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12/10/2002 - Minutes CI 02 - December 10, 2002 Council Meeting Announcements 1. Legal Counsel re: Main Street Plaza: One Council Member has expressed interest in retaining legal counsel to review the constitutional issues associated with the Time,Place and Manner ordinance that has been forwarded to the Council by the Mayor. Council Members wanted the Subcommittee to decide on lawyer and put cap on costs. 2. December 16 or 18: The Council staff will attend its annual holiday luncheon 3. December 17 Council Meeting: Scheduled for briefing at 5:30 p.m. and hearing at 7:00 p.m. Council Members wanted to invite Allen Sullivan and Roger Cutler to briefing. Bill Wright is not available that night. Submit questions for Bill to Nancy and a small meeting could be set. Cut the public hearing off at 10:00 p.m. City Council Announcements December 10, 2002 I. Decisions, Feedback & Information needed by staff A. Proposal to fund three State divisions with water or sewer fees: On November 22, Council Members met with several state legislators and senators. Subsequent to that meeting, LeRoy Hooton made Council staff aware of a proposal that the Governor is considering to fund three state divisions with fees on water or sewer bills in order to help balance the state budget. Attached is a summary of LeRoy's concerns. Do Council Members wish to send a letter to legislators and senators that live within Salt Lake City? Send a summary to Governor's Office for reaction. B. Property Conveyance: Portions of block 47 to be conveyed to the RDA. Please see items 6, 7, and 8 in the attached property conveyance paperwork for detailed information. Does the Council wish to hold a hearing? Council Members r nuested additional information. C. Attached is the Quarterly Housing Report for fiscal Year 02-03, First Quarter. Would Council Members like to schedule a briefing? No briefing. 13 SALT LAKE CITY CORPORATION NOTIFICATION OF PROPOSED REAL PROPERTY CONVEYANCE The following real property or legal interest therein, is hereby proposed to be sold, traded, leased or otherwise conveyed or encumbered by Salt Lake City Corporation. 1. DESCRIPTION OF REQUEST: Area A and B of Sidwell No. 15-01-326-003, Block 47, as shown on the attached site drawing, are currently under the ownership of Salt Lake City; it is these two areas that are to be conveyed to the Redevelopment Agency. 2. LOCATION OF REQUEST: East side of 500 West and south of the Rio Grande Depot. 3. COMPANY OR INDIVIDAUL MAKING REQUEST: Redevelopment Agency of Salt Lake City 4. COMPENSATION TENDERED: • $5619 toward the total purchase price, plus the cost of the appraisal report. 5. BASIS OF VALUE OR CONSIDERATION: Competitive Bid Fee Appraisal xx Other xx 6. DESCRIPTION OF POTENTIAL IMPACT: In order to get the needed width for construction of 500 West Street and the Park Blocks from 200 South to 400 South, approximately 66 feet was purchased from Union Pacific Railroad Company, as successor to D&RG Railroad. The RDA paid for the appraisal report and contributed additional monies to purchase the needed property. The total purchase price was funded by three different funding sources, the RDA being one of them. The original intent was to have the RDA take title to Areas A and B for future development and the City take title to the property for construction of the 500 West Park Blocks and the streets. Union Pacific did not want to issue different deeds and conveyed the entire property in the name of Salt Lake City Corporation. It was previously understood that division of the property was to be between the City and the RDA, which was the reason for having the legal descriptions prepared separately. 