,428
CRA Arts & Culture Program $80,323 ($45,895)$34,428
PRJ-000106 Reinstallation of "The Gulls"$55,323 ($45,895)$9,428
PRJ-000081 Regent Street Event Programming $25,000 $0 $25,000
Total $11,065,164 ($26,267)$11,038,897
Community Reinvestment Agency Key Changes
Depot District
Sources FY25 Budget Change FY25 BA #2
Revenue $7,095,401 $59,939 $7,155,340
Interest from Investments $480,304 $159,704 $640,008
Tax Increment $6,193,098 ($99,765)$6,093,333
Transition Holding Account $421,999 $0 $421,999
Total $7,095,401 $59,939 $7,155,340
Uses
FY25 Budget Change FY25 BA #2
Expense $7,095,401 $59,939 $7,155,340
Obligation $2,840,085 ($34,918)$2,805,167
Property Management and Maintenance $672,500 $0 $672,500
PRJ-000064 CRA - Home Inn Rio Grande
Maintenance
$500,000 $0 $500,000
Available to Spend $172,500 $0 $172,500
Internal Transfers - Primary Housing Fund $1,238,619 ($19,952)$1,218,667
Internal Transfers - Administration Fund $928,966 ($14,966)$914,000
Discretionary $4,255,316 $94,857 $4,350,173
Transition Holding Account $94,857 $94,857
Available for Projects $94,857 $94,857
Infrastructure Improvements $3,705,316 $0 $3,705,316
Available for Projects $3,705,316 $0 $3,705,316
Commercial Assistance Reserves $500,000 $0 $500,000
Available for Projects $500,000 $0 $500,000
Charges & Services $50,000 $0 $50,000
Available for Projects $50,000 $0 $50,000
Total $7,095,401 $59,939 $7,155,340
Community Reinvestment Agency Key Changes
Granary District
Sources FY25 Budget A Change FY25 BA #2
Revenue $1,748,249 $331,755 $2,080,004
Interest from Investments $198,730 $24,885 $223,615
Tax Increment $1,384,433 $306,870 $1,691,303
Transition Holding Account $165,086 $0 $165,086
Total $1,748,249 $331,755 $2,080,004
Uses
FY25 Budget Change FY25 BA #2
Expense $1,748,249 $331,755 $2,080,004
Obligation $484,552 $107,404 $591,956
Internal Transfers - Primary Housing Fund $276,886 $61,375 $338,261
Internal Transfers - Administration Fund $207,666 $46,029 $253,695
Discretionary $1,263,697 $224,351 $1,488,048
Transition Holding Account $224,351 $224,351
Commercial Assistance Reserves $1,263,697 $0 $1,263,697
Available for Projects $1,263,697 $0 $1,263,697
Total $1,748,249 $331,755 $2,080,004
Community Reinvestment Agency Key Changes
North Temple
Sources FY25 Budget Change FY25 BA#2
Revenue $1,952,466 $465,174 $2,417,640
Interest from Investments $158,829 ($65,457)$93,372
Tax Increment $1,543,745 $530,631 $2,074,376
Transition Holding Account $249,892 $0 $249,892
Total $1,952,466 $465,174 $2,417,640
Uses
FY25 Budget Change FY25 BA #2
Expense $1,952,466 $465,174 $2,417,640
Obligation $690,654 $220,212 $910,866
School Construction Reserves $100,344 $34,490 $134,834
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - Primary Housing Fund $308,749 $106,126 $414,875
Internal Transfers - Administration Fund $231,561 $79,596 $311,157
Discretionary $1,261,812 $244,962 $1,506,774
Transition Holding Account $244,962 $244,962
Strategic Intervention $861,812 $0 $861,812
Available for Projects $861,812 $0 $861,812
Infrastructure Improvements $50,000 $0 $50,000
PRJ-000022 CRA - City Creek Daylighting Design
Plan Budget
$50,000 $0 $50,000
CRA Charges & Services $50,000 $0 $50,000
Commercial Studies and Planning $300,000 $0 $300,000
PRJ-000105 North Temple Property Reuse Planning $300,000 $0 $300,000
Total $1,952,466 $465,174 $2,417,640
Community Reinvestment Agency Key Changes
North Temple Viaduct
Sources FY25 Budget Change FY25 BA #2
Revenue $3,155,765 ($115,139)$3,040,626
Interest from Investments $35,975 $1,730 $37,705
Tax Increment $3,119,790 ($116,869)$3,002,921
Total $3,155,765 ($115,139)$3,040,626
Uses
FY25 Budget Change FY25 BA #2
Expense $3,155,765 ($115,139)$3,040,626
Obligation $3,155,765 ($115,139)$3,040,626
Salt Lake City Debt Service $3,108,969 ($113,387)$2,995,582
Internal Transfers - Administration Fund $46,796 ($1,752)$45,044
Total $3,155,765 ($115,139)$3,040,626
Community Reinvestment Agency Key Changes
Stadler Rail
Sources FY25 Budget Change FY25 BA #2
Revenue $168,744 $5,431 $174,175
Interest from Investments $7,593 ($4,239)$3,354
Tax Increment $161,151 $9,670 $170,821
Transition Holding Account $0 $0
Total $168,744 $5,431 $174,175
Uses FY25 Budget Change FY25 BA #2
Expense $168,744 $5,431 $174,175
Obligation $168,744 $2,077 $170,821
TI Reimbursements $144,571 $627 $145,198
Internal Transfers - Primary Housing Fund $16,115 $967 $17,082
Internal Transfers - Administration Fund $8,058 $483 $8,541
Discretionary $3,354 $3,354
Transition Holding Account $3,354 $3,354
Total $168,744 $5,431 $174,175
Community Reinvestment Agency Key Changes
9-Line
Sources FY25 Budget Change FY25 BA #2
Revenue $3,307,218 $576,063 $3,883,281
Interest from Investments $0 $187,637 $187,637
Tax Increment $3,030,715 $388,426 $3,419,141
Transition Holding Account $276,503 $0 $276,503
Total $3,307,218 $576,063 $3,883,281
Uses
FY25 Budget Change FY25 BA #2
Expense $3,307,218 $576,063 $3,883,281
Obligation $962,946 $108,864 $1,071,810
Taxing Entity Payments $345,968 $35,159 $381,127
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$142,138 $14,159 $156,297
Internal Transfers - Primary Housing Fund $160,934 $24,684 $185,618
Internal Transfers - Administration Fund $263,906 $34,862 $298,768
Discretionary $2,344,272 $467,199 $2,811,471
Transition Holding Account $467,199 $467,199
Strategic Intervention $1,994,272 $0 $1,994,272
Available for Projects $1,994,272 $0 $1,994,272
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $300,000 $0 $300,000
PRJ-000107 9-Line Public Art Project $300,000 $0 $300,000
Total $3,307,218 $576,063 $3,883,281
Community Reinvestment Agency Key Changes
State Street
Sources FY25 Budget
Change FY25 BA #2
Revenue $6,517,835 $1,012,910 $7,530,745
Tax Increment $5,868,859 $642,121 $6,510,980
Transition Holding Account $648,976 $0 $648,976
Interest from Investments $0 $370,789 $370,789
Total $6,517,835 $1,012,910 $7,530,745
Uses
FY25 Budget Change FY25 BA #2
Expense $6,517,835 $1,012,910 $7,530,745
Obligation $1,463,941 ($111,745)$1,352,196
Taxing Entity Payments $341,296 ($341,296)
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$275,244 $101,759 $377,003
Internal Transfers - Primary Housing Fund $185,235 $88,860 $274,095
Internal Transfers - County Required Non-Loan
Housing
$126,406 ($126,406)
Internal Transfers - Administration Fund $485,760 $165,338 $651,098
Discretionary $5,053,894 $1,124,655 $6,178,549
Transition Holding Account $1,124,655 $1,124,655
Strategic Intervention $4,003,894 $0 $4,003,894
Available for Projects $4,003,894 $0 $4,003,894
Internal Transfers - Secondary Housing Fund $1,000,000 $0 $1,000,000
CRA Charges & Services $50,000 $0 $50,000
Total $6,517,835 $1,012,910 $7,530,745
Community Reinvestment Agency Key Changes
Northwest Quadrant
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,603,998 $834,547 $3,438,545
Tax Increment $2,500,109 $769,885 $3,269,994
Interest from Investments $103,889 $64,662 $168,551
Transition Holding Account $0 $0
Total $2,603,998 $834,547 $3,438,545
Uses
FY25 Budget Change FY25 BA #2
Expense $2,603,998 $834,547 $3,438,545
Obligation $2,603,998 $692,896 $3,296,894
TI Reimbursements $1,750,076 $538,920 $2,288,996
Shared Costs Reserves $353,900 $0 $353,900
Internal Transfers - Primary Housing Fund $250,011 $76,988 $326,999
Internal Transfers - Administration Fund $250,011 $76,988 $326,999
Discretionary $141,651 $141,651
Transition Holding Account $141,651 $141,651
Total $2,603,998 $834,547 $3,438,545
Community Reinvestment Agency Key Changes
Block 67 North
Sources FY25 Budget
Change FY25 BA #2
Revenue $365,771 $9,012 $374,783
Tax Increment $365,771 $4,172 $369,943
Interest from Investments $4,840 $4,840
Total $365,771 $9,012 $374,783
Uses
FY25 Budget Change FY25 BA #2
Expense $365,771 $9,012 $374,783
Obligation $365,771 $4,172 $369,943
TI Reimbursements $274,329 $3,128 $277,457
Internal Transfers - Primary Housing Fund $36,577 $417 $36,994
Internal Transfers - Administration Fund $18,288 $210 $18,498
CRA Arts & Culture Program $36,577 $417 $36,994
Discretionary $4,840 $4,840
Transition Holding Account $4,840 $4,840
Total $365,771 $9,012 $374,783
Community Reinvestment Agency Key Changes
West Capitol Hill
Sources FY25 Budget Change
FY25 BA #2
Revenue $384,332 $0 $384,332
Interest from Investments $384,332 $0 $384,332
Total $384,332 $0 $384,332
Uses FY25 Budget
Change FY25 BA #2
Expense $384,332 $0 $384,332
Discretionary $384,332 $0 $384,332
Housing Construction & Rehabilitation $384,332 $0 $384,332
PRJ-000015 CRA - Arctic Court Infill Home
Construction
$384,332 $0 $384,332
Total $384,332 $0 $384,332
Community Reinvestment Agency Key Changes
Primary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $3,602,240 $660,102 $4,262,342
Transfer from DD $1,238,619 ($19,952)$1,218,667
Transition Holding Account $507,505 $0 $507,505
Transfer from NT $308,749 $106,126 $414,875
Transfer from GD $276,886 $61,375 $338,261
Transfer from SS - School District $275,244 $101,759 $377,003
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SS $185,235 $88,860 $274,095
Transfer from 9L $160,934 $24,684 $185,618
Transfer from 9L - School District $142,138 $14,159 $156,297
Transfer from SS - County $126,406 ($126,406)
Loan Payments - Principal $72,000 $0 $72,000
Transfer from CBD $36,577 $417 $36,994
Transfer from SR $16,115 $967 $17,082
Loan Payments - Interest $5,821 ($1)$5,820
Interest from Investments $0 $331,126 $331,126
Total $3,602,240 $660,102 $4,262,342
Uses
FY25 Budget Change FY25 BA #2
Expense $3,602,240 $660,102 $4,262,342
Obligation $417,381 $115,919 $533,300
School District Required Family & Workforce
Housing
$417,381 $115,919 $533,300
Discretionary $3,184,859 $544,183 $3,729,042
Transition Holding Account $544,183 $544,183
Housing Construction & Rehabilitation $500,000 $0 $500,000
PRJ-000015 RDA - Arctic Court Infill Home
Construction
$500,000 $0 $500,000
HDLP - Competitive $2,684,859 $0 $2,684,859
Total $3,602,240 $660,102 $4,262,342
Community Reinvestment Agency Key Changes
Secondary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,000,000 $103,055 $1,103,055
Transfer from SS $1,000,000 $0 $1,000,000
Interest from Investments $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Uses FY25 Budget Change FY25 BA #2
Expense $1,000,000 $103,055 $1,103,055
Discretionary $1,000,000 $103,055 $1,103,055
HDLP - Competitive $1,000,000 $0 $1,000,000
Transition Holding Account $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Community Reinvestment Agency Key Changes
Housing Development Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,902,000 $384,481 $3,286,481
Funding Our Future $2,590,000 $0 $2,590,000
Loan Payments - Principal $204,000 $0 $204,000
Loan Payments - Interest $108,000 $0 $108,000
Interest from Investments $0 $384,481 $384,481
Total $2,902,000 $384,481 $3,286,481
Uses FY25 Budget Change FY25 BA #2
Expense $2,902,000 $384,481 $3,286,481
Discretionary $2,902,000 $384,481 $3,286,481
HDLP - Competitive $902,000 $0 $902,000
Available for Projects $902,000 $0 $902,000
Transition Holding Account $384,481 $384,481
Wealth Building Housing Opportunities $2,000,000 $0 $2,000,000
Total $2,902,000 $384,481 $3,286,481
Community Reinvestment Agency Key Changes
Westside Community Initiative
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,835,469 $133,581 $1,969,050
Inland Port Housing $1,835,469 $0 $1,835,469
Interest from Investments $0 $133,581 $133,581
Total $1,835,469 $133,581 $1,969,050
Uses
FY25 Budget Change FY25 BA #2
Expense $1,835,469 $133,581 $1,969,050
Discretionary $1,835,469 $133,581 $1,969,050
Wealth Building Housing Opportunities $835,469 $0 $835,469
Transition Holding Account $133,581 $133,581
Strategic Intervention $1,000,000 $0 $1,000,000
Available for Projects $1,000,000 $0 $1,000,000
Total $1,835,469 $133,581 $1,969,050
Community Reinvestment Agency Key Changes
Program Income Fund
Sources FY25 Budget
Change FY25 BA#2
Revenue $1,559,233 $1,425,286 $2,984,519
Parking Structure Income $1,290,184 $0 $1,290,184
Rents $229,449 $0 $229,449
Loan Payments - Principal $33,600 $0 $33,600
Loan Payments - Interest $6,000 $0 $6,000
Interest from Investments $0 $1,388,986 $1,388,986
% for Art Donation $36,300 $36,300
Total $1,559,233 $1,425,286 $2,984,519
Uses
FY25 Budget Change FY25 BA #2
Expense $1,559,233 $1,425,286 $2,984,519
Obligation $363,000 $36,300 $399,300
Percent for Art $36,300 $36,300
Operating & Maintenance $363,000 $0 $363,000
Discretionary $1,196,233 $1,388,986 $2,585,219
Transition Holding Account $1,388,986 $1,388,986
Infrastructure Improvements $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $238,733 $0 $238,733
CRA Charges & Services $457,500 $0 $457,500
Total $1,559,233 $1,425,286 $2,984,519
Community Reinvestment Agency Key Changes
Revolving Loan Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $332,400 $2,488,247 $2,820,647
Loan Payments - Principal $252,000 $2,000,000 $2,252,000
Loan Payments - Interest $80,400 $29,551 $109,951
Interest from Investments $0 $458,696 $458,696
Total $332,400 $2,488,247 $2,820,647
Uses FY25 Budget Change
FY25 BA #2
Expense $332,400 $2,488,247 $2,820,647
Discretionary $332,400 $2,488,247 $2,820,647
Transition Holding Account $2,488,247 $2,488,247
Commercial Revolving Loans $332,400 $0 $332,400
Total $332,400 $2,488,247 $2,820,647
Community Reinvestment Agency Key Changes
Community Reinvestment Agency Operations
Sources
FY25 Budget Change FY25 BA #2
Revenue $5,167,582 $654,099 $5,821,681
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Uses FY25 Budget Change FY25 BA #2
Expense $5,070,296 $751,385 $5,821,681
Obligation $5,070,296 $751,385 $5,821,681
CRA Personnel $3,170,296 $0 $3,170,296
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Community Reinvestment Agency Key Changes
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Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Rev & Other Source Adj: Tax Increment Changes Central Business
District (2,378,301.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Block 70 (26,267.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Depot District (99,765.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Granary District 306,870.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes North Temple 530,631.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes North Temple
Viaduct (116,869.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Stadler Rail 9,670.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes 9-Line 388,426.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes State Street 642,121.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Northwest Quadrant 769,885.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Block 67 North 4,172.00 0.00 One-time -
2 Rev & Other Source Adj: Interest Changes Central Business
District 1,340,195.00 0.00 One-time -
2 Rev & Other Source Adj: Interest Changes Depot District 159,704.00 0.00
2 Rev & Other Source Adj: Interest Changes Granary District 24,885.00 0.00
2 Rev & Other Source Adj: Interest Changes North Temple (65,457.00) 0.00
2 Rev & Other Source Adj: Interest Changes North Temple
Viaduct 1,730.00 0.00
2 Rev & Other Source Adj: Interest Changes Stadler Rail (4,239.00) 0.00
2 Rev & Other Source Adj: Interest Changes 9-Line 187,637.00 0.00
2 Rev & Other Source Adj: Interest Changes State Street 370,789.00 0.00
2 Rev & Other Source Adj: Interest Changes Northwest Quadrant 64,662.00 0.00
2 Rev & Other Source Adj: Interest Changes Block 67 North 4,840.00 0.00
2 Rev & Other Source Adj: Interest Changes Primary Housing 331,126.00 0.00
2 Rev & Other Source Adj: Interest Changes Secondary Housing 103,055.00 0.00
2 Rev & Other Source Adj: Interest Changes Housing
Development Fund 384,481.00 0.00
2 Rev & Other Source Adj: Interest Changes
Westside
Community
Initiative
133,581.00 0.00
2 Rev & Other Source Adj: Interest Changes Program Income
Fund 1,388,986.00 0.00
2 Rev & Other Source Adj: Interest Changes Revolving Loan
Fund 458,696.00 0.00
3 Other Revenue & Source Changes: Transfers from
Various Funds CRA Operations 654,099.00 0.00
Fiscal Year 2024-25 CRA Budget Amendment #2
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
3 Other Revenue & Source Changes: Primary Housing -
Transfers from Various Funds Primary Housing 328,976.00 0.00
3 Other Revenue & Source Changes: Program Income
Funds - % For Art Donation
Program Income
Fund 36,300.00 0.00
3 Other Revenue & Source Changes: Revolving Loan Fund -
Loan Payments Principal and Interest
Revolving Loan
Fund 2,029,551.00 0.00
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments Central Business
District - (110,721.00)
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments Block 70 - (5,372.00)
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments 9-Line - 35,159.00
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments State Street - (341,296.00)
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Northwest Quadrant - 538,920.00
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements
Central Business
District - (190,000.00)
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Block 67 North - 3,128.00
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Stadler Rail - 627.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Depot District - (19,952.00)
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Granary District - 61,375.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund North Temple - 106,126.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Stadler Rail - 967.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund 9-Line - 38,843.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund State Street - 64,213.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Northwest Quadrant - 76,988.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Block 67 North - 417.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund
Central Business
District - (237,829.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Depot District - (14,966.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Granary District - 46,029.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund North Temple - 79,596.00
2
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund
North Temple
Viaduct - (1,752.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Stadler Rail - 483.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund 9-Line - 34,862.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund State Street - 165,338.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Northwest Quadrant - 76,988.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Block 67 North - 210.00
8 Obligated Exp & Other Uses Adj: Admin Fees CRA Operations - 751,385.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
Central Business
District - 23,785.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Block 70 - 25,000.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations North Temple - 34,490.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
North Temple
Viaduct - (113,387.00)
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Block 67 North - 417.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Primary Housing - 115,919.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
Program Income
Fund - 36,300.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account 9-Line - 467,199.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Block 67 North - 4,840.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Depot District - 94,857.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Granary District - 224,351.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Housing
Development Fund - 384,481.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account North Temple - 244,962.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Northwest Quadrant - 141,651.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Primary Housing - 544,183.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Program Income
Fund - 1,388,986.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Revolving Loan
Fund - 2,488,247.00
3
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Secondary Housing - 103,055.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Stadler Rail - 3,354.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account State Street - 1,124,655.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Westside
Community
Initiative
- 133,581.00
11 Discretionary Exp & Other Uses Adj: Other Discretionary
Expenses Block 70 - (45,895.00)
11 Discretionary Exp & Other Uses Adj: Other Discretionary
Expenses
Central Business
District - (523,341.00)
12 Accounting Error Corrections 9-Line - 223,062.00
12 Accounting Error Corrections Block 67 North - 49,226.00
12 Accounting Error Corrections Block 70 - 152,618.00
12 Accounting Error Corrections North Temple
Viaduct - 206,298.00
12 Accounting Error Corrections Northwest Quadrant - 641,571.00
12 Accounting Error Corrections Stadler Rail - 33,511.00
12 Accounting Error Corrections State Street - 537,751.00
-
Total of Budget Amendment Items 7,964,170.00 9,905,493.00 - -
Total by Fund, CRA Budget Amendment #2:
Community Reinvestment Agency Central Business
District (1,038,106.00) (1,038,106.00)
Community Reinvestment Agency Depot District 59,939.00 59,939.00
Community Reinvestment Agency Granary District 331,755.00 331,755.00
Community Reinvestment Agency North Temple 465,174.00 465,174.00
Community Reinvestment Agency North Temple
Viaduct (115,139.00) 91,159.00
Community Reinvestment Agency Stadler Rail 5,431.00 38,942.00
Community Reinvestment Agency 9-Line 576,063.00 799,125.00
Community Reinvestment Agency State Street 1,012,910.00 1,550,661.00
Community Reinvestment Agency Northwest Quadrant 834,547.00 1,476,118.00
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section E: Grants Requiring No New Staff Resources
Section F: Donations
4
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
Community Reinvestment Agency Block 67 North 9,012.00 58,238.00
Community Reinvestment Agency Block 70 (26,267.00) 126,351.00
Community Reinvestment Agency Primary Housing 660,102.00 660,102.00
Community Reinvestment Agency Secondary Housing 103,055.00 103,055.00
Community Reinvestment Agency Housing
Development Fund 384,481.00 384,481.00
Community Reinvestment Agency
Westside
Community
Initiative
133,581.00 133,581.00
Community Reinvestment Agency Program Income
Fund 1,425,286.00 1,425,286.00
Community Reinvestment Agency Revolving Loan
Fund 2,488,247.00 2,488,247.00
Community Reinvestment Agency CRA Operations 654,099.00 751,385.00
Total of Budget Amendment Items 7,964,170.00 9,905,493.00 - - -
-
5
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
Current Year Budget Summary, provided for information only
FY 2024-25 Budget, Including Budget Amendments
Total Revenue CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 84,656,884 - 7,964,170 - 92,621,054
Total of Budget Amendment Items 84,656,884 - 7,964,170 - 92,621,054
Total Expense CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 84,656,884 - 9,905,493 - 94,562,377
Total of Budget Amendment Items 84,656,884 - 9,905,493 - 94,562,377
Certification
Finance Department/CRA
City Council Office
Contingent Appropriation and Notes
6
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Item C1
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
TO:CRA Board of Directors
FROM:Kate Werrett, Budget & Policy Analyst
DATE:June 10, 2025
RE: CRA Budget Amendment No.2 of Fiscal Year 2025
MOTION 1 – ADOPT
I move that the Board adopt a resolution approving the second amendment of the Fiscal Year 2025
budget of the Salt Lake City Community Reinvestment Agency.
MOTION 2 – NOT ADOPT
I move that the Board proceed to the next agenda item.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
tinyurl.com/SLCFY25
TO:CRA Board Members
FROM:Kate Werrett, Budget and Policy Analyst
DATE:May 13, 2025
RE: COMMUNITY REINVESTMENT AGENCY (CRA)
BUDGET AMENDMENT NO. 2 FISCAL YEAR (FY) 2025
________________________________________________________________________________
ISSUE AT-A-GLANCE
CRA Budget Amendment Number 2 includes the final annual tax increment payments from Salt Lake County, a
$4.8 million increase in interest revenue over the budgeted amount, and a $1.84 million accounting error
associated with Salt Lake City Library property tax revenue.
Goal of the briefing: Review the FY2025 CRA Budget Amendment #2 and set the required public hearing date.
ADDITIONAL & BACKGROUND INFORMATION
The annual budget uses a conservative forecasting of property tax increment, resulting in a fiscal year end “true-up”
budget amendment to recognize and adjust budgets based on actual tax increment revenues. Obligatory and
discretionary expenditure amendments are proposed to reflect the final annual tax increment payment and
additional interest revenue. The attached CRA staff memo details the adjustments to budgets based on the actual
property tax increment received to satisfy obligations under state law, interlocal agreements with other taxing
entities, reimbursement agreements with private property owners, and additional funding for agency operations.
The budget amendment memo also addresses an additional $4.8 million in interest revenue and a $1.8 million
accounting error.
In alignment with the FY2023 Legislative Intent, this is the second year using transition holding accounts to
manage revenues above what was included in the approved budget. The additional FY2025 revenue will be allocated
in the FY2026 budget, totaling $7,348,402.
The attached memo includes details of these key changes:
Revenues
Interest Revenue: A $4.8 million increase in interest revenue over the budgeted amount.
State Street Tax Increment: Salt Lake County did not disburse the County's TY2024 tax increment for the
State Street Project Area. Per the interlocal agreement, TY2024 was the first year of the County tax
increment. The CRA has included the TY2024 increment in the FY2026 budget.
Central Business District Tax Increment: The Central Business District project area tax increment was
$2,378,301 less than budgeted.
