06/08/2021 - Meeting MaterialsBoard of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
June 8,2021 Tuesday 2:00 PM
This Meeting Will be an Electronic Meeting Pursuant to the Chair’s
Determination.
SLCRDA.com
This is a discussion among RDA Board Directors and select presenters.The public is welcome to listen,
unless otherwise specified as a public comment period.Items scheduled may be moved and /or discussed
during a different portion of the Meeting based on circumstance or availability of speakers.Item start times
and durations are approximate and are subject to change at the Chair’s discretion.
Generated:17:09:13
This meeting will be an electronic meeting pursuant to the Chair’s
determination:
As Redevelopment Agency Chair,I hereby determine that conducting the Salt Lake City
Council meeting at an anchor location presents a substantial risk to the health and safety of
those who may be present,and that the City and County building has been ordered closed
to the public for health and safety reasons.
Members of the public are encouraged to participate in meetings.We want to make sure
everyone interested in the RDA meetings can still access the meetings how they feel most
comfortable.If you are interested in watching the RDA meetings,they are available on the
following platforms:
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•Web Agenda:www.slc.gov/council/agendas/
•SLCtv Channel 17 Live:www.slctv.com/livestream/SLCtv-Live/2
If you are interested in participating during the general comment period,you may do so
through the Webex platform.To learn how to connect through Webex,or if you need call-in
phone options,please visit our website or call us at 801-535-7607 to learn more.
As always,if you would like to provide feedback or comment,please call us or send us an
email:
•24-Hour comment line:801-535-7654
•council.comments@slcgov.com
More info and resources can be found at:www.slc.gov/council/contact-us/
Upcoming meetings and meeting information can be found
here:www.slc.gov/council/agendas/
We welcome and encourage your comments!We have Council staff monitoring inboxes and
voicemail,as always,to receive and share your comments with Board Members.
A.Comments:
1.General Comments to the Board ~2:00 p.m.
5 min
The RDA Board of Directors will receive public comments regarding Redevelopment Agency
business in the following formats:
1.Written comments submitted to RDA offices,451 South State Street,Suite 118,P.O.
Box 145455,Salt Lake City,UT.84114-5455.
2.Comments to the RDA Board of Directors.(Comments are taken on any item not
scheduled for a public Hearing,as well as on any other RDA Business.Comments are
limited to two minutes.)
B.Public Hearing -individuals may speak to the Board once per public hearing topic
for two minutes,however written comments are always accepted:
NONE.
C.Redevelopment Agency Business -The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Motion:Meeting Remotely Without an Anchor Location ~2:05 p.m.
5 min.
The Board will consider a motion to ratify the Chair’s determination to continue meeting
remotely and without an anchor location due to the health and safety of the people who may
be in attendance,and considering the continued closure of the City and County Building to
the public.
2.Informational:Update on 650 South Main TRAX Station Funds ~2:10 p.m.
15 min.
The Board will receive an update on funding contingencies for the 650 South Main TRAX
Station.The update includes information on increased cost,next steps,a $2.1 million
construction bid selected by the Utah Transit Authority (UTA)and a plan to fully fund the
resulting $3 million project,including design,oversight,and contingencies.
3.Informational:Station Center Innovation District Concept ~2:25 p.m.
30 min.
The Board will receive a briefing about the Station Center Innovation District concept.
Station Center is located between 500 to 600 West and 200 to 400 South in the Depot
District project area.The Innovation District concept would be anchored by the University
of Utah for technology development,from research to start-up incubators to mature
profitable businesses.As part of the briefing,the Board will also receive a pre-disposition
report that includes preliminary information prior to marketing the property.
4.Resolution:Redevelopment Agency Budget for Fiscal Year
2021-22 Follow-up TENTATIVE
The Board will receive a follow-up briefing on the proposed budget for the Redevelopment
Agency of Salt Lake City for Fiscal Year 2021-22.The Board expects to adopt the budget in
mid-June.
5.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director,including a review of information items,announcements,
and scheduling items.The Board of Directors may give feedback or policy input.
6.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements.The Board may give
feedback on any item related to City business,including but not limited to;
•Staff 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.Board Reappointment:Redevelopment Advisory Committee (RAC)–Mark
Isaac
The Board will consider approving the reappointment of Mark Isaac to the RAC for a term
ending January 20,2025.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session.A closed meeting described under
Section 52-4-205 may be held for specific purposes including,but not limited to:
1.discussion of the character,professional competence,or physical or mental health of an
individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase,exchange,or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration;or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property,including any form of a water right
or water shares,if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under consideration;
or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered for
sale;and<
(iii)the terms of the sale are publicly disclosed before the public body approves the sale
5.discussion regarding deployment of security personnel,devices,or systems;and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah
Code §78B-1-137,and for other lawful purposes that satisfy the pertinent requirements of the
Utah Open and Public Meetings Act.
G.Adjournment
CERTIFICATE OF POSTING
On or before 5:00 p.m.on _____________________,the undersigned,duly appointed City Recorder,does
hereby certify that the above notice and agenda was (1)posted on the Utah Public Notice Website created under
Utah Code Section 63F-1-701,and (2)a copy of the foregoing provided to The Salt Lake Tribune and/or the
Deseret News and to a local media correspondent and any others who have indicated interest.
CINDY LOU TRISHMAN
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda,including but not limited to
adoption,rejection,amendment,addition of conditions and variations of options discussed.
People with disabilities may make requests for reasonable accommodation,which may include alternate formats,
interpreters,and other auxiliary aids and services.Please make requests at least two business days in advance.To
make a request,please contact the City Council Office at council.comments@slcgov.com,801-535-7600,or relay
service 711.
UPDATE
600 SOUTH TRAX STATION
RDA BOARD MEETING
JUNE 8, 2021
BACKGROUND
•RDA and SLC Transportation Division identified opportunity in
2019 to build a TRAX station at approximately 650 South
Main Street using funding contributions, in part, from private
property owners.
•$639,601 FY19 budget appropriation to help design and
construct the station
500 SOUTH
600 SOUTHWEST TEMPLEMAIN STREET700 SOUTH
800 SOUTHSTATE STREET14 2
3 5
1: 650 Main
2: 6th & Main
3: Seven O2 Main
4: 650 Main Phase 2
5: Copper Yards
: TRAX Station
BACKGROUND
•Additional $750,000 appropriated in FY20 and $38,981
appropriated in FY21 to cover contributions for developments
not yet underway when construction funding is needed for
station
BACKGROUND
•Additional $750,000 appropriated in FY20 and $38,981
appropriated in FY21 to cover contributions for developments
not yet underway when construction funding is needed for
station
•Contingencies on $750,000 (FY20):
1.Secure agreement with UTA for operation and maintenance
commitment
2.Report finalized designs and cost estimates to RDA Board
3.Provide plan to fully fund the project, including third party
commitments
STATUS
•RDA executed construction agreement with UTA
in December 2020
•CRSA completed design and cost estimate in
February 2021
•UTA issued RFP in April 2021
•Contractor selected in May 2021
•UTA and SLC Transportation provided additional
funding, RDA negotiated participation
agreements with developers
STATUS
•RDA executed construction agreement with UTA
in December 2020
•CRSA completed design and cost estimate in
February 2021
•UTA issued RFP in April 2021
•Contractor selected in May 2021
•UTA and SLC Transportation provided additional
funding, RDA negotiated participation
agreements with developers
Contingency #1
Contingency #2
Contingency #3
FUNDING AND DEVELOPER CONTRIBUTIONS
2021 Total Project Cost $3,017,694
RDA FY19 Appropriation -$ 639,601
RDA FY20/21 Appropriation (w/contingencies)-$ 788,901
UTA Contribution toward Construction -$ 173,400
SLC Transportation Contribution -$ 150,000
Total Developer Contributions $ 1,265,792
NEXT STEPS
•UTA Board approval of construction contract in June 2021
•Construction anticipated to begin in July 2021
•Station anticipated to open by February 2022
QUESTIONS?
