HomeMy WebLinkAbout10/14/2025 - Meeting Materials
Board of Directors of the
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY
AGENDA
October 14, 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: 12:52:21
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.1 for Fiscal Year 2025-26 -
-
The Board will accept public comment about a resolution that would amend the final
budget of the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26.
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 consolidates multiple funding
sources into the proposed Disaster Relief Loan Program (DRLP) and the Commercial
Development Loan Program, among other items.
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of June 3, 2025, and June 10, 2025.
2.Resolution: Disaster Relief Loan Program Follow-up ~ 2:10 p.m.
10 min.
The Board will receive a follow-up briefing and consider approving a resolution that
would adopt the Disaster Relief Loan Program Policy. The proposal would provide
immediate financial assistance to targeted businesses and property owners who have
suffered significant damage or destruction due to fire, flooding, earthquakes, or storms.
3.Resolution: CRA Budget Amendment No.1 for Fiscal Year 2025-
26 Follow-Up ~ 2:20 p.m.
5 min.
The Board will receive a follow-up briefing and consider adopting a resolution that would
amend the final budget of the Community Reinvestment Agency of Salt Lake City for
Fiscal Year 2025-26. 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 consolidates
multiple funding sources into the proposed Disaster Relief Loan Program (DRLP) and
the Commercial Development Loan Program, among other items.
4.Resolution: Modifications of Loan Terms for Book Cliffs Lodge
Affordable Housing Construction
~ 2:25
p.m.
20 min.
The Board will receive a briefing and consider approving a proposal to modify three
existing City loans for the Book Cliffs Lodge affordable housing project, at 1159 South
West Temple. Working with the Housing Authority Management Enterprise (HAME) of
Salt Lake City, the Community Reinvestment Agency (CRA) proposes to standardize and
clarify the terms of these loans, since they were awarded through different City processes
in 2018, 2023, and 2024. If the Board chooses to modify the loans, which total $4.74
million, all three would have 40-year terms at 2.5% interest and cash-flow repayments,
and they would comply with the terms of the 2024 Housing Development Loan Program
(HDLP).
5.Resolution: Partnership with NeighborWorks Salt Lake for Shared
Equity Workforce Housing – Sustainability Waiver Request
~ 2:45
p.m.
20 min.
The Board will receive a briefing and consider adopting a resolution that would approve
the proposed amended and restated term sheet for NeighborWorks Salt Lake for the
Maltair Lanes development, at 1002 West 200 South, and the Stanbridge development at
319 North 800 West. In the resolution, the Board is asked to waive the threshold
requirements for Enhanced Energy Performance (including participation in the City's
Elevate Buildings Program) and for Emission-Free Building Operation to enable the use
of natural gas for HVAC systems only. 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 the projects.
6.Resolution: Salt Lake Central Housing and Transit Reinvestment
Zone Interlocal Agreement
~ 3:05
p.m.
20 min.
The Board will receive a briefing and consider adopting the proposed Salt Lake Central
Housing and Transit Reinvestment Zone (HTRZ) Interlocal Agreement to authorize the
sharing of tax increment between Salt Lake City and the Salt Lake City Community
Reinvestment Agency. The State code requires the City and CRA to enter into an
interlocal agreement to release funds to the project area. The HTRZ Plan outlines the
participating taxing entities, tax increment participation rates, the term of tax increment
collection, and the planned utilization of tax increment funds in the project area.
7.Informational: Tier 1 Pre-Disposition Report for Sugar House
Properties ~ 3:25 p.m.
20 min.
The Board will receive a briefing about plans for the disposition of the properties at 1085
East Simpson Drive and 2234 South Highland Drive, in the former Sugar House Project
Area, to Salt Lake City to use as right-of-way for the extension of the S-Line. The
disposition and redevelopment of the property is one of the last actions for the CRA to
complete before dissolving the project area. The briefing includes the property’s reuse
plan, the method of disposition, and the suggested timeline of disposition, as well as
other information relevant to the disposition of the property.
8.Resolution: CRA Budget Amendment No.2 for Fiscal Year 2025-
26 ~ 3:45 p.m.
30 min.
The Board will receive a briefing about a resolution that would amend the final budget of
the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. 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 reallocating funding from the Depot
District Infrastructure Improvements Program and Program Income Fund to the Depot
District Infrastructure Property Acquisition Program, among other items.
9.Straw Poll: 9-Line Property Construction Related Supplies and
Services ~ 4:15 p.m.
10 min.
The Board will receive a briefing on a request to straw poll the use of $600,000 from 9-
Line Strategic Intervention Funds for construction-related supplies and services on a
Community Reinvestment Agency-owned development site.
10.Straw Poll: 9-Line Project Area West Side Public Art
Installation ~ 4:25 p.m.
10 min.
The Board will receive a briefing on a request to straw poll the use of an additional
$50,000 from the 9-Line Fund Arts and Culture Program appropriation. $400,000 has
been previously allocated, bringing the project total to $450,000 to complete the iconic
west side public art installation.
11.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.
12.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
13.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:
•Project Updates, and
•Scheduling Items.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: CRA Budget Amendment No.2 for Fiscal Year 2025-
26 -
-
The Board will set the date of Tuesday, November 18, 2025 at 2 p.m. to accept public
comment and consider approving a resolution that would amend the final budget of the
Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. 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 reallocating funding from the Depot
District Infrastructure Improvements Program and Program Income Fund to the Depot
District Infrastructure Property Acquisition Program, among other items.
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.
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 Thursday, October 9, 2025, the undersigned, duly appointed City
Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public
Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided
to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any
others who have indicated interest.
KEITH REYNOLDS
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slc.gov, 801-535-7600, or relay service
711.
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:October 14, 2025
RE: Public Hearing CRA Budget Amendment #1 of Fiscal Year 2026
MOTION 1 – CLOSE PUBLIC HEARING
I move that the Board close the public hearing.
Staff note: A follow-up budget amendment briefing is scheduled after the Disaster Relief Loan
Program follow-up briefing 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:
08/26/2025
Date Sent to Council:
08/27/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
08/26/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
08/26/2025
Subject:
FY26 CRA Budget Amendment #1 - Retransmittal
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 First Amendment to the Annual CRA Budget for FY 2025-2026.
Background/Discussion
The Agency recommends consolidating multiple funding sources into the proposed Disaster Relief Loan Program and the Commercial Development Loan Program. This amendment includes reallocating $1,626,949 from the Central Business District Funds and $3,373,051 from the Revolving Loan Fund, for a combined reallocation of $5,000,000 to the Disaster Relief Loan Program. The agency is also proposing to reallocate $3,267,132 from the Commercial Assistance Reserves Program in the Depot District and Granary District Funds, and $882,175 from the CommercialAdaptive Reuse Loans Program in the Granary District Fund, for a combined reallocation of $4,149,307 towards the Commercial Development Loan Program. This will leave $717,318 in the Commercial Assistance Reserves Program to be reallocated at a future date.
Currently, the existing Commercial Revolving Loans Program holds $10,276,509 across the Revolving Loan Fund, Central Business District, State Street, 9 Line, North Temple, and Program Income Funds. With the Fiscal Year 2026 Budget, the Board approved a total of $5,864,250 in appropriations to this program which was added to the existing $4,412,259.
If this amendment is approved, after the reallocation to the Disaster Relief Loan Program, the Commercial Development Loan Program will have $9,425,816 available to lend within the following funds:• Depot District: $1,000,000• Granary District: $3,149,308• North Temple: $150,741• 9 Line: $500,000• State Street: $1,139,049• Program Income Fund: $208,060• Revolving Loan Fund: $3,278,658
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__________
First Budget Amendment for Fiscal Year 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2025, to be effective upon adoption.
________________________________
, Chair
Approved as to form: __/s/ Jennifer Huntsman__
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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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: August 26, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #1, FY 2025-2026
REQUESTED ACTION: Discuss and consider the adoption of the proposed First Amendment to the
Annual CRA Budget for FY 2025-2026.
BUDGET IMPACTS: The First Amendment will not affect the Agency's overall budget total. Its
purpose is to reallocate multiple program appropriations to fund $5,000,000 for the Disaster Relief
Loan Program (DRLP) and $9,425,816 for the Commercial Development Loan Program (CDLP).
EXECUTIVE SUMMARY: The Agency recommends consolidating multiple funding sources into the
proposed Disaster Relief Loan Program and the Commercial Development Loan Program. This
amendment includes reallocating $1,626,949 from the Central Business District Funds and $3,373,051
from the Revolving Loan Fund, for a combined reallocation of $5,000,000 to the Disaster Relief Loan
Program. The agency is also proposing to reallocate $3,267,132 from the Commercial Assistance
Reserves Program in the Depot District and Granary District Funds, and $882,175 from the Commercial
Adaptive Reuse Loans Program in the Granary District Fund, for a combined reallocation of $4,149,307
towards the Commercial Development Loan Program. This will leave $717,318 in the Commercial
Assistance Reserves Program to be reallocated at a future date.
Currently, the existing Commercial Revolving Loans Program holds $10,276,509 across the Revolving
Loan Fund, Central Business District, State Street, 9 Line, North Temple, and Program Income Funds.
With the Fiscal Year 2026 Budget, the Board approved a total of $5,864,250 in appropriations to this
program which was added to the existing $4,412,259.
If this amendment is approved, after the reallocation to the Disaster Relief Loan Program, the
Commercial Development Loan Program will have $9,425,816 available to lend within the following
funds:
•Depot District: $1,000,000
•Granary District: $3,149,308
•North Temple: $150,741
•9 Line: $500,000
•State Street: $1,139,049
•Program Income Fund: $208,060
•Revolving Loan Fund: $3,278,658
ANALYSIS & ISSUES:
Disaster Relief Loan Program
The Disaster Relief Loan Program (DRLP) provides immediate financial assistance to targeted business
and property owners (Owners) who have suffered significant damage or destruction due to fire, flooding,
or storms.
Reallocation of Commercial Revolving Loans Program
The table below outlines the current appropriations within the Commercial Revolving Loan Program that
will be impacted by this amendment, specifically in the Revolving Loan and Central Business District
Funds. The Agency is requesting to reallocate the full $1,626,949 from the Central Business District Fund
and $3,373,051 from the Revolving Loan Fund to the Disaster Relief Loan Program. The remaining
$181,063 in the Revolving Loan Fund Commercial Revolving Loans Program will be addressed later in
this amendment.
Resulting Disaster Relief Loan Program Appropriations
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Revolving
Loans
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Business
District Revolving
Loans
Commercial Revolving
Loans -CBD [Capital
Commercial Revolving
Loans -CBD [Capital
Total 5,181,063 (5,000,000) 181,063
The proposed amendment consolidates a total budget of $5,000,000 into the Disaster Relief Loan
Program by reallocating funds from the Commercial Revolving Loans Program. These reallocations
impact the Central Business District Fund and the Revolving Loan Fund combining them into the Disaster
Relief Loan Program.
Commercial Development Loan Program
The Commercial Development Loan Program (CDLP) was created with CRA Resolution 4-2025 with the
purpose of providing critical financing to support and incentivize the development of commercial and
mixed-use projects that advance the CRA’s core mission, values, and project area objectives. The new
program effectively replaced the former CRA Loan Program and Granary District Adaptive Reuse Loan
Program.
While the Agency was in the process of redesigning its commercial loan programs, the Board previously
approved appropriations to the Commercial Assistance Reserves Program. This program served as a
temporary holding account while the Agency evaluated how best to structure its long-term commercial
financing tools.
With this amendment, the newly established Commercial Development Loan Program (CDLP) will
formally replace the Commercial Revolving Loan Program. In addition, the Commercial Adaptive Reuse
Loans Program is being folded into the CDLP, allowing these previously separate programs to operate
under a single, flexible, and consolidated lending structure.
Agency Staff is proposing to leave the remaining $717,318 in the Commercial Assistance Reserves
Program to support the CRA’s commercial property acquisition, development, and leasing activities.
Should this amendment be approved, $500,000 will remain in the 9 Line Fund and $217,318 will remain
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Relief Loan
Program
NPA [Capital Reserves]
NPA [Capital Reserves]
NPA [Capital Reserves]
Business
District Relief Loan
Program
-CBD [Capital Reserves]
-CBD [Capital Reserves]
Total 0 5,000,000 5,000,000
in the North Temple Fund. All other Commercial Assistance Reserves Program appropriations will be
consolidated into the CDLP.
Reallocation of Commercial Assistance Reserves
The table below outlines the current appropriations within the Commercial Assistance Reserves Program,
specifically in the Depot District, Granary District, 9 Line and North Temple Funds. The Agency is
requesting to reallocate the full $3,267,132 from the Depot District and Granary District Funds to the
Commercial Development Loan Program and retain the funds from the 9 Line and North Temple Funds
within the Commercial Assistance Reserves Program.
Fund Program Appropriation Current
Budget Budget
Depot
District Assistance
Reserves
Commercial Assistance
Reserves-DD [Capital
Commercial Assistance
Reserves-DD [Capital
District Assistance
Reserves
Commercial Assistance
Reserves-GD [Capital
Commercial Assistance
Reserves-GD [Capital
Assistance
Reserves
Commercial Assistance
Reserves-9L [Capital
Temple Assistance
Reserves
Commercial Assistance
Reserves-NT [Capital
Total 3,984,450 (3,267,132) 717,318
Reallocation of Commercial Adaptive Reuse Loans Funds
The table below outlines the current appropriations within the Commercial Adaptive Reuse Loans
Program, specifically in the Granary District Fund. The Agency is requesting to reallocate the full
$882,175 to the Commercial Development Loan Program.
Fund Program Appropriation Current
Budget Budget
Granary
District Adaptive
Reuse Loans
Commercial Adaptive
Fund Program Appropriation Current
Budget Budget
Reuse Loans-GD [Capital
Reserves]
Total 882,175 (882,175) 0
Existing Commercial Revolving Loans Program Funds and Requested Name Change
The table below outlines the current appropriations in the Commercial Revolving Loans Program with the
Current Budget, which the Agency is requesting to rename as the Commercial Development Loan
Program, across the Central Business District, North Temple, State Street, and Revolving Loan Funds.
The total appropriation, net of the proposed allocation to the Disaster Relief Loan Program, currently
available is $6,335,103.
Fund Former
Program Program Appropriation Appropriation Budget
North
Temple Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-NT
[Capital Reserves]
CDLP-NT
[Capital
Reserves]
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-SS
[Capital Reserves]
CDLP-SS
[Capital
Reserves]
Loan Fund Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
NPA [Capital
RLF-CDLP-NPA
[Capital
Reserves]
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-9L
[Capital Reserves]
CDLP-9L
[Capital
Reserves]
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-SS
[Capital Reserves]
CDLP-SS
[Capital
Reserves]
Business
District
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
CBD [Capital
CBD-CDLP-
CBD [Capital
Reserves]
Loan Fund Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
NPA [Capital
RLF-CDLP-NPA
[Capital
Reserves]
Fund Former
Program Program Appropriation Appropriation Budget
Program
Income Fund Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
NPA [Capital
CDLP-NPA
[Capital
Reserves]
Total 6,335,103
Resulting Commercial Development Loan Program Appropriations
The proposed amendment consolidates a total budget of $9,425,816 into the Commercial Development
Loan Program by reallocating funds from the Commercial Assistance Reserves Program and the
Commercial Adaptive Reuse Loans Program, and by incorporating appropriations from the former
Commercial Revolving Loans Program. These reallocations impact the North Temple, Granary District,
Depot District, 9 Line, State Street, Program Income, and Revolving Loan Funds, aligning all related
commercial lending resources under a single, streamlined program.
Fund Program Appropriation Current
Budget Budget
Granary
District Development
Loan
Program
-GD [Capital Reserves]
-GD [Capital Reserves]
-GD [Capital Reserves]
Loan Fund Development
Loan
Program
-NPA [Capital Reserves]
-NPA [Capital Reserves]
Development
Loan
Program
-SS [Capital Reserves]
-SS [Capital Reserves]
Temple Development
Loan
Program
-NT [Capital Reserves]
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2025-2026 Budget
ATTACHMENTS:
1. Supplemental Slides and Key Changes by Fund.
Fund Program Appropriation Current
Budget Budget
Depot
District Development
Loan
Program
-DD [Capital Reserves]
-DD [Capital Reserves]
Development
Loan
Program
-9L [Capital Reserves]
Income Fund Development
Loan
Program
-NPA [Capital Reserves]
Total 5,276,508 4,149,307 9,425,816
BUDGET AMENDMENT #1
AUGUST 2025
CURRENT VS PROPOSED DRLP BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Current Commercial Revolving Loan Fund Budget : $5,181,063
Revolving Loan Fund $3,554,114
Central Business District $1,626,949
Proposed Disaster Relief Loan Program Funding : $5,000,000
Revolving Loan Fund $3,373,051
Central Business District $1,626,949
Remaining Commercial Revolving Loan Budget: $181,063
Revolving Loan Fund $181,063
CURRENT VS PROPOSED CDLP BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
3,278,658
208,060
150,741
3,149,308
1,000,000
500,000
1,139,049
3,278,658
208,060
150,741
500,000
1,139,049
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000
Revolving Loan Fund
Program Income Fund
North Temple
Granary District
Depot District
9 Line
State Street
Current Proposed
PROPOSED BUDGET BY PROGRAM
SALT LAKE COMMUNITY REINVESTMENT AGENCY
3,984,450
(3,267,132)
- 717,318
882,175
(882,175)
- -
4,412,258
-
4,149,307
8,561,565
CURRENT REDUCTION ADDITION PROPOSED
Commercial Assistance Reserves Commercial Adaptive Reuse Loans Commercial Development Loan Program
PROPOSED TOTAL AMENDED BUDGETS BY PROGRAM
SALT LAKE COMMUNITY REINVESTMENT AGENCY
139,049
1,000,000
150,741
181,063
500,000
217,318
3,373,051
1,626,949
1,000,000
3,149,307
208,060
3,097,595
500,000
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000
State Street
Depot District
North Temple
Granary District
Program Income Fund
Revolving Loan Fund
9 Line
North temple
9 Line
Revolving Loan Fund
Central Business District
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FY26 Appropriations Current & Proposed
WORKDAY WORKTAGS & THE CRA BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Appropriation
Cost Center FundFiscal Year Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or geographic
locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
APPROPRIATIONS & PROJECT BUDGETS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Each appropriation supports either the operations of the Agency or projects associated with its
various programs.
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program,
a set amount is allocated for loans.
Staff will request additional Board
approval to use these funds for specific
loan projects. Funds not awarded to
projects roll forward to the next year,
unless reappropriated by the Board.
Project Budgets
All project budgets must pull
from appropriations. Once project
budgets have been approved by
the Board, the Agency can move
forward with spending. Project
budgets may have multiple
appropriations.
AGENCY FUNDS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by
the Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
THANK YOU
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Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Reallocation of Commercial Revolving Loan Program funding Central Business District -$ (1,626,949)$ One-time
1 Reallocation of Commercial Revolving Loan Program funding Revolving Loan Fund (3,373,051) One-time
2 Creation of the Disaster Relief Loan Program (DRLP) emergency funding
from Commercial Revolving Loan Program Central Business District 1,626,949 One-time
2 Creation of the Disaster Relief Loan Program (DRLP) emergency funding
from Commercial Revolving Loan Program Revolving Loan Fund 3,373,051 One-time
3 Reallocation of Commercial Assistance Reserve funding to CDLP Deport District (1,000,000) One-time
3 Reallocation of Commercial Assistance Reserve funding to CDLP Granary District (2,267,132) One-time
4 Reallocation of Adaptive Reuse Loan funding to CDLP Granary District (882,175) One-time
5 Reallocation of Commercial Assistance and Adaptive Reuse funds to CDLP Deport District 1,000,000 One-time
5 Reallocation of Commercial Assistance and Adaptive Reuse funds to CDLP Granary District 3,149,307 One-time
-
Total of Budget Amendment Items -$ -$ -$ -$
Redevelopment Agency Central Business District -$ One-time
Redevelopment Agency Depot District -
Redevelopment Agency Granary District -
Redevelopment Agency Revolving Loan Fund - One-time
Total of Budget Amendment Items -$ -$ -$ -$
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Current Year Budget Summary, provided for information only
FY 2025-26 Budget, Including Budget Amendments
Section F: Donations
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Total by Fund, Budget Amendment #1:
Section E: Grants Requiring No New Staff Resources
Fiscal Year 2025-26 CRA Budget Amendment #1
Administration Proposed Board Approved
Initiative Number/Name
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Certification
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SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
08/14/2025
Date Sent to Council:
08/14/2025
From:
Department *
Community Reinvestment Agency
Employee Name:
Thompson, Mary Beth
E-mail
MaryBeth.Thompson@slc.gov
Community Reinvestment Agency
Director Signature
Finance Department Director Signature Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
08/14/2025
Finance Department Director Signed
Date
08/14/2025
Chief of Staff's Signed Date
08/14/2025
Subject:
CRA Budget Amendment No.1 Fiscal Year 2026
Additional Staff Contact:
Miranda Johnson and Mike Burns
Presenters/Staff Table
Danny Walz and Mranda Johnson
Document Type
Resolution
Recommendation:
Adopt Budget Amendment No. 1
Background/Discussion
See first attachment for Background/Discussion
Will there need to be a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
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
STAFF MEMO
DATE: August 15, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #1, FY 2025-2026
REQUESTED ACTION: Discuss and consider the adoption of the proposed First Amendment to the
Annual CRA Budget for FY 2025-2026.
BUDGET IMPACTS: The First Amendment will not affect the Agency's overall budget total. Its
purpose is to reallocate multiple program appropriations to fund $5,000,000 for the Disaster Relief Loan
Program (DRLP)
EXECUTIVE SUMMARY: The Agency is proposing to consolidate multiple funding sources into the
proposed Disaster Relief Loan Program. This amendment includes reallocating $1,626,949 from the
Central Business District Funds and $3,373,051 from the Revolving Loan Fund, for a combined
reallocation of $5,000,000.
Currently, the existing Commercial Revolving Loans Program and the Commercial Assistance Reserves
Program hold $14,425,816 across the Revolving Loan Fund, State Street, 9 Line, North Temple, and
Program Income Funds. The CRA will return to the Board at a later date with an amendment to combine
the remaining funds into the Commercial Development Loan Program (CDLP).
If this amendment is approved, the upcoming budget amendment to the Commercial Development Loan
Program will have $9,425,816 available to lend within the following funds:
• Depot District: $1,000,000
• Granary District: $3,149,308
• North Temple: $150,741
• 9 Line: $500,000
• State Street: $1,139,049
• Program Income Fund: $208,060
• Revolving Loan Fund: $3,278,658
ANALYSIS & ISSUES:
Disaster Relief Loan Program
The Disaster Relief Loan Program (DRLP) provides immediate financial assistance to targeted business
and property owners (Owners) that have suffered significant damage or destruction due to fire, flooding,
or storms.
Reallocation of Commercial Revolving Loans Program
The table below outlines the current appropriations within the Commercial Revolving Loan Program,
specifically in the Revolving Loan and Central Business District Fund that will be impacted by this
amendment. The Agency is requesting to reallocate the full $1,626,949 from the Central Business District
Fund and $3,373,051 from the Revolving Loan Fund to the Disaster Relief Loan Program.
Resulting Disaster Relief Loan Program Appropriations
The proposed amendment consolidates a total budget of $5,000,000 into the Disaster Relief Loan
Program by reallocating funds from the Commercial Revolving Loans Program. These reallocations
impact the Central Business District Fund and the Revolving Loan Fund combining them into the Disaster
Relief Loan Program.
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Revolving
Loans
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Business
District
Revolving
Loans
Commercial Revolving
Loans -CBD [Capital
Commercial Revolving
Loans -CBD [Capital
Total 5,181,063 (5,000,000) 181,063
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2025-2026 Budget
ATTACHMENTS:
1. Supplemental Slides and Key Changes by Fund.
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Relief Loan
Program
NPA [Capital Reserves]
NPA [Capital Reserves]
NPA [Capital Reserves]
Business
District
Relief Loan
Program
-CBD [Capital Reserves]
-CBD [Capital Reserves]
Total 0 (5,000,000) 5,000,000
BUDGET AMENDMENT #1
AUGUST 2025
CURRENT VS PROPOSED DRLP BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Current Commercial Revolving Loan Fund Budget : $5,181,063
Revolving Loan Fund $3,554,114
Central Business District $1,626,949
Proposed Disaster Relief Loan Program Funding : $5,000,000
Revolving Loan Fund $3,373,051
Central Business District $1,626,949
Remaining Commercial Revolving Loan Budget: $181,063
Revolving Loan Fund $181,063
WORKDAY WORKTAGS & THE CRA BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Appropriation
Cost Center FundFiscal Year Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or geographic
locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
APPROPRIATIONS & PROJECT BUDGETS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Each appropriation supports either the operations of the Agency or projects associated with its
various programs.
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program,
a set amount is allocated for loans.
Staff will request additional Board
approval to use these funds for specific
loan projects. Funds not awarded to
projects roll forward to the next year,
unless reappropriated by the Board.
Project Budgets
All project budgets must pull
from appropriations. Once project
budgets have been approved by
the Board, the Agency can move
forward with spending. Project
budgets may have multiple
appropriations.
AGENCY FUNDS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by
the Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
THANK YOU
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1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO__________
First Budget Amendment for Fiscal Year 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2025, to be effective upon adoption.
________________________________
, Chair
Approved as to form: __/s/ Jennifer Huntsman__
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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1
Initiative
Number/
Name
Appropriation Program Fund Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 CRA-FY25-RLFCommercialRevolvingLoans -NPA [CapitalReserves]Commercial Revolving Loans Revolving Loan Fund (151,337.00) One-time -
1 CRA-FY24-RLF-Commercial Revolving Loans -NPA [Capital Reserves] Commercial Revolving Loans Revolving Loan Fund (226,750.00) One-time -
1 CRA-FY23-RLF-Commercial Revolving Loans -NPA Commercial Revolving Loans Revolving Loan Fund (2,994,964.00) One-time -
1 CRA-FY26-CBD-Commercial Revolving Loans -CBD
[Capital Reserves] Commercial Revolving Loans Central Business
District (1,058,595.00) One-time -
1 RDA-FY23-CBD-Commercial Revolving Loans -CBD
[Capital Reserves] Commercial Revolving Loans Central Business
District (568,354.00) One-time -
1 CRA-FY25-RLF-DRLP - NPA [Capital Reserves] Disaster Relief Loan Program Revolving Loan Fund 151,337.00 151,337.00 One-time -
1 CRA-FY24-RLF-DRLP - NPA [Capital Reserves] Disaster Relief Loan Program Revolving Loan Fund 226,750.00 226,750.00 One-time -
1 CRA-FY23-RLF-DRLP - NPA [Capital Reserves] Disaster Relief Loan Program Revolving Loan Fund 2,994,964.00 2,994,964.00 One-time -
1 CRA-FY26-CBD-DRLP -CBD [Capital Reserves] Disaster Relief Loan Program Central Business
District 1,058,595.00 1,058,595.00 One-time -
1 RDA-FY23-CBD-DRLP -CBD [Capital Reserves] Disaster Relief Loan Program Central Business
District 568,354.00 568,354.00 One-time -
-
-
Total of Budget Amendment Items 5,000,000.00 0.00 - -
Total by Fund, CRA Budget Amendment #1:
Community Reinvestment Agency Central Business
District 1,626,949.00 -
Community Reinvestment Agency Depot District - - - -
Community Reinvestment Agency Granary District - - - -
Community Reinvestment Agency North Temple - - - -
Community Reinvestment Agency North Temple
Viaduct - - - -
Community Reinvestment Agency Stadler Rail - - - -
Community Reinvestment Agency 9-Line - - - -
Community Reinvestment Agency State Street - - - -
Community Reinvestment Agency Northwest Quadrant - - - -
Community Reinvestment Agency Block 67 North - - - -
Community Reinvestment Agency Block 70 - - - -
Community Reinvestment Agency Primary Housing - - - -
Community Reinvestment Agency Secondary Housing - - - -
Community Reinvestment Agency Housing Development
Fund - - - -
Community Reinvestment Agency Westside Community
Initiative - - - -
Community Reinvestment Agency Program Income
Fund - - - -
Community Reinvestment Agency Revolving Loan Fund 3,373,051.00 -
Community Reinvestment Agency CRA Operations - - - -
Total of Budget Amendment Items 5,000,000.00 - - - -
-
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
Fiscal Year 2024-25 CRA Budget Amendment #2 - Board Approved 6/10/2025
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedAdministration Proposed
2
Initiative
Number/
Name
Appropriation Program Fund Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2 - Board Approved 6/10/2025
Board ApprovedAdministration Proposed
Community Reinvestment Agency 86,036,232 - 86,036,232
Total of Budget Amendment Items 86,036,232 - - - 86,036,232
Total Expense CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 86,036,232 - 86,036,232
Total of Budget Amendment Items 86,036,232 - - - 86,036,232
Certification
Finance Department/CRA
City Council Office
Contingent Appropriation and Notes
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PENDING MINUTES – NOT APPROVED
The Local Building Authority, Community Reinvestment Agency, and the Salt Lake City
Council of Salt Lake City, Utah met in Formal Session on Tuesday, June 3, 2025.
The following Board Directors/Council Members were present:
Victoria Petro, Daniel Dugan, Chris Wharton, Darin Mano, Alejandro Puy, Sarah Young, Eva
Lopez Chavez
Present Legislative leadership:
Jennifer Bruno – Executive Director, Lehua Weaver – Deputy Director, Nick Tarbet – Deputy
Director
Present Administrative leadership:
Rachel Otto – Chief of Staff, Lindsey Nikola – Deputy Chief of Staff, Danny Walz – Community
Reinvestment Agency Chief Operating Officer
Present City Staff:
Mark Kittrell – City Attorney, Thais Stewart – Deputy City Recorder, Stephanie Elliott –
Minutes & Records Clerk, Matthew Brown – Deputy City Recorder, Taylor Hill – Constituent
Liaison/Policy Analyst, Scott Corpany – Staff Assistant
Council Member Puy presided at and conducted the meeting.
The meeting was called to order at 7:01 p.m.
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
1
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
2
LOCAL BUILDING AUTHORITY of
SALT LAKE CITY, UTAH MEETING
A.LBA OPENING CEREMONY:
1.Board/Council Member Alejandro Puy will conduct the formal meeting.
2.Pledge of Allegiance.
3.Welcome and Public Meeting Rules.
B.LBA PUBLIC HEARINGS:
1.Resolution: Budget for the Capital Projects Fund of the Local Building
Authority for Fiscal Year 2025-26
The Board will continue to accept public comment and consider approving a resolution
that would adopt the final budget for the Capital Projects Fund of the Local Building
Authority of Salt Lake City, Utah for Fiscal Year 2025-26.
The LBA’s Capital Projects Fund for Fiscal Year 2025-26 only includes the bond debt
services for the Glendale and Marmalade Libraries. (Other Capital projects throughout
the City are included in the Mayor’s Recommended Budget.) The LBA is a financing tool
for cities and government entities, like libraries, to bond for capital projects at better
interest rates. Capital projects are big projects like parks, public buildings, and street
projects.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
Motion:
Moved by Board Member Wharton, seconded by Board Member Dugan to
close the public hearing and refer the item to a future date for action.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah
Young, Eva Lopez Chavez
Final Result: 7 – 0 Pass
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
3
Summary:
Jennifer Bruno introduced the item; there was no public comment.
C.LBA ADJOURNMENT:
Motion:
Moved by Council Member Dugan, seconded by Council Member Young to adjourn
as the LBA and convene as the CRA.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah Young,
Eva Lopez Chavez
Final Result: 7 – 0 Pass
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
4
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY MEETING
Please note: Dates not identified in the FYI - Project Timeline are either not applicable or not yet
determined.
D.CRA PUBLIC HEARINGS:
1.Resolution: Budget for the Community Reinvestment Agency of Salt Lake
City for Fiscal Year 2025-26
The Board will continue to accept public comment and consider approving a resolution
adopting the final budget for the Community Reinvestment Agency of Salt Lake City for
Fiscal Year 2025-26.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, May 20, 2025
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
Summary:
Jennifer Bruno introduced the item; there was no public comment.
Motion:
Moved by Director Lopez Chavez, seconded by Director Wharton to close the
public hearing and refer the item to a future date for action.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah
Young, Eva Lopez Chavez
Final Result: 7 – 0 Pass
E.CRA ADJOURNMENT:
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
5
Motion:
Moved by Director Mano, seconded by Director Lopez Chavez to adjourn as the
CRA and convene as the City Council.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah Young,
Eva Lopez Chavez
Final Result: 7 – 0 Pass
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
6
SALT LAKE CITY COUNCIL MEETING
Please note: Dates not identified in the FYI - Project Timeline are either not applicable or not yet
determined.
F.CITY COUNCIL OPENING CEREMONY:
1.
2.
Motion:
Moved by Council Member Petro, seconded by Council Member Wharton to
approve the work session meeting minutes of February 4, 2025.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah
Young, Eva Lopez Chavez
Final Result: 7 – 0 Pass
G.PUBLIC HEARINGS:
Ordinances and Resolutions listed below (G1 – G15) are associated with
the implementation of the Mayor’s Recommended Budget for Salt Lake
City, including the Library Fund, for Fiscal Year 2025-26. All items will
be heard as one public hearing.
1.Ordinances Relating to Fiscal Year 2025-26 City Budget, Excluding the
Budget for the Library Fund
The Council will continue to accept public comment and consider approving an ordinance
adopting the budget for Salt Lake City, Utah, excluding the budget for the Library Fund
which is separately adopted, and the employment staffing document of Salt Lake City,
Utah for Fiscal Year 2024-25.
For more information visit https://tinyurl.com/SLCFY26.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
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Welcome to the Public Meeting Rules
The Council will approve the work session meeting minutes of February 4, 2025.
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
2.Ordinance: Adopting the Budget for the Library Fund of Salt Lake City, Utah
for Fiscal Year 2025-26
The Council will continue to accept public comment and consider approving an ordinance
adopting the budget for the Library Fund of Salt Lake City, Utah for Fiscal Year 2025-26.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
3.Ordinance: Adopting the Rate of Tax Levy, Including the Levy for the Library
Fund, for Fiscal Year 2025-26
The Council will continue to accept public comment and consider approving an ordinance
adopting the rate of tax levy, including the levy for the Library Fund, upon all real and
personal property within Salt Lake City made taxable by law for Fiscal Year 2025-26.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
4.Ordinance: Amendments to the Salt Lake City Consolidated Fee Schedule for
Fiscal Year 2025-26
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The Council will continue to accept public comment and consider approving an ordinance
amending various fees and fee information set forth in the Salt Lake City Consolidated
Fee Schedule.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
5.Ordinance: Compensation Adjustment for Elected and Statutory Officers and
Executive Municipal Officers
The Council will continue to accept public comment and consider adopting an ordinance
approving a compensation adjustment for elected and statutory officers and executive
municipal officers of Salt Lake City.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
6.Ordinance: Compensation Plan for All Non-Represented Employees of Salt
Lake City for Fiscal Year 2025-26
The Council will continue to accept public comment and consider adopting an ordinance
approving a compensation plan for all non-represented employees of Salt Lake City.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
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TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
7.Ordinance: Appropriating Necessary Funds to Implement Provisions of an
MOU between Salt Lake City and AFSCME for Fiscal Year 2025-26
The Council will continue to accept public comment and consider adopting an ordinance
appropriating necessary funds to implement, for Fiscal Year 2025-26, the provisions of
the Memorandum of Understanding (MOU) between Salt Lake City Corporation and the
American Federation of State, County, and Municipal Employees (AFSCME) Local 1004,
representing eligible employees.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
8.Ordinance: Appropriating Necessary Funds to Implement Provisions of the
MOU between Salt Lake City and the International Association of
Firefighters for Fiscal Year 2025-26
The Council will continue to accept public comment and consider adopting an ordinance
appropriating the necessary funds to implement, for Fiscal Year 2025-26, the provisions
of the Memorandum of Understanding (MOU) between Salt Lake City Corporation and
the International Association of Firefighters Local 81, representing eligible employees.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
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9.Ordinance: City Owned Motor Vehicles
The Council will continue to accept public comment and consider adopting an ordinance
that would amend Section 2.54.030 of the Salt Lake City Code to update policies and
restrictions related to the use of City owned motor vehicles.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
10.Ordinance: Parking Enforcement
The Council will continue to accept public comment and consider adopting an ordinance
that would amend sections 12.56.140, 12.56.150, 12.56.160 and 12.56.200 of the Salt
Lake City Code to update the time frames, dates, and processes related to parking and
parking enforcement.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
11.Ordinance: Reallocation of the Responsibilities of the Department of Public
Services and the Department of Community and Neighborhoods
The Council will continue to accept public comment and consider adopting an ordinance
that would amend sections of the Salt Lake City Code pertaining to the responsibilities of
the Department of Public Services and the Department of Community and
Neighborhoods.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
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Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
12.Ordinance: Amending Title 2 Administrative Organization for the
Sustainability Department
The Council will continue to accept public comment and consider an ordinance that
would amend section 2.08.120 of the Salt Lake City Code identifying the functions and
responsibilities of the Sustainability Department. The amendment responds to a
Legislative Intent from the last annual budget.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Thursday, May 30, 2024
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
13.Ordinance: Title 17 Updates Compiling with Rate Study and Regulatory
Requirements
The Council will continue to accept public comment and consider approving an
ordinance would amend Chapter 17of the Salt Lake City Code. The Department of Public
Utilities requests the updates to align with the City’s proposed water, sewer, and
stormwater rate structures and to comply with regulatory requirements.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, May 20, 2025
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
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Staff Recommendation - Refer to motion sheet(s).
14.Fiscal Year 2025-26 Budget: Capital Improvement Program
The Council will continue to accept public comment and consider adopting a resolution
for project funding allocations in the Capital Improvement Program (CIP), which
involves the construction, purchase or renovation of buildings, parks, streets or other
City-owned physical structures. Generally, projects have a useful life of at least five years
and cost $50,000 or more. The Council approves debt service and overall CIP funding in
June with the annual budget process, while project-specific funding is approved by
September 1 of the same calendar year.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, June 5, 2025
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
15.Resolution: Addendum No.9 to Interlocal Agreement with the Utah Transit
Authority (UTA) for Transit Master Plan Frequent Bus Service Routes
Implementation
The Council will continue to accept public comment and consider adopting a resolution
that would authorize the Mayor to enter into the proposed addendum No.9 to the
Interlocal Agreement with UTA to implement 2025-26 Frequent Transit Network (FTN)
service. Frequent service is a goal for buses to arrive at least every 15 minutes. This
agreement covers the routes on 200 South, 900 South, 2100 South and 1000
North/South Temple. The interlocal agreement signed in 2018 is for twenty years, with a
goal of full implementation of the FTN as described in the City’s Transit Master Plan.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - TBD
Set Public Hearing Date - Tuesday, April 15, 2025
Hold hearing to accept public comment - Tuesday, May 20, 2025 and Tuesday,
June 3, 2025 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
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Tuesday, June 3, 2025
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Motion:
Moved by Council Member Dugan, seconded by Council Member Wharton
to close the public hearing and refer items G1 – G15 to a future date for
action.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah
Young, Eva Lopez Chavez
Final Result: 7 – 0 Pass
Summary:
Jennifer Bruno introduced the item, stating that all items were being held as one public
hearing for the Mayor's Recommended Budget for Salt Lake City for FY 2025-26.
Public Comments:
Evan Sugden spoke to a Capital Improvement Program (CIP) request not being funded
for high-end bicycle parking and to cooperation with the City for more bike racks at The
Milk Block and Downtown Library.
Esther Hunter spoke to a CIP request from the East Central Community that included
a maintenance implementation plan for the 1200 East islands that were in need of
repair.
Matthew Morriss spoke on a CIP request for speed reduction measures on 800 West
in the Glendale neighborhood, requesting that funding be used to create a safer
environment and mitigate the damage and danger caused by speeding vehicles.
Kelbe Goupil spoke on a CIP request for traffic calming measures in the Glendale
neighborhood along 800 West and requested that these safety measures be funded in
the community.
Avery Edenfield spoke to a CIP request for pedestrian safety and installation of a
High-Intensity Activated crossWalK beacon (HAWK) in Richmond and Zenith in the
Brickyard community, and requested that safety measures be installed to help
pedestrian traffic in the Brickyard area near Millcreek Commons.
Kimball Young spoke on the health and well-being of Salt Lake City being directly
reflected in the condition of the streets in our community, requested that funding be
allocated to improve road conditions around the city.
Tina Hernandez spoke on the need for improved pedestrian safety at crosswalks be
implemented in District 7 on Zenith Street, stating the current signage was inadequate,
cars created unsafe conditions in the neighborhood, and a recent rear-end accident
created an urgent need to address these safety issues.
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COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
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John Woeste (Westy) spoke about the unsafe road conditions within Salt Lake City
and requested that the Texas Street CIP be funded to help create a safer community and
replace the current deteriorating road on this street.
Council Comments:
Council Member Young thanked the community for attending and advocating for their
interests, providing solutions to help create change and making the city a safer place.
Council Member Mano clarified that the budget adoption in the coming weeks would
include the amount allocated to the CIP program, and specific projects would be
approved to fund later in the year.
Jennifer Bruno provided the upcoming timeline for the final CIP funding.
H.POTENTIAL ACTION ITEMS:
NONE.
I.COMMENTS:
1.Questions to the Mayor from the City Council.
There were no questions for the Mayor.
2.Comments to the City Council. (This is a one-hour time slot for the public to
comment on any City business not scheduled for a public hearing. Each person
will have two minutes to talk. General comment registration closes at 7:30 p.m.)
Public Comments:
Frederick Jenny spoke on the policy requirements for the Granary District Plans and
burying the rails along 500 West.
Stephen Otterstrom spoke on the recent sales tax adopted by the City, stating it was
not beneficial to the community, and requested that simple community needs be funded
before projects that increased the community's financial burden.
Cheneil Hill spoke on a legislative initiative proposed by the Stand Against Fear and
Exploitation (SAFE) nonprofit organization, requesting the Council's support for a sex
offender registry violation accountability act to strengthen penalties for violating the
terms of the registry.
Eduardo Guzman spoke on behalf of the Carpenters Union Local 801, stating labor
brokers were creating unfair job opportunities by offering cash bids and payments to
labor contractors, and requested city intervention to protect Union members.
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Tuesday, June 3, 2025
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Vidal Miranda, a member of Carpenters Union Local 801, spoke about the unfair
practices of labor brokers who create opportunities that are not in the best interest of
certified, accredited union members seeking employment, and requested city
intervention to protect the Union and its members.
J.NEW BUSINESS:
1.Ordinance: Economic Development Loan Fund - Hruskas LLC.
The Council will consider adopting an ordinance that would approve a $200,000 loan for
Hruskas, LLC. at 1751 South 1100 East from the Economic Development Loan Fund
(EDLF). Hruskas, LLC. takeout restaurant offering sweet and savory kolaches stuffed
pastries. This loan will assist in the creation of two new jobs in the next year and the
retention of nine current jobs.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, June 3, 2025
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, June 3, 2025
Staff Recommendation - Refer to motion sheet(s).