7. LONG TERM IMPACT OF CONVEYANCE (is compensation adequate?): The total acquisition cost was $1,144,559, including closing costs, of which the RDA contributed $5619 and approximately $4500 to $5000 for the appraisal report. Another $500,000 was paid by EDA grant funds and the City paid the balance. The overall impact of the area has been positive in promoting redevelopment of a blighted area. -1- 8. PROS AND CONS OF CONVEYANCE: Construction of 500 West Street and the Park Blocks was part of the transportation master plan during UDOT's 1-15 reconstruction and shortening of the viaducts. The RDA has been very active in redevelopment of the Gateway area and the Park Blocks. Parcels conveyed to the RDA will ultimately be incorporated as part of development, which benefit City growth.. Redevelopment and infrastructure improvements to the west side will have a positive long-term effect for Salt Lake City. 9. TERM OF AGREEMENT: Transaction requires the conveyance in fee to the RDA. 10. CONVEYANCE SUBJECT TO ANY OTHER CITY ORDINANCES: City Ordinance 2.58 11. POTENTIAL OPPOSITION: None 12. WORK STARTED IN RELATION TO THIS REQUEST: Development of the Park Blocks has been under way; although, the two subject parcels have not been scheduled for construction. 13. CITY DEPARTMENT/PERSON REQUESTING CONVEYANCE: Redevelopment Agency of Salt Lake City, Valda Tarbet Property Management, Linda Cordova -2- Any interested person or persons may appear and comment upon the above proposals if a call for hearing by a council member is made within fifteen (15) days from the date this notice is posted. If a call for hearing is made, such a hearing shall take place at 6:15 P.M on 21 January 2003 , at 451 South State, Room 315, City and County Building, Salt Lake City, Utah. Date: /4A2 c� �iYlrr1 ��rsi , Linda Cordova Property Manager Date delivered • / /7)/1 City Recorder Recorder's Or'ce: 451 South State, Fourth Floor /. 535-7671 Received by: ri;�� _ Date delivered to-7 Salt Lake City Council City Council: \ )P z(_vim 451 South State, Third Floor _ Received by: l ‘G 535-7600 t C�.L ��� Date Delivered to Mayor's Office Mayor's Office: -5 I ? 451 South State, Third Floor 535-7704 Received by: Delivere- -3- • ! I i 500 WEST STREET C \\\\,,•,..„ 1 15-01-178-001 --I . r C r — BLOCK, 47 BLOCK 62 u nl Eli - 15-01-326-0O3 DESCRIPTION - 15-01-178-001 DESCRIPTION BEG AT SW COR LOT 2. BLK 47, PLAT A, SLC SUR; N 4C RDS; �JD c 5G.5 - S 235.36 FT; E 61.5 M OR L; S 80 FTM OR L; BEG AT SW COR LOT 4, BLK 62, PLAT A, SLC SUR; N W 8.5 =;; S 345 W 113.5 r- TO BEG. 6061-1150, • 40 RDS; = 57.5 FT; S 206 FT; E 20 FT; S 45 FT; W 15 oit9--956, 473E-C355, 4821-34' FT; S 409 FT; W 62.5 FT TO BEG 4739-0355 WEST==c PACIFIC RAILROAD C0; 1/2 INT WESTERN PACIFIC RAILROAD CO: 1/2 INT GENVER & RIO GRANGE AD CO'N RAILROAD CO; 1/2 INT DEIVER k RIO GRANDE WESTERN RAILROAD CO; 1/2 INT AREA A BEGINNING AT A POINT THAT IS ON THE SOUTH LINE OF BLOCK 47, AND IS EAST 60.5 FEET FROM THE SOUTHWEST CORNER OF LOT 2. OF BLOCK 47, PLAT A, SALT LAKE CITY SURVEY; THENCE NORTH 345 FEET; THENCE EAST 53 FEET; THENCE SOUTH 345; THENCE WEST 53 FEET TO THE POINT OF BEGINNING, CONTAINS 0.42 ACRES MORE OR LESS. AREA