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: May 21, 2021
PREPARED BY: Cara Lindsley
RE: Update on Contingencies for Utilization of 650 S Main TRAX Station Funds
REQUESTED ACTION: Informational Update
POLICY ITEM: N/A
BUDGET IMPACTS: None
EXECUTIVE SUMMARY:
The RDA is working with SLC Transportation and UTA to design and build a TRAX station at
approximately 650 South Main Street using funding contributions, in part, from private property
owners who are planning new developments in the area. In November 2019, the RDA Board
appropriated $750,000 to cover developer contributions for nearby projects that would not be
finalized in time to provide funds for station construction. In December 2020, the RDA Board
approved the use of an additional $38,901 in State Street Project Area “seed funds” to complete
the construction funding for the station. Together, these funds allowed the RDA to execute a
construction agreement with UTA and negotiate participation agreements with developers while
continuing to pursue future contributions from other projects to repay the RDA.
Attached to the Board’s 2019 appropriation of $750,000 were three contingencies:
- Securing an agreement with UTA in which UTA commits to operate and maintain the
station,
- Reporting finalized designs and cost estimates to the Board, and
- Providing a plan to fully fund the project, including commitments from third parties
other than the RDA.
The first two contingencies were satisfied through submittals on December 8, 2020 and April 13,
2021. The final contingency is satisfied with this transmittal that (1) notifies the Board that UTA
preliminarily selected a contractor on May 18, 2021, with a construction bid of $2.1 million, and
(2) provides the Board with a plan to fully fund the resulting $3 million project, including design,
oversight, and contingencies.
BACKGROUND:
In 2019, the RDA and SLC Transportation Division began discussing an opportunity to build a
TRAX station at approximately 650 South Main Street using funding contributions, in part, from
private property owners who are planning new developments in that area. This location would
represent the final station within the original 1997 design plans for the TRAX system that was
built in advance of the 2002 Olympic Games. UTA ultimately decided to wait to build this
station until more of the nearby properties were developed, but the rails were constructed to
accommodate this future condition. Several new projects in this area are currently planned, with
three already under construction.
ANALYSIS & ISSUES:
RDA Budget Appropriations and Contingencies
The RDA Board appropriated $639,601 in FY19 Budget Amendment #4 to contribute to the
then-estimated total project cost of $2,000,000 to construct a new station at 650 S. Main Street.
Using a formula that considers property size and location, contributions from five participating
development projects were calculated to make up the remaining $1,360,399 of needed funding.
Because plans for two of the five projects would not be finalized in time to provide funds for
construction, the RDA Board approved the use of $788,901 in State Street Project Area “seed
funds” to complete construction funding for the station, with the intention that the RDA will
continue to pursue and negotiate repayment through future developer contributions. These funds
are made up of a November 2019 appropriation of $750,000 and a December 2020 approval to
use $38,901.
It should be noted that the Board’s approval of the November 2019 budget appropriation was
based on three contingencies:
1. An agreement with UTA in which UTA commits to operate and maintain the station.
Satisfied with the execution of a construction agreement between RDA and UTA on
December 28, 2020.
2. Reporting finalized designs and cost estimates to the Board.
Satisfied with the transmittal of the station’s finalized design and cost estimate to the
Board on April 13, 2021. The Engineer’s Estimate of construction costs, developed
by the station architect (CRSA), was $1,912,454.
3. Providing a plan to fully fund the project, including commitments from third parties other
than the RDA.
Satisfied with this transmittal, notifying the Board that UTA has selected a
construction contractor with a construction bid of $2,136,458. This construction bid
results in a total project cost of approximately $3 million, which includes design and
contingencies, and which has been used to calculate developer contributions and
finalize the funding plan.
Project Funding Plan
Since 2019, when UTA estimated that station construction would cost $2 million, construction
costs in Salt Lake City (and around the nation) have increased sharply. While finalizing the
station design, the UTA/RDA/SLC team identified over $200,000 in project cost savings and
$325,000 in additional funding sources to reduce the total project cost. Still, the sum of the
developer contributions, using the final project cost of $3 million, exceeds the original sum by
approximately $400,000. The three participating developers have agreed to increase their
contribution amounts to account for the higher costs so construction can begin before costs
escalate even further. The RDA will continue to pursue and negotiate contributions from other
developments benefiting from the TRAX station – both to recoup the RDA’s $788,901 and to
bring developer contribution amounts closer to those that were originally agreed to. Final costs
are subject to minor changes as contracts are finalized, but the current project funding plan is
provided in the table below.
Project Sources Project Uses
RDA FY19 BA4 $639,601 Design $233,140
RDA FY20 BA1 $750,000 Public Art $108,750
RDA FY21 $38,901 Construction $2,136,458
UTA Contribution
(Snowmelt System)
$173,400 UTA-Procured Items $222,000
SLC Transportation
Division Construction
(Traffic Signal)
$150,000 UTA Project
Administration
$81,500
Developer Contributions $1,265,792 Project Contingency $235,846
Total $3,017,694 Total $3,017,694
NEXT STEPS:
• Pending UTA Board approval, UTA will enter into a construction contract with the
selected contractor in June 2021.
• Jiyoun-Lee Lodge, the artist selected by the Art Design Board in November 2020, will
finalize engineering drawings and begin artwork fabrication in Fall 2021.
• Station construction is anticipated to begin in July 2021 and be completed no later than
December 2021.
PREVIOUS BOARD ACTION:
• In April 2019, the RDA Board appropriated $639,601 in FY19 Budget Amendment #4 to
contribute to the estimated $2,000,000 cost of constructing a new station at 650 S. Main
Street.
• In November 2019, the RDA Board appropriated $750,000 in FY20 Budget Amendment
#1 to cover the developer contributions for projects that would not be finalized when
funds are needed for station construction.
• In December 2020, the RDA Board approved the use of the November 2019
appropriation ($750,000) and an additional $38,901 from State Street Project Area seed
funds to cover developer contributions for projects that would not be finalized when
funds are needed for station construction.
ATTACHMENTS:
N/A
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DATE: May 21, 2021
PREPARED BY: Ashley Ogden and Cara Lindsley
RE: Station Center Innovation District Concept and Pre-Disposition Report
REQUESTED ACTION: Briefing on the Administration’s plans for disposition of property located
within the bounds of 500 – 600 West and 200 – 400 South.
POLICY ITEM: Depot District real property disposition.
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: For many years, the Redevelopment Agency (RDA) has been working
toward the development of what is referred to as the Station Center area, an assemblage of approximately
10.5 acres located between 500 – 600 West and 200 – 400 South in the Depot District project area. The
Agency currently owns approximately nine acres.