Motion:
Moved by Council Member Young, seconded by Council Member Wharton to
adopt Ordinance 30 of 2025, approving a $200,000 loan for Hruskas LLC
from the Economic Development Loan Fund.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah
Young, Eva Lopez Chavez
Final Result: 7 – 0 Pass
K.UNFINISHED BUSINESS:
1.Resolution: Issuance of Airport Revenue Bonds, Series 2025
The Council will consider adopting a parameters resolution authorizing the issuance and
sale of not more than $700 million aggregate principal amount of one or more series of
Airport Revenue Bonds, series 2025, for the purpose of financing and refinancing certain
Capital Improvements to the Salt Lake City International Airport. The Council's action
includes authorizing the execution of a supplemental indenture, a bond purchase
agreement, and other documents as required.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
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Tuesday, June 3, 2025
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Briefing - Tuesday, May 13, 2025
Set Public Hearing Date - Tuesday, June 3, 2025
Hold hearing to accept public comment - Tuesday, July 1, 2025 at 7 p.m.
TENTATIVE Council Action - Tuesday, June 3, 2025
Staff Recommendation - Refer to motion sheet(s).
Motion:
Moved by Council Member Wharton, seconded by Council Member Dugan to
adopt Resolution 14 of 2025, adopting the bond parameters and
recognizing the date to set a public hearing on the bond issuance for July 1,
2025.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah
Young, Eva Lopez Chavez
Final Result: 7 – 0 Pass
L.CONSENT:
1.Resolution: Issuance of Airport Revenue Bonds, Series 2025
The Council will set the date of Tuesday, July 1, 2025 at 7 p.m. to accept public comment
for a parameters resolution authorizing the issuance and sale of not more than $700
million aggregate principal amount of one or more series of Airport Revenue Bonds,
series 2025, for the purpose of financing and refinancing certain Capital Improvements to
the Salt Lake City International Airport. The Council's action includes authorizing the
execution of a supplemental indenture, a bond purchase agreement, and other documents
as required.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, May 13, 2025
Set Public Hearing Date - Tuesday, June 3, 2025
Hold hearing to accept public comment - Tuesday, July 1, 2025 at 7 p.m.
TENTATIVE Council Action - Tuesday, June 3, 2025
Staff Recommendation - Set date.
2.Ordinance: Zoning Map Amendment at Approximately 128 North N Street
The Council will set the date of Tuesday, July 1, 2025 at 7 p.m. to accept public comment
and consider adopting and ordinance that would amend the zoning for the property at
approximately 128 North N Street from the SR-1A (Special Development Pattern
Residential District) to RMF-30 (Low Density Multi-Family Residential District). The
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proposal would enable the development of three residential infill rental housing units
behind the primary structure on the property. The property sits on the East side of N
Street one parcel south of the corner of N Street and 3rd Avenue. The property is located
in the Avenues Local Historic District. The existing structure is rated as contributing to
the historic district and would not be altered under the proposal. Consideration may be
given to rezoning the property to another zoning district with similar characteristics. The
project is within Council District 3. Petitioner: John Van Trigt, the property owner.
Petition No.: PLNPCM2024-01079.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, May 20, 2025
Set Public Hearing Date - Tuesday, June 3, 2025
Hold hearing to accept public comment - Tuesday, July 1, 2025 at 7 p.m.
TENTATIVE Council Action - Tuesday, July 8, 2025
Staff Recommendation - Set date.
3.Grant Holding Account Items (Batch No.5) for Fiscal Year 2024-25
The Council will consider approving Grant Holding Account Items (Batch No.5) for Fiscal
Year 2024-25.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, June 3, 2025 at 7 p.m.
TENTATIVE Council Action - n/a
Staff Recommendation - Approve.
4.Board Appointment: Racial Equity in Policing Commission – Aleksei
Hernandez-Nietling
The Council will consider approving the appointment of Aleksei Hernandez-Nietling to
the Racial Equity in Policing Commission for a term ending December 27, 2027.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, June 3, 2025
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
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Tuesday, June 3, 2025
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TENTATIVE Council Action - Tuesday, June 3, 2025
Staff Recommendation - Approve.
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Tuesday, June 3, 2025
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Motion:
Moved by Council Member Wharton, seconded by Council Member Petro to
approve the Consent Agenda.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Sarah Young,
Eva Lopez Chavez
Final Result: 7 – 0 Pass
M.ADJOURNMENT:
Meeting adjourned at 7:47 p.m.
Council Minutes Approved: [Date will be added upon approval]
CRA Minutes Approved: [Date will be added upon approval]
LBA Minutes Approved: [Date will be added upon approval]
_______________________________
City Council Chair – Chris Wharton
_______________________________
Community Reinvestment Agency Chair – Darin Mano
_______________________________
Local Building Authority Chair – Chris Wharton
_______________________________
City Recorder – Keith Reynolds
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the City
Council, CRA, and LBA meeting held Tuesday, June 3, 2025 and is not intended to serve as a full
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
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transcript. Please refer to the electronic recording for entire content pursuant to Utah Code §52-
4-203.
MINUTES OF THE SALT LAKE CITY COUNCIL, LOCAL BUILDING AUTHORITY, AND
COMMUNITY REINVESTMENT AGENCY
Tuesday, June 3, 2025
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PENDING MINUTES – NOT APPROVED
The Board of Directors of the Community Reinvestment Agency (CRA) of Salt Lake City met
on Tuesday, June 10, 2025.
The following Board Members were present:
Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano, Eva
Lopez Chavez
Present Agency Leadership:
Mayor Erin Mendenhall, Jill Love – Chief Administrative Officer, Danny Walz – Community
Reinvestment Agency Director, Cara Lindsley – Community Reinvestment Agency Deputy
Director
Present City Staff:
Mark Kittrell – City Attorney, Matthew Brown – Deputy City Recorder, Stephanie Elliott –
Minutes & Records Clerk, Taylor Hill – Constituent Liaison/Policy Analyst, Scott Corpany –
Staff Assistant, Kate Werrett – CRA Project Manager, Tracy Tran – Project Manager, Browne
Sebright – CRA Project Manager
Director Chair Mano presided at and conducted the meeting.
The meeting was called to order at 2:15 p.m.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
1
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.)
There were no public comments.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
1.Resolution: 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.
Summary:
Kate Werrett gave a brief introduction.
There were no public comments.
Motion:
Moved by Director Puy, seconded by Director Dugan to close the public
hearing.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin
Mano, Eva Lopez Chavez
Final Result: 7 – 0 Pass
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
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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.
Motion:
Moved by Director Dugan, seconded by Director Lopez Chavez to adopt
Resolution 08 of 2024, approving the second amendment of the 2025 budget
of the Salt Lake City Community Reinvestment Agency.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin
Mano, Eva Lopez Chavez
Final Result: 7 – 0 Pass
Summary:
Kate Werrett gave a brief introduction during the previous item B1.
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.
Motion:
Moved by Director Petro, seconded by Director Wharton to adopt Resolution
09 of 2025, adopting the term sheet for financial assistance to
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
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NeighborWorks Salt Lake for the Maltair and Stanbridge Projects, including
an exception for the Maltair Lanes, waiving the Sustainability Development
Policy threshold requirement for Emissions-Free Building Operation to
enable the use of natural gas for HVAC systems, while retaining the
requirement for Enhanced Energy Performance verifying the project has
been designed to meet a Designed to Earn Energy Star target of 90 or higher
or a corresponding Energy Use Intensity (EUI) target. If the applicant is
unable to meet this requirement, the applicant may request to modify the
term sheet for an additional waiver.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin
Mano, Eva Lopez Chavez
Final Result: 7 – 0 Pass
Summary:
Tracy Tran and Browne Sebright introduced the item and discussed the project and the
waiver request by applicant Bryce Gardner and the Board from NeighborWorks.
Bryce Gardner stated the reason for the waiver requests was to avoid renegotiation and
redesign of the phases, which would result in project delays and added costs.
Director Requests:
Director Mano requested a review of the project and architecture before funding the
entire $2.1 million to ensure it met the Board's requirements and maintained the energy
efficiency requirement.
Directors collectively requested a report on how the development could achieve the
highest Energy Star Ratings.
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”.
Summary:
Danny Walz introduced the item. Matt Castillo (Salt Lake County Arts & Culture
Director) and Andrea Vanderwall ( Eccles Theater General Manager) presented the
item to the Board, discussing the budgets, arts program events, volunteer patrol services
reports, and public benefits for residents of Salt Lake City.
Director Requests:
Director Puy requested more advertisements for community events and benefits the
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
4
Eccles Theater provided for community members to use.
Director Petro requested strategy reports on how to encourage people of all age groups,
including families, to get involved in the arts. Matt Castillo stated they would follow up
with local school departments to gather information on how to activate and promote
theater arts within the community.
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.
Summary:
Danny Walz introduced the item. Director Mano supported this item, stating it was a
priority of District 1 community members to activate this area.
Straw Poll:
Support to approve the use of $75,000 from the State Street Fund-Strategic Intervention
Program to approve the Professional Services Agreement to activate the Smiths Ballpark
stadium from July to December 2025. All Board Members present were in support.
Director Request:
Director Puy requested a report detailing the proposed funding uses for the activation
plan and related events. Danny Walz responded the department would return to the
board with information on the funding sources and budget.
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.
There was no report.
6.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
There was no report.
7.Report and Announcements from CRA Staff TENTATIVE
5 min.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
5
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.
There was no report.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2. strategy sessions to discuss pending or reasonably imminent litigation;
3. strategy sessions to discuss the purchase, exchange, or lease of real property:
(i) disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i) public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
6
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.
Summary:
Closed Session started at 2:16 pm
Directors in attendance: Dugan, Mano, Wharton, Puy, Young, Petro, Lopez Chavez.
Staff in attendance:
Kate Werrett
Marcus Lee
Allison Rowland
Nick Tarbet
Blake Thomas
Taylee Folger
Erin Cunningham
Miranda Johnson
Eric Holmes
Tracy Tran
Browne Sebright
Danny Walz
Allison Parks
Tauni Barker
Whitney Gonzalez Fernandez
Lehua Weaver
Rachel Otto
Megan Yuill
Jennifer Bruno
Jennifer huntsman
Mark Kittrell
Cindy Lou Trishman
Matthew Brown
Keith Reynolds
Closed Session ended at 2:35 pm
Motion:
Moved by Director Wharton, seconded by Director Petro to enter into Closed
Session for the purposes of: d. strategy sessions to discuss the purchase,
exchange, or lease of real property. 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.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano,
Eva Lopez Chavez
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
7
Adjournment
Final Result: 7 – 0 Pass
Motion:
Moved by Director Dugan, seconded by Director Puy to exit Closed Session.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano,
Eva Lopez Chavez
Final Result: 7 – 0 Pass
G.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
8
Meeting adjourned at 4:05 p.m.
Minutes Approved:
_______________________________
Community Reinvestment Agency Chair – Darin Mano
_______________________________
City Recorder – Keith Reynolds
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Community Reinvestment Agency meeting held Tuesday, June 10, 2025 and is not intended
to serve as a full transcript. Please refer to the electronic recording for entire content pursuant to
Utah Code §52-4-203.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, June 10, 2025
9
Item C2
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
www.slc.gov/council
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:October 14, 2025
RE: RESOLUTION: DISASTER RELIEF LOAN PROGRAM
MOTION 1 – ADOPT RESOLUTION
I move that the Board adopt a resolution to approve the creation of the Disaster Relief Loan Program.
MOTION 2 – NOT ADOPT
I move that the Board not adopt the proposed resolution.
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/SLCFY26
TO:CRA Board Members
FROM:Lehua Weaver, Jennifer Bruno, Kate Werrett
Budget and Policy Analysts
DATE:October 14, 2025
RE: Community Reinvestment Agency (CRA) Budget Amendment Number 1 Fiscal Year (FY) 2026
& the Disaster Relief Loan Program (DRLP)
________________________________________________________________________________
ISSUE AT-A-GLANCE
This staff report covers two proposed items- the CRA Budget Amendment 1 and the creation of the Disaster Relief
Loan Program.
CRA Budget Amendment 1 includes:
- The reallocation of funds totaling $9,425,816 to the Commercial Development Loan Program (CDLP).
- A reallocation of $5 million to the proposed Disaster Relief Loan Program from the Revolving Loan Fund.
The CRA has proposed creating the Disaster Relief Loan Program (DRLP) to provide gap financing for the
structural reconstruction of properties that have suffered significant damage or destruction due to fire, flooding,
earthquakes, or storms (Qualifying Events) within CRA project areas.
Goal of the briefing: Discuss the DRLP, review the FY2026 CRA Budget Amendment 1, and set the required
public hearing date.
ADDITIONAL & BACKGROUND INFORMATION
Disaster Relief Loan Program (DRLP)
In response to the Main Street fire on August 11th, the Administration has proposed several City disaster support
options with specific goals. The CRA’s proposed DRLP is focused on expediting structural recovery options and will
provide a gap financing choice for the August 11th Main Street fire property owners and those impacted by future
Qualifying Events within active CRA project areas. The August 11th fire occurred within the CRA’s Central Business
District Project Area (CBD).
Summary Points of the DRLP include:
a. Who: Property Owners or long-term lessees in CRA project areas
b. Why: gap financing to help expedite reconstruction
c. Funding Source: $14 million from commercial assistance program that comes from all CRA project
areas. $5 million available in the CBD.
d. How much per property: $1 million each for four properties
Project Timeline:
Set Date & 1st Briefing: September 9, 2025
Public Hearing & 2nd Briefing: October 14, 2025
Potential Action: October 14, 2025, or later
Page | 2
e. Terms:
-0% and no payments for first 2 years, 2% in year 3
-3 year term extendable to 5 years, amortized over 10 years
-5% interest starting at year 5
f. Loan application & Criteria: board approval, active insurance claim required
The resolution includes the full terms of the DRLP, and CRA staff is drafting administrative guidelines to assist with
the application process and loan underwriting.
CRA Budget Amendment #1
The CRA Budget Amendment 1 includes funding for the DRLP. The amendment allocates $5 million to the DRLP to
support Qualifying Events in the Central Business District (CBD) Project Area. The CRA Board may consider future
funding allocations for both the CBD and other CRA project areas as needed.
Budget Amendment 1 also combines several funding sources into the Commercial Development Loan Program
(CDLP). CRA Resolution 4-2025 created the CDLP to replace the CRA Loan Program, the Granary District Adaptive
Reuse Loan Program, and the Commercial Revolving Loan Program. In addition to the funds from these programs,
the budget amendment reallocates all but $717,318 of the Commercial Assistance Loan Reserves to the CDLP.
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 for CRA project areas.
Project Area
Initial
Collection
Year
Last
Collection
Year
Central Business
District*†1983 2042
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2038
North Temple Viaduct
CDA 2012 2036
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2042
Stadler Rail 2019 2038
Block 67 North 2021 2041
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table.
*The CRA Board extended the CBD from the original expiration year of 2007.
†In October 2021, the Board approved two-year extensions for these project areas. State law was
changed to allow extensions for project 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:
Page | 3
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including recreational
and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board determines
to be a benefit to the project area.
ACRONYMS
CBD – Central Business District
CDA – Community Development Area
CDLP – Commercial Development Loan Program
CRA – Community Reinvestment Agency
DRLP – Disaster Relief Loan Program
FY – Fiscal Year
RLF – Revolving Loan Fund
TY – Tax Year
ATTACHMENTS
1.Administrative Transmittal: Disaster Relief Loan Program
2.Administrative Transmittal: CRA Budget Amendment No.1 for Fiscal Year 2025-26
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
08/14/2025
Date Sent to Council:
08/14/2025
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
08/14/2025
Chief of Staff's Signed Date
08/14/2025
Subject:
Disaster Relief Loan Program
Additional Staff Contact:
Danny Walz - danny.walz@slc.gov
Presenters/Staff Table
Danny Walz - danny.walz@slc.govJennifer Huntsman - jennifer.huntsman@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
$5,000,000
Recommendation:
Approve resolution
Background/Discussion
In response to the fire on August 11, 2025, and destruction of several businesses along Main Street, the Community Reinvestment Agency (“Agency ”) is proposing the creation of a Disaster Relief Loan Program to assist in the reconstruction of the structures to support the future reinstatement of businesses.
Will there need to be a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
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
STAFF MEMO
DATE: August 14, 2025
PREPARED BY: Danny Walz, Director
RE: Disaster Relief Loan Program
REQUESTED ACTION: Consideration and adoption of Resolution Approving the Disaster
Relief Loan Program (DRLP)
POLICY ITEM: Commercial Assistance Programs
BUDGET IMPACTS: Appropriation of $5,000,000 from Agency commercial assistance funds
EXECUTIVE SUMMARY:
In response to the fire on August 11, 2025, and destruction of several businesses along Main Street,
the Community Reinvestment Agency (“Agency”) is proposing the creation of a Disaster Relief Loan
Program to assist in the reconstruction of the structures to support the future reinstatement of
businesses.
ANALYSIS & ISSUES:
The Term Sheet provides a general description of the purpose of the program and the proposed terms
for financial assistance. This policy establishes a commercial assistance program targeted to
properties that have suffered significant damage or destruction due to fire, flooding, or storms. The
program is intended to expedite the funding process with associated terms to facilitate the recovery
efforts. Agency staff will draft accompanying administrative guidelines to further direct the
application and underwriting process. The availability of the program is subject to allocation of
approved funding by the Board of Directors. Agency staff have submitted an associated budget
amendment proposing the allocation of $5,000,000 in funds to be made available to the properties
damaged in the August 11th fire.
NEXT STEPS:
• If the DRLP is adopted, staff will contact affected property owners to discuss the program
terms, application and approval process.
ATTACHMENTS:
• Resolution to adopt the Agency Disaster Relief Loan Program
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO.
Disaster Relief Loan Program Policy
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY ADOPTING THE DISASTER RELEIF LOAN PROGRAM POLICY
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,
Utah Code Title 17C; and
WHEREAS, the Utah Community Reinvestment Agency Act grants the CRA powers to use funds to
provide for project area development within project area boundaries; and
WHEREAS, the CRA Board now supports the goal of providing immediate financial assistance to
targeted business and property owners within CRA project areas that have suffered significant
damage or destruction due to fire, flooding, earthquakes or storms.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY, that Board hereby adopts the
following policy for a Disaster Relief Loan Program:
1. PURPOSE & INTENT
The Disaster Relief Loan Program (DRLP) provides immediate financial assistance to targeted
business and property owners that have suffered significant damage or destruction due to fire,
flooding, earthquakes, or storms (Qualifying Events).
2. PROGRAM ADMINISTRATION
Administration of the DRLP shall be guided by this policy and corresponding administrative
guidelines. Funding may be offered on an ongoing basis or periodically in response to specific
disasters, subject to the availability of funds.
3. THRESHOLD REQUIREMENTS
To be eligible for funding through the DRLP, projects must meet the following threshold
requirements, in addition to further requirements that may be set forth in the DRLP
administrative guidelines.
a. Eligible Project Types
Project must have sustained direct and verifiable damage or destruction within one (1) year
from the Qualifying Event, as documented by official fire or police department reports,
insurance claims, and/or on-site inspections by a licensed inspection agent.
b. Eligible Costs
Funds are intended to provide gap financing to help Owners with reconstruction expenses or
hard costs for mitigation and/or repair of disaster-incurred damage including, but not limited
to:
• Demolition
• Debris removal and site cleanup
• Security measures for the damaged property during reconstruction
• Architectural and engineering fees for reconstruction planning
• Reconstruction of damaged buildings and other site improvements
• Other qualified uses related to disaster recovery
Funds may not be used for personal expenses, refinancing of existing debt, acquisition, or
capital improvements not directly related to damage suffered. Project-related soft costs, or
tenant-specific improvements will be considered on a case-by-case basis.
c. Eligible Applicants
Eligible Applicants must be the existing property owner or long-term lessee of the property,
which may be an individual or an existing legally registered business that was in good
standing with all local, state, and federal regulations prior to sustaining damage (collectively,
Owners). Owners must provide sufficient evidence of their financial capabilities to
successfully complete the project, and their credit history must demonstrate prompt payment
of past obligations. Owners and affiliated entities must be in good standing on all existing
contracts administered by the CRA, Salt Lake City Corporation, Salt Lake County, and the
State of Utah. Owners must have an active and applicable insurance policy and be in the
process of filing a claim for disaster-related damages. The CRA may require a copy of the
insurance claim filing and contact information for the insurance adjuster. Evidence
demonstrating compliance with any eligibility requirements may be requested by the CRA.
d. Project Area Requirements
The property must be located within an eligible CRA Project Area.
e. Timeliness
Time is of the essence in administration of the DRLP and use of funds. The intent of the
DRLP is to provide funds to facilitate immediate reconstruction efforts and support projects
with an expedited timeframe for completion.
4. LOAN AMOUNT, TERM, & INTEREST RATE
a. Loan Amount
The applicant must provide sufficient evidence that the amount of funds requested from the
CRA is necessary for the project to succeed.
i. Maximum Loan Amount
All loans shall have a maximum loan amount of one million dollars ($1,000,000).
ii. Gap Financing
Loan maximums are limited to the demonstrated gap in available funds to cover
anticipated project costs. The final loan amount will be determined based on the
project need, available insurance coverage, scope of immediate expenses, and
enhanced construction costs related to building code requirements, or preservation of
building facades or structure. The CRA reserves the right to adjust the maximum
amount based on the total number of applications and available program funding.
b. Term & Amortization
The loan term and amortization schedule shall be determined as follows:
i. Term
The loan term shall be up to three (3) years, commencing upon initial disbursement of
funds. An option to extend the overall loan term to five (5) years may be available
through a preauthorized extension that provides an interest rate of five percent (5%)
beginning in year four (4).
ii. Amortization
The standard amortization period is up to ten (10) years with balloon payment due at
loan maturity.
c. Interest Rate
The interest rate shall be determined as follows:
i. Interest Rate
The initial interest rate of zero percent (0%) will be applied for the first twenty-four
(24) months of the loan term. After the initial 24-month period, an interest rate of
two percent (2%) will be applied to the remaining balance. Any extension of the loan
beyond the standard 3-year term shall carry a five percent (5%) interest rate. Interest
shall begin to accrue following the initial 24-month period. In the event of a default,
the interest rate will increase to fourteen percent (14%) on the unpaid sum.
5. COLLATERAL AND GUARANTEES
Adequate security shall be required, generally in the form of a deed of trust, personal guarantees,
UCC filings for business assets, vehicle titles, personal property and assets, and/or other
acceptable forms of collateral as established by the DRLP administrative guidelines.
6. EVALUATION & APPROVAL PROCESS
a. Application Process
The process for distributing and collecting loan applications and supporting documentation
shall be established by the DRLP administrative guidelines.
b. Underwriting and review by CRA Staff
CRA staff shall carry out an underwriting process according to the DRLP administrative
guidelines and shall ensure the proposed loan is consistent with any applicable laws or
regulations. Once the threshold requirements have been met, CRA staff will further review
the application and supplemental materials to determine if the project shall be recommended
for conditional loan approval. If either the applicant or proposed project fails to demonstrate
the ability to meet underwriting requirements, or such loan conflicts with any laws or
regulations, CRA staff shall reserve the right to deny the loan application.
c. Conditional Approval Process
All applications and requests for adjustments from the standard loan terms, except for those
authorized modifications provided in Section 9 herein, shall be reviewed by the CRA Board
for conditional loan approval.
d. Loan Finalization
Once an applicant receives conditional loan approval, CRA staff shall finalize the loan
according to the DRLP administrative guidelines.
e. Fees
Applicable application and legal fees, as well as closing costs, as outlined in the DRLP
administrative guidelines, shall be borne by the Borrower.
7. LOAN DISBURSEMENT & REPAYMENT
a. Disbursement of Funds
Funding shall be disbursed in the form of draws evidenced by supporting documentation of
the related expenses and/or demonstration that the work has been completed.
b. Repayment
No payments will be due for the first twenty-four (24) months of the loan. Monthly
payments will be due and payable within thirty (30) days of the Owner receiving its final
insurance settlement proceeds related to the damage, the start of lease payments by a tenant,
or issuance of a Certificate of Occupancy, whichever is soonest (Repayment Trigger).
Evidence demonstrating compliance with the associated Repayment Trigger may be
requested by the CRA. Loans may be prepaid in whole or in part at any time without penalty.
8. MONITORING & COMPLIANCE
Reporting requirements, as determined by CRA staff, may be put in place to ensure that projects
are in compliance with obligations associated with DRLP threshold requirements and loan terms,
which will be memorialized in loan agreements, restrictive use agreements, or other form of
agreement that is executed at closing. Obligations may extend beyond the approved loan term.
9. LOAN MODIFICATIONS
In the event of extenuating circumstances or financial hardship of the Owner, the CRA may
provide payment forbearance, payment deferment, an adjustment to terms, or loan forgiveness.
Such adjustments shall be considered on a case-by-case basis and shall be subject to a thorough
review of the project’s financial standing and other relevant information. The process for
providing loan modifications shall be considered and authorized as follows:
a. Forbearance/Deferment
The Director of the CRA may elect to provide the Borrower with a temporary forbearance or
deferment of payment for up to one (1) year. For periods of forbearance or deferment longer
than one (1) year, the CRA Finance Committee shall provide a recommendation that is
forwarded to the Board, who shall consider and act upon all such requests.
b. Adjustment to Terms
The Director of the CRA may elect to authorize an extension of the repayment term by an
additional two (2) years (beyond the term that was initially approved), and/or re-amortization
up to twenty (20) years.
c. Loan Forgiveness
The CRA Finance Committee shall provide a recommendation that is forwarded to the Board,
who shall consider and act upon all such requests.
10. EXCEPTIONS
The CRA Board of Directors, by a majority vote of those present, may waive or make exceptions
to the foregoing requirements with a finding that the intent of the DRLP will be furthered by such
waiver or exception.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency, this
_______ day of August 2025.
________________________________
Darin Mano, Chair
Approved as to form: __/s/ Jennifer Huntsman____
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
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Item C3
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:October 14, 2025
RE: RDA Budget Amendment #1 of Fiscal Year 2026
MOTION 1 – ADOPT
I move that the Board adopt a resolution approving the first amendment of the Fiscal Year 2026
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/SLCFY26
TO:CRA Board Members
FROM:Lehua Weaver, Jennifer Bruno, Kate Werrett
Budget and Policy Analysts
DATE:October 14, 2025
RE: Community Reinvestment Agency (CRA) Budget Amendment Number 1 Fiscal Year (FY) 2026
& the Disaster Relief Loan Program (DRLP)
________________________________________________________________________________
ISSUE AT-A-GLANCE
This staff report covers two proposed items- the CRA Budget Amendment 1 and the creation of the Disaster Relief
Loan Program.
CRA Budget Amendment 1 includes:
- The reallocation of funds totaling $9,425,816 to the Commercial Development Loan Program (CDLP).
- A reallocation of $5 million to the proposed Disaster Relief Loan Program from the Revolving Loan Fund.
The CRA has proposed creating the Disaster Relief Loan Program (DRLP) to provide gap financing for the
structural reconstruction of properties that have suffered significant damage or destruction due to fire, flooding,
earthquakes, or storms (Qualifying Events) within CRA project areas.
Goal of the briefing: Discuss the DRLP, review the FY2026 CRA Budget Amendment 1, and set the required
public hearing date.
ADDITIONAL & BACKGROUND INFORMATION
Disaster Relief Loan Program (DRLP)
In response to the Main Street fire on August 11th, the Administration has proposed several City disaster support
options with specific goals. The CRA’s proposed DRLP is focused on expediting structural recovery options and will
provide a gap financing choice for the August 11th Main Street fire property owners and those impacted by future
Qualifying Events within active CRA project areas. The August 11th fire occurred within the CRA’s Central Business
District Project Area (CBD).
Summary Points of the DRLP include:
a. Who: Property Owners or long-term lessees in CRA project areas
b. Why: gap financing to help expedite reconstruction
c. Funding Source: $14 million from commercial assistance program that comes from all CRA project
areas. $5 million available in the CBD.
d. How much per property: $1 million each for four properties
Project Timeline:
Set Date & 1st Briefing: September 9, 2025
Public Hearing & 2nd Briefing: October 14, 2025
Potential Action: October 14, 2025, or later
Page | 2
e. Terms:
-0% and no payments for first 2 years, 2% in year 3
-3 year term extendable to 5 years, amortized over 10 years
-5% interest starting at year 5
f. Loan application & Criteria: board approval, active insurance claim required
The resolution includes the full terms of the DRLP, and CRA staff is drafting administrative guidelines to assist with
the application process and loan underwriting.
CRA Budget Amendment #1
The CRA Budget Amendment 1 includes funding for the DRLP. The amendment allocates $5 million to the DRLP to
support Qualifying Events in the Central Business District (CBD) Project Area. The CRA Board may consider future
funding allocations for both the CBD and other CRA project areas as needed.
Budget Amendment 1 also combines several funding sources into the Commercial Development Loan Program
(CDLP). CRA Resolution 4-2025 created the CDLP to replace the CRA Loan Program, the Granary District Adaptive
Reuse Loan Program, and the Commercial Revolving Loan Program. In addition to the funds from these programs,
the budget amendment reallocates all but $717,318 of the Commercial Assistance Loan Reserves to the CDLP.
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 for CRA project areas.
Project Area
Initial
Collection
Year
Last
Collection
Year
Central Business
District*†1983 2042
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2038
North Temple Viaduct
CDA 2012 2036
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2042
Stadler Rail 2019 2038
Block 67 North 2021 2041
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table.
*The CRA Board extended the CBD from the original expiration year of 2007.
†In October 2021, the Board approved two-year extensions for these project areas. State law was
changed to allow extensions for project 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:
Page | 3
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including recreational
and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board determines
to be a benefit to the project area.
ACRONYMS
CBD – Central Business District
CDA – Community Development Area
CDLP – Commercial Development Loan Program
CRA – Community Reinvestment Agency
DRLP – Disaster Relief Loan Program
FY – Fiscal Year
RLF – Revolving Loan Fund
TY – Tax Year
ATTACHMENTS
1.Administrative Transmittal: Disaster Relief Loan Program
2.Administrative Transmittal: CRA Budget Amendment No.1 for Fiscal Year 2025-26
SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
08/26/2025
Date Sent to Council:
08/27/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
08/26/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
08/26/2025
Subject:
FY26 CRA Budget Amendment #1 - Retransmittal
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 First Amendment to the Annual CRA Budget for FY 2025-2026.
Background/Discussion
The Agency recommends consolidating multiple funding sources into the proposed Disaster Relief Loan Program and the Commercial Development Loan Program. This amendment includes reallocating $1,626,949 from the Central Business District Funds and $3,373,051 from the Revolving Loan Fund, for a combined reallocation of $5,000,000 to the Disaster Relief Loan Program. The agency is also proposing to reallocate $3,267,132 from the Commercial Assistance Reserves Program in the Depot District and Granary District Funds, and $882,175 from the CommercialAdaptive Reuse Loans Program in the Granary District Fund, for a combined reallocation of $4,149,307 towards the Commercial Development Loan Program. This will leave $717,318 in the Commercial Assistance Reserves Program to be reallocated at a future date.
Currently, the existing Commercial Revolving Loans Program holds $10,276,509 across the Revolving Loan Fund, Central Business District, State Street, 9 Line, North Temple, and Program Income Funds. With the Fiscal Year 2026 Budget, the Board approved a total of $5,864,250 in appropriations to this program which was added to the existing $4,412,259.
If this amendment is approved, after the reallocation to the Disaster Relief Loan Program, the Commercial Development Loan Program will have $9,425,816 available to lend within the following funds:• Depot District: $1,000,000• Granary District: $3,149,308• North Temple: $150,741• 9 Line: $500,000• State Street: $1,139,049• Program Income Fund: $208,060• Revolving Loan Fund: $3,278,658
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__________
First Budget Amendment for Fiscal Year 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2025, to be effective upon adoption.
________________________________
, Chair
Approved as to form: __/s/ Jennifer Huntsman__
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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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: August 26, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #1, FY 2025-2026
REQUESTED ACTION: Discuss and consider the adoption of the proposed First Amendment to the
Annual CRA Budget for FY 2025-2026.
BUDGET IMPACTS: The First Amendment will not affect the Agency's overall budget total. Its
purpose is to reallocate multiple program appropriations to fund $5,000,000 for the Disaster Relief
Loan Program (DRLP) and $9,425,816 for the Commercial Development Loan Program (CDLP).
EXECUTIVE SUMMARY: The Agency recommends consolidating multiple funding sources into the
proposed Disaster Relief Loan Program and the Commercial Development Loan Program. This
amendment includes reallocating $1,626,949 from the Central Business District Funds and $3,373,051
from the Revolving Loan Fund, for a combined reallocation of $5,000,000 to the Disaster Relief Loan
Program. The agency is also proposing to reallocate $3,267,132 from the Commercial Assistance
Reserves Program in the Depot District and Granary District Funds, and $882,175 from the Commercial
Adaptive Reuse Loans Program in the Granary District Fund, for a combined reallocation of $4,149,307
towards the Commercial Development Loan Program. This will leave $717,318 in the Commercial
Assistance Reserves Program to be reallocated at a future date.
Currently, the existing Commercial Revolving Loans Program holds $10,276,509 across the Revolving
Loan Fund, Central Business District, State Street, 9 Line, North Temple, and Program Income Funds.
With the Fiscal Year 2026 Budget, the Board approved a total of $5,864,250 in appropriations to this
program which was added to the existing $4,412,259.
If this amendment is approved, after the reallocation to the Disaster Relief Loan Program, the
Commercial Development Loan Program will have $9,425,816 available to lend within the following
funds:
•Depot District: $1,000,000
•Granary District: $3,149,308
•North Temple: $150,741
•9 Line: $500,000
•State Street: $1,139,049
•Program Income Fund: $208,060
•Revolving Loan Fund: $3,278,658
ANALYSIS & ISSUES:
Disaster Relief Loan Program
The Disaster Relief Loan Program (DRLP) provides immediate financial assistance to targeted business
and property owners (Owners) who have suffered significant damage or destruction due to fire, flooding,
or storms.
Reallocation of Commercial Revolving Loans Program
The table below outlines the current appropriations within the Commercial Revolving Loan Program that
will be impacted by this amendment, specifically in the Revolving Loan and Central Business District
Funds. The Agency is requesting to reallocate the full $1,626,949 from the Central Business District Fund
and $3,373,051 from the Revolving Loan Fund to the Disaster Relief Loan Program. The remaining
$181,063 in the Revolving Loan Fund Commercial Revolving Loans Program will be addressed later in
this amendment.
Resulting Disaster Relief Loan Program Appropriations
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Revolving
Loans
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Business
District Revolving
Loans
Commercial Revolving
Loans -CBD [Capital
Commercial Revolving
Loans -CBD [Capital
Total 5,181,063 (5,000,000) 181,063
The proposed amendment consolidates a total budget of $5,000,000 into the Disaster Relief Loan
Program by reallocating funds from the Commercial Revolving Loans Program. These reallocations
impact the Central Business District Fund and the Revolving Loan Fund combining them into the Disaster
Relief Loan Program.
Commercial Development Loan Program
The Commercial Development Loan Program (CDLP) was created with CRA Resolution 4-2025 with the
purpose of providing critical financing to support and incentivize the development of commercial and
mixed-use projects that advance the CRA’s core mission, values, and project area objectives. The new
program effectively replaced the former CRA Loan Program and Granary District Adaptive Reuse Loan
Program.
While the Agency was in the process of redesigning its commercial loan programs, the Board previously
approved appropriations to the Commercial Assistance Reserves Program. This program served as a
temporary holding account while the Agency evaluated how best to structure its long-term commercial
financing tools.
With this amendment, the newly established Commercial Development Loan Program (CDLP) will
formally replace the Commercial Revolving Loan Program. In addition, the Commercial Adaptive Reuse
Loans Program is being folded into the CDLP, allowing these previously separate programs to operate
under a single, flexible, and consolidated lending structure.
Agency Staff is proposing to leave the remaining $717,318 in the Commercial Assistance Reserves
Program to support the CRA’s commercial property acquisition, development, and leasing activities.
Should this amendment be approved, $500,000 will remain in the 9 Line Fund and $217,318 will remain
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Relief Loan
Program
NPA [Capital Reserves]
NPA [Capital Reserves]
NPA [Capital Reserves]
Business
District Relief Loan
Program
-CBD [Capital Reserves]
-CBD [Capital Reserves]
Total 0 5,000,000 5,000,000
in the North Temple Fund. All other Commercial Assistance Reserves Program appropriations will be
consolidated into the CDLP.
Reallocation of Commercial Assistance Reserves
The table below outlines the current appropriations within the Commercial Assistance Reserves Program,
specifically in the Depot District, Granary District, 9 Line and North Temple Funds. The Agency is
requesting to reallocate the full $3,267,132 from the Depot District and Granary District Funds to the
Commercial Development Loan Program and retain the funds from the 9 Line and North Temple Funds
within the Commercial Assistance Reserves Program.
Fund Program Appropriation Current
Budget Budget
Depot
District Assistance
Reserves
Commercial Assistance
Reserves-DD [Capital
Commercial Assistance
Reserves-DD [Capital
District Assistance
Reserves
Commercial Assistance
Reserves-GD [Capital
Commercial Assistance
Reserves-GD [Capital
Assistance
Reserves
Commercial Assistance
Reserves-9L [Capital
Temple Assistance
Reserves
Commercial Assistance
Reserves-NT [Capital
Total 3,984,450 (3,267,132) 717,318
Reallocation of Commercial Adaptive Reuse Loans Funds
The table below outlines the current appropriations within the Commercial Adaptive Reuse Loans
Program, specifically in the Granary District Fund. The Agency is requesting to reallocate the full
$882,175 to the Commercial Development Loan Program.
Fund Program Appropriation Current
Budget Budget
Granary
District Adaptive
Reuse Loans
Commercial Adaptive
Fund Program Appropriation Current
Budget Budget
Reuse Loans-GD [Capital
Reserves]
Total 882,175 (882,175) 0
Existing Commercial Revolving Loans Program Funds and Requested Name Change
The table below outlines the current appropriations in the Commercial Revolving Loans Program with the
Current Budget, which the Agency is requesting to rename as the Commercial Development Loan
Program, across the Central Business District, North Temple, State Street, and Revolving Loan Funds.
The total appropriation, net of the proposed allocation to the Disaster Relief Loan Program, currently
available is $6,335,103.
Fund Former
Program Program Appropriation Appropriation Budget
North
Temple Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-NT
[Capital Reserves]
CDLP-NT
[Capital
Reserves]
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-SS
[Capital Reserves]
CDLP-SS
[Capital
Reserves]
Loan Fund Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
NPA [Capital
RLF-CDLP-NPA
[Capital
Reserves]
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-9L
[Capital Reserves]
CDLP-9L
[Capital
Reserves]
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-SS
[Capital Reserves]
CDLP-SS
[Capital
Reserves]
Business
District
Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
CBD [Capital
CBD-CDLP-
CBD [Capital
Reserves]
Loan Fund Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
NPA [Capital
RLF-CDLP-NPA
[Capital
Reserves]
Fund Former
Program Program Appropriation Appropriation Budget
Program
Income Fund Revolving
Loans
Development
Loan
Program
Commercial
Revolving Loans-
NPA [Capital
CDLP-NPA
[Capital
Reserves]
Total 6,335,103
Resulting Commercial Development Loan Program Appropriations
The proposed amendment consolidates a total budget of $9,425,816 into the Commercial Development
Loan Program by reallocating funds from the Commercial Assistance Reserves Program and the
Commercial Adaptive Reuse Loans Program, and by incorporating appropriations from the former
Commercial Revolving Loans Program. These reallocations impact the North Temple, Granary District,
Depot District, 9 Line, State Street, Program Income, and Revolving Loan Funds, aligning all related
commercial lending resources under a single, streamlined program.
Fund Program Appropriation Current
Budget Budget
Granary
District Development
Loan
Program
-GD [Capital Reserves]
-GD [Capital Reserves]
-GD [Capital Reserves]
Loan Fund Development
Loan
Program
-NPA [Capital Reserves]
-NPA [Capital Reserves]
Development
Loan
Program
-SS [Capital Reserves]
-SS [Capital Reserves]
Temple Development
Loan
Program
-NT [Capital Reserves]
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2025-2026 Budget
ATTACHMENTS:
1. Supplemental Slides and Key Changes by Fund.
Fund Program Appropriation Current
Budget Budget
Depot
District Development
Loan
Program
-DD [Capital Reserves]
-DD [Capital Reserves]
Development
Loan
Program
-9L [Capital Reserves]
Income Fund Development
Loan
Program
-NPA [Capital Reserves]
Total 5,276,508 4,149,307 9,425,816
BUDGET AMENDMENT #1
AUGUST 2025
CURRENT VS PROPOSED DRLP BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Current Commercial Revolving Loan Fund Budget : $5,181,063
Revolving Loan Fund $3,554,114
Central Business District $1,626,949
Proposed Disaster Relief Loan Program Funding : $5,000,000
Revolving Loan Fund $3,373,051
Central Business District $1,626,949
Remaining Commercial Revolving Loan Budget: $181,063
Revolving Loan Fund $181,063
CURRENT VS PROPOSED CDLP BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
3,278,658
208,060
150,741
3,149,308
1,000,000
500,000
1,139,049
3,278,658
208,060
150,741
500,000
1,139,049
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000
Revolving Loan Fund
Program Income Fund
North Temple
Granary District
Depot District
9 Line
State Street
Current Proposed
PROPOSED BUDGET BY PROGRAM
SALT LAKE COMMUNITY REINVESTMENT AGENCY
3,984,450
(3,267,132)
- 717,318
882,175
(882,175)
- -
4,412,258
-
4,149,307
8,561,565
CURRENT REDUCTION ADDITION PROPOSED
Commercial Assistance Reserves Commercial Adaptive Reuse Loans Commercial Development Loan Program
PROPOSED TOTAL AMENDED BUDGETS BY PROGRAM
SALT LAKE COMMUNITY REINVESTMENT AGENCY
139,049
1,000,000
150,741
181,063
500,000
217,318
3,373,051
1,626,949
1,000,000
3,149,307
208,060
3,097,595
500,000
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000
State Street
Depot District
North Temple
Granary District
Program Income Fund
Revolving Loan Fund
9 Line
North temple
9 Line
Revolving Loan Fund
Central Business District
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FY26 Appropriations Current & Proposed
WORKDAY WORKTAGS & THE CRA BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Appropriation
Cost Center FundFiscal Year Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or geographic
locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
APPROPRIATIONS & PROJECT BUDGETS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Each appropriation supports either the operations of the Agency or projects associated with its
various programs.
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program,
a set amount is allocated for loans.
Staff will request additional Board
approval to use these funds for specific
loan projects. Funds not awarded to
projects roll forward to the next year,
unless reappropriated by the Board.
Project Budgets
All project budgets must pull
from appropriations. Once project
budgets have been approved by
the Board, the Agency can move
forward with spending. Project
budgets may have multiple
appropriations.