Northwest Quadrant Tax Increment: The Northwest Quadrant project area tax increment was $769,885
more than budgeted.
Project Timeline:
Set Date & 1st Briefing: May 13, 2025
Public Hearing & 2nd Briefing: June 10, 2025
Potential Action: June 10, 2025, or later
Page | 2
Policy Question:
1. What is causing the $2.4 million or 8.7% decrease in CBD property tax increment revenue? In the
FY2024 budget “true-up” amendment transmittal, the Administration commented that the reduced
property value assessments were potentially driven by vacancy rates and flat rents within the office,
hotels, and commercial industries. There could also have been an increase in property tax appeals.
Expenses
Proportional Expense Amendments: Within budget amendment #2, in alignment with the actual tax
increment, changes to obligated expenses as required by statutory or contractual obligations and CRA
operations are proposed.
Other
Salt Lake City Library Property Tax: The budget amendment addresses a $1.84 million accounting error
associated with Salt Lake City Library property tax revenue.
Project Area Expiration Dates
Project areas have a designated expiration 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 as happened to the Central Business District. The table below summarizes project area timeframes
from creation to expiration and the updated tax increment revenue based on actual amounts as included in Budget
Amendment #2.
Project Area
Initial
Collection
Year
Last
Collection
Year
FY25
Budget Change FY25 BA
#2
Central Business District*†1983 2042 27,265,707 (2,378,301)24,887,406
Depot District†1999 2024 6,193,098 (99,765)6,093,333
Granary District†2000 2025 1,384,433 306,870 1,691,303
North Temple†2012 2038 1,543,745 530,631 2,074,376
North Temple Viaduct CDA 2012 2036 3,119,790 (116,869)3,002,921
Northwest Quadrant 2019 2038 2,500,109 769,885 3,269,994
Block 70 CDA 2016 2042 2,133,992 (26,267)2,107,725
Stadler Rail 2019 2038 161,151 9,670 170,821
Block 67 North 2021 2041 365,771 4,172 369,943
9-Line 2021 2040 3,030,715 388,426 3,419,141
State Street 2021 2040 5,868,859 642,121 6,510,980
TOTAL 53,567,370 30,573 53,597,943
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
†In October 2021 the Board approved two-year extensions for these project areas. State law was
changed to allow extensions for projects areas negatively impacted by the COVID-19 pandemic
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
The section of Utah Code below is a key list of allowable uses of 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;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
Page | 3
(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.
ACRONYMS
CBD – Central Business District
CDA – Community Development Area
CRA – Community Reinvestment Agency
FY – Fiscal Year
NWQ – Northwest Quadrant
RFP – Request for Proposals
TY – Tax Year
Fiscal Year 2025
Budget Amendment #2
Supplemental Slides & Key Changes by Fund
Overview of Revenue Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,167,582 $654,099 $5,821,681
Community Reinvestment
Agency Operations
$5,167,582 $654,099 $5,821,681
Total $16,398,924 $5,848,851 $22,247,775
Overview of Expense Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,070,296 $751,385 $5,821,681
Community Reinvestment
Agency Operations
$5,070,296 $751,385 $5,821,681
Total $16,301,638 $5,946,137 $22,247,775
Tax Increment Revenue Changes by Fund
Central Business District
Depot District
State Street
North Temple Viaduct
9-Line
Northwest Quadrant
Block 70
North Temple
Granary District
Block 67 North
Stadler Rail
$27.3M
$6.2M
$5.9M
$3.1M
$3.0M
$2.5M
$2.1M
$1.5M
$1.4M
$0.4M
$0.2M
$24.9M
$6.1M
$6.5M
$3.0M
$3.4M
$3.3M
$2.1M
$2.1M
$1.7M
$0.4M
$0.2M
FY25 Budget FY25 BA #2
Interest Revenue Changes by Fund
Central Business District
Depot District
West Capitol Hill
Granary District
North Temple
Northwest Quadrant
North Temple Viaduct
Stadler Rail
9-Line
Housing Development Fund
Primary Housing
Program Income Fund
Revolving Loan Fund
State Street
Westside Community Initiative
$1.84M
$0.48M
$0.38M
$0.20M
$0.16M
$0.10M
$0.04M
$0.01M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$3.18M
$0.64M
$0.38M
$0.22M
$0.09M
$0.17M
$0.04M
$0.00M
$0.19M
$0.38M
$0.33M
$1.39M
$0.46M
$0.37M
$0.13M
FY25 Budget FY25 BA #2
Other Revenue Changes by Fund
Internal Transfers In
Community Reinvestment Agency Operations
Primary Housing
$5.2M
$3.0M
$5.3M
$3.3M
FY25 Budget FY25 BA #2
Percent for Art
Program Income Fund $36K
Loan Payments
Revolving Loan Fund
Primary Housing
$0.3M
$0.1M
$2.4M
$0.1M
Use of Fund Balance
Community Reinvestment Agency Operations $0.51M
FY25 Budget FY25 BA #2
Taxing Entity Payments & TI Reimbursements
Taxing Entity Payments
Central Business District
Block 70
9-Line
State Street
$11.2M
$0.6M
$0.3M
$0.3M
$11.1M
$0.6M
$0.4M
FY25 Budget FY25 BA #2
Tax Increment Reimbursements
Northwest Quadrant
Central Business District
Block 67 North
Stadler Rail
$1.8M
$1.3M
$0.3M
$0.1M
$2.3M
$1.1M
$0.3M
$0.1M
FY25 Budget FY25 BA #2
Project Area Fund Transfers to Primary Housing
Total Transfers by Project Area Fund
Depot District
State Street
North Temple
9-Line
Granary District
Northwest Quadrant
Block 67 North
Stadler Rail
$1.24M
$0.59M
$0.31M
$0.30M
$0.28M
$0.25M
$0.04M
$0.02M
$1.22M
$0.65M
$0.41M
$0.34M
$0.34M
$0.33M
$0.04M
$0.02M
FY25 Budget FY25 BA #2
Total Transfers by Program
Internal Transfers -
Primary Housing
Fund
Internal Transfers -
School District
Required Family &
Workforce Housing
Internal Transfers -
County Required
Non-Loan Housing
$2.5M
$0.4M
$0.1M
$2.8M
$0.5M
FY25 Budget FY25 BA #2
Debt Service & Other Contractual Obligations
Fund
FY25 Budget Change FY25 BA #2
Central Business District$385,447 $23,785 $409,232
Gallivan - Administration Assessment$385,447 $23,785 $409,232
Block 70$475,000 $25,000 $500,000
RDA Arts & Culture Program$475,000 $25,000 $500,000
PRJ-000083 Eccles Theater- Operating Reserve for Ancillary Spaces $475,000 $25,000 $500,000
North Temple$100,344 $34,490 $134,834
School Construction Reserves$100,344 $34,490 $134,834
North Temple Viaduct$3,108,969 ($113,387)$2,995,582
Salt Lake City Debt Service$3,108,969 ($113,387)$2,995,582
Block 67 North$36,577 $417 $36,994
CRA Arts & Culture Program$36,577 $417 $36,994
PRJ-000108 Japantown Art $36,577 $417 $36,994
Primary Housing$417,381 $115,919 $533,300
School District Required Family & Workforce Housing$417,381 $115,919 $533,300
Program Income Fund$36,300 $36,300
Percent for Art$36,300 $36,300
Total $4,523,718 $122,524 $4,646,242
Transition Holding Account
Revolving Loan Fund
Program Income Fund
State Street
Primary Housing
9-Line
Housing Development Fund
North Temple
Granary District
Northwest Quadrant
Westside Community Initiative
Secondary Housing
Depot District
Block 67 North
Stadler Rail
$2,488K
$1,389K
$1,125K
$544K
$467K
$384K
$245K
$224K
$142K
$134K
$103K
$95K
$5K
$3K
Agency Operations Fund
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
CRA Personnel
Administrative Fees
CRA Charges & Services
Operating & Maintenance
$3,170,296
$1,751,385
$450,000
$450,000
Program FY25 Budget Change FY25 BA #2
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
CRA Personnel $3,170,296 $0 $3,170,296
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Source FY25 Budget Change FY25 BA #2
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from HDF $0 $0
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from PIF $0 $0
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Transfer from WCI $0 $0
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Questions?
Central Business District
Sources
FY25 Budget Change FY25 BA #2
Revenue $29,893,016 ($1,038,106)$28,854,910
Interest from Investments $1,841,006 $1,340,195 $3,181,201
Tax Increment $27,265,707 ($2,378,301)$24,887,406
Transition Holding Account $786,303 $0 $786,303
Total $29,893,016 ($1,038,106)$28,854,910
Uses
FY25 Budget Change FY25 BA #2
Expense $29,893,016 ($1,038,106)$28,854,910
Obligation $26,052,419 ($514,765)$25,537,654
TI Reimbursements $1,300,000 ($190,000)$1,110,000
Taxing Entity Payments $11,194,315 ($110,721)$11,083,594
Property Management and Maintenance $1,127,250 $0 $1,127,250
Internal Transfers - Debt Service $8,477,030 $0 $8,477,030
Internal Transfers - Administration Fund $2,726,570 ($237,829)$2,488,741
Gallivan - Programming $250,000 $0 $250,000
Gallivan - Management & Maintenance
Assessment
$591,807 $0 $591,807
Gallivan - Administration Assessment $385,447 $23,785 $409,232
Discretionary $3,840,597 ($523,341)$3,317,256
Strategic Intervention $2,540,597 ($523,341)$2,017,256
Available for Projects $2,540,597 ($523,341)$2,017,256
Infrastructure Improvements $600,000 $0 $600,000
PRJ-000109 Japantown Construction Documents $100,000 $0 $100,000
PRJ-000104 Gallivan Playground $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $250,000 $0 $250,000
PRJ-000057 Gallivan Repairs $250,000 $0 $250,000
CRA Arts & Culture Program $450,000 $0 $450,000
PRJ-000108 Japantown Art $300,000 $0 $300,000
PRJ-000103 CBD Public Art Project $150,000 $0 $150,000
Total $29,893,016 ($1,038,106)$28,854,910
Community Reinvestment Agency Key Changes
Block 70
Sources FY25 Budget Change FY25 BA #2
Revenue $11,065,164 ($26,267)$11,038,897
Tax Increment $2,133,992 ($26,267)$2,107,725
Transfer From CBD Eccles Debt Service RDA match $3,311,921 $670,518 $3,982,439
Transfer from CBD Eccles Debt Service Reserve
Account
$454,142 $0 $454,142
Transfer From CBD Taxing Entity Payments $5,165,109 ($670,518)$4,494,591
Total $11,065,164 ($26,267)$11,038,897
Uses
FY25 Budget Change FY25 BA #2
Expense $11,065,164 ($26,267)$11,038,897
Obligation $10,984,841 $19,628 $11,004,469
Taxing Entity Payments $560,173 ($5,372)$554,801
Regent Street Parking Structure Reserves $100,000 $0 $100,000
RDA 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
Eccles Debt Service $9,644,668 $0 $9,644,668
Eccles - Maintenance & Repairs $80,000 $0 $80,000
PRJ-000085 Regent Street Maintenance $80,000 $0 $80,000
Discretionary $80,323 ($45,895)$34,428
CRA Arts & Culture Program $80,323 ($45,895)$34,428
PRJ-000106 Reinstallation of "The Gulls"$55,323 ($45,895)$9,428
PRJ-000081 Regent Street Event Programming $25,000 $0 $25,000
Total $11,065,164 ($26,267)$11,038,897
Community Reinvestment Agency Key Changes
Depot District
Sources FY25 Budget Change FY25 BA #2
Revenue $7,095,401 $59,939 $7,155,340
Interest from Investments $480,304 $159,704 $640,008
Tax Increment $6,193,098 ($99,765)$6,093,333
Transition Holding Account $421,999 $0 $421,999
Total $7,095,401 $59,939 $7,155,340
Uses
FY25 Budget Change FY25 BA #2
Expense $7,095,401 $59,939 $7,155,340
Obligation $2,840,085 ($34,918)$2,805,167
Property Management and Maintenance $672,500 $0 $672,500
PRJ-000064 CRA - Home Inn Rio Grande
Maintenance
$500,000 $0 $500,000
Available to Spend $172,500 $0 $172,500
Internal Transfers - Primary Housing Fund $1,238,619 ($19,952)$1,218,667
Internal Transfers - Administration Fund $928,966 ($14,966)$914,000
Discretionary $4,255,316 $94,857 $4,350,173
Transition Holding Account $94,857 $94,857
Available for Projects $94,857 $94,857
Infrastructure Improvements $3,705,316 $0 $3,705,316
Available for Projects $3,705,316 $0 $3,705,316
Commercial Assistance Reserves $500,000 $0 $500,000
Available for Projects $500,000 $0 $500,000
Charges & Services $50,000 $0 $50,000
Available for Projects $50,000 $0 $50,000
Total $7,095,401 $59,939 $7,155,340
Community Reinvestment Agency Key Changes
Granary District
Sources FY25 Budget A Change FY25 BA #2
Revenue $1,748,249 $331,755 $2,080,004
Interest from Investments $198,730 $24,885 $223,615
Tax Increment $1,384,433 $306,870 $1,691,303
Transition Holding Account $165,086 $0 $165,086
Total $1,748,249 $331,755 $2,080,004
Uses
FY25 Budget Change FY25 BA #2
Expense $1,748,249 $331,755 $2,080,004
Obligation $484,552 $107,404 $591,956
Internal Transfers - Primary Housing Fund $276,886 $61,375 $338,261
Internal Transfers - Administration Fund $207,666 $46,029 $253,695
Discretionary $1,263,697 $224,351 $1,488,048
Transition Holding Account $224,351 $224,351
Commercial Assistance Reserves $1,263,697 $0 $1,263,697
Available for Projects $1,263,697 $0 $1,263,697
Total $1,748,249 $331,755 $2,080,004
Community Reinvestment Agency Key Changes
North Temple
Sources FY25 Budget Change FY25 BA#2
Revenue $1,952,466 $465,174 $2,417,640
Interest from Investments $158,829 ($65,457)$93,372
Tax Increment $1,543,745 $530,631 $2,074,376
Transition Holding Account $249,892 $0 $249,892
Total $1,952,466 $465,174 $2,417,640
Uses
FY25 Budget Change FY25 BA #2
Expense $1,952,466 $465,174 $2,417,640
Obligation $690,654 $220,212 $910,866
School Construction Reserves $100,344 $34,490 $134,834
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - Primary Housing Fund $308,749 $106,126 $414,875
Internal Transfers - Administration Fund $231,561 $79,596 $311,157
Discretionary $1,261,812 $244,962 $1,506,774
Transition Holding Account $244,962 $244,962
Strategic Intervention $861,812 $0 $861,812
Available for Projects $861,812 $0 $861,812
Infrastructure Improvements $50,000 $0 $50,000
PRJ-000022 CRA - City Creek Daylighting Design
Plan Budget
$50,000 $0 $50,000
CRA Charges & Services $50,000 $0 $50,000
Commercial Studies and Planning $300,000 $0 $300,000
PRJ-000105 North Temple Property Reuse Planning $300,000 $0 $300,000
Total $1,952,466 $465,174 $2,417,640
Community Reinvestment Agency Key Changes
North Temple Viaduct
Sources FY25 Budget Change FY25 BA #2
Revenue $3,155,765 ($115,139)$3,040,626
Interest from Investments $35,975 $1,730 $37,705
Tax Increment $3,119,790 ($116,869)$3,002,921
Total $3,155,765 ($115,139)$3,040,626
Uses
FY25 Budget Change FY25 BA #2
Expense $3,155,765 ($115,139)$3,040,626
Obligation $3,155,765 ($115,139)$3,040,626
Salt Lake City Debt Service $3,108,969 ($113,387)$2,995,582
Internal Transfers - Administration Fund $46,796 ($1,752)$45,044
Total $3,155,765 ($115,139)$3,040,626
Community Reinvestment Agency Key Changes
Stadler Rail
Sources FY25 Budget Change FY25 BA #2
Revenue $168,744 $5,431 $174,175
Interest from Investments $7,593 ($4,239)$3,354
Tax Increment $161,151 $9,670 $170,821
Transition Holding Account $0 $0
Total $168,744 $5,431 $174,175
Uses FY25 Budget Change FY25 BA #2
Expense $168,744 $5,431 $174,175
Obligation $168,744 $2,077 $170,821
TI Reimbursements $144,571 $627 $145,198
Internal Transfers - Primary Housing Fund $16,115 $967 $17,082
Internal Transfers - Administration Fund $8,058 $483 $8,541
Discretionary $3,354 $3,354
Transition Holding Account $3,354 $3,354
Total $168,744 $5,431 $174,175
Community Reinvestment Agency Key Changes
9-Line
Sources FY25 Budget Change FY25 BA #2
Revenue $3,307,218 $576,063 $3,883,281
Interest from Investments $0 $187,637 $187,637
Tax Increment $3,030,715 $388,426 $3,419,141
Transition Holding Account $276,503 $0 $276,503
Total $3,307,218 $576,063 $3,883,281
Uses
FY25 Budget Change FY25 BA #2
Expense $3,307,218 $576,063 $3,883,281
Obligation $962,946 $108,864 $1,071,810
Taxing Entity Payments $345,968 $35,159 $381,127
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$142,138 $14,159 $156,297
Internal Transfers - Primary Housing Fund $160,934 $24,684 $185,618
Internal Transfers - Administration Fund $263,906 $34,862 $298,768
Discretionary $2,344,272 $467,199 $2,811,471
Transition Holding Account $467,199 $467,199
Strategic Intervention $1,994,272 $0 $1,994,272
Available for Projects $1,994,272 $0 $1,994,272
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $300,000 $0 $300,000
PRJ-000107 9-Line Public Art Project $300,000 $0 $300,000
Total $3,307,218 $576,063 $3,883,281
Community Reinvestment Agency Key Changes
State Street
Sources FY25 Budget
Change FY25 BA #2
Revenue $6,517,835 $1,012,910 $7,530,745
Tax Increment $5,868,859 $642,121 $6,510,980
Transition Holding Account $648,976 $0 $648,976
Interest from Investments $0 $370,789 $370,789
Total $6,517,835 $1,012,910 $7,530,745
Uses
FY25 Budget Change FY25 BA #2
Expense $6,517,835 $1,012,910 $7,530,745
Obligation $1,463,941 ($111,745)$1,352,196
Taxing Entity Payments $341,296 ($341,296)
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$275,244 $101,759 $377,003
Internal Transfers - Primary Housing Fund $185,235 $88,860 $274,095
Internal Transfers - County Required Non-Loan
Housing
$126,406 ($126,406)
Internal Transfers - Administration Fund $485,760 $165,338 $651,098
Discretionary $5,053,894 $1,124,655 $6,178,549
Transition Holding Account $1,124,655 $1,124,655
Strategic Intervention $4,003,894 $0 $4,003,894
Available for Projects $4,003,894 $0 $4,003,894
Internal Transfers - Secondary Housing Fund $1,000,000 $0 $1,000,000
CRA Charges & Services $50,000 $0 $50,000
Total $6,517,835 $1,012,910 $7,530,745
Community Reinvestment Agency Key Changes
Northwest Quadrant
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,603,998 $834,547 $3,438,545
Tax Increment $2,500,109 $769,885 $3,269,994
Interest from Investments $103,889 $64,662 $168,551
Transition Holding Account $0 $0
Total $2,603,998 $834,547 $3,438,545
Uses
FY25 Budget Change FY25 BA #2
Expense $2,603,998 $834,547 $3,438,545
Obligation $2,603,998 $692,896 $3,296,894
TI Reimbursements $1,750,076 $538,920 $2,288,996
Shared Costs Reserves $353,900 $0 $353,900
Internal Transfers - Primary Housing Fund $250,011 $76,988 $326,999
Internal Transfers - Administration Fund $250,011 $76,988 $326,999
Discretionary $141,651 $141,651
Transition Holding Account $141,651 $141,651
Total $2,603,998 $834,547 $3,438,545
Community Reinvestment Agency Key Changes
Block 67 North
Sources FY25 Budget
Change FY25 BA #2
Revenue $365,771 $9,012 $374,783
Tax Increment $365,771 $4,172 $369,943
Interest from Investments $4,840 $4,840
Total $365,771 $9,012 $374,783
Uses
FY25 Budget Change FY25 BA #2
Expense $365,771 $9,012 $374,783
Obligation $365,771 $4,172 $369,943
TI Reimbursements $274,329 $3,128 $277,457
Internal Transfers - Primary Housing Fund $36,577 $417 $36,994
Internal Transfers - Administration Fund $18,288 $210 $18,498
CRA Arts & Culture Program $36,577 $417 $36,994
Discretionary $4,840 $4,840
Transition Holding Account $4,840 $4,840
Total $365,771 $9,012 $374,783
Community Reinvestment Agency Key Changes
West Capitol Hill
Sources FY25 Budget Change
FY25 BA #2
Revenue $384,332 $0 $384,332
Interest from Investments $384,332 $0 $384,332
Total $384,332 $0 $384,332
Uses FY25 Budget
Change FY25 BA #2
Expense $384,332 $0 $384,332
Discretionary $384,332 $0 $384,332
Housing Construction & Rehabilitation $384,332 $0 $384,332
PRJ-000015 CRA - Arctic Court Infill Home
Construction
$384,332 $0 $384,332
Total $384,332 $0 $384,332
Community Reinvestment Agency Key Changes
Primary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $3,602,240 $660,102 $4,262,342
Transfer from DD $1,238,619 ($19,952)$1,218,667
Transition Holding Account $507,505 $0 $507,505
Transfer from NT $308,749 $106,126 $414,875
Transfer from GD $276,886 $61,375 $338,261
Transfer from SS - School District $275,244 $101,759 $377,003
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SS $185,235 $88,860 $274,095
Transfer from 9L $160,934 $24,684 $185,618
Transfer from 9L - School District $142,138 $14,159 $156,297
Transfer from SS - County $126,406 ($126,406)
Loan Payments - Principal $72,000 $0 $72,000
Transfer from CBD $36,577 $417 $36,994
Transfer from SR $16,115 $967 $17,082
Loan Payments - Interest $5,821 ($1)$5,820
Interest from Investments $0 $331,126 $331,126
Total $3,602,240 $660,102 $4,262,342
Uses
FY25 Budget Change FY25 BA #2
Expense $3,602,240 $660,102 $4,262,342
Obligation $417,381 $115,919 $533,300
School District Required Family & Workforce
Housing
$417,381 $115,919 $533,300
Discretionary $3,184,859 $544,183 $3,729,042
Transition Holding Account $544,183 $544,183
Housing Construction & Rehabilitation $500,000 $0 $500,000
PRJ-000015 RDA - Arctic Court Infill Home
Construction
$500,000 $0 $500,000
HDLP - Competitive $2,684,859 $0 $2,684,859
Total $3,602,240 $660,102 $4,262,342
Community Reinvestment Agency Key Changes
Secondary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,000,000 $103,055 $1,103,055
Transfer from SS $1,000,000 $0 $1,000,000
Interest from Investments $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Uses FY25 Budget Change FY25 BA #2
Expense $1,000,000 $103,055 $1,103,055
Discretionary $1,000,000 $103,055 $1,103,055
HDLP - Competitive $1,000,000 $0 $1,000,000
Transition Holding Account $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Community Reinvestment Agency Key Changes
Housing Development Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,902,000 $384,481 $3,286,481
Funding Our Future $2,590,000 $0 $2,590,000
Loan Payments - Principal $204,000 $0 $204,000
Loan Payments - Interest $108,000 $0 $108,000
Interest from Investments $0 $384,481 $384,481
Total $2,902,000 $384,481 $3,286,481
Uses FY25 Budget Change FY25 BA #2
Expense $2,902,000 $384,481 $3,286,481
Discretionary $2,902,000 $384,481 $3,286,481
HDLP - Competitive $902,000 $0 $902,000
Available for Projects $902,000 $0 $902,000
Transition Holding Account $384,481 $384,481
Wealth Building Housing Opportunities $2,000,000 $0 $2,000,000
Total $2,902,000 $384,481 $3,286,481
Community Reinvestment Agency Key Changes
Westside Community Initiative
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,835,469 $133,581 $1,969,050
Inland Port Housing $1,835,469 $0 $1,835,469
Interest from Investments $0 $133,581 $133,581
Total $1,835,469 $133,581 $1,969,050
Uses
FY25 Budget Change FY25 BA #2
Expense $1,835,469 $133,581 $1,969,050
Discretionary $1,835,469 $133,581 $1,969,050
Wealth Building Housing Opportunities $835,469 $0 $835,469
Transition Holding Account $133,581 $133,581
Strategic Intervention $1,000,000 $0 $1,000,000
Available for Projects $1,000,000 $0 $1,000,000
Total $1,835,469 $133,581 $1,969,050
Community Reinvestment Agency Key Changes
Program Income Fund
Sources FY25 Budget
Change FY25 BA#2
Revenue $1,559,233 $1,425,286 $2,984,519
Parking Structure Income $1,290,184 $0 $1,290,184
Rents $229,449 $0 $229,449
Loan Payments - Principal $33,600 $0 $33,600
Loan Payments - Interest $6,000 $0 $6,000
Interest from Investments $0 $1,388,986 $1,388,986
% for Art Donation $36,300 $36,300
Total $1,559,233 $1,425,286 $2,984,519
Uses
FY25 Budget Change FY25 BA #2
Expense $1,559,233 $1,425,286 $2,984,519
Obligation $363,000 $36,300 $399,300
Percent for Art $36,300 $36,300
Operating & Maintenance $363,000 $0 $363,000
Discretionary $1,196,233 $1,388,986 $2,585,219
Transition Holding Account $1,388,986 $1,388,986
Infrastructure Improvements $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $238,733 $0 $238,733
CRA Charges & Services $457,500 $0 $457,500
Total $1,559,233 $1,425,286 $2,984,519
Community Reinvestment Agency Key Changes
Revolving Loan Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $332,400 $2,488,247 $2,820,647
Loan Payments - Principal $252,000 $2,000,000 $2,252,000
Loan Payments - Interest $80,400 $29,551 $109,951
Interest from Investments $0 $458,696 $458,696
Total $332,400 $2,488,247 $2,820,647
Uses FY25 Budget Change
FY25 BA #2
Expense $332,400 $2,488,247 $2,820,647
Discretionary $332,400 $2,488,247 $2,820,647
Transition Holding Account $2,488,247 $2,488,247
Commercial Revolving Loans $332,400 $0 $332,400
Total $332,400 $2,488,247 $2,820,647
Community Reinvestment Agency Key Changes
Community Reinvestment Agency Operations
Sources
FY25 Budget Change FY25 BA #2
Revenue $5,167,582 $654,099 $5,821,681
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Uses FY25 Budget Change FY25 BA #2
Expense $5,070,296 $751,385 $5,821,681
Obligation $5,070,296 $751,385 $5,821,681
CRA Personnel $3,170,296 $0 $3,170,296
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Community Reinvestment Agency Key Changes
SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
04/21/2025
Date Sent to Council:
04/22/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
04/21/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
04/22/2025
Subject:
CRA FY25 Budget Amendment #2
Additional Staff Contact:
Greg Cleary, Mary Beth Thompson
Presenters/Staff Table
Greg Cleary: greg.cleary@slc.gov and Mary Beth Thompson: marybeth.thompson@slc.gov
Document Type
Resolution
Recommendation:
Discuss and consider the adoption of the proposed Second Amendment to the AnnualCRA Budget for Fiscal Year 2025.