RDA plans have long called for Station Center, which is adjacent to the UTA Intermodal Hub, to become
Utah’s premier model of successful transit-oriented development. This vision includes mixed-use
development that maximizes permitted densities and contains affordable commercial and residential spaces
and active street-level uses, as well as the extension of the City grid to create new transportation
connections that prioritize the pedestrian and bicyclist over the car. New buildings will also complement
the character of the SLC Warehouse National Historic District and encourage the adaptive reuse of
remaining historic structures, including the RDA-owned Salt Lake Mattress Company building.
While the Agency has undertaken significant physical planning efforts and has an ambitious vision for the
project, Staff recognizes the unique opportunity to do something especially impactful with Station Center.
In early 2020, the RDA and University of Utah (U-of-U) Department of Real Estate Administration
engaged in discussions on the establishment of a downtown U-of-U presence. With the Mayor’s support,
both parties commissioned a study by HR&A Advisors that evaluates the feasibility of partnering to create
a University-anchored Innovation District on the Station Center property.
This memo is intended to provide the RDA Board of Directors (Board) with an overview of key
components of the Station Center Innovation District project concept, which is based on findings from the
partnership study. Please refer to Attachment A: Station Center Innovation District Development Proposal
for a full project profile. Additionally, pursuant to the RDA’s Real Property Disposition Policy, the RDA
shall submit a pre-disposition report to the Board prior to marketing the property that includes preliminary
information on the proposed plans for disposition– please refer to Attachment B: Pre-disposition Report.
ANALYSIS & ISSUES:
Key takeaways of the proposed Station Center Innovation District project concept and disposition include
the following:
1. Coordinated Development Approach: Last year, the RDA began to consider a master-development
model for Station Center that would realize efficiencies related to 1) development of infrastructure
improvements, 2) maintaining consistency with design guidelines, 3) carrying out cohesive land use
planning and activation, and 4) establishing a coordinated plan for infrastructure maintenance
funding.
2. Policy Alignment: A partnership with the U-of-U would support the Mayor’s vision for Tech Lake
City, BioHive, and initiatives called for in Plan Salt Lake and the Downtown Master Plan.
Plan Salt Lake (p. 39):
• Maintain and grow Salt Lake City as the economic center of the region.
• Support the economic growth of Downtown, including:
o Innovation District in the Granary
o Reactivate the Gateway
o Develop Station Center
o Expand Research Park in or near the downtown area
• Support the growth of small businesses, entrepreneurship, and neighborhood business
nodes.
• Recruit corporate headquarters and major employers to locate in the City.
• Improve existing and develop new relationships with economic development partners.
Downtown Master Plan (p. 104-107):
“The future of the Depot District is a dense urban neighborhood that provides a full range of
housing options and is served by all modes of transit…the area could easily be the location of a
major job center, such as an urban oriented technology center or research park.”
3. Partnership Opportunity: A partnership with the U-of-U represents an opportunity to elevate the
RDA’s long-standing plans to implement a model transit-oriented development with a clustering of
leading-edge anchor institutions, inventors, incubators and accelerators, and businesses at all levels
in the life cycle ranging from start-ups to mature, growing firms, all in one place.
4. Leveraging of Resources: This partnership will allow for the leveraging of resources, including
capitalization of the U-of-U’s strong reputation for being an institution of excellence in innovation,
technology commercialization, and research to attract industry partners, developers, capital, and
investors.
5. Community Benefit: In addition to the economic benefits that a University-anchored Innovation
District is sure to bring to Salt Lake City, the RDA sees this as a unique opportunity to incorporate
a high level of public benefit into one development project. Programming initiatives identified for
the District include affordable housing and commercial spaces to mitigate risk of displacement
from the City, opportunities for education and upward mobility through equitable access to U-of-U
resources and spaces, a focus on community health programming, and implementation of
sustainable development strategies that have not yet been embraced by the local development
community on a widespread scale.
6. Long-term Involvement: The RDA would remain involved as a long-term and strategic partner, as
defined through a partnership agreement, to ensure the success of the district and that public
benefits are maximized. In addition, the City could maintain an active partnership in the governance
and programming of the Innovation District.
7. Board’s Role: As the Administration negotiates the terms of a partnership, the Board’s role in the
property disposition will include:
a. Approval of any land discount over 10% of the as-is fair market value pursuant to the Real
Property Disposition Policy.
b. Allocation of any sales disposition proceeds pursuant to the Real Property Disposition
Proceeds Policy.
8. Method of Disposition: Pursuant to the RDA Real Property Disposition Policy, the RDA may
engage in an exclusively negotiated method of disposition with a “non-profit or governmental
agency for a community development or public use.” While partnering with the University of Utah
may technically include an exclusive negotiations method of disposition, the selection of ultimate
development partners would be through competitive RFPs. This will allow the RDA and University
to recognize the benefits of a partnership while still being inclusive and transparent in the selection
of end users.
9. Disposition Structure: The U-of-U and RDA are currently working through the framework of a
potential disposition and development structure. Discussions are in the preliminary stages and do
not yet include a formal commitment from the parties to move forward with a partnership, specific
terms, or legal agreements. Based on extensive evaluation of potential structures and current
discussions with the U-of-U, a land sale structure appears to be most viable.
10. Infrastructure: A partnership with the U-of-U would fulfill the RDA’s long-standing plans for
streetscape and infrastructure improvements. It has been anticipated that the RDA would need to
use a portion of the property disposition proceeds to fund these infrastructure needs. Improvements
include the extension of the City’s street grid with the construction of new mid-block streets, the
reconstruction of 300 South into a “festival street” with community gathering space, and the
upgrading of utilities to support denser development.
11. Land Sale Proceeds: A land sale would provide significant revenues to the RDA, providing the
ability to target resources to other project areas such as North Temple, 9 Line, and State Street.
PREVIOUS BOARD ACTION:
• On June 3, 2014, the Salt Lake City Council adopted Ordinance No. 26 (2014), approving the street
vacation of the outer edges of 300 South between 500 West and 600 West streets.
• On May 12, 2015, the RDA Board approved the Station Center Infrastructure Improvements
Schematic Design.
• On March 15, 2016, the RDA Board approved the Station Center Infrastructure Improvements
Design Development.
• On May 24, 2016, the City Council adopted the Downtown Community Master Plan.
• On March 20, 2018, the RDA Board approved land write-downs of the sales prices for Station
Center Sites 1 and 3 in exchange for those developers constructing the portion of Infrastructure
Improvements adjacent to their sites.
• On January 15, 2019, the RDA Board held a policy discussion regarding potential strategies for
maintaining public improvements for RDA projects.
• On April 13, 2019, the RDA Board approved $8,962,119 in funding for the Station Center
Infrastructure Improvements.
• On September 24, 2019, Project Staff briefed the RDA Board on the current status of the Station
Center infrastructure project and made the recommendation to fund ongoing maintenance of the
new improvements via Business Improvement District, similar in structure to a Special Assessment
Area.
• On September 15, 2020, the RDA Board approved the use of $865,000 in funding to stabilize the
RDA-owned Salt Lake Mattress Company building. A separate action approved the use of funds to
exercise the RDA’s option to purchase property from Artspace City Center, LLC.
• On November 10, 2020, Project Staff provided the RDA Board with an informational update about
a revised shared-street design for 300 South and Woodbine Court and presented findings from a
Special Assessment Area analysis for funding ongoing maintenance of infrastructure
improvements.