AGENCY FUNDS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by
the Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
THANK YOU
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Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Reallocation of Commercial Revolving Loan Program funding Central Business District -$ (1,626,949)$ One-time
1 Reallocation of Commercial Revolving Loan Program funding Revolving Loan Fund (3,373,051) One-time
2 Creation of the Disaster Relief Loan Program (DRLP) emergency funding
from Commercial Revolving Loan Program Central Business District 1,626,949 One-time
2 Creation of the Disaster Relief Loan Program (DRLP) emergency funding
from Commercial Revolving Loan Program Revolving Loan Fund 3,373,051 One-time
3 Reallocation of Commercial Assistance Reserve funding to CDLP Deport District (1,000,000) One-time
3 Reallocation of Commercial Assistance Reserve funding to CDLP Granary District (2,267,132) One-time
4 Reallocation of Adaptive Reuse Loan funding to CDLP Granary District (882,175) One-time
5 Reallocation of Commercial Assistance and Adaptive Reuse funds to CDLP Deport District 1,000,000 One-time
5 Reallocation of Commercial Assistance and Adaptive Reuse funds to CDLP Granary District 3,149,307 One-time
-
Total of Budget Amendment Items -$ -$ -$ -$
Redevelopment Agency Central Business District -$ One-time
Redevelopment Agency Depot District -
Redevelopment Agency Granary District -
Redevelopment Agency Revolving Loan Fund - One-time
Total of Budget Amendment Items -$ -$ -$ -$
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Current Year Budget Summary, provided for information only
FY 2025-26 Budget, Including Budget Amendments
Section F: Donations
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Total by Fund, Budget Amendment #1:
Section E: Grants Requiring No New Staff Resources
Fiscal Year 2025-26 CRA Budget Amendment #1
Administration Proposed Board Approved
Initiative Number/Name
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Certification
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SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
08/14/2025
Date Sent to Council:
08/14/2025
From:
Department *
Community Reinvestment Agency
Employee Name:
Thompson, Mary Beth
E-mail
MaryBeth.Thompson@slc.gov
Community Reinvestment Agency
Director Signature
Finance Department Director Signature Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
08/14/2025
Finance Department Director Signed
Date
08/14/2025
Chief of Staff's Signed Date
08/14/2025
Subject:
CRA Budget Amendment No.1 Fiscal Year 2026
Additional Staff Contact:
Miranda Johnson and Mike Burns
Presenters/Staff Table
Danny Walz and Mranda Johnson
Document Type
Resolution
Recommendation:
Adopt Budget Amendment No. 1
Background/Discussion
See first attachment for Background/Discussion
Will there need to be a public hearing for this item?*
Yes
No
Public Process
This page has intentionally been left blank
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
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
STAFF MEMO
DATE: August 15, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #1, FY 2025-2026
REQUESTED ACTION: Discuss and consider the adoption of the proposed First Amendment to the
Annual CRA Budget for FY 2025-2026.
BUDGET IMPACTS: The First Amendment will not affect the Agency's overall budget total. Its
purpose is to reallocate multiple program appropriations to fund $5,000,000 for the Disaster Relief Loan
Program (DRLP)
EXECUTIVE SUMMARY: The Agency is proposing to consolidate multiple funding sources into the
proposed Disaster Relief Loan Program. This amendment includes reallocating $1,626,949 from the
Central Business District Funds and $3,373,051 from the Revolving Loan Fund, for a combined
reallocation of $5,000,000.
Currently, the existing Commercial Revolving Loans Program and the Commercial Assistance Reserves
Program hold $14,425,816 across the Revolving Loan Fund, State Street, 9 Line, North Temple, and
Program Income Funds. The CRA will return to the Board at a later date with an amendment to combine
the remaining funds into the Commercial Development Loan Program (CDLP).
If this amendment is approved, the upcoming budget amendment to the Commercial Development Loan
Program will have $9,425,816 available to lend within the following funds:
• Depot District: $1,000,000
• Granary District: $3,149,308
• North Temple: $150,741
• 9 Line: $500,000
• State Street: $1,139,049
• Program Income Fund: $208,060
• Revolving Loan Fund: $3,278,658
ANALYSIS & ISSUES:
Disaster Relief Loan Program
The Disaster Relief Loan Program (DRLP) provides immediate financial assistance to targeted business
and property owners (Owners) that have suffered significant damage or destruction due to fire, flooding,
or storms.
Reallocation of Commercial Revolving Loans Program
The table below outlines the current appropriations within the Commercial Revolving Loan Program,
specifically in the Revolving Loan and Central Business District Fund that will be impacted by this
amendment. The Agency is requesting to reallocate the full $1,626,949 from the Central Business District
Fund and $3,373,051 from the Revolving Loan Fund to the Disaster Relief Loan Program.
Resulting Disaster Relief Loan Program Appropriations
The proposed amendment consolidates a total budget of $5,000,000 into the Disaster Relief Loan
Program by reallocating funds from the Commercial Revolving Loans Program. These reallocations
impact the Central Business District Fund and the Revolving Loan Fund combining them into the Disaster
Relief Loan Program.
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Revolving
Loans
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Commercial Revolving
Loans -NPA [Capital
Business
District
Revolving
Loans
Commercial Revolving
Loans -CBD [Capital
Commercial Revolving
Loans -CBD [Capital
Total 5,181,063 (5,000,000) 181,063
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2025-2026 Budget
ATTACHMENTS:
1. Supplemental Slides and Key Changes by Fund.
Fund Program Appropriation Current
Budget Budget
Revolving
Loan Fund Relief Loan
Program
NPA [Capital Reserves]
NPA [Capital Reserves]
NPA [Capital Reserves]
Business
District
Relief Loan
Program
-CBD [Capital Reserves]
-CBD [Capital Reserves]
Total 0 (5,000,000) 5,000,000
BUDGET AMENDMENT #1
AUGUST 2025
CURRENT VS PROPOSED DRLP BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Current Commercial Revolving Loan Fund Budget : $5,181,063
Revolving Loan Fund $3,554,114
Central Business District $1,626,949
Proposed Disaster Relief Loan Program Funding : $5,000,000
Revolving Loan Fund $3,373,051
Central Business District $1,626,949
Remaining Commercial Revolving Loan Budget: $181,063
Revolving Loan Fund $181,063
WORKDAY WORKTAGS & THE CRA BUDGET
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Appropriation
Cost Center FundFiscal Year Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or geographic
locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
APPROPRIATIONS & PROJECT BUDGETS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Each appropriation supports either the operations of the Agency or projects associated with its
various programs.
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program,
a set amount is allocated for loans.
Staff will request additional Board
approval to use these funds for specific
loan projects. Funds not awarded to
projects roll forward to the next year,
unless reappropriated by the Board.
Project Budgets
All project budgets must pull
from appropriations. Once project
budgets have been approved by
the Board, the Agency can move
forward with spending. Project
budgets may have multiple
appropriations.
AGENCY FUNDS
SALT LAKE COMMUNITY REINVESTMENT AGENCY
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by
the Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
THANK YOU
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1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO__________
First Budget Amendment for Fiscal Year 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2025, to be effective upon adoption.
________________________________
, Chair
Approved as to form: __/s/ Jennifer Huntsman__
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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1
Initiative
Number/
Name
Appropriation Program Fund Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 CRA-FY25-RLFCommercialRevolvingLoans -NPA [CapitalReserves]Commercial Revolving Loans Revolving Loan Fund (151,337.00) One-time -
1 CRA-FY24-RLF-Commercial Revolving Loans -NPA [Capital Reserves] Commercial Revolving Loans Revolving Loan Fund (226,750.00) One-time -
1 CRA-FY23-RLF-Commercial Revolving Loans -NPA Commercial Revolving Loans Revolving Loan Fund (2,994,964.00) One-time -
1 CRA-FY26-CBD-Commercial Revolving Loans -CBD
[Capital Reserves] Commercial Revolving Loans Central Business
District (1,058,595.00) One-time -
1 RDA-FY23-CBD-Commercial Revolving Loans -CBD
[Capital Reserves] Commercial Revolving Loans Central Business
District (568,354.00) One-time -
1 CRA-FY25-RLF-DRLP - NPA [Capital Reserves] Disaster Relief Loan Program Revolving Loan Fund 151,337.00 151,337.00 One-time -
1 CRA-FY24-RLF-DRLP - NPA [Capital Reserves] Disaster Relief Loan Program Revolving Loan Fund 226,750.00 226,750.00 One-time -
1 CRA-FY23-RLF-DRLP - NPA [Capital Reserves] Disaster Relief Loan Program Revolving Loan Fund 2,994,964.00 2,994,964.00 One-time -
1 CRA-FY26-CBD-DRLP -CBD [Capital Reserves] Disaster Relief Loan Program Central Business
District 1,058,595.00 1,058,595.00 One-time -
1 RDA-FY23-CBD-DRLP -CBD [Capital Reserves] Disaster Relief Loan Program Central Business
District 568,354.00 568,354.00 One-time -
-
-
Total of Budget Amendment Items 5,000,000.00 0.00 - -
Total by Fund, CRA Budget Amendment #1:
Community Reinvestment Agency Central Business
District 1,626,949.00 -
Community Reinvestment Agency Depot District - - - -
Community Reinvestment Agency Granary District - - - -
Community Reinvestment Agency North Temple - - - -
Community Reinvestment Agency North Temple
Viaduct - - - -
Community Reinvestment Agency Stadler Rail - - - -
Community Reinvestment Agency 9-Line - - - -
Community Reinvestment Agency State Street - - - -
Community Reinvestment Agency Northwest Quadrant - - - -
Community Reinvestment Agency Block 67 North - - - -
Community Reinvestment Agency Block 70 - - - -
Community Reinvestment Agency Primary Housing - - - -
Community Reinvestment Agency Secondary Housing - - - -
Community Reinvestment Agency Housing Development
Fund - - - -
Community Reinvestment Agency Westside Community
Initiative - - - -
Community Reinvestment Agency Program Income
Fund - - - -
Community Reinvestment Agency Revolving Loan Fund 3,373,051.00 -
Community Reinvestment Agency CRA Operations - - - -
Total of Budget Amendment Items 5,000,000.00 - - - -
-
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
Fiscal Year 2024-25 CRA Budget Amendment #2 - Board Approved 6/10/2025
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedAdministration Proposed
2
Initiative
Number/
Name
Appropriation Program Fund Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2 - Board Approved 6/10/2025
Board ApprovedAdministration Proposed
Community Reinvestment Agency 86,036,232 - 86,036,232
Total of Budget Amendment Items 86,036,232 - - - 86,036,232
Total Expense CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 86,036,232 - 86,036,232
Total of Budget Amendment Items 86,036,232 - - - 86,036,232
Certification
Finance Department/CRA
City Council Office
Contingent Appropriation and Notes
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Item C4
MOTION SHEET
THE COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM: Allison Rowland
Budget & Policy Analyst
DATE:October 9, 2025
RE: RESOLUTION: MODIFICATIONS OF LOAN TERMS FOR BOOK
CLIFFS LODGE AFFORDABLE HOUSING CONSTRUCTION
MOTION 1 – ADOPT ORDINANCE
I move that the Board adopt the resolution amending and aligning loan terms for Book
Cliffs Lodge.
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution and 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
BOARD STAFF REPORT
THE COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:October 14, 2025
RE: RESOLUTION: MODIFICATIONS OF LOAN TERMS FOR BOOK CLIFFS LODGE
AFFORDABLE HOUSING CONSTRUCTION
ISSUE-AT-A-GLANCE
The Housing Authority Management Enterprise of Salt Lake City (HAME) has requested that their three existing
City loans for the construction of the Book Cliffs Lodge affordable housing project, at 1159 South West Temple,
be modified to 40-year terms. Working with HAME, the Community Reinvestment Agency (CRA) also has
proposed to standardize and clarify the terms of these loans, which total $4.74 million, since they were awarded
through different City processes in 2018, 2023 and 2024. As a result, if the Board approves, the loans would all
have 40-year terms at 2.5% interest and cash-flow repayments, and they would comply with the CRA Housing
Development Loan Program (HDLP) policy.
Goal of the briefing: Discuss and consider adopting the Resolution to Approve Loan Term Modifications,
which would consolidate the City’s three existing HAME loans for the Book Cliffs Lodge under the same terms
and conditions.
ADDITIONAL INFORMATION
A. Background. Over the past several years, Salt Lake City has offered three separate loans to the Housing
Authority Management Enterprise (HAME) for the construction of the Book Cliffs Lodge affordable housing
project, at 1159 South West Temple. The City’s CRA and the Housing Stability Division in the Community
and Neighborhoods Department (CAN) have worked together to offer additional loan funds to the Book
Cliffs Lodge project (see summary below). The first loan, in 2018, was originally offered for a 30-year term
at 1% interest with cash flow repayment. This loan is subject to the CRA’s NOFA policy at the time of its
award, though this was replaced by the HDLP policy in 2021, and updated the following year. The 2023 loan
was allocated from HUD HOME “dormant” income, and the Board indicated that this loan should be added
to the 2018 loan and subject to CRA Housing Development Loan Program (HDLP) underwriting and
Item Schedule:
Page | 2
lending standards. The most recent loan for this project, in 2024, was approved for a 15-year term at 2.5%
interest with cash flow repayment. Following HDLP guidelines, the interest rate is based on the number of
Board priorities that the project plans to meet, which include servicing target populations, being located
near public transit, and improving neighborhood safety.
Award Date Source Amount
Oct. 16, 2018 CRA Notice of Funding Availability (NOFA)$1,000,000
Nov. 7, 2023 HUD HOME allocation from “dormant” program income $3,000,000
Mar. 19, 2024 HUD HOME allocation $740,000
The development will have 55 one-bedroom units at a range of affordability levels.
Income level Number of units
<40% of AMI 9
41-60% of AMI 20
61-80% of AMI 20
Market rate 6
The Book Cliffs Lodge project has not been awarded tax credits over several rounds of annual applications,
but it does anticipate receiving up to 55 project-based vouchers from the Housing Authority of Salt Lake
City, of which HAME is a part. See Board policy question 1b, below.
B. Terms of the Proposed New Agreement. After HAME requested that the CRA adjust the terms of the
three loans to match the 40-year term of their senior lender, the CRA worked with the Housing Stability
Division to simplify the three loans. They propose not only to extend the loan terms to 40 years, but also to
set identical interest rates (2.5%) with cash flow repayment, and to update all other loan terms to comply
with those of the 2024 loan. The elements of the proposed $18.1 million project budget can be found on page
4 of the CRA memo in the transmittal. The CRA would administer the $1,000,000 in CRA funds, and
Housing Stability would administer the other $3,740,000 in HOME funds.
POLICY QUESTIONS
1. In their memo, CRA staff alluded to several policy questions for the Board’s consideration:
a. HAME uses HUD-approved metrics for modeling its cash flow projections. These assume a 3%
vacancy rate and 35% operating expenses, and results in the repayment of the three loans in
year 37 of the 40-year term. However, if vacancy averages 5% and operating expenses remain
the same (35%), there would be an outstanding balance of over $600,000 at the end of the 40-
year term. Is the Board comfortable with assuming that HAME will be able to
make a ballon payment at the end of the loans’ term if vacancy rates turn out to
average more than 3%?
b. Projects that receive LIHTC funds offer some assurance of project viability both because of the
rigorous standards that are applied to applicants and the additional funds they bring to a
project. In addition, under the current proposal, the City is contributing 26% of total project
cost through the HUD HOME loans and CRA loan. Would the Board like to request any
Page | 3
additional information on the project to help mitigate potential concerns raised by these two
factors?
c. HAME plans to contribute $2,314,379 in land value as a Seller’s Note as part of the projects
proposed funding sources. Does the Board accept HAME’s proposal to be repaid this
amount with a 4.9% interest rate after cash flow debt payments are satisfied?
2.Does the Board agree with the revised terms of the three loans to HAME for the Book Cliffs
Lodge project?
CRA BOARD MEETING – OCTOBER 14, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
BOOK CLIFFS LODGE LOAN AMENDMENT
BOOK CLIFFS OVERVIEW
BOOK CLIFFS LODGE APARTMENTS
•Proposed project by Housing Authority Management
Enterprise (HAME)
•55 one-bedroom units
•Mix of income ranges:
•9 units <40% AMI
•20 units 41-60% AMI
•20 units 61-80% AMI
•6 units Market Rate
•55 project-based vouchers from HASLC
LOCATION: 1159 S West Temple
PRIOR BOARD & CITY COUNCIL ALLOCATIONS
•$1,000,000 in CRA NOFA
•1% interest rate, 30-year term, and cash flow repayment
•NOFA replaced by the HDLP Policy in 2021
•$3,000,000 of HUD HOME Dormant funds
•Direct allocation
•Did not specify terms
•Subject to underwriting and lending standards of CRA HDLP
•$740,000 of HUD HOME Funding administered through the HDLP NOFA
•2.5% interest rate, 15-year term and cash flow repayment
BOOK CLIFFS LOAN AMENDMENT REQUEST
2018
2023
2024
REQUEST: EXTEND & ALIGN LOAN TERMS
•Borrower requested to extend loan term to 40 years
•Staff recommend aligning loan terms for all three loans
BOOK CLIFFS LOAN AMENDMENT REQUEST
Original Loan
Terms
Conditional
Commitment
2018-19 NOFA
$1,000,000
Interest Rate: 1%
Term: 30 years
Cash Flow
Repayment
12 months
2023 HOME
$3,000,000 N/A N/A
2023-24 HDLP NOFA
$740,000
Interest Rate: 2.5%
Term: 15 years
Cash Flow
Repayment
24 months
Proposed Loan
Terms
Conditional
Commitment
Interest Rate: 2.5%
Term: 40 years
Cash Flow
Repayment
24 Months from
FY2023-24 HDLP
approval
(March 19,2026)
BOOK CLIFFS LOAN AMENDMENT REQUEST
CONSIDERATIONS:
•Borrower shows 3% vacancy based on HUD-approved underwriting
•Staff typically expect to see 5% vacancy
•Project does not use LIHTC equity
•City/CRA are contributing 26% of project cost in financing
•HAME contributing land as Seller’s Note to be repaid at 4.9% interest,
subordinated to other cashflow debt repayments
Questions?
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/29/2025
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
09/26/2025
Chief of Staff's Signed Date
09/28/2025
Subject:
Amending and Aligning Loan Terms for Book Cliffs Lodge for the Construction of Affordable Housing
Additional Staff Contact:
Tracy Tran, tracy.tran@slc.gov and Kristina Harrold, kristina.harrold@slc.gov
Presenters/Staff Table
Tracy Tran, Senior Project Manager; Kristina Harrold, Project Manager; Dennis Rutledge, Community Development Grant Supervisor
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
4,740,000
Recommendation:
Consider the proposed amendment and alignment of loan terms.
Background/Discussion
Housing Assistance Management Enterprise (HAME) received 3 funding allocations for their Book Cliffs Lodge affordable housing project in 2018, 2023, and 2024. HAME has requested to modify the terms of the three loans to have a 40-year term. The CRA is proposing to align the terms of the three loans with the current guiding policy - the Housing Development Loan Program policy. The overall loan terms are proposed to be 2.5% interest rate, 40-year term with cash flow repayment.
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: September 26, 2025
PREPARED BY: Tracy Tran, CRA Senior Project Manager
Kristina Harrold, CRA Project Manager
RE: Amending and Aligning Loan Terms for Book Cliffs Lodge for the
Construction of Affordable Housing
REQUESTED ACTION: Consider Adoption of a Resolution to Approve Loan Term
Modifications
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: $3,740,000 in HUD HOME Program Income Funds and $1,000,000 in
CRA funds set aside for affordable housing
EXECUTIVE SUMMARY:
Housing Authority Management Enterprise of Salt Lake, (“HAME” or “Borrower”), the development
entity of the Housing Authority of Salt Lake City (“HASLC”), has been allocated the following
awards for the construction of the Book Cliffs affordable housing project:
•$1,000,000 in Salt Lake City Community Reinvestment Agency (“CRA”) Notice of Funding
Availability (“NOFA”) funding in 2018
•$3,000,000 of HUD HOME Dormant funds in 2023
•$740,000 of HUD HOME funding, administered through the HDLP NOFA in 2024
The Borrower has requested to modify the terms of the three loans to have a 40-year term.
Separately, the CRA proposes the terms of the three loans to be aligned with the current guiding
policy—the Housing Development Loan Program (“HDLP”) Policy, adopted in 2021—and the terms
of the 2024 HDLP funding allocation. With this alignment, the $1,000,000 from the 2018 NOFA
funding allocation and $3,000,000 of HUD HOME Dormant funds (“HOME funds”) from the 2023
City Council direct allocation will match the terms approved for the FY 24 competitive HDLP
allocation of $740,000 of HOME funds, and all three loans will have matching terms as outlined in
the Resolution and Exhibit under Attachment A. The CRA Board of Directors (“Board”) may
consider whether to adopt the resolution with the loan terms as proposed.
PROJECT OVERVIEW:
The Book Cliffs Lodge (“Project”) is located at 1159 South West Temple in Salt Lake City, in close
proximity to the Smith’s Ballpark stadium and within the CRA’s State Street project area. The
2
Project is designed to provide 55 one-bedroom units comprising 6 market-rate units, 20 affordable
units for households earning between 61-80% of the area median income (“AMI”), 20 units for
households earning between 41-60% of AMI, and 9 units for households earning 40% of AMI and
below. The Project applied for tax credits in multiple rounds in years past, but were unsuccessful.
However, the Project anticipates receiving up to 55 Project-Based Vouchers from HASLC.
LOAN ALLOCATIONS AND POLICY ALIGNMENT:
On October 16, 2018, the CRA Board of Directors approved an allocation of $1,000,000 of CRA
funds to HAME for the Project, as per Resolution R-31-2018. This funding was subject to the CRA’s
NOFA policy at the time, and this policy was later replaced by the HDLP Policy in 2021. The loan
terms included a 1% interest rate, 30-year term, and cash flow repayment. Though the conditional
commitment period was meant to expire after 12 months, HAME remained in communication with
CRA staff demonstrating their continued pursuit of funding and commitment to the project.
In 2021, the CRA Board approved Resolution R-7-2021, creating the Housing Development Loan
Policy (“HDLP”), replacing the CRA’s existing Housing NOFA policy and establishing new terms
and standards for housing funding allocations. The following year, the CRA Board approved an
update to the HDLP Policy, as per Resolution R-2-2022.
On November 7, 2023, the Salt Lake City Council approved Resolution R-30-2023, providing a
direct allocation of $3,000,000 in HUD HOME Dormant funds to HAME for the Project. While the
resolution authorized the funding, it did not establish any specific loan terms. The resolution further
directed that the HOME funds be combined with the previously allocated $1,000,000 from the CRA
and made subject to the underwriting and lending standards outlined in the CRA’s HDLP policy.
On March 19, 2024, as part of the CRA’s competitive HDLP NOFA, the CRA Board adopted
Resolution R-1-2024, approving $740,000 in HOME funds for HAME’s Book Cliffs project. The
terms included a 2.5% interest rate, a 15-year term and repayment based on available cash flow. The
interest rate is based on the project priorities the Project anticipates meeting and is subject to staff
verification and approval. In addition, the project must comply with all requirements outlined in the
FY 24 HDLP Guidelines and Application Handbook.
When HAME requested to initiate closing on the three aforementioned loans, they requested to have
the loan terms extended to 40 years to match the term of their senior lender. Due to the long history
and inconsistency in loan terms, CRA and Housing Stability staff identified an opportunity to align
the three loans with matching terms: 2.5% interest rate, 40-year term, with cash flow repayment.
Since the 2024 approval through the HDLP NOFA is based on the most recent policy and the most
recent Project updates, CRA staff recommends updating all other loan terms to match the 2024
approval.
If the Board approves the amended loan terms, CRA would administer the $1,000,000 in CRA
funding and Housing Stability would service and administer the $3,740,000 in combined HOME
funds.
3
OVERVIEW OF LOANS:
Previous Approvals
Loan Award Year Source Amount Previous Terms
Previous
Conditional
Commitment
1 FY 2018-19
NOFA CRA $1,000,000
Interest rate: 1% Term:
30 years
Cash Flow Repayments
12 months*
2
2023 Council
Budget Direct
Allocation
HOME $3,000,000
Funding would be
allocated subject to the
underwriting and lending
standards outlined in the
RDA's HDLP Policy
N/A
3
FY 2023-24
HDLP
Competitive
NOFA
HOME
Program
Income
$740,000
Interest rate: 2.5%
Term: 15 years
Cash Flow Repayments
24 months
*CRA staff continued working with the developer as they applied for tax credits throughout the years
Proposed Aligned Terms
Loan Amount Proposed Terms**
Proposed
Conditional
Proposed Alignment with
Project Priorities/Interest Rate Program
1 $1,000,000
Interest rate: 2.5%
Term: 40 years
Cash Flow
Repayments
24 months from
FY2023-24 HDLP
approval - March
19, 2026
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
HDLP Policy,
FY2023-2024
HDLP
Guidelines
4
PROPOSED PROJECT BUDGET:
CONSIDERATIONS:
The Book Cliffs loan is unique in several ways that may warrant additional consideration and policy
direction:
•Staff typically expect to see a 5% vacancy rate and 35% Operating Expense assumptions.
o The Borrower is relying on HUD-approved metrics for modeling cash flow
projections, including a 3% vacancy rate and operating expenses at 28% of effective
gross income. When modeled based on HUD assumptions, cash flow payment of
CRA and HUD HOME loans resolves in year 37 of the 40-year term.
o With vacancy at 5% and operating expenses at 35%, a cash flow model suggests that
at the end of the 40-year repayment term, there will be an outstanding loan balance of
over $600,000 of CRA funds and over $2,000,000 in HUD HOME funds to Housing
Stability. This outcome will rely on HAME’s ability to make a balloon payment at
the end of the term.
•This Project does not use LIHTC tax credits. Typically, the CRA is confident moving
forward with LIHTC-approved projects because of the rigorous underwriting, equity
contribution and, and caliber of LIHTC review.
o The lack of LIHTC equity makes the overall project a little more financially
constrained
o The City/CRA is contributing 26% of the total project cost in financing.
•HAME is contributing $2,314,379 of land value as a Seller’s Note, to be paid back at a 4.9%
interest rate after cashflow debt payments are satisfied.
ATTACHMENTS:
A.Resolution
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. _______________
Amending and Aligning Loan Terms for Cliffs Lodge for the Construction of Affordable
Housing
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY APPROVING THE TERM SHEET FOR THE
BOOK CLIFFS LODGE AFFORDABLE HOUSING LOAN AMENDMENT
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, Housing Assistance Management Enterprise (HAME) is the development
entity of the Housing Authority of Salt Lake City, a nonprofit organization dedicated to managing
and developing affordable housing properties that serve low-income populations and further
strives to develop safe facilities and expand solutions to provide affordable housing in Salt Lake
City.
WHEREAS, through a 2018 Notice of Funding Availability (NOFA) the CRA (then
known as the Redevelopment Agency of Salt Lake City (RDA)) administered a loan application
and review process for competitive housing funds that met the goals of the NOFA guidelines and
policy set forth in resolution R-7-2018 (NOFA Policy).
WHEREAS, pursuant to Resolution R-31-2018, passed by the CRA Board of Directors
(Board) on October 9, 2018, the Board approved a $1,000,000 allocation to HAME to fund a
loan for the construction of affordable housing project called Book Cliffs Lodge located at 1159
South West Temple in Salt Lake City (Book Cliffs Project), subject to a 1% interest rate, 30
year term and cash flow repayments (2018 NOFA Allocation).
WHEREAS, on March 8, 2022, the Board passed Resolution R-2-2022, enacting the
Housing Development Loan Program Policy (HDLP Policy) to repeal and replace the NOFA
Policy.
WHEREAS, pursuant to the adopted Fiscal Year 2024 (FY24) budget, the Salt Lake City
Council directed $6,939,710 of Salt Lake City Corporation (City) Housing Stability Division’s
(Housing Stability) dormant program income HUD HOME funds and additional HUD HOME
program income funds from June 2023 (2023 HUD HOME F unds) to be offered through the
FY24 HDLP NOFA, pursuant to the HDLP Policy.
ATTACHMENT A
WHEREAS, through the FY24 HDLP NOFA, the CRA administered a competitive loan
application and review process pursuant to the HDLP Policy and in compliance with the CRA’s
Housing Funding Priorities for Fiscal Year 2023-2024 set forth in R-8-2023.
WHEREAS, pursuant to the FY24 HDLP NOFA process, the Board allocated
$15,426,164 of CRA funds and HUD HOME Funds to a number of affordable housing
development applicants, including the2023 HUD HOME Funds.
WHEREAS, on March 19, 2024, the Board passed Resolution R-1-2024, approving a
$740,000 allocation of the 2023 HUD HOME Funds to HAME to fund construction of the Book
Cliffs Project (2024 HDLP HUD HOME Allocation), subject to a 2.5% interest rate, 15-year
term/30-year amortization, and cash flow repayments and further subject to the terms and
conditions of the FY24 HDLP Guidelines and Application Handbook.
WHEREAS, on November 7, 2023, the City Council passed Resolution No. 30 of 2023,
authorizing an allocation of $3,000,000 HUD HOME funds to HAME to fund a loan for the Book
Cliffs Project, subject to the underwriting and lending standards outlined in the HDLP Policy (2023
HUD HOME Allocation). Terms for the 2023 HUD HOME Allocation have not been established
or approved.
WHEREAS, further pursuant to Resolution No. 30 of 2023 passed by the City Council on
November 7, 2023, the CRA, acting as lender, distributes both HUD HOME funds as well as CRA
funds, while Housing Stability administers the City’s HUD HOME funds and the CRA administers
CRA funds, after such funds are disbursed.
WHEREAS, following the approvals of the $1,000,000 2018 NOFA Allocation, the
$740,000 2024 HDLP HUD HOME Allocation, and the $3,000,000 2023 HUD HOME Allocation,
CRA staff and Housing Stability staff received a request to amend the proposed loan terms for all
three allocations to the Book Cliffs Project to support a 40-year repayment term.
WHEREAS, CRA staff recommends that the Board approve the attached Term Sheet to
extend the loan term for the 2024 HDLP HUD HOME Allocation to 40 years and to further affirm
and align the loan terms of the 2018 NOFA Allocation to match the amended 2024 HDLP HUD
HOME Allocation loan terms.
WHEREAS, additionally, Housing Stability staff recommends that the Board approve the
attached Term Sheet to establish loan terms for the 2023 HUD HOME Allocation to align with the
2024 HDLP HUD HOME Allocation loan terms.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake
City Community Reinvestment Agency that it approves the Book Cliffs Lodge Affordable
Housing Loan Amendment as 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 CRA to disburse, as lender, the 2018 NOFA Allocation, the 2023 HUD HOME
Allocation, and the 2024 HDLP HUD HOME Allocation, and further authorizes the Director to
negotiate and execute the legal agreements and any other relevant documents consistent with the
Term Sheet and the HDLP Policy, 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 ______, 2025.
_________________________________
Darin Mano, Chair
Approved as to form: /s/ Sara Montoya ___
Salt Lake City Attorney’s Office
Sara Montoya
Date:_September 26, 2025______
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
EXHIBIT A – TERM SHEET
LOAN ALLOCATIONS AND PREVIOUS TERMS
Loan Award Year Source Amount Previous Terms
Previous
Conditional
Commitment
Period
1 FY 2018-19
NOFA CRA $1,000,000
Interest rate: 1%
Term: 30 years
Cash Flow
Repayments
12 months*
2
2023 Council
Budget Direct
Allocation
HOME $3,000,000
Funding would be
allocated subject to
the underwriting and
lending standards
outlined in the RDA's
HDLP Policy
N/A
3
FY 2023-24
HDLP
Competitive
NOFA
HOME
Program
Income
$740,000
Interest rate: 2.5%
Term: 15 years
Cash Flow
Repayments
24 months
*CRA staff conitnued working with the developer as they applied for tax credits throughout the years
LOAN ALLOCATION AND PROPOSED ALIGNED TERMS
Loan Award Year Source Amount Proposed Terms**
Proposed
Conditional
Commitment
Proposed Alignment with
Project Priorities/Interest
Rate Reduction Score**
Program
Alignment
1
FY 2018-19
NOFA CRA $1,000,000
2
2023 Council
Budget Direct
Allocation HOME $3,000,000
3
FY 2023-24
HDLP
Competitve
NOFA
HOME
Program
Income $740,000
Interest rate: 2.5%
Term: 40 years
Cash Flow
Repayments
24 months from
FY2023-24
HDLP approval -
March 19, 2026
Target Populations: 3
Transportation
Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
HDLP Policy, FY2023-
2024 HDLP
Guidelines
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-
2024 Housing Development Loan Program (HDLP) Guidelines. Changes to repayment type may occur (hard repayment versus cash flow repayment) and shall
be based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in repayment type will cause a change in the base interest
rate. Repayment priority and lien position shall be based on the size of the loan; Funds may be disbursed in a lump sum if required by senior lender(s).
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Item C5
MOTION SHEET
THE COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM: Allison Rowland
Budget & Policy Analyst
DATE:October 14, 2025
RE: RESOLUTION: PARTNERSHIP WITH NEIGHBORWORKS SALT
LAKE FOR SHARED EQUITY WORKFORCE HOUSING –
SUSTAINABILITY WAIVER REQUEST
MOTION 1 – ADOPT ORDINANCE
I move that the Board adopt the resolution approving the amended and restated term
sheet for NeighborWorks Salt Lake.
MOTION 2 – ADOPT ORDINANCE WITH LEGISLATIVE INTENT
I move that the Board adopt the resolution approving the amended and restated term
sheet for NeighborWorks Salt Lake, with a legislative intent that CRA staff study
sustainability requirements for smaller developments.
MOTION 3 – DEFER ACTION
I move that the Board defer action on the resolution pending further discussion.
MOTION 4 – NOT ADOPT
I move that the Council not adopt the resolution and proceed to the next agenda item.
CRA BOARD MEETING – OCTOBER 14, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
NEIGHBORWORKS SHARED EQUITY FUNDING TERM SHEET
SUSTAINABILITY WAIVER REQUEST
•June 10, 2025: the CRA Board approved a direct
allocation and term sheet for $2.1M to
NeighborWorks Salt Lake (“NWSL”) towards 2
for-sale residential developments:
o Maltair Lanes, at 1002 West 200 South
o Stanbridge Property, at 800 West 319 North
BACKGROUND
Maltair Lanes
Stanbridge
SUSTAINABILITY POLICY
•The CRA Sustainable Development Policy requires all projects that receive CRA
funds to meet the following:
•Enhanced Energy Performance:
•Designed to Earn Energy Star score of 90 or a corresponding estimated
Energy Use Intensity (EUI) value
•Participation in SLC’s Energy Benchmarking Program (Elevate Buildings)
•Emission-Free Building Operation:
•100% electric building operation (no on-site fossil fuel combustion)
WAIVER REQUEST
•Prior to the last meeting, NeighborWorks indicated that they would be unable to meet the
Enhanced Energy Performance and Emission-Free Building Operation requirements at
Maltair Lanes because:
•Maltair Lanes was designed to include natural gas prior to receiving Board’s direct
funding allocation
•To participate in Elevate Buildings, a development must be able to be tracked in
ENERGY STAR’s Portfolio Manager program, which requires a development to have 20
or more units.
•Maltair Lanes is designed to include only 13 units.
•NeighborWorks has stated:
•Redesign would add 3-6 months to the project schedule and additional costs
WAIVER REQUEST
•At the June 10, 2025 meeting, the Board granted a partial waiver that would allow
NeighborWorks to build a project that includes natural gas (onsite fossil fuel
combustion) for HVAC operations.
•The Board requested that NeighborWorks first calculate its Design Target Site
EUI value to assess whether it would meet the requirement as designed.
•If the design was unable to meet this requirement, the adopted Term Sheet
gave the following alternative:
“If Maltair Lanes is unable to meet a Designed to Earn ENERGY STAR target of 90
or higher or a corresponding EUI target,
.”
NEIGHBORWORKS SUBMISSION
•NeighborWorks submitted a Design Target Site EUI value for Maltair Lanes.
•With the information provided, the CRA estimates this project would have an energy
efficiency ratio of 0.8559, which is equivalent to an ENERGY STAR score of 69.
•The waiver for Maltair Lanes will be the first housing development that will not
meet the policy since it was adopted.
BOARD CONSIDERATION
•The Board should review and consider approving the Amended and Restated Term
Sheet included in Attachment A, including the waiver of the Sustainable
Development 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.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/29/2025
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
09/26/2025
Chief of Staff's Signed Date
09/28/2025
Subject:
Partnership with NeighborWorks Salt Lake for Shared Equity Workforce Housing – Sustainability Waiver Request
Additional Staff Contact:
Browne Sebright, Project Manager - browne.sebright@slc.govTracy Tracy, Senior Project Manager - tracy.tran@slc.gov
Presenters/Staff Table
Browne Sebright, browne.sebright@slc.govTracy Tracy, tracy.tran@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
2,100,000
Recommendation:
To modify the term sheet for the additional waiver to the Sustainable Development Policy.
Background/Discussion
NeighborWorks requested a waiver to the CRA’s Sustainable Development Policy for their Maltair Lanes projects and the Board granted a partial waiver that would allow NeighborWorks to build a project that includes natural gas (onsite fossil fuel combustion). The Board wanted to see if the project could meet the Energy Star Score requirements and to return if the project is unable to meet an Energy Star score of 90+, which it was unable to do.
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 ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO
DATE: September 26, 2025
PREPARED BY: Browne Sebright, Project Manager and Tracy Tran, Senior Project Manager
RE: Partnership with NeighborWorks Salt Lake for Shared Equity Workforce
Housing – Sustainability Waiver Request
REQUESTED ACTION: Review, and consider approving via resolution, the proposed
Amended and Restated Term Sheet
POLICY ITEM: Wealth Building Affordable Housing
BUDGET IMPACTS: $2,100,000 in CRA funds
EXECUTIVE SUMMARY
At the June 10, 2025 Board meeting (Link to Meeting Materials), the Salt Lake City Community
Reinvestment Agency (“CRA”) Board of Directors (“Board”) approved a $2.1M funding
allocation and associated term sheet to NeighborWorks Salt Lake (“NeighborWorks”) to support
two affordable shared-equity homeownership projects in the Fairpark and Poplar Grove
neighborhoods. NeighborWorks requested a waiver to the CRA’s Sustainable Development
Policy for their Maltair Lanes projects and the Board granted a partial waiver that would allow
NeighborWorks to build a project that includes natural gas (onsite fossil fuel combustion), but
the Board wanted to see if the project could meet the Energy Star Score requirements and to
return if the project is unable to meet an Energy Star score of 90+.
As designed, Maltair Lanes was unable to meet a Designed to Earn ENERGY STAR target score
of 90 or higher or a corresponding Energy Use Intensity (EUI) value. Instead, the CRA estimates
that this project would have an energy efficiency ratio of 0.8559, which is equivalent to an
ENERGY STAR score of 69. NeighborWorks now requests to modify the term sheet for an
additional waiver of the Enhanced Energy Performance threshold. The $2.1 million in CRA
Funds will be provided to NeighborWorks for acquisition reimbursement, hard construction
costs, site improvements, and related soft costs to develop the following projects, subject to
meeting conditions for funding:
• Maltair Lanes (1002 West 200 South) - $850,000
• Stanbridge Property (319 North 800 West) - $1,250,000
NeighborWorks anticipates developing the projects sequentially, beginning with the Maltair
Lanes development.
BACKGROUND/DISCUSSION
The CRA’s Sustainability Policy requires that all new construction developments meet the
following:
• Enhanced Energy Performance:
o Designed to Earn the ENERGY STAR score of 90, or equivalent Energy Use
Intensity (EUI) value
o 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
• Emission Free Building Operation: all-electric building operation (no on-site fossil fuel
combustion)
At its June 10, 2025, meeting, the Board adopted Resolution 9 of 2025, providing $2.1M in CRA
funds to NeighborWorks for the development of its Maltair Lanes and Stanbridge projects, which
will participate in the NeighborWorks Community Land Trust. At that meeting, the Board
granted a waiver to the Emission-Free Building Operation requirement.
When considering granting a waiver to the Enhanced Energy Performance requirement, the
Board requested that NeighborWorks first calculate its Design Target Site EUI value to assess
whether it would meet the requirement as designed. If the design was unable to meet this
requirement, the adopted Term Sheet gave the following alternative:
“If Maltair Lanes is unable to meet a Designed to Earn ENERGY STAR target of 90 or
higher or a corresponding EUI target, NeighborWorks may request to modify this term
sheet for an additional waiver.”
Following that meeting, NeighborWorks submitted an ENERGY STAR Statement of Energy
Design Intent (SEDI) for Maltair Lanes. Using the information provided by NeighborWorks, the
CRA estimates that this project would have an energy efficiency ratio of 0.8559, which is
equivalent to an ENERGY STAR score of 69. In addition, in order to participate in Elevate
Buildings, a development must be able to be tracked in ENERGY STAR’s Portfolio Manager
program. Maltair Lanes is designed to include 13 units, and for residential projects, Portfolio
Manager can only benchmark developments with 20 or more units on the same site. As this
project does not meet the Enhanced Energy Performance requirement and cannot be tracked
using the Portfolio Manager program, NeighborWorks now requests to modify the term sheet for
this additional waiver.
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. The waiver for Maltair
Lanes will be the first housing development that will not meet the policy since it was 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
greatest public benefit for City residents and prospective residents. These conditions have been
outlined on the Amended and Restated Term Sheet under Attachment A 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 Amended and Restated Term Sheet
included in Attachment A, including the waiver of the Sustainable Development 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.
• June 10, 2025, the CRA Board approved Resolution 9 of 2025 – Adopting the Term
Sheet for NeighborWorks Salt Lake for the Maltair Lanes and Stanbridge Projects
ATTACHMENTS
A. Amended and Restated Term Sheet
B. Resolution
ATTACHMENT A: AMENDED AND RESTATED FUNDING AGREEMENT TERM
SHEET
Amended and Restated 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, shall
comply with the CRA Sustainable Development Policy and must meet the following:
o Designed to Earn the ENERGY STAR target of 90 or higher
o 100% electric building operation (no on-site fossil fuel combustion)
o Participation in SLC’s Energy Benchmarking Program: Annual operational data
must be submitted to Salt Lake City’s Elevate Buildings Program once the
building is in operation.
• Maltair Lanes will be granted a two project-specific waivers by the CRA Board of
Directors. , and
o The project will not be required to meet the threshold requirement for Enhanced
Energy Performance, including the requirement to participate in the City
Sustainability Department’s Elevate Buildings Program. score, as estimated using
the project’s energy efficiency ratio (calculated by dividing the Actual Source by
the Predicted (median) Source EUI. The Project will not be required to meet the
threshold requirement for Emission-Free Building Operation to enable the use of
natural gas for HVAC systems. All other appliances shall utilize all-electric
operations.
o Maltair Lanes will be required to meet a Designed to Earn ENERGY STAR target
of 90 or higher or a corresponding EUI target.
o If Maltair Lanes is unable to meet a Designed to Earn ENERGY STAR target of
90 or higher or a corresponding EUI target, NeighborWorks may request to
modify this term sheet for an additional waiver.
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.
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. _______________
Adopting the Amended and Restated 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 AN AMENDED AND
RESTATED 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 to 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 CRA funds to be distributed to NeighborWorks
on the condition that the Board approve the final Funding Agreement Term Sheet.
WHEREAS, on June 10, 2025, the Board approved Resolution 9 of 2025 – Adopting the
Term Sheet for NeighborWorks Salt Lake for the Maltair Lanes and Stanbridge Projects, including
a provision allowing NeighborWorks to request a modification of the Term Sheet for the Maltair
Lanes project if it were unable to meet the CRA’s Sustainable Development Policy threshold
requirements.