Background/Discussion
EXECUTIVE SUMMARY: The purpose of this briefing is to outline only the changes included in the SecondAmendment (“Amendment”). It does not provide complete revised budgets for each fund. A summary of allrevenues and expenses by fund, reflecting the updated totals after this amendment is included in the attached KeyChanges by Fund document. The proposed expenditure changes are primarily driven by a $30,573 increase in taxincrement revenue, a $4.8 million increase in interest revenue received over budget, and a $1.84 millionaccounting error. These changes fall into three categories:1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractualobligations or other expenses related to Agency operations:a. Taxing Entity Payments decreased by $422,230.b. Tax Increment Reimbursements increased by $352,675.c. Primary Housing Contributions increased by $328,976.d. Agency Operations Fund Contributions from Project Area funds increased by $654,099.e. Debt Service and Other Contractual Obligations decreased by $54,695.f. Agency Operations Expenses increased by $751,385.2. Discretionary expenses that may fall into the following types:a. Transition Holding Account program funds to be allocated to the next fiscal year’s budget wouldtotal $7,348,402.b. Other expenses related to decreases in tax increment received in Project Area funds decreased by$571,554.
3 A ti t dd th i t f t i t b l i t th S lt L k Cit Lib
Will there need to be a public hearing for this item?*
Yes
No
Public Process
Public Hearing
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1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO__________
Second Budget Amendment for Fiscal Year 2024-2025
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2024-2025.
WHEREAS, on June 11, 2024, the Salt Lake City Community Reinvestment Agency
(CRA) (formerly known as the Redevelopment Agency of Salt Lake City) Board of Directors
(Board) adopted the final budget of the CRA, effective for the fiscal year beginning July 1, 2024,
and ending June 30, 2025, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the CRA's final annual budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake
City Community Reinvestment Agency:
1. Purpose. The purpose of this resolution is to amend the final annual budget of the
CRA, as approved, ratified and finalized by the Board on June 11, 2024.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual budget of the CRA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the CRA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the CRA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this day of , 2025, to be effective upon adoption.
________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
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REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLC.GOV · WWW.SLCRDA.COM
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: April 25, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #2, FY 2024-2025
REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the Annual
CRA Budget for Fiscal Year 2025.
BUDGET IMPACTS: The Second Amendment identifies appropriations for Agency operations and projects
across multiple funds, as well as correcting an accounting error related to the Agency receiving Salt Lake City
Library funds with its tax increment payment from Salt Lake County.
EXECUTIVE SUMMARY: The purpose of this briefing is to outline only the changes included in the Second
Amendment (“Amendment”). It does not provide complete revised budgets for each fund. A summary of all
revenues and expenses by fund, reflecting the updated totals after this amendment is included in the attached Key
Changes by Fund document. The proposed expenditure changes are primarily driven by a $30,573 increase in tax
increment revenue, a $4.8 million increase in interest revenue received over budget, and a $1.84 million
accounting error. These changes fall into three categories:
1.Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractual
obligations or other expenses related to Agency operations:
a.Taxing Entity Payments decreased by $422,230.
b.Tax Increment Reimbursements increased by $352,675.
c.Primary Housing Contributions increased by $328,976.
d.Agency Operations Fund Contributions from Project Area funds increased by $654,099.
e.Debt Service and Other Contractual Obligations decreased by $54,695.
f.Agency Operations Expenses increased by $751,385.
2.Discretionary expenses that may fall into the following types:
a.Transition Holding Account program funds to be allocated to the next fiscal year’s budget would
total $7,348,402.
b.Other expenses related to decreases in tax increment received in Project Area funds decreased by
$571,554.
3.An accounting error to address the receipt of tax increment belonging to the Salt Lake City Library:
a.Library Reimbursement for tax increment received in error totals $1,844,037.
ANALYSIS & ISSUES: This Budget Amendment outlines changes to multiple funds within the Agency's budget
for Fiscal Year 2025. The final tax increment distribution from the County totaled $53,597,943, surpassing our
initial budget by $30,573. As a result, adjustments are necessary for legally mandated expenses, including
payments to taxing entities and contributions from Project Area funds to the Primary Housing and Agency
Operations funds, as well as other contractual obligations. While Agency Operations expenses are not legally
mandated, they are necessary to maintain Agency operations.
Beyond these obligated expenses, Staff is proposing discretionary appropriations. If this budget amendment is
approved, it would allocate $7,348,402 across various funds to the Transition Holding Account program for use in
the Fiscal Year 2026 Budget.
Additionally, property tax increment was received by the Agency with its final tax increment payment from the
County for project areas in which the Library does not participate. This amendment will allow the Agency to
redirect the $1,844,037 received in error to the Library.
Revenue & Other Sources Adjustments
Tax Increment Changes
This budget amendment reflects updated tax increment revenue based on actual collections for Fiscal Year 2025.
While the overall change is relatively small, with an increase of $30,573, there were notable differences across
individual project areas.
Central Business District experienced the largest decrease, coming in $2,378,301 below the original budget. The
revised total for this area is $24,887,406. Other decreases include Depot District at $99,765 below budget, Block
70 at $26,267 below, and North Temple Viaduct at $116,869 below.
Several areas exceeded their budgeted tax increment. Northwest Quadrant received $769,885 more than budgeted,
for a new total of $3,269,994. State Street increased by $642,121, with actuals totaling $6,510,980. North Temple
came in $530,631 higher than budgeted, bringing its total to $2,074,376. 9-Line exceeded budget by $388,426 and
Granary District by $306,870. Smaller increases were realized for Stadler Rail at $9,670 and Block 67 North at
$4,172.
The total Fiscal Year 2025 tax increment revenue is updated from $53,567,370 to $53,597,943 based on actual
amounts received.
Fund FY25 Budget Change FY25 BA #2
Northwest Quadrant 2,500,109 769,885 3,269,994
Block 67 North 365,771 4,172 369,943
Total 53,567,370 30,573 53,597,943
Interest Changes
This budget amendment incorporates actual interest earnings for Fiscal Year 2025. The Agency has shifted to
budgeting interest revenue one year in arrears in order to better align with actual earnings. As a result, the Fiscal
Year 2025 budget amendment reflects interest earned in the prior fiscal year.
Interest revenue for several funds was not estimated in the original budget because data was not available at the
time of last year’s budget process. With actuals now recorded, total interest revenue has increased by $4,884,671,
bringing the revised amount to $7,710,997.
The Central Business District saw the largest increase, with interest earnings coming in $1,340,195 higher than
originally budgeted, for a new total of $3,181,201. The Program Income Fund also received a substantial
adjustment of $1,388,986. Additional large increases were recorded in the Housing Development Fund, which
increased by $384,481, State Street by $370,789, Primary Housing by $331,126, and the Revolving Loan Fund by
$458,696. Depot District increased by $159,704, and the Westside Community Initiative received $133,581 in
actual interest.
Several funds that had no original budgeted amount received interest earnings once actuals were available. These
include 9-Line, which received $187,637; Secondary Housing, which received $103,055; and Block 67 North,
which received $4,840. Northwest Quadrant also received a higher-than-expected amount, increasing by $64,662.
Granary District and North Temple Viaduct saw smaller increases of $24,885 and $1,730, respectively. Two
funds experienced reductions compared to budgeted amounts: North Temple decreased by $65,457, and Stadler
Rail decreased by $4,239.
These updates ensure that interest revenue is accurately reflected based on actual amounts received in the prior
fiscal year.
Fund FY25 Budget Change FY25 BA #2
Total 2,826,326 4,884,671 7,710,997
Other Revenue & Source Changes
This budget amendment updates other revenue categories to reflect actual receipts and one-time events that
occurred during Fiscal Year 2025. Total other revenue increased by $3,048,926, bringing the revised total to
$11,571,643.
The fund increased by $654,099, for a new total of $5,821,681. Most of this change is due to transfers from
project area funds, which are based on updated tax increment collections. The original budget assumed a higher
transfer from the Central Business District, but that amount has been revised downward by $237,829 due to
lower-than-expected tax increment. The fund also reflects a $505,140 use of fund balance, to cover the increase in
Administrative Fees allocated to the Agency by the City.
The Primary Housing Fund increased by $328,976, for a revised subtotal of the changes of $3,351,711. Transfers
into this fund are made from individual project area funds and reflect actual tax increment received. These
transfers are tracked by source to show which project areas are contributing to housing initiatives. A number of
adjustments were made across several funds, most notably from North Temple ($106,126 increase), Northwest
Quadrant ($76,988 increase), and Granary District ($61,375 increase). An loan payments interest decrease of $1
adjusts for a rounding error on the budgeted interest.
There are interlocal agreement provisions related to the 9-Line and State Street project areas that require tracking
of School District and / or County contributions. For 9-Line, both the School District and County portions were
received as expected. However, for State Street, the County’s planned contribution was not received due to an
accounting error. The County was expected to begin participation in tax year 2024, and revenue was included in
the Fiscal Year 2025 budget. That contribution has now been adjusted to zero in the actuals.
The Program Income Fund received a $36,300 contribution to the Agency’s Percent for Art Program, associated
with the 2nd South Apartments loan. This development received HUD HOME funds that were allocated through a
one-time HDLP NOFA. As part of the loan agreement, the Borrower is contractually obligated to contribute to the
Percent for Art Program. While the loan documents were finalized by Housing Stability staff, the Borrower’s
contribution to the CRA’s program was executed and received as part of this amendment.
The Revolving Loan Fund increased by $2,029,551, bringing its new total to $2,361,951. This increase is
primarily due to a borrower paying off a loan early, resulting in the early receipt of $2 million in principal. The
fund also received $29,551 in additional interest revenue.
Fund Source FY25 Budget Change FY25 BA #2
Reinvestment
Agency
Operations
Total 5,167,582 654,099 5,821,681
Total 3,022,735 328,976 3,351,711
Transfer from 9-Line 160,934 24,684 185,618
Transfer from 9L - School District 142,138 14,159 156,297
Transfer from Central Business District 36,577 417 36,994
Transfer from Depot District 1,238,619 (19,952) 1,218,667
Transfer from Granary District 276,886 61,375 338,261
Transfer from North Temple 308,749 106,126 414,875
Transfer from Northwest Quadrant 250,011 76,988 326,999
Transfer from Stadler Rail 16,115 967 17,082
Transfer from State Street 185,235 88,860 274,095
Transfer from SS - County 126,406 (126,406)
Transfer from SS - School District 275,244 101,759 377,003
Program Income
Fund Total 36,300 36,300
Fund Total 332,400 2,029,551 2,361,951
Total 8,522,717 3,048,926 11,571,643
Obligated Expenses & Other Uses Adjustments
Taxing Entity Payments
The Agency receives 100 percent of the tax increment from certain project areas and is obligated to reimburse
specific percentages to the taxing entities based on interlocal agreements. These reimbursements are calculated
directly from the actual increment received. For Fiscal Year 2025, taxing entity payments decreased by $422,230,
adjusting the total from $12,441,752 to $12,019,522.
The most significant change occurred in the State Street Project Area, which was reduced by $341,296. This
adjustment reflects the County’s failure to transmit its share of tax increment revenue due to an accounting error.
Although the County was scheduled to begin participation in tax year 2024, no funds were received, requiring this
expense to be removed.
The Central Business District decreased by $110,721, and Block 70 decreased slightly by $5,372, both reflecting
minor reductions in actual tax increment received. The 9-Line Project Area increased by $35,159, consistent with
the increase in increment allocated to that area.
Fund FY25 Budget Change FY25 BA #2
Total 12,441,752 (422,230) 12,019,522
Tax Increment Reimbursement Agreements
The Agency has entered into tax increment reimbursement agreements in several project areas, allowing
developers to be reimbursed for eligible improvement costs using the tax increment generated by their projects.
These payments are based on actual increment received and the terms of each agreement.
For Fiscal Year 2025, total tax increment reimbursement expenses increased by $352,675 adjusting the combined
budget from $3,468,976 to $3,821,651 across the affected project areas.
The largest adjustment occurred in the Northwest Quadrant, which increased by $538,920, bringing its total to
$2,288,996. Smaller increases were also made in Block 67 North and Stadler Rail, with changes of $3,128 and
$627, respectively. A decrease of $190,000 made in Central Business District is bringing its total to $1,110,000.
These adjustments ensure that reimbursement amounts are aligned with actual increment available and eligible
under the terms of each agreement.
Fund FY25 Budget Change FY25 BA #2
Total 3,468,976 352,675 3,821,651
Project Area Fund Contributions to Primary Housing Fund
Under Utah Code 17C, the Agency is required to allocate a minimum of 10 percent of tax increment revenue from
most project areas to support affordable housing. These contributions are transferred to the Primary Housing Fund
and are intended to increase the availability of affordable housing within the Agency’s boundaries. The amount
contributed is based on the actual tax increment received from each project area, and the requirement applies to
most but not all funds.
In addition to the statutory 17C requirement, the Agency has entered into interlocal agreements with the School
District and the County for certain project areas. For both the 9-Line and State Street project areas, the interlocal
agreements with the School District require a portion of the increment to be used specifically for family and
workforce housing. These contributions must be tracked separately within the Primary Housing Fund. The State
Street Project Area also has an interlocal agreement with the County that requires a separate contribution to
affordable housing, which may not be used for loan programs. These funds must be reported independently from
other housing funds. While the School District contributions were received as expected, the County contribution
for State Street was not transmitted due to an accounting error. The County was scheduled to begin participation
in tax year 2024, and the revenue had been included in the Fiscal Year 2025 budget.
Based on actual increment received and the requirements outlined above, the budget for Primary Housing
contributions increased by $328,976, bringing the revised total to $3,345,891. The most significant increases
occurred in North Temple, State Street, and Granary District, each reflecting stronger-than-expected increment
collections. Smaller increases occurred in Northwest Quadrant, 9-Line, and Block 67 North. A reduction in the
Depot District offset some of these increases. The County’s planned contribution to the Primary Housing Fund for
State Street has been removed, and the actual amount is reflected as zero in this amendment.
Fund Program FY25 Budget Change FY25 BA #2
Stadler Rail
9-Line
Total 303,072 38,843 341,915
Internal Transfers - Primary
Housing Fund 160,934 24,684 185,618
Internal Transfers - School District
Required Family & Workforce
Total 586,885 64,213 651,098
Internal Transfers - County
Required Family & Workforce
Total 3,016,914 328,977 3,345,891
Project Area Fund Contributions to Agency Operations Fund
This amendment updates transfers from project area funds to the Agency Operations Fund based on actual tax
increment received. The total contribution increased by $148,959, bringing the revised total to $5,316,541. The
most significant increases came from State Street ($165,338), North Temple ($79,596), and Northwest Quadrant
($76,988). Reductions were made in Central Business District ($237,829), Depot District ($14,966), and North
Temple Viaduct ($1,752), reflecting lower-than-budgeted increment collections in those areas.
Fund FY25 Budget Change FY25 BA #2
Total 5,167,582 148,959 5,316,541
Agency Operations Expenses
The Agency Operations Fund receives a specified percentage of the tax increment from each project area,
determined by interlocal agreements with the taxing entities involved, to fund Agency Operations. This budget
amendment includes an increase in Administrative Fees, which rose from the estimated $1,000,000 to $1,751,385.
Administrative Fees represent costs assessed by the City to support functions such as information technology,
legal services, financial processing, and general administrative oversight. The increase reflects updated
calculations based on actual internal cost allocations.
Program FY25 Budget Change FY25 BA #2
Total 1,000,000 751,385 1,751,385
Debt Service and Other Contractual Obligations
In addition to the obligated expenses above, the Agency has debt service and other contractual obligations that are
impacted by the increased tax increment and other revenue as follows:
•Gallivan – Administration Assessment: The Agency is a member of the Block 57 Owners’ Group, an
owner’s association that oversees the shared spaces and operations on Block 57. As the owner of the
Gallivan Center property, the Agency is required to pay an annual administrative assessment to support
the association’s management activities. The original Fiscal Year 2025 budget underestimated this
expense. A correction has been made, increasing the budget in the Central Business District Fund by
$23,785, for a revised total of $409,232.
•Eccles Theater- Operating Reserve for Ancillary Spaces: Appropriation of funds to maintain a reserve for
the Agency’s obligations for operating and programming expenses related to the Eccles Theater. The
budget increased by $25,000, bringing the revised total to $500,000.
•North Temple School Construction Reserves: A program has been established as a reserve fund per an
interlocal agreement with the School District, mandating the Agency to earmark portions of tax increment
for the construction of a prospective school. The total change of $34,490 will result in an amended budget
of $134,834.
•North Temple Viaduct Debt Service: The Agency created the North Temple Viaduct project area to
mitigate the debt incurred by the City from bond issuance for infrastructure improvements in 2012.
Initially, the tax increment wasn't enough to cover debt service, requiring General Fund assistance. Apart
from a small percentage of increment transferred to the Agency Operations Fund, the remainder of the
increment is transferred to the City’s General Fund to facilitate debt service payments. The decrease of
$113,387 will result in an amended budget of $2,995,582.
•Japantown & the Block 67 North Interlocal Agreement: Per the interlocal agreement with the City, the
Agency is obliged to direct 10% of the tax increment toward the Japantown neighborhood. Although the
agreement mandates support for Japantown, it does not require a specific project. Agency staff
recommends these funds be designated to the RDA Arts & Culture Program, increasing the budget by
$417 to a total of $36,994 for the existing Japantown Art project. The Agency also expects to request
additional funding for this project in the coming budget cycle.
•School District Required Family & Workforce Housing: In accordance with interlocal agreements for
State Street and 9-Line, the Agency is required to allocate a portion of tax increment to support the
development of family and workforce housing. These contributions are specifically designated by the
School District and must be used to expand access to housing for working families. The funds are tracked
separately from other housing set-asides and are intended to directly benefit households within the School
District’s boundaries. This amendment increases the budget by $115,919, bringing the revised total to
$533,300.
•Percent for Art: A contribution of $36,300 has been added to the Percent for Art program as part of a loan
agreement tied to the 2nd South Apartments project. These funds, received through Program Income,
bring the total Percent for Art allocation to $36,300.
Fund Program Project
FY25
Budget Change
FY25 BA
#2
Block 70 475,000 25,000 500,000
North Temple
Block 67 North
Primary Housing Family & Workforce 417,381 115,919 533,300
- 36,300 36,300
Total
Discretionary Expenses & Other Uses Adjustments
Transition Holding Accounts
During the last fiscal year, the Agency established the Transition Holding Account program to manage surplus
revenue not earmarked for obligated expenses. Rather than allocating these funds within this amendment, the
Agency carries them over to the next fiscal year’s budget for simpler reconciliation by the Board. This timing
aligns with the simultaneous presentation of the Fiscal Year 2025 budget and the final amendment for the current
year. Staff recommends appropriating the additional $7,348,402 expected in the following funds in the next fiscal
year.
Fund FY25 Budget Change FY25 BA #2
Total - 7,348,402 7,348,402
Other Discretionary Expense Changes
This amendment reduces project funding in both the Block 70 and Central Business District project areas to
reflect a decrease in actual tax increment revenue received.
In the Block 70 fund, the budget for the CRA Arts & Culture Program, specifically the project for reinstallation of
“The Gulls”, is reduced by $45,895, bringing the revised allocation to $9,428.
In the Central Business District, one program area was reduced. The Strategic Intervention program, which funds
projects supporting Agency objectives in the area, was reduced by $523,341, adjusting the total to $2,017,256.
These reductions bring the combined project funding total from $2,595,920 to $2,026,684, a decrease of
$569,236, and align the budget with updated revenue availability.
Fund Program Project FY25 Budget Change FY25 BA #2
Block 70 CRA Arts &
Culture Program Reinstallation of "The 55,323 (45,895) 9,428
2,540,597 (523,341) 2,017,256
2,595,920 (569,236) 2,026,684
Accounting Error Corrections
The Agency received $1,844,037 in tax increment from Salt Lake County that inadvertently included funds
attributable to the Salt Lake City Library for project areas in which the Library does not participate. As the
Library is a separate taxing and legal entity from both the City and the Agency, the inclusion of these funds was
determined to be an accounting error. This budget amendment records the receipt of the funds as Other Revenue
and the return of the funds to the Library as Other Expenses, with no Agency program associated. The intent of
this amendment is solely to correct the error and ensure that the Library receives the funds it is entitled to. The
Agency will accept the cash and direct a payment to the Library, but will not use any Agency Programs to fund
the payment to the Library, as it was an administrative error.
Project Area Amount
Total 1,844,037
PREVIOUS BOARD ACTION:
1.Approval of the Fiscal Year 2024-2025 Budget.
2.Approval of the Fiscal Year 2024-2025 Budget Amendment #1.
ATTACHMENTS:
1.Supplemental Slides and Key Changes by Fund
Fiscal Year 2025
Budget Amendment #2
Supplemental Slides & Key Changes by Fund
Overview of Revenue Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,167,582 $654,099 $5,821,681
Community Reinvestment
Agency Operations
$5,167,582 $654,099 $5,821,681
Total $16,398,924 $5,848,851 $22,247,775
Overview of Expense Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,070,296 $751,385 $5,821,681
Community Reinvestment
Agency Operations
$5,070,296 $751,385 $5,821,681
Total $16,301,638 $5,946,137 $22,247,775
Tax Increment Revenue Changes by Fund
Central Business District
Depot District
State Street
North Temple Viaduct
9-Line
Northwest Quadrant
Block 70
North Temple
Granary District
Block 67 North
Stadler Rail
$27.3M
$6.2M
$5.9M
$3.1M
$3.0M
$2.5M
$2.1M
$1.5M
$1.4M
$0.4M
$0.2M
$24.9M
$6.1M
$6.5M
$3.0M
$3.4M
$3.3M
$2.1M
$2.1M
$1.7M
$0.4M
$0.2M
FY25 Budget FY25 BA #2
Interest Revenue Changes by Fund
Central Business District
Depot District
West Capitol Hill
Granary District
North Temple
Northwest Quadrant
North Temple Viaduct
Stadler Rail
9-Line
Housing Development Fund
Primary Housing
Program Income Fund
Revolving Loan Fund
State Street
Westside Community Initiative
$1.84M
$0.48M
$0.38M
$0.20M
$0.16M
$0.10M
$0.04M
$0.01M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$3.18M
$0.64M
$0.38M
$0.22M
$0.09M
$0.17M
$0.04M
$0.00M
$0.19M
$0.38M
$0.33M
$1.39M
$0.46M
$0.37M
$0.13M
FY25 Budget FY25 BA #2
Other Revenue Changes by Fund
Internal Transfers In
Community Reinvestment Agency Operations
Primary Housing
$5.2M
$3.0M
$5.3M
$3.3M
FY25 Budget FY25 BA #2
Percent for Art
Program Income Fund $36K
Loan Payments
Revolving Loan Fund
Primary Housing
$0.3M
$0.1M
$2.4M
$0.1M
Use of Fund Balance
Community Reinvestment Agency Operations $0.51M
FY25 Budget FY25 BA #2
Taxing Entity Payments & TI Reimbursements
Taxing Entity Payments
Central Business District
Block 70
9-Line
State Street
$11.2M
$0.6M
$0.3M
$0.3M
$11.1M
$0.6M
$0.4M
FY25 Budget FY25 BA #2
Tax Increment Reimbursements
Northwest Quadrant
Central Business District
Block 67 North
Stadler Rail
$1.8M
$1.3M
$0.3M
$0.1M
$2.3M
$1.1M
$0.3M
$0.1M
FY25 Budget FY25 BA #2
Project Area Fund Transfers to Primary Housing
Total Transfers by Project Area Fund
Depot District
State Street
North Temple
9-Line
Granary District
Northwest Quadrant
Block 67 North
Stadler Rail
$1.24M
$0.59M
$0.31M
$0.30M
$0.28M
$0.25M
$0.04M
$0.02M
$1.22M
$0.65M
$0.41M
$0.34M
$0.34M
$0.33M
$0.04M
$0.02M
FY25 Budget FY25 BA #2
Total Transfers by Program
Internal Transfers -
Primary Housing
Fund
Internal Transfers -
School District
Required Family &
Workforce Housing
Internal Transfers -
County Required
Non-Loan Housing
$2.5M
$0.4M
$0.1M
$2.8M
$0.5M
FY25 Budget FY25 BA #2
Debt Service & Other Contractual Obligations
Fund
FY25 Budget Change FY25 BA #2
Central Business District$385,447 $23,785 $409,232
Gallivan - Administration Assessment$385,447 $23,785 $409,232
Block 70$475,000 $25,000 $500,000
RDA Arts & Culture Program$475,000 $25,000 $500,000
PRJ-000083 Eccles Theater- Operating Reserve for Ancillary Spaces $475,000 $25,000 $500,000
North Temple$100,344 $34,490 $134,834
School Construction Reserves$100,344 $34,490 $134,834
North Temple Viaduct$3,108,969 ($113,387)$2,995,582
Salt Lake City Debt Service$3,108,969 ($113,387)$2,995,582
Block 67 North$36,577 $417 $36,994
CRA Arts & Culture Program$36,577 $417 $36,994
PRJ-000108 Japantown Art $36,577 $417 $36,994
Primary Housing$417,381 $115,919 $533,300
School District Required Family & Workforce Housing$417,381 $115,919 $533,300
Program Income Fund$36,300 $36,300
Percent for Art$36,300 $36,300
Total $4,523,718 $122,524 $4,646,242
Transition Holding Account
Revolving Loan Fund
Program Income Fund
State Street
Primary Housing
9-Line
Housing Development Fund
North Temple
Granary District
Northwest Quadrant
Westside Community Initiative
Secondary Housing
Depot District
Block 67 North
Stadler Rail
$2,488K
$1,389K
$1,125K
$544K
$467K
$384K
$245K
$224K
$142K
$134K
$103K
$95K
$5K
$3K
Agency Operations Fund
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
CRA Personnel
Administrative Fees
CRA Charges & Services
Operating & Maintenance
$3,170,296
$1,751,385
$450,000
$450,000
Program FY25 Budget Change FY25 BA #2
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
CRA Personnel $3,170,296 $0 $3,170,296
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Source FY25 Budget Change FY25 BA #2
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from HDF $0 $0
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from PIF $0 $0
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Transfer from WCI $0 $0
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Questions?