ATTACHMENTS:
A. Station Center Innovation District Development Proposal
B. Pre-Disposition Report
Attachment A:
STATION CENTER INNOVATION DISTRICT DEVELOPMENT PROPOSAL
June 2021
2
PROJECT OVERVIEW:
For many years, the Redevelopment Agency
(RDA) has been working toward the
development of what is referred to as the
Station Center area, an assemblage of
approximately 10.5 acres located between
500 – 600 West and 200 – 400 South in the
Depot District project area. The Agency
currently owns approximately nine acres and
has options to purchase an additional 1.5
acres from Artspace City Center, LLC, and the
State of Utah.
RDA plans have long called for Station Center,
which is adjacent to the UTA Intermodal Hub,
to become Utah’s premier model of
successful transit-oriented development. This
vision includes mixed-use development that
maximizes permitted densities and contains
affordable commercial and residential spaces
and active street-level uses, as well as the
extension of the City grid to create new
transportation connections that prioritize the
pedestrian and bicyclist over the car. New
buildings will also complement the character
of the SLC Warehouse National Historic
District and encourage the adaptive reuse of
remaining historic structures, including the
RDA-owned Salt Lake Mattress Company
building.
While the Agency has undertaken significant
physical planning efforts and has an
ambitious vision for the project, Staff
recognizes the unique opportunity to do
something especially impactful with Station
Center. In early 2020, the RDA and University
of Utah (U-of-U) Department of Real Estate
Administration engaged in discussions on the
establishment of a downtown University
presence. With the Mayor’s support, both
parties commissioned a study by HR&A
Advisors that evaluates the feasibility of
partnering to create a University-anchored
Innovation District.
This document outlines key components of
the proposed Station Center Innovation
District project, which would directly support
initiatives called for in Plan Salt Lake and the
Downtown Master Plan, as well as many
other City goals and priorities:
Plan Salt Lake (p. 39):
• Maintain and grow Salt Lake City as
the economic center of the region.
• Support the economic growth of
Downtown, including:
o Innovation District in the Granary
o Reactivate the Gateway
o Develop Station Center
o Expand Research Park in or near
the downtown area
• Support the growth of small
businesses, entrepreneurship, and
neighborhood business nodes.
• Recruit corporate headquarters and
major employers to locate in the City.
• Improve existing and develop new
relationships with economic
development partners.
Downtown Master Plan (p. 104-107):
“The future of the Depot District is a dense
urban neighborhood that provides a full range
of housing options and is served by all modes
of transit…the area could easily be the
location of a major job center, such as an
urban oriented technology center or research
park.”
INNOVATION DISTRICTS:
Dense enclaves that merge the innovation
and employment potential of research-
oriented anchor institutions, high-growth
firms, and tech and creative start-ups in
well-designed, amenity-rich residential and
commercial environments.
– Brookings Institution
3
PROGRAMMING & PARTNERSHIP STUDY FINDINGS AND RECOMMENDATIONS:
As mentioned above, the RDA partnered with the U-of-U to explore a programmatic approach and
partnership strategy to support the development of a Station Center Innovation District. The
following is a high-level summary of the findings and recommendations that came out of this three-
part study:
1. STAKEHOLDER ENGAGEMENT:
During August and September 2020, HR&A Advisors hosted 14 discussions with representatives
from city, regional, and state government, various U-of-U programs, and many other local
stakeholders who have a vested interest in the growth of Salt Lake City’s innovation ecosystem.
Main takeaways include:
• Concerns about on-the-ground safety
dominate participants’ views of the site.
• Housing in the Downtown area is currently
inaccessible to a wide range of people whose
participation is essential to a Station Center
Innovation District.
• Increased transit access and comfortable bike
and pedestrian connections are needed to
ensure that Station Center is well connected
and accessible to all parts of Salt Lake City.
• Biotech and health, both prescriptive and preventative, have been identified as
potential anchor industries for Station Center.
• There is a citywide shortage in lab, office, and community spaces necessary for a
thriving innovation ecosystem, an issue with implications on talent and business
attraction and retention.
• Green/play space is highly desired throughout Salt Lake City, and especially within the
Depot District.
• Rio Grande Depot is currently seen as a barrier to development and will require more
active programming.
• The success of this project will be measured in large part by the extent to which it
provides meaningful connections to the West Side (both physical and programmatic).
STUDY COMPONENTS
1
Stakeholder Engagement
2
Innovation Asset Assessment
3
Programming & Partnerships
Strategy
4
2. INNOVATION ASSET ASSESSMENT:
Following the stakeholder engagement process and review of existing plans and resources,
HR&A Advisors completed an innovation asset mapping exercise that resulted in a
recommended set of programmatic drivers for a Station Center Innovation District: Life
Sciences and Community Health.
STRATEGIC OPPORTUNITIES:
LIFE SCIENCES
Biotechnology Research
• Promote responsible and ethical
innovation;
• Advance research in genetics;
• Use of robotics in medicine.
Healthcare
• Prevention of chronic illness and
disease;
• Advance access to health care
education, including increasing
diversity and equity in providers;
• Explore social and behavioral
sciences;
• Emphasize need for balance
between preventative/diagnostic
care systems.
Technology & Entrepreneurship
• Expand capacity of technology
and commercialization
organizations;
• Provide spaces for startups to
settle after outgrowing incubator
space;
• Facilitate connections between
entrepreneurs and industry
leaders;
• Advance opportunity for
community members to access
resources for technological
development and
commercialization.
COMMUNITY HEALTH
Food Security
• Expand capacity of urban agriculture and
local food systems to reduce food
insecurity;
• Leverage innovations in hydroponics to
produce food more efficiently and closer to
population centers;
• Develop an indoor public market to provide
year-round access to locally-grown
produce;
• Develop and maintain community gardens
to provide sustainable local produce.
Nutrition
• Increase engagement with the community
on healthy eating habits through
demonstration kitchens;
• Improve access to healthy foods for at-risk
populations by providing services through a
community hub;
• Develop stronger locally-sourced food
systems.
Health Equity & Education
• Increase focus on healthcare outcomes by
incorporating a preventative health
program on site;
• Adapt existing/emerging health systems to
address physical/mental health inequities;
• Enhance opportunities for equitable health
coverage through reform of healthcare
quality, access, and affordability;
• Advance platforms to network population
health data to inform policy and legislative
initiatives.
5
3. PROGRAMMING & PARTNERSHIPS STRATEGY: The last part of the study examined
governance and real estate structures of other successful Innovation Districts, which are
typically developed through public-private partnerships that include local government, a
university anchor, and one or more private developers. For Station Center, HR&A
recommends the creation of a new non-profit entity to govern the District, comprised of
representatives from the U, Salt Lake City, and other community and industry partners.
A standing committee for Research and Advanced Studies would direct and promote the
advancement of research initiatives, industry engagement, and academic pursuits within
Station Center.
Operating subcommittees would work to establish early partnerships with the business
community, non-profit institutions, and government entities, ensure that underrepresented
communities are able to fully engage with Station Center, build a strong relationship with
the West Side, and advise on the real estate development of the District as it is built out.
6
U-OF-U PARTNERSHIP RESOURCES:
Successful Innovation Districts are run through programs and partnerships but require a leader to
anchor those programs to the District. HR&A identified the U-of-U as best positioned to be the
“programmatic champion” of Station Center, as the success of the District will largely rely on the
ability to leverage the U’s vast resources to attract industry partners, developers, and investors. If
the U-of-U assumes this role, the RDA and City would remain involved as a long-term and strategic
partner to leverage resources and ensure that public benefits are maximized.