WHEREAS, the CRA staff has now determined that NeighborWorks will be unable to
meet the CRA’s Sustainable Development Policy threshold requirements in its designs for the
Maltair Lanes project.
WHEREAS, the CRA staff recommends the Board approve the attached Amended and
Restated Term Sheet for the funding agreement for NeighborWorks and the Maltair Lanes and
Stanbridge projects, which amendments reflect a waiver of the Sustainable Development Policy
requirements for the Maltair project.
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 Amended and Restated Term Sheet attached hereto, subject to revisions
that do not materially affect the rights and obligations of the CRA hereunder. The Board
2
authorizes the Executive Director to negotiate and execute the Funding Agreement and any other
relevant documents consistent with the Amended and Restated 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 October, 2025.
_________________________________
Darin Mano, Chair
Approved as to form: /s/ Sara Montoya
Salt Lake City Attorney’s Office
Sara Montoya
Date: September 26, 2025
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: AMENDED AND RESTATED FUNDING AGREEMENT TERM SHEET
Amended and Restated 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
4
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
5
• 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-
6
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, shall
comply with the CRA Sustainable Development Policy and must meet the following:
o Designed to Earn the ENERGY STAR target of 90 or higher
o 100% electric building operation (no on-site fossil fuel combustion)
o Participation in SLC’s Energy Benchmarking Program: Annual operational data
must be submitted to Salt Lake City’s Elevate Buildings Program once the
building is in operation.
• Maltair Lanes will be granted two project-specific waivers by the CRA Board of
Directors.
o The project will not be required to meet the threshold requirement for Enhanced
Energy Performance, including the requirement to participate in the City
Sustainability Department’s Elevate Buildings Program.
o The project will not be required to meet the threshold requirement for Emission-
Free Building Operation to enable the use of natural gas for HVAC systems. All
other appliances shall utilize all-electric operations.
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.
7
• 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.
8
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.
9
o Pursue any other remedies available at law or equity.
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Item C6
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
www.slc.gov/council
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:October 14, 2025
RE: RESOLUTION: Salt Lake Central HTRZ Interlocal Agreement
MOTION 1 – ADOPT RESOLUTION
I move that the Board adopt a resolution to approve the Salt Lake Central HTRZ Interlocal Agreement between
Salt Lake City and the Salt Lake City Community Reinvestment Agency.
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution approving the resolution to approve the Salt Lake
Central HTRZ Interlocal Agreement between Salt Lake City and the Salt Lake City Community Reinvestment
Agency.
Salt Lake Central Housing and Transit
Reinvestment Zone Interlocal A greement
October 14, 2025
HTRZ Objectives
•Increased affordable housing
•Higher utilization of public transit
•Improved air quality
•Water conservation
•Transformative development
•Walkability
•Strategic land use
•Investment in transit
•Increased employment/educational/childcare opportunities
Salt Lake City Community Reinvestment Agency
HTRZ Requirements
•Land use: 51% of developable HTRZ area must include residential uses.
•Density: average of 50 units/acre.
•Affordable housing:
•3% of housing units must be affordable at 60% AMI.
•Another 9% of housing units must be affordable at 80% AMI.
•A total of 12% of units must be affordable within the HTRZ.
•Reasonable percentage of units with more than one bedroom.
Salt Lake City Community Reinvestment Agency
Salt Lake Central HTRZ Map
Salt Lake City Community Reinvestment Agency
•Two phases of 25-years each.
•116.71 acres total within ½-mile of SL Central Station.
•Designed to support the Rio Grande district and invest
in neighborhood-wide benefits like:
•Enhanced utility and pedestrian infrastructure
•Affordable housing
•Efficient parking measures
Salt Lake Central HTRZ Approval Terms
Salt Lake City Community Reinvestment Agency
HTRZ Committee Approved Terms: Salt Lake Central HTRZ
Base Years Phase 1: 2025
Phase 2: 2028
Base Year Taxable Value Estimated at $262,744,538
Collection Period & Phasing Two 25-year phases within the 45-year collection term:
•Phase 1 will begin no later than December 31, 2026
•Phase 2 will begin no later than December 31, 2029
Participation Rate 80%
Contribution Cap $370,000,000 between both phases
Tax Increment Eligible Uses Parking
Affordable housing
Enhanced residential costs
Infrastructure improvements (i.e., streetscape and utility improvements)
Participating Taxing Entities Salt Lake County
Salt Lake City School District
Salt Lake City
Salt Lake City Library
Salt Lake Metropolitan Water District
Salt Lake City Mosquito Abatement District
Central Utah Water Conservancy District
Next Steps
Salt Lake City Community Reinvestment Agency
•The CRA will trigger Phase 1 before the end of 2025 and begin collecting tax increment
in 2026.
•The CRA will trigger Phase 2 before the end of 2028 and begin collecting tax increment
in 2029.
Salt Lake Central HTRZ Interlocal A greement
Salt Lake City Community Reinvestment Agency
Request:
•Consider adopting a
resolution approving the
Salt Lake Central HTRZ
interlocal agreement
between the CRA and Salt
L ake City to permit the
sharing of tax increment
funds.
Questions?
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
10/07/2025
Date Sent to Council:
10/10/2025
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
10/08/2025
Chief of Staff's Signed Date
10/10/2025
Subject:
Salt Lake Central HTRZ Interlocal Agreement
New transmittal or
Revision
New transmittal
Revision
Revision Updates:
The changes to the memos and the ILA say that the Phase 2 base year is 2028, and Phase 2 tax increment collection will begin in 2029. The previous version said the base year would be 2029, and tax increment collection would begin in 2030.
Additional Staff Contact:
Marcus Lee, marcus.lee@slc.govCara Lindsley, cara.lindsley@slc.gov
Presenters/Staff Table
Marcus Lee, marcus.lee@slc.govCara Lindsley, cara.lindsley@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Recommendation:
For the CRA Board to approve the interlocal and the resolution between the CRA and City.
Background/Discussion
This is the interlocal agreement to authorize the sharing of tax increment between the City and the CRA for the SL Central HTRZ.
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 118 WWW.SLC.GOV · HTTPS://CRA.SLC.GOV/
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO - AMENDED
DATE: September 26, 2025
PREPARED BY: Marcus Lee, Project Coordinator
Cara Lindsley, CRA Deputy Director
RE: Salt Lake Central HTRZ Interlocal Agreement
REQUESTED ACTION: Consider adopting a resolution approving the Salt Lake Central HTRZ
Interlocal Agreement between Salt Lake City and the Salt Lake City
Community Reinvestment Agency
POLICY ITEM: Project Area Creation
BUDGET IMPACTS: Future Salt Lake Central HTRZ Tax Increment Revenue
EXECUTIVE SUMMARY: On May 1, 2025, the Housing and Transit Reinvestment Zone Committee
(“HTRZ Committee”) approved the Salt Lake City Community Reinvestment Agency’s (“CRA’s”) and
Salt Lake City’s (“City’s”) Salt Lake Central HTRZ Application (“HTRZ Plan”). The HTRZ Plan outlines
the participating taxing entities, tax increment participation rates, collection phases, term of tax increment
collection, and the planned utilization of tax increment funds in the project area. For the City and CRA to
receive and use the tax increment, Utah Code Section 63N-3-607 requires that the parties execute an
interlocal agreement (“ILA”) with terms that 1) are consistent with the approval of the Housing and Transit
Reinvestment Zone Committee (“HTRZ Committee”); and 2) meet the requirements of Section 63N-3-603.
The purpose of this memorandum is to:
•Request the CRA Board of Directors (“Board”) to consider adopting a resolution approving the
Salt Lake Central HTRZ Interlocal Agreement between the City and the CRA.
ANALYSIS:
Housing and Transit Reinvestment Zones (“HTRZs”) are intended to facilitate mixed-income residential
and mixed-use developments within a certain radius of a public transit stop. HTRZs are also intended to
increase the utilization of public transit options, promote and develop owner-occupied housing, improve
parking and transportation efficiencies, assist in overcoming development impediments, conserve water
through efficient land use, improve air quality, and increase opportunities to education, employment, and
childcare.
The tax increment collected in the Salt Lake Central HTRZ is intended to support development of the Rio
Grande District and provide community benefits in the surrounding neighborhoods. Enhanced pedestrian
and utility infrastructure, affordable housing, and efficient parking measures like structured parking are
some of the anticipated public benefits that HTRZ funds will enable, maximizing development
opportunities.
A summary of the terms approved by the HTRZ committee are described below:
HTRZ Committee Approved Terms: Salt Lake Central HTRZ
Base Years Phase 1: 2025
Phase 2: 2028
Base Year Taxable Value Estimated at $262,744,538
Collection Period & Phasing Two 25-year phases within the 45-year collection term, with Phase 1
beginning no later than December 31, 2026, and Phase 2 beginning no
later than December 31, 2029
Participation Rate
Contribution Cap
Tax Increment Eligible Uses
Participating Taxing Entities
Other notable terms included by the HTRZ Committee within the project area approval include:
•Affordable Housing Requirement: Of the residential development, up to 9% of the dwelling units
much be affordable to households earning less than or equal to 80% of the Area Median Income
(AMI), and at least 3% of the dwelling units must be affordable to households earning less than or
equal to 60% of AMI.
NEXT STEPS:
The CRA anticipates triggering the collection of tax increment for Phase 1 of the HTRZ in 2026. Applicants
seeking a tax increment reimbursement in the HTRZ must comply with the CRA’s adopted HTRZ tax
increment reimbursement policy.
PREVIOUS BOARD ACTION:
•August 2024: Staff provided an update on the upcoming submittal of the Salt Lake Central HTRZ
application.
•December 2023: The CRA Board approved the HTRZ Tax Increment Reimbursement Policy.
•November 2023: Staff provided an update on the Salt Lake Central HTRZ application and project
area plan.
•August 2022: Staff provided an overview of HTRZs and potential locations throughout the City.
ATTACHMENTS:
A. CRA Resolution authorizing the execution of the Salt Lake Central HTRZ Interlocal Agreement
with Salt Lake City for the Salt Lake Central HTRZ, with Salt Lake Central HTRZ Plan attached
B. Governor’s Office of Economic Opportunity Salt Lake Central HTRZ Approval Letter
ATTACHMENT A: CRA RESOLUTION AUTHORIZING THE
EXECUTION OF THE SALT LAKE CENTRAL HTRZ INTERLOCAL
AGREEMENT WITH SALT LAKE CITY FOR THE SALT LAKE
CENTRAL HTRZ
1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. __________ of 2025
Interlocal Agreement Authorizing Use of a Portion of Tax Increment to Support the
Implementation of the Salt Lake Central Housing Transit Reinvestment Zone
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AUTHORIZING THE EXECUTION OF AN INTERLOCAL
AGREEMENT FOR USE OF A PORTION OF TAX INCREMENT TO SUPPORT THE
IMPLEMENTATION OF THE SALT LAKE CENTRAL HOUSING TRANSIT
REINVESTMENT ZONE
WHEREAS, on May 1, 2025 and pursuant to Utah Code Section 63N-3-605, the state’s
Housing and Transit Reinvestment Zone Committee approved the application of Salt Lake City
Community Reinvestment Agency (“Agency”) and Salt Lake City (“City”) for the Salt Lake
Central Housing Transit Reinvestment Zone (the “HTRZ Plan”).
WHEREAS, under the HTRZ Plan, the Agency and City will receive tax increment from
a variety of taxing entities to support transit-oriented development with a high density of affordable
housing and mixed uses in the HTRZ Plan project area.
WHEREAS, for the City and Agency to receive and use the tax increment generated in the
HTRZ Plan area, Utah Code 63N-3-607 requires that the parties execute an interlocal agreement
which sets forth the terms under which the City will convey the tax increment to the Agency to be
used consistent with the purposes set forth in the HTRZ Plan, state law, and the HTRZ Committee
Approval Letter.
WHEREAS, the parties desire to e xecute the attached interlocal agreement in which the
City consents to the Agency receiving the tax increment from the HTRZ Plan project area . The
interlocal agreement does not create an interlocal entity.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake City
Community Reinvestment Agency:
1.It does hereby approve the execution and delivery of an interlocal cooperation agreement
between the Salt Lake City Community Reinvestment Agency and Salt Lake City
Corporation regarding the use of tax increment from the Salt Lake Central Housing and
Transit Reinvestment Zone. Such agreement shall be effective upon both the City and
Agency approving the agreement.
2.Erin Mendenhall, Executive Director of the Salt Lake City Community Reinvestment
Agency or her designee is hereby authorized to approve, execute, and deliver said
agreement on behalf of the Salt Lake City Community Reinvestment Agency, in
substantially the same form as now before the Salt Lake City Community Reinvestment
Agency Board of Directors and attached hereto as Exhibit A, subject to such minor
changes that do not materially affect the rights and obligations of the Agency thereunder
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and as shall be approved by the Executive Director, her execution thereof to constitute
conclusive evidence of such approval.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment
Agency, this ________ day of __________, 2025.
Darin Mano, Chair
Transmitted to the Executive Director on .
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Approved as to form:
Salt Lake City Attorney’s Office
/s/ Sara Montoya
Sara Montoya, Senior City Attorney
Date: September 26, 2025
Attest:
Salt Lake City Recorder
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EXHIBIT A
[Attach Form Interlocal Agreement]
1
INTERLOCAL COOPERATION AGREEMENT
BETWEEN SALT LAKE CITY CORPORATION AND
THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
Salt Lake Central Housing Transit Reinvestment Zone Tax Increment
This interlocal cooperation agreement (Interlocal Agreement) is executed between the
Salt Lake City Community Reinvestment Agency (the “Agency”) and Salt Lake City
Corporation (the “City”).
RECITALS
A. On May 1, 2025, and pursuant to Utah Code Section 63N-3-605, the Housing and
Transit Reinvestment Zone Committee approved the Agency’s and City’s Salt Lake Central
Housing Transit Reinvestment Zone Application (the HTRZ Plan), a copy of which is attached
as Exhibit A and includes a parcel list and a map of the Salt Lake Central Housing Transit
Reinvestment Zone area (the Project Area).
B. Under the HTRZ Plan, the Agency and City support transit-oriented development in
the Project Area with a high density of affordable housing and mixed uses, which will be accessible
for a range of income levels.
C. By submitting the HTRZ Plan for review and approval by the Housing and Transit
Reinvestment Zone Committee, the Agency and City determined that it is in their best interests to
provide certain financial assistance using tax increment (as defined in Utah Code Section 63N-3-
602(33), hereinafter, Tax Increment) from participating taxing entities. The taxing entities that
are participating include the City, Salt Lake County, Salt Lake City School District, Salt Lake City
Library, Salt Lake Metropolitan Water District, Salt Lake City Mosquito Abatement District, and
Central Utah Water Conservancy District (each a Taxing Entity, and collectively, Taxing
Entities).
D. On December 12, 2023, the Agency adopted a policy to guide the use and distribution
of Tax Increment (HTRZ Policy).
E. The Agency anticipates using Tax Increment created by development activities in the
Project Area to assist in development as set forth in the HTRZ Plan and consistent with the HTRZ
Policy and HTRZ Committee Approval Letter.
F. For the City and Agency to receive and use the Tax Increment, Utah Code Section 63N-
3-607 requires that the parties execute this agreement to set forth the terms under which the City
will convey the Tax Increment to the Agency consistent with the purposes set forth in the HTRZ
Plan, state law, and HTRZ Committee Approval Letter.
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AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1. Tax Increment. Capitalized terms used but not otherwise defined in this
Agreement shall have the meanings ascribed to them in the HTRZ Plan. The City hereby agrees
that the Agency shall receive a maximum capture of eighty percent (80%) of the Tax Increment
from the Project Area for a term of twenty-eight (28) years to use consistent with the HTRZ Policy,
HTRZ Plan, state law, and the HTRZ Committee Approval Letter.
a. Timing. The collection period for Phase 1 shall begin no later than December 31,
2026, and be triggered when the CRA provides notice of the commencement of the
collection of Tax Increment to the Taxing Entities and various third-party entities as
detailed in 63N-3-603. The collection period for Phase 2 shall begin no later than
December 31, 2028, and be triggered when the CRA provides notice of the
commencement of the collection of Tax Increment to various third-party entities as
detailed in 63N-3-603
b. Calculation of Tax Increment. Pursuant to Utah Code Section 63N-3-602(33), the
calculation of annual Tax Increment shall be the difference between (i) the amount of
property tax revenue generated by a Taxing Entity from the Project Area using the
current assessed value and each Taxing Entity’s certified tax rate, and (ii) the amount
of property tax revenue generated from the Project Area using the base taxable value
and each Taxing Entity’s then current certified tax rate. The Phase 1 base taxable value
shall be calculated using 2025 as the base year, with the Phase 2 base taxable value
being calculated as the year prior to tax increment collection commencement, for
example, a 2027 base year value for a 2028 collection trigger.
2. Interlocal Cooperation Act. In satisfaction of the requirements of Utah Code
Chapter 11-13 (the Interlocal Cooperation Act) in connection with this agreement, the parties
agree as follows:
a. This Interlocal Agreement shall be authorized and adopted by resolution of the
legislative body of each party pursuant to and in accordance with the provisions of Section 11-13-
202.5 of the Interlocal Cooperation Act.
b. This Interlocal Agreement shall be reviewed as to proper form and compliance with
applicable law by a duly authorized attorney on behalf of each party pursuant to and in accordance
with Section 11-13-202.5(3) of the Interlocal Cooperation Act.
c. Except as otherwise specifically provided in this Interlocal Agreement, each party
shall be responsible for its own costs for any action taken pursuant to this agreement, and for any
financing of such costs.
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d. A duly executed original counterpart of this Interlocal Agreement shall be filed
immediately with the keeper of records of each party pursuant to Section 11-13-209 of the
Interlocal Cooperation Act.
e. No separate legal entity is created by the terms of this Interlocal Agreement. The
Executive Director of the Agency is hereby designated the administrator for all purposes of the
Interlocal Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f. Following the execution of this Interlocal Agreement by each of the parties, each
party may cause a notice regarding this agreement to be published in accordance with Section 11-
13-219 of the Interlocal Cooperation Act.
g. No real or personal property shall be acquired jointly by the parties because of this
agreement. To the extent a party acquires, holds, or disposes of any real or personal property for
use in the joint or cooperative undertaking contemplated by this Interlocal Agreement, such party
shall do so in the same manner that it deals with other property of such party.
3. Modification and Amendment. Any modification of or amendment to any
provision of this Interlocal Agreement shall be effective only if the modification or amendment is
in writing and signed by each of the parties. Any oral representation or modification concerning
this Interlocal Agreement shall be of no force or effect.
4. Further Assurance. Each of the parties hereto agrees to cooperate in good faith
with the other, to execute and deliver such further documents, to adopt any resolutions, to take any
other official action, and to perform such other acts as may be reasonably necessary or appropriate
to consummate and carry into effect the transactions contemplated under this Interlocal
Agreement.
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Executed to be effective as of the date this agreement is filed with the Salt Lake City
Recorder’s Office.
SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY
Erin Mendenhall, Executive Director
Approved as to proper form with applicable law:
___________________________________
Salt Lake City Attorney’s Office
Sara Montoya, Senior City Attorney
Attest:
___________________________________
Salt Lake City Recorder
SALT LAKE CITY CORPORATION
Erin Mendenhall, Mayor
Approved as to proper form with applicable law:
_____________________________
Salt Lake City Attorney’s Office
Mark Kittrell, City Attorney
Attest:
___________________________________
Salt Lake City Recorder
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EXHIBIT A
HTRZ Plan
PROPOSAL SUBMITTED
NOVEMBER 2024
Salt Lake Central
Housing and Transit Reinvestment Zone
(HTRZ)
3 Executive Summary 15 Key Objectives
5 Proposed HTRZ Location 18 Property Tax Increment
Budget
6 Project Highlights 20 Proposed Expenditures
10 Development Plan 23 Alternative Funding Sources
11 Housing Supply 24 Sales & Use Tax Increment
12 Affordable Housing Funding
Priorities
13 Zoning
Table of Contents
Attachments
A. List of Property Tax Increment Collection Parcels
26
D. Affordable Housing Gap Analysis
E. Sales Tax Analysis
B. Development Details + Absorption Schedule
C. Property Tax Increment Budget + Base Year Values
Delta Center
Historic Rio Grande Depot Central Business
District
Salt Lake Central
Station
Figure 1. Context Map of HTRZ area and Downtown landmarks to the east
3
Executive Summary
The proposed HTRZ includes 116.71 acres of developable land within a ½-mile radius of the Utah Transit
Authority’s (“UTA”) Salt Lake Central Station, which is located just west of Salt Lake City’s Central Business
District. The station is commonly referred to as the Intermodal Hub as it provides access to Frontrunner
commuter rail, TRAX light rail, local bus, Amtrak, and Greyhound services. Additional connections of the
proposed HTRZ to the University of Utah (“U of U”) and Granary District are being recommended by the
recently concluded TechLink TRAX Study, which was funded by a federal Rebuilding American
Infrastructure with Sustainability and Equity (RAISE) grant awarded to a partnership of UTA, Salt Lake City,
and the U of U.
The wealth of existing and future transit service complements parallel projects planned to occur within or
adjacent to the HTRZ area, such as the redevelopment of approximately 16.07 acres owned by the
Redevelopment Agency of Salt Lake City (“RDA”) and 25.79 acres of UTA-owned property, a plethora of
private housing development, as well as Salt Lake City’s investment in alternative transportation modes via
initiatives like the 200 South Reconstruction project, 400 South bikeway, and Green Loop linear park and
urban trail.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Provides an opportunity to implement the strategic planning work that
has been done in this area, including recommendations of the Salt Lake
Central Station Area Plan, Rio Grande District Vision and
Implementation Plan, and TechLink TRAX Study.
Planned infrastructure investments include the construction of new
mid-block streets, safe pedestrian and bicycle connections to transit
facilities, the concentration of shared parking facilities, potential
expansion of the TRAX network, and sustainable utility upgrades.
HTRZ funds will support transformative mixed-use development with
a high level of public benefit, with assistance provided to overcome
natural and man-made development impediments and current market
conditions.
The model anticipates that 59.8% of the collection parcel acreage will
contain residential uses for a total of 5,793 residential units averaging
83 units per acre. 174 units will be attainable for those earning up to
60% of Area Median Income (“AMI”) and 521 attainable for those
earning up to 80% AMI. Existing RDA policies target the creation of
owner-occupied housing and will be implemented within the HTRZ
when possible.
The proposed HTRZ is in an area with some of the highest development
potential left in Salt Lake City. The development model anticipates the
creation of 565,358 sf of commercial space, 59,000 sf of light
industrial/maker space, 3,293,234 sf of office, and 325 hotel rooms.
4Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
The vision for the HTRZ – to encourage dense, mixed-use, walkable, sustainable development
adjacent to the most transit-rich site in the State of Utah – fully embraces key legislative
objectives:
Figure 2. Transportation Context Map
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Proposed HTRZ Location
The proposed HTRZ includes 116.71 acres of developable land within a ½-mile radius of UTA’s Salt Lake
Central Station, which is located just west of Salt Lake City’s Central Business District. The station is
commonly referred to as the Intermodal Hub as it provides access to Frontrunner commuter rail, TRAX light
rail, local bus, Amtrak, and Greyhound services. Additional connections of the proposed HTRZ to the U of U
and Granary District are being recommended by the recently concluded TechLink TRAX Study, which was
funded by a federal RAISE grant awarded to a partnership of UTA, Salt Lake City, and the U of U.
The wealth of existing and future transit service complements parallel projects planned to occur within or
adjacent to the HTRZ area, such as the redevelopment of approximately 16.07 acres of RDA-owned
property and 25.79 acres of UTA-owned property, a plethora of private housing development, as well as
Salt Lake City’s investment in alternative transportation modes via initiatives like the 200 South
Reconstruction project, 400 South bikeway, and Green Loop linear park and urban trail.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Please refer to page 18 for a map of the proposed HTRZ boundary and property tax increment collection
parcels, Attachment A for a complete list of collection parcel ID numbers, and page 24 for a map of the
sales and use tax collection boundary.
6
Project Highlights
The Rio Grande District is a dense, mixed-use,
transit-oriented development located at the
heart of the HTRZ with low-stress pedestrian
and bicycle facilities that are seamlessly
connected to Salt Lake Central Station.
The Vision & Implementation Plan, which has
been provided to the Committee, calls for a
network of unique public spaces to support
adjacent density, such as:
the reconstruction of 300 South into a
Festival Street that can be closed and
activated by the community;
an Arts Alley with art installations, cultural
events, performances, and adjacent maker
spaces for emerging artists;
a section of the Green Loop, a 5.5-mile
urban trail and linear park that will be a
critical part of the neighborhood’s mobility
network and provide much-needed open
space and areas for recreation; and
the addition of multiple mid-block streets
to enhance connectivity and walkability.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Rio Grande District
Anticipated land uses include a high-intensity
employment hub along 600 West with incubator,
lab, and office space to support the State of
Utah’s growing innovation industries, a hotel,
dedicated space for community-benefitting non-
profits, and residential mixed-use throughout,
including a 400-foot-tall residential tower.
USA Climbing plans to build their permanent
headquarters and national training facility on the
southwest corner of 500 West and 300 South.
The developmet concept prioritizes activated
ground floors wherever possible, including a
“Festival Retail Zone” along 300 South, a “Maker
Space Zone” lining the Arts Alley, and “Transit
Street Zone” on frontage near Salt Lake Central
Station.
A shared parking structure will concentrate
parking at the perimeter of the District to reduce
internal traffic, conflicts with pedestrians and
bicyclists, and the amount of land devoted to
parking at each individual development site.
Figure 3. Diagram of Rio Grande District at full buildout
7
Project Highlights
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Redevelopment of Salt Lake Central Station
Figure 4. Rendering of new UTA headquarters and transit amenities that are being contemplated at Salt Lake Central Station -
photo courtesy of Utah Transit Authority
UTA is exploring the feasibility of redeveloping its land holdings within the HTRZ, including the
current Salt Lake Central Station site, which is a prominent entry point to Salt Lake City for
transit users.
Preliminary designs include a completely re-envisioned intermodal hub with two six-story
structures that are connected with an enclosed transit hall. Mass timber may be used due to its
lighter weight, mitigating challenging soil conditions caused by the area’s high groundwater
table.
Anticipated land uses include retail and amenities for transit patrons on the ground floor and
office uses on upper levels, to include space for a new UTA headquarters.
This is a significant opportunity to improve the customer experience and accommodate
smoother connections between various transportation modalities.
8
Project Highlights
Planned 5+ mile urban trail and linear park system that will encircle downtown Salt Lake City.
Project’s objective is to improve the quality of life for people living, working, and traveling downtown
by adapting ~60 acres of existing street space to include more trees, shade, and comfortable options
for a variety of transportation choices.
Added green spaces will provide critical ecosystem services and contribute to a more resilient city by
managing stormwater, reducing the heat island effect, and improving air quality.
Salt Lake City has developed a preliminary design concept for the eastern leg of the Green Loop to
understand its impacts, constructability, and project costs. Western leg to follow.
This is a significant public investment – preliminary construction cost estimate of ~$8-10 million per
block.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Green Loop
Figure 5. Green Loop concept as depicted in Salt Lake City’s The Downtown Plan (2016)
9Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Figure 7. Rendering of potential Green Loop on 500 West near Rio Grande District, looking north
Figure 6. Historic and present images of 500 West near Rio Grande District, looking south
Land Use Square Footage (sf) /
Count (#)
Residential Units 5,793
Commercial 565,358
Makers Space 59,000
Office 3,293,234
Hotel Rooms 325
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Development Plan
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
The HTRZ proposal and development model includes parcels with specific development plans as well as
underutilized parcels that are likely to develop over the HTRZ’s term. Where development-specific
information is available, those details have been included. For parcels where development details are yet to
be finalized, Salt Lake City zoning standards and industry-specific floor-to-area ratios were utilized to
determine their highest and best uses.
Table 1. Anticipated land uses, by quantity
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Housing Supply
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Based on the development model, it is estimated that approximately 59.8% of the collection parcel acreage
will incorporate residential uses for a total of 5,793 housing units averaging 83 units per acre.
Please refer to page 12 – Affordable Housing Funding Priorities – for further details on RDA-imposed
requirements for varied dwelling unit sizes and housing affordability that is maintained through deed
restriction.
Figure 8. Map of estimated housing density, by collection parcel
12
Affordable Housing Funding Priorities
The RDA has multiple policies in place to ensure that requirements contained in Utah Code 63N-3-603(2)
will be met or exceeded with administration of the HTRZ:
HTRZ Tax Increment Reimbursement Policy - Establishes guidelines for the distribution of HTRZ tax
increment to project developers or property owners via tax increment reimbursement agreements.
Threshold Requirements of Projects that Incorporate Housing:
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Deeply Affordable Housing: Expand the availability of units for extremely low-income households, thereby
providing housing options for individuals or families that are homeless or at risk of homelessness;
Affordable Family Housing with Amenities for Children: Provide opportunities for families to enjoy the
many benefits of urban living by encouraging the development of housing that is more conducive to larger
household sizes that have at least three or more bedrooms and includes family-oriented amenities;
Wealth Building Opportunity: Facilitate the ability for low-moderate income households to build wealth
through different pathways such as homeownership, supplemental income opportunities, stipends for
renters, cooperative housing, and other wealth building models;
Neighborhood Commercial and Services: Promote an array of commercial spaces that support the
neighborhoods, such as daycares, restaurants, and retail spaces; and
Expand Opportunities: Provide affordable housing within areas that have access to resources that may
improve a person’s chances of upward economic mobility as identified on RDA’s High Opportunity Area
map.
Housing Development Funding Strategy - Establishes housing priorities for the current fiscal year, to be
implemented via the RDA’s various housing funding programs. Adopted funding priorities for FY25 are as
follows:
At least 10% of housing units within a project must be affordable to those earning 60% of the area
median income (“AMI”) and below, or, 20% of units must be affordable to those earning 80% AMI and
below. Income averaging of units within a single project may be utilized to achieve AMI thresholds.
If the ground floor is not a private residence, projects must include ground floor space that is activated
with commercial, office, or retail uses that are not exclusive to the tenants of the building.
Deed Restriction – Prior to executing a participation agreement, a restriction shall be recorded against
the property that requires continued use of the specified units as affordable housing for at least 30 years.
Bedroom Count Mix – The affordable units shall be located on different floors of the building and spread
among bedroom counts (1-bedroom, 2-bedroom, 3-bedroom, etc.) in the same proportion as the units
available within the rest of the project.
Affordable Housing Requirements:
a.
b.
a.
b.
a.
b.
c.
d.
e.
13
Zoning
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
As can be seen in the map on the next page, the majority of the proposed HTRZ land area is currently
zoned as either Gateway-Mixed Use (G-MU) or General Commercial (CG).
Per the Salt Lake City Zoning Ordinance, Title
21A.31, the G-MU District is intended to:
Serve as an urban neighborhood that provides
employment and economic development
opportunities that are oriented toward the
pedestrian with a strong emphasis on a safe
and attractive streetscape;
Have a mixed-use character with supportive
retail, service commercial, office, and high
density residential uses;
Encourage urban-scale commercial
development along the 200 South corridor;
and
Host a primarily residential corridor along 500
West, from North Temple to 400 South.
Per the Salt Lake City Zoning Ordinance, Title
21A.26, the CG District is intended to:
Enhance the economic vitality of the City as a
whole, encourage sustainable and profitable
businesses, and create dynamic and vital business
districts;
Provide economic development opportunities
through a mix of land uses, including retail sales
and services, entertainment, office, residential,
heavy commercial, and low intensities of
manufacturing and warehouse uses;
Include safe, convenient, and inviting connections
that provide access to businesses from public
sidewalks, bike paths, and streets; and
Be accessed under a hierarchy that places the
pedestrian first, bicycle second, and automobile
third.
The RDA is preparing an application to amend the zoning designation of select parcels from G-MU to
Downtown Secondary Central Business District (D4) to accommodate the implementation of the Rio
Grande District Vision & Implementation Plan; primarily, to allow for taller building heights. The G-MU zone
allows for maximum heights of 90 feet with up to 180 feet possible with additional design review. A D4
designation would allow for building heights up to 200 feet by right with a potential height of 600 feet
permitted with additional design review. The Mayor and City Council have both expressed support for
increased buildings heights within the Rio Grande District and the necessary zoning changes will be in place
before its collection phase is triggered.
Per the Salt Lake City Zoning Ordinance, Title 21A.30, the D4 District is intended to:
Foster an environment consistent with the area’s function as a housing, entertainment, cultural,
convention, business, and retail section of the city that supports the Central Business District; and
Contain development that supports the regional venues in the district, such as the Salt Palace
Convention Center.
12Redevelopment Agency of Salt Lake City
Map of Current and Proposed Zoning for Property Tax
Increment Collection Parcels
Figure 9. Map of current and proposed zoning for property tax increment collection parcels
15
Key Objectives
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Higher utilization of public transit
Per 63N-3-603(1), a HTRZ proposal shall promote the following objectives:
Increasing availability of housing, including affordable housing, and fulfillment of
moderate income housing plans
Promoting and encouraging development of owner-occupied housing
The proposed Salt Lake Central HTRZ may be the most transit-rich site in the entire State of Utah and
the convergence of FrontRunner, TRAX, local bus routes, Amtrak, and Greyhound services will offer
compelling alternatives to a vehicle for those who live, work in, and visit the area. Planned future TRAX
extensions will enhance rider options with direct connections to the Airport, U of U, and emerging
Granary District. The broader UTA transit network provides access to event venues such as America First
Field, the future ballpark being developed at Daybreak, and other higher education institutions via the
FrontRunner line that runs from Ogden to Provo.
As described on page 12, the RDA intends to utilize its HTRZ Tax Increment Reimbursement Policy to
offset increased costs associated with affordable housing. Implementation of this policy will ensure that
minimum affordable housing thresholds outlined in 63N-603-2 are not only met but surpassed. Tax
increment generated with the HTRZ may also be utilized to support the RDA’s other various housing
funding programs, which are developed in coordination with Salt Lake City and meant to support its
moderate income housing plan, Housing SLC (2023).
The Agency has published the Residential Wealth Building Pilot Program, which is aimed at helping low-
to moderate-income families and individuals build wealth through affordable housing opportunities. This
initiative is designed to address the homeownership gap in Salt Lake City and provide innovative
pathways for economic stability. The Residential Wealth Building Pilot Program will offer funding for
projects that create affordable homeownership and shared equity models, supporting the development
of family and workforce housing. With an emphasis on promoting long-term financial stability and wealth
accumulation, the program prioritizes housing development solutions such as rent-to-own units, condo or
co-op conversions, tenant shared-equity models, and more. The initiative aligns with RDA’s goal of
equitable economic growth, addressing systemic barriers to wealth for underserved communities.
16Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Improving efficiencies in parking and transportation, including walkability of
communities near public transit facilities
Overcoming development impediments and market conditions that render a
development cost prohibitive absent the proposal and incentives
Conserving water resources through efficient land use
Improving air quality by reducing fuel consumption and motor vehicle trips
The dense nature of the proposed developments within the HTRZ leads to water conservation via efficient
landscape design and the lack of individual lawns requiring irrigation, as compared to single family or less-
dense development. According to the EPA’s Protecting Water Resources with Higher-Density Development
study, it has modeled that on a per housing unit basis, higher density developments produce less
stormwater runoff and provide less impervious cover than low-density development. The decrease in
stormwater runoff can assist in the reduction of downstream pollutants and toxins being deposited due to
storm runoff which, combined with other efforts, seek to prevent the Great Salt Lake from further decline.
The Rio Grande District - which will form the heart of the HTRZ near Salt Lake Central Station - is
envisioned to become a model of urban-scale transit-oriented development for the State of Utah. The
Vision & Implementation Plan prioritizes connectivity and accessibility with the creation of new mid-block
streets, low-stress pedestrian and cyclist facilities, and a safe and walkable environment with highly
activated ground floor spaces. The Plan also includes a shared parking garage that will concentrate parking
at the perimeter of the Rio Grande District a) so that other land can be put to more efficient uses and b) to
reduce the number of curb cuts and potential vehicle-pedestrian conflicts within the core. Public parking
spaces within the shared structure could be utilized by those accessing Salt Lake Central Station to take
transit elsewhere.
The RDA acknowledges that the level of density associated with transit-oriented development will incur
substantial horizontal and vertical construction costs. Although interest rates have fallen, and are
forecasted to continue to fall through 2025, they remain high enough to stall this caliber of development.
The HTRZ will allow the RDA to fund critical infrastructure upgrades and offer eligible development
projects a tax increment reimbursement to overcome increased costs and encourage more timely
development. This is especially crucial given the timing of the 2034 Winter Olympics.
The proximity and network breadth of Salt Lake Central Station provides viable alternatives to vehicle
usage. By bringing uses such as office, retail, and housing within walking distance of each other, there are
efficiencies that would not otherwise be viable. Salt Lake Central provides transit access to the wider
Wasatch Front and can reduce vehicle trips. According to the Institute of Transportation Engineers (ITE),
mixed-use development leads to 20% internal capture, or reduced vehicle trips, which directly lowers
vehicle emissions.
17Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Encouraging transformative mixed-use development and investment in
transportation and public transit infrastructure in strategic areas
Strategic land use and municipal planning in major transit investment corridors as
described in Subsection 10-9a-403(2)
Increasing access to employment and educational opportunities
Increasing access to child care
These objectives perfectly encapsulate the vision for the area, and the HTRZ will be a key tool in
bringing the many moving parts together to deliver on it. The Rio Grande District will raise the bar for
development in Salt Lake City and Utah with unprecedented levels of density, mixed-use design,
walkability, and sustainability. The proposed redevelopment of UTA’s Salt Lake Central Station will
enhance the public transit experience at a primary gateway to the city, which is vital to providing lasting
impressions for riders and growing ridership levels. Other initiatives such as the planned TRAX
extensions, Green Loop, and 400 South Bikeway will only enhance the overall network and feasibility of
its use to access jobs, shopping, recreational, and educational opportunities across the Wasatch Front.
In addition, Salt Lake City was awarded nearly $2 million from the U.S. Department of Transportation to
study solutions for eliminating barriers caused by transportation infrastructure, and there is potential for
this work to result in recommendations within the HTRZ. Local advocates have developed the concept
of relocating freight and Frontrunner rails into an underground train trench (the “Rio Grande Plan” - not
to be confused with the Rio Grande District Vision & Implementation Plan), which is one option that will
be considered through this effort.
The tax increment generated from the HTRZ can be used to support the development of residential,
office, and retail spaces that would otherwise not be built at this time due to the current cost
prohibitive market conditions. Jobs will be created within the HTRZ through the construction of these
new spaces. The RDA intends to partner with organizations such as EDCUtah, the Salt Lake Chamber,
and the Governor’s Office of Economic Opportunity to find the optimal developers and tenants. In
addition, residents of the HTRZ can utilize adjacent transit infrastructure to access job centers and
educational institutions across the Wasatch Front. Many universities and colleges have partnered with
UTA to provide their enrolled students with free transit access.
Salt Lake City has identified a need for more child care facilities in the city, and tax increment generated
from the HTRZ could be used to incentivize their inclusion in residential or commercial developments
within the HTRZ. Additionally, the Agency has a Housing Development Loan Program that provides
competitive low-interest loans to projects that meet certain project priorities, one of which is affordable
family housing with amenities for children.
18
Property Tax Increment Budget
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
It is proposed that the HTRZ’s 162 parcels would be triggered for tax increment collection over two, 25-
year collection phases during the total 45-year term. This phased approach accommodates the readiness of
some developers to begin construction in the next few years while anticipating that it will take longer for
plans to be established for other parcels in the HTRZ. Where development-specific information is available,
those details have been included in the budget calculations. However, for parcels where development
details are yet to be finalized, development was modeled using zoning standards and industry-specific floor-
to-area ratios to determine their highest and best uses.
Phase 1 includes private development projects that are anticipated to commence in the near-term, several
of which incorporate market-rate and affordable housing. Phase 2 includes the planned redevelopment of
RDA and UTA-owned property*, as well as other sites that have high redevelopment potential but are too
early in their planning processes to have finalized numbers. Attachment B provides the development
absorption, construction, and assessed value estimates for both phases.
*Please note that UTA plans to subdivide the large parcels under its ownership before Phase 2 is triggered.
25.79 UTA-owned acres have been included in this proposal.
Figure 10. Map of proposed HTRZ boundary and collection parcels, by phase
19Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Sources
Uses
Over the HTRZ term, it is projected that a total of $722,903,684 in property tax increment will be
generated. With an 80% taxing entity participation rate, $578,322,947 may be available to support HTRZ
development. Projected tax increment generation has been broken down by taxing entity below. See
Attachment C for more information on base year values that were used in these calculations.
The RDA proposes to utilize 98% of the tax increment funds generated within the HTRZ to support
development projects by incentivizing high levels of public benefit and investing in surrounding
infrastructure. The remaining 2% of the budget will cover costs associated with administration of the HTRZ.
See Attachment C for a more detailed tax increment budget.
Taxing Entity 100% Tax Increment
($)
80% Tax Increment
($)
Salt Lake County 103,718,375 82,974,700
Salt Lake City School District 294,935,179 235,948,144
Salt Lake City 224,103,118 179,282,495
Salt Lake City Library 43,674,811 34,939,849
Salt Lake Metropolitan Water District 14,880,685 11,904,548
Salt Lake City Mosquito Abatement District 11,830,145 9,464,116
Central Utah Water Conservancy District 29,761,370 23,809,096
TOTAL Property Tax Increment 722,903,684 578,322,947
Use of Funds Tax Increment ($)
HTRZ Development Activities (98%)566,756,488
Administrative Costs (2%)11,566,459
TOTAL Available Property Tax Increment 578,322,947
Table 2. Projected property tax increment generation, by taxing entity
Table 3. Proposed uses of property tax increment
20
Proposed Expenditures
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
A priority of the proposed HTRZ is to facilitate the buildout of two downtown projects that together have
the potential to serve as the model of urban transit-oriented development for the State of Utah: the
redevelopment of the RDA’s Rio Grande District assemblage and UTA’s Salt Lake Central Station area to
the west. Both efforts will be carried out through public-private partnerships and as such, HTRZ tax
increment will be used to support both public and private project components. Funding will also be made
available to leverage other anticipated private investment throughout the HTRZ, which includes land with
some of the highest development potential left in Salt Lake City.
The following areas of proposed expenditure will help overcome development impediments inherent to the
site and current market conditions, and enable the levels of density, walkability, accessibility, sustainability,
and affordability envisioned for the area:
Horizontal construction costs
Enhanced vertical construction costs
Structured shared parking
Affordable housing
Property acquisition costs
Separately, the RDA anticipates supporting public initiatives that would enhance private development
planned within the HTRZ area, such as potential light rail extensions and implementation of the Green
Loop. Large-scale capital projects like these require multiple funding sources and the contribution of tax
increment will not exceed the level of impact that the project will have on the HTRZ.
The HTRZ is in dire need of underground and surface-level improvements to accommodate dense, walkable
development. Due to historic industrial land uses, some sites will require environmental remediation.