Central Business District
Sources
FY25 Budget Change FY25 BA #2
Revenue $29,893,016 ($1,038,106)$28,854,910
Interest from Investments $1,841,006 $1,340,195 $3,181,201
Tax Increment $27,265,707 ($2,378,301)$24,887,406
Transition Holding Account $786,303 $0 $786,303
Total $29,893,016 ($1,038,106)$28,854,910
Uses
FY25 Budget Change FY25 BA #2
Expense $29,893,016 ($1,038,106)$28,854,910
Obligation $26,052,419 ($514,765)$25,537,654
TI Reimbursements $1,300,000 ($190,000)$1,110,000
Taxing Entity Payments $11,194,315 ($110,721)$11,083,594
Property Management and Maintenance $1,127,250 $0 $1,127,250
Internal Transfers - Debt Service $8,477,030 $0 $8,477,030
Internal Transfers - Administration Fund $2,726,570 ($237,829)$2,488,741
Gallivan - Programming $250,000 $0 $250,000
Gallivan - Management & Maintenance
Assessment
$591,807 $0 $591,807
Gallivan - Administration Assessment $385,447 $23,785 $409,232
Discretionary $3,840,597 ($523,341)$3,317,256
Strategic Intervention $2,540,597 ($523,341)$2,017,256
Available for Projects $2,540,597 ($523,341)$2,017,256
Infrastructure Improvements $600,000 $0 $600,000
PRJ-000109 Japantown Construction Documents $100,000 $0 $100,000
PRJ-000104 Gallivan Playground $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $250,000 $0 $250,000
PRJ-000057 Gallivan Repairs $250,000 $0 $250,000
CRA Arts & Culture Program $450,000 $0 $450,000
PRJ-000108 Japantown Art $300,000 $0 $300,000
PRJ-000103 CBD Public Art Project $150,000 $0 $150,000
Total $29,893,016 ($1,038,106)$28,854,910
Community Reinvestment Agency Key Changes
Block 70
Sources FY25 Budget Change FY25 BA #2
Revenue $11,065,164 ($26,267)$11,038,897
Tax Increment $2,133,992 ($26,267)$2,107,725
Transfer From CBD Eccles Debt Service RDA match $3,311,921 $670,518 $3,982,439
Transfer from CBD Eccles Debt Service Reserve
Account
$454,142 $0 $454,142
Transfer From CBD Taxing Entity Payments $5,165,109 ($670,518)$4,494,591
Total $11,065,164 ($26,267)$11,038,897
Uses
FY25 Budget Change FY25 BA #2
Expense $11,065,164 ($26,267)$11,038,897
Obligation $10,984,841 $19,628 $11,004,469
Taxing Entity Payments $560,173 ($5,372)$554,801
Regent Street Parking Structure Reserves $100,000 $0 $100,000
RDA 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
Eccles Debt Service $9,644,668 $0 $9,644,668
Eccles - Maintenance & Repairs $80,000 $0 $80,000
PRJ-000085 Regent Street Maintenance $80,000 $0 $80,000
Discretionary $80,323 ($45,895)$34,428
CRA Arts & Culture Program $80,323 ($45,895)$34,428
PRJ-000106 Reinstallation of "The Gulls"$55,323 ($45,895)$9,428
PRJ-000081 Regent Street Event Programming $25,000 $0 $25,000
Total $11,065,164 ($26,267)$11,038,897
Community Reinvestment Agency Key Changes
Depot District
Sources FY25 Budget Change FY25 BA #2
Revenue $7,095,401 $59,939 $7,155,340
Interest from Investments $480,304 $159,704 $640,008
Tax Increment $6,193,098 ($99,765)$6,093,333
Transition Holding Account $421,999 $0 $421,999
Total $7,095,401 $59,939 $7,155,340
Uses
FY25 Budget Change FY25 BA #2
Expense $7,095,401 $59,939 $7,155,340
Obligation $2,840,085 ($34,918)$2,805,167
Property Management and Maintenance $672,500 $0 $672,500
PRJ-000064 CRA - Home Inn Rio Grande
Maintenance
$500,000 $0 $500,000
Available to Spend $172,500 $0 $172,500
Internal Transfers - Primary Housing Fund $1,238,619 ($19,952)$1,218,667
Internal Transfers - Administration Fund $928,966 ($14,966)$914,000
Discretionary $4,255,316 $94,857 $4,350,173
Transition Holding Account $94,857 $94,857
Available for Projects $94,857 $94,857
Infrastructure Improvements $3,705,316 $0 $3,705,316
Available for Projects $3,705,316 $0 $3,705,316
Commercial Assistance Reserves $500,000 $0 $500,000
Available for Projects $500,000 $0 $500,000
Charges & Services $50,000 $0 $50,000
Available for Projects $50,000 $0 $50,000
Total $7,095,401 $59,939 $7,155,340
Community Reinvestment Agency Key Changes
Granary District
Sources FY25 Budget A Change FY25 BA #2
Revenue $1,748,249 $331,755 $2,080,004
Interest from Investments $198,730 $24,885 $223,615
Tax Increment $1,384,433 $306,870 $1,691,303
Transition Holding Account $165,086 $0 $165,086
Total $1,748,249 $331,755 $2,080,004
Uses
FY25 Budget Change FY25 BA #2
Expense $1,748,249 $331,755 $2,080,004
Obligation $484,552 $107,404 $591,956
Internal Transfers - Primary Housing Fund $276,886 $61,375 $338,261
Internal Transfers - Administration Fund $207,666 $46,029 $253,695
Discretionary $1,263,697 $224,351 $1,488,048
Transition Holding Account $224,351 $224,351
Commercial Assistance Reserves $1,263,697 $0 $1,263,697
Available for Projects $1,263,697 $0 $1,263,697
Total $1,748,249 $331,755 $2,080,004
Community Reinvestment Agency Key Changes
North Temple
Sources FY25 Budget Change FY25 BA#2
Revenue $1,952,466 $465,174 $2,417,640
Interest from Investments $158,829 ($65,457)$93,372
Tax Increment $1,543,745 $530,631 $2,074,376
Transition Holding Account $249,892 $0 $249,892
Total $1,952,466 $465,174 $2,417,640
Uses
FY25 Budget Change FY25 BA #2
Expense $1,952,466 $465,174 $2,417,640
Obligation $690,654 $220,212 $910,866
School Construction Reserves $100,344 $34,490 $134,834
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - Primary Housing Fund $308,749 $106,126 $414,875
Internal Transfers - Administration Fund $231,561 $79,596 $311,157
Discretionary $1,261,812 $244,962 $1,506,774
Transition Holding Account $244,962 $244,962
Strategic Intervention $861,812 $0 $861,812
Available for Projects $861,812 $0 $861,812
Infrastructure Improvements $50,000 $0 $50,000
PRJ-000022 CRA - City Creek Daylighting Design
Plan Budget
$50,000 $0 $50,000
CRA Charges & Services $50,000 $0 $50,000
Commercial Studies and Planning $300,000 $0 $300,000
PRJ-000105 North Temple Property Reuse Planning $300,000 $0 $300,000
Total $1,952,466 $465,174 $2,417,640
Community Reinvestment Agency Key Changes
North Temple Viaduct
Sources FY25 Budget Change FY25 BA #2
Revenue $3,155,765 ($115,139)$3,040,626
Interest from Investments $35,975 $1,730 $37,705
Tax Increment $3,119,790 ($116,869)$3,002,921
Total $3,155,765 ($115,139)$3,040,626
Uses
FY25 Budget Change FY25 BA #2
Expense $3,155,765 ($115,139)$3,040,626
Obligation $3,155,765 ($115,139)$3,040,626
Salt Lake City Debt Service $3,108,969 ($113,387)$2,995,582
Internal Transfers - Administration Fund $46,796 ($1,752)$45,044
Total $3,155,765 ($115,139)$3,040,626
Community Reinvestment Agency Key Changes
Stadler Rail
Sources FY25 Budget Change FY25 BA #2
Revenue $168,744 $5,431 $174,175
Interest from Investments $7,593 ($4,239)$3,354
Tax Increment $161,151 $9,670 $170,821
Transition Holding Account $0 $0
Total $168,744 $5,431 $174,175
Uses FY25 Budget Change FY25 BA #2
Expense $168,744 $5,431 $174,175
Obligation $168,744 $2,077 $170,821
TI Reimbursements $144,571 $627 $145,198
Internal Transfers - Primary Housing Fund $16,115 $967 $17,082
Internal Transfers - Administration Fund $8,058 $483 $8,541
Discretionary $3,354 $3,354
Transition Holding Account $3,354 $3,354
Total $168,744 $5,431 $174,175
Community Reinvestment Agency Key Changes
9-Line
Sources FY25 Budget Change FY25 BA #2
Revenue $3,307,218 $576,063 $3,883,281
Interest from Investments $0 $187,637 $187,637
Tax Increment $3,030,715 $388,426 $3,419,141
Transition Holding Account $276,503 $0 $276,503
Total $3,307,218 $576,063 $3,883,281
Uses
FY25 Budget Change FY25 BA #2
Expense $3,307,218 $576,063 $3,883,281
Obligation $962,946 $108,864 $1,071,810
Taxing Entity Payments $345,968 $35,159 $381,127
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$142,138 $14,159 $156,297
Internal Transfers - Primary Housing Fund $160,934 $24,684 $185,618
Internal Transfers - Administration Fund $263,906 $34,862 $298,768
Discretionary $2,344,272 $467,199 $2,811,471
Transition Holding Account $467,199 $467,199
Strategic Intervention $1,994,272 $0 $1,994,272
Available for Projects $1,994,272 $0 $1,994,272
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $300,000 $0 $300,000
PRJ-000107 9-Line Public Art Project $300,000 $0 $300,000
Total $3,307,218 $576,063 $3,883,281
Community Reinvestment Agency Key Changes
State Street
Sources FY25 Budget
Change FY25 BA #2
Revenue $6,517,835 $1,012,910 $7,530,745
Tax Increment $5,868,859 $642,121 $6,510,980
Transition Holding Account $648,976 $0 $648,976
Interest from Investments $0 $370,789 $370,789
Total $6,517,835 $1,012,910 $7,530,745
Uses
FY25 Budget Change FY25 BA #2
Expense $6,517,835 $1,012,910 $7,530,745
Obligation $1,463,941 ($111,745)$1,352,196
Taxing Entity Payments $341,296 ($341,296)
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$275,244 $101,759 $377,003
Internal Transfers - Primary Housing Fund $185,235 $88,860 $274,095
Internal Transfers - County Required Non-Loan
Housing
$126,406 ($126,406)
Internal Transfers - Administration Fund $485,760 $165,338 $651,098
Discretionary $5,053,894 $1,124,655 $6,178,549
Transition Holding Account $1,124,655 $1,124,655
Strategic Intervention $4,003,894 $0 $4,003,894
Available for Projects $4,003,894 $0 $4,003,894
Internal Transfers - Secondary Housing Fund $1,000,000 $0 $1,000,000
CRA Charges & Services $50,000 $0 $50,000
Total $6,517,835 $1,012,910 $7,530,745
Community Reinvestment Agency Key Changes
Northwest Quadrant
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,603,998 $834,547 $3,438,545
Tax Increment $2,500,109 $769,885 $3,269,994
Interest from Investments $103,889 $64,662 $168,551
Transition Holding Account $0 $0
Total $2,603,998 $834,547 $3,438,545
Uses
FY25 Budget Change FY25 BA #2
Expense $2,603,998 $834,547 $3,438,545
Obligation $2,603,998 $692,896 $3,296,894
TI Reimbursements $1,750,076 $538,920 $2,288,996
Shared Costs Reserves $353,900 $0 $353,900
Internal Transfers - Primary Housing Fund $250,011 $76,988 $326,999
Internal Transfers - Administration Fund $250,011 $76,988 $326,999
Discretionary $141,651 $141,651
Transition Holding Account $141,651 $141,651
Total $2,603,998 $834,547 $3,438,545
Community Reinvestment Agency Key Changes
Block 67 North
Sources FY25 Budget
Change FY25 BA #2
Revenue $365,771 $9,012 $374,783
Tax Increment $365,771 $4,172 $369,943
Interest from Investments $4,840 $4,840
Total $365,771 $9,012 $374,783
Uses
FY25 Budget Change FY25 BA #2
Expense $365,771 $9,012 $374,783
Obligation $365,771 $4,172 $369,943
TI Reimbursements $274,329 $3,128 $277,457
Internal Transfers - Primary Housing Fund $36,577 $417 $36,994
Internal Transfers - Administration Fund $18,288 $210 $18,498
CRA Arts & Culture Program $36,577 $417 $36,994
Discretionary $4,840 $4,840
Transition Holding Account $4,840 $4,840
Total $365,771 $9,012 $374,783
Community Reinvestment Agency Key Changes
West Capitol Hill
Sources FY25 Budget Change
FY25 BA #2
Revenue $384,332 $0 $384,332
Interest from Investments $384,332 $0 $384,332
Total $384,332 $0 $384,332
Uses FY25 Budget
Change FY25 BA #2
Expense $384,332 $0 $384,332
Discretionary $384,332 $0 $384,332
Housing Construction & Rehabilitation $384,332 $0 $384,332
PRJ-000015 CRA - Arctic Court Infill Home
Construction
$384,332 $0 $384,332
Total $384,332 $0 $384,332
Community Reinvestment Agency Key Changes
Primary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $3,602,240 $660,102 $4,262,342
Transfer from DD $1,238,619 ($19,952)$1,218,667
Transition Holding Account $507,505 $0 $507,505
Transfer from NT $308,749 $106,126 $414,875
Transfer from GD $276,886 $61,375 $338,261
Transfer from SS - School District $275,244 $101,759 $377,003
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SS $185,235 $88,860 $274,095
Transfer from 9L $160,934 $24,684 $185,618
Transfer from 9L - School District $142,138 $14,159 $156,297
Transfer from SS - County $126,406 ($126,406)
Loan Payments - Principal $72,000 $0 $72,000
Transfer from CBD $36,577 $417 $36,994
Transfer from SR $16,115 $967 $17,082
Loan Payments - Interest $5,821 ($1)$5,820
Interest from Investments $0 $331,126 $331,126
Total $3,602,240 $660,102 $4,262,342
Uses
FY25 Budget Change FY25 BA #2
Expense $3,602,240 $660,102 $4,262,342
Obligation $417,381 $115,919 $533,300
School District Required Family & Workforce
Housing
$417,381 $115,919 $533,300
Discretionary $3,184,859 $544,183 $3,729,042
Transition Holding Account $544,183 $544,183
Housing Construction & Rehabilitation $500,000 $0 $500,000
PRJ-000015 RDA - Arctic Court Infill Home
Construction
$500,000 $0 $500,000
HDLP - Competitive $2,684,859 $0 $2,684,859
Total $3,602,240 $660,102 $4,262,342
Community Reinvestment Agency Key Changes
Secondary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,000,000 $103,055 $1,103,055
Transfer from SS $1,000,000 $0 $1,000,000
Interest from Investments $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Uses FY25 Budget Change FY25 BA #2
Expense $1,000,000 $103,055 $1,103,055
Discretionary $1,000,000 $103,055 $1,103,055
HDLP - Competitive $1,000,000 $0 $1,000,000
Transition Holding Account $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Community Reinvestment Agency Key Changes
Housing Development Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,902,000 $384,481 $3,286,481
Funding Our Future $2,590,000 $0 $2,590,000
Loan Payments - Principal $204,000 $0 $204,000
Loan Payments - Interest $108,000 $0 $108,000
Interest from Investments $0 $384,481 $384,481
Total $2,902,000 $384,481 $3,286,481
Uses FY25 Budget Change FY25 BA #2
Expense $2,902,000 $384,481 $3,286,481
Discretionary $2,902,000 $384,481 $3,286,481
HDLP - Competitive $902,000 $0 $902,000
Available for Projects $902,000 $0 $902,000
Transition Holding Account $384,481 $384,481
Wealth Building Housing Opportunities $2,000,000 $0 $2,000,000
Total $2,902,000 $384,481 $3,286,481
Community Reinvestment Agency Key Changes
Westside Community Initiative
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,835,469 $133,581 $1,969,050
Inland Port Housing $1,835,469 $0 $1,835,469
Interest from Investments $0 $133,581 $133,581
Total $1,835,469 $133,581 $1,969,050
Uses
FY25 Budget Change FY25 BA #2
Expense $1,835,469 $133,581 $1,969,050
Discretionary $1,835,469 $133,581 $1,969,050
Wealth Building Housing Opportunities $835,469 $0 $835,469
Transition Holding Account $133,581 $133,581
Strategic Intervention $1,000,000 $0 $1,000,000
Available for Projects $1,000,000 $0 $1,000,000
Total $1,835,469 $133,581 $1,969,050
Community Reinvestment Agency Key Changes
Program Income Fund
Sources FY25 Budget
Change FY25 BA#2
Revenue $1,559,233 $1,425,286 $2,984,519
Parking Structure Income $1,290,184 $0 $1,290,184
Rents $229,449 $0 $229,449
Loan Payments - Principal $33,600 $0 $33,600
Loan Payments - Interest $6,000 $0 $6,000
Interest from Investments $0 $1,388,986 $1,388,986
% for Art Donation $36,300 $36,300
Total $1,559,233 $1,425,286 $2,984,519
Uses
FY25 Budget Change FY25 BA #2
Expense $1,559,233 $1,425,286 $2,984,519
Obligation $363,000 $36,300 $399,300
Percent for Art $36,300 $36,300
Operating & Maintenance $363,000 $0 $363,000
Discretionary $1,196,233 $1,388,986 $2,585,219
Transition Holding Account $1,388,986 $1,388,986
Infrastructure Improvements $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $238,733 $0 $238,733
CRA Charges & Services $457,500 $0 $457,500
Total $1,559,233 $1,425,286 $2,984,519
Community Reinvestment Agency Key Changes
Revolving Loan Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $332,400 $2,488,247 $2,820,647
Loan Payments - Principal $252,000 $2,000,000 $2,252,000
Loan Payments - Interest $80,400 $29,551 $109,951
Interest from Investments $0 $458,696 $458,696
Total $332,400 $2,488,247 $2,820,647
Uses FY25 Budget Change
FY25 BA #2
Expense $332,400 $2,488,247 $2,820,647
Discretionary $332,400 $2,488,247 $2,820,647
Transition Holding Account $2,488,247 $2,488,247
Commercial Revolving Loans $332,400 $0 $332,400
Total $332,400 $2,488,247 $2,820,647
Community Reinvestment Agency Key Changes
Community Reinvestment Agency Operations
Sources
FY25 Budget Change FY25 BA #2
Revenue $5,167,582 $654,099 $5,821,681
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Uses FY25 Budget Change FY25 BA #2
Expense $5,070,296 $751,385 $5,821,681
Obligation $5,070,296 $751,385 $5,821,681
CRA Personnel $3,170,296 $0 $3,170,296
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Community Reinvestment Agency Key Changes
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Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Rev & Other Source Adj: Tax Increment Changes Central Business
District (2,378,301.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Block 70 (26,267.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Depot District (99,765.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Granary District 306,870.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes North Temple 530,631.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes North Temple
Viaduct (116,869.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Stadler Rail 9,670.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes 9-Line 388,426.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes State Street 642,121.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Northwest Quadrant 769,885.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Block 67 North 4,172.00 0.00 One-time -
2 Rev & Other Source Adj: Interest Changes Central Business
District 1,340,195.00 0.00 One-time -
2 Rev & Other Source Adj: Interest Changes Depot District 159,704.00 0.00
2 Rev & Other Source Adj: Interest Changes Granary District 24,885.00 0.00
2 Rev & Other Source Adj: Interest Changes North Temple (65,457.00) 0.00
2 Rev & Other Source Adj: Interest Changes North Temple
Viaduct 1,730.00 0.00
2 Rev & Other Source Adj: Interest Changes Stadler Rail (4,239.00) 0.00
2 Rev & Other Source Adj: Interest Changes 9-Line 187,637.00 0.00
2 Rev & Other Source Adj: Interest Changes State Street 370,789.00 0.00
2 Rev & Other Source Adj: Interest Changes Northwest Quadrant 64,662.00 0.00
2 Rev & Other Source Adj: Interest Changes Block 67 North 4,840.00 0.00
2 Rev & Other Source Adj: Interest Changes Primary Housing 331,126.00 0.00
2 Rev & Other Source Adj: Interest Changes Secondary Housing 103,055.00 0.00
2 Rev & Other Source Adj: Interest Changes Housing
Development Fund 384,481.00 0.00
2 Rev & Other Source Adj: Interest Changes
Westside
Community
Initiative
133,581.00 0.00
2 Rev & Other Source Adj: Interest Changes Program Income
Fund 1,388,986.00 0.00
2 Rev & Other Source Adj: Interest Changes Revolving Loan
Fund 458,696.00 0.00
3 Other Revenue & Source Changes: Transfers from
Various Funds CRA Operations 654,099.00 0.00
Fiscal Year 2024-25 CRA Budget Amendment #2
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
3 Other Revenue & Source Changes: Primary Housing -
Transfers from Various Funds Primary Housing 328,976.00 0.00
3 Other Revenue & Source Changes: Program Income
Funds - % For Art Donation
Program Income
Fund 36,300.00 0.00
3 Other Revenue & Source Changes: Revolving Loan Fund -
Loan Payments Principal and Interest
Revolving Loan
Fund 2,029,551.00 0.00
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments Central Business
District - (110,721.00)
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments Block 70 - (5,372.00)
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments 9-Line - 35,159.00
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments State Street - (341,296.00)
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Northwest Quadrant - 538,920.00
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements
Central Business
District - (190,000.00)
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Block 67 North - 3,128.00
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Stadler Rail - 627.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Depot District - (19,952.00)
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Granary District - 61,375.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund North Temple - 106,126.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Stadler Rail - 967.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund 9-Line - 38,843.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund State Street - 64,213.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Northwest Quadrant - 76,988.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Block 67 North - 417.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund
Central Business
District - (237,829.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Depot District - (14,966.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Granary District - 46,029.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund North Temple - 79,596.00
2
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund
North Temple
Viaduct - (1,752.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Stadler Rail - 483.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund 9-Line - 34,862.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund State Street - 165,338.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Northwest Quadrant - 76,988.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Block 67 North - 210.00
8 Obligated Exp & Other Uses Adj: Admin Fees CRA Operations - 751,385.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
Central Business
District - 23,785.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Block 70 - 25,000.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations North Temple - 34,490.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
North Temple
Viaduct - (113,387.00)
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Block 67 North - 417.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Primary Housing - 115,919.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
Program Income
Fund - 36,300.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account 9-Line - 467,199.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Block 67 North - 4,840.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Depot District - 94,857.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Granary District - 224,351.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Housing
Development Fund - 384,481.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account North Temple - 244,962.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Northwest Quadrant - 141,651.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Primary Housing - 544,183.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Program Income
Fund - 1,388,986.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Revolving Loan
Fund - 2,488,247.00
3
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Secondary Housing - 103,055.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Stadler Rail - 3,354.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account State Street - 1,124,655.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Westside
Community
Initiative
- 133,581.00
11 Discretionary Exp & Other Uses Adj: Other Discretionary
Expenses Block 70 - (45,895.00)
11 Discretionary Exp & Other Uses Adj: Other Discretionary
Expenses
Central Business
District - (523,341.00)
12 Accounting Error Corrections 9-Line - 223,062.00
12 Accounting Error Corrections Block 67 North - 49,226.00
12 Accounting Error Corrections Block 70 - 152,618.00
12 Accounting Error Corrections North Temple
Viaduct - 206,298.00
12 Accounting Error Corrections Northwest Quadrant - 641,571.00
12 Accounting Error Corrections Stadler Rail - 33,511.00
12 Accounting Error Corrections State Street - 537,751.00
-
Total of Budget Amendment Items 7,964,170.00 9,905,493.00 - -
Total by Fund, CRA Budget Amendment #2:
Community Reinvestment Agency Central Business
District (1,038,106.00) (1,038,106.00)
Community Reinvestment Agency Depot District 59,939.00 59,939.00
Community Reinvestment Agency Granary District 331,755.00 331,755.00
Community Reinvestment Agency North Temple 465,174.00 465,174.00
Community Reinvestment Agency North Temple
Viaduct (115,139.00) 91,159.00
Community Reinvestment Agency Stadler Rail 5,431.00 38,942.00
Community Reinvestment Agency 9-Line 576,063.00 799,125.00
Community Reinvestment Agency State Street 1,012,910.00 1,550,661.00
Community Reinvestment Agency Northwest Quadrant 834,547.00 1,476,118.00
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section E: Grants Requiring No New Staff Resources
Section F: Donations
4
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
Community Reinvestment Agency Block 67 North 9,012.00 58,238.00
Community Reinvestment Agency Block 70 (26,267.00) 126,351.00
Community Reinvestment Agency Primary Housing 660,102.00 660,102.00
Community Reinvestment Agency Secondary Housing 103,055.00 103,055.00
Community Reinvestment Agency Housing
Development Fund 384,481.00 384,481.00
Community Reinvestment Agency
Westside
Community
Initiative
133,581.00 133,581.00
Community Reinvestment Agency Program Income
Fund 1,425,286.00 1,425,286.00
Community Reinvestment Agency Revolving Loan
Fund 2,488,247.00 2,488,247.00
Community Reinvestment Agency CRA Operations 654,099.00 751,385.00
Total of Budget Amendment Items 7,964,170.00 9,905,493.00 - - -
-
5
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
Current Year Budget Summary, provided for information only
FY 2024-25 Budget, Including Budget Amendments
Total Revenue CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 84,656,884 - 7,964,170 - 92,621,054
Total of Budget Amendment Items 84,656,884 - 7,964,170 - 92,621,054
Total Expense CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 84,656,884 - 9,905,493 - 94,562,377
Total of Budget Amendment Items 84,656,884 - 9,905,493 - 94,562,377
Certification
Finance Department/CRA
City Council Office
Contingent Appropriation and Notes
6
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Item C2
MOTION SHEET
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
TO:CRA Board Members
FROM: Kate Werrett
Budget & Policy Analyst
DATE:June 10, 2025
RE: RESOLUTION: NEIGHBORWORKS SALT LAKE TERM SHEET FOR
CRA FINANCIAL ASSISTANCE FOR MALTAIR LANES AND
STANBRIDGE PROJECTS
MOTION 1 – ADOPT ORDINANCE
I move that the Board adopt the resolution adopting the term sheet to allocate $2.1
million in financial assistance to NeighborWorks Salt Lake for the Maltair Lanes and
Stanbridge Projects.