B BEGINNING AT A POINT THAT IS EAST 60.5 FEET AND NORTH 345.00 FEET FROM THE • SOUTHWEST CORNER OF LOT 2, OF BLOCK 47. PLAT A. SALT LAKE CITY SURVEY; THENCE NORTH 79.64 FEET; THENCE EAST 61.50 FEET; THENCE SOUTH 79.64 FEET; THENCE WEST 61.50 F__ TO THE POINT OF BEGINNING, CONTAINS 4898 SQUARE FEET MORE OR LESS. AREA C BEGINNING AT A POINT THAT IS THE SOUTHWEST CORNER OF LOT 2, BLOCK 47, PLAT A, 5 SALT LAKE CITY SURVEY; THENCE NORTH 660 FEET THENCE EAST 60.50 FEET; THENCE SOUTH 650 FEET THENCE WEST 60.50 FET TO THE POINT OF BEGINNING. CONTAINS 0.92 ACRES MORE OR LESS. CITY COUNCIL REPLY TO NOTIFICATION OF PROPOSED REAL PROPERTY CONVEYANCE TO: Linda Cordova Property Manager SUBJECT: NOTIFICATION OF REAL PROPERTY CONVEYANCE The City Council has reviewed the proposed conveyance of real property LOCATED AT: 500 West Between 300 and 400 South Streets Previously owned by Union Pacific Railroad Co. TO: Redevelopment Agency of Salt Lake City and has decided to take the following action: Not to issue a call for hearing Has issued a call for a hearing to be held at the time and place so specified in the notification. City Council Chairperson Date -4- NOV 1 5 2002 SAL' €e c TY . Litt I0 �.�.� - - .a - .�.• ROSS C. "ROCKY" ANDERSON COMMUNITY AND ECONOMIC DEVELOPMENT MAYOR COUNCIL TRANSMITTAL /(‘- TO: Rocky Fluhart Chief Administrative Officer Date: November 6 2002 � 5 FROM: David Dobbins, Deputy Director 4/G) //' RE: Quarterly Housing Report for Fiscal Year 2002-03 (First Quarter) STAFF CONTACT: LuAnn Clark, 535-6136 DOCUMENT TYPE: Written briefing DISCUSSION: The City Council has requested a quarterly housing report from the Community and Economic Development Department. The following information has been included in the report: • Loans for first time homebuyers, single-family rehabilitation and multi-family rehabilitation are reported separately • List of the funding sources with the dollar amount spent for the fiscal years • Building Permit Activity Report including demolition permits reported by structure and the number of units • Housing Starts by District • Boarded Building Activity and Boarded houses or apartments listed by Council District • Housing Trust Fund ledger • Residential Subdivision and Condominium Approvals and Activity Reports • Housing Economic Update • Salt Lake City Housing and Neighborhood Development Quarterly Report • Community Development Corporation Quarterly Report • Neighborhood Housing Services Quarterly Report 451 SOUTH STATE STREET, ROOM 404, SALT LAKE CITY, UTAH 541 1 1 TELEPHONE: 901-535-6230 FAX: B01-535.6005 RECYCLED PAPER HOUSING QUARTERLY ACTIVITY REPORT July 1, 2002-September 30, 2002 First Quarter The First Time Homebuyer Program, which utilizes HOME, CDBG, Renter Rehab and Bank Partners funding, has placed 222 families into their first home. At the end of the first quarter, nine homes are in the process of rehabilitation and two new construction projects are in the bid process for first time homebuyers to purchase. Nine families were placed in new homes during this quarter. Currently four homes are ready for sale, and an additional nine homes are still in the rehab stage. Current contracts include purchasing two additional homes for rehab. First Time Home Buyer Loans Fiscal YTD 1st Quarter Loans Closed 9 9 Dollar Amount $1,040,035.00 $1,040,035.00 Average Per Loan $ 115,559.44 $ 115,559.44 The Housing Rehabilitation Program has completed 4 projects with 4 units