Water, electrical, sewer, and stormwater utilities will need to be upgraded to provide the capacity needed
for the level of density that is encouraged by Salt Lake City Master Plans, The Rio Grande District Vision &
Implementation Plan, and Salt Lake Central Station Area Plan. New and reconstructed streets will make the
area surrounding Salt Lake Central Station more walkable, accessible, and safe for alternative mode users.
Publicly accessible open spaces will provide areas of respite from the surrounding density. For the Rio
Grande District, the RDA has commissioned an infrastructure design team that is pursuing Envision
certification to prove a model of sustainable infrastructure that can be replicated by others in the HTRZ,
City, and State. The estimated cost of planned utility and streetscape upgrades in the Rio Grande District,
only, is approximately $25 million, and those costs will increase when extended to others areas of the
HTRZ.
Horizontal Construction Costs
21Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Through its work in developing the Rio Grande District Plan and regular communication with property
owners and developers within the HTRZ area, the RDA is aware of the challenges of implementing a
vision of this scale. The Rio Grande District is envisioned to contain taller buildings ranging from 75 feet
to 400 feet in height. These structures will have specialized uses including life science space, corporate
offices, retail, and residential towers. Due to the high water table and soil liquefaction potential, these
taller structures will require additional engineering and stabilization enhancements to ensure site safety.
Some or all of the structures may require a base isolator system to mitigate movement during
earthquakes, which can lead to an additional cost. Due to the structural requirements of concrete and
steel in buildings taller than seven stories, and the need for elevator and safety systems, this will have an
impact on construction costs and possibly push projects into the cost-prohibitive zone absent the HTRZ
and tax increment incentives.
Additionally, the RDA will encourage new development within the HTRZ to be highly efficient, all-
electric, and incorporate on-site renewables, where possible. Developers within the area have advised
that to meet the expected sustainable building requirements, construction costs will be at least 2.33%
higher than traditional construction would cost. The HTRZ tax increment may be used to offset this
additional cost for developments that qualify for tax increment reimbursement agreements as a means to
reduce carbon emissions and improve the region's air quality.
Enhanced Vertical Construction Costs
Structured Shared Parking
In support of the HTRZ goal to enhance the efficiency of parking, it is anticipated that a large number of
structured parking stalls will be constructed within the HTRZ. Due to the high water table at 6 to 8 feet
in the area, and the high liquefaction potential of the soil, any parking structure will incur additional costs
to stabilize and reinforce the structure against the current ground conditions. The RDA is exploring the
option of constructing a 510-stall parking structure at the perimeter of the Rio Grande District at an
estimated cost of $35 million. As the core of the District is envisioned to be pedestrian and bike friendly,
this structure will allow vehicles to be parked on the edge of the Rio Grande District and allow visitors to
walk to nearby destinations and access the Salt Lake Central FrontRunner Station. As future residential
developments begin the planning phases, it is anticipated that they will contain their own parking
structures, which may require the use of tax increment to support the structured parking costs.
22Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Affordable Housing
Property Acquisition Costs
1: Cushman & Wakefield Apartment Market Report: Great Salt Lake Area Mid-Year 2023
2: CBRE Multifamily Market Report: Mid-Year 2023, Critical Data for Unsettled Times
Supporting affordable housing is one of the RDA's top priorities. HTRZ code requires that at least 9% of
housing units within the HTRZ be affordable to those earning 80% AMI and an additional 3% of housing
units be affordable to those earning 60% AMI or below. The RDA will work to support additional affordable
units through programs such as the RDA’s Housing Development Loan Program.
Average Market Rate Monthly Rents
The Cushman & Wakefield 2023 Multifamily Report indicates that the average monthly Salt Lake County
one-bedroom rental rate is $1,514. In their Mid-Year Apartment Market Report, CBRE noted that the
“Downtown submarket has the highest rents at $2,058 representing a weighted average of units with a
rental rate 20% to 42% higher than suburban markets.” Using these two data sources, the average Salt
Lake County monthly rent for a one-bedroom apartment was inflated by 31% to account for the difference
between rental rates in downtown Salt Lake City and those in Salt Lake County as a whole. Therefore,
monthly rent was estimated to average $1,983 for a one-bedroom apartment in this downtown
neighborhood.
Affordable Monthly Rents
In 2024, the monthly rent for a one-bedroom unit that is affordable to households earning 60% of the Salt
Lake County AMI is $1,299; the monthly rent for a one-bedroom unit affordable to households earning
80% of the AMI is $1,733.
Estimated Housing Revenues
Using a 2.5% vacancy rate and an annual increase in rental rates of 3.0%, the estimated housing revenue
over the term of the HTRZ - if all occupied residential units were market rate - is $5.26 billion. Using the
HTRZ affordable housing requirements for 9% of units to be affordable to households earning 80% AMI
and 3% of the units to be affordable to households earning 60% AMI, the estimated housing revenue is
$517.82 million. Therefore, including affordable housing at levels that meet the HTRZ requirements creates
a housing revenue gap of $114.38 million. See Attachment D for additional affordable housing gap analysis
details.
In addition to the financial gap resulting from reduced rental housing revenue, apartment units subject to
rent restrictions generally have less value than comparable market rate units. This creates a capitalized
value differential, further increasing the financial gap for affordable housing. The RDA intends to uses
HTRZ tax increment and programs such as the RDA’s Housing Development Loan Program to help bridge
the gap created by reduced rental revenue and capitalized value for affordable housing projects.
1
2
Recent appraisals have valued land within the HTRZ at $6.6 million/acre. The Agency may acquire
distressed property within the HTRZ to further activate or complement existing projects. The Agency may
also acquire distressed land to conduct environmental cleanup or contribute to environmental remediation
efforts on contaminated land.
23
Alternative Funding Sources
Participating HTRZ tax increment will be leveraged with various other federal, state, and locally offered
funding programs to maximize the reach and impact of development activities and reduce the financial gap.
A menu of applicable options is outlined below:
Low-Income Housing Tax Credit Program (LIHTC)
The LIHTC program provides a federal tax incentive to construct or rehabilitate affordable rental housing
with below-market rents.
Salt Lake City Housing Development Loan Program (HDLP)
The HDLP provides low-cost gap financing to incentivize the development, rehabilitation, and preservation
of affordable housing within municipal boundaries.
Transit Transportation Investment Fund (TTIF)
TTIF funds are administered by the Utah Transportation Commission and used to construct transit or
first/last mile capacity projects.
Utah State Infrastructure Bank (SIB)
The SIB offers low-cost infrastructure loans to public entities for acquisition, construction, reconstruction,
rehabilitation, equipping, or fixturing transportation projects that are part of a state, regional, or local
general or transportation plan, or economic development initiative. Funds can also be used to improve
sewer or water infrastructure that is owned by a public entity.
EPA Brownfields Revolving Loan Fund
Salt Lake County administers a revolving fund that offers loans from $10,000 to $500,000 to entities
redeveloping qualified brownfield sites.
Salt Lake City Neighborhood Building Improvement Program (NBIP)
The NBIP provides grants up to $50,000 to Salt Lake City business and commercial property owners to
make façade improvements that increase street appeal, positively affect the surrounding neighborhood, and
boost the economy on a local level.
Salt Lake City Economic Development Loan Fund (EDLF)
The EDLF provides loans up to $300,000 for the purposes of stimulating business development and
expansion, creating employment opportunities, encouraging private investment, promoting economic
development, and enhancing neighborhood vitality and commercial enterprise in Salt Lake City.
Commercial Property Assessed Clean Energy (C-PACE)
The C-PACE program, supported by the State, provides financing options with long-term repayment
options to help businesses afford energy efficiency upgrades and the installation of renewable energy
systems, with the goal to help improve Utah’s air quality by reducing overall carbon footprint.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
24
Sales & Use Tax Increment
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Sales & Use Tax Collection Boundary
The SLC RDA coordinated with the Utah State Tax Commission to set the proposed sales & use tax
collection boundary shown in the map below, which includes a majority of the proposed property tax
increment collection parcels.
Figure 11. Map of proposed sales & use tax collection boundary
25Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Sales & Use Tax Base Year Value
The estimated 2028 sales & use tax base year value was calculated using the $11,996,574,173 total 2023
taxable sales for Salt Lake City. Using the City's total taxable sales and acreage, a proportion was created to
determine an approximate base year taxable sales value for the HTRZ. The HTRZ represents 0.16% of Salt
Lake City acreage and was assumed to account for 0.16% of taxable sales, providing a taxable sales base
year value of $19,742,787.
This sales and use base year value is included as an estimate only. Per the HTRZ Act, the Utah State Tax
Commission will determine the actual sales & use tax base year value. The sales & use tax information
included here is included only as a projection. Any sales and use tax information provided by the Utah State
Tax Commission will supersede the estimate included in the HTRZ application.
Sales & Use Tax Base Year
Estimated Base Year Value (taxable sales)
Incremental Taxable Sales
Estimated Sales Tax to TTIF
Sales Tax Generation
The Salt Lake City commercial gross taxable sales were divided by the City's estimated commercial square
footage to calculate an average commercial sales per square foot value of $251. Online sales per resident
are estimated to be $2,301 per year. Using the projected absorption of residential and commercial
development, taxable sales were projected for the HTRZ term. A 3% annual growth rate was applied to
taxable sales. The total incremental taxable sales during the HTRZ term is projected to be $4,938,013,012,
or an average of $176,357,608 per year. The sales and use tax generated over the full term is estimated to
be $213,640,452. The 15% set aside of the sales and use tax for the Transit Transportation Investment
Fund (TTIF) is estimated at $32,046,068. Attachment G includes additional details regarding the estimated
sales tax generation.
TY 2028
$19,742,787
$4,938,013,012
$32,046,068
Attachment A
List of Property Tax Increment Collection Parcels
Salt Lake Central Station HTRZ
Parcel List tax_dist_1 x
Parcel Number Legal Description Phase Tax Area Acres
15011080320000 MCCARTHEYS 1S 0907LOT 2, MCCARTHEY'S SUB.
1 01N 21,250,405 3.390 100%3.39
15011520260000 2 01N 4,895,092 1.350 95%1.28
15011510210000 2 01N - 0.739 97%0.72
15011520250000 2 01N - 0.560 97%0.55
15011520210000 2 01N 4,055,140 1.650 97%1.61
15013020180000 0917
2 01N - 0.600 0%0.00
15013020190000 06457389-1673 8599-0917
2 01N - 0.160 0%0.00
15013020200000 RDS TO BEG. 0.31 AC M OR L. 3914-0131 5036-0001 5117-1156 5686-0645 7389-1673 8597-0917
2 01N - 0.310 0%0.00
15013020170000 TO BEG. 3997-0484 5355-1358 8599-0921
2 01N - 0.930 50%0.47
15013020210000 2053 8599-0917
2 01N - 0.320 50%0.16
15011510050000 2 01N - 0.310 0%0.00
15011510080000 2 01N - 0.490 69%0.34
15011510200000 2 01H - 0.360 69%0.25
15011510090000 2 01N - 0.500 0%0.00
15011510100000 2 01N - 0.880 0%0.00
15011510110000 2 01N - 0.110 0%0.00
15011510120000 2 01N - 0.260 0%0.00
15011510130000 2 01N - 0.130 0%0.00
15011510140000 2 01N - 0.130 0%0.00
15011520120000 2 01N - 0.110 0%0.00
15011520130000 2 01N - 0.130 0%0.00
15011520140000 2 01N - 0.130 0%0.00
15011530120000 46, PLAT A, SLC SUR;W 5 RDS; S 20 RDS; E 6 RDS; N 20 RDS; W 1 RD TO BEG. 3.24 ACM OR L. 6973-2960
2 01N 6,116,100 3.240 0%0.00
15013020070000 2 01N - 0.630 95%0.60
15013020080000 2 01N - 0.480 95%0.46
15013020090000 2 01N - 0.160 95%0.15
15013020100000 2 01N - 0.180 95%0.17
15013020110000 2 01N - 0.140 95%0.13
15013020130000 2 01N - 0.160 95%0.15
15013020220000 8599-0917
2 01N - 1.250 92%1.15
15011080350000 1 01N 4,044,865 0.380 100%0.38
15011510190000 165.00 FT; W 113.50 FT; N 165.00 FT TO BEG. (BEING PT OF LOT 5, BLK 63, PLAT A, SLC SUR).
2 01N 5,617,920 0.430 100%0.43
15011510150000 WITH 4 FT STRIP VACATED ST ABUTTING ON W. 7183-1759 1763 8681-2569 09799-6817
2 01N 6,093,120 0.460 100%0.46
15011080340000 MCCARTHEYS 1S 0104LOT 3, MCCARTHEY'S SUB. 10332-9309 10469-2695 10753-0416
1 01N 17,342,985 1.240 100%1.24
15011080370000 1 01N 18,753,161 0.590 95%0.56
15011780020000 1 01N 11,613,470 1.170 100%1.17
15013790180000 2 02A 895,100 0.370 75%0.28
15013790200000 0^01' W 42.89 FT TO BEG. 8665-1132
2 02A 602,500 0.260 75%0.20
15013790240000 2 02A 1,938,400 0.890 75%0.67
15011520240000 2 01N 2,520,197 0.290 95%0.28
15121070010000 1 13 15,113,900 5.110 0%0.00
15011030100000 FT M OR L TO BEG.7026-1564 9272-3163 9595-9152 9601-8556 10358-1035 10555-8494
2 01P 372,900 0.160 75%0.12
15011030050000 2 01P - 0.080 75%0.06
15011030060000 2 01P 272,200 0.060 75%0.05
15011030130000 FT; S 165 FT TO BEG. 4932-0842 7026-1564 09528-0835
2 01P 116,300 0.100 75%0.08
15011030170000 2 01P - 0.130 75%0.10
15011030200000 2 01P - 0.100 75%0.08
15011030210000 0.37 AC M OR L. 5530-1460 5648-0129 8511-4748 9648-8971 9671-0001
2 01P - 0.370 75%0.28
15011030220000 S 330 FT TO BEG. 0.50 AC M OR L. 4801-0763 6061-1524 8511-4746 9648-8971 9671-0001
2 01P - 0.500 75%0.38
15011030230000 0.34 AC M OR L. 5530-1460 5648-0129 8511-4747 9648-8971 9671-0001
2 01P - 0.340 75%0.26
15011040130000 165 FT TO BEG. 0.31 AC M OR L. 3927-0114 6597-0906,0907 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.310 75%0.23
15011040140000 FT TO BEG. 0.27 AC M OR L. 3927-0114 6597-0906,0907 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.270 75%0.20
15011040150000 W 20 FT TO BEG. 0.08 AC M OR L. 6654-2203 8834-4656 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.080 75%0.06
15011040160000 290.14 FT; N 89^58'14" E 165.10 FT; S 0^01' E 290.13 FT TO BEG.
2 01P 3,360,200 1.100 75%0.83
15013040010000
15011070080000 2 01N 1,116,800 0.280 75%0.21
15011070090000 2 01N 503,300 0.120 75%0.09
15011070220000 280.38 FT TO BEG. 0.0348 AC
2 01N - 0.030 75%0.02
15011070340000 FT; N 165 FT TO BEG. 0.20 AC M OR L. 5225-0800 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.200 75%0.15
15011070350000 165 FT TO BEG. 0.01 AC M OR L. 5225-0800 5652-0863 5783-1185 THRU 1191 9671-0001
2 01N - 0.010 75%0.01
15011070360000 9671-0001
2 01N - 0.160 75%0.12
15011070370000 9671-0001
2 01N - 0.160 75%0.12
15011070380000 AC M OR L. 4768-0154 6042-2712 9648-8976 9671-0001
2 01N - 0.340 75%0.26
15011070390000 FT; N 165 FT TO BEG. 0.19 AC M OR L. 4768-0154 6042-2712 9648-8976 9671-0001
2 01N - 0.190 75%0.14
15011070400000 8976 9671-0001
2 01N - 0.220 75%0.17
15011070410000 132 FT TO BEG. LESS RR. 0.25 AC M OR L. 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.250 75%0.19
15011070420000 82.50 FT TO BEG. 0.25 AC M OR L. 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.250 75%0.19
15011080110000 1 01N 216,200 0.060 75%0.05
15011080120000 1 01N 1,089,100 0.170 75%0.13
15011080130000 1 01N 232,600 0.120 75%0.09
15013030010000 2 13 600,900 0.310 65%0.20
15013030020000 2 13 252,000 0.130 65%0.08
15013030030000 2 13 368,300 0.190 65%0.12
15013030040000 2 13 368,300 0.190 65%0.12
15013030050000 2 13 232,600 0.120 65%0.08
15013030060000 2 13 69,800 0.060 65%0.04
15013030070000 2 13 290,800 0.250 65%0.16
15013030080000 2 13 197,700 0.170 65%0.11
15013030090000 2 13 93,100 0.080 65%0.05
15013030100000 2 13 2,244,900 0.240 65%0.16
15013030110000 REV TRUST)
2 13 373,300 0.120 65%0.08
15013030150000 2 13 187,900 0.160 65%0.10
15013030160000 2 13 186,100 0.160 65%0.10
15013030170000 2 13 2,677,200 1.620 65%1.05
15013030180000 2 13 467,300 0.400 65%0.26
15013040030000 409COM AT SE COR LOT 7 BLK 45 PLAT A SLC SUR N 5.5 RDS W 16 RDSS 5.5 RDS E 16 RDS TO BEG 6052-0377
2 13 1,078,200 0.550 65%0.36
15013040040000 0396 6253-2476
2 13 759,500 0.610 65%0.40
15013040070000 5151
2 13 2,264,100 1.890 65%1.23
15013300070000 1 13 1,842,800 0.750 65%0.49
15013300080000 1 13 2,091,700 1.120 65%0.73
15013520060000 1 13 1,193,700 0.310 65%0.20
15013520070000 1 13 142,100 0.150 65%0.10
15013520100000 1 13 397,900 0.420 65%0.27
15013520190000 1791 5655-1795 6241-1302 7872-0699 7879-1326 09539-3217 10835-1822 11222-8833
1 13 992,100 0.160 65%0.10
15013520200000 1 13 252,600 0.160 65%0.10
15013520210000 1 13 300,000 0.190 65%0.12
15013520220000 5567-1886 6331-497 6331-0498 7872-0699 7879-1326 09539-3217 10835-1822 11222-8833
1 13 151,600 0.160 65%0.10
15013520230000 1 13 1,945,400 0.590 65%0.38
15013520310000 FT; W 82.5 FT;S 330 FT; W 82.5 FT TO BEG. 5872-2748 THRU 2750 7554-1939 10196-6017
1 13 2,599,900 2.170 65%1.41
15013520370000 1 13 369,500 0.390 65%0.25
15013520380000 1 13 3,178,600 2.490 65%1.62
15014040050000 1 13 1,952,300 0.610 65%0.40
15014040060000 1 13 2,742,100 0.850 65%0.55
15015010370000 W 61.2 FT; W 10.4 FTM OR L; S 330 FT TO BEG.
2 01N - 0.500 75%0.38
15121270130000 2 02A 2,983,900 1.370 65%0.89
15013540050000 SIXTH SOUTH COMMERCIAL 1S 0501LOT 2, SIXTH SOUTH COMMERCIAL SUB 10517-1225 10680-3758
1 13 1,688,000 1.020 65%0.66
15013540010000 1 13 4,931,100 1.640 65%1.07
15011520230000 89^53'08" E 348.62 FT; N 0^03'32" W 165.07 FT TO BEG. 08367-3456
2 01N 4,964,352 1.320 95%1.25
15013290010000
15013290020000 0002
1 13 100,100 0.040 83%0.03
15013290030000 1 13 3,141,600 2.330 83%1.93
15013290060000
15013290070000
15013290080000
15013300090000 1 13 1,854,400 0.560 65%0.36
15013300100000 1 13 77,000 0.050 65%0.03
15013300110000 1 13 - 0.130 65%0.08
15013300170000 1 13 32,000 0.010 65%0.01
15013300190000 1 13 64,000 0.020 65%0.01
15013300230000 1 13 2,924,200 0.500 65%0.33
15013300240000 1 13 1,851,200 0.570 65%0.37
15013780080000 1 13 32,000 0.010 65%0.01
15013780070000 1 13 732,200 0.140 65%0.09
15013780280000 1 13 7,909,220 0.440 65%0.29
15013780290000 BLK 30, PLAT A, SLC SUR). 10944-2135
1 13 452,700 0.480 65%0.31
15013780300000 1 13 1,251,700 0.350 65%0.23
15014040070000 1 13 3,395,200 1.050 65%0.68
15014040080000 1 13 192,100 0.060 65%0.04
15014040110000 1 13 512,300 0.160 65%0.10
15014040120000 1 13 3,591,100 0.870 65%0.57
15013780270000 1 13 16,064,100 3.110 0%0.00
15013760100000
15013760020000 1 - 0.000 57%0.00
15013760040000 1 13 3,067,100 0.310 57%0.18
15013760050000 1 - 0.000 57%0.00
15013760060000 1 - 0.000 57%0.00
15013760070000 1 - 0.000 57%0.00
15013760090000
15013770080000 1 13 862,700 0.220 57%0.13
15013770090000 1 13 815,700 0.220 57%0.13
15013770100000 1 13 749,600 0.190 57%0.11
15013770110000 1 13 999,000 0.630 57%0.36
15013770130000 1 13 4,629,600 0.960 57%0.55
15013770140000 1 13 742,500 0.210 57%0.12
15013770160000 214LOT 8, BLK 29, PLAT A, SLC SUR. 6239-2407 9035-6727,6830 09080-0001
1 13 1,764,100 1.250 57%0.72
15013770170000 BLK 029 PLAT A P 0627LOTS 2 & 3, BLK 29, PLAT A, SLC SUR. 10814-5642
1 13 4,247,000 2.500 57%1.44
15013770120000 10392-6075
1 13 4,035,460 0.630 57%0.36
15013260020000 1 01N 3,328,900 0.510 100%0.51
15013260080000 1 01N 368,500 0.180 100%0.18
15013260090000 1 01N 821,535 0.900 100%0.90
15011530130000 2 01N - 0.739 0%0.00
15011530040000 2 01N - 0.180 0%0.00
15011530050000 2 01N - 0.160 0%0.00
15011530060000 2 01N - 0.130 0%0.00
15011530090000 8218-0001 8359-2106
2 01N - 0.590 0%0.00
15011530100000 150 FT TO BEG. 3914-0131 5036-0001 5117-1156 5686-0645 7389-1673 8599-0917
2 01N - 0.190 0%0.00
15011530110000 6411-1796 7389-1673 8599-0917
2 01N - 0.060 0%0.00
15011070240000 2 01N - 7.290 50%3.65
15011090062000 2 01P - 11.300 100%11.30
15022780120000 2 01P - 7.200 0%0.00
TOTALS:262,744,538 116.71 69.79
Attachment B
Development Details + Absorption Schedule
Salt Lake Central Station HTRZ
Development Details & Absorption Schedule Commercial:Yes 80%
Unit Types # Stories (Y:0,N:1)Inflation Residential Commercial Phase
Today's Dollars per
Unit or
Cost ($)
YR Built Dollars per
Unit or
Cost ($)
SF (if non-res)Cost Assessed Value Land Use
Block 1: Central West Apartments: MF 6 1 2.00%Yes No 55%
6 1 2.00%Yes No 55%1 350,000 33,594 65 22,750,000 5,617,920 Residential/MF
1 1 2.00%Yes No 55%1 55,000 120,000 34 1,870,000 Parking
3 1 2.00%Yes No 55%1 350,000 18 6,300,000 Residential/MF
3 1 2.00%No Yes 80%1 175 20,000 20,000 3,500,000 Commercial
4 1 2.00%Yes No 55%1 320,000 13 4,160,000 Residential/MF
1 1 2.00%No Yes 80%1 175 40,000 40,000 7,000,000 Commercial
3 1 2.00%Yes No 55%1 302,807 62 18,774,027 10,325,715 Residential/MF
1 1 2.00%No Yes 80%1 150 40,000 40,000 6,000,000 Commercial
1 2.00%Yes No 55%1 55,000 120,000 - - Parking
5 1 2.00%Yes No 55%1 400,000 400,000 203 81,200,000 44,660,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
6 1 2.00%Yes No 55%1 400,000 150 60,000,000 18,753,161 Residential/MF
1 1 2.00%No Yes 80%1 250 1,000 1,000 250,000 Commercial
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
5 1 2.00%Yes No 55%1 400,000 288 115,200,000 63,360,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 373 20,515,000 11,283,250 Parking
5 1 2.00%Yes No 55%1 400,000 205 82,000,000 45,100,000 Residential/MF
2 1 2.00%No Yes 80%1 59,000 57,400 144 8,466,500 6,773,200 Parking
5 1 2.00%Yes No 55%1 375,000 220 82,500,000 45,375,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
6 1 2.00%Yes No 55%1 230,000 61 14,030,000 4,044,865 Residential/MF
1 2.00%Yes No 55%1 400,000 412,000.0 394 162,333,933 89,283,663 Residential/MF
1 2.00%No Yes 80%1 600 618.0 312,691 312,691 193,243,102 154,594,482 Office
1 2.00%No Yes 80%1 450 463.5 26,058 26,058 12,077,694 9,662,155 Commercial
1 2.00%Yes No 55%1 400,000 412,000.0 16 6,575,520 3,616,536 Residential/MF
1 2.00%No Yes 80%1 600 618.0 7,318 7,318 4,522,573 3,618,059 Office
1 2.00%No Yes 80%1 450 463.5 915 915 423,991 339,193 Commercial
1 2.00%Yes No 55%1 400,000 412,000.0 132 54,219,859 29,820,923 Residential/MF
1 2.00%No Yes 80%1 600 618.0 104,439 104,439 64,543,584 51,634,867 Office
1 2.00%No Yes 80%1 450 463.5 5,802 5,802 2,689,316 2,151,453 Commercial
1 2.00%No Yes 80%1 325 355 123,500 123,500 43,859,330 35,087,464 Commercial
1 2.00%Yes No 55%1 325,000 355,136 661 234,745,078 129,109,793 Residential/MF
1 2.00%No Yes 80%1 20,000 21,855 785 17,155,814 13,724,651 Parking
1 2.00%Yes No 55%1 300,000 327,818 520 170,465,412 93,755,977 Residential/MF
1 2.00%No Yes 80%1 350 382 123,500 123,500 47,233,125 37,786,500 Commercial
1 2.00%No Yes 80%1 350,000 382,454 150 57,368,168 45,894,534 Hotel
1 2.00%No Yes 80%1 350 382 200,000 200,000 76,490,890 61,192,712 Office
1 2.00%No Yes 80%1 558 610 23,000 23,000 14,024,058 11,219,247 Commercial
1 2.00%No Yes 80%1 45,000 49,173 842 41,403,426 33,122,741 Parking
1 2.00%No Yes 80%1 350 382 353,000 353,000 135,006,421 108,005,137 Office
1 2.00%No Yes 80%1 681 744 40,000 40,000 29,765,883 23,812,707 Office
38 1 2.00%Yes No 55%2 400,000 437,091 542,000 590 257,783,693 141,781,031 Residential/MF
1 2.00%No Yes 80%2 55,000 60,100 120,000 300 18,029,996 14,423,996 Parking
1 2.00%No Yes 80%2 350 382 23,000 23,000 8,796,452 7,037,162 Commercial
1 2.00%No Yes 80%2 250 273 16,000 16,000 4,370,908 3,496,726 Makers Space
3 0 2.00%No Yes 80%2 - 110,000 32,000,000 - Climbing Gym
2 1 2.00%No Yes 80%2 650 710 5,000 5,000 3,551,363 2,841,090 Commercial
1 0 2.00%No Yes 80%2 650 710 5,000 5,000 3,551,363 - Office
6 1 2.00%No Yes 80%2 55,000 60,100 34,000 510 30,650,992 24,520,794 Parking
1 1 2.00%No Yes 80%2 350 382 14,000 14,000 5,354,362 4,283,490 Commercial
12 1 2.00%Yes No 55%2 400,000 437,091 156,000 170 74,196,044 40,807,824 Residential/MF
17 1 2.00%Yes No 55%2 400,000 437,091 309,000 336 146,965,242 80,830,883 Residential/MF
7 1 2.00%No Yes 80%2 300,000 327,818 86,000 215 70,480,892 56,384,713 Parking
1 2.00%No Yes 80%2 350 382 7,000 7,000 2,677,181 2,141,745 Commercial
11 1 2.00%No Yes 80%2 350 382 316,000 316,000 120,855,606 96,684,485 Office
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Commercial
1 2.00%No Yes 80%2 350 382 8,000 8,000 3,059,636 2,447,708 Makers Space
21 1 2.00%No Yes 80%2 350 382 524,000 524,000 200,406,132 160,324,905 Office
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Commercial
1 2.00%No Yes 80%2 350 382 8,000 8,000 3,059,636 2,447,708 Makers Space
14 1 2.00%No Yes 80%2 550 601 318,500 318,500 191,418,452 153,134,762 Office
10 1 2.00%No Yes 80%2 350,000 382,454 175 66,929,529 53,543,623 Hotel
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Makers Space
18 1 2.00%No Yes 80%2 350 382 179,000 179,000 68,459,347 54,767,477 Office
11 0 2.00%Yes No 55%2 400,000 437,091 212,000 231 100,830,522 - Residential/MF
1 2.00%Yes No 55%2 450 492 82,000 82,000 40,321,626 22,176,894 Office
5 1 2.00%No Yes 80%2 558 628 285,000 285,000 178,989,666 143,191,733 Office
1 1 2.00%No Yes 80%2 558 628 23,000 23,000 14,444,780 11,555,824 Commercial
1 0 2.00%No Yes 80%2 558 628 13,500 13,500 8,478,458 - Not public information
3 1 2.00%No Yes 80%2 59,000 66,405 188,000 600 39,843,012 31,874,409 Parking
0 0 2.00%No Yes 80%2 125 141 50,000 50,000 7,034,430 - Not public information
0 0 2.00%No Yes 80%2 125 141 75,000 75,000 10,551,645 - Not public information
1 2.00%Yes No 55%2 400,000 463,710 309,000 350 162,298,370 89,264,104 Residential/MF
1 2.00%No Yes 80%2 59,000 68,397 160,000 435 29,752,769 23,802,215 Parking
3 1 2.00%No Yes 80%2 558 628 70,000.00 70,000.00 43,962,374 35,169,899 Office
3 1 2.00%No Yes 80%2 59,000 66,405 150,000 420 27,890,108 22,312,087 Parking
3 1 2.00%No Yes 80%2 558 666 94,000.00 94,000.00 62,630,431 50,104,345 Office
1 1 2.00%No Yes 80%2 558 666 2,600.00 2,600 1,732,331 1,385,865 Commercial
2 1 2.00%No Yes 80%2 59,000 70,449 94,000 122 8,594,788 6,875,831 Parking
1 2.00%Yes No 55%2 400,000 477,621 309,000 106 50,627,817 27,845,300 Residential/MF
1 2.00%No Yes 80%2 59,000 70,449 160,000 90 6,340,418 5,072,334 Parking
1 2.00%Yes No 55%2 400,000 477,621 309,000 110 52,538,301 28,896,066 Residential/MF
1 2.00%No Yes 80%2 59,000 70,449 90,000 95 6,692,663 5,354,130 Parking
1 2.00%Yes No 55%2 400,000 506,708 309,000 200 101,341,607 55,737,884 Residential/MF
1 2.00%No Yes 80%2 59,000 74,739 90,000 169 12,630,964 10,104,772 Parking
1 2.00%Yes No 55%2 400,000 450203.524 341 153,367,413 84,352,077 Residential/MF
1 2.00%No Yes 80%2 600 675 270,351 270,351 182,569,314 146,055,451 Office
1 2.00%No Yes 80%2 450 506 16,492 16,492 8,352,758 6,682,206 Commercial
1 2.00%Yes No 55%2 400,000 450,204 288 129,539,761 71,246,869 Residential/MF
1 2.00%No Yes 80%2 600 675 131,935 131,935 89,096,084 71,276,867 Office
1 2.00%No Yes 80%
Salt Lake Central Station HTRZ
Development Summary
PHASE 1 Units Construction Cost Assessed Value
Residential Units 3,073 1,138,978,829 588,916,672
Commercial SF 403,775 137,057,514 96,246,011
Office SF 1,017,449 503,572,454 402,857,963
Hotel Rooms 150 57,368,168 45,894,534
Structure Park Stalls 2,547 109,705,740 76,066,092
PHASE 1 TOTAL 1,946,682,704 1,209,981,272
PHASE 2 Units Construction Cost Assessed Value
Residential Units 2,721 1,229,488,770 620,762,037
No Assessed Value (Public/UTA/Non profit/etc)58,064,533 -
Commercial SF 161,584 73,914,526 59,131,621
Makers Space 59,000 20,816,449 16,653,159
Office SF 2,275,785 1,182,260,395 932,886,819
Hotel Rooms 175 66,929,529 53,543,623
Structure Park Stalls 2,956 250,906,602 200,725,282
PHASE 2 TOTAL 2,882,380,804 1,883,702,541
TOTAL (ALL PHASES)Units Construction Cost Assessed Value
Residential Units 5,793 2,368,467,599 1,209,678,708
No Assessed Value (Public/UTA/Non profit/etc)58,064,533 -
Commercial SF 565,358 210,972,040 155,377,632
Makers Space 59,000 20,816,449 16,653,159
Office SF 3,293,234 1,685,832,849 1,335,744,782
Hotel Rooms 325 124,297,696 99,438,157
Structure Park Stalls 5,503 360,612,342 276,791,374
TOTAL 4,829,063,508 3,093,683,813
Attachment C
Property Tax Increment Budget + Base Year Values
REDEVELOPMENT AGENCY OF SALT LAKE CITY 4%
Rate Rate Rate Participation: Phase III
Property Tax Increment Budget 80%80%80%80%80%
INCREMENTAL PROPERTY TAX ANALYSIS:YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Phase 1 Assessed Value 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272
Phase 2 Assessed Value 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541
Projected Total Assessed Value 1,209,981,272 1,209,981,272 1,209,981,272 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813
Phase 1 Base Year Value (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) - - -
Phase 2 Base Year Value - - - (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237)
(Less Total Base Year Value)(199,610,301) (199,610,301) (199,610,301) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (63,134,237) (63,134,237) (63,134,237)
TOTAL INCREMENTAL VALUE:1,010,370,971 1,010,370,971 1,010,370,971 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 3,030,549,576 3,030,549,576 3,030,549,576
Tax Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Incremental Property Tax by Taxing Entity 2023 TOTALS NPV (4%)
Salt Lake County 0.001394 1,408,457 1,408,457 1,408,457 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 4,224,586 4,224,586 4,224,586 103,718,375 59,004,770
Salt Lake City School District 0.003964 4,005,111 4,005,111 4,005,111 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 12,013,099 12,013,099 12,013,099 294,935,179 167,786,877
Salt Lake City 0.003012 3,043,237 3,043,237 3,043,237 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 9,128,015 9,128,015 9,128,015 224,103,118 127,490,937
Salt Lake City Library 0.000587 593,088 593,088 593,088 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,778,933 1,778,933 1,778,933 43,674,811 24,846,341
Salt Lake Metropolitan Water District -Salt Lake 0.000200 202,074 202,074 202,074 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 606,110 606,110 606,110 14,880,685 8,465,534
Salt Lake City Mosquito Abatement District 0.000159 160,649 160,649 160,649 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 481,857 481,857 481,857 11,830,145 6,730,099
Central Utah Water Conservancy District 0.000400 404,148 404,148 404,148 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,212,220 1,212,220 1,212,220 29,761,370 16,931,067
TOTAL INCREMENTAL PROPERTY TAX:0.009716 9,816,764 9,816,764 9,816,764 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 29,444,820 29,444,820 29,444,820 722,903,684 411,255,625
Property Tax Participation Rate by Taxing Entity
Salt Lake County 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Property Tax Increment Participation by Taxing Entity YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 TOTALS NPV
Salt Lake County 1,126,766 1,126,766 1,126,766 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,379,669 3,379,669 3,379,669 82,974,700 47,203,816
Salt Lake City School District 3,204,088 3,204,088 3,204,088 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 9,610,479 9,610,479 9,610,479 235,948,144 134,229,502
Salt Lake City 2,434,590 2,434,590 2,434,590 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 7,302,412 7,302,412 7,302,412 179,282,495 101,992,750
Salt Lake City Library 474,470 474,470 474,470 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,423,146 1,423,146 1,423,146 34,939,849 19,877,073
Salt Lake Metropolitan Water District -Salt Lake 161,659 161,659 161,659 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 484,888 484,888 484,888 11,904,548 6,772,427
Salt Lake City Mosquito Abatement District 128,519 128,519 128,519 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 385,486 385,486 385,486 9,464,116 5,384,079
Central Utah Water Conservancy District 323,319 323,319 323,319 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 969,776 969,776 969,776 23,809,096 13,544,854
TOTAL PROPERTY TAX INCREMENT FOR BUDGET: 7,853,411 7,853,411 7,853,411 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 23,555,856 23,555,856 23,555,856 578,322,947 329,004,500
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 TOTALS NPV
Admin Fee 2%157,068 157,068 157,068 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 471,117 471,117 471,117 11,566,459 6,580,090
HTRZ Development Activities 98%7,696,343 7,696,343 7,696,343 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 23,084,739 23,084,739 23,084,739 566,756,488 322,424,410
TOTAL USE OF TAX INCREMENT FUNDS:7,853,411 7,853,411 7,853,411 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 23,555,856 23,555,856 23,555,856 578,322,947 329,004,500
Salt Lake Central Station HTRZ
Base Year Value
Base Year Value by Tax Area TY2024 TY2024
13 137,259,296.00$ 1 199,610,301.00$
114,943,742.00$ 2 63,134,237.00$
4,121,600.00$
Total Base Year
Property Value 262,744,538$
02A 6,419,900.00$
Total Base Year Property Value 262,744,538$ TRUE
NOTE: Taxing entities and tax rates are the same for all included tax districts.TRUE
BASE YEAR VALUE Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 -1 -1 -1
Base Year Taxable Value by Phase Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Phase 1 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301
63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237
TOTAL BASE YEAR VALUE:199,610,301 199,610,301 199,610,301 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 63,134,237 63,134,237 63,134,237
Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
2023 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Salt Lake County 0.001394 278,257 278,257 278,257 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 88,009 88,009 88,009
0.003964 791,255 791,255 791,255 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 250,264 250,264 250,264
0.003012 601,226 601,226 601,226 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 190,160 190,160 190,160
0.000587 117,171 117,171 117,171 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 37,060 37,060 37,060
0.000200 39,922 39,922 39,922 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 12,627 12,627 12,627
0.000159 31,738 31,738 31,738 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 10,038 10,038 10,038
0.000400 79,844 79,844 79,844 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 25,254 25,254 25,254
TOTAL BASE YEAR PROPERTY TAXES:0.009716 1,939,414 1,939,414 1,939,414 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 613,412 613,412 613,412
Attachment D
Affordable Housing Gap Analysis
Salt Lake Central Station HTRZ
Affordable Housing Gap Analysis Make sure term accounts for all phases.
Assumptions & Summary Monthly Rent
Multifamily Average Rent (Cushman & Wakefield 2023 Multifamily Report)$23,800 $1,983 <-- Weighted ave of all unit types is $2,058, 1 bdrm is: $1514. CBRE ave for SLCity is $1,555. Still higher than the 80% AMI for SL County.
2024 SL County 60% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$15,588 $1,299 <-- Make sure the 80s & 60s flow through correctly
2024 SL County 80% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$20,796 $1,733 Include the quote from CBRE re: 20%-42% higher lingo to justify rent. Take market rate x by 20-42% to increase the market rate rent for the analysis
Total Residential Units 5,793
80% AMI Affordable Housing Component (%)9.0%
Affordable Units: 80% AMI (#)521
60% AMI Affordable Housing Component (%)3.0%
Affordable Units: 60% AMI (#)174
Total Affordable Units (Private Development & Public Benefit)695 Total over Project
Residential Vacancy Rate (Cushman & Wakefield 2023)2.50% Term Years
Average Annual Affordable Housing Rent Gap $4,209,813 $105,245,318
Additional Assumptions
Rent Growth (HDLP Submissions)3.0%
Average Household Size (Census, 2022 ACS 1 YR Estimate, S1101)2.17
Time Indexed Rents ($)/SF
Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Market Rent per Unit per Year 23,800 24,514 25,250 26,007 26,787 27,591 28,419 29,271 30,149 31,054 31,985 32,945 33,933 34,951 36,000 37,080 38,192 39,338 40,518 41,734 42,986 44,275 45,603 46,972 48,381 49,832 51,327 52,867 54,453
60% AMI, 1 Bedroom Rent Limit 15,588 16,056 16,537 17,033 17,544 18,071 18,613 19,171 19,746 20,339 20,949 21,577 22,225 22,892 23,578 24,286 25,014 25,765 26,538 27,334 28,154 28,998 29,868 30,764 31,687 32,638 33,617 34,625 35,664
60% AMI Unit Gap per Unit per Year 8,212 8,458 8,712 8,974 9,243 9,520 9,806 10,100 10,403 10,715 11,036 11,367 11,708 12,060 12,422 12,794 13,178 13,573 13,981 14,400 14,832 15,277 15,735 16,207 16,693 17,194 17,710 18,241 18,789
80% AMI, 1 Bedroom Rent Limit 20,796 21,420 22,062 22,724 23,406 24,108 24,832 25,576 26,344 27,134 27,948 28,787 29,650 30,540 31,456 32,399 33,371 34,373 35,404 36,466 37,560 38,687 39,847 41,043 42,274 43,542 44,848 46,194 47,580
80% AMI Unit Gap per Unit per Year 3,004 3,094 3,187 3,283 3,381 3,483 3,587 3,695 3,805 3,920 4,037 4,158 4,283 4,412 4,544 4,680 4,821 4,965 5,114 5,268 5,426 5,588 5,756 5,929 6,107 6,290 6,479 6,673 6,873
Absorption Projections
2024 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Residential Units by Phase
Phase 1 Residential Units 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073
Phase 2 Residential Units 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721
Total Residential Units 3,073 3,073 3,073 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 2,721 2,721 2,721
Less: Vacancies:(77) (77) (77) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (68) (68) (68)
Occupied Residential Units 2,996 2,996 2,996 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 2,653 2,653 2,653
Market Rate Units 2,636 2,636 2,636 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 2,334 2,334 2,334
60% AMI Units 90 90 90 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 80 80 80
80% AMI Units 270 270 270 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 239 239 239
Annual Rents by Affordability Type TOTAL
Market Rents at 100% of Occupied Units 5,268,361,649 73,438,347 75,641,497 77,910,742 151,309,661 155,848,951 160,524,420 165,340,152 170,300,357 175,409,368 180,671,649 186,091,798 191,674,552 197,424,789 203,347,532 209,447,958 215,731,397 222,203,339 228,869,439 235,735,522 242,807,588 250,091,816 257,594,570 265,322,407 273,282,080 281,480,542 136,161,369 140,246,210 144,453,596
Market Rents at 88% of Occupied Units 4,636,158,251 64,625,745 66,564,517 68,561,453 133,152,502 137,147,077 141,261,489 145,499,334 149,864,314 154,360,244 158,991,051 163,760,782 168,673,606 173,733,814 178,945,829 184,314,203 189,843,629 195,538,938 201,405,107 207,447,260 213,670,678 220,080,798 226,683,222 233,483,718 240,488,230 247,702,877 119,822,004 123,416,665 127,119,164
60% AMI Rents at 3% of Occupied Units 103,516,318 1,442,966 1,486,255 1,530,843 2,973,034 3,062,225 3,154,092 3,248,715 3,346,176 3,446,561 3,549,958 3,656,457 3,766,151 3,879,135 3,995,509 4,115,375 4,238,836 4,366,001 4,496,981 4,631,890 4,770,847 4,913,972 5,061,392 5,213,233 5,369,630 5,530,719 2,675,390 2,755,652 2,838,322
80% AMI Rents at 9% of Occupied Units 414,304,338 5,775,197 5,948,453 6,126,906 11,899,003 12,255,973 12,623,652 13,002,361 13,392,432 13,794,205 14,208,031 14,634,272 15,073,301 15,525,500 15,991,265 16,471,002 16,965,133 17,474,087 17,998,309 18,538,258 19,094,406 19,667,238 20,257,255 20,864,973 21,490,922 22,135,650 10,707,740 11,028,972 11,359,841
Total Affordable Rents 517,820,656 7,218,163 7,434,708 7,657,749 14,872,037 15,318,198 15,777,744 16,251,076 16,738,608 17,240,767 17,757,990 18,290,729 18,839,451 19,404,635 19,986,774 20,586,377 21,203,968 21,840,087 22,495,290 23,170,149 23,865,253 24,581,211 25,318,647 26,078,206 26,860,553 27,666,369 13,383,130 13,784,624 14,198,163
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Affordable Housing Rent Gap (Total Loss in Rents)114,382,742 1,594,439 1,642,272 1,691,540 3,285,123 3,383,676 3,485,187 3,589,742 3,697,434 3,808,357 3,922,608 4,040,286 4,161,495 4,286,340 4,414,930 4,547,378 4,683,799 4,824,313 4,969,043 5,118,114 5,271,657 5,429,807 5,592,701 5,760,482 5,933,297 6,111,296 2,956,234 3,044,921 3,136,269
Attachment E
Sales Tax Analysis
Salt Lake Central Station HTRZ
Sales Tax Analysis
Assumptions Retail Sales Tax Rates (Net Rate)
Commercial Sales per SF1 251.01$ State 4.850%
Buildout Commercial SF 565,358 Taxable Sales Base Year
Online Sales per Resident $2,301
Taxable Sales Base Year Value
(2023)19,742,787$
Additional Assumptions Overall City Sales Tax Revenue City Acreage
Annual Inflation 1.0%11,996,574,173$ 70,920
²2.17
HTRZ Proportion of 2023
Taxable Sales HTRZ Acreage Does not sum equally horizontally and vertically?