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution adopting the term sheet to allocate $2.1
million in financial assistance to NeighborWorks Salt Lake for the Maltair Lanes and
Stanbridge Projects.
CRA BOARD MEETING – JUNE 10, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
NEIGHBORWORKS SHARED EQUITY FUNDING TERM SHEET
•Board made a direct allocation of $2.1M to NeighborWorks
Salt Lake (“NWSL”) towards 2 for-sale residential
developments:
o $1,400,000 in Housing Development Funds
o $700,000 in Westside Community Initiative funds
•Developments would be first projects placed in NWSL’s
community land trust
•Proposed Term Sheet for Board’s consideration – release of
funds contingent upon meeting conditions
•NeighborWorks seeking waiver to CRA’s Sustainable
Development Policy on Maltair lanes project
FY2023-24 CRA BOARD FUNDING
PROPOSED RESIDENTIAL DEVELOPMENTS
NWSL COMMUNITY LAND TRUST
•Nonprofit to own and hold land in trust
•Land trust maintains ownership of land and allows households to purchase or lease
homes on it through long-term ground lease
•The separation of land from building costs makes housing more affordable
•Homeowners agree to resale restrictions which maintains long term affordability
•NWSL has established a nonprofit CLT
PROPOSED RESIDENTIAL DEVELOPMENTS
MALTAIR LANES
•1012 West 200 South
•~.53 acres
•New construction on vacant lot in Poplar Grove neighborhood
•13 three-story townhomes that will be condominiumized for individual ownership
•Parking on shared surface parking lot
•Currently zoned TSA-UN-T, which allows up to 50’ in height
•NWSL seeking waiver of CRA’s Sustainability Policy
PROPOSED RESIDENTIAL DEVELOPMENTS
STANBRIDGE PROPERTY
•319 North 800 West
•~.94 acres
•New construction on currently vacant lots in Fairpark
neighborhood
•~18 units, tentatively anticipated to be townhome-style
units or multi-family condos
•Currently zoned RMF-30, which allows up to 30’ in
height
TERM SHEET
GENERAL REQUIREMENTS
•Provides the following grants once each project meets the requirements and conditions within term sheet:
o Maltair Lanes: $850,000
o Stanbridge Property: $1,250,000
•All units restricted to 120% of AMI, minimum of 20% of the units must be affordable to households
earning 80% AMI
•Requires 45% of the units in each project to have 3 or more bedrooms
•Units must be developed, platted, and sold as individual units
CONDITIONS TO FUND
•Project has obtained sufficient source of funding/financing
•Per unit cost does not exceed an amount that impedes affordability listed above
•CRA subsidy cannot exceed 15% of the median sales price or $70k per unit
•Project receives all necessary City approvals and permits
•Evidence and CRA approval of home-owner selection plan/tenant selection process
OBLIGATIONS, EVENTS OF DEFAULT, & REMEDIES
•Ensures project is built and sold within specified timeframes
•Converts grant to loan upon event of default
SUSTAINABILITY POLICY
REQUESTED WAIVER
CRA Policy – all projects that receive CRA funds must meet the following:
1.Designed to Earn the Energy Star score of 90 or corresponding estimated Energy Use Intensity
(EUI) value
2.100% electric building operation (no on-site fossil fuel combustion)
3.Participation in SLC’s Energy Benchmarking Program
NWSL seeks waiver for 2 parts of policy (#1 and #2):
•NWSL designed building to include natural gas prior to receiving Board’s direct funding allocation
•Redesign would add 3-6 months to project schedule
•NWSL has not been able to provide us with Design to Earn Energy Star score/EUI score to
determine if project could meet #1
BOARD CONSIDERATION
•All housing developments that have received competitive funding from CRA has been able to
comply
•If approved, would be first housing development to not meet the policy since adoption
•Board to consider approving a resolution and term sheet authorizing the CRA Staff to
negotiate and execute funding agreements with NeighborWorks subject to meeting conditions
within term sheet
CONSIDERATIONS
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
05/23/2025
Date Sent to Council:
05/23/2025
From:
Department *
Community Reinvestment Agency
Employee Name:
Fenton, Meghan
E-mail
Meghan.Fenton@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
05/23/2025
Chief of Staff's Signed Date
05/23/2025
Subject:
Partnership with NeighborWorks Salt Lake for Shared Equity Workforce Housing
Additional Staff Contact:Presenters/Staff Table
Tracy Tran tracy.tran@slc.govBrowne Sebright browne.sebright@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
2,100,000
Recommendation:
Staff recommends the CRA and NeighborWorks execute a funding agreement with conditions to ensure that CRA Funds are deployed in accordance with funding regulations and in a manner that brings the greatest public benefit for City residents and prospective residents.
Background/Discussion
In Fiscal Year 2023-2024 (“FY2023-24”), the Salt Lake City Community Reinvestment Agency (“CRA”) Board of Directors (“Board”) made a direct allocation of $2.1 million towards a partnership with NeighborWorks Salt Lake (“NeighborWorks”) to support two affordable homeownership, shared-equity housing projects in the Fairpark and Poplar Grove neighborhoods. This funding, administered outside of CRA’s competitive NOFA process, aims to support NeighborWorks’ Community Land Trust (“CLT”) project and the first two developments that will participate in that model.
Will there need to be a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO
DATE: May 22, 2025
PREPARED BY: Browne Sebright, Project Manager and Tracy Tran, Senior Project Manager
RE: Partnership with NeighborWorks Salt Lake for Shared Equity Workforce
Housing
REQUESTED ACTION: Review, and consider approving via resolution, the proposed Term
Sheet
POLICY ITEM: Wealth Building Affordable Housing
BUDGET IMPACTS: $2,100,000 in CRA funds
EXECUTIVE SUMMARY
In Fiscal Year 2023-2024 (“FY2023-24”), the Salt Lake City Community Reinvestment Agency
(“CRA”) Board of Directors (“Board”) made a direct allocation of $2.1 million towards a
partnership with NeighborWorks Salt Lake (“NeighborWorks”) to support two affordable
homeownership, shared-equity housing projects in the Fairpark and Poplar Grove
neighborhoods. This funding, administered outside of CRA’s competitive NOFA process, aims
to support NeighborWorks’ Community Land Trust (“CLT”) project and the first two
developments that will participate in that model.
The purpose of this project is to provide affordable homeownership opportunities on the
Westside and ensure long-term affordability and community ownership of land. This proposal is
to be carried out by NeighborWorks and the NeighborWorks CLT, and funding will be allocated
in two installments commensurate with the number of units in each of the two development
projects.
On June 13, 2023, the CRA Board adopted a resolution (Resolution 12 of 2023 Budget for the
Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24) that allocated funds from the
Westside Community Initiative (“WCI”) and the Housing Development Fund to
NeighborWorks. This funding was allocated, contingent on the Board’s approval of an associated
term sheet. This memo reviews NeighborWorks’ proposal and the terms and conditions upon
which the approved funding would be released to the organization.
The $2.1 million in CRA Funds would be provided to NeighborWorks for acquisition
reimbursement, hard construction costs, site improvements, and related soft costs to develop two
separate projects located at approximately 1002 West 200 South (“Maltair Lanes”) and 319
North and 800 West (“Stanbridge”). Of the $2.1 million, Maltair Lanes would receive $850,000
and Stanbridge Property would receive $1,250,000. NeighborWorks anticipates developing the
projects sequentially, beginning with the Maltair Lanes development. Additionally,
NeighborWorks is seeking a waiver of the CRA’s Sustainable Development Policy
(“Sustainability Policy”) for Maltair Lanes, which the Board may consider.
BACKGROUND/DISCUSSION
About NeighborWorks Salt Lake NeighborWorks is a Utah non-profit organization
incorporated in 1977 in response to neighborhoods becoming blighted as a result of
disinvestment and redlining. Today, they focus on neighborhood revitalization, affordable
housing, and community leadership and are affiliated with the national network of
NeighborWorks organizations.
Through this investment from the CRA, NeighborWorks will be able to develop 31 wealth-
building affordable housing units in the Fairpark and Poplar Grove neighborhoods that will be
protected for long-term affordability through the community land trust model.
How the CLT Model Works A CLT is a nonprofit organization that acquires and holds land on
behalf of a community to ensure long-term affordable housing and prevent displacement. The
CLT typically retains ownership of the land while allowing individuals or families to purchase
homes or lease properties on it, usually through long-term, renewable ground leases. This
separation of land ownership from building ownership helps reduce purchase prices and keeps
housing costs more stable over time. Homeowners agree to resale restrictions designed to
maintain affordability for future buyers while allowing them to earn limited equity.
The CLT model promotes community control of land and decisions, often involving residents
and community members in governance through a board of directors. It is especially useful in
areas facing gentrification or rapid development, as it creates a permanent stock of affordable
housing that cannot be lost to market pressures. CLTs may also support other community assets
like gardens, commercial spaces, or cultural sites. By focusing on stewardship rather than profit,
CLTs aim to balance individual ownership with collective benefit.
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NeighborWorks has established a nonprofit CLT entity that will have a permanent interest in the
development and the contractual obligation to ensure that the homes remain affordable in
perpetuity.
PROJECT DETAILS
Maltair Lanes: 1002 West 200 South
• New construction on a vacant lot in the Poplar Grove Neighborhood.
• Thirteen (13) three-story townhome-style units that will be condominiumized for
individual ownership with shared surface parking lot.
• Zoning: Currently zoned TSA-UN-T – allows up to 50’ in height; will be rezoned to MU-
5 as part of City’s zoning consolidation; could qualify for one additional story through
affordable housing zoning incentives, but NeighborWorks is not seeking to use the
incentives.
• NeighborWorks is seeking waiver of CRA’s Sustainability Policy; see details of this
request below.
• All units must be restricted to households earning no more than 120% of the area median
income (AMI).
• All units must remain affordable for a minimum period of 50 years.
• NeighborWorks will maximize the number of units affordable to households earning 80%
AMI and below as per guidelines established by HUD.
o A minimum of 20% of units must be made affordable to households earning no
more than 80% AMI.
Stanbridge Property: 319 North 800 West
• New construction on a vacant lot in the Fairpark Neighborhood.
• Design underway, has not been shared
• 18 units, tentatively anticipated to be townhome-style units or multi-family condos.
• Zoning: RMF-30; allows up to 30’ in height; could qualify for affordable housing zoning
incentives, which would remove minimum lot size provisions.
• All units must be restricted to households earning no more than 120% of the area median
income (AMI).
• All units must remain affordable for a minimum period of 50 years.
• NeighborWorks will maximize the number of units affordable to households earning 80%
AMI and below as per guidelines established by HUD.
o A minimum of 20% of units must be made affordable to households earning no
more than 80% AMI.
3
SUSTAINABLE DEVELOPMENT POLICY WAIVER REQUEST
NeighborWorks is requesting that the CRA Board waive the CRA’s Sustainab Policy
requirements for the Maltair Lanes project. The CRA’s Sustainability Policy requires that all new
construction developments meet the following:
• Designed to Earn the Energy Star score of 90
• 100% electric building operation (no on-site fossil fuel combustion)
• Participation in SLC’s Energy Benchmarking Program: Annual operational data must be
submitted to Salt Lake City’s Elevate Building Program once the building is in operation
NeighborWorks has stated that prior to receiving notice of the Board’s direct funding allocation
and requirement to adhere to the CRA’s Sustainability Policy, they designed the building to
include natural gas. They state that if they had to redesign the building, it would add additional
costs and 3-6 months to the project. The following timeline describes the project’s progress to
date:
• December 2021 – CRA Board adopts the Sustainability Policy
• November 2022 – NeighborWorks develops plans for the Maltair Lanes site, including
electrical and gas drawings.
• June 2023 – CRA Board allocates $2.1M for Shared Equity Housing for a partnership
with NeighborWorks, via Resolution 12 of 2023.
• September 2023 – CRA meets with NeighborWorks
• April 30, 2024 – CRA meets with NeighborWorks
• June 12, 2024 – NeighborWorks receives Planning Commission approval for the
development of 13 townhomes at the Maltair Lanes project.
CRA staff has reached out to NeighborWorks requesting additional information about the request
for a Sustainable Development Policy waiver, including whether they would be able to meet
portions of the policy, what Energy Star score the project currently achieves, whether they would
consider swapping out certain appliances, and their ability to participate in Salt Lake City’s
Energy Benchmarking Program.
Since the adoption of the Sustainability Policy, all housing developments that have received
competitive funding from the CRA have been able to comply. In 2023, an office-to-residential
conversion project that received a direct allocation initially sought and received a waiver to the
Sustainability Policy, but was able to meet the requirements after the fact. If the Board grants a
waiver for Maltair Lanes, this would be the first housing development that would not meet the
policy since it has been adopted.
CONDITIONS FOR FUNDING
The CRA and NeighborWorks must execute a funding agreement with conditions to ensure that
CRA Funds are deployed in accordance with funding regulations and in a manner that brings the
4
greatest public benefit for City residents and prospective residents. These conditions have been
outlined on the Term Sheet under Attachment B for the Board’s review and include proposed
funding terms, residential units and affordability requirements, conditions to fund and overall
legal requirements.
NEXT STEPS
The Board should review and consider approving the Term Sheet included in Attachment B and
consider whether to waive the Sustainability Policy requirements for Maltair Lanes. If the Board
approves the term sheet, staff will ensure conditions for funding are met and will execute the
necessary legal agreements upon releasing the funds.
PREVIOUS BOARD ACTION:
• In FY2023-24, the CRA Board approved Resolution 12 of 2023 - Budget for the
Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24, which allocated
$700,000 in Westside Community Initiative funds and $1,400,000 in Housing
Development Funds for a Partnership with NeighborWorks for Shared Equity Workforce
Housing Development.
ATTACHMENTS
A. Site Plan and Renderings for Maltair Lanes
B. Term Sheet
C. Resolution
5
ATTACHMENT A: SITE PLAN AND RENDERINGS FOR MALTAIR LANES
6
7
ATTACHMENT B: FUNDING AGREEMENT TERM SHEET
Funding Agreement Term Sheet
Partnership with NeighborWorks Salt Lake
For Shared Equity Workforce Housing
Purpose
To provide $2.1 million in financial assistance to NeighborWorks Salt Lake for the development
of two affordable homeownership projects and to incorporate them into the NeighborWorks
Community Land Trust aimed at ensuring long-term affordability and community ownership of
land.
Parties
NeighborWorks Salt Lake (“NeighborWorks”), NeighborWorks Community Land Trust
(“CLT”), and the Salt Lake City Community Reinvestment Agency (“CRA”).
Developments Projects (“Projects”)
• Maltair Lanes: 1002 W 200 S, Salt Lake City, Utah 84104, 0.54 Acres, 13 Units
• Stanbridge Property: 800 W 319 N, Salt Lake City, Utah 84116, 0.94 Acres, 18-20 Units
Project Description
NeighborWorks shall use the funds by June 30, 2027 to develop two sites in the Fairpark and
Poplar Grove neighborhoods. Any funds not spent by this date shall be returned to the CRA.
NeighborWorks may request one extension of up to one year to use the funds, which the CRA
Board of Directors (“Board”) may approve or reject in its sole discretion. NeighborWorks will
develop each project independently, with the purpose of creating affordable, for-sale
townhome/rowhome units, with a minimum of 31 residential units. The land under the
developments will be owned by the CLT and units will be sold to individual buyers with a
ground lease agreement between each individual buyer and CLT.
Eligible Activities
• The funds shall be used for acquisition reimbursement, hard construction costs, site
improvements, and related soft costs.
Proposed Funding Terms
8
$2,100,000 will be allocated in the form of two conditional grants for the development of
affordable, for-sale housing units, as part of two affordable housing projects to be held in trust by
the CLT.
• Amount: A total of $2,100,000
o Maltair Lanes $850,000
o Stanbridge Property $1,250,000
The conditional grants will be disbursed for each Project upon meeting the requirements and
conditions outlined in this term sheet. The conditional grants are intended to be disbursed
concurrently with all other financing sources secured by the recipient and shall be made available
at the time of financial close, contingent upon the fulfillment of all Conditions to Fund (as set
forth below) in the CRA’s sole judgment.
Residential Unit Requirements and Affordability
• Minimum residential units required for each Project:
o Maltair Lanes: 13
o Stanbridge Property: 18
• All units must be restricted to households earning no more than 120% of the area median
income (AMI).
• All units must remain affordable for a minimum period of 50 years.
• NeighborWorks will maximize the number of units affordable to households earning 80%
AMI and below as per guidelines established by HUD.
o A minimum of 20% of units in each Project must be made affordable to
households earning no more than 80% of AMI.
• The number of affordable units and level of affordability for affordable homeownership
developments will be evaluated on a case-by-case basis, subject to CRA approval prior to
closing.
• All affordability requirements must be memorialized in individual unit deed restrictions,
ground lease agreements, or similar restrictive-use agreements. CRA will be a party to
the recorded deed restrictions.
o Subject to CRA approval, individual unit deed restrictions, ground lease
agreements, or similar restrictive-use agreements must include re-sale restrictions,
including re-sale and equity formulas, that ensure units sold in the future remain
affordable to future buyers.
• Per unit cost (including land, construction, and soft costs) shall not exceed an amount that
impedes affordability for the units at or below 120% of AMI and the minimum required
number of affordable units at or below 80% of AMI.
9
Family-Sized Units
• A minimum of 45% of the units in each Project shall have 3 or more bedrooms.
Ownership Requirements
• Units must be developed, platted, and sold as individual units, enabling individual unit
ownership. Sale of units may be conditioned upon execution of a ground lease agreement
between each buyer of an individual unit and the CLT.
• Units shall be restricted for primary owner-occupancy through deed restriction, ground
lease agreements, or similar restrictive-use agreements.
o Rental of entire units designed for owner-occupancy shall not be permitted.
o Short-term rental of any portion of each unit (for periods of 30 days or less) shall
not be permitted.
o Exceptions to the owner occupancy and short-term rental restrictions above may
be listed in the deed restriction for units retained by NeighborWorks or the CLT
for the purposes of the CLT Advisory Board (“CLTAB”) oversight and
governance, subject to the conditions described in the following CLT Advisory
Board Oversight section.
CLT Advisory Board Oversight
• Subject to CRA review and approval, the ownership of no more than 20% of units in
either Project may be retained by NeighborWorks or the CLT for the purposes of CLTAB
oversight and governance.
o NeighborWorks must demonstrate that the number of units retained for CLTAB
oversight is the minimum required to ensure effective governance, subject to Utah
Code (the Community Association Act, U.C.A. 57-8a-101 et seq.).
Documentation outlining the structure of the CLTAB will be submitted for CRA
review by April 30, 2026.
o Oversight and governance of the CLTAB shall be memorialized in each project’s
Covenants, Conditions & Restrictions (“CC&Rs”), including specifying
NeighborWorks’ responsibility to oversee capital needs assessments, operating
budgets, reserve budgets, and special assessments.
o CC&Rs shall establish maximum CLTAB contributions to ensure the long-term
affordability of owners’ CLTAB fee obligations.
o Units retained by NeighborWorks for CLTAB oversight and governance shall be
considered “sold to initial homeowner” when occupied by qualified households
for the purposes of Obligation Milestones.
10
• Any units with ownership retained by NeighborWorks must be leased at rates affordable
to households making no more than 80% of AMI, with the affordability requirements to
be memorialized in a restrictive use agreement and lease agreements.
o Any units retained by NeighborWorks for CLTAB oversight may be leased in a
lease-to-own arrangement, whereby a tenant is given the option to purchase the
unit at a specified point in the future.
o In the event that any units retained by NeighborWorks are sold to qualified
households, NeighborWorks may replace the unit 1:1 through a right-of-first-
refusal on any of the other for-sale units within the project, to ensure the
continued oversight and governance of the CLTAB.
• The CRA shall have the right to review and approve all CLTAB governance documents.
Sustainability
• Projects, unless granted a project-specific waiver by the CRA Board of Directors, must
comply with CRA Sustainable Development Policy that requires that all new construction
projects will achieve a Designed to Earn the ENERGY STAR score of 90 or more,
participate in the City’s Elevate Buildings Program, and be designed to operate without
onsite fossil fuel combustion.
Reporting and Accountability
• NeighborWorks shall provide quarterly progress reports through construction and sale of
the units, and reports at each Obligation Milestone to the CRA detailing the use of funds,
project development status, and CLT formation progress.
Compliance and Legal Requirements
NeighborWorks is required to take the following actions to meet the CRA’s compliance and
legal requirements:
• Comply with all local, state, and federal regulations, including but not limited to zoning,
environmental, and fair housing laws.
• Execute loan documents (e.g. promissory notes, loan agreements, security documents,
restrictive use agreements) as deemed necessary by the CRA and its legal counsel.
• Receive approval from the CRA and its legal counsel of all matters pertaining to title,
legality of the loan, and the legality, sufficiency, and the form and substance of all
documents that are deemed reasonably necessary for the loan transaction. CRA will work
diligently to expedite review of the documents to prevent any delay in loan approvals.
• Provide evidence of insurance in such amounts and with such coverage as deemed
necessary by the CRA for the Projects.
11
• Such other terms as recommended by the CRA’s legal counsel and staff.
• Use grant funds solely for the purposes outlined in this term sheet. Any deviation requires
prior written approval from the CRA which may be granted or denied at CRA’s sole
discretion.
Conditions to Fund
Each grant is provided with the following pre-conditions for the Project that NeighborWorks
must meet, to the satisfaction of CRA, to receive funding:
• Evidence of site/location control as demonstrated through ownership, option, sale
agreement, or long-term lease.
• Disclosure of identity of interest relationships with the Project.
• Sufficient sources of project funding/financing for the Project, including letters of
commitment for additional funding/financing.
• Per unit cost (including land, construction, and soft costs) that does not exceed an amount
that impedes affordability for the units at or below 120% of AMI and the minimum
required number of affordable units at or below 80% of AMI.