this fiscal year. In the first quarter, the rehabilitation staff closed 4 projects with 4 units. Two multi- family projects totaling 96 units are scheduled to close during the first month of the second quarter. Single Family Rehabilitation Projects Fiscal YTD 1st Quarter Loans Closed 4 4 Dollar Amount $ 71,400.00 $71,400.00 Change Orders $ 1,600.00 $ 1,600.00 Average Per Loan $ 18,250.40 $ 17,850.00 Currently, 2 units are approved and waiting for the contractor to begin. In addition, 4 Loans with 98 units are in the loan approval process. Multi-Family Rehabilitation Projects Fiscal YTD ls` Quarter Loans Closed 0 0 Dollar Amount $0 $0 Average Per Loan $0 $0 Number of Units 0 0 Average Per Unit $0 $0 I The list below reflects both the amount and percent of total dollars spent from each funding source. FUNDING SOURCES Fiscal YTD % OF 1st Quarter % OF 7/01/02— 6/30/03 FUNDS 7/01/02-9/30/02 FUNDS Community Development $ 52,200.00 4.7% $ 52,200.00 4.7% Block Grant Rental Rehab Funds $ 0.00 0% $ 0.00 0% Personal Contributions $ 47,300.00 4.2% $ 47,300.00 4.2% Private Funding Sources $ 687,459.00 61.8% $ 687,459.00 61.8% Home $ 326,076.00 29.3% $ 326,076.00 29.3% River Park $ 0.00 0% $ 0.00 0% Other $ 0.00 0% $ 0.00 0% TOTAL $ 1,113,035.00 100% $ 1,113,035.00 100% Below is a list of mailing outreach efforts for the first quarter. DATE of MAILING NUMBER AREA August 29, 2002 382 900 West to Redwood Road 1300 South to 1700 South September 12, 2002 524 900 West to Redwood Road 1300 South to 1700 South September 18, 2002 1,115 900 West to Redwood Road 900 South to 1700 South Total Mailed 2,021 STATUS OF CURRENTLY FUNDED PROJECTS: Pugsley West and Pugsley North Subdivision The Pugsley West and North Subdivision located at approximately 500-600 North,400 West,was bid on August 9, 2002 for development of 9 single-family homes. Housing and Neighborhood Development is currently finalizing the land acquisition from the Salt Lake City Redevelopment Agency and construction will begin shortly afterward. This is a joint venture between the City and Neighborhood Housing Services. Project has been reviewed and approved by Engineering and Planning. The Sherwood Place Subdivision has been bid and construction will begin in early spring or summer after Pugsley is completed. The Riverview Subdivision has been completed and the Phoenix Circle Subdivision status remains unchanged. . BUILDING PERMIT ACTIVITY REPORT $ I BUILDING PERMIT ACTIVITY FOR FIRST QUARTER: JULY No. of Units Permits Issued* Single Family Dwellings 9 9 4-Plex 4 1 Manufactured Homes 1 1 Total New Construction 14 11 Additions, Alterations and Repairs 136 144 Total Residential Construction 149 155 Demolition Permits Single Family Dwelling 7 7 Duplex 2 1 AUGUST No. of Units Permit Issued* Single Family Dwellings 23 23 Duplex 2 1 Manufactured Homes 6 6 Total New Construction 31 31 Additions, Alterations and Repairs 241 199 Total Residential Construction 272 229 Demolition Permits Single Family Dwelling 3 3 Duplex 2 1 SEPTEMBER No. of Units Permits Issued* Single Family Dwellings 4 4 Manufactured Home 1 1 Condo Multi-Family 12 1 Total New Construction 17 6 Additions,Alterations and Repairs 407 167 Total Residential Construction 424 173 Demolition Permits Single Family Dwellings 2 2 Duplex 2 1 *Permits Issued Category is the number of permits issued to a contractor or sub contractor for plumbing, electrical, mechanical, etc. permits. The Building Services and Licensing