• The University has an established local and regional presence, as well as a strong reputation
for being an institution of excellence in innovation, technology commercialization, and
research.
• The University has a proven track record of a successful commercialization pipeline of new
company creation and attraction.
• Case studies of other Innovation Districts with nonprofit University partners show a
significant amount of job creation (direct and indirect), on-site earnings, and regional
economic output, among many other economic benefits. The economic impact of a Station
Center Innovation District would spill over into neighboring parts of the city.
• Regardless of the property owner, all private development would be considered a taxable
improvement and treated as such under applicable tax codes.
• The University has the resources needed to invest in both people and infrastructure and can
utilize these investments to catalyze activity at Station Center.
• The University has existing governance infrastructure through University of Utah Research
Foundation (UURF) that could be adapted to create a sub-entity to manage and program
Station Center.
• Marketing as a partnership with the University would have more impact and attract interest
from a wide range of developers.
• The University is under contract to purchase approximately 2 acres of adjacent property,
which would facilitate 400 South Trax extension that is called for in the Downtown and
Transit Master Plans.
7
PLACEMAKING:
While it is obvious that the U’s
assets and expertise are necessary
to cultivate a successful
downtown Innovation District,
studies show that many other
District leaders have failed to pair
their innovation programming
with the physical land planning
necessary to create a compelling
sense of place that supports a
high level of interaction and
collaboration. Pitfalls include a
loss of character through the
demolition of historic structures,
the construction of oversized
buildings with large floor plates
that eliminate a sense of human
scale and walkability, a lack of
diversity in building design, and a
perceptible divide between areas
with sterile institutional buildings
and those containing
neighborhood amenities like
retail, restaurants, bars, etc.1
Fortunately, the RDA has already undertaken significant steps that will prevent Station Center from
falling into the same trap. This includes the creation of the Station Center Design Guidelines, which
will require new development to be compatible with the SLC Warehouse National Historic District
that it is located within, the stabilization of the historic Salt Lake Mattress Company building, and
support of the rehabilitation of Artspace’s Beehive Brick and City Center buildings.
There are also long planned for infrastructure and streetscape improvements that include the
reconstruction of 300 South into a “festival street” that can be closed and programmed as
community gathering space, as well as the construction of three new mid-block streets to provide
better access and permeability throughout the project. Improvements also include upgrading
underground utilities to support denser development and a district-wide approach to streetscape
design for an active and pedestrian-oriented neighborhood. Landscape, lighting, electrical, and civil
engineering designs are approximately 60% complete, but the RDA’s design consultant is in the
process of revising a portion of the plans to incorporate a reimagined concept for the center of the
neighborhood on 300 South and Woodbine Court.
1 https://www.brookings.edu/blog/the-avenue/2019/02/21/innovation-districts-and-their-dilemmas-with-place/
Preliminary renderings of revised concept for Woodbine Court & 300 South
8
AFFORDABILITY, EQUITY & SUSTAINABILITY:
The U-of-U team has expressed a commitment to the RDA’s vision of a robust, mixed-use
neighborhood that meets the needs of a diverse population. The RDA sees Station Center as a
unique opportunity to incorporate a high level of public benefit into one project. Potential public
benefits that the team will explore include the following:
• Housing for extremely low-income households (50% AMI and below), persons with
disabilities, the elderly, and other populations at risk for homelessness due to their
economic, health, or social circumstances.
• Opportunities for affordable home/commercial ownership.
• The development of housing that is more conducive to larger household sizes (i.e., 3-4
bedroom units).
• Reduction of displacement risk of existing Salt Lake City businesses and barriers to entry for
new ones through the provision of affordable commercial spaces with subsidized and/or
below-market lease rates.
• Solutions that provide equitable access to space and University support services to facilitate
the growth cycle of a start-up company.
• Programming that meaningfully closes the gaps between the City’s east and west sides by
providing educational and/or job opportunities that support upward mobility.
• Community health programming with a greater focus on equity and access, education, food
security, and nutrition.
• New development that is designed to operate without on-site fossil fuel combustion.
• On-site renewable energy as well as on-site treatment of stormwater and other water-wise
programs.
• Implementation of strategies to reduce auto dependency and encourage use of alternative
modes of transportation.
9
TENTATIVE TIMELINE AND NEXT STEPS:
JUNE 2021: Present Station Center Innovation District concept to Redevelopment Advisory
Committee (RAC).
Present Station Center Innovation District concept to RDA Board of Directors.
Q3 2021: Present property disposition strategy to RDA Board of Directors.
Work with U-of-U to refine development strategy with further market analysis and
detailed land use planning. Determine governance framework and mechanism for
infrastructure maintenance funding.
Q4 2021: Return to RDA Board of Directors with informational update on findings from further
analyses and disposition/development plans.
Execute RDA – U-of-U partnership agreement, an overarching agreement that
establishes partnership roles and responsibilities, governance framework, protective
covenants, development review processes, etc.
Execute property disposition agreement with U-of-U.
Q1 2022: Draft and release joint request for proposals (RFP) for first development phase.
Q2 2022: Select developer for first phase of project. Return to RDA Board of Directors for
informational update on selected proposal.
Attachment B: Pre-Disposition Report Station Center Properties
June 2021
Property Description:
The RDA owns several parcels totaling approximately nine (9) acres and has options to purchase an additional 1.4
acres in what is referred to as the Station Center area roughly bounded by 500 – 600 West and 200 – 400 South.
Project Area: Depot District
Zoning: Gateway-Mixed Use District
Property Type: Tier 1
Tier 1 Justification:
The Property is classified as Tier 1 because the parcels meet the following categories:
• Property within a strategic geographic location that is considered vital to the redevelopment of the project
area, which geographic location is identified in the Project Area Plan.
• Property is specifically identified in a Salt Lake City adopted master plan.
• Property is a parcel or parcel assemblage that totals two or more contiguous acres in size.
• Property is listed on the local or national register of historic places as historically significant (Site 2 – Salt
Lake Mattress Company Building).
Current Status:
In early 2020, the RDA and University of Utah (U-of-U) Department of Real Estate Administration engaged in
discussions on the establishment of a downtown University presence at Station Center. With the Mayor’s support,
both parties commissioned a study by HR&A Advisors that evaluated the feasibility of partnering to create a
University-anchored Innovation District, something that is specifically called for in Plan Salt Lake, the City’s
Downtown Master Plan, and the Tech Lake City and BioHive initiatives. The Agency is currently working with the U-
of-U to define a path forward to implement our joint vision for the project.
Property Reuse Plan:
In addition to creating a model of successful transit-oriented development, the RDA recognizes the unique
opportunity to do something especially impactful with Station Center and aims to ensure that the project supports the
following priorities:
• Establish Station Center as the City’s flagship downtown hub of research and innovation activity, with a
specific focus on the life sciences and community health sectors;
• Create a comprehensive neighborhood with a robust mix of uses (affordable housing, office, research,
retail, dining, and nightlife opportunities) that meet the needs of a diverse community;
• Raise the bar for implementing affordable, equitable, and sustainable development and programming
strategies;
• Develop high-density, mixed-use buildings with active street-level uses;
• Require development that complies with Station Center Design Standards and Guidelines and
complements the urban form and character of the SLC Warehouse National Historic District;
• Introduce new mid-block street connections and reconstruct the existing 300 South into a pedestrian-
oriented “festival street” to serve as a public gathering space;
• Upgrade utilities to support the future density of the neighborhood;
• Implement strategies to reduce auto dependency and encourage use of the many nearby multi-modal
transportation options; and
• Support the potential for a permanent, year-round public market.