• CRA subsidy that does not exceed 15% of the median sales price or $70,000 per unit,
whichever is less.
• CRA review and approval of proforma including capital stack for construction of units
and projected sale prices.
• CRA review and approval of Building plans.
• Evidence and CRA approval of a home-owner selection plan/tenant selection process.
• Use of funds strictly for Eligible Activities related to the Project.
• Land placed in trust for the purpose of the long-term sustainability and affordability of
homeownership on the site.
• All required city approvals and building permits for the Project issued prior to funding.
• All necessary funding secured to construct and sell the units with the required affordability
levels.
NeighborWorks’ Obligations after Funds are Distributed
• Project groundbreaking: Project must break ground within 6 months of grant funding.
• Subdivision Plat, CC&R, and Deed Restriction Recordation: All required documents
ensuring the completion, operation, sustainability and affordability of units must be
recorded with the Salt Lake City Recorder’s and the Salt Lake County Recorder’s
Offices.
12
• Project Completion: Project construction is deemed to be complete by the issuance of a
Certificate of Occupancy on all units. Each project shall be completed within 24 months
of construction commencement.
• Absorption of units: All units must be sold to initial homeowners within 36 months of
Project Completion.
Events of Default
The following occurrences will constitute an event of default:
• Failure to meet Project obligations or completion deadlines.
• Failure to construct the Project within the timeframe provided in the funding agreement.
• Failure to maintain the affordability, including resale price restrictions, as required under
the restrictive use agreements and covenants.
• Failure to provide regular development reports.
• Failure to comply with any other City, State, or Federal requirements.
• Misuse or misappropriation of funds.
• Insolvency, bankruptcy, or cessation of Project activities.
• Any material misrepresentation or breach of the terms of the grant agreement.
Conversion of Grant to Loan
Upon the occurrence of an Event of Default on either Maltair Lanes or Stanbridge Property
Projects, NeighborWorks will have 180 days after CRA provides written notice of such Event of
Default to cure; if NeighborWorks fails to cure any Events of Default within the specified time
frame, the respective grant will automatically convert into a loan with the following terms:
• Amortized Repayment: The principal amount of the loan will equal the total disbursed
grant funds as of the date of default. Amortized interest shall accrue on the principal
outstanding calculated at the time of default at a per annum rate.
• Term: 15 years
• Interest Rate: 3% interest
• Security: The CRA shall be provided with a lien on the property that may be
subordinated to senior lender(s). Lien priority shall be based upon the size of loans with
greater loan amounts yielding higher lien priorities.
Remedies
Remedies if NeighborWorks fails to cure in the event of a default may include, but are not
limited to:
• If NeighborWorks does not meet the initial conditions for funding, the CRA will not
distribute funds.
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• Any unspent or improperly used funds must be returned to the CRA within 90 days.
• Once funds are distributed and upon an event of default, the CRA may:
o File a breach of contract claim, which may include claims for:
Liquidated damages
Injunctive relief, and/or
Specific performance
o File a direct action against NeighborWorks to comply with their obligations.
o Pursue any other remedies available at law or equity.
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ATTACHMENT C: RESOLUTION
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. _______________
Adopting Term Sheet for NeighborWorks Salt Lake for the Maltair Lanes
and Stanbridge Projects
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY APPROVING TERM SHEET FOR
NEIGHBORWORKS SALT LAKE FOR SHARED EQUITY WORKFORCE HOUSING
WHEREAS, the Salt Lake City Community Reinvestment Agency (CRA) was created
to transact the business and exercise the powers provided for in the Utah Community
Reinvestment Agency Act, including the development of affordable housing.
WHEREAS, NeighborWorks Salt Lake (NeighborWorks) is an affordable housing
developer whose mission is to provide affordable homeownership opportunities.
WHEREAS, NeighborWorks is developing two affordable housing projects at 1002 West
200 South (Maltair Lanes) and 319 North and 800 West (Stanbridge) in which they will develop
31 residential units and will be affordable to those making 120% area median income or less.
Additionally, the Maltair Lanes and Stanbridge properties will be owned by the NeighborWorks
Community Land Trust (CLT), which will preserve the long-term affordability of the units.
WHEREAS, on June 13, 2023, the CRA’s Board of Director’s (Board) approved
Resolution R-12-2023 and set aside $2.1 million of the CRA funds to be distributed by the CRA
to NeighborWorks on the condition that the Board approve the final Funding Agreement Term
Sheet.
WHEREAS, the CRA staff recommends the Board approve the attached Term Sheet for
the funding agreement for NeighborWorks and the Maltair Lanes and Stanbridge projects.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake
City Community Reinvestment Agency that it approves the distribution of the funds pursuant to
the terms outlined in the Term Sheet attached hereto, subject to revisions that do not materially
affect the rights and obligations of the CRA hereunder. The Board authorizes the Executive
Director to negotiate and execute the Funding Agreement and any other relevant documents
consistent with the Term Sheet and incorporating such other terms and agreements as
recommended by the City Attorney’s office.
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Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency,
this ____ day of June, 2025.
_________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
Date:_______________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
5/22/2025
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EXHIBIT A: FUNDING AGREEMENT TERM SHEET
Funding Agreement Term Sheet
Partnership with NeighborWorks Salt Lake
For Shared Equity Workforce Housing
Purpose
To provide $2.1 million in financial assistance to NeighborWorks Salt Lake for the development
of two affordable homeownership projects and to incorporate them into the NeighborWorks
Community Land Trust aimed at ensuring long-term affordability and community ownership of
land.
Parties
NeighborWorks Salt Lake (“NeighborWorks”), NeighborWorks Community Land Trust
(“CLT”), and the Salt Lake City Community Reinvestment Agency (“CRA”).
Developments Projects (“Projects”)
Maltair Lanes: 1002 W 200 S, Salt Lake City, Utah 84104, 0.54 Acres, 13 Units
Stanbridge Property: 800 W 319 N, Salt Lake City, Utah 84116, 0.94 Acres, 18-20 Units
Project Description
NeighborWorks shall use the funds by June 30, 2027 to develop two sites in the Fairpark and
Poplar Grove neighborhoods. Any funds not spent by this date shall be returned to the CRA.
NeighborWorks may request one extension of up to one year to use the funds, which the CRA
Board of Directors (“Board”) may approve or reject in its sole discretion. NeighborWorks will
develop each project independently, with the purpose of creating affordable, for-sale
townhome/rowhome units, with a minimum of 31 residential units. The land under the
developments will be owned by the CLT and units will be sold to individual buyers with a
ground lease agreement between each individual buyer and CLT.
Eligible Activities
The funds shall be used for acquisition reimbursement, hard construction costs, site
improvements, and related soft costs.
Proposed Funding Terms
$2,100,000 will be allocated in the form of two conditional grants for the development of
affordable, for-sale housing units, as part of two affordable housing projects to be held in trust by
17
the CLT.
Amount: A total of $2,100,000
o Maltair Lanes $850,000
o Stanbridge Property $1,250,000
The conditional grants will be disbursed for each Project upon meeting the requirements and
conditions outlined in this term sheet. The conditional grants are intended to be disbursed
concurrently with all other financing sources secured by the recipient and shall be made available
at the time of financial close, contingent upon the fulfillment of all Conditions to Fund (as set
forth below) in the CRA’s sole judgment.
Residential Unit Requirements and Affordability
Minimum residential units required for each Project:
o Maltair Lanes: 13
o Stanbridge Property: 18
All units must be restricted to households earning no more than 120% of the area median
income (AMI).
All units must remain affordable for a minimum period of 50 years.
NeighborWorks will maximize the number of units affordable to households earning 80%
AMI and below as per guidelines established by HUD.
o A minimum of 20% of units in each Project must be made affordable to
households earning no more than 80% of AMI.
The number of affordable units and level of affordability for affordable homeownership
developments will be evaluated on a case-by-case basis, subject to CRA approval prior to
closing.
All affordability requirements must be memorialized in individual unit deed restrictions,
ground lease agreements, or similar restrictive-use agreements. CRA will be a party to
the recorded deed restrictions.
o Subject to CRA approval, individual unit deed restrictions, ground lease
agreements, or similar restrictive-use agreements must include re-sale restrictions,
including re-sale and equity formulas, that ensure units sold in the future remain
affordable to future buyers.
Per unit cost (including land, construction, and soft costs) shall not exceed an amount that
impedes affordability for the units at or below 120% of AMI and the minimum required
number of affordable units at or below 80% of AMI.
18
Family-Sized Units
A minimum of 45% of the units in each Project shall have 3 or more bedrooms.
Ownership Requirements
Units must be developed, platted, and sold as individual units, enabling individual unit
ownership. Sale of units may be conditioned upon execution of a ground lease agreement
between each buyer of an individual unit and the CLT.
Units shall be restricted for primary owner-occupancy through deed restriction, ground
lease agreements, or similar restrictive-use agreements.
o Rental of entire units designed for owner-occupancy shall not be permitted.
o Short-term rental of any portion of each unit (for periods of 30 days or less) shall
not be permitted.
o Exceptions to the owner occupancy and short-term rental restrictions above may
be listed in the deed restriction for units retained by NeighborWorks or the CLT
for the purposes of the CLT Advisory Board (“CLTAB”) oversight and
governance, subject to the conditions described in the following CLT Advisory
Board Oversight section.
CLT Advisory Board Oversight
Subject to CRA review and approval, the ownership of no more than 20% of units in
either Project may be retained by NeighborWorks or the CLT for the purposes of CLTAB
oversight and governance.
o NeighborWorks must demonstrate that the number of units retained for CLTAB
oversight is the minimum required to ensure effective governance, subject to Utah
Code (the Community Association Act, U.C.A. 57-8a-101 et seq.).
Documentation outlining the structure of the CLTAB will be submitted for CRA
review by April 30, 2026.
o Oversight and governance of the CLTAB shall be memorialized in each project’s
Covenants, Conditions & Restrictions (“CC&Rs”), including specifying
NeighborWorks’ responsibility to oversee capital needs assessments, operating
budgets, reserve budgets, and special assessments.
o CC&Rs shall establish maximum CLTAB contributions to ensure the long-term
affordability of owners’ CLTAB fee obligations.
o Units retained by NeighborWorks for CLTAB oversight and governance shall be
considered “sold to initial homeowner” when occupied by qualified households
for the purposes of Obligation Milestones.
19
Any units with ownership retained by NeighborWorks must be leased at rates affordable
to households making no more than 80% of AMI, with the affordability requirements to
be memorialized in a restrictive use agreement and lease agreements.
o Any units retained by NeighborWorks for CLTAB oversight may be leased in a
lease-to-own arrangement, whereby a tenant is given the option to purchase the
unit at a specified point in the future.
o In the event that any units retained by NeighborWorks are sold to qualified
households, NeighborWorks may replace the unit 1:1 through a right-of-first-
refusal on any of the other for-sale units within the project, to ensure the
continued oversight and governance of the CLTAB.
The CRA shall have the right to review and approve all CLTAB governance documents.
Sustainability
Projects, unless granted a project-specific waiver by the CRA Board of Directors, must
comply with CRA Sustainable Development Policy that requires that all new construction
projects will achieve a Designed to Earn the ENERGY STAR score of 90 or more,
participate in the City’s Elevate Buildings Program, and be designed to operate without
onsite fossil fuel combustion.
Reporting and Accountability
NeighborWorks shall provide quarterly progress reports through construction and sale of
the units, and reports at each Obligation Milestone to the CRA detailing the use of funds,
project development status, and CLT formation progress.
Compliance and Legal Requirements
NeighborWorks is required to take the following actions to meet the CRA’s compliance and
legal requirements:
Comply with all local, state, and federal regulations, including but not limited to zoning,
environmental, and fair housing laws.
Execute loan documents (e.g. promissory notes, loan agreements, security documents,
restrictive use agreements) as deemed necessary by the CRA and its legal counsel.
Receive approval from the CRA and its legal counsel of all matters pertaining to title,
legality of the loan, and the legality, sufficiency, and the form and substance of all
documents that are deemed reasonably necessary for the loan transaction. CRA will work
diligently to expedite review of the documents to prevent any delay in loan approvals.
Provide evidence of insurance in such amounts and with such coverage as deemed
necessary by the CRA for the Projects.
20
Such other terms as recommended by the CRA’s legal counsel and staff.
Use grant funds solely for the purposes outlined in this term sheet. Any deviation requires
prior written approval from the CRA which may be granted or denied at CRA’s sole
discretion.
Conditions to Fund
Each grant is provided with the following pre-conditions for the Project that NeighborWorks
must meet, to the satisfaction of CRA, to receive funding:
Evidence of site/location control as demonstrated through ownership, option, sale
agreement, or long-term lease.
Disclosure of identity of interest relationships with the Project.
Sufficient sources of project funding/financing for the Project, including letters of
commitment for additional funding/financing.
Per unit cost (including land, construction, and soft costs) that does not exceed an amount
that impedes affordability for the units at or below 120% of AMI and the minimum
required number of affordable units at or below 80% of AMI.
CRA subsidy that does not exceed 15% of the median sales price or $70,000 per unit,
whichever is less.
CRA review and approval of proforma including capital stack for construction of units
and projected sale prices.
CRA review and approval of Building plans.
Evidence and CRA approval of a home-owner selection plan/tenant selection process.
Use of funds strictly for Eligible Activities related to the Project.
Land placed in trust for the purpose of the long-term sustainability and affordability of
homeownership on the site.
All required city approvals and building permits for the Project issued prior to funding.
All necessary funding secured to construct and sell the units with the required affordability
levels.
NeighborWorks’ Obligations after Funds are Distributed
Project groundbreaking: Project must break ground within 6 months of grant funding.
Subdivision Plat, CC&R, and Deed Restriction Recordation: All required documents
ensuring the completion, operation, sustainability and affordability of units must be
recorded with the Salt Lake City Recorder’s and the Salt Lake County Recorder’s
Offices.
21
Project Completion: Project construction is deemed to be complete by the issuance of a
Certificate of Occupancy on all units. Each project shall be completed within 24 months
of construction commencement.
Absorption of units: All units must be sold to initial homeowners within 36 months of
Project Completion.
Events of Default
The following occurrences will constitute an event of default:
Failure to meet Project obligations or completion deadlines.
Failure to construct the Project within the timeframe provided in the funding agreement.
Failure to maintain the affordability, including resale price restrictions, as required under
the restrictive use agreements and covenants.
Failure to provide regular development reports.
Failure to comply with any other City, State, or Federal requirements.
Misuse or misappropriation of funds.
Insolvency, bankruptcy, or cessation of Project activities.
Any material misrepresentation or breach of the terms of the grant agreement.
Conversion of Grant to Loan
Upon the occurrence of an Event of Default on either Maltair Lanes or Stanbridge Property
Projects, NeighborWorks will have 180 days after CRA provides written notice of such Event of
Default to cure; if NeighborWorks fails to cure any Events of Default within the specified time
frame, the respective grant will automatically convert into a loan with the following terms:
Amortized Repayment: The principal amount of the loan will equal the total disbursed
grant funds as of the date of default. Amortized interest shall accrue on the principal
outstanding calculated at the time of default at a per annum rate.
Term: 15 years
Interest Rate: 3% interest
Security: The CRA shall be provided with a lien on the property that may be
subordinated to senior lender(s). Lien priority shall be based upon the size of loans with
greater loan amounts yielding higher lien priorities.
Remedies
Remedies if NeighborWorks fails to cure in the event of a default may include, but are not
limited to:
If NeighborWorks does not meet the initial conditions for funding, the CRA will not
distribute funds.
22
Any unspent or improperly used funds must be returned to the CRA within 90 days.
Once funds are distributed and upon an event of default, the CRA may:
o File a breach of contract claim, which may include claims for:
Liquidated damages
Injunctive relief, and/or
Specific performance
o File a direct action against NeighborWorks to comply with their obligations.
o Pursue any other remedies available at law or equity.
23
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. _______________
Adopting Term Sheet for NeighborWorks Salt Lake for the Maltair Lanes
and Stanbridge Projects
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY APPROVING TERM SHEET FOR
NEIGHBORWORKS SALT LAKE FOR SHARED EQUITY WORKFORCE HOUSING
WHEREAS, the Salt Lake City Community Reinvestment Agency (CRA) was created
to transact the business and exercise the powers provided for in the Utah Community
Reinvestment Agency Act, including the development of affordable housing.
WHEREAS, NeighborWorks Salt Lake (NeighborWorks) is an affordable housing
developer whose mission is to provide affordable homeownership opportunities.
WHEREAS, NeighborWorks is developing two affordable housing projects at 1002 West
200 South (Maltair Lanes) and 319 North and 800 West (Stanbridge) in which they will develop
31 residential units and will be affordable to those making 120% area median income or less.
Additionally, the Maltair Lanes and Stanbridge properties will be owned by the NeighborWorks
Community Land Trust (CLT), which will preserve the long-term affordability of the units.
WHEREAS, on June 13, 2023, the CRA’s Board of Director’s (Board) approved
Resolution R-12-2023 and set aside $2.1 million of the CRA funds to be distributed by the CRA
to NeighborWorks on the condition that the Board approve the final Funding Agreement Term
Sheet.
WHEREAS, the CRA staff recommends the Board approve the attached Term Sheet for
the funding agreement for NeighborWorks and the Maltair Lanes and Stanbridge projects.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake
City Community Reinvestment Agency that it approves the distribution of the funds pursuant to
the terms outlined in the Term Sheet attached hereto, subject to revisions that do not materially
affect the rights and obligations of the CRA hereunder. The Board authorizes the Executive
Director to negotiate and execute the Funding Agreement and any other relevant documents
consistent with the Term Sheet and incorporating such other terms and agreements as
recommended by the City Attorney’s office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency,
this ____ day of June, 2025.
_________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
Date:_______________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
5/22/2025
EXHIBIT A: FUNDING AGREEMENT TERM SHEET
Funding Agreement Term Sheet
Partnership with NeighborWorks Salt Lake
For Shared Equity Workforce Housing
Purpose
To provide $2.1 million in financial assistance to NeighborWorks Salt Lake for the development
of two affordable homeownership projects and to incorporate them into the NeighborWorks
Community Land Trust aimed at ensuring long-term affordability and community ownership of
land.
Parties
NeighborWorks Salt Lake (“NeighborWorks”), NeighborWorks Community Land Trust
(“CLT”), and the Salt Lake City Community Reinvestment Agency (“CRA”).
Developments Projects (“Projects”)
Maltair Lanes: 1002 W 200 S, Salt Lake City, Utah 84104, 0.54 Acres, 13 Units
Stanbridge Property: 800 W 319 N, Salt Lake City, Utah 84116, 0.94 Acres, 18-20 Units
Project Description
NeighborWorks shall use the funds by June 30, 2027 to develop two sites in the Fairpark and
Poplar Grove neighborhoods. Any funds not spent by this date shall be returned to the CRA.
NeighborWorks may request one extension of up to one year to use the funds, which the CRA
Board of Directors (“Board”) may approve or reject in its sole discretion. NeighborWorks will
develop each project independently, with the purpose of creating affordable, for-sale
townhome/rowhome units, with a minimum of 31 residential units. The land under the
developments will be owned by the CLT and units will be sold to individual buyers with a
ground lease agreement between each individual buyer and CLT.
Eligible Activities
The funds shall be used for acquisition reimbursement, hard construction costs, site
improvements, and related soft costs.
Proposed Funding Terms
$2,100,000 will be allocated in the form of two conditional grants for the development of
affordable, for-sale housing units, as part of two affordable housing projects to be held in trust by
the CLT.
Amount: A total of $2,100,000
o Maltair Lanes $850,000
o Stanbridge Property $1,250,000
The conditional grants will be disbursed for each Project upon meeting the requirements and
conditions outlined in this term sheet. The conditional grants are intended to be disbursed
concurrently with all other financing sources secured by the recipient and shall be made available
at the time of financial close, contingent upon the fulfillment of all Conditions to Fund (as set
forth below) in the CRA’s sole judgment.
Residential Unit Requirements and Affordability
Minimum residential units required for each Project:
o Maltair Lanes: 13
o Stanbridge Property: 18
All units must be restricted to households earning no more than 120% of the area median
income (AMI).
All units must remain affordable for a minimum period of 50 years.
NeighborWorks will maximize the number of units affordable to households earning 80%
AMI and below as per guidelines established by HUD.
o A minimum of 20% of units in each Project must be made affordable to
households earning no more than 80% of AMI.
The number of affordable units and level of affordability for affordable homeownership
developments will be evaluated on a case-by-case basis, subject to CRA approval prior to
closing.
All affordability requirements must be memorialized in individual unit deed restrictions,
ground lease agreements, or similar restrictive-use agreements. CRA will be a party to
the recorded deed restrictions.
o Subject to CRA approval, individual unit deed restrictions, ground lease
agreements, or similar restrictive-use agreements must include re-sale restrictions,
including re-sale and equity formulas, that ensure units sold in the future remain
affordable to future buyers.
Per unit cost (including land, construction, and soft costs) shall not exceed an amount that
impedes affordability for the units at or below 120% of AMI and the minimum required
number of affordable units at or below 80% of AMI.
Family-Sized Units
A minimum of 45% of the units in each Project shall have 3 or more bedrooms.
Ownership Requirements
Units must be developed, platted, and sold as individual units, enabling individual unit
ownership. Sale of units may be conditioned upon execution of a ground lease agreement
between each buyer of an individual unit and the CLT.
Units shall be restricted for primary owner-occupancy through deed restriction, ground
lease agreements, or similar restrictive-use agreements.
o Rental of entire units designed for owner-occupancy shall not be permitted.
o Short-term rental of any portion of each unit (for periods of 30 days or less) shall
not be permitted.
o Exceptions to the owner occupancy and short-term rental restrictions above may
be listed in the deed restriction for units retained by NeighborWorks or the CLT
for the purposes of the CLT Advisory Board (“CLTAB”) oversight and
governance, subject to the conditions described in the following CLT Advisory
Board Oversight section.
CLT Advisory Board Oversight
Subject to CRA review and approval, the ownership of no more than 20% of units in
either Project may be retained by NeighborWorks or the CLT for the purposes of CLTAB
oversight and governance.
o NeighborWorks must demonstrate that the number of units retained for CLTAB
oversight is the minimum required to ensure effective governance, subject to Utah
Code (the Community Association Act, U.C.A. 57-8a-101 et seq.).
Documentation outlining the structure of the CLTAB will be submitted for CRA
review by April 30, 2026.
o Oversight and governance of the CLTAB shall be memorialized in each project’s
Covenants, Conditions & Restrictions (“CC&Rs”), including specifying
NeighborWorks’ responsibility to oversee capital needs assessments, operating
budgets, reserve budgets, and special assessments.
o CC&Rs shall establish maximum CLTAB contributions to ensure the long-term
affordability of owners’ CLTAB fee obligations.
o Units retained by NeighborWorks for CLTAB oversight and governance shall be
considered “sold to initial homeowner” when occupied by qualified households
for the purposes of Obligation Milestones.
Any units with ownership retained by NeighborWorks must be leased at rates affordable
to households making no more than 80% of AMI, with the affordability requirements to
be memorialized in a restrictive use agreement and lease agreements.
o Any units retained by NeighborWorks for CLTAB oversight may be leased in a
lease-to-own arrangement, whereby a tenant is given the option to purchase the
unit at a specified point in the future.
o In the event that any units retained by NeighborWorks are sold to qualified
households, NeighborWorks may replace the unit 1:1 through a right-of-first-
refusal on any of the other for-sale units within the project, to ensure the
continued oversight and governance of the CLTAB.
The CRA shall have the right to review and approve all CLTAB governance documents.
Sustainability
Projects, unless granted a project-specific waiver by the CRA Board of Directors, must
comply with CRA Sustainable Development Policy that requires that all new construction
projects will achieve a Designed to Earn the ENERGY STAR score of 90 or more,
participate in the City’s Elevate Buildings Program, and be designed to operate without
onsite fossil fuel combustion.
Reporting and Accountability
NeighborWorks shall provide quarterly progress reports through construction and sale of
the units, and reports at each Obligation Milestone to the CRA detailing the use of funds,
project development status, and CLT formation progress.
Compliance and Legal Requirements
NeighborWorks is required to take the following actions to meet the CRA’s compliance and
legal requirements:
Comply with all local, state, and federal regulations, including but not limited to zoning,
environmental, and fair housing laws.
Execute loan documents (e.g. promissory notes, loan agreements, security documents,
restrictive use agreements) as deemed necessary by the CRA and its legal counsel.
Receive approval from the CRA and its legal counsel of all matters pertaining to title,
legality of the loan, and the legality, sufficiency, and the form and substance of all
documents that are deemed reasonably necessary for the loan transaction. CRA will work
diligently to expedite review of the documents to prevent any delay in loan approvals.
Provide evidence of insurance in such amounts and with such coverage as deemed
necessary by the CRA for the Projects.
Such other terms as recommended by the CRA’s legal counsel and staff.
Use grant funds solely for the purposes outlined in this term sheet. Any deviation requires
prior written approval from the CRA which may be granted or denied at CRA’s sole
discretion.
Conditions to Fund
Each grant is provided with the following pre-conditions for the Project that NeighborWorks
must meet, to the satisfaction of CRA, to receive funding:
Evidence of site/location control as demonstrated through ownership, option, sale
agreement, or long-term lease.
Disclosure of identity of interest relationships with the Project.
Sufficient sources of project funding/financing for the Project, including letters of
commitment for additional funding/financing.
Per unit cost (including land, construction, and soft costs) that does not exceed an amount
that impedes affordability for the units at or below 120% of AMI and the minimum
required number of affordable units at or below 80% of AMI.