Division has provided all building permit information. r Housing Starts for July 1,2002 to September 30,2002 Council House Direction Street Suffix Bld Type Constr Type Issue Date 1 1750 W FEATHERSTONE CIR 1 FAMILY RESIDENT BUILD 7/30/2002 1 1925 W BLACK ANGUS DR 1 FAMILY RESIDENT BUILD 8/1/2002 1 1977 W BLACK ANGUS DR 1 FAMILY RESIDENT BUILD 8/1/2002 1 1889 N BRANDING CIR 1 FAMILY RESIDENT BUILD 8/2/2002 1 1907 N CORRAL LN 1 FAMILY RESIDENT BUILD 8/2/2002 1 1871 N MORTON DR 1 FAMILY RESIDENT BUILD 8/23/2002 1 1793 W CAVALLO DR 1 FAMILY RESIDENT BUILD 8/23/2002 1 1911 N BRANDING CIR 1 FAMILY RESIDENT BUILD 8/26/2002 1 1880 N CORRAL LN 1 FAMILY RESIDENT BUILD 8/26/2002 1 1971 W BLACK ANGUS DR 1 FAMILY RESIDENT BUILD 8/27/2002 1 1923 N CORRAL LN 1 FAMILY RESIDENT BUILD 8/27/2002 1 1952 W BLACK ANGUS DR 1 FAMILY RESIDENT BUILD 8/27/2002 1 1721 W FEATHERSTONE CIR 1 FAMILY RESIDENT BUILD 8/30/2002 1 1720 W FEATHERSTONE CIR 1 FAMILY RESIDENT BUILD 8/30/2002 1 1904 N BRANDING CIR 1 FAMILY RESIDENT BUILD 9/27/2002 2 1611 W LILJAY CIR 1 FAMILY RESIDENT BUILD 7/2/2002 2 1196 S PROSPECT ST 1 FAMILY RESIDENT BUILD 7/10/2002 2 1128 S PROSPECT ST 1 FAMILY RESIDENT BUILD 8/1/2002 2 1147 S PROSPECT ST 1 FAMILY RESIDENT BUILD 8/2/2002 2 755 W JUSTIN KAY CT 1 FAMILY RESIDENT BUILD 8/21/2002 2 1139 S PROSPECT ST 1 FAMILY RESIDENT BUILD 8/21/2002 2 1158 S PROSPECT ST 1 FAMILY RESIDENT BUILD 8/21/2002 2 1169 S PROSPECT ST 1 FAMILY RESIDENT BUILD 8/21/2002 2 1725 W JOUST CT 1 FAMILY RESIDENT BUILD 8/30/2002 2 1181 S PROSPECT ST 1 FAMILY RESIDENT BUILD 9/10/2002 2 1134 S PROSPECT ST 1 FAMILY RESIDENT BUILD 9/11/2002 2 1150 S PROSPECT ST 1 FAMILY RESIDENT BUILD 9/11/2002 3 1654 E FEDERAL POINTE DR 1 FAMILY RESIDENT BUILD 7/10/2002 3 444 N 400 W DUPLEX BUILD 8/6/2002 3 310 E PENNY PARADE DR 1 FAMILY RESIDENT BUILD 8/8/2002 3 315 W 700 N CONDO MULTI FAM BUILD 9/17/2002 4 657 S 800 E FOURPLEX BUILD 7/3/2002 4 518 S WINDSOR ST 1 FAMILY RESIDENT BUILD 7/11/2002 4 526 S WINDSOR ST 1 FAMILY RESIDENT BUILD 7/11/2002 4 522 S WINDSOR ST 1 FAMILY RESIDENT BUILD 7/11/2002 4 518 S KONETA CT 1 FAMILY RESIDENT BUILD 7/26/2002 5 64 W ANDREW AVE 1 FAMILY RESIDENT BUILD 7/15/2002 6 No new starts 7 2722 S 1300 E 1 FAMILY RESIDENT BUILD 8/16/2002 7 2724 S 1300 E 1 FAMILY RESIDENT BUILD 8/16/2002 All Housing Starts Information has been provided by the Building Services and Licensing Division. BOARDED BUILDING ACTIVITY BY DISTRICT LIST a • BOARDED BUILDING ACTIVITY: Existing Boarded Building as of June 30, 2002 76 Vacant/Secure Buildings as of June 30, 2002* 5 Demolition Permits 4 Remodeled/Rehabilitated 6 New Buildings Boarded 12 Total Boarded Buildings 78 Buildings Vacant/Secure as of 6/30/02* 6 *Vacant properties where complaints or activities have required the staff to monitor but not board. . I 10 a) 0 .y co E as a 0 ci a) a) m E a m N L E U) U) U) a -0 a 0 o 0E ° Eaco U 0m C C C o a) I p a (a C > n L a3 ) _ co I-. m 0 0 0 U Q) cc V a. IL > > > Q Cl) D CC a) 1- O C C C 0 N 0) NO N lis Q) a �' < r T N CV N 6 y o O T T to O J - V M T v 0) Z mO D 0 0 L 1- T >, >+ >'T 1- T 3 3 N 3 N U Q 1- T Y T ct Y _N Y i ,- O O OQ. 0) a) O t N _ O a w 0 F- a co 1` Z (O W T �' " W O : D 0 5 o D O D to A T Z r T V ` O O 0 0 O co a) T O � O � 0 u) Cl) 3 3 3 x (4 '' O co M co W mac*) o OU COU co 05 O -di co O QQ v 4 a) = a) m a) ~ T al = 0 -J M 7 . — Y 0 Y 0 Y 0 Y C i" 4! 