Infrastructure Improvements:
Staff is currently working with a consultant and multiple City Divisions to finalize the design/construction documents
for proposed public improvements to be made in the area, including three (3) new mid-block streets, the
reconstruction of 300 South into a pedestrian-oriented “festival street,” utility upgrades, and other streetscape
improvements. The Board has allocated $8.9 million to construct Woodbine Court and to reconstruct 300 South and it
has been anticipated that the remainder of the improvements may be funded with property disposition proceeds.
Method of Disposition:
The Real Property Disposition Policy allows for disposition via exclusive negotiation in certain circumstances,
including if the sale or lease of property is to a non-profit or governmental agency for a community development or
public use. The RDA is considering disposing of the property to the U-of-U through exclusive negotiation because the
University is a Special Purpose Government Agency and the proposed Innovation District project would result in
significant community and economic benefits for Salt Lake City. This includes activation of the Depot District in
accord with multiple City plans and initiatives; expansion of the U-of-U’s highly successful technology
commercialization efforts which results in new company creation and talent retention/attraction; increased innovation
and research activity which creates employment opportunities and brings outside funding to the City that is trickled
down through the local economy; provision of equitable opportunities for those not typically engaged in these sectors
to access U-of-U spaces and support services; implementation of the City’s affordable and family housing priorities
with a focus on displacement mitigation; creation of affordable commercial spaces for local businesses and
nonprofits; community health programming; sustainable development strategies, and more.
Potential Structure:
Staff has evaluated several disposition options and the structures of other innovation districts across the country.
Based on this evaluation and discussions with the U-of-U, the preferred structure is for the U-of-U to purchase the
RDA’s property through a fee title sale. In turn, the University would ground lease/sub-lease the property to a private
developer/end-user selected through a competitive Request for Proposals (RFP) process. Primary considerations of
the preferred structure are outlined below:
• RDA would sell its property to U-of-U at or near a fair market, appraised value.
• RDA would be compensated for the full value of land upon sale, whereas a ground lease by the RDA would
provide smaller lease payments over time.
o Provides for a portion of the land sale proceeds to be used to fund construction of infrastructure
improvements (with Board allocation).
o Opportunity for remaining funds to be used to carry-out other RDA priorities across other project
areas.
• The U-of-U would maintain long-term ownership and preserve the Innovation District use through ground
leasing to end-users.
• U-of-U would use ground lease revenues obtained from sub-lessees to fund District programming and
maintenance.
One of the first steps in the overall process would be to execute a partnership agreement between the RDA and U-of-
U that would establish partnership roles and responsibilities, the selected Innovation District governance structure,
protective covenants and other restrictions to be placed on District properties, the development review process, etc. It
is anticipated that the City will have representation within the Station Center governance entity, and that the RDA will
participate in creation of the RFP(s), developer selection process, and design review of the selected development
proposal(s).
Tentative Timeline and Next Steps:
While the timeline will be influenced by economic conditions and the complexity of the selected project, the RDA is
estimating that the disposition schedule will be as follows:
Q3 2021: Present property disposition strategy to RDA Board of Directors (BOD).
Work with U-of-U to refine development strategy with further market analysis and land use
planning. Determine governance framework and mechanism for infrastructure maintenance
funding.
Q4 2021: Return to RDA BOD with informational update on findings from further analyses and
disposition/development plans.
Execute overarching RDA – U-of-U partnership agreement.
Execute property disposition agreement with U-of-U.
Q1 2022: Draft and release joint request for proposals (RFP) for first development phase.
Q2 2022: Select developer for first phase of project. Return to RDA BOD for informational update on selected
proposal.
Page | 1
RDA BUDGET
STAFF REPORT
REDEVELOPMENT AGENCY BOARD of SALT LAKE CITY
TO:RDA Board Members
FROM: Jennifer Bruno, Ben Luedtke and Allison Rowland
Budget analysts
DATE:June 1, 2021
RE: Redevelopment Agency (RDA) Budget – FY 2022
BUDGET BOOK PAGES: Key Changes B-49 to B-60, Department Overview E-87 to E-90,
Staffing Document F-18
The Board reviewed this information at the May 18th and June 1st budget discussions. The
Board received additional information from the Administration an indicated items of
interest. The purpose of this staff report is to confirm what will be presented to the Board
for adoption on June 15th. If the Board has any questions or concerns about the proposed
changes to the recommended budget, please raise those issues at the June 8th meeting, so
that staff has the opportunity to adjust adoption paperwork.
1.Shift Northwest Quadrant (inland port) housing money to “Westside Urban Land Fund”
modeled after a Community Land Trust concept. Funds will be kept in a holding account pending
further discussion with the Administration and approval by the Board. - $250,000
2.ADU program – fund via the “Secondary Housing Fund” – ($TBD) – Funds were originally
recommended to be added to a larger loan pool for an affordable housing Notice of Funding Availability
(NOFA).
o Board members expressed a general interest in maximizing the number of units that could be
delivered with the funding, as well as encouraging quality urban design.
3.North Temple Strategic Intervention – The Board supported consolidating various ideas into a
single account for strategic intervention activities along North Temple, to be determined by RDA staff
and approved by the Board. The following funding sources are proposed, totaling approximately $3
million:
o North Temple Catalytic Project - $1.33m assuming the Board approves BA#9 and FY 22 budget
as proposed)) – Board members expressed the view that this is similar in concept to strategic
intervention and were comfortable allocating funds in this way. (Note: this includes shifting
funds earmarked for this concept in the proposed FY 22 budget as well).
o “Strategic Site Acquisition” – The Board expressed support for consolidating these funds into an
account focused on strategic interventions along North Temple.
o North Temple Viaduct CDA Increment (General Fund - $1m) – The Board expressed support for
transferring funds from the General Fund, in excess of the amount required for debt service
Project Timeline:
1st Briefing: May 18, 2021
2nd Briefing: TBD
Budget Hearing: May 18, and June 1
Potential Action: June 8 or 15 (TBD)
Page | 2
payments on the North Temple Viaduct bond, to be reinvested back in the North Temple
Corridor. Council Action is also required to complete this transfer.
o Holding account for capital investment in underserved communities – The Mayor’s
recommended budget proposes allocating $1 million from this account to the Fairpark Public
Market. This leaves $669,138 in that account, which will lapse to general fund balance unless
the Council allocates it. The Board expressed support for allocating these funds for potential
strategic intervention(s) in the North Temple corridor. Council action is also required to
complete this transfer.
4.Prioritizing Family Sized Units and/or Homeownership models - As the RDA releases the
next Notice of Funding Availability (NOFA) for affordable housing. The Board expressed interest in
prioritizing these two criteria above other criteria also considered in evaluating projects applying for
these dollars.
5.Energy efficiency requirements – the Board expressed support for moving forward with energy
efficiency requirements more immediately. RDA staff indicates that they are working on a sustainability
policy which will establish minimum thresholds for projects. The Board could schedule this policy for
discussion when it is ready and in the interim could advise RDA staff to pause forwarding any
loans/participation until that policy is adopted, unless they meet the anticipated policy.