Residential Vacancy Rate (Cushman & Wakefield 2023)2.50%0.16%116.71
New Sales to State 30.0%
New Sales to County 50.0%
New Sales to City 50.0%
Time Indexed Sales ($)/SF Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Commercial (brick & mortar) Sales 251 254 256 259 261 264 266 269 272 275 277 280 283 286 289 291 294 297 300 303 306 309 312 316 319 322 325 328 332
Online Sales 2,301 2,324 2,347 2,370 2,394 2,418 2,442 2,467 2,491 2,516 2,541 2,567 2,593 2,618 2,645 2,671 2,698 2,725 2,752 2,780 2,807 2,835 2,864 2,892 2,921 2,951 2,980 3,010 3,040
Absorption Projections YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Phase 1 Residential Units - 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073
Phase 2 Residential Units - 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721
Total Residential Units - 3,073 3,073 3,073 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793
Vacant Units - 77 77 77 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145
HTRZ New Residents - 6,501 6,501 6,501 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257
Phase 1 Commercial Square Feet - 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775
Phase 2 Commercial Square Feet - 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584
¹(403,775) (403,775) (403,775)
Commercial Square Feet - 403,775 403,775 403,775 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 161,584 161,584 161,584
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 Total
Commercial Gross Taxable Sales - 102,364,963 103,388,612 104,422,499 147,672,693 149,149,420 150,640,915 152,147,324 153,668,797 155,205,485 156,757,540 158,325,115 159,908,366 161,507,450 163,122,524 164,753,750 166,401,287 168,065,300 169,745,953 171,443,413 173,157,847 174,889,425 176,638,319 178,404,703 180,188,750 181,990,637 52,534,440 53,059,784 53,590,382 4,083,145,693
Online Gross Taxable Sales - 15,106,322 15,257,385 15,409,959 29,346,407 29,639,872 29,936,270 30,235,633 30,537,989 30,843,369 31,151,803 31,463,321 31,777,954 32,095,734 32,416,691 32,740,858 33,068,266 33,398,949 33,732,939 34,070,268 34,410,971 34,755,080 35,102,631 35,453,658 35,808,194 36,166,276 36,527,939 36,893,218 37,262,150 874,610,106
Less Sales Tax Base Year (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787)
Total Gross Taxable Sales - 97,728,497 98,903,210 100,089,670 157,276,314 159,046,505 160,834,398 162,640,170 164,463,999 166,306,067 168,166,556 170,045,649 171,943,533 173,860,397 175,796,428 177,751,821 179,726,767 181,721,462 183,736,105 185,770,894 187,826,030 189,901,719 191,998,164 194,115,573 196,254,157 198,414,126 69,319,592 70,210,216 71,109,746 4,938,013,012
Sales Tax Summary
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 Total
Sales & Use Tax Generation - 4,739,832 4,796,806 4,854,349 7,627,901 7,713,755 7,800,468 7,888,048 7,976,504 8,065,844 8,156,078 8,247,214 8,339,261 8,432,229 8,526,127 8,620,963 8,716,748 8,813,491 8,911,201 9,009,888 9,109,562 9,210,233 9,311,911 9,414,605 9,518,327 9,623,085 3,362,000 3,405,195 3,448,823 213,640,452
Percentage to TTIF 15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%
Total Sales Tax to TTIF - 710,975 719,521 728,152 1,144,185 1,157,063 1,170,070 1,183,207 1,196,476 1,209,877 1,223,412 1,237,082 1,250,889 1,264,834 1,278,919 1,293,144 1,307,512 1,322,024 1,336,680 1,351,483 1,366,434 1,381,535 1,396,787 1,412,191 1,427,749 1,443,463 504,300 510,779 517,323 32,046,068
Source: Utah Calendar Year Gross Taxable Sales and Purchases - 2023 Prepared by the Economics and Statistical Unit of the Utah State Tax Commission
Note 1: This is the annual commercial gross taxable sales compared to the estimated commercial square footage for Salt Lake City. 2023 taxable sales data was obtained from the State Tax Commission website.
Note 2: Census, 2022 ACS 1 YR Estimate, S1101 Households & Families
Kate Werrett
Kate.Werrett@slc.gov
Marcus Lee
Marcus.Lee@slc.gov
Ashley Ogden
Ashley.Ogden@slc.gov
Staff Contacts:
1
INTERLOCAL COOPERATION AGREEMENT
BETWEEN SALT LAKE CITY CORPORATION AND
THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
Salt Lake Central Housing Transit Reinvestment Zone Tax Increment
This interlocal cooperation agreement (Interlocal Agreement) is executed between the
Salt Lake City Community Reinvestment Agency (the “Agency”) and Salt Lake City
Corporation (the “City”).
RECITALS
A. On May 1, 2025, and pursuant to Utah Code Section 63N-3-605, the Housing and
Transit Reinvestment Zone Committee approved the Agency’s and City’s Salt Lake Central
Housing Transit Reinvestment Zone Application (the HTRZ Plan), a copy of which is attached
as Exhibit A and includes a parcel list and a map of the Salt Lake Central Housing Transit
Reinvestment Zone area (the Project Area).
B. Under the HTRZ Plan, the Agency and City support transit-oriented development in
the Project Area with a high density of affordable housing and mixed uses, which will be accessible
for a range of income levels.
C. By submitting the HTRZ Plan for review and approval by the Housing and Transit
Reinvestment Zone Committee, the Agency and City determined that it is in their best interests to
provide certain financial assistance using tax increment (as defined in Utah Code Section 63N-3-
602(33), hereinafter, Tax Increment) from participating taxing entities. The taxing entities that
are participating include the City, Salt Lake County, Salt Lake City School District, Salt Lake City
Library, Salt Lake Metropolitan Water District, Salt Lake City Mosquito Abatement District, and
Central Utah Water Conservancy District (each a Taxing Entity, and collectively, Taxing
Entities).
D. On December 12, 2023, the Agency adopted a policy to guide the use and distribution
of Tax Increment (HTRZ Policy).
E. The Agency anticipates using Tax Increment created by development activities in the
Project Area to assist in development as set forth in the HTRZ Plan and consistent with the HTRZ
Policy and HTRZ Committee Approval Letter.
F. For the City and Agency to receive and use the Tax Increment, Utah Code Section 63N-
3-607 requires that the parties execute this agreement to set forth the terms under which the City
will convey the Tax Increment to the Agency consistent with the purposes set forth in the HTRZ
Plan, state law, and HTRZ Committee Approval Letter.
2
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1.Tax Increment. Capitalized terms used but not otherwise defined in this
Agreement shall have the meanings ascribed to them in the HTRZ Plan. The City hereby agrees
that the Agency shall receive a maximum capture of eighty percent (80%) of the Tax Increment
from the Project Area for a term of twenty-eight (28) years to use consistent with the HTRZ Policy,
HTRZ Plan, state law, and the HTRZ Committee Approval Letter.
a.Timing. The collection period for Phase 1 shall begin no later than December 31,
2026, and be triggered when the CRA provides notice of the commencement of the
collection of Tax Increment to the Taxing Entities and various third-party entities as
detailed in 63N-3-603. The collection period for Phase 2 shall begin no later than
December 31, 2029, and be triggered when the CRA provides notice of the
commencement of the collection of Tax Increment to various third-party entities as
detailed in 63N-3-603
b.Calculation of Tax Increment. Pursuant to Utah Code Section 63N-3-602(33), the
calculation of annual Tax Increment shall be the difference between (i) the amount of
property tax revenue generated by a Taxing Entity from the Project Area using the
current assessed value and each Taxing Entity’s certified tax rate, and (ii) the amount
of property tax revenue generated from the Project Area using the base taxable value
and each Taxing Entity’s then current certified tax rate. The Phase 1 base taxable value
shall be calculated using 2025 as the base year, with the Phase 2 base taxable value
being calculated as the year prior to tax increment collection commencement, for
example, a 2028 base year value for a 2029 collection trigger.
2.Interlocal Cooperation Act.
( Interlocal Cooperation Act
3
d. A duly executed original counterpart of this Interlocal Agreement shall be filed
immediately with the keeper of records of each party pursuant to Section 11-13-209 of the
Interlocal Cooperation Act.
e. No separate legal entity is created by the terms of this Interlocal Agreement. The
Executive Director of the Agency is hereby designated the administrator for all purposes of the
Interlocal Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f. Following the execution of this Interlocal Agreement by each of the parties, each
party may cause a notice regarding this agreement to be published in accordance with Section 11-
13-219 of the Interlocal Cooperation Act.
g. No real or personal property shall be acquired jointly by the parties because of this
agreement. To the extent a party acquires, holds, or disposes of any real or personal property for
use in the joint or cooperative undertaking contemplated by this Interlocal Agreement, such party
shall do so in the same manner that it deals with other property of such party.
3. Modification and Amendment. Any modification of or amendment to any
provision of this Interlocal Agreement shall be effective only if the modification or amendment is
in writing and signed by each of the parties. Any oral representation or modification concerning
this Interlocal Agreement shall be of no force or effect.
4. Further Assurance. Each of the parties hereto agrees to cooperate in good faith
with the other, to execute and deliver such further documents, to adopt any resolutions, to take any
other official action, and to perform such other acts as may be reasonably necessary or appropriate
to consummate and carry into effect the transactions contemplated under this Interlocal
Agreement.
4
Executed to be effective as of the date this agreement is filed with the Salt Lake City
Recorder’s Office.
SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY
Erin Mendenhall, Executive Director
Approved as to proper form with applicable law:
___________________________________
Salt Lake City Attorney’s Office
Sara Montoya, Senior City Attorney
Attest:
___________________________________
Salt Lake City Recorder
SALT LAKE CITY CORPORATION
Erin Mendenhall, Mayor
Approved as to proper form with applicable law:
_____________________________
Salt Lake City Attorney’s Office
Mark Kittrell, City Attorney
Attest:
___________________________________
Salt Lake City Recorder
5
EXHIBIT A
HTRZ Plan
PROPOSAL SUBMITTED
NOVEMBER 2024
Salt Lake Central
Housing and Transit Reinvestment Zone
(HTRZ)
3 Executive Summary 15 Key Objectives
5 Proposed HTRZ Location 18 Property Tax Increment
Budget
6 Project Highlights 20 Proposed Expenditures
10 Development Plan 23 Alternative Funding Sources
11 Housing Supply 24 Sales & Use Tax Increment
12 Affordable Housing Funding
Priorities
13 Zoning
Table of Contents
Attachments
A. List of Property Tax Increment Collection Parcels
26
D. Affordable Housing Gap Analysis
E. Sales Tax Analysis
B. Development Details + Absorption Schedule
C. Property Tax Increment Budget + Base Year Values
Delta Center
Historic Rio Grande Depot Central Business
District
Salt Lake Central
Station
Figure 1. Context Map of HTRZ area and Downtown landmarks to the east
3
Executive Summary
The proposed HTRZ includes 116.71 acres of developable land within a ½-mile radius of the Utah Transit
Authority’s (“UTA”) Salt Lake Central Station, which is located just west of Salt Lake City’s Central Business
District. The station is commonly referred to as the Intermodal Hub as it provides access to Frontrunner
commuter rail, TRAX light rail, local bus, Amtrak, and Greyhound services. Additional connections of the
proposed HTRZ to the University of Utah (“U of U”) and Granary District are being recommended by the
recently concluded TechLink TRAX Study, which was funded by a federal Rebuilding American
Infrastructure with Sustainability and Equity (RAISE) grant awarded to a partnership of UTA, Salt Lake City,
and the U of U.
The wealth of existing and future transit service complements parallel projects planned to occur within or
adjacent to the HTRZ area, such as the redevelopment of approximately 16.07 acres owned by the
Redevelopment Agency of Salt Lake City (“RDA”) and 25.79 acres of UTA-owned property, a plethora of
private housing development, as well as Salt Lake City’s investment in alternative transportation modes via
initiatives like the 200 South Reconstruction project, 400 South bikeway, and Green Loop linear park and
urban trail.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Provides an opportunity to implement the strategic planning work that
has been done in this area, including recommendations of the Salt Lake
Central Station Area Plan, Rio Grande District Vision and
Implementation Plan, and TechLink TRAX Study.
Planned infrastructure investments include the construction of new
mid-block streets, safe pedestrian and bicycle connections to transit
facilities, the concentration of shared parking facilities, potential
expansion of the TRAX network, and sustainable utility upgrades.
HTRZ funds will support transformative mixed-use development with
a high level of public benefit, with assistance provided to overcome
natural and man-made development impediments and current market
conditions.
The model anticipates that 59.8% of the collection parcel acreage will
contain residential uses for a total of 5,793 residential units averaging
83 units per acre. 174 units will be attainable for those earning up to
60% of Area Median Income (“AMI”) and 521 attainable for those
earning up to 80% AMI. Existing RDA policies target the creation of
owner-occupied housing and will be implemented within the HTRZ
when possible.
The proposed HTRZ is in an area with some of the highest development
potential left in Salt Lake City. The development model anticipates the
creation of 565,358 sf of commercial space, 59,000 sf of light
industrial/maker space, 3,293,234 sf of office, and 325 hotel rooms.
4Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
The vision for the HTRZ – to encourage dense, mixed-use, walkable, sustainable development
adjacent to the most transit-rich site in the State of Utah – fully embraces key legislative
objectives:
Figure 2. Transportation Context Map
5
Proposed HTRZ Location
The proposed HTRZ includes 116.71 acres of developable land within a ½-mile radius of UTA’s Salt Lake
Central Station, which is located just west of Salt Lake City’s Central Business District. The station is
commonly referred to as the Intermodal Hub as it provides access to Frontrunner commuter rail, TRAX light
rail, local bus, Amtrak, and Greyhound services. Additional connections of the proposed HTRZ to the U of U
and Granary District are being recommended by the recently concluded TechLink TRAX Study, which was
funded by a federal RAISE grant awarded to a partnership of UTA, Salt Lake City, and the U of U.
The wealth of existing and future transit service complements parallel projects planned to occur within or
adjacent to the HTRZ area, such as the redevelopment of approximately 16.07 acres of RDA-owned
property and 25.79 acres of UTA-owned property, a plethora of private housing development, as well as
Salt Lake City’s investment in alternative transportation modes via initiatives like the 200 South
Reconstruction project, 400 South bikeway, and Green Loop linear park and urban trail.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Please refer to page 18 for a map of the proposed HTRZ boundary and property tax increment collection
parcels, Attachment A for a complete list of collection parcel ID numbers, and page 24 for a map of the
sales and use tax collection boundary.
6
Project Highlights
The Rio Grande District is a dense, mixed-use,
transit-oriented development located at the
heart of the HTRZ with low-stress pedestrian
and bicycle facilities that are seamlessly
connected to Salt Lake Central Station.
The Vision & Implementation Plan, which has
been provided to the Committee, calls for a
network of unique public spaces to support
adjacent density, such as:
the reconstruction of 300 South into a
Festival Street that can be closed and
activated by the community;
an Arts Alley with art installations, cultural
events, performances, and adjacent maker
spaces for emerging artists;
a section of the Green Loop, a 5.5-mile
urban trail and linear park that will be a
critical part of the neighborhood’s mobility
network and provide much-needed open
space and areas for recreation; and
the addition of multiple mid-block streets
to enhance connectivity and walkability.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Rio Grande District
Anticipated land uses include a high-intensity
employment hub along 600 West with incubator,
lab, and office space to support the State of
Utah’s growing innovation industries, a hotel,
dedicated space for community-benefitting non-
profits, and residential mixed-use throughout,
including a 400-foot-tall residential tower.
USA Climbing plans to build their permanent
headquarters and national training facility on the
southwest corner of 500 West and 300 South.
The developmet concept prioritizes activated
ground floors wherever possible, including a
“Festival Retail Zone” along 300 South, a “Maker
Space Zone” lining the Arts Alley, and “Transit
Street Zone” on frontage near Salt Lake Central
Station.
A shared parking structure will concentrate
parking at the perimeter of the District to reduce
internal traffic, conflicts with pedestrians and
bicyclists, and the amount of land devoted to
parking at each individual development site.
Figure 3. Diagram of Rio Grande District at full buildout
7
Project Highlights
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Redevelopment of Salt Lake Central Station
Figure 4. Rendering of new UTA headquarters and transit amenities that are being contemplated at Salt Lake Central Station -
photo courtesy of Utah Transit Authority
UTA is exploring the feasibility of redeveloping its land holdings within the HTRZ, including the
current Salt Lake Central Station site, which is a prominent entry point to Salt Lake City for
transit users.
Preliminary designs include a completely re-envisioned intermodal hub with two six-story
structures that are connected with an enclosed transit hall. Mass timber may be used due to its
lighter weight, mitigating challenging soil conditions caused by the area’s high groundwater
table.
Anticipated land uses include retail and amenities for transit patrons on the ground floor and
office uses on upper levels, to include space for a new UTA headquarters.
This is a significant opportunity to improve the customer experience and accommodate
smoother connections between various transportation modalities.
8
Project Highlights
Planned 5+ mile urban trail and linear park system that will encircle downtown Salt Lake City.
Project’s objective is to improve the quality of life for people living, working, and traveling downtown
by adapting ~60 acres of existing street space to include more trees, shade, and comfortable options
for a variety of transportation choices.
Added green spaces will provide critical ecosystem services and contribute to a more resilient city by
managing stormwater, reducing the heat island effect, and improving air quality.
Salt Lake City has developed a preliminary design concept for the eastern leg of the Green Loop to
understand its impacts, constructability, and project costs. Western leg to follow.
This is a significant public investment – preliminary construction cost estimate of ~$8-10 million per
block.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Green Loop
Figure 5. Green Loop concept as depicted in Salt Lake City’s The Downtown Plan (2016)
9Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Figure 7. Rendering of potential Green Loop on 500 West near Rio Grande District, looking north
Figure 6. Historic and present images of 500 West near Rio Grande District, looking south
Land Use Square Footage (sf) /
Count (#)
Residential Units 5,793
Commercial 565,358
Makers Space 59,000
Office 3,293,234
Hotel Rooms 325
10
Development Plan
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
The HTRZ proposal and development model includes parcels with specific development plans as well as
underutilized parcels that are likely to develop over the HTRZ’s term. Where development-specific
information is available, those details have been included. For parcels where development details are yet to
be finalized, Salt Lake City zoning standards and industry-specific floor-to-area ratios were utilized to
determine their highest and best uses.
Table 1. Anticipated land uses, by quantity
11
Housing Supply
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Based on the development model, it is estimated that approximately 59.8% of the collection parcel acreage
will incorporate residential uses for a total of 5,793 housing units averaging 83 units per acre.
Please refer to page 12 – Affordable Housing Funding Priorities – for further details on RDA-imposed
requirements for varied dwelling unit sizes and housing affordability that is maintained through deed
restriction.
Figure 8. Map of estimated housing density, by collection parcel
12
Affordable Housing Funding Priorities
The RDA has multiple policies in place to ensure that requirements contained in Utah Code 63N-3-603(2)
will be met or exceeded with administration of the HTRZ:
HTRZ Tax Increment Reimbursement Policy - Establishes guidelines for the distribution of HTRZ tax
increment to project developers or property owners via tax increment reimbursement agreements.
Threshold Requirements of Projects that Incorporate Housing:
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Deeply Affordable Housing: Expand the availability of units for extremely low-income households, thereby
providing housing options for individuals or families that are homeless or at risk of homelessness;
Affordable Family Housing with Amenities for Children: Provide opportunities for families to enjoy the
many benefits of urban living by encouraging the development of housing that is more conducive to larger
household sizes that have at least three or more bedrooms and includes family-oriented amenities;
Wealth Building Opportunity: Facilitate the ability for low-moderate income households to build wealth
through different pathways such as homeownership, supplemental income opportunities, stipends for
renters, cooperative housing, and other wealth building models;
Neighborhood Commercial and Services: Promote an array of commercial spaces that support the
neighborhoods, such as daycares, restaurants, and retail spaces; and
Expand Opportunities: Provide affordable housing within areas that have access to resources that may
improve a person’s chances of upward economic mobility as identified on RDA’s High Opportunity Area
map.
Housing Development Funding Strategy - Establishes housing priorities for the current fiscal year, to be
implemented via the RDA’s various housing funding programs. Adopted funding priorities for FY25 are as
follows:
At least 10% of housing units within a project must be affordable to those earning 60% of the area
median income (“AMI”) and below, or, 20% of units must be affordable to those earning 80% AMI and
below. Income averaging of units within a single project may be utilized to achieve AMI thresholds.
If the ground floor is not a private residence, projects must include ground floor space that is activated
with commercial, office, or retail uses that are not exclusive to the tenants of the building.
Deed Restriction – Prior to executing a participation agreement, a restriction shall be recorded against
the property that requires continued use of the specified units as affordable housing for at least 30 years.
Bedroom Count Mix – The affordable units shall be located on different floors of the building and spread
among bedroom counts (1-bedroom, 2-bedroom, 3-bedroom, etc.) in the same proportion as the units
available within the rest of the project.
Affordable Housing Requirements:
a.
b.
a.
b.
a.
b.
c.
d.
e.
13
Zoning
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
As can be seen in the map on the next page, the majority of the proposed HTRZ land area is currently
zoned as either Gateway-Mixed Use (G-MU) or General Commercial (CG).
Per the Salt Lake City Zoning Ordinance, Title
21A.31, the G-MU District is intended to:
Serve as an urban neighborhood that provides
employment and economic development
opportunities that are oriented toward the
pedestrian with a strong emphasis on a safe
and attractive streetscape;
Have a mixed-use character with supportive
retail, service commercial, office, and high
density residential uses;
Encourage urban-scale commercial
development along the 200 South corridor;
and
Host a primarily residential corridor along 500
West, from North Temple to 400 South.
Per the Salt Lake City Zoning Ordinance, Title
21A.26, the CG District is intended to:
Enhance the economic vitality of the City as a
whole, encourage sustainable and profitable
businesses, and create dynamic and vital business
districts;
Provide economic development opportunities
through a mix of land uses, including retail sales
and services, entertainment, office, residential,
heavy commercial, and low intensities of
manufacturing and warehouse uses;
Include safe, convenient, and inviting connections
that provide access to businesses from public
sidewalks, bike paths, and streets; and
Be accessed under a hierarchy that places the
pedestrian first, bicycle second, and automobile
third.
The RDA is preparing an application to amend the zoning designation of select parcels from G-MU to
Downtown Secondary Central Business District (D4) to accommodate the implementation of the Rio
Grande District Vision & Implementation Plan; primarily, to allow for taller building heights. The G-MU zone
allows for maximum heights of 90 feet with up to 180 feet possible with additional design review. A D4
designation would allow for building heights up to 200 feet by right with a potential height of 600 feet
permitted with additional design review. The Mayor and City Council have both expressed support for
increased buildings heights within the Rio Grande District and the necessary zoning changes will be in place
before its collection phase is triggered.
Per the Salt Lake City Zoning Ordinance, Title 21A.30, the D4 District is intended to:
Foster an environment consistent with the area’s function as a housing, entertainment, cultural,
convention, business, and retail section of the city that supports the Central Business District; and
Contain development that supports the regional venues in the district, such as the Salt Palace
Convention Center.
12Redevelopment Agency of Salt Lake City
Map of Current and Proposed Zoning for Property Tax
Increment Collection Parcels
Figure 9. Map of current and proposed zoning for property tax increment collection parcels
15
Key Objectives
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Higher utilization of public transit
Per 63N-3-603(1), a HTRZ proposal shall promote the following objectives:
Increasing availability of housing, including affordable housing, and fulfillment of
moderate income housing plans
Promoting and encouraging development of owner-occupied housing
The proposed Salt Lake Central HTRZ may be the most transit-rich site in the entire State of Utah and
the convergence of FrontRunner, TRAX, local bus routes, Amtrak, and Greyhound services will offer
compelling alternatives to a vehicle for those who live, work in, and visit the area. Planned future TRAX
extensions will enhance rider options with direct connections to the Airport, U of U, and emerging
Granary District. The broader UTA transit network provides access to event venues such as America First
Field, the future ballpark being developed at Daybreak, and other higher education institutions via the
FrontRunner line that runs from Ogden to Provo.
As described on page 12, the RDA intends to utilize its HTRZ Tax Increment Reimbursement Policy to
offset increased costs associated with affordable housing. Implementation of this policy will ensure that
minimum affordable housing thresholds outlined in 63N-603-2 are not only met but surpassed. Tax
increment generated with the HTRZ may also be utilized to support the RDA’s other various housing
funding programs, which are developed in coordination with Salt Lake City and meant to support its
moderate income housing plan, Housing SLC (2023).
The Agency has published the Residential Wealth Building Pilot Program, which is aimed at helping low-
to moderate-income families and individuals build wealth through affordable housing opportunities. This
initiative is designed to address the homeownership gap in Salt Lake City and provide innovative
pathways for economic stability. The Residential Wealth Building Pilot Program will offer funding for
projects that create affordable homeownership and shared equity models, supporting the development
of family and workforce housing. With an emphasis on promoting long-term financial stability and wealth
accumulation, the program prioritizes housing development solutions such as rent-to-own units, condo or
co-op conversions, tenant shared-equity models, and more. The initiative aligns with RDA’s goal of
equitable economic growth, addressing systemic barriers to wealth for underserved communities.
16Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Improving efficiencies in parking and transportation, including walkability of
communities near public transit facilities
Overcoming development impediments and market conditions that render a
development cost prohibitive absent the proposal and incentives
Conserving water resources through efficient land use
Improving air quality by reducing fuel consumption and motor vehicle trips
The dense nature of the proposed developments within the HTRZ leads to water conservation via efficient
landscape design and the lack of individual lawns requiring irrigation, as compared to single family or less-
dense development. According to the EPA’s Protecting Water Resources with Higher-Density Development
study, it has modeled that on a per housing unit basis, higher density developments produce less
stormwater runoff and provide less impervious cover than low-density development. The decrease in
stormwater runoff can assist in the reduction of downstream pollutants and toxins being deposited due to
storm runoff which, combined with other efforts, seek to prevent the Great Salt Lake from further decline.
The Rio Grande District - which will form the heart of the HTRZ near Salt Lake Central Station - is
envisioned to become a model of urban-scale transit-oriented development for the State of Utah. The
Vision & Implementation Plan prioritizes connectivity and accessibility with the creation of new mid-block
streets, low-stress pedestrian and cyclist facilities, and a safe and walkable environment with highly
activated ground floor spaces. The Plan also includes a shared parking garage that will concentrate parking
at the perimeter of the Rio Grande District a) so that other land can be put to more efficient uses and b) to
reduce the number of curb cuts and potential vehicle-pedestrian conflicts within the core. Public parking
spaces within the shared structure could be utilized by those accessing Salt Lake Central Station to take
transit elsewhere.
The RDA acknowledges that the level of density associated with transit-oriented development will incur
substantial horizontal and vertical construction costs. Although interest rates have fallen, and are
forecasted to continue to fall through 2025, they remain high enough to stall this caliber of development.
The HTRZ will allow the RDA to fund critical infrastructure upgrades and offer eligible development
projects a tax increment reimbursement to overcome increased costs and encourage more timely
development. This is especially crucial given the timing of the 2034 Winter Olympics.
The proximity and network breadth of Salt Lake Central Station provides viable alternatives to vehicle
usage. By bringing uses such as office, retail, and housing within walking distance of each other, there are
efficiencies that would not otherwise be viable. Salt Lake Central provides transit access to the wider
Wasatch Front and can reduce vehicle trips. According to the Institute of Transportation Engineers (ITE),
mixed-use development leads to 20% internal capture, or reduced vehicle trips, which directly lowers
vehicle emissions.
17Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Encouraging transformative mixed-use development and investment in
transportation and public transit infrastructure in strategic areas
Strategic land use and municipal planning in major transit investment corridors as
described in Subsection 10-9a-403(2)
Increasing access to employment and educational opportunities
Increasing access to child care
These objectives perfectly encapsulate the vision for the area, and the HTRZ will be a key tool in
bringing the many moving parts together to deliver on it. The Rio Grande District will raise the bar for
development in Salt Lake City and Utah with unprecedented levels of density, mixed-use design,
walkability, and sustainability. The proposed redevelopment of UTA’s Salt Lake Central Station will
enhance the public transit experience at a primary gateway to the city, which is vital to providing lasting
impressions for riders and growing ridership levels. Other initiatives such as the planned TRAX
extensions, Green Loop, and 400 South Bikeway will only enhance the overall network and feasibility of
its use to access jobs, shopping, recreational, and educational opportunities across the Wasatch Front.
In addition, Salt Lake City was awarded nearly $2 million from the U.S. Department of Transportation to
study solutions for eliminating barriers caused by transportation infrastructure, and there is potential for
this work to result in recommendations within the HTRZ. Local advocates have developed the concept
of relocating freight and Frontrunner rails into an underground train trench (the “Rio Grande Plan” - not
to be confused with the Rio Grande District Vision & Implementation Plan), which is one option that will
be considered through this effort.
The tax increment generated from the HTRZ can be used to support the development of residential,
office, and retail spaces that would otherwise not be built at this time due to the current cost
prohibitive market conditions. Jobs will be created within the HTRZ through the construction of these
new spaces. The RDA intends to partner with organizations such as EDCUtah, the Salt Lake Chamber,
and the Governor’s Office of Economic Opportunity to find the optimal developers and tenants. In
addition, residents of the HTRZ can utilize adjacent transit infrastructure to access job centers and
educational institutions across the Wasatch Front. Many universities and colleges have partnered with
UTA to provide their enrolled students with free transit access.
Salt Lake City has identified a need for more child care facilities in the city, and tax increment generated
from the HTRZ could be used to incentivize their inclusion in residential or commercial developments
within the HTRZ. Additionally, the Agency has a Housing Development Loan Program that provides
competitive low-interest loans to projects that meet certain project priorities, one of which is affordable
family housing with amenities for children.
18
Property Tax Increment Budget
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
It is proposed that the HTRZ’s 162 parcels would be triggered for tax increment collection over two, 25-
year collection phases during the total 45-year term. This phased approach accommodates the readiness of
some developers to begin construction in the next few years while anticipating that it will take longer for
plans to be established for other parcels in the HTRZ. Where development-specific information is available,
those details have been included in the budget calculations. However, for parcels where development
details are yet to be finalized, development was modeled using zoning standards and industry-specific floor-
to-area ratios to determine their highest and best uses.
Phase 1 includes private development projects that are anticipated to commence in the near-term, several
of which incorporate market-rate and affordable housing. Phase 2 includes the planned redevelopment of
RDA and UTA-owned property*, as well as other sites that have high redevelopment potential but are too
early in their planning processes to have finalized numbers. Attachment B provides the development
absorption, construction, and assessed value estimates for both phases.
*Please note that UTA plans to subdivide the large parcels under its ownership before Phase 2 is triggered.
25.79 UTA-owned acres have been included in this proposal.
Figure 10. Map of proposed HTRZ boundary and collection parcels, by phase
19Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Sources
Uses
Over the HTRZ term, it is projected that a total of $722,903,684 in property tax increment will be
generated. With an 80% taxing entity participation rate, $578,322,947 may be available to support HTRZ
development. Projected tax increment generation has been broken down by taxing entity below. See
Attachment C for more information on base year values that were used in these calculations.
The RDA proposes to utilize 98% of the tax increment funds generated within the HTRZ to support
development projects by incentivizing high levels of public benefit and investing in surrounding
infrastructure. The remaining 2% of the budget will cover costs associated with administration of the HTRZ.
See Attachment C for a more detailed tax increment budget.
Taxing Entity 100% Tax Increment
($)
80% Tax Increment
($)
Salt Lake County 103,718,375 82,974,700
Salt Lake City School District 294,935,179 235,948,144
Salt Lake City 224,103,118 179,282,495
Salt Lake City Library 43,674,811 34,939,849
Salt Lake Metropolitan Water District 14,880,685 11,904,548
Salt Lake City Mosquito Abatement District 11,830,145 9,464,116
Central Utah Water Conservancy District 29,761,370 23,809,096
TOTAL Property Tax Increment 722,903,684 578,322,947
Use of Funds Tax Increment ($)
HTRZ Development Activities (98%)566,756,488
Administrative Costs (2%)11,566,459
TOTAL Available Property Tax Increment 578,322,947
Table 2. Projected property tax increment generation, by taxing entity
Table 3. Proposed uses of property tax increment
20
Proposed Expenditures
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
A priority of the proposed HTRZ is to facilitate the buildout of two downtown projects that together have
the potential to serve as the model of urban transit-oriented development for the State of Utah: the
redevelopment of the RDA’s Rio Grande District assemblage and UTA’s Salt Lake Central Station area to
the west. Both efforts will be carried out through public-private partnerships and as such, HTRZ tax
increment will be used to support both public and private project components. Funding will also be made
available to leverage other anticipated private investment throughout the HTRZ, which includes land with
some of the highest development potential left in Salt Lake City.
The following areas of proposed expenditure will help overcome development impediments inherent to the
site and current market conditions, and enable the levels of density, walkability, accessibility, sustainability,
and affordability envisioned for the area:
Horizontal construction costs
Enhanced vertical construction costs
Structured shared parking
Affordable housing
Property acquisition costs
Separately, the RDA anticipates supporting public initiatives that would enhance private development
planned within the HTRZ area, such as potential light rail extensions and implementation of the Green
Loop. Large-scale capital projects like these require multiple funding sources and the contribution of tax
increment will not exceed the level of impact that the project will have on the HTRZ.
The HTRZ is in dire need of underground and surface-level improvements to accommodate dense, walkable
development. Due to historic industrial land uses, some sites will require environmental remediation.
Water, electrical, sewer, and stormwater utilities will need to be upgraded to provide the capacity needed
for the level of density that is encouraged by Salt Lake City Master Plans, The Rio Grande District Vision &
Implementation Plan, and Salt Lake Central Station Area Plan. New and reconstructed streets will make the
area surrounding Salt Lake Central Station more walkable, accessible, and safe for alternative mode users.
Publicly accessible open spaces will provide areas of respite from the surrounding density. For the Rio
Grande District, the RDA has commissioned an infrastructure design team that is pursuing Envision
certification to prove a model of sustainable infrastructure that can be replicated by others in the HTRZ,
City, and State. The estimated cost of planned utility and streetscape upgrades in the Rio Grande District,
only, is approximately $25 million, and those costs will increase when extended to others areas of the
HTRZ.
Horizontal Construction Costs
21Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Through its work in developing the Rio Grande District Plan and regular communication with property
owners and developers within the HTRZ area, the RDA is aware of the challenges of implementing a
vision of this scale. The Rio Grande District is envisioned to contain taller buildings ranging from 75 feet
to 400 feet in height. These structures will have specialized uses including life science space, corporate
offices, retail, and residential towers. Due to the high water table and soil liquefaction potential, these
taller structures will require additional engineering and stabilization enhancements to ensure site safety.
Some or all of the structures may require a base isolator system to mitigate movement during
earthquakes, which can lead to an additional cost. Due to the structural requirements of concrete and
steel in buildings taller than seven stories, and the need for elevator and safety systems, this will have an
impact on construction costs and possibly push projects into the cost-prohibitive zone absent the HTRZ
and tax increment incentives.
Additionally, the RDA will encourage new development within the HTRZ to be highly efficient, all-
electric, and incorporate on-site renewables, where possible. Developers within the area have advised
that to meet the expected sustainable building requirements, construction costs will be at least 2.33%
higher than traditional construction would cost. The HTRZ tax increment may be used to offset this
additional cost for developments that qualify for tax increment reimbursement agreements as a means to
reduce carbon emissions and improve the region's air quality.
Enhanced Vertical Construction Costs
Structured Shared Parking
In support of the HTRZ goal to enhance the efficiency of parking, it is anticipated that a large number of
structured parking stalls will be constructed within the HTRZ. Due to the high water table at 6 to 8 feet
in the area, and the high liquefaction potential of the soil, any parking structure will incur additional costs
to stabilize and reinforce the structure against the current ground conditions. The RDA is exploring the
option of constructing a 510-stall parking structure at the perimeter of the Rio Grande District at an
estimated cost of $35 million. As the core of the District is envisioned to be pedestrian and bike friendly,
this structure will allow vehicles to be parked on the edge of the Rio Grande District and allow visitors to
walk to nearby destinations and access the Salt Lake Central FrontRunner Station. As future residential
developments begin the planning phases, it is anticipated that they will contain their own parking
structures, which may require the use of tax increment to support the structured parking costs.
22Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Affordable Housing
Property Acquisition Costs
1: Cushman & Wakefield Apartment Market Report: Great Salt Lake Area Mid-Year 2023
2: CBRE Multifamily Market Report: Mid-Year 2023, Critical Data for Unsettled Times
Supporting affordable housing is one of the RDA's top priorities. HTRZ code requires that at least 9% of
housing units within the HTRZ be affordable to those earning 80% AMI and an additional 3% of housing
units be affordable to those earning 60% AMI or below. The RDA will work to support additional affordable
units through programs such as the RDA’s Housing Development Loan Program.
Average Market Rate Monthly Rents
The Cushman & Wakefield 2023 Multifamily Report indicates that the average monthly Salt Lake County
one-bedroom rental rate is $1,514. In their Mid-Year Apartment Market Report, CBRE noted that the
“Downtown submarket has the highest rents at $2,058 representing a weighted average of units with a
rental rate 20% to 42% higher than suburban markets.” Using these two data sources, the average Salt
Lake County monthly rent for a one-bedroom apartment was inflated by 31% to account for the difference
between rental rates in downtown Salt Lake City and those in Salt Lake County as a whole. Therefore,
monthly rent was estimated to average $1,983 for a one-bedroom apartment in this downtown
neighborhood.
Affordable Monthly Rents
In 2024, the monthly rent for a one-bedroom unit that is affordable to households earning 60% of the Salt
Lake County AMI is $1,299; the monthly rent for a one-bedroom unit affordable to households earning
80% of the AMI is $1,733.
Estimated Housing Revenues
Using a 2.5% vacancy rate and an annual increase in rental rates of 3.0%, the estimated housing revenue
over the term of the HTRZ - if all occupied residential units were market rate - is $5.26 billion. Using the
HTRZ affordable housing requirements for 9% of units to be affordable to households earning 80% AMI
and 3% of the units to be affordable to households earning 60% AMI, the estimated housing revenue is
$517.82 million. Therefore, including affordable housing at levels that meet the HTRZ requirements creates
a housing revenue gap of $114.38 million. See Attachment D for additional affordable housing gap analysis
details.
In addition to the financial gap resulting from reduced rental housing revenue, apartment units subject to
rent restrictions generally have less value than comparable market rate units. This creates a capitalized
value differential, further increasing the financial gap for affordable housing. The RDA intends to uses
HTRZ tax increment and programs such as the RDA’s Housing Development Loan Program to help bridge
the gap created by reduced rental revenue and capitalized value for affordable housing projects.
1
2
Recent appraisals have valued land within the HTRZ at $6.6 million/acre. The Agency may acquire
distressed property within the HTRZ to further activate or complement existing projects. The Agency may
also acquire distressed land to conduct environmental cleanup or contribute to environmental remediation
efforts on contaminated land.
23
Alternative Funding Sources
Participating HTRZ tax increment will be leveraged with various other federal, state, and locally offered
funding programs to maximize the reach and impact of development activities and reduce the financial gap.
A menu of applicable options is outlined below:
Low-Income Housing Tax Credit Program (LIHTC)
The LIHTC program provides a federal tax incentive to construct or rehabilitate affordable rental housing
with below-market rents.
Salt Lake City Housing Development Loan Program (HDLP)
The HDLP provides low-cost gap financing to incentivize the development, rehabilitation, and preservation
of affordable housing within municipal boundaries.
Transit Transportation Investment Fund (TTIF)
TTIF funds are administered by the Utah Transportation Commission and used to construct transit or
first/last mile capacity projects.
Utah State Infrastructure Bank (SIB)
The SIB offers low-cost infrastructure loans to public entities for acquisition, construction, reconstruction,
rehabilitation, equipping, or fixturing transportation projects that are part of a state, regional, or local
general or transportation plan, or economic development initiative. Funds can also be used to improve
sewer or water infrastructure that is owned by a public entity.
EPA Brownfields Revolving Loan Fund
Salt Lake County administers a revolving fund that offers loans from $10,000 to $500,000 to entities
redeveloping qualified brownfield sites.
Salt Lake City Neighborhood Building Improvement Program (NBIP)
The NBIP provides grants up to $50,000 to Salt Lake City business and commercial property owners to
make façade improvements that increase street appeal, positively affect the surrounding neighborhood, and
boost the economy on a local level.
Salt Lake City Economic Development Loan Fund (EDLF)
The EDLF provides loans up to $300,000 for the purposes of stimulating business development and
expansion, creating employment opportunities, encouraging private investment, promoting economic
development, and enhancing neighborhood vitality and commercial enterprise in Salt Lake City.