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C a) a o C in g - y (Z i>'iCZI a * U O O V U • z — ' i• g C 0.) E s O I. O V+ E a) U L L. c et d0 z 0 ECONOMIC UPDATE THE ROCKY MOUNTAIN ECONOMY: UPDATE October 2002 Total employment for the region was down slightly in the month of September and remained 1.2 percent below its level of one year ago. Colorado's job picture improved moderately; the total for September was off 1.8 percent from one year ago, breaking a string of seven consecutive months with an annual loss rate above 2 percent. Utah's total is also 1.8 percent below its level in September 2001, following a small dip in September 2002. Wyoming's job total took a surprising plunge during this month, led by major declines in construction and government. The September loss in Wyoming pulled employment back to its level of one year ago, erasing the gains of late-summer. South Dakota saw a small dip in employment while total jobs in North Dakota were little changed. Montana posted the largest gain (0.9 percent) over the year. This gain was well ahead of the 0.1 percent increase in Wyoming, the only other Rocky Mountain state with a positive annual change. Unemployment rates were up in most states but rates in Montana,North Dakota, South Dakota and Wyoming are below 4 percent. Montana's historically soft labor market tightened during the past two years and reached a new low of 3.9 percent in September 2002, the first time the rate has been below 4 percent since the current series began in 1978. The employment level for the U.S. was virtually unchanged in September but the small loss of 43,000 workers reversed a trend of four months of modest gains. Revisions to the August estimate actually revealed an increase of over 100,000 jobs in this month, well above the initial estimate. The nation's unemployment rate dipped to 5.6 percent in spite of the small cutback in payroll jobs. Waning consumer confidence in recent months has fueled the debate on whether we face an anemic recovery or are headed for the dreaded "double-dip" into another recession. In contrast, the advance estimate of the nation's Gross Domestic Product (GDP) in the third quarter brought some good news. GDP was up 3.1 percent, well ahead of the meager 1.3 percent gain in the second quarter. U.S. housing starts surged to a 16-year high in September, buoyed by large gain in single family activity as low interest rates continue to support demand from prospective homeowners. The multifamily sector retreated from its large gain in August but stayed above the 300,000-unit level. In contrast, the region's building activity was down through August. A small cutback in single family activity was joined by a major drop in multifamily starts. This latter decline primarily resulted from a belated major correction in the multifamily sector in Colorado's Front Range areas. The apartment vacancy rate in the Denver area was up to 9.4 percent in the third quarter and is headed into double digits. Similarly, vacancy rates in Colorado Springs (8.9 percent) and Salt Lake City(8.0 percent) are up substantially from one year ago. The inventory of homes for sale in the Denver metro area began a dramatic climb in early-2001, which has continued though this fall. September listings are over 20 percent ahead of a year ago and more than double the total at the beginning of 2001. Sales are down only moderately and the average price is still climbing,but most sellers must drop the asking price to close a sale and builders are offering