CRA subsidy that does not exceed 15% of the median sales price or $70,000 per unit,
whichever is less.
CRA review and approval of proforma including capital stack for construction of units
and projected sale prices.
CRA review and approval of Building plans.
Evidence and CRA approval of a home-owner selection plan/tenant selection process.
Use of funds strictly for Eligible Activities related to the Project.
Land placed in trust for the purpose of the long-term sustainability and affordability of
homeownership on the site.
All required city approvals and building permits for the Project issued prior to funding.
All necessary funding secured to construct and sell the units with the required affordability
levels.
NeighborWorks’ Obligations after Funds are Distributed
Project groundbreaking: Project must break ground within 6 months of grant funding.
Subdivision Plat, CC&R, and Deed Restriction Recordation: All required documents
ensuring the completion, operation, sustainability and affordability of units must be
recorded with the Salt Lake City Recorder’s and the Salt Lake County Recorder’s
Offices.
Project Completion: Project construction is deemed to be complete by the issuance of a
Certificate of Occupancy on all units. Each project shall be completed within 24 months
of construction commencement.
Absorption of units: All units must be sold to initial homeowners within 36 months of
Project Completion.
Events of Default
The following occurrences will constitute an event of default:
Failure to meet Project obligations or completion deadlines.
Failure to construct the Project within the timeframe provided in the funding agreement.
Failure to maintain the affordability, including resale price restrictions, as required under
the restrictive use agreements and covenants.
Failure to provide regular development reports.
Failure to comply with any other City, State, or Federal requirements.
Misuse or misappropriation of funds.
Insolvency, bankruptcy, or cessation of Project activities.
Any material misrepresentation or breach of the terms of the grant agreement.
Conversion of Grant to Loan
Upon the occurrence of an Event of Default on either Maltair Lanes or Stanbridge Property
Projects, NeighborWorks will have 180 days after CRA provides written notice of such Event of
Default to cure; if NeighborWorks fails to cure any Events of Default within the specified time
frame, the respective grant will automatically convert into a loan with the following terms:
Amortized Repayment: The principal amount of the loan will equal the total disbursed
grant funds as of the date of default. Amortized interest shall accrue on the principal
outstanding calculated at the time of default at a per annum rate.
Term: 15 years
Interest Rate: 3% interest
Security: The CRA shall be provided with a lien on the property that may be
subordinated to senior lender(s). Lien priority shall be based upon the size of loans with
greater loan amounts yielding higher lien priorities.
Remedies
Remedies if NeighborWorks fails to cure in the event of a default may include, but are not
limited to:
If NeighborWorks does not meet the initial conditions for funding, the CRA will not
distribute funds.
Any unspent or improperly used funds must be returned to the CRA within 90 days.
Once funds are distributed and upon an event of default, the CRA may:
o File a breach of contract claim, which may include claims for:
Liquidated damages
Injunctive relief, and/or
Specific performance
o File a direct action against NeighborWorks to comply with their obligations.
o Pursue any other remedies available at law or equity.
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ECCLES THEATER 2024 YEAR END REPORT
2024 YEAR IN REVIEW
2024 UPACA BOARD
CHAIR: Darrin Casper
VICE CHAIR: Dee Dee Darby-Duffin
• Arlyn Bradshaw
• Jennifer Bruno
• Robin Chalhoub
• Helen Langan
• Rachel Otto
• Katie Riggs-Hansen
• Danny Walz
55 Titles
88 Performances
150,779 Attendees
169,736 Tickets
28,345 New Ticket Buyers
78.88% Occupancy
11 Season Titles
122 Performances
246,236 Attendees
272,082 Tickets
16,362 New Ticket Buyers
90.25% Occupancy
“Thank you so much for the tickets to see Annie, our family enjoyed the show, it was awesome!
We likely would never have been able to see Broadway at the Eccles without the assistance
of the Arts for All program.”
- Marsha Tiemann
Arts for All Broadway Engagements
1,398 Tickets Issued
1,284 Attendees - 92% Utilization (85% in 2023, 79% in 2022)
11 Performances: SIX, MJ: The Musical, Pretty Woman, Come From Away, Annie,
Girl From The North Country, Hamilton, Mrs.Doubtfire, Funny Girl, Peter Pan, Kimberly Akimbo
Arts for All Live Engagements
651 Tickets Issued
600 Attendees - 92% Utilization (87% in 2023, 65% in 2022)
36 Performances: Bluey, Black Violin, Johnny Cash, SoundHouse, Grace Potter, Encore, Dancing with the Stars, Los Angeles Azules, Disney Princess, Peter Frampton, Dr. Neil DeGrasse Tyson,
Blippi, Bianca Del Rio, Sesame Street LIVE, Celtic Woman, Joe & Steve Vai, Adam Ant, REIK, Hauser, Il Divo, Lucinda Williams, Joseph and the Amazing Technicolor Dreamcoat, Croce Plays Croce, Andre
3000, Silvestre Dangond, The The, Avatar, Postmodern Jukebox, Wild Kratts, Joe Bonamassa, Black Crowes, Kurt Bestor, Mannheim Steamroller, Derek Hough, A Magical Cirque Christmas, Shrek
2024 YEAR IN REVIEW
ETTO
Eccles Theater Technical Outreach
EVENTS
Jan. 17 Lighting & Audio Roundtable Discussion with SIX
Mar. 1 Stage Management Workshop wtih MJ The Musical
Mar. 14 Venue Tour with students from Weber State University
Jun. 25 Eccles Backstage Technical Tour - Catwalk Climb
July 16
& 17
Aug. 9 Advanced Lighting Workshop with Hamilton
Sep. 7 Venue Tour with Students from Syracuse High School
Sep. 20 Delta Hall Lighting Tour
Oct. 11 Wig and Make-up Workshop with Funny Girl
Nov. 21 Audio Workshop
Nov. 27
& 30
Dec. 8 Show Shadow of Eccles Lead Sound Technician
for Leslie Odom Jr. Performance
Total Attendance: 175
ECCLES PRESENTS COMMUNITY
ACTIVATION EVENTS
Free & Open to the Public
Steppin’ On Main: 10 performances from June to September
Salt Lake Beats Live Local Indie Bands: June 22
Salt Lake Speaks Heart & Sol: July 2
Salt Lake Speaks Slam Poetry Exhibition: September 6
Voces en Bloom: September 22
Lights On! at the Eccles: November 25
Total Attendance: 4,985
Number of Artists/Groups: 50
PATRON SERVICES
• 24,987 Patron Services Volunteer hours at Eccles Theater
• Partnered with SLCO’s Youth Government to usher
Hamilton last summer, and currently planning to partner
again for Wicked.
• The Stucki Family started volunteering when Hamilton
toured at Eccles Theater and heard about Patron Services
Youth Usher program. They travel from Central Utah,
a two-hour drive each way.
“Our teens signed up with the Youth Usher Program last summer and my husband and I joined
too! Our family loves the theater. Our kids and my husband are involved in many productions
in Central Utah, but there is something magical being at the Eccles for Broadway shows.
It’s been great for our teens to learn a high level of professionalism and we love helping patrons
have a good experience.”
-Ann Stucki
Show Shadow of Eccles Lead Sound Technician
for Ben Platt Performance
Show Shadow of Eccles Lead Sound Technician
for Gentri Performance
ECCLES THEATER 2024 Annual Operating Report
Prepared by Salt Lake County Arts & Culture
OPERATING REPORT
TABLE of CONTENTS
2024 FINANCIAL REPORTS
Eccles Theater Building Operating Budget.........................................................................1
Net Operating Income to Owners...............................................................................................2
Eccles Theater Site Operating Budget....................................................................................3
Arts for All Operating Budget.........................................................................................................4
2024 ANNUAL ACTIVITY
Eccles Theater Building Annual Activity Report...............................................................5
Eccles Theater Site Annual Activity Report..........................................................................6
2024 ECCLES THEATER TICKETING
Broadway Tickets Issued...................................................................................................................7
Popular Event Tickets Issued.........................................................................................................8
“Other” Event Tickets Issued...........................................................................................................9
Utah Ticket Sales by County.........................................................................................................10
Map of Utah Ticket Sales by County........................................................................................11
National Ticket Sales by Region.................................................................................................12
National Ticket Sales Map..............................................................................................................13
2024 ECCLES THEATER ATTENDANCE
Eccles Theater Building Attendance...............................................................................14-15
Eccles Theater Site Attendance..........................................................................................16-17
Lights On! at the Eccles – November 25, 2024
Installation: Tree of Light, by Eric Warner
• Eccles Theater Building Operating Budget
• Net Operating Income to Owners
• Eccles Theater Site Operating Budget
• Arts for All Operating Budget
2024
FINANCIAL REPORTS
Installation: Puddle Jumpers, by Brooke Smart
01 | 2024 Financial Reports
ECCLES THEATER BUILDING OPERATING BUDGET
Eccles Theater Building Operating Budget
Run date: 2/27/21
* Operating Results do not include capital
contribution revenue for transfer of building
assets, depreciation, expense, or long-term
payroll expense.
** Financial information is presented on a budget
year basis and includes revenues & expenses paid,
accrued, or encumbered against the applicable
budget year but does not reflect expenses paid
against prior year encumbrances.
2024 ECCLES BUILDING OPERATING BUDGET REPORT (UNAUDITED)*
PERCENT OF YEAR ELAPSED: 100%
2023 Actual 2024 Adopted
Budget*
2024 Actual as
of 12/31/2024**
2024 Actual
Budget
2024 % Budget
Realized
Broadway at the Eccles Profit Share 1,706,681 1,550,000 2,549,622 (999,622)164%
LIVE! at the Eccles Profit Share 664,639 420,000 875,202 (455,202)208%
Sponsorships & Memberships 176,450 171,000 131,860 39,140 77%
Facility & Service Ticket Fees 2,763,899 2,589,786 4,104,460 (1,514,674)158%
Event Setup, Cleaning,
Front of House & Equip Rent 77,063 215,576 137,095 78,481 64%
Local Contracts 10,435 53,094 25,706 27,388 48%
Rent, Merch and Catering 1,060,865 1,161,821 1,562,916 (401,095)135%
Concessions 283,881 200,000 465,338 (265,338)233%
Misc Revenue 17,450 15,000 32,476 (17,476)217%
Interest Revenue 442,234 200,000 1,153,516 (953,516)577%
Insurance Recoveries --15,540 (15,540)0%
Total Revenue 7,203,597 6,576,277 11,053,730 (4,477,453)168%
Salary, Wages & Benefits 2,531,909 3,217,917 3,067,512 150,405 95%
Building Maintenance, Cleaning & Operations 686,144 865,347 697,848 167,499 81%
Subscriptions, Memberships & Training 9,239 15,180 9,711 5,469 64%
Printing & Advertising 60,592 167,261 144,648 22,613 86%
Supplies, Software & Equipment Purchase 91,029 224,302 143,788 80,514 64%
Credit Card Processing Fees 387,329 377,801 659,156 (281,355)174%
Equipment & Software Maintenance 3,896 17,700 2,143 15,557 12%
Transportation Expenses 17,239 15,019 11,509 3,510 77%
Utilities 381,531 376,729 338,769 37,960 90%
Professional Services & Contract Labor 16,827 59,080 18,530 40,550 31%
Centralized Service 451,302 512,222 512,222 -100%
Insurance 3,060 2,920 3,819 (899)131%
Intrafund Charges 3,933 2,325 12,487 (10,162)537%
Equipment Replacement Funds 104,601 150,000 134,845 15,155 90%
Capital Asset Purchases from Operations 26,700 115,000 111,977 3,023 97%
Depreciation -225 (225)0%
Total Expenses 4,775,329 6,118,803 5,869,188 249,615 96%
Revenue Less Expense 2,428,268 457,474 5,184,542 (4,727,068)1133%
Run date: 3/5/2025
02 | 2024 Financial Reports
NET OPERATING INCOME TO OWNERS
Net Operating Income to Owners
2024 UTAH PERFORMING ARTS CENTER AGENCY
NET OPERATING INCOME DISTRIBUTION TO OWNERS
(UNAUDITED)
2023 Actual 2024 Actuals
as of 12/31/24
Net Operating Results 2,417,833 5,184,542
Reserve Unused Donor/Sponsor Fulfillment Funds (10,435)17,589
Expenses Paid from Prior Year Encumbrance (125,349)-
Reserve Change In Outstanding Encumbrance (88,252)-
Release Prior Year Outstanding Encumbrance 40,118
Adjustment for prior year remaining balance 180 -
Operating Reserve --
Transfer in --
Capital Reserve (1,000,000)(1,000,000)
Total Available to Distribute 1,193,977 4,242,249
I. County 600,000 600,000
II. City/CRD 350,000 350,000
III. Next 1 Million:
City/CRD 50%121,989 500,000
County 50%121,989 500,000
IV. Remaining Funds:
City/CDA 75%1,719,187
County 25%573,062
Total Distributed 1,193,977 4,242,249
Total County Distribution 721,989 1,673,062
Total City/RDA Distribution 471,989 2,569,187
Run date: 5/5/2025
Operating Results do not include capital
contribution revenue for transfer of building
assets, depreciation expense, or long-term
payroll expense.
Financial information is presented on a budget
year basis and includes revenues & expenses paid,
accrued, or encumbered against the applicable
budget year but does not reflect expenses paid.
03 | 2024 Financial Reports
ECCLES THEATER SITE OPERATING BUDGET
Eccles Theater Site Operating Budget
2024 ECCLES SITE OPERATING BUDGET REPORT
PERCENT OF YEAR ELAPSED: 100%
2023 Actual 2024 Adopted
Budget*
2024 Actual as
of 12/31/2024**
2024 Budget
Actual
2024 % Budget
Realized
Sponsorships & Memberships -5,000 24,950 -19,950 500%
Facility & Service Ticket Fees 18,250 26,975 21,208 5,767 79%
Cleaning, Front of House & Equip Rental 29,681 38,865 32,061 6,804 82%
Local Contracts 28,057 13,500 18,726 -5,226 140%
Rent, Merch and Catering 44,896 80,266 52,602 27,664 66%
Concessions 2,668 2,000 8,266 -6,266 410%
Misc Revenue --50 -50 0%
Intrafund Revenue -15,000 15,000 -100%
Total Revenue 123,552 181,606 172,864 8,742 95%
Salary and Wages 254,000 332,640 323,320 9,320 97%
Building Maintenance & Operations 24,650 38,985 27,635 11,350 71%
Subscriptions, Memberships & Training 30 -22 -22 0%
Printing & Advertising 23,854 51,500 67,232 -15,732 130%
Supplies & Equipment Purchase 2,367 7,097 4,935 2,162 70%
Credit Card Processing Fees 1,827 2,000 1,978 22 99%
Equipment Maintenance -2,500 -2,500 0%
Utilities 110,898 92,730 96,773 -4,043 100%
Centralized Service 106,455 112,365 112,365 -100%
Insurance 1,020 973 1,273 -300 130%
Equipment Replacement Funds 42,040 50,000 45,068 4,932 90%
Total Expenses 567,142 690,790 680,601 10,189 99%
Revenue Less Expense -443,590.61 -509,184 -507,737 -1,447 100%
Run date: 3/5/2025
**Financial information is presented on a budget
year basis and includes revenues & expenses paid,
accrued, or encumbered against the applicable
budget year but does not reflect expenses paid
against prior year encumbrances.
04 | 2024 Financial Reports
ARTS FOR ALL OPERATING BUDGET
Arts for All Operating Budget
2024 ARTS FOR ALL OPERATING BUDGET REPORT
PERCENT OF YEAR ELAPSED: 100%
2023 Actual 2024 Adopted
Budget
2024 Actual as
of 12/31/2024**
2024 Budget
Actual
2024 % Budget
Realized
Arts for All Fee 171,014 165,000 229,006 -64,006 139%
Total Revenue 171,014 165,000 229,006 -64,006 139%
Salary and Wages 27,988 88,974 70,718 18,256 79%
Subscriptions, Memberships
& Training -2,000 -2,000 0%
Printing & Advertising 1,865 3,000 395 2,605 13%
Supplies & Equipment Purchase 14 1,600 209 1,391 13%
Utilities 264 -532 -532 0%
Arts for All Expense 107,225 100,000 111,087 -11,087 111%
Community Engagement Activation 15,000 15,000 -100%
Total Expenses 137,356 210,574 197,940 12,634 94%
Revenue Less Expense 33,658 -45,574 31,066 -76,640 -68%
Arts for All Fund Balance
as of 12/31/2024 554,074
Run date: 3/5/2025
** Financial information is presented on a budget
year basis and includes revenues & expenses paid,
accrued, or encumbered against the applicable
budget year but does not reflect expenses paid
against prior year encumbrances.
** Financial information is presented on a budget
year basis
• Eccles Theater Building Annual Activity Report
• Eccles Theater Site Annual Activity Report
2024 ANNUAL ACTIVITY
Ambar Lucid performing at Voces En Bloom - September 22, 2024
05 | 2024 Annual Activity
ECCLES THEATER BUILDING ANNUAL ACTIVITY REPORT
Eccles Theater Building Annual Activity Report
2024 ANNUAL BUILDING ACTIVITY REPORT
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Bookings for
Calendar Year
DELTA HALL
Performances
Co-promoter:
Broadway 24 26 48 24 122
Co-promoter:
Popular/Other 18 17 8 45 88
Commercial 3 2 0 0 5
Not-for-profit 8 3 0 2 13
Subtotal 53 48 56 71 228
Non-Performance Use
Co-promoter:
Broadway 5 3 9 7 24
Co-promoter:
Popular/Other 1 0 2 5 8
Commercial 2 0 0 0 2
Not-for-profit 0 6 0 2 8
Subtotal 8 9 11 14 42
Total Activities 61 57 67 85 270
REHEARSAL ROOM
Co-promoter:
Popular/Other 9 4 9 3 25
Commercial 13 12 4 10 39
Not-for-profit 6 3 0 3 12
Resident 0 1 0 0 1
Subtotal 28 20 13 16 77
Total Activities 28 20 13 16 77
MILLER LOUNGE
Commercial 23 23 34 19 99
Not-for-profit 0 1 2 1 4
Subtotal 23 24 36 20 103
Total Activities 23 24 36 20 103
Written Justification for scheduling a required event at another
SL County Arts & Culture venue: Steve Trevino - Good Life Tour
2/4/24 at Capitol Theatre. Reason: Johnny Cash - The Official
Concert Experience at Eccles Theater. Thunder Odyssey 2024
Tour 9/27/24 at Capitol Theatre. Reason: Joseph and the
Amazing Technicolor Dreamcoat in Concert at Eccles Theater.
God is a Scottish Drag Queen Christmas Special 12/12-13/24
at Jeanne Wagner Theatre. Reason: Kimberly Akimbo at
Eccles Theater.