Commercial Property Assessed Clean Energy (C-PACE)
The C-PACE program, supported by the State, provides financing options with long-term repayment
options to help businesses afford energy efficiency upgrades and the installation of renewable energy
systems, with the goal to help improve Utah’s air quality by reducing overall carbon footprint.
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
24
Sales & Use Tax Increment
Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Sales & Use Tax Collection Boundary
The SLC RDA coordinated with the Utah State Tax Commission to set the proposed sales & use tax
collection boundary shown in the map below, which includes a majority of the proposed property tax
increment collection parcels.
Figure 11. Map of proposed sales & use tax collection boundary
25Redevelopment Agency of Salt Lake City
SALT LAKE CENTRAL HTRZ
Sales & Use Tax Base Year Value
The estimated 2028 sales & use tax base year value was calculated using the $11,996,574,173 total 2023
taxable sales for Salt Lake City. Using the City's total taxable sales and acreage, a proportion was created to
determine an approximate base year taxable sales value for the HTRZ. The HTRZ represents 0.16% of Salt
Lake City acreage and was assumed to account for 0.16% of taxable sales, providing a taxable sales base
year value of $19,742,787.
This sales and use base year value is included as an estimate only. Per the HTRZ Act, the Utah State Tax
Commission will determine the actual sales & use tax base year value. The sales & use tax information
included here is included only as a projection. Any sales and use tax information provided by the Utah State
Tax Commission will supersede the estimate included in the HTRZ application.
Sales & Use Tax Base Year
Estimated Base Year Value (taxable sales)
Incremental Taxable Sales
Estimated Sales Tax to TTIF
Sales Tax Generation
The Salt Lake City commercial gross taxable sales were divided by the City's estimated commercial square
footage to calculate an average commercial sales per square foot value of $251. Online sales per resident
are estimated to be $2,301 per year. Using the projected absorption of residential and commercial
development, taxable sales were projected for the HTRZ term. A 3% annual growth rate was applied to
taxable sales. The total incremental taxable sales during the HTRZ term is projected to be $4,938,013,012,
or an average of $176,357,608 per year. The sales and use tax generated over the full term is estimated to
be $213,640,452. The 15% set aside of the sales and use tax for the Transit Transportation Investment
Fund (TTIF) is estimated at $32,046,068. Attachment G includes additional details regarding the estimated
sales tax generation.
TY 2028
$19,742,787
$4,938,013,012
$32,046,068
Attachment A
List of Property Tax Increment Collection Parcels
Salt Lake Central Station HTRZ
Parcel List tax_dist_1 x
Parcel Number Legal Description Phase Tax Area Acres
15011080320000 MCCARTHEYS 1S 0907LOT 2, MCCARTHEY'S SUB.
1 01N 21,250,405 3.390 100%3.39
15011520260000 2 01N 4,895,092 1.350 95%1.28
15011510210000 2 01N - 0.739 97%0.72
15011520250000 2 01N - 0.560 97%0.55
15011520210000 2 01N 4,055,140 1.650 97%1.61
15013020180000 0917
2 01N - 0.600 0%0.00
15013020190000 06457389-1673 8599-0917
2 01N - 0.160 0%0.00
15013020200000 RDS TO BEG. 0.31 AC M OR L. 3914-0131 5036-0001 5117-1156 5686-0645 7389-1673 8597-0917
2 01N - 0.310 0%0.00
15013020170000 TO BEG. 3997-0484 5355-1358 8599-0921
2 01N - 0.930 50%0.47
15013020210000 2053 8599-0917
2 01N - 0.320 50%0.16
15011510050000 2 01N - 0.310 0%0.00
15011510080000 2 01N - 0.490 69%0.34
15011510200000 2 01H - 0.360 69%0.25
15011510090000 2 01N - 0.500 0%0.00
15011510100000 2 01N - 0.880 0%0.00
15011510110000 2 01N - 0.110 0%0.00
15011510120000 2 01N - 0.260 0%0.00
15011510130000 2 01N - 0.130 0%0.00
15011510140000 2 01N - 0.130 0%0.00
15011520120000 2 01N - 0.110 0%0.00
15011520130000 2 01N - 0.130 0%0.00
15011520140000 2 01N - 0.130 0%0.00
15011530120000 46, PLAT A, SLC SUR;W 5 RDS; S 20 RDS; E 6 RDS; N 20 RDS; W 1 RD TO BEG. 3.24 ACM OR L. 6973-2960
2 01N 6,116,100 3.240 0%0.00
15013020070000 2 01N - 0.630 95%0.60
15013020080000 2 01N - 0.480 95%0.46
15013020090000 2 01N - 0.160 95%0.15
15013020100000 2 01N - 0.180 95%0.17
15013020110000 2 01N - 0.140 95%0.13
15013020130000 2 01N - 0.160 95%0.15
15013020220000 8599-0917
2 01N - 1.250 92%1.15
15011080350000 1 01N 4,044,865 0.380 100%0.38
15011510190000 165.00 FT; W 113.50 FT; N 165.00 FT TO BEG. (BEING PT OF LOT 5, BLK 63, PLAT A, SLC SUR).
2 01N 5,617,920 0.430 100%0.43
15011510150000 WITH 4 FT STRIP VACATED ST ABUTTING ON W. 7183-1759 1763 8681-2569 09799-6817
2 01N 6,093,120 0.460 100%0.46
15011080340000 MCCARTHEYS 1S 0104LOT 3, MCCARTHEY'S SUB. 10332-9309 10469-2695 10753-0416
1 01N 17,342,985 1.240 100%1.24
15011080370000 1 01N 18,753,161 0.590 95%0.56
15011780020000 1 01N 11,613,470 1.170 100%1.17
15013790180000 2 02A 895,100 0.370 75%0.28
15013790200000 0^01' W 42.89 FT TO BEG. 8665-1132
2 02A 602,500 0.260 75%0.20
15013790240000 2 02A 1,938,400 0.890 75%0.67
15011520240000 2 01N 2,520,197 0.290 95%0.28
15121070010000 1 13 15,113,900 5.110 0%0.00
15011030100000 FT M OR L TO BEG.7026-1564 9272-3163 9595-9152 9601-8556 10358-1035 10555-8494
2 01P 372,900 0.160 75%0.12
15011030050000 2 01P - 0.080 75%0.06
15011030060000 2 01P 272,200 0.060 75%0.05
15011030130000 FT; S 165 FT TO BEG. 4932-0842 7026-1564 09528-0835
2 01P 116,300 0.100 75%0.08
15011030170000 2 01P - 0.130 75%0.10
15011030200000 2 01P - 0.100 75%0.08
15011030210000 0.37 AC M OR L. 5530-1460 5648-0129 8511-4748 9648-8971 9671-0001
2 01P - 0.370 75%0.28
15011030220000 S 330 FT TO BEG. 0.50 AC M OR L. 4801-0763 6061-1524 8511-4746 9648-8971 9671-0001
2 01P - 0.500 75%0.38
15011030230000 0.34 AC M OR L. 5530-1460 5648-0129 8511-4747 9648-8971 9671-0001
2 01P - 0.340 75%0.26
15011040130000 165 FT TO BEG. 0.31 AC M OR L. 3927-0114 6597-0906,0907 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.310 75%0.23
15011040140000 FT TO BEG. 0.27 AC M OR L. 3927-0114 6597-0906,0907 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.270 75%0.20
15011040150000 W 20 FT TO BEG. 0.08 AC M OR L. 6654-2203 8834-4656 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.080 75%0.06
15011040160000 290.14 FT; N 89^58'14" E 165.10 FT; S 0^01' E 290.13 FT TO BEG.
2 01P 3,360,200 1.100 75%0.83
15013040010000
15011070080000 2 01N 1,116,800 0.280 75%0.21
15011070090000 2 01N 503,300 0.120 75%0.09
15011070220000 280.38 FT TO BEG. 0.0348 AC
2 01N - 0.030 75%0.02
15011070340000 FT; N 165 FT TO BEG. 0.20 AC M OR L. 5225-0800 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.200 75%0.15
15011070350000 165 FT TO BEG. 0.01 AC M OR L. 5225-0800 5652-0863 5783-1185 THRU 1191 9671-0001
2 01N - 0.010 75%0.01
15011070360000 9671-0001
2 01N - 0.160 75%0.12
15011070370000 9671-0001
2 01N - 0.160 75%0.12
15011070380000 AC M OR L. 4768-0154 6042-2712 9648-8976 9671-0001
2 01N - 0.340 75%0.26
15011070390000 FT; N 165 FT TO BEG. 0.19 AC M OR L. 4768-0154 6042-2712 9648-8976 9671-0001
2 01N - 0.190 75%0.14
15011070400000 8976 9671-0001
2 01N - 0.220 75%0.17
15011070410000 132 FT TO BEG. LESS RR. 0.25 AC M OR L. 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.250 75%0.19
15011070420000 82.50 FT TO BEG. 0.25 AC M OR L. 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.250 75%0.19
15011080110000 1 01N 216,200 0.060 75%0.05
15011080120000 1 01N 1,089,100 0.170 75%0.13
15011080130000 1 01N 232,600 0.120 75%0.09
15013030010000 2 13 600,900 0.310 65%0.20
15013030020000 2 13 252,000 0.130 65%0.08
15013030030000 2 13 368,300 0.190 65%0.12
15013030040000 2 13 368,300 0.190 65%0.12
15013030050000 2 13 232,600 0.120 65%0.08
15013030060000 2 13 69,800 0.060 65%0.04
15013030070000 2 13 290,800 0.250 65%0.16
15013030080000 2 13 197,700 0.170 65%0.11
15013030090000 2 13 93,100 0.080 65%0.05
15013030100000 2 13 2,244,900 0.240 65%0.16
15013030110000 REV TRUST)
2 13 373,300 0.120 65%0.08
15013030150000 2 13 187,900 0.160 65%0.10
15013030160000 2 13 186,100 0.160 65%0.10
15013030170000 2 13 2,677,200 1.620 65%1.05
15013030180000 2 13 467,300 0.400 65%0.26
15013040030000 409COM AT SE COR LOT 7 BLK 45 PLAT A SLC SUR N 5.5 RDS W 16 RDSS 5.5 RDS E 16 RDS TO BEG 6052-0377
2 13 1,078,200 0.550 65%0.36
15013040040000 0396 6253-2476
2 13 759,500 0.610 65%0.40
15013040070000 5151
2 13 2,264,100 1.890 65%1.23
15013300070000 1 13 1,842,800 0.750 65%0.49
15013300080000 1 13 2,091,700 1.120 65%0.73
15013520060000 1 13 1,193,700 0.310 65%0.20
15013520070000 1 13 142,100 0.150 65%0.10
15013520100000 1 13 397,900 0.420 65%0.27
15013520190000 1791 5655-1795 6241-1302 7872-0699 7879-1326 09539-3217 10835-1822 11222-8833
1 13 992,100 0.160 65%0.10
15013520200000 1 13 252,600 0.160 65%0.10
15013520210000 1 13 300,000 0.190 65%0.12
15013520220000 5567-1886 6331-497 6331-0498 7872-0699 7879-1326 09539-3217 10835-1822 11222-8833
1 13 151,600 0.160 65%0.10
15013520230000 1 13 1,945,400 0.590 65%0.38
15013520310000 FT; W 82.5 FT;S 330 FT; W 82.5 FT TO BEG. 5872-2748 THRU 2750 7554-1939 10196-6017
1 13 2,599,900 2.170 65%1.41
15013520370000 1 13 369,500 0.390 65%0.25
15013520380000 1 13 3,178,600 2.490 65%1.62
15014040050000 1 13 1,952,300 0.610 65%0.40
15014040060000 1 13 2,742,100 0.850 65%0.55
15015010370000 W 61.2 FT; W 10.4 FTM OR L; S 330 FT TO BEG.
2 01N - 0.500 75%0.38
15121270130000 2 02A 2,983,900 1.370 65%0.89
15013540050000 SIXTH SOUTH COMMERCIAL 1S 0501LOT 2, SIXTH SOUTH COMMERCIAL SUB 10517-1225 10680-3758
1 13 1,688,000 1.020 65%0.66
15013540010000 1 13 4,931,100 1.640 65%1.07
15011520230000 89^53'08" E 348.62 FT; N 0^03'32" W 165.07 FT TO BEG. 08367-3456
2 01N 4,964,352 1.320 95%1.25
15013290010000
15013290020000 0002
1 13 100,100 0.040 83%0.03
15013290030000 1 13 3,141,600 2.330 83%1.93
15013290060000
15013290070000
15013290080000
15013300090000 1 13 1,854,400 0.560 65%0.36
15013300100000 1 13 77,000 0.050 65%0.03
15013300110000 1 13 - 0.130 65%0.08
15013300170000 1 13 32,000 0.010 65%0.01
15013300190000 1 13 64,000 0.020 65%0.01
15013300230000 1 13 2,924,200 0.500 65%0.33
15013300240000 1 13 1,851,200 0.570 65%0.37
15013780080000 1 13 32,000 0.010 65%0.01
15013780070000 1 13 732,200 0.140 65%0.09
15013780280000 1 13 7,909,220 0.440 65%0.29
15013780290000 BLK 30, PLAT A, SLC SUR). 10944-2135
1 13 452,700 0.480 65%0.31
15013780300000 1 13 1,251,700 0.350 65%0.23
15014040070000 1 13 3,395,200 1.050 65%0.68
15014040080000 1 13 192,100 0.060 65%0.04
15014040110000 1 13 512,300 0.160 65%0.10
15014040120000 1 13 3,591,100 0.870 65%0.57
15013780270000 1 13 16,064,100 3.110 0%0.00
15013760100000
15013760020000 1 - 0.000 57%0.00
15013760040000 1 13 3,067,100 0.310 57%0.18
15013760050000 1 - 0.000 57%0.00
15013760060000 1 - 0.000 57%0.00
15013760070000 1 - 0.000 57%0.00
15013760090000
15013770080000 1 13 862,700 0.220 57%0.13
15013770090000 1 13 815,700 0.220 57%0.13
15013770100000 1 13 749,600 0.190 57%0.11
15013770110000 1 13 999,000 0.630 57%0.36
15013770130000 1 13 4,629,600 0.960 57%0.55
15013770140000 1 13 742,500 0.210 57%0.12
15013770160000 214LOT 8, BLK 29, PLAT A, SLC SUR. 6239-2407 9035-6727,6830 09080-0001
1 13 1,764,100 1.250 57%0.72
15013770170000 BLK 029 PLAT A P 0627LOTS 2 & 3, BLK 29, PLAT A, SLC SUR. 10814-5642
1 13 4,247,000 2.500 57%1.44
15013770120000 10392-6075
1 13 4,035,460 0.630 57%0.36
15013260020000 1 01N 3,328,900 0.510 100%0.51
15013260080000 1 01N 368,500 0.180 100%0.18
15013260090000 1 01N 821,535 0.900 100%0.90
15011530130000 2 01N - 0.739 0%0.00
15011530040000 2 01N - 0.180 0%0.00
15011530050000 2 01N - 0.160 0%0.00
15011530060000 2 01N - 0.130 0%0.00
15011530090000 8218-0001 8359-2106
2 01N - 0.590 0%0.00
15011530100000 150 FT TO BEG. 3914-0131 5036-0001 5117-1156 5686-0645 7389-1673 8599-0917
2 01N - 0.190 0%0.00
15011530110000 6411-1796 7389-1673 8599-0917
2 01N - 0.060 0%0.00
15011070240000 2 01N - 7.290 50%3.65
15011090062000 2 01P - 11.300 100%11.30
15022780120000 2 01P - 7.200 0%0.00
TOTALS:262,744,538 116.71 69.79
Attachment B
Development Details + Absorption Schedule
Salt Lake Central Station HTRZ
Development Details & Absorption Schedule Commercial:Yes 80%
Unit Types # Stories (Y:0,N:1)Inflation Residential Commercial Phase
Today's Dollars per
Unit or
Cost ($)
YR Built Dollars per
Unit or
Cost ($)
SF (if non-res)Cost Assessed Value Land Use
Block 1: Central West Apartments: MF 6 1 2.00%Yes No 55%
6 1 2.00%Yes No 55%1 350,000 33,594 65 22,750,000 5,617,920 Residential/MF
1 1 2.00%Yes No 55%1 55,000 120,000 34 1,870,000 Parking
3 1 2.00%Yes No 55%1 350,000 18 6,300,000 Residential/MF
3 1 2.00%No Yes 80%1 175 20,000 20,000 3,500,000 Commercial
4 1 2.00%Yes No 55%1 320,000 13 4,160,000 Residential/MF
1 1 2.00%No Yes 80%1 175 40,000 40,000 7,000,000 Commercial
3 1 2.00%Yes No 55%1 302,807 62 18,774,027 10,325,715 Residential/MF
1 1 2.00%No Yes 80%1 150 40,000 40,000 6,000,000 Commercial
1 2.00%Yes No 55%1 55,000 120,000 - - Parking
5 1 2.00%Yes No 55%1 400,000 400,000 203 81,200,000 44,660,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
6 1 2.00%Yes No 55%1 400,000 150 60,000,000 18,753,161 Residential/MF
1 1 2.00%No Yes 80%1 250 1,000 1,000 250,000 Commercial
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
5 1 2.00%Yes No 55%1 400,000 288 115,200,000 63,360,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 373 20,515,000 11,283,250 Parking
5 1 2.00%Yes No 55%1 400,000 205 82,000,000 45,100,000 Residential/MF
2 1 2.00%No Yes 80%1 59,000 57,400 144 8,466,500 6,773,200 Parking
5 1 2.00%Yes No 55%1 375,000 220 82,500,000 45,375,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
6 1 2.00%Yes No 55%1 230,000 61 14,030,000 4,044,865 Residential/MF
1 2.00%Yes No 55%1 400,000 412,000.0 394 162,333,933 89,283,663 Residential/MF
1 2.00%No Yes 80%1 600 618.0 312,691 312,691 193,243,102 154,594,482 Office
1 2.00%No Yes 80%1 450 463.5 26,058 26,058 12,077,694 9,662,155 Commercial
1 2.00%Yes No 55%1 400,000 412,000.0 16 6,575,520 3,616,536 Residential/MF
1 2.00%No Yes 80%1 600 618.0 7,318 7,318 4,522,573 3,618,059 Office
1 2.00%No Yes 80%1 450 463.5 915 915 423,991 339,193 Commercial
1 2.00%Yes No 55%1 400,000 412,000.0 132 54,219,859 29,820,923 Residential/MF
1 2.00%No Yes 80%1 600 618.0 104,439 104,439 64,543,584 51,634,867 Office
1 2.00%No Yes 80%1 450 463.5 5,802 5,802 2,689,316 2,151,453 Commercial
1 2.00%No Yes 80%1 325 355 123,500 123,500 43,859,330 35,087,464 Commercial
1 2.00%Yes No 55%1 325,000 355,136 661 234,745,078 129,109,793 Residential/MF
1 2.00%No Yes 80%1 20,000 21,855 785 17,155,814 13,724,651 Parking
1 2.00%Yes No 55%1 300,000 327,818 520 170,465,412 93,755,977 Residential/MF
1 2.00%No Yes 80%1 350 382 123,500 123,500 47,233,125 37,786,500 Commercial
1 2.00%No Yes 80%1 350,000 382,454 150 57,368,168 45,894,534 Hotel
1 2.00%No Yes 80%1 350 382 200,000 200,000 76,490,890 61,192,712 Office
1 2.00%No Yes 80%1 558 610 23,000 23,000 14,024,058 11,219,247 Commercial
1 2.00%No Yes 80%1 45,000 49,173 842 41,403,426 33,122,741 Parking
1 2.00%No Yes 80%1 350 382 353,000 353,000 135,006,421 108,005,137 Office
1 2.00%No Yes 80%1 681 744 40,000 40,000 29,765,883 23,812,707 Office
38 1 2.00%Yes No 55%2 400,000 437,091 542,000 590 257,783,693 141,781,031 Residential/MF
1 2.00%No Yes 80%2 55,000 60,100 120,000 300 18,029,996 14,423,996 Parking
1 2.00%No Yes 80%2 350 382 23,000 23,000 8,796,452 7,037,162 Commercial
1 2.00%No Yes 80%2 250 273 16,000 16,000 4,370,908 3,496,726 Makers Space
3 0 2.00%No Yes 80%2 - 110,000 32,000,000 - Climbing Gym
2 1 2.00%No Yes 80%2 650 710 5,000 5,000 3,551,363 2,841,090 Commercial
1 0 2.00%No Yes 80%2 650 710 5,000 5,000 3,551,363 - Office
6 1 2.00%No Yes 80%2 55,000 60,100 34,000 510 30,650,992 24,520,794 Parking
1 1 2.00%No Yes 80%2 350 382 14,000 14,000 5,354,362 4,283,490 Commercial
12 1 2.00%Yes No 55%2 400,000 437,091 156,000 170 74,196,044 40,807,824 Residential/MF
17 1 2.00%Yes No 55%2 400,000 437,091 309,000 336 146,965,242 80,830,883 Residential/MF
7 1 2.00%No Yes 80%2 300,000 327,818 86,000 215 70,480,892 56,384,713 Parking
1 2.00%No Yes 80%2 350 382 7,000 7,000 2,677,181 2,141,745 Commercial
11 1 2.00%No Yes 80%2 350 382 316,000 316,000 120,855,606 96,684,485 Office
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Commercial
1 2.00%No Yes 80%2 350 382 8,000 8,000 3,059,636 2,447,708 Makers Space
21 1 2.00%No Yes 80%2 350 382 524,000 524,000 200,406,132 160,324,905 Office
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Commercial
1 2.00%No Yes 80%2 350 382 8,000 8,000 3,059,636 2,447,708 Makers Space
14 1 2.00%No Yes 80%2 550 601 318,500 318,500 191,418,452 153,134,762 Office
10 1 2.00%No Yes 80%2 350,000 382,454 175 66,929,529 53,543,623 Hotel
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Makers Space
18 1 2.00%No Yes 80%2 350 382 179,000 179,000 68,459,347 54,767,477 Office
11 0 2.00%Yes No 55%2 400,000 437,091 212,000 231 100,830,522 - Residential/MF
1 2.00%Yes No 55%2 450 492 82,000 82,000 40,321,626 22,176,894 Office
5 1 2.00%No Yes 80%2 558 628 285,000 285,000 178,989,666 143,191,733 Office
1 1 2.00%No Yes 80%2 558 628 23,000 23,000 14,444,780 11,555,824 Commercial
1 0 2.00%No Yes 80%2 558 628 13,500 13,500 8,478,458 - Not public information
3 1 2.00%No Yes 80%2 59,000 66,405 188,000 600 39,843,012 31,874,409 Parking
0 0 2.00%No Yes 80%2 125 141 50,000 50,000 7,034,430 - Not public information
0 0 2.00%No Yes 80%2 125 141 75,000 75,000 10,551,645 - Not public information
1 2.00%Yes No 55%2 400,000 463,710 309,000 350 162,298,370 89,264,104 Residential/MF
1 2.00%No Yes 80%2 59,000 68,397 160,000 435 29,752,769 23,802,215 Parking
3 1 2.00%No Yes 80%2 558 628 70,000.00 70,000.00 43,962,374 35,169,899 Office
3 1 2.00%No Yes 80%2 59,000 66,405 150,000 420 27,890,108 22,312,087 Parking
3 1 2.00%No Yes 80%2 558 666 94,000.00 94,000.00 62,630,431 50,104,345 Office
1 1 2.00%No Yes 80%2 558 666 2,600.00 2,600 1,732,331 1,385,865 Commercial
2 1 2.00%No Yes 80%2 59,000 70,449 94,000 122 8,594,788 6,875,831 Parking
1 2.00%Yes No 55%2 400,000 477,621 309,000 106 50,627,817 27,845,300 Residential/MF
1 2.00%No Yes 80%2 59,000 70,449 160,000 90 6,340,418 5,072,334 Parking
1 2.00%Yes No 55%2 400,000 477,621 309,000 110 52,538,301 28,896,066 Residential/MF
1 2.00%No Yes 80%2 59,000 70,449 90,000 95 6,692,663 5,354,130 Parking
1 2.00%Yes No 55%2 400,000 506,708 309,000 200 101,341,607 55,737,884 Residential/MF
1 2.00%No Yes 80%2 59,000 74,739 90,000 169 12,630,964 10,104,772 Parking
1 2.00%Yes No 55%2 400,000 450203.524 341 153,367,413 84,352,077 Residential/MF
1 2.00%No Yes 80%2 600 675 270,351 270,351 182,569,314 146,055,451 Office
1 2.00%No Yes 80%2 450 506 16,492 16,492 8,352,758 6,682,206 Commercial
1 2.00%Yes No 55%2 400,000 450,204 288 129,539,761 71,246,869 Residential/MF
1 2.00%No Yes 80%2 600 675 131,935 131,935 89,096,084 71,276,867 Office
1 2.00%No Yes 80%
Salt Lake Central Station HTRZ
Development Summary
PHASE 1 Units Construction Cost Assessed Value
Residential Units 3,073 1,138,978,829 588,916,672
Commercial SF 403,775 137,057,514 96,246,011
Office SF 1,017,449 503,572,454 402,857,963
Hotel Rooms 150 57,368,168 45,894,534
Structure Park Stalls 2,547 109,705,740 76,066,092
PHASE 1 TOTAL 1,946,682,704 1,209,981,272
PHASE 2 Units Construction Cost Assessed Value
Residential Units 2,721 1,229,488,770 620,762,037
No Assessed Value (Public/UTA/Non profit/etc)58,064,533 -
Commercial SF 161,584 73,914,526 59,131,621
Makers Space 59,000 20,816,449 16,653,159
Office SF 2,275,785 1,182,260,395 932,886,819
Hotel Rooms 175 66,929,529 53,543,623
Structure Park Stalls 2,956 250,906,602 200,725,282
PHASE 2 TOTAL 2,882,380,804 1,883,702,541
TOTAL (ALL PHASES)Units Construction Cost Assessed Value
Residential Units 5,793 2,368,467,599 1,209,678,708
No Assessed Value (Public/UTA/Non profit/etc)58,064,533 -
Commercial SF 565,358 210,972,040 155,377,632
Makers Space 59,000 20,816,449 16,653,159
Office SF 3,293,234 1,685,832,849 1,335,744,782
Hotel Rooms 325 124,297,696 99,438,157
Structure Park Stalls 5,503 360,612,342 276,791,374
TOTAL 4,829,063,508 3,093,683,813
Attachment C
Property Tax Increment Budget + Base Year Values
REDEVELOPMENT AGENCY OF SALT LAKE CITY 4%
Rate Rate Rate Participation: Phase III
Property Tax Increment Budget 80%80%80%80%80%
INCREMENTAL PROPERTY TAX ANALYSIS:YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Phase 1 Assessed Value 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272
Phase 2 Assessed Value 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541
Projected Total Assessed Value 1,209,981,272 1,209,981,272 1,209,981,272 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813
Phase 1 Base Year Value (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) - - -
Phase 2 Base Year Value - - - (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237)
(Less Total Base Year Value)(199,610,301) (199,610,301) (199,610,301) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (63,134,237) (63,134,237) (63,134,237)
TOTAL INCREMENTAL VALUE:1,010,370,971 1,010,370,971 1,010,370,971 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 3,030,549,576 3,030,549,576 3,030,549,576
Tax Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Incremental Property Tax by Taxing Entity 2023 TOTALS NPV (4%)
Salt Lake County 0.001394 1,408,457 1,408,457 1,408,457 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 4,224,586 4,224,586 4,224,586 103,718,375 59,004,770
Salt Lake City School District 0.003964 4,005,111 4,005,111 4,005,111 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 12,013,099 12,013,099 12,013,099 294,935,179 167,786,877
Salt Lake City 0.003012 3,043,237 3,043,237 3,043,237 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 9,128,015 9,128,015 9,128,015 224,103,118 127,490,937
Salt Lake City Library 0.000587 593,088 593,088 593,088 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,778,933 1,778,933 1,778,933 43,674,811 24,846,341
Salt Lake Metropolitan Water District -Salt Lake 0.000200 202,074 202,074 202,074 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 606,110 606,110 606,110 14,880,685 8,465,534
Salt Lake City Mosquito Abatement District 0.000159 160,649 160,649 160,649 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 481,857 481,857 481,857 11,830,145 6,730,099
Central Utah Water Conservancy District 0.000400 404,148 404,148 404,148 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,212,220 1,212,220 1,212,220 29,761,370 16,931,067
TOTAL INCREMENTAL PROPERTY TAX:0.009716 9,816,764 9,816,764 9,816,764 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 29,444,820 29,444,820 29,444,820 722,903,684 411,255,625
Property Tax Participation Rate by Taxing Entity
Salt Lake County 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Property Tax Increment Participation by Taxing Entity YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 TOTALS NPV
Salt Lake County 1,126,766 1,126,766 1,126,766 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,379,669 3,379,669 3,379,669 82,974,700 47,203,816
Salt Lake City School District 3,204,088 3,204,088 3,204,088 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 9,610,479 9,610,479 9,610,479 235,948,144 134,229,502
Salt Lake City 2,434,590 2,434,590 2,434,590 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 7,302,412 7,302,412 7,302,412 179,282,495 101,992,750
Salt Lake City Library 474,470 474,470 474,470 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,423,146 1,423,146 1,423,146 34,939,849 19,877,073
Salt Lake Metropolitan Water District -Salt Lake 161,659 161,659 161,659 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 484,888 484,888 484,888 11,904,548 6,772,427
Salt Lake City Mosquito Abatement District 128,519 128,519 128,519 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 385,486 385,486 385,486 9,464,116 5,384,079
Central Utah Water Conservancy District 323,319 323,319 323,319 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 969,776 969,776 969,776 23,809,096 13,544,854
TOTAL PROPERTY TAX INCREMENT FOR BUDGET: 7,853,411 7,853,411 7,853,411 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 23,555,856 23,555,856 23,555,856 578,322,947 329,004,500
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 TOTALS NPV
Admin Fee 2%157,068 157,068 157,068 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 471,117 471,117 471,117 11,566,459 6,580,090
HTRZ Development Activities 98%7,696,343 7,696,343 7,696,343 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 23,084,739 23,084,739 23,084,739 566,756,488 322,424,410
TOTAL USE OF TAX INCREMENT FUNDS:7,853,411 7,853,411 7,853,411 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 23,555,856 23,555,856 23,555,856 578,322,947 329,004,500
Salt Lake Central Station HTRZ
Base Year Value
Base Year Value by Tax Area TY2024 TY2024
13 137,259,296.00$ 1 199,610,301.00$
114,943,742.00$ 2 63,134,237.00$
4,121,600.00$
Total Base Year
Property Value 262,744,538$
02A 6,419,900.00$
Total Base Year Property Value 262,744,538$ TRUE
NOTE: Taxing entities and tax rates are the same for all included tax districts.TRUE
BASE YEAR VALUE Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 -1 -1 -1
Base Year Taxable Value by Phase Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Phase 1 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301
63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237
TOTAL BASE YEAR VALUE:199,610,301 199,610,301 199,610,301 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 63,134,237 63,134,237 63,134,237
Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
2023 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Salt Lake County 0.001394 278,257 278,257 278,257 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 88,009 88,009 88,009
0.003964 791,255 791,255 791,255 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 250,264 250,264 250,264
0.003012 601,226 601,226 601,226 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 190,160 190,160 190,160
0.000587 117,171 117,171 117,171 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 37,060 37,060 37,060
0.000200 39,922 39,922 39,922 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 12,627 12,627 12,627
0.000159 31,738 31,738 31,738 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 10,038 10,038 10,038
0.000400 79,844 79,844 79,844 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 25,254 25,254 25,254
TOTAL BASE YEAR PROPERTY TAXES:0.009716 1,939,414 1,939,414 1,939,414 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 613,412 613,412 613,412
Attachment D
Affordable Housing Gap Analysis
Salt Lake Central Station HTRZ
Affordable Housing Gap Analysis Make sure term accounts for all phases.
Assumptions & Summary Monthly Rent
Multifamily Average Rent (Cushman & Wakefield 2023 Multifamily Report)$23,800 $1,983 <-- Weighted ave of all unit types is $2,058, 1 bdrm is: $1514. CBRE ave for SLCity is $1,555. Still higher than the 80% AMI for SL County.
2024 SL County 60% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$15,588 $1,299 <-- Make sure the 80s & 60s flow through correctly
2024 SL County 80% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$20,796 $1,733 Include the quote from CBRE re: 20%-42% higher lingo to justify rent. Take market rate x by 20-42% to increase the market rate rent for the analysis
Total Residential Units 5,793
80% AMI Affordable Housing Component (%)9.0%
Affordable Units: 80% AMI (#)521
60% AMI Affordable Housing Component (%)3.0%
Affordable Units: 60% AMI (#)174
Total Affordable Units (Private Development & Public Benefit)695 Total over Project
Residential Vacancy Rate (Cushman & Wakefield 2023)2.50% Term Years
Average Annual Affordable Housing Rent Gap $4,209,813 $105,245,318
Additional Assumptions
Rent Growth (HDLP Submissions)3.0%
Average Household Size (Census, 2022 ACS 1 YR Estimate, S1101)2.17
Time Indexed Rents ($)/SF
Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Market Rent per Unit per Year 23,800 24,514 25,250 26,007 26,787 27,591 28,419 29,271 30,149 31,054 31,985 32,945 33,933 34,951 36,000 37,080 38,192 39,338 40,518 41,734 42,986 44,275 45,603 46,972 48,381 49,832 51,327 52,867 54,453
60% AMI, 1 Bedroom Rent Limit 15,588 16,056 16,537 17,033 17,544 18,071 18,613 19,171 19,746 20,339 20,949 21,577 22,225 22,892 23,578 24,286 25,014 25,765 26,538 27,334 28,154 28,998 29,868 30,764 31,687 32,638 33,617 34,625 35,664
60% AMI Unit Gap per Unit per Year 8,212 8,458 8,712 8,974 9,243 9,520 9,806 10,100 10,403 10,715 11,036 11,367 11,708 12,060 12,422 12,794 13,178 13,573 13,981 14,400 14,832 15,277 15,735 16,207 16,693 17,194 17,710 18,241 18,789
80% AMI, 1 Bedroom Rent Limit 20,796 21,420 22,062 22,724 23,406 24,108 24,832 25,576 26,344 27,134 27,948 28,787 29,650 30,540 31,456 32,399 33,371 34,373 35,404 36,466 37,560 38,687 39,847 41,043 42,274 43,542 44,848 46,194 47,580
80% AMI Unit Gap per Unit per Year 3,004 3,094 3,187 3,283 3,381 3,483 3,587 3,695 3,805 3,920 4,037 4,158 4,283 4,412 4,544 4,680 4,821 4,965 5,114 5,268 5,426 5,588 5,756 5,929 6,107 6,290 6,479 6,673 6,873
Absorption Projections
2024 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Residential Units by Phase
Phase 1 Residential Units 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073
Phase 2 Residential Units 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721
Total Residential Units 3,073 3,073 3,073 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 2,721 2,721 2,721
Less: Vacancies:(77) (77) (77) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (68) (68) (68)
Occupied Residential Units 2,996 2,996 2,996 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 2,653 2,653 2,653
Market Rate Units 2,636 2,636 2,636 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 2,334 2,334 2,334
60% AMI Units 90 90 90 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 80 80 80
80% AMI Units 270 270 270 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 239 239 239
Annual Rents by Affordability Type TOTAL
Market Rents at 100% of Occupied Units 5,268,361,649 73,438,347 75,641,497 77,910,742 151,309,661 155,848,951 160,524,420 165,340,152 170,300,357 175,409,368 180,671,649 186,091,798 191,674,552 197,424,789 203,347,532 209,447,958 215,731,397 222,203,339 228,869,439 235,735,522 242,807,588 250,091,816 257,594,570 265,322,407 273,282,080 281,480,542 136,161,369 140,246,210 144,453,596
Market Rents at 88% of Occupied Units 4,636,158,251 64,625,745 66,564,517 68,561,453 133,152,502 137,147,077 141,261,489 145,499,334 149,864,314 154,360,244 158,991,051 163,760,782 168,673,606 173,733,814 178,945,829 184,314,203 189,843,629 195,538,938 201,405,107 207,447,260 213,670,678 220,080,798 226,683,222 233,483,718 240,488,230 247,702,877 119,822,004 123,416,665 127,119,164
60% AMI Rents at 3% of Occupied Units 103,516,318 1,442,966 1,486,255 1,530,843 2,973,034 3,062,225 3,154,092 3,248,715 3,346,176 3,446,561 3,549,958 3,656,457 3,766,151 3,879,135 3,995,509 4,115,375 4,238,836 4,366,001 4,496,981 4,631,890 4,770,847 4,913,972 5,061,392 5,213,233 5,369,630 5,530,719 2,675,390 2,755,652 2,838,322
80% AMI Rents at 9% of Occupied Units 414,304,338 5,775,197 5,948,453 6,126,906 11,899,003 12,255,973 12,623,652 13,002,361 13,392,432 13,794,205 14,208,031 14,634,272 15,073,301 15,525,500 15,991,265 16,471,002 16,965,133 17,474,087 17,998,309 18,538,258 19,094,406 19,667,238 20,257,255 20,864,973 21,490,922 22,135,650 10,707,740 11,028,972 11,359,841
Total Affordable Rents 517,820,656 7,218,163 7,434,708 7,657,749 14,872,037 15,318,198 15,777,744 16,251,076 16,738,608 17,240,767 17,757,990 18,290,729 18,839,451 19,404,635 19,986,774 20,586,377 21,203,968 21,840,087 22,495,290 23,170,149 23,865,253 24,581,211 25,318,647 26,078,206 26,860,553 27,666,369 13,383,130 13,784,624 14,198,163
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Affordable Housing Rent Gap (Total Loss in Rents)114,382,742 1,594,439 1,642,272 1,691,540 3,285,123 3,383,676 3,485,187 3,589,742 3,697,434 3,808,357 3,922,608 4,040,286 4,161,495 4,286,340 4,414,930 4,547,378 4,683,799 4,824,313 4,969,043 5,118,114 5,271,657 5,429,807 5,592,701 5,760,482 5,933,297 6,111,296 2,956,234 3,044,921 3,136,269
Attachment E
Sales Tax Analysis
Salt Lake Central Station HTRZ
Sales Tax Analysis
Assumptions Retail Sales Tax Rates (Net Rate)
Commercial Sales per SF1 251.01$ State 4.850%
Buildout Commercial SF 565,358 Taxable Sales Base Year
Online Sales per Resident $2,301
Taxable Sales Base Year Value
(2023)19,742,787$
Additional Assumptions Overall City Sales Tax Revenue City Acreage
Annual Inflation 1.0%11,996,574,173$ 70,920
²2.17
HTRZ Proportion of 2023
Taxable Sales HTRZ Acreage Does not sum equally horizontally and vertically?
Residential Vacancy Rate (Cushman & Wakefield 2023)2.50%0.16%116.71
New Sales to State 30.0%
New Sales to County 50.0%
New Sales to City 50.0%
Time Indexed Sales ($)/SF Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Commercial (brick & mortar) Sales 251 254 256 259 261 264 266 269 272 275 277 280 283 286 289 291 294 297 300 303 306 309 312 316 319 322 325 328 332
Online Sales 2,301 2,324 2,347 2,370 2,394 2,418 2,442 2,467 2,491 2,516 2,541 2,567 2,593 2,618 2,645 2,671 2,698 2,725 2,752 2,780 2,807 2,835 2,864 2,892 2,921 2,951 2,980 3,010 3,040
Absorption Projections YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Phase 1 Residential Units - 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073
Phase 2 Residential Units - 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721
Total Residential Units - 3,073 3,073 3,073 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793
Vacant Units - 77 77 77 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145
HTRZ New Residents - 6,501 6,501 6,501 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257
Phase 1 Commercial Square Feet - 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775
Phase 2 Commercial Square Feet - 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584
¹(403,775) (403,775) (403,775)
Commercial Square Feet - 403,775 403,775 403,775 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 161,584 161,584 161,584
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 Total
Commercial Gross Taxable Sales - 102,364,963 103,388,612 104,422,499 147,672,693 149,149,420 150,640,915 152,147,324 153,668,797 155,205,485 156,757,540 158,325,115 159,908,366 161,507,450 163,122,524 164,753,750 166,401,287 168,065,300 169,745,953 171,443,413 173,157,847 174,889,425 176,638,319 178,404,703 180,188,750 181,990,637 52,534,440 53,059,784 53,590,382 4,083,145,693
Online Gross Taxable Sales - 15,106,322 15,257,385 15,409,959 29,346,407 29,639,872 29,936,270 30,235,633 30,537,989 30,843,369 31,151,803 31,463,321 31,777,954 32,095,734 32,416,691 32,740,858 33,068,266 33,398,949 33,732,939 34,070,268 34,410,971 34,755,080 35,102,631 35,453,658 35,808,194 36,166,276 36,527,939 36,893,218 37,262,150 874,610,106
Less Sales Tax Base Year (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787)
Total Gross Taxable Sales - 97,728,497 98,903,210 100,089,670 157,276,314 159,046,505 160,834,398 162,640,170 164,463,999 166,306,067 168,166,556 170,045,649 171,943,533 173,860,397 175,796,428 177,751,821 179,726,767 181,721,462 183,736,105 185,770,894 187,826,030 189,901,719 191,998,164 194,115,573 196,254,157 198,414,126 69,319,592 70,210,216 71,109,746 4,938,013,012
Sales Tax Summary
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 Total
Sales & Use Tax Generation - 4,739,832 4,796,806 4,854,349 7,627,901 7,713,755 7,800,468 7,888,048 7,976,504 8,065,844 8,156,078 8,247,214 8,339,261 8,432,229 8,526,127 8,620,963 8,716,748 8,813,491 8,911,201 9,009,888 9,109,562 9,210,233 9,311,911 9,414,605 9,518,327 9,623,085 3,362,000 3,405,195 3,448,823 213,640,452
Percentage to TTIF 15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%
Total Sales Tax to TTIF - 710,975 719,521 728,152 1,144,185 1,157,063 1,170,070 1,183,207 1,196,476 1,209,877 1,223,412 1,237,082 1,250,889 1,264,834 1,278,919 1,293,144 1,307,512 1,322,024 1,336,680 1,351,483 1,366,434 1,381,535 1,396,787 1,412,191 1,427,749 1,443,463 504,300 510,779 517,323 32,046,068
Source: Utah Calendar Year Gross Taxable Sales and Purchases - 2023 Prepared by the Economics and Statistical Unit of the Utah State Tax Commission
Note 1: This is the annual commercial gross taxable sales compared to the estimated commercial square footage for Salt Lake City. 2023 taxable sales data was obtained from the State Tax Commission website.
Note 2: Census, 2022 ACS 1 YR Estimate, S1101 Households & Families
Kate Werrett
Kate.Werrett@slc.gov
Marcus Lee
Marcus.Lee@slc.gov
Ashley Ogden
Ashley.Ogden@slc.gov
Staff Contacts:
ATTACHMENT B: GOVERNOR’S OFFICE OF ECONOMIC
OPPORTUNITY SALT LAKE CENTRAL HTRZ APPROVAL LETTER
May 7, 2025
Salt Lake City Redevelopment Agency
451 S State St, Room 118
Salt Lake City, UT 84111
Dear Salt Lake City Redevelopment Agency,
On behalf of the Governor’s Office of Economic Opportunity, I am pleased to inform you that on May 1,
2025 the Housing and Transit Reinvestment Zone (HTRZ) Committee convened and approved your
application for the creation of a Housing and Transit Reinvestment Zone. This approval is for the project
located within ½ mile of the Salt Lake Central Station, or Intermodal Hub, as presented to the
committee.