incentives as they cut their level of speculative construction. The single-family foreclosure rate for the region is up again in the second quarter of 2002, spurred by increases in all states, especially Colorado and Utah. The region's overall rate of 0.97 percent is up from the 0.58 recorded during the second quarter of 2001, but remains below the U.S. rate of 1.23 percent. Utah's 2.03 percent rate was by far the highest in the region. The U.S. Consumer Price Index (CPI) was up by 0.2 percent in September, slightly above the limited monthly increases of the summer. Energy costs have begun to increase but remain below their levels of one year ago. The overall increase from one year ago of 1.5 percent remains at a historically low level. The average 30-year fixed mortgage interest rate dipped below 6 percent briefly but finished the month of October with an average of 6.11 percent,just over 50 basis points below the rate of one year ago. ROCKY MOUNTAIN ECONOMIC INDICATOF 06-Nov-02 Change Data Most Recent Previous Last Year Indicator as of Mth./Qtr. Mth./Qtr. Year Ago Mth/Qtr Ago Nonagricultural Wage&Salary Employment(SA): Colorado Sept. '02 2,185.6 2,185.5 2,226.1 0.0% -1.8% Montana Sept.'02 395.0 394.6 391.4 0.1% 0.9% North Dakota Sept.'02 330.2 329.8 331.2 0.1% -0.3% South Dakota Sept.'02 378.4 380.1 379.1 -0.4% -0.2% Utah Sept.'02 1,062.4 1,063.7 1,081.6 -0.1% -1.8% Wyoming Sept. '02 247.0 253.4 246.8 -2.5% 0.1% United States Sept. '02 130,854.0 130,897.0 131,819.0 0.0% -0.7% Unemployment Rate (SA): Colorado Sept.'02 5.2 5.1 4.1 0.1 1.1 Montana Sept.'02 3.9 4.0 4.6 -0.1 -0.7 North Dakota Sept.'02 3.5 3.2 2.6 0.3 0.9 South Dakota Sept.'02 2.6 2.6 3.5 0.0 -0.9 Utah Sept.'02 5.3 5.0 4.6 0.3 0.7 Wyoming Sept. '02 3.9 3.6 4.1 0.3 -0.2 United States Sept. '02 5.6 5.7 5.0 -0.1 0.6 GDP Growth Rate-US 3rd gtr'02 3.1 1.3 -0.3 na na Colorado Springs MSA Building Permits Single Family YTD-August'02 3,629 na 3,977 na -8.8% Multifamily YTD-August'02 1,000 na 1,131 na -11.6% Denver-Boulder-Greeley CMSA Building Permits Single Family YTD-August'02 13,740 na 15,121 na -9.1% Multifamily YTD-August'02 4,919 na 9,141 na -46.2% Salt Lake-Ogden MSA Building Permits Single Family YTD-August'02 5,051 na 4,979 na 1.4% Multifamily YTD-August'02 1,359 na 1,628 na -16.5% U.S. Housing Starts (Annual rate) September'02 1,843,000 1,627,000 1,582,000 13.3% 16.5% Apartment Vacancy Rates: Colorado Springs MSA 2nd gtr'02 8.9 8.9 4.2 0.0 4.7 Denver-Boulder Area 3rd gtr'02 9.4 9.3 6.8 0.1 2.6 Salt Lake City MSA 2nd gtr'02 8.0 6.7 2.8 1.3 5.2 United States 3rd gtr'02 9.1 8.5 8.4 0.6 0.7 Existing Home Sales: Denver PMSA Active Listings September'02 23,370 22,911 19,180 2.0% 21.8% Number of Sales YTD-Sept.'02 36,428 na 37,070 na -1.7% Average Price YTD-Sept.'02 $243,733 na $233,305 na 4.5% Single Family Foreclosure Rate: Rocky Mountain 2nd gtr'02 0.97 0.86 0.58 0.11 0.39 United States 2nd gtr'02 1.23 1.10 0.91 0.13 0.32 Consumer Price Index-All Items: Denver-Boulder CMSA Jan.-June'02 184.6 na 180.7 na 2.2% United States September'02 181.0 180.7 178.3 0.2% 1.5% Mortgage Interest Rate: October'02 6.11 6.09 6.62 0.02 -0.51 r SALT LAKE CITY HOUSING AND NEIGHBORHOOD DEVELOPMENT QUARTERLY REPORT N .r I.'y E . 0 U y Y I L., U Ts c V' 0 -r E o y t. o E u cc 30 ' xo U o h S h y ._ y U. 0 g �Q! - = V y y C 0.,2'Z C O 2 G G _-0 ix, y O t H s-0 0 co CVE c a g p _ W w o c' 4 h 1-ti • E V1 F-+ C O__. 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