Report Date: 2/14/2025
06 | 2024 Annual Activity
ECCLES THEATER SITE ANNUAL ACTIVITY REPORT
Eccles Theater Site Annual Activity Report
2024 ANNUAL SITE ACTIVITY REPORT
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Bookings
for Calendar
Year
REGENT STREET BLACK BOX
Performances
Commercial 0 5 0 2 7
Not-for-profit 2 0 0 11 13
Resident 5 16 25 14 60
Subtotal 7 21 25 27 80
Non-Performance Use
Co-promoter:
Broadway 1 0 0 0 1
Co-promoter:
Popular/Other 1 1 0 6 8
Commercial 1 3 0 4 8
Not-for-profit 1 5 0 8 14
Resident 20 9 39 12 80
Subtotal 24 18 39 30 111
Total Activities 31 39 64 57 191
MCCARTHEY PLAZA
Not-for-profit 0 3 1 0 4
Subtotal 0 3 1 0 4
Total Activities 0 3 1 0 4
2024 ANNUAL SITE ACTIVITY REPORT
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Bookings
for Calendar
Year
GRAND LOBBY
Commercial 2 1 0 0 3
Not-for-profit 2 3 11 1 17
Subtotal 4 4 11 1 20
Total Activities 4 4 11 1 20
NORTH LOBBY
Co-promoter:
Popular/Other 0 1 0 0 1
Commercial 0 1 0 0 1
Not-for-profit 0 1 0 1 2
Subtotal 0 3 0 1 4
Total Activities 0 3 0 1 4
TANNER LOUNGE
Commercial 0 4 3 0 7
Not-for-profit 1 3 0 3 7
Subtotal 1 7 3 3 14
Total Activities 1 7 3 3 14
Report Date: 2/14/2025
• Broadway Tickets Issued
• Popular Event Tickets Issued
• “Other” Event Tickets Issued
• Utah Ticket Sales by County
• Map of Utah Ticket Sales
by County
• National Ticket Sales by Region
• National Ticket Sales Map
Peter Frampton - April 9, 2024
Photo credit: MagicSpace Entertainment/John Ballard
2024
ECCLES THEATER TICKETING
07 | 2024 Eccles Theater Ticketing
BROADWAY TICKETS ISSUED
Broadway Tickets Issued
2024 BROADWAY PERFORMANCES
TOTAL TICKETS ISSUED
Performance Ticketed Capacity % Occupancy
SIX 37,559 39,948 94.02%
MJ the Musical 19,672 19,704 99.84%
Pretty Woman 17,895 19,704 90.82%
Come From Away 11,829 12,485 94.75%
Annie 9,254 12,315 75.14%
Girl From the North Country 16,921 19,976 84.71%
Hamilton 88,315 98,520 89.64%
Mrs. Doubtfire 17,723 19,704 89.95%
Funny Girl 17,673 19,704 89.69%
Peter Pan 18,369 19,704 93.22%
Kimberly Akimbo 16,870 19,704 85.62%
TOTAL 272,080 301,468 90.25%
Report Date: 1/21/25
08 | 2024 Eccles Theater Ticketing
POPULAR EVENT TICKETS ISSUED
Popular Event Tickets Issued
2024 LIVE PERFORMANCES
TOTAL TICKETS ISSUED
Performance Ticketed Capacity % Occupancy
Bluey's Big Play 9,422 12,505 75.35%
Black Violin 1,204 2,501 48.14%
Johnny Cash 2,147 2,223 96.58%
Mark Normand 2,349 2,501 93.92%
Grace Potter 1,032 1,995 51.73%
Dancing with the Stars 4,981 5,002 99.58%
Encore 2,948 5,002 58.94%
Bored Teachers 2,471 2,501 98.80%
GENTRI King of Kings 4,564 5,002 91.24%
Los Angeles Azules 1,864 2,501 74.53%
Disney Princess 1,925 2,501 76.97%
Peter Frampton 1,733 2,501 69.29%
Dr. Neil DeGrasse Tyson 2,495 2,501 99.76%
Blippi 1,671 2,501 66.81%
Bill Maher 1,751 2,501 70.01%
Bianca Del Rio 1,610 2,501 64.37%
Adam Ant 1,553 1,995 77.84%
Joe Satriani & Steve Vai 1,930 1,995 96.74%
Derek Hough (May)2,501 2,501 100.00%
Derek Hough (Dec)4,993 5,002 99.82%
Ira Glass 1,638 2,501 65.49%
Ancient Aliens 1,093 1,995 54.79%
Celtic Woman 1,518 2,501 60.70%
Hasan Minhaj 1,486 2,501 59.42%
Sesame Street 1,152 1,995 57.74%
Leanne Morgan 4,959 5,002 99.14%
Reik 2,010 2,501 80.37%
Hauser 1,973 2,501 78.89%
Ben Platt 3,217 5,002 64.31%
2024 LIVE PERFORMANCES
TOTAL TICKETS ISSUED
Performance Ticketed Capacity % Occupancy
Il Divo 1,809 1,995 90.68%
Alone & Together 972 1,995 48.72%
Joseph in Concert 7,427 10,004 74.24%
Croce plays Croce 1,908 1,995 95.64%
Andre 3000 1,503 2,501 60.10%
Silvestre Dangond 2,272 2,501 90.84%
Brincos Dieras 1,560 2,501 62.38%
Jim Gaffigan 14,610 15,006 97.36%
The The 1,004 1,995 50.33%
Iliza Schlesinger 3,692 4,332 85.23%
Bely y Beto 847 2,501 33.87%
AVATAR 4,454 5,002 89.04%
Postmodern Jukebox 1,420 1,995 71.18%
Jeff Arcuri 2,490 2,501 99.56%
Wild Kratts 4,729 5,002 94.54%
Joe Bonamassa 2,145 2,501 85.77%
The Black Crowes 1,558 2,501 62.30%
GENTRI Christmas 9,015 10,004 90.11%
Jenny Oaks Baker 1,650 2,501 65.97%
Kurt Bestor 4,903 6,164 79.54%
Leslie Odom Jr 1,360 1,995 68.17%
Mannheim Steamroller 6,271 7,503 83.58%
Derek Hough 4,993 5,002 99.82%
Shaw Family 2,275 2,501 90.96%
Magical Cirque Christmas 4,062 5,002 81.21%
Shrek the Musical 6,259 12,505 50.05%
Total 169,378 214,736 78.88%
Report Date: 1/21/25
09 | 2024 Eccles Theater Ticketing
“OTHER” EVENT TICKETS ISSUED
“Other” Event Tickets Issued
DELTA HALL 2024 OTHER PERFORMANCES
Performance Ticketed Capacity % Occupancy
Soundhouse School 958 1,034 92.65%
Shen Yun 8,677 10,282 84.39%
TO LIVE - One Voice Children's Choir 2,341 3,990 58.67%
Utah High School Musical Theatre Awards 1,573 2,501 62.89%
Total Other Events 13,549 17,807 76.09%
Report Date: 1/21/25
10 | 2024 Eccles Theater Ticketing
UTAH TICKET SALES BY COUNTY
Utah Ticket Sales by County
ECCLES THEATER 2024 UTAH TICKET SALES BY COUNTY
Zone County Total Tickets Total Patron
Households % of Region
Central
Carbon 324 67 13.56%
Emery 195 32 8.16%
Juab 410 79 17.15%
Millard 287 51 12.01%
Piute 2 1 0.08%
Sanpete 820 143 34.31%
Sevier 352 76 14.73%
Region Total 2,390 449 0.72%
East
Daggett 28 8 1.94%
Duchesne 511 83 35.41%
Grand 137 38 9.49%
Uintah 767 147 53.15%
Region Total 1,443 276 0.44%
North
Box Elder 2,869 443 0.89%
Cache 6,145 1,159 1.90%
Davis 46,109 6,868 14.25%
Morgan 1,450 177 0.45%
Rich 133 19 0.04%
Salt Lake 182,361 2,4961 56.35%
Summit 8,141 1,339 2.52%
Tooele 3,107 679 0.96%
Utah 50,927 9,421 15.74%
Wasatch 3,158 576 0.98%
Weber 19,202 3,200 5.93%
Region Total 323,602 48,842 97.97%
South
Beaver 61 8 2.12%
Garfield 54 17 1.88%
Iron 687 123 23.89%
Kane 87 16 3.03%
San Juan 123 23 4.28%
Washington 1,842 396 64.05%
Wayne 22 8 0.76%
Region Total 2,876 591 0.87%
Total 330,311 50,158
92% OF UTAH TICKET SALES
are along the Wasatch Front
(Salt Lake, Davis, Weber,
and Utah Counties)
Report Date: 2/20/25
11 | 2024 Eccles Theater Ticketing
MAP OF UTAH TICKET SALES BY COUNTY
Map of Utah Ticket Sales by County
Eccles Ticket Sales 2024
0-100 100-500 500-1,000 1,000-10,000 10,000 - 51,000 51,000<
GARFIELD
54
BEAVER
61
EMERY
195
KANE
87
RICH
133
GRAND
137
SEVIER
352
IRON
687
CARBON
324
MORGAN
1,450
WASHINGTON
1,842
TOOELE
3,107
SUMMIT
8,141SALT LAKE
182,361
WAYNE
22
MILLARD
287
DUCHESNE
511
UINTAH
767
DAGGETT 28
WASATCH
3,158
JUAB
410
BOX ELDER
2,869
CACHE
6,145
PIUTE
2
SANPETE
820
WEBER 19,202
DAVIS
46,109
UTAH
50,927
SAN JUAN
123
12 | 2024 Eccles Theater Ticketing
NATIONAL TICKET SALES BY REGION
National Ticket Sales by Region
ECCLES THEATER 2024 NATIONAL TICKET SALES BY REGION
Region State Total Tickets % of Region % Total
Far West Region
CA 2,918 49.86%0.81%
NV 1,107 18.92%0.31%
OR 592 10.12%0.16%
WA 1,235 21.10%0.34%
Region Total 5,852 1.63%
Great Lakes
IL 376 46.94%0.10%
IN 65 8.11%0.02%
MI 99 12.36%0.03%
OH 173 21.60%0.05%
WI 88 10.99%0.02%
Region Total 801 0.22%
Mideast
DC 32 3.01%0.01%
DE 28 2.64%0.01%
MD 153 14.41%0.04%
NY 789 74.29%0.22%
PA 60 5.65%0.02%
Region Total 1,062 0.30%
Plains
IA 78 9.34%0.02%
KS 471 56.41%0.13%
MN 199 23.83%0.06%
MO 44 5.27%0.01%
ND 43 5.15%0.01%
NE 153 79.27%0.04%
SD 40 20.73%0.01%
Region Total 1,028 0.28%
ECCLES THEATER 2024 NATIONAL TICKET SALES BY REGION
Region State Total Tickets % of Region % Total
Rocky Mountain
CO 1,406 0.41%0.39%
ID 6,641 1.93%1.85%
MT 651 0.19%0.18%
UT 332,895 96.66%92.77%
WY 2,803 0.81%0.78%
Region Total 344,396 95.97%
Southeast
AL 39 1.97%0.01%
AR 24 1.21%0.01%
FL 1,227 61.88%0.34%
GA 124 6.25%0.03%
KY 19 0.96%0.01%
LA 39 1.97%0.01%
LA 11 0.55%0.00%
NC 203 10.24%0.06%
SC 59 2.98%0.02%
TN 69 3.48%0.02%
VA 161 8.12%0.04%
VA 8 0.40%0.00%
Region Total 1,983 0.55%
Southwest
AZ 2,866 76.84%0.80%
NM 158 4.24%0.04%
OK 13 0.35%0.00%
TX 693 18.58%0.19%
Region Total 3,730 1.04%
Total 358,852
Report Date: 2/20/25
13 | 2024 Eccles Theater Ticketing
NATIONAL TICKET SALES MAP
National Ticket Sales Map
AZ
2,866
CA
2,918
UT
332,895
ID
6,641
NM
158
CO
1,406
NV
1,107
OR
592
WA
1,235
MT
651 ND
40
NE
44
KS
471
TX
693
LA
39
AR
24
MO
199
IA
78
MN
153 WI
881
IL
376 IN
65
KY
19
TN 69
AL
39
MS
116
GA
124
FL
227
SC
59
NC 203
VA 161
WV8
OH
173
PA
20
NY
789
OK
13
SD
43WY
2,803
National Eccles Ticket Sales 2024
0-100 100-500 1,000-5,000500-1,000 5,000-10,000 10,000<
MD
153
MI
99
DE
28
• Eccles Theater Building Attendance
• Eccles Theater Site Attendance
2024
ECCLES THEATER
ATTENDANCE
Salt Lake Speaks Slam Poetry Exhibition - September 6, 2024
14 | 2024 Eccles Theater Attendance
ECCLES THEATER BUILDING ATTENDANCE
Eccles Theater Building Attendance
DE
L
T
A
H
A
L
L
2
0
2
4
CO
-
P
R
O
M
O
T
I
O
N
A
T
T
E
N
D
A
N
C
E
Performance (# of Instances) Attendance
BROADWAY
Annie (5)8,510
Come From Away (5)11,058
Funny Girl (8)15,507
Girl from the North Country (8)13,379
Hamilton (40)85,255
Kimberly Akimbo (8)13,757
MJ The Musical (8)18,087
Mrs. Doubtfire (8)15,968
Peter Pan (8)16,573
Pretty Woman: The Musical (8)15,313
SIX The Musical (16)32,829
BROADWAY ATTENDANCE SUBTOTAL 246,236
POPULAR (LIVE AT THE ECCLES)
A Kurt Bestor Christmas (4)4,389
A Magical Cirque Christmas (2)3,811
Adam Ant ANDMUSIC 2024 - Special Guest The English
Beat (1)1,316
Ancient Aliens LIVE (1)914
Andre 3000 - New Blue Sun LIVE (1)1,239
Avatar - The Last Airbender In Concert (2)4,109
Belo y Beto (1)765
Ben Platt - with special guest Brandy Clark (2)2,939
Bianca Del Rio (1)1,443
Bill Maher - The WTF Tour (1)1,616
Black Violin (1) 1,060
Blippi - The Wonderful World Tour (1)1,507
Bluey's Big Play (5)9,046
Bored Teachers (1)2,296
Brincos Dieras IRREVERENTE TOUR (1)1,478
Celtic Woman - 20th Anniversary Tour (1)1,389
Croce Plays Croce - 50th Anniversary Tour (1)1,662
Dancing with the Stars: Live! (2)4,714
Derek Hough - Dance For The Holidays (2)4,764
Derek Hough - Symphony of Dance (1)2,383
Disney Princess The Concert (1)1,763
Encore - A Musical Review (2)2,804
Evening with Ira Glass: Seven Things I've Learned (1)1,360
Gentri - King of Kings (2)4,162
Gentri Christmas (4)8,187
Grace Potter (1)893
DE
L
T
A
H
A
L
L
2
0
2
4
CO
-
P
R
O
M
O
T
I
O
N
Performance (# of Instances) Attendance
POPULAR (LIVE AT THE ECCLES)
Hasan Minhaj - Off With His Head (1)1,381
Hauser (1)1,799
Il Divo XX: 20th Anniversary (1)1,681
Iliza Shlesinger (2)3,323
Jeff Arcuri - The Full Beans Tour (1)2,237
Jenny Oaks Baker & Family Four - Joy to the World (1)1,405
Jim Gaffigan “Barely Alive Tour" (6)13,530
Joe Bonamassa (1)1,884
Joe Satriani & Steve Vai - Satch Vai US Tour (1)1,754
Johnny Cash - The Official Concert Experience (1)1,916
Joseph and the Amazing Technicolor Dreamcoat In Concert (4)6,917
Leanne Morgan Just Getting Started Tour (2)4,506
Leslie Odom, Jr. - The Christmas Tour (1)1,302
Los Àngeles Azules (1)1,662
Lucinda Williams and her band & Mike Campbell & The Dirty Knobs:
The Alone & Together Tour (1)811
Mannheim Steamroller Christmas By Chip Davis - (3)5,778
Mark Normand - Ya Don’t Say Tour (1)2,195
Mat & Savanna Shaw - A Shaw Family Christmas (1)2,013
Neil deGrasse Tyson - The Cosmic Perspective (1)2,287
Peter Frampton (1)1,587
REIK - Panorama 2024 US Tour (1)1,855
Scott Bradlee’s Postmodern Jukebox The ‘10’ Tour (1)1,304
Sesame Street Live! Say Hello! (1)1,034
Shrek The Musical (5)5,881
Silvestre Dangond (1)2,048
The Black Crowes - Happiness Bastards Tour (1)1,404
The The - Ensouled World Tour (1)847
Wild Kratts LIVE 2.0 - Activate Creature Power! (2)4,429
POPULAR ATTENDANCE SUBTOTAL 150,779
DELTA HALL CO-PROMOTION ATTENDANCE TOTAL 397,015
DE
L
T
A
H
A
L
L
2
0
2
4
Performance (# of Instances) Attendance
COMMERCIAL
DMBA Spring Conference (2)204
Vivint Home Opener Conference (3)3,411
COMMERCIAL ATTENDANCE TOTAL 3,615
NON-PROFIT
Shen Yun 2024 (7)8,187
Sound Support Foundation Scholarship Concert (1)811
Stand Up & Start Up Salt Lake City Business Shower (1)1,752
TO LIVE - One Voice Children's Choir in Concert (3)2,184
Utah High School Musical Theatre Awards (1)1,229
Allies Gala (1)1,173
NON-PROFIT ATTENDANCE TOTAL 15,336
DELTA HALL ATTENDANCE TOTAL 415,966
Report Date: 2/14/25
15 | 2024 Eccles Theater Attendance
ECCLES THEATER BUILDING ATTENDANCE
Eccles Theater Building Attendance
MI
L
L
E
R
L
O
U
N
G
E
Performance (# of Instances) Attendance
COMMERCIAL
Grandeur Peak Global Advisors LLC (1)41
Legacy Donor / Box Seat Sponsor Fulfillment (98)1,166
COMMERCIAL ATTENDANCE TOTAL 1,207
NON-PROFIT
Utah High School Musical Theatre Awards (1)143
Allies Gala (1)110
NON-PROFIT ATTENDANCE TOTAL 253
MILLER LOUNGE ATTENDANCE TOTAL 1,460
RE
H
E
A
R
S
A
L
R
O
O
M
Performance (# of Instances) Attendance
COMMERCIAL
DMBA Spring Conference (1)45
COMMERCIAL ATTENDANCE TOTAL 45
CO-PROMOTION
Ancient Aliens Live (1)75
Ben Platt - with special guest Brandy Clark (2)69
Bianca Del Rio (1)100
Bluey’s Big Play (5)425
Celtic Woman - 20th Anniversary Tour (1)15
Dancing with the Stars: Live! (2)196
Gentri - King of Kings (2)131
Il Divo XX: 20th Anniversary (1)45
Jenny Oaks Baker & Family Four - Joy to the World (1)48
Mark Normand - Ya Don’t Say Tour (1)85
Mat & Savanna Shaw - A Shaw Family Christmas (1)40
REIK - Panorama 2024 US Tour (1)19
CO-PROMOTION ATTENDANCE TOTAL 1,248
NON-PROFIT
Utah High School Musical Theatre Awards (1)75
NON-PROFIT ATTENDANCE TOTAL 75
REHEARSAL ROOM ATTENDANCE TOTAL 1,368
Report Date: 2/14/25
DELTA HALL
TOTAL ATTENDANCE
415,966 | 2024
2023 Delta Hall Attendance 300,166
2022 Delta Hall Attendance: 363,688
TOTAL BUILDING
ATTENDANCE
418,794 | 2024
2023 Building Attendance: 300,673
2022 Building Attendance: 363,501
ECCLES THEATER SITE ATTENDANCE
16 | 2024 Eccles Theater Attendance Eccles Theater Site Attendance
RE
G
E
N
T
S
T
R
E
E
T
B
L
A
C
K
B
O
X
Performance (# of Instances) Attendance
COMMERCIAL
DMBA Spring Conference (1)45
As within, so without (2)103
How to want to go (2)122
Summer Solo Night (1)61
Tetrad (2)99
TOTAL COMMERCIAL ATTENDANCE 430
CO-PROMOTION: BROADWAY
BAA Masterclass (2)17
CO-PROMOTION: POPULAR (LIVE AT THE ECCLES)
Derek Hough - Symphony of Dance (1)70
Gentri Christmas (4)519
TOTAL CO-PROMOTION ATTENDANCE 606
NON-PROFIT
4/20/99: A Story of Columbine (10)319
7th Annual Flamenco Fiesta (1)160
Why are the women weeping? (1)104
Stand Up & Start Up Salt Lake City Business Shower (1)200
A little Jazz for your Valentine (1)118
Utah High School Musical Theatre Awards (1)380
TOTAL NON-PROFIT ATTENDANCE 1,281
RESIDENT
(Circle Dreams Around) The Terrible Terrible Past (4)201
Salomé (2)69
Shakespeare Workshop (3)11
The Glee Project (1)127
The Seagull (11)502
Andrew York (1)160
Gohar Vardanyan (1)142
Grisha Goryachev (1)165
Laura Mazon (1)135
Craven (5)236
Dog Sees God (2)58
Folk Tales and Aliens (1)7
JQA (John Quincy Adams) (4)218
Les Miserables (12)1,559
On Golden Pond (4)141
Page-To-Stage Festival 2024: Freaks of the Cosmic Circus (4)64
Page-To-Stage Festival 2024: Freaks of the Cosmic Circus (4)37
This Bird of Dawning: The Nativity (3)167
TOTAL RESIDENT ATTENDANCE 4,021
REGENT STREET BLACK BOX ATTENDANCE TOTAL 6,338
RE
G
E
N
T
S
T
R
E
E
T
B
L
A
C
K
B
O
X
Report Date: 2/14/25
17 | 2024 Eccles Theater Attendance
ECCLES THEATER SITE ATTENDANCE
Eccles Theater Site Attendance
OT
H
E
R
S
I
T
E
S
P
A
C
E
S
Performance (# of Instances) Attendance
GRAND LOBBY
NON-PROFIT
Olympic Bit Team and IOC Forum (1)79
Salt Lake Speaks SLAM Poetry Exhibition (1)212
Salt Lake Speaks: Heart and Sol (1)421
State of the City (1)409
The Blocks - Steppin' On Main (8)2,148
Stand Up & Start Up Salt Lake City Business Shower (1)1,552
Main Street: A Fashion and Music Experience (1)1,202
GRAND LOBBY ATTENDANCE TOTAL 6,023
MCCARTHEY PLAZA
NON-PROFIT
Salt Lake Beats (1)725
Voces en Bloom (1)571
Busker Fest (2)3,000
MCCARTHEY PLAZA ATTENDANCE TOTAL 4,296
NORTH LOBBY
COMMERCIAL
DMBA Spring Conference (1)45
CO-PROMOTION
Evening with Ira Glass: Seven Things I've Learned (1)130
NON-PROFIT
Stand Up & Start Up Salt Lake City Business Shower (1)500
Utah High School Musical Theatre Awards (1)196
NORTH LOBBY ATTENDANCE TOTAL 871
OT
H
E
R
S
I
T
E
S
P
A
C
E
S
Performance (# of Instances) Attendance
TANNER LOUNGE & BALCONY
COMMERCIAL
DMBA Spring Conference (2)45
O.C. Tanner Meeting (2)10
Refnish Distributors Alliance (1)88
Granduer Peal Global Advisors LLC (1)49
CO-PROMOTION: POPULAR (LIVE AT THE ECCLES)
Live at the Eccles - Production Review of 2024 Shows (1)16
CSC and LIVE! Production/Show Team Meeting (1)14
NON-PROFIT
Executive Planning Meeting (1)10
HCD Board and MEC Board Christmas Party (1)49
TO LIVE - One Voice Children's Choir in Concert (2)200
Utah High School Musical Theatre Awards (1)52
Allies Gala (1)120
TANNER LOUNGE & BALCONY ATTENDANCE TOTAL 653
OTHER SITE SPACES ATTENDANCE TOTAL 11,853
TOTAL SITE
ATTENDANCE 18,181 2024
2023 Site Attendance: 13,614
2022 Site Attendance: 11,564
Report Date: 2/14/25
Ballpark
Activation
Pilot Program
Funding History of State Street Strategic Intervention
•4 Projects Funded
•Total Available: $6,615,245.00
Straw Poll Request
•Proposed Appropriation: $75,000.00
•Remaining Appropriations: $6,540,245.00
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
06/ 06/2025
Date Sent to Council:
06/ 09/2025
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
06/ 09/2025
Chief of Staff's Signed Date
06/09/ 2025
Subject:
Straw Poll for Ballpark Activation Community Benet
Additional Staff Contact:
Lauren Parisi - Lauren.Parisi@slc.govMakenaHawley - makena.hawley@slc.gov
Presenters/Staff Table
Lauren Parisi - Lauren.Parisi@slc.govDannyWalz - danny.walz@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Budget Impact:
75,000
Recommendation:
The Salt Lake City Community Reinvestment Agency (CRA) requests a straw poll to approve the use of $75,000 from the State Street Fund-
Strategic Intervention Program to approve a Professional Services Agreement to Activate the Smith’s Ballpark stadium from July to December
2025.
Background/Discussion
The CRA has been working diligently to establish a Professional Services Agreement with a production company to activate the stadium from
July through December as a temporary interim use. This activation is part of a broader strategy to maintain vibrancy and community presence
at the site while long-term development plans are being nalized. A separate process to secure a longer-term agreement is also in progress to
extend the interim use and ensure continued engagement with the space as redevelopment project details evolve.
Will there need to be a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO
DATE: June 9, 2025
PREPARED BY: Lauren Parisi, Senior Project Manager and Makena Hawley, Project Manager
RE: Straw Poll for Ballpark Activation Community Benefit
REQUESTED ACTION: Straw Poll to Approve $75,000 for Ballpark Activation
POLICY ITEM: Ballpark Redevelopment
BUDGET IMPACTS: $75,000 from the State Street Fund-Strategic Intervention Program
EXECUTIVE SUMMARY:
The Salt Lake City Community Reinvestment Agency (CRA) requests a straw poll to approve the use
of $75,000 from the State Street Fund-Strategic Intervention Program to approve a Professional
Services Agreement to Activate the Smith’s Ballpark stadium from July to December.
BACKGROUND INFORMATION
The CRA has been working diligently to establish a Professional Services Agreement with a
production company to activate the stadium from July through December as a temporary interim use.
This activation is part of a broader strategy to maintain vibrancy and community presence at the site
while long-term development plans are being finalized. A separate process to secure a longer-term
agreement is also in progress to extend the interim use and ensure continued engagement with the
space as redevelopment project details evolve.
FUNDING SOURCES
Initially, the CRA intended to fund the interim activation through non-project area operations funds.
However, unexpected property-related expenses have significantly reduced the availability of those
funds, creating a shortfall. To move forward, the CRA is proposing the use of funding from the
Strategic Intervention Program of the State Street Project Area. This investment will deliver
meaningful community benefits by reactivating a central neighborhood asset, enhancing public
safety, and fostering a lively, inclusive, and positive atmosphere during a pivotal period of
transformation.
To date, the CRA Board of Directors (Board) has appropriated $11,105,245 to the State Street
Project Area Fund-Strategic Intervention Program and $6,615,245 has yet to be allocated to a project.
If the Board approves the $75,000 for the Ballpark Activation, the remaining balance of these
appropriations would be $6,540,245.
2
FUNDING HISTORY
RDA-FY23-SS-Strategic Intervention-SS [Capital Reserves] $3,736,642
RDA-FY24-SS-Strategic Intervention-SS [Capital Reserves] $3,364,709
RDA-FY25-SS-Strategic Intervention-SS [Capital Reserves] $4,003,894
Projects Funded Budget
Total $4,490,000
Available $6,615,245
STRAW POLL REQUEST
Proposed Appropriation Budget
Remaining Appropriations
Total Remaining $6,540,245
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SALT LAKE CITY CORPORATION
SWORN STATEMENT SUPPORTING CLOSURE OF MEETING
I, ____________________, acted as the presiding member of the Community Reinvestment Agency of Salt Lake City,
which met on ________________________ in an hybr meeting pursuant to Salt Lake City Proclamation. Appropriate
notice was given of the Redevelopment Agency meeting as required by §52-4-202.
A quorum of the Council was present at the meeting and voted by at least a two-thirds vote, as detailed in the minutes of
the open meeting, to close a portion of the meeting to discuss the following: §52-4-205(l)(a) discussion of the character, professional competence, or physical or mental health of an
individual; §52 -4-205(1)(b) strategy sessions to discuss collective bargaining; §52-4-205(l)(c) strategy sessions to discuss pending or reasonably imminent litigation; §52-4-205(l)(d) strategy sessions to discuss the purchase, exchange, or lease of real property, including
any form of a water right or water shares, if public discussion of the transaction would: (i) disclose the
appraisal or estimated value of the property under consideration; or (ii) prevent the public body from
completing the transaction on the best possible terms; §52-4-205(l)(e) strategy sessions to discuss the sale of real property, including any form of a water right
or water shares if: (i) public discussion of the transaction would: (A) disclose the appraisal or estimated
value of the property under consideration; or (B) prevent the public body from completing the transaction
on the best possible terms; (ii) if the public body previously gave public notice that the property would be
offered for sale; and (iii) the terms of the sale are publicly disclosed before the public body approves the
sale; §52-4-205(1)(f) discussion regarding deployment of security personnel, devices, or systems; and §52-4-205(1)(g) investigative proceedings regarding allegations of criminal misconduct. A Closed Meeting may also be held for Attorney-Client matters that are privileged pursuant to Utah Code
§78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and
Public Meetings Act. Other, described as follows: _____________________________________________________________
The content of the closed portion of the Council meeting was restricted to a discussion of the matter(s) for which the
meeting was closed.
With regard to the closed meeting, the following was publicly announced and recorded, and entered on the minutes of the
open meeting at which the closed meeting was approved:
(a) the reason or reasons for holding the closed meeting;
(b) the location where the closed meeting will be held; and
(c) the vote of each member of the public body either for or against the motion to hold the closed meeting.
The recording and any minutes of the closed meeting will include:
(a) the date, time, and place of the meeting;
(b) the names of members Present and Absent; and
(c) the names of all others present except where such disclosure would infringe on the confidentiality
necessary to fulfill the original purpose of closing the meeting.
Pursuant to §52-4-206(6), a sworn statement is required to close a meeting under §52-4-205(1)(a) or (f), but a record by
tape recording or detailed minutes is not required; and Pursuant to §52-4-206(1), a record by tape recording and/or
detailed written minutes is required for a meeting closed under §52-4-205(1)(b),(c),(d),(e),and (g): A record was not made. A record was made by: : Tape recording Detailed written minutes
I hereby swear or affirm under penalty of perjury that the above information is true and correct to the best of my
knowledge.
Presiding Member Date of Signature
Darin Mano
June 10, 2025
Darin Mano (Aug 1, 2025 15:20:55 MDT)
Sworn Statement CRA June 10, 2025
Final Audit Report 2025-08-01
Created:2025-07-16
By:STEPHANIE ELLIOTT (STEPHANIE.ELLIOTT@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAcKG3SgsQDdwyLr8Qj8jCT7NEPFE66uMU
"Sworn Statement CRA June 10, 2025" History
Document created by STEPHANIE ELLIOTT (STEPHANIE.ELLIOTT@slc.gov)
2025-07-16 - 6:18:25 PM GMT
Document emailed to darin.mano@slc.gov for signature
2025-07-16 - 6:18:56 PM GMT
Email viewed by darin.mano@slc.gov
2025-07-16 - 8:38:58 PM GMT
Email viewed by darin.mano@slc.gov
2025-07-17 - 6:28:00 PM GMT
Email viewed by darin.mano@slc.gov
2025-07-28 - 6:58:42 PM GMT
Email viewed by darin.mano@slc.gov
2025-07-31 - 9:12:26 PM GMT
Signer darin.mano@slc.gov entered name at signing as Darin Mano
2025-08-01 - 9:20:53 PM GMT
Document e-signed by Darin Mano (darin.mano@slc.gov)
Signature Date: 2025-08-01 - 9:20:55 PM GMT - Time Source: server
Agreement completed.
2025-08-01 - 9:20:55 PM GMT