The following information was provided for the May 18th and June 1 RDA budget
discussions. It is provided again for reference.
Update/Follow up Information
The Board initially discussed this item during the May 18th RDA meeting. RDA staff has provided the following
additional information on new programs proposed in the FY 22 budget.
Storefront and Commercial Revitalization Programs (Funding sources: CBD tax increment in BA#1 and
FY 22, FY 22 Program Income Fund):
“To better leverage resources, target community needs, support smaller-scale projects, and facilitate
anti-displacement strategies, the RDA is working on proposed revisions to the RDA Loan Program and
the development of a new Storefront Activation Program. It is envisioned that revisions to the RDA
Loan Program will provide for the targeting of project-specific needs, including small-scale projects,
tenant improvements, and the revitalization of existing/underutilized buildings. The intent of the
Storefront Activation Program is to facilitate the occupancy of ground-floor commercial space by local
and underrepresented businesses.”
Sustainability Technical Assistance Program (Funding sources: FY 22 Program Income Fund):
A new program to assist developers with implementing heightened sustainability standards that will
increase resiliency and reduce negative impacts on the environment. Funding will be utilized to assist
developers in performing sustainability activities, whether through direct funding to developers or
through RDA-led trainings. Activities could include energy modeling, trainings by technical experts, and
technical assistance for projects to acquire sustainability certifications.
Cultural & Community Initiative Program (Funding sources: FY 22 Granary Tax Increment):
A new program to reinforce public arts and cultural programming by supporting community
organizations in better carrying out their missions or projects. The program is intended to be similar to
Page | 3
the “Lighter, Quicker, Cheaper” model by incentivizing either small small-scale capital projects and/or
capacity building. Projects could include building improvements, placemaking projects, community
engagement efforts, and feasibility/planning studies. Eligible projects would need to demonstrate
community involvement and support for the project.
Staff made note of potential adjustments Board Members expressed interest in considering. The Board may
wish to discuss and/or refine these ideas further in collaboration with RDA staff:
6.Shift Northwest Quadrant (inland port) housing money to “Westside Urban Land Fund”
modeled after a Community Land Trust concept. Funds could be kept in a holding account pending
further discussion with the Administration and approval by the Board.
7.Support an ADU program - Board members expressed support in general for a program to
incentivize the construction of ADUs.
o Board members expressed support for helping encourage ADUs City-wide. Note: If a program
is funded and intended to be City-wide, units would have to be restricted to 80% AMI. The
Board may wish to ask RDA staff if tracking/enforcing this would be possible, or if a Citywide
plan for ADU assistance could be structured in a way to minimize ongoing administrative
costs.
o Board members also expressed support for helping encourage ADUs in the 9 Line project area,
per the agreement with the County. Because that agreement anticipates a 5 year time horizon,
and increment hasn’t yet started flowing, some board members suggested funding it in that area
specifically.
o Board members expressed a general interest in maximizing the number of units that could be
delivered with the funding, as well as encouraging quality urban design.
o Tammy – secondary housing account is discretionary housing
8.Increase funding/re-name North Temple Strategic Intervention. The Board expressed an
interest in shifting the “strategic property acquisition” category to “North Temple Strategic
Interventions”. Staff has identified some potential sources for increasing this line item, although these
are very preliminary. The Board may wish to discuss these further with RDA staff, including asking for
help identifying other legal sources of funds for this purpose:
a. North Temple Catalytic Project (Current balance approximately $x – some board members
have pointed out that this is a similar concept)
b. Funds leftover in capital account set aside in the General Fund for investment in underserved
communities ($669,138)
c. PIF (reallocate from other programs TBD)
2.Prioritizing homeownership and/or family sized units - The Board indicated a desire to set
aside some NOFA dollars with specific criteria for homeownership and/or family sized units
Top of the priority list – not funding set aside
3.Evaluate funds not programmed as a part of the Budget Amendment Discussion.
4.Other areas of interest/potential legislative intents:
a.Some Board Members expressed an interest in requiring energy efficient projects as a condition
of any potential future RDA loan/investment as of July 1, 2021. The Administration is
recommending this as a phased in strategy with a goal of 2023.
b.Some Board Members have expressed an interest in understanding the full structure of accounts
within the RDA including fund balances and capital projects funded in previous years. The
Board may wish to discuss with the RDA staff the best way to get this information on a real-time
basis. Staff note: The City’s Enterprise Resource Planning (ERP) effort will help in
tracking/providing this information in a less labor-intensive way, although the horizon for full
implementation could be a year or longer.
The following information was provided for the Board’s initial briefing on May 18th. It is
provided again for reference.
ISSUE AT-A-GLANCE
Page | 4
The Mayor’s FY 2022 Redevelopment Agency Recommended Budget includes tax increment spending in all
project areas for projects, loan funds, as well as department administration. See page E-87 of the Mayor’s
Recommended Budget book for an overview of the Department including the mission statement. Staff has also
included Attachment 2 showing the RDA’s guiding framework which comprises the updated mission statement,
core values and livability benchmarks. The total proposed FY 22 budget is $57.9 million which is $3.7 million
more (6.8%) than FY21. RDA revenue includes tax increment, loan proceeds, parking garage and commercial
space rental revenues, interest income and private donations for the Eccles Theater. The largest non-donation
source of revenue is tax increment, which will generate $37.5 million in FY 22 from ten active project areas (up
from $33m in FY 21).
Note that the newly created 9-Line and State Street project areas will begin the first year of collecting tax
increment which revenues will be part of the FY23 annual budget. The Administration could come to the Board
with budget amendment funding requests for those projects in FY22. The 9-Line project area has received final
approval for tax increment participation from the City, County and School District. The State Street project area
has received final approval for tax increment participation from the City and School District but negotiations
with the County are ongoing.
New for FY 22 is tax increment from Stadler Rail, tax increment from the Northwest Quadrant CRA (north of I-
80), and the housing set-aside from the Inland Port Area per state legislation (shown as “NWQ Housing Fund”
on page B-58). It’s important to note that tax increment must be used in the project area where it was generated
(unless utilized for 80% AMI or below). Other agency revenue sources are more flexible and may be spent
outside of project areas for housing and economic development purposes (within state law limitations). These
other revenue sources include Program Income Fund, the Revolving Loan Fund, and Primary housing funds
(including Inland Port housing set-aside). As a matter of policy, the Board has committed to using the Inland
Port housing funds to benefit the western area of the City. The proposed budget for the RDA includes 19 FTEs
for central RDA activities and 13 FTEs for Gallivan-related maintenance (budget for Gallivan-related
maintenance is now handled in a donation account). Gallivan funding and FTEs were transferred to the RDA
from the Public Services Department in the FY21 annual budget.
The Administration indicates that the FY 22 RDA budget focused on two priority areas:
Affordable Housing Development – This is discussed in further detail in a separate staff report and agenda
item. Summary of budget line items for this goal are on page 4.
Commercial Revitalization Program – Staff indicates that they “will be proposing revisions to the Agency’s
loan policy to update it for commercial projects. The proposed revisions will focus on improvements to a
building or site, decreasing vacancy rates for an area, provide missing retail or service opportunities, and
create new commercial spaces. The proposed budget includes allocations for this initiative as well as other
commercial development efforts within project areas.” This is proposed in the “Capital Projects” Account
(see attachment 3), which means that funds will not lapse to fund balance at the end of each fiscal year.