The approved HTRZ will be in effect for a duration of 25 consecutive years per phase over a 45-year
period and a total of two phases. The project is authorized for a maximum capture of 80% of property
tax increment and 15% sales and use tax increment, with the funding amount capped at $370 million.
The tax increment funds are limited to the following uses: parking, affordable housing, enhanced
residential costs and infrastructure improvements (i.e., streetscape and utility improvements).
This approval also acknowledges the requirement that 12% of the housing developed will be affordable,
with 9% of affordable housing of less than or equal to 80% of AMI and 3% of affordable housing of less
than or equal to 60% of AMI. Additionally, as outlined in the motion, for property tax increment: Phase 1
will have a 2025 base year value and a 2026 trigger year and Phase 2 will have a 2028 base year value
and a 2029 trigger year; and sales and use tax increment will have one phase with a 2027 base year
value and a 2028 trigger year.
We look forward to the successful implementation of this project and its positive impact on the
community through improved housing and transit options. If you have any questions or need further
assistance in fulfilling the conditions of approval, please feel free to reach out.
Congratulations on this significant milestone, and thank you for your continued efforts to enhance the
economic and community development of Salt Lake City and Utah.
Sincerely,
Kamron Dalton
Managing Director of Operations
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CRA BOARD MEETING – OCTOBER 14, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SUGAR HOUSE TIER 1 PROPERTIES
PRE-DISPOSITION REPORT
S-LINE AND CRA PROPERTIES
OVERVIEW/BACKGROUND
•Located at ~1085 E Simpson and 2234 S
Highland Drive
•October 2024: CRA Board approved fully
discounted conveyance of property from
the CRA to SLC to allow for additional
ROW for the S-Line Extension
•Original plan had station on southern
edge of CRA property
•Current design extends the S -Line across
Highland Dr
•Amount of CRA land needed for
extension reduced from ~14k to ~6k sq ft
S-LINE ALIGNMENT
REDEVELOPMENT PROCESS
NEXT STEPS
•Re-route power lines
•Demolish and remove buildings
•Sugarmont Drive closure – will be
incorporated into CRA
redevelopment
•Dedicate land to allow for S-Line
extension and clean up property
lines via plat
•S-Line construction
•Release RFP for redevelopment
REAL DISPOSITION POLICY
POLICY REQUIRES A BOARD UPDATE AT
THE FOLLOWING STAGES OF PROPERTY
DISPOSITION:
•Pre-disposition (prior to marketing the
property)
•Developer selection
•Development/lease agreement
PRE-DISPOSITION REPORT: CRA PROPERTY OVERVIEW
PROPERTY OVERVIEW
•Location: ~1085 E Simpson and 2234 S
Highland Drive
•Size: ~1.77 acres
•Project Area: Sugar House(tax
increment collection concluded in 2014)
•Property Type: Tier 1
•Current Use: Mostly vacant, except for
maintenance shed currently used by
Public Services
•Zoning: Mixed Use 11 (MU-11)
PROPOSED REUSE PLAN
•Mixed-use development with ground floor
commercial on Highland Drive and
affordable housing
PRE-DISPOSITION REPORT: PROPOSED DISPOSITION/TIMELINE
METHOD OF DISPOSITION
•Competitive RFP
SUGGESTED TIMELINE
•RFP Released: Q1 2026
•RFP Proposals Due: Q1 2026
•Developer Selection: Q2 2026
•Exclusive Negotiations: Q4 2026
•Closing & Project
Groundbreaking: Q4 2027
PRE-DISPOSITION REPORT
QUESTIONS?
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/29/2025
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
09/26/2025
Chief of Staff's Signed Date
09/28/2025
Subject:
CRA Sugar House Properties Tier 1 Pre-Disposition Report
Additional Staff Contact:
Tracy Tran, Senior Project Manager - tracy.tran@slc.gov; Austin Taylor, Project Manager - austin.taylor@slc.gov
Presenters/Staff Table
Tracy Tran, tracy.tran@slc.gov; Austin Taylor, austin.taylor@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
None. Informational
Background/Discussion
In accordance with the Real Property Disposition Policy , CRA is required to provide an update to the Board prior to marketing the property for redevelopment.
Will there need to be a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
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
STAFF MEMO
DATE: September 26, 2025
PREPARED BY: Tracy Tran, Senior Project Manager
Austin Taylor, Project Manager
RE: CRA Sugar House Properties Tier 1 Pre-Disposition Property Report
REQUESTED ACTION: Briefing. No action requested.
POLICY ITEM: Property Disposition
BUDGET IMPACTS: Not applicable.
EXECUTIVE SUMMARY:
In the last few years, the Salt Lake Community Reinvestment Agency (“CRA”) staff have been
coordinating with the Salt Lake City Transportation Division and Utah Transit Authority (“UTA”) to
determine the alignment of the S-Line extension. In October 2024, the CRA Board of Directors
(“Board”) approved a fully-discounted disposition of a portion of the CRA properties located at
approximately 1085 E Simpson Drive and 2234 S Highland Drive (“Property”) to Salt Lake City to
use as right-of-way for the extension of the S-Line (link to memo). Since that approval, the alignment
for the S-Line extension has been altered to extend across Highland Drive instead of terminating just
south of the CRA Property, reducing the amount of CRA land needed for the S-Line. Now that the
alignment of the S-Line extension has been finalized, CRA staff will work on releasing an RFP for
the redevelopment of the Property. In accordance with the Real Property Disposition Policy that was
adopted on March 23, 2021, CRA is required to provide an update to the Board at the following
stages of the property disposition process: pre-disposition (prior to marketing the property),
developer selection, and development/lease agreement.
PROPERTY PRE-DISPOSITION:
The information provided in Attachment A is intended to serve as a Pre-Disposition Report for a Tier
1 property located at approximately 1085 E Simpson Drive and 2234 S Highland Drive (“Property”)
in the former Sugar House Project Area. The tax increment collection period for the Sugar House
Project Area concluded in 2014. Disposition and redevelopment of the Property is one of the last
activities for the CRA to complete before dissolving the project area. The purpose of this
memorandum is to provide an update to the Board as to the property’s reuse plan, the method of
disposition, and the suggested timeline of disposition, as well as other information relevant to the
disposition of the property.
CRA PROPERTY FOR S-LINE EXTENSION:
After CRA staff presented to the Board in October 2024, the initial proposed alignment for the
extension of the S-Line was altered when an opportunity arose to take the extension farther east and
across Highland Drive. This updated alignment requires approximately 6,000 square feet of CRA
property, as opposed to the original request of approximately 14,000 square feet. Below is a map
showing the S-Line extension’s impact on the CRA Property:
As noted in the October Board memo, in exchange for CRA’s conveyance of property to the City for
the S-Line extension, Sugarmont Drive north of the Property is proposed to be closed and conveyed
to the CRA. CRA staff has submitted a preliminary plat application to the Planning Division to
allow for the dedication of land to the City for the S-Line extension and to clean up the property
lines.
PREVIOUS BOARD ACTION:
• December 2020: The City conveyed the Sugar House Fire Station property located at
approximately 1085 E Simpson Avenue to the CRA.
• March 2022: Ordinance 7 of 2022 - City Council approved the rezone of the former Sugar
House Fire Station properties from PL Public Lands to CSHBD1 Sugar House Business
District.
• April 16, 2024: CRA, Transportation Division, and UTA staff updated the CRA Board on the
S-Line Extension and the CRA-owned Sugar House properties.
• October 8, 2024: The CRA Board approved a fully discounted conveyance of nearly 14,000
square feet of CRA land to Salt Lake City Corporation to use as additional right-of-way for
the extension of the S-Line.
ATTACHMENTS:
A. Property Pre-Disposition Report
2
ATTACHMENT A
TIER 1 PRE-DISPOSITION REPORT
Property located at approximately 2234 S Highland Drive
The following information serves as a pre-disposition report for the lease of Tier 1 property located
at 2234 S Highland Drive. The report includes the property’s reuse plan, method of disposition,
timeline of disposition, and other information relevant to the disposition of the property.
An overview of the Property is as follows:
• Site: 2234 S Highland Drive – Approximately 1.7 acres
• Project Area: Sugar House (tax increment collection concluded in 2014)
• Property Type: Tier 1
• Tier 1 Justification: The property is adjacent to a former city-owned property (former Sugar
House Fire Station transferred to the CRA in 2020), other than a public street, of at least .5
acres in size.
• Current Use:
o The former Deseret Industries building (currently vacant)
o The former Sugar House Fire Station (mostly vacant and partially used for storage);
and
o Maintenance shed (currently used by the City’s Public Services team)
3
• Zoning: Mixed Use 11 (MU-11) – effective 10/8/2025
• Property’s Reuse Plan: The CRA seeks a mixed-use development with ground floor
commercial space on Highland Drive and affordable housing. The development will
incorporate building design that encourages an active street life, pedestrian connectivity, and
integration of the Project into the neighborhood.
• Method of Disposition: The Property will be marketed through a request for proposals
(RFP) method to competitively market the Property via a time-limited project-based selection
process. Through this process, the CRA will request proposals from qualified developers to
purchase or lease the Property, and design and construct a project in accordance with the
Property’s reuse plan. A selection committee will review and rank RFP responses and select
a top-ranked developer with which to negotiate. The Property will be offered for sale or lease
to the top-ranked developer, subject to the development restrictions set forth through the
RFP. The developer will need to secure approval from and coordinate with the CRA on the
design and construction of the development.
• Tentative Timeline: While the timeline will be influenced by economic conditions and the
complexity of the selected project, the CRA is estimating that the schedule of disposition will
be as follows:
RFP Released: Q1 2026
RFP Proposals Due: Q2 2026
Developer Selection: Q2 2026
Exclusive Negotiations Agreement: Q4 2026
Closing & Project Groundbreaking: Q4 2027
4
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SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/30/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
09/29/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
09/29/2025
Subject:
FY25 CRA 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 Annual CRA Budget for FY 2025-2026.
Background/Discussion
This amendment proposes the reallocation of $1,890,000 from the Infrastructure Improvements Program to the Infrastructure Property Acquisition Program within the Depot District and Program Income Fund. Of the $1,890,000, $387,527 is coming from Program Income Fund, with the remainder coming from Depot District Fund. Funds will remain with the Depot District Infrastructure, Design, Construction, & Site Work Project.Previously, the Board appropriated $4,067,583 to the Depot District Infrastructure, Design, Construction, & Site Work Project through Budget Amendment 2 FY23-24. An additional $44,857 was appropriated through the FY26 Budget Adoption, totaling $4,112,440 appropriated to the Project. The Project was intended to enable the Agency to begin implementing plans for public improvements in the Rio Grande District (formerly known as Station Center). Funds were designated for public improvements design, site work to prepare Rio Grande District properties for construction, and public improvements construction. Of the total funds appropriated, $2,408,411.77 has not been spent.This amendment will increase the total available in this Project in the Infrastructure Property Acquisition Program to $1,890,000 and reduce the total available in the Project in the Infrastructure Improvements Program to $518,411.77. The total Project budget remains the same.
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 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2025, to be effective upon adoption.
________________________________
, Chair
Approved as to form: /s/ Jennifer Huntsman_______________
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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Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Reallocation of budget from the Infrastructure Improvements program.Depot District -$ (1,502,473)$ One-time
2 Reallocation of budget to the Infrastructure Property Acquisition program.Depot District 1,502,473 One-time
3 Reallocation of budget from the DD Infrastructure Improvements program.Program Income Fund (387,527) One-time
4 Reallocation of budget to the DD Infrastructure Property Acquisition program.Program Income Fund 387,527 One-time
Total of Budget Amendment Items -$ -$ -$ -$
Redevelopment Agency Depot District -$ One-time
Redevelopment Agency Program Income Fund - One-time
Total of Budget Amendment Items -$ -$ -$ -$
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Total by Fund, Budget Amendment #2:
Current Year Budget Summary, provided for information only
FY 2025-26 Budget, Including Budget Amendments
Section F: Donations
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Fiscal Year 2025-26 CRA Budget Amendment #2
Administration Proposed Board Approved
Initiative Number/Name
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Certification
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
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
STAFF MEMO
DATE: September 26, 2025
PREPARED BY: Baylee White, Financial Analyst
RE: CRA Budget Amendment #2, FY 2025-2026
REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the
Annual CRA Budget for Fiscal Year 2026.
BUDGET IMPACTS: The Second Amendment will not change the overall budget total of the Agency
or the Project. Its purpose is to reappropriate funds within the Depot District Infrastructure, Design,
Construction, & Site Work Project from the Infrastructure Improvements Program to the Infrastructure
Property Acquisition Program. This reallocation is necessary to support the purchase of property to
construct a public right of way.
EXECUTIVE SUMMARY: This amendment proposes the reallocation of $1,890,000 from the
Infrastructure Improvements Program to the Infrastructure Property Acquisition Program within the
Depot District and Program Income Fund. Of the $1,890,000, $387,527 is coming from Program Income
Fund, with the remainder coming from Depot District Fund. Funds will remain with the Depot District
Infrastructure, Design, Construction, & Site Work Project.
Previously, the Board appropriated $4,067,583 to the Depot District Infrastructure, Design, Construction,
& Site Work Project through Budget Amendment 2 FY23-24. An additional $44,857 was appropriated
through the FY26 Budget Adoption, totaling $4,112,440 appropriated to the Project. The Project was
intended to enable the Agency to begin implementing plans for public improvements in the Rio Grande
District (formerly known as Station Center). Funds were designated for public improvements design, site
work to prepare Rio Grande District properties for construction, and public improvements construction.
Of the total funds appropriated, $2,408,411.77 has not been spent.
This amendment will increase the total available in this Project in the Infrastructure Property Acquisition
Program to $1,890,000 and reduce the total available in the Project in the Infrastructure Improvements
Program to $518,411.77. The total Project budget remains the same.
ANALYSIS & ISSUES: The Rio Grande District Vision and Implementation Plan, endorsed by the CRA
Board of Directors and Mayor Mendenhall in 2024, shows the Rio Grande District as a network of
interconnected rights-of-way and public spaces that prioritize pedestrian experience and safety. Woodbine
Court, aligned across the north and south blocks, is positioned as a central gathering place and focal point
for community gatherings and events.
Reallocation of $1,890,000 to the Infrastructure Property Acquisition Program enables acquisition of
property for the southern segment of Woodbine Court, which is currently held in private ownership. By
acquiring property to construct the southern segment of Woodbine Court, the CRA secures its future as it
is designed in the Rio Grande District Vision and Implementation Plan. This acquisition will enable the
CRA to further infrastructure and rights-of-way design for the rest of the district.
The acquisition requires demolition of an existing warehouse on site that runs over the future parcel
boundaries of Woodbine Court. The Seller has expressed willingness to demolish the warehouse prior to
closing.
The purchase price of the property is based on a third-party appraisal by a MAI-certified appraiser. The
appraisal includes a consideration of a land swap of 0.15 acres of CRA-owned property of 300 South
frontage that will be deeded to the Seller as part of this transaction. The appraisal compares the value of
the Seller’s property before and after the transaction, resulting in a value difference of $1,890,000 of
value for Woodbine Court.
Commitment to a negotiated purchase price will be contingent upon Board budget approval. Terms of a
Purchase and Sale Agreement are currently being negotiated with the Seller.
Reallocation of Infrastructure Improvement Program
The table below outlines the current appropriations within the Depot District and Program Income Fund
Infrastructure Improvements Program that will be impacted by this amendment. The Agency is requesting
to reallocate $1,612,473 from the Depot District and $387,527 from the Program Income Fund
Infrastructure Improvements Program to the Infrastructure Property Acquisition Program.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot Infrastructure
Infrastructure
Improvements-DD
Depot Infrastructure
Infrastructure
Improvements-DD
Program
Income Infrastructure
Infrastructure
Improvements-DD
Total 2,408,411.80 (1,890,000.00) 518,411.80
Proposed Appropriations
The table on the following page outlines the total budget of $1,890,000 allocated to the Infrastructure
Property Acquisition Program from the Infrastructure Improvements Program for the Project.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
Property
Acquisition
Infrastructure Property
Acquisition-DD
Depot
Property
Acquisition
Infrastructure Property
Acquisition-DD
Program
Income
Property
Acquisition
Infrastructure Property
Acquisition-DD
Total 0 1,890,000.00 1,890,000.00
Updated Project Appropriations for PRJ-000098 RDA Depot District Infrastructure, Design, Construction
The following table represents the appropriations for the existing project.
Fund Program Appropriation Proposed Spent Remaining
Budget
Depot
District Infrastructure
Improvements
Improvements-DD [Capital 1,684,527 1,684,527 -
Income Improvements-DD [Capital 19,501 19,501 -
Subtotal
Depot
District
Infrastructure
Improvements Improvements-DD [Capital 518,412 -518,412
Infrastructure
Property
Acquisition
Program
Property Acquisition-DD [Capital 1,457,616 -1,457,616
Property Acquisition-DD [Capital 44,857 -44,857
Program
Income
Fund
Property
Acquisition
RDA-FY23-PIF- Infrastructure
Property Acquisition-DD [Capital
Reserves]
Subtotal 2,408,412
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget Amendment 2.
2. Approval of the Fiscal Year 2025-2026 Budget.
ATTACHMENTS:
1. Supplemental Slides
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CRA BOARD MEETING –OCTOBER 14, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STRAW POLL FOR CONSTRUCTION-RELATED
SUPPLIES AND SERVICES AT 9-LINE PROPERTY
•The CRA requests a straw poll to approve the
use of
.
•During due diligence, the selected
development partner studied the site and
that prevent the site’s redevelopment.
•The assessment recommends remediation to
make the site suitable for the proposed
development.
FUNDING SOURCES
•There is currently no funding dedicated to this project.
•This straw poll would be the first allocation and fund the full expected cost of the site
work.
•To date, the Board has appropriated $4,894,410 to the 9 Line Project Area Fund
Strategic Intervention Program that has yet to allocate funding.
•If the Board approves the $600,000 for the construction related supplies and services,
the remaining balance of these appropriations would be $4,294,410.
Proposed Appropriation Existing Proposed
PRJ-000058
RDA-FY23-9L-Strategic Intervention-9L [Capital Reserves]$0 $23,586
RDA-FY24-9L-Strategic Intervention-9L [Capital Reserves]$0 $500,000
RDA-FY25-9L-Strategic Intervention-9L [Capital Reserves]$0 $76,414
Total Project Budget $0 $600,000
$600,000
•The CRA has determined that using CRA funds to will
and allow the CRA to sell its property at the
•If approved by the CRA Board of Directors through this straw poll, CRA staff will
procure a contractor to perform the necessary site work.
•If not funded through this straw poll, the developer would pay for the site work
using a construction loan which would increase project costs by nearly $200,000.
The developer has asked to discount the CRA’s land sale price accordingly.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/29/2025
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
09/26/2025
Chief of Staff's Signed Date
09/28/2025
Subject:
Straw Poll for Construction Related Supplies and Service at 9-Line Property
Additional Staff Contact:
Austin Taylor, austin.taylor@slc.govBrowne Sebright, browne.sebright@slc.gov
Presenters/Staff Table
Austin Taylor, austin.taylor@slc.govBrowne Sebright, browne.sebright@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Budget Impact:
600,000
Recommendation:
Approve straw poll for Construction Related Supplies and Service at 9-Line Property
Background/Discussion
The Salt Lake City Community Reinvestment Agency (“CRA”) requests a straw poll to approve the use of $600,000 from 9 Line Strategic Intervention funds for construction related supplies and services on a CRA-owned development site.
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 ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO
DATE: September 26, 2025
PREPARED BY: Austin Taylor and Browne Sebright, CRA Project Managers
RE: Straw Poll for Construction Related Supplies and Services at 9-Line
Property
REQUESTED ACTION: Straw Poll to Approve Funding for Construction Related Supplies
and Services at a CRA-owned Property in 9-Line Project Area
POLICY ITEM: 9-Line Community Reinvestment Area (CRA)
BUDGET IMPACTS: $600,000 from the 9-Line Strategic Intervention fund
EXECUTIVE SUMMARY
The Salt Lake City Community Reinvestment Agency (“CRA”) requests a straw poll to approve
the use of $600,000 from 9 Line Strategic Intervention funds for construction related supplies
and services on a CRA-owned development site.
BACKGROUND INFORMATION
As outlined in the 9 Line Project Area Plan, the CRA is tasked with revitalizing vacant,
underutilized, and neglected properties and enabling the development of neighborhood amenities
that enhance residents’ quality of life. In 2024, the CRA released a Request for Proposals for the
redevelopment of a CRA-owned property in the 9-Line Project Area, not knowing of any site
issues that would limit the property’s redevelopment potential.
During due diligence, the selected development partner conducted an assessment of the site and
identified previously unknown site issues that would add cost and delays to the project and limit
the site’s redevelopment potential. The assessment recommended specific steps for remediation
in order to make the site suitable for the proposed development.
The CRA has evaluated potential options and determined that remediating the site’s issues prior
to the development partner taking control of the property will reduce overall project costs while
allowing the CRA to sell its property at the original appraised value.
2
This $600,000 allocation will cover the cost of the necessary site remediation and preparation
plus an escalation contingency. In exchange for this expense, the CRA’s development partner
has agreed to pay appraised value for the development site.
If approved by the CRA Board of Directors through this straw poll, CRA staff will procure a
contractor to perform the necessary site preparation work.
FUNDING SOURCES
There is currently no funding dedicated to this project. This straw poll would be the first
allocation and fund the full expected cost of the site work. To date, the Board has appropriated
$4,894,410 to the 9 Line Project Area Fund Strategic Intervention Program that has yet to
allocate funding. If the Board approves the $600,000 for the construction related supplies and
services, the remaining balance of these appropriations would be $4,294,410.
If not funded through this straw poll, the developer could pay for the site work using a
construction loan. However, this would create about $150,000 of interest expenses that the
developer would negotiate out of our land sales price. Paying for this work with CRA funds
ensures that the CRA yields the highest possible sales price from this land disposition.
Available Funds
Appropriation Budget
RDA-FY23-9L-Strategic Intervention-9L [Capital Reserves] $23,586
RDA-FY24-9L-Strategic Intervention-9L [Capital Reserves] $500,000
RDA-FY25-9L-Strategic Intervention-9L [Capital Reserves] $1,994,272
CRA-FY26-9L-Strategic Intervention-9L [Capital Reserves] $2,376,552
Total Available $4,894,410
STRAW POLL REQUEST
Proposed Appropriation Existing Proposed
PRJ-000058
RDA-FY23-9L-Strategic Intervention-9L [Capital Reserves] $0 $23,586
RDA-FY24-9L-Strategic Intervention-9L [Capital Reserves]
$0 $500,000
RDA-FY25-9L-Strategic Intervention-9L [Capital Reserves] $0 $76,414
Total Project Budget $0 $600,000
$600,000
Remaining Appropriations
Appropriation
RDA-FY25-9L-Strategic Intervention-9L [Capital Reserves] $1,917,858
CRA-FY26-9L-Strategic Intervention-9L [Capital Reserves] $2,376,552
Total Remaining $4,294,410
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CRA BOARD OF DIRECTORS MEETING – OCTOBER 14, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
9 LINE ICONIC WEST SIDE ART INSTALLATION
STRAW POLL
CRA Art Fund
•The CRA integrates art in public spaces
and private developments to encourage,
promote, or provide development or
redevelopment opportunities for the
purpose of implementing CRA project area
plans and Salt Lake City Master Plans.
•Per the CRA Art Policy, the Board of
Directors may allocate funds from the
Program Income Fund (PIF) to contribute
to the Art Fund.
CRA Art Policy
•The Art Policy dictates whether the CRA or
Salt Lake City Arts Council leads a project.
•Public Art is art primarily located within a
CRA project area or on a CRA-funded
project on property that is both publicly-
owned and public-used (including public
rights-of-way).
PUBLIC ART
•Follows the Arts Council
Review Process
•Subject to review by Art
Design Board
•Owned and maintained
by SLC Corporation
PUBLICLY-VISIBLE ART
•Follows the CRA Art
Review Process
•Subject to review by CRA
Art Review Committee
•Owned and maintained by
private property owner
Westside Iconic Public Artworks
•In 2023, the Mayor set forth a goal to
commission “iconic” public artworks for Salt
Lake City’s Westside.
•In 2024, the Mayor expanded this initiative
by tasking the Public Art Program to deliver
two complementary but independent major
commissions.
•The first commission is the Glendale Park
Project, launched in early 2024, and incl.
community engagement & outreach
•The second commission is to be located
along the 9 Line Trail, anchored at the
intersection of 900 South and 900 West.
Glendale Park Project
9 Line Art Installation
9 Line
Project
Area
(not CRA supported)
9 Line Arts & Culture Guiding Plans
•9 Line Project Area Plan calls for:
•Promoting the community's unique
identity through public art, signage, and
other art amenities in parks, street
corridors, and gateways to the
neighborhood.
•Westside Master Plan calls for:
•Art at intersections of trails and streets
and neighborhood gateways.
•Collaborating with the Salt Lake City Arts
Council to identify opportunities to
integrate public art into community
spaces.
Straw Poll Request
•Request for the CRA Board:
•Approve the use of an additional $50,000 toward a signature public art installation.
•These funds are currently earmarked for the Arts and Culture Program
•The funds will supplement the $400,000 currently allocated to support a public art
commission within the Westside of the 9-Line Project Area.
•The resulting $450,000 budget would match the funding level of the Glendale Park
public art commission, which is supported by the 2022 General Obligation Bond and
the FY23–24 CIP allocation for West Side art.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/29/2025
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
09/26/2025
Chief of Staff's Signed Date
09/28/2025
Subject:
Straw Poll for 9 Line Iconic West Side Public Art Installation
Additional Staff Contact:
Browne Sebright, browne.sebright@slc.gov
Presenters/Staff Table
Browne Sebright, browne.sebright@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Budget Impact:
50000
Recommendation:
Approve the use of an additional $50,000 toward a signature public art installation.
Background/Discussion
To date, $400,000 has been allocated by the Board for the 9 Line Public Art Project. CRA staff are requesting the allocation of an additional $50,000 from the 9 Line Fund Arts and Culture Program appropriation, bringing the project total to $450,000 to complete the iconic west side public art installation.
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 ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO
DATE: September 26, 2025
PREPARED BY: Browne Sebright, CRA Project Manager
RE: Straw Poll for 9 Line Iconic West Side Public Art Installation
REQUESTED ACTION: Straw Poll to Approve Funding for 9 Line Iconic West Side Public
Art Installation
POLICY ITEM: 9 Line Project Area
BUDGET IMPACTS: $50,000 from the FY24 9 Line Fund Arts and Culture Program
Appropriation
EXECUTIVE SUMMARY:
The Salt Lake City Community Reinvestment Agency (“CRA”) requests a straw poll from the
CRA Board of Directors (“Board”) to approve the use of $50,000 from the 9 Line Fund Arts and
Culture Program appropriation for use in the 9 Line Iconic West Side Public Art Installation. If
approved, this straw poll request will bring the balance in the project budget to $450,000, the
amount needed for the 9 Line Iconic West Side Public Art Installation. This proposed art
installation will align with the CRA’s Art Policy, R-3-2021, adopted by the CRA Board in 2021,
which outlines the CRA tools to implement art and the role of the CRA and the Arts Council in
implementing art (“Art Policy”).
BACKGROUND INFORMATION:
The CRA, with input from the Salt Lake City Arts Council (“Arts Council”), requests that the
CRA Board approve the use of an additional $50,000 toward a signature public art installation.
These funds, already earmarked for this purpose through the Arts and Culture Program, would
supplement the $400,000 currently allocated to support a public art commission within the West
Side of the 9-Line Project Area. The resulting $450,000 budget would match the funding level of
the Glendale Park public art commission, which is supported by the 2022 General Obligation
Bond and the FY23–24 CIP allocation for West Side art. A larger budget for a public art
installation enables more ambitious design, attracts higher caliber artists, and enables broader
community engagement, resulting in a more lasting and transformative cultural impact. Since
these funds will be used for Public Art, defined in the Art Policy as “art primarily located within
a CRA project area or on a CRA-funded project on property that is both publicly owned and
2
publicly-used, but is not limited to, art within a public rights of way,” the project will be led by
the Arts Council.
The commissioned artist for the Glendale Park project is currently finalizing his concept, which
will be integrated into the park’s overall reconstruction. Building on the momentum and
community enthusiasm for that project, the Arts Council aims to leverage the robust public
engagement conducted for Glendale—documented in reports from January 2024 and June
2025—and begin the artist selection in late 2025 or early 2026, with a public announcement by
Spring 2026. Installation could begin as early as Fall 2026, pending design development and
review, and construction progress on all other public art projects. The proposed site for this
installation is the public open space at 900 South and 900 West, with potential for additional
satellite sculptures along the West Side of the 9-Line Trail corridor.
If approved by the Board via a straw poll, CRA staff will work with the Arts Council to finalize
the solicitation process needed to complete the Iconic West Side Public Art Installation.
FUNDING SOURCES:
To date, $400,000 has been allocated by the Board for the 9 Line Public Art Project for the
installation of a public art piece within the 9 Line Project Area. CRA staff are requesting the
allocation of an additional $50,000 from the 9 Line Fund Arts and Culture Program
appropriation, bringing the project total to $450,000 to complete the iconic west side public art
installation. The purpose of the Arts and Culture Program is to support arts and culture initiatives
in CRA project areas and CRA-facilitated projects.
The current approved unallocated funds to the 9 Line Fund Arts and Culture Program is
$150,000. If the Board approves the allocation of $50,000 for the acquisition of this property,
there will be a $100,000 balance remaining in this appropriation.
Funding Details for the 9 Line Fund – Public Art Project
Unbudgeted Appropriations Budget
RDA-FY24-9L-RDA Arts & Culture [Capital Reserves] $150,000
Total Unbudgeted Appropriations $150,000
Existing Project Budget Appropriations Budget
PRJ-000107 9 Line Public Art Project
RDA-FY25-9L-RDA Arts & Culture Program-9L [Capital Reserves]
$300,000
CRA-FY26-9L-CRA Arts & Culture Program-9L [Capital Reserves] $100,000
Total Project Budget $400,000
3
Straw Poll Request
RDA-FY24-9L-RDA Arts & Culture [Capital Reserves]
Budget
Straw Poll
Request
Amount
Remaining
RDA-FY24-9L-RDA Arts & Culture [Capital Reserves] $150,000 $50,000 $100,000
Total $150,000 $50,000 $100,000
Revised Project Budget Appropriations Existing Proposed
PRJ-000107 9 Line Public Art Project
CRA-FY24-9L-CRA Arts & Culture Program-9L [Capital Reserves] $0 $50,000
RDA-FY25-9L-RDA Arts & Culture [Capital Reserves] $300,000 $300,000
CRA-FY26-9L-CRA Arts & Culture Program-9L [Capital Reserves]
$100,000 $100,000
Total Revised Project Budget $450,000
PREVIOUS BOARD ACTION:
• February 2021: The CRA Board adopted the CRA Art Policy.
• June 2023: In the FY2023-2024 budget, $150,000 was allocated to 9 Line Arts and
Culture Program. A specific use was not specified.
• June 2024: In the FY2024-2025 budget, $300,000 was allocated to a 9 Line Public Art
Project.
• June 2025: In the FY2025-2026 budget, $100,000 was allocated to a 9 Line Public Art
Project.
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UPDATES TO THE BOARD OF DirEctors
October 2025
Housing Development Loan Program (HDLP) NOFA
The CRA plans to release this week the annual competitive Housing
Development Loan Program Notice of Funding Availability (NOFA). Over $8M is
available as gap financing for affordable housing developments within Salt
Lake City. For developments to qualify, at least 10% of the units must target
either deeply affordable units, defined as 30% of the AMI, or affordable
family-sized housing units, defined as units with 3 or more bedrooms for
those earning 60% or less of the AMI.
UPDATES
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
Residential Wealth Building NOFA
The CRA also plans to release the Notice of Funding Availability (NOFA) for the Residential
Wealth Building Pilot Program at the same time as the HDLP NOFA. Over $6M is available to
fund developments that help low-to-moderate-income individuals and families access
affordable housing wealth-building opportunities, such as homeownership and shared
equity models that improve their long-term financial stability.
The applications for both programs will be open for approximately 5 weeks, with
applications due by November 20. After review and analysis from CRA staff, the CRA
Finance Committee will provide recommendations for funding for the Board’s
consideration.
Salt Lake City Community Reinvestment Agency
Liberty Corner Groundbreaking
The CRA is pleased to announce the groundbreaking of Cowboy Partner’s
Liberty Corner multifamily community at 265 West 1300 South on September
30. Through our HDLP program, the CRA and City contributed a total of $6.1
million dollars in construction to permanent debt. The community will
feature 200 units ranging from 2-4 bedrooms, rented at 30%-80% of Area
Median Income, as well as on-site daycare, a secured parking garage, and
generous amenities for the residents.
UPDATES
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
515 Tower
The Perpetual Housing Fund of Utah’s 515 Tower ribbon cutting is scheduled for October 30.
The City, by way of the CRA, provided $10M in ARPA funds to the Perpetual Housing Fund of
Utah for the acquisition of floors within a former office building located at 515 E 100 S,
which has been developed into affordable housing with a profit-sharing tenant wealth-
building component. The CRA also provided a $2.65M High Opportunity Area loan for 96
affordable units, ranging from studios to 4 bedrooms, for households earning between 25-
50% of the area median income. The 515 Tower also includes a Montessori school and office
space. As part of the $10M contribution, Perpetual Housing Fund of Utah will commit to
developing an additional 1,000 affordable units under this tenant wealth building model and
in addition, the CRA is anticipated to receive 2-6% return on the $10M.
Salt Lake City Community Reinvestment Agency
THANK YOU
For questions contact department
Ballpark Mural Program
October 2025
Program Details
Salt Lake City Community Reinvestment Agency
Transforming Ballpark into an open-air art gallery celebrating the
Ballpark Neighborhood’s unique identity.
10 murals commissioned through the Salt Lake City Public Art
Program’s Pre-Qualified Artist Pool.
MURAL MAP
Traci O’very Covey
Salt Lake City Community Reinvestment Agency
1416 South WEST tEMPLE STreet
Lindsay Huss
Salt Lake City Community Reinvestment Agency
1608 South 300 west
Trevor Dahl
Salt Lake City Community Reinvestment Agency
232 West Hope Avenue
Smock & Roll
Salt Lake City Community Reinvestment Agency
1388 South 300 west
Isaac Hastings
Salt Lake City Community Reinvestment Agency
1717 South Main Street
Joseph Toney
Salt Lake City Community Reinvestment Agency
1588 South Main Street
Trent Call
Salt Lake City Community Reinvestment Agency
30 East 1300 South
Caroline Nilsson
Salt Lake City Community Reinvestment Agency
15 East Kensington Ave
Paul Heath
Salt Lake City Community Reinvestment Agency
1415 Main street
Roots art kollective
Salt Lake City Community Reinvestment Agency
120 west 1300 south
Mural Program Celebration!
Salt Lake City Community Reinvestment Agency
We’re celebrating the artists, business owners, property owners, and
City partners who brought these vibrant new murals to life in the
Ballpark Neighborhood — we would love to see you there!
Thu, Oct 16
5:00–6:30 pm
Big Willies
1717 South Main (21+)
THANK YOU
For questions contact department
SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
09/26/2025
Date Sent to Council:
09/30/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
09/29/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
09/29/2025
Subject:
FY25 CRA 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 Annual CRA Budget for FY 2025-2026.
Background/Discussion
This amendment proposes the reallocation of $1,890,000 from the Infrastructure Improvements Program to the Infrastructure Property Acquisition Program within the Depot District and Program Income Fund. Of the $1,890,000, $387,527 is coming from Program Income Fund, with the remainder coming from Depot District Fund. Funds will remain with the Depot District Infrastructure, Design, Construction, & Site Work Project.Previously, the Board appropriated $4,067,583 to the Depot District Infrastructure, Design, Construction, & Site Work Project through Budget Amendment 2 FY23-24. An additional $44,857 was appropriated through the FY26 Budget Adoption, totaling $4,112,440 appropriated to the Project. The Project was intended to enable the Agency to begin implementing plans for public improvements in the Rio Grande District (formerly known as Station Center). Funds were designated for public improvements design, site work to prepare Rio Grande District properties for construction, and public improvements construction. Of the total funds appropriated, $2,408,411.77 has not been spent.This amendment will increase the total available in this Project in the Infrastructure Property Acquisition Program to $1,890,000 and reduce the total available in the Project in the Infrastructure Improvements Program to $518,411.77. The total Project budget remains the same.
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 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2025, to be effective upon adoption.
________________________________
, Chair
Approved as to form: /s/ Jennifer Huntsman_______________
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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Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Reallocation of budget from the Infrastructure Improvements program.Depot District -$ (1,502,473)$ One-time
2 Reallocation of budget to the Infrastructure Property Acquisition program.Depot District 1,502,473 One-time
3 Reallocation of budget from the DD Infrastructure Improvements program.Program Income Fund (387,527) One-time
4 Reallocation of budget to the DD Infrastructure Property Acquisition program.Program Income Fund 387,527 One-time
Total of Budget Amendment Items -$ -$ -$ -$
Redevelopment Agency Depot District -$ One-time
Redevelopment Agency Program Income Fund - One-time
Total of Budget Amendment Items -$ -$ -$ -$
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Redevelopment Agency 86,036,232$ - - - - $ 86,036,232
Total of Budget Amendment Items 86,036,232$ - - - - $ 86,036,232
Total by Fund, Budget Amendment #2:
Current Year Budget Summary, provided for information only
FY 2025-26 Budget, Including Budget Amendments
Section F: Donations
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Fiscal Year 2025-26 CRA Budget Amendment #2
Administration Proposed Board Approved
Initiative Number/Name
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Certification
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
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
STAFF MEMO
DATE: September 26, 2025
PREPARED BY: Baylee White, Financial Analyst
RE: CRA Budget Amendment #2, FY 2025-2026
REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the
Annual CRA Budget for Fiscal Year 2026.
BUDGET IMPACTS: The Second Amendment will not change the overall budget total of the Agency
or the Project. Its purpose is to reappropriate funds within the Depot District Infrastructure, Design,
Construction, & Site Work Project from the Infrastructure Improvements Program to the Infrastructure
Property Acquisition Program. This reallocation is necessary to support the purchase of property to
construct a public right of way.
EXECUTIVE SUMMARY: This amendment proposes the reallocation of $1,890,000 from the
Infrastructure Improvements Program to the Infrastructure Property Acquisition Program within the
Depot District and Program Income Fund. Of the $1,890,000, $387,527 is coming from Program Income
Fund, with the remainder coming from Depot District Fund. Funds will remain with the Depot District
Infrastructure, Design, Construction, & Site Work Project.
Previously, the Board appropriated $4,067,583 to the Depot District Infrastructure, Design, Construction,
& Site Work Project through Budget Amendment 2 FY23-24. An additional $44,857 was appropriated
through the FY26 Budget Adoption, totaling $4,112,440 appropriated to the Project. The Project was
intended to enable the Agency to begin implementing plans for public improvements in the Rio Grande
District (formerly known as Station Center). Funds were designated for public improvements design, site
work to prepare Rio Grande District properties for construction, and public improvements construction.
Of the total funds appropriated, $2,408,411.77 has not been spent.
This amendment will increase the total available in this Project in the Infrastructure Property Acquisition
Program to $1,890,000 and reduce the total available in the Project in the Infrastructure Improvements
Program to $518,411.77. The total Project budget remains the same.
ANALYSIS & ISSUES: The Rio Grande District Vision and Implementation Plan, endorsed by the CRA
Board of Directors and Mayor Mendenhall in 2024, shows the Rio Grande District as a network of
interconnected rights-of-way and public spaces that prioritize pedestrian experience and safety. Woodbine
Court, aligned across the north and south blocks, is positioned as a central gathering place and focal point
for community gatherings and events.
Reallocation of $1,890,000 to the Infrastructure Property Acquisition Program enables acquisition of
property for the southern segment of Woodbine Court, which is currently held in private ownership. By
acquiring property to construct the southern segment of Woodbine Court, the CRA secures its future as it
is designed in the Rio Grande District Vision and Implementation Plan. This acquisition will enable the
CRA to further infrastructure and rights-of-way design for the rest of the district.
The acquisition requires demolition of an existing warehouse on site that runs over the future parcel
boundaries of Woodbine Court. The Seller has expressed willingness to demolish the warehouse prior to
closing.
The purchase price of the property is based on a third-party appraisal by a MAI-certified appraiser. The
appraisal includes a consideration of a land swap of 0.15 acres of CRA-owned property of 300 South
frontage that will be deeded to the Seller as part of this transaction. The appraisal compares the value of
the Seller’s property before and after the transaction, resulting in a value difference of $1,890,000 of
value for Woodbine Court.
Commitment to a negotiated purchase price will be contingent upon Board budget approval. Terms of a
Purchase and Sale Agreement are currently being negotiated with the Seller.
Reallocation of Infrastructure Improvement Program
The table below outlines the current appropriations within the Depot District and Program Income Fund
Infrastructure Improvements Program that will be impacted by this amendment. The Agency is requesting
to reallocate $1,612,473 from the Depot District and $387,527 from the Program Income Fund
Infrastructure Improvements Program to the Infrastructure Property Acquisition Program.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot Infrastructure
Infrastructure
Improvements-DD
Depot Infrastructure
Infrastructure
Improvements-DD
Program
Income Infrastructure
Infrastructure
Improvements-DD
Total 2,408,411.80 (1,890,000.00) 518,411.80
Proposed Appropriations
The table on the following page outlines the total budget of $1,890,000 allocated to the Infrastructure
Property Acquisition Program from the Infrastructure Improvements Program for the Project.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
Property
Acquisition
Infrastructure Property
Acquisition-DD
Depot
Property
Acquisition
Infrastructure Property
Acquisition-DD
Program
Income
Property
Acquisition
Infrastructure Property
Acquisition-DD
Total 0 1,890,000.00 1,890,000.00
Updated Project Appropriations for PRJ-000098 RDA Depot District Infrastructure, Design, Construction
The following table represents the appropriations for the existing project.
Fund Program Appropriation Proposed Spent Remaining
Budget
Depot
District Infrastructure
Improvements
Improvements-DD [Capital 1,684,527 1,684,527 -
Income Improvements-DD [Capital 19,501 19,501 -
Subtotal
Depot
District
Infrastructure
Improvements Improvements-DD [Capital 518,412 -518,412
Infrastructure
Property
Acquisition
Program
Property Acquisition-DD [Capital 1,457,616 -1,457,616
Property Acquisition-DD [Capital 44,857 -44,857
Program
Income
Fund
Property
Acquisition
RDA-FY23-PIF- Infrastructure
Property Acquisition-DD [Capital
Reserves]
Subtotal 2,408,412
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget Amendment 2.
2. Approval of the Fiscal Year 2025-2026 Budget.
ATTACHMENTS:
1. Supplemental Slides
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