=
Page | 5
Central Business District,
$27,923,150
West Capitol Hill, $150,000 West Temple Gateway, $50,000 Depot District, $4,121,164
Granary District, $666,124
North Temple, $480,346
Block 70 , $10,939,263
North Temple Viaduct ,
$1,188,979
Northwest Quadrant CRA,
$1,500,000
Stadler Rail, $71,000
Northwest Quad Housing Fund
(Inland Port), $250,000
Revolving Loan Fund, $550,000
Program Income
Fund, $1,742,535
Secondary Housing Fund,
$394,000 Primary Housing Fund,
$1,498,627
Housing Development
Trust Fund, $2,590,000
*does not include previously allocated revenue, cash reserves (fund balances) or Capital project budgets, or previous
Notice of Funding Availability (NOFA) for Housing
The FY 22 budget continues the process of bringing budgeting for RDA dollars in line and in context with City
budgets. The RDA budget is presented in the Mayor’s recommended budget book along with other departments.
Some corrections have been made to the Key Changes section, so staff has included the corrected version as
Attachment 4. RDA Capital Projects requests are included as Attachment 3. See page 5 for staff notes on these
items. The Department budget is also shown in summary form on page E-89, and staffing document on page F-
18.
The RDA budget will have follow-up discussions through May and June as needed. It will also have public
hearings on May 18th and June 1nd with tentative adoption scheduled for June 8th or 15th.
KEY ELEMENTS OF THE MAYOR’S FY 2022 RDA BUDGET PROPOSAL
Staff has highlighted key areas of the Mayor’s Recommended FY 2022 RDA budget:
1.Administrative Budget – The FY 2022 budget includes transfers of tax increment and Program
Income Fund revenues to cover the approximately $3.8 million Administrative budget. The 13 FTEs
relating to the Gallivan center are budgeted in the donation account, although they are considered under
the purview of the RDA, as reflected in the staffing document. The following charts delineate the sources
of funding for the Administrative budget, as well as the specific uses:
Page | 6
FY 2021 Adopted FY 2022 Proposed $ Ch ange
%
Ch ange
Central Business District 2,506,650$ 2,757,315$ 250,665$ 10%
West Capitol Hill 100,000$ 150,000$ 50,000$ 50%
West Temple Gateway 50,000$ 50,000$ -$ 0%
Depot District 576,642$ 588,175$ 11,533$ 2%
Granary District 91,342$ 93,168$ 1,826$ 2%
North Temple 42,681$ 43,535$ 854$ 2%
Block 70
(does not allow for
Administrative collection)-$ -$ -$ n/a
North Temple Viaduct
(limited to 1.5% of increment)17,375$ 17,722$ 347$ 2%
Stadler Rail -$ 7,100$ 7,100$
Northwest Quadrant CRA -$ 150,000$
NWQ Housing Fund
(10% from Inland Port Area - not
intended for Admin)-$ -$ -$ n/a
Revolving Loan Fund -$ -$ -$ 0%
Program Income Fund 176,610$ -$ (176,610)$
Primary Housing Fund -$ -$ -$ 0%
Total 3,561,300$ 3,857,015$ 295,715$ 8%
RDA Administrative Budget - Sources
Central Business
District
72%
West Capitol Hill
4%
West Temple Gateway
1%
Depot District
15%
Granary District
2%
North Temple
1%Northwest Quad CRA
4%
FY 2022 Proposed Administrative Budget Sources
Page | 7
RDA Administrative Budget - Uses
FY 2021
Adopted
FY 2022
Proposed %Change Notes
Personal Services - RDA 2,100,484 2,254,632 9%154,148
Operating and Maintenance 308,116 360,000 14%51,884
Charges and Services 202,700 202,700 0%0
Administrative Fees 800,000 939,683 0%0
Furniture, fixtures, equipment 150,000 100,000 -25%(50,000)
Total RDA Budget 3,561,300 3,857,015 295,715
Donation Fund - Gallivan Staff/Maintenance 1,171,996 1,044,389 (127,607)
a. No official policy guides how much each district contributes to the Administrative budget,
although to some extent it is related to available increment. The Central Business District is
typically the largest contributor, although the percentage has varied. In FY 22 it is proposed to be
72% of the Administrative budget. The Board may wish to ask the Administration to
evaluate the overall strategy for funding the Administrative budget in future
years, particularly as project areas expire. For example, the Depot District will
stop collecting tax increment after 2022 and that project area contributes 15% of
the proposed FY22 administrative budget. Staff note: there is no statutory
prohibition against using General Fund dollars to fund Redevelopment Agency
employees, since they are City employees. The City’s elected officials could elect to
reimburse RDA for a portion of the housing duties that they perform.
b.Because RDA revenues are estimated, and can come in either higher or lower than
projected, the Board may wish to discuss policy guidance on how the RDA should
handle unexpected shortfalls in tax increment revenues, particularly as it relates
to the Administrative budget, which is generally a fixed and ongoing cost (salary and
benefits). Staff is inquiring about the level of fund balance remaining after this budget. Board
Members previously expressed interest in aligning project area fund balances with fixed costs and
contractual obligations to ensure sufficient funding is available to cover those expenses if tax
increment significantly decreases in a future year.
2.RDA funding for housing – The Mayor’s Recommended FY 2022 budget reflects a continuation 0f
the policy approach implemented as a pilot in FY 20, to streamline affordable housing development
under the RDA and affordable housing programs under Housing and Neighborhood Development
(HAND). One of the pilot goals was to create a “one-stop shop” for housing developers seeking financial
assistance. The total housing investment proposed in the FY 22 budget is $4.7 million, an 18% increase
over FY 21 investment levels. It should be noted that the Board could choose to allocate additional
funds for housing programs from any of the project areas (subject to project area regulations), or
program income fund.
a. The RDA also continued funding for the “Primary Housing Fund” through transfers of tax
increment from various project areas (based on state requirements at the time those project
areas were adopted). The Secondary Housing fund reflects a transfer from the Northwest
Quadrant CRA (north of I-80), to contribute to the “Housing Development Loan Program”.
Funds from the 10% set-aside from the Inland Port jurisdictional area are reflected and tracked
separately (page B-58). RDA Staff notes that the Secondary Housing Fund is intended to
include transfers of increment above what is required by mandatory set-asides.
b.The RDA is proposing a variety of strategies to implement various housing goals of
the City with these funding sources. An initial discussion was held on May 4.
These strategies will be discussed in more detail during a follow up briefing for
that agenda item. Please refer to that staff report for policy questions on this
issue and for a summary of ideas raised by Board Members in the May 4
discussion. Staff will track any edits/changes to the proposed programs and accounts along
with the adoption of the overall RDA budget. The following chart summarizes the sources and
proposed uses in the various accounts:
Page | 8
Adopted 2021 Proposed 2022 $ Change % Change
Housing Development Trust Fund
Sources
Transfer from General Fund/Funding our Future 2,590,000$ 2,590,000$ -$ 0%
Uses
Housing Development Loan Prgm (Holding Account)2,590,000$ 2,590,000$ -$ 0%
Primary Housing Fund
Sources
Transfer from Depot 768,856$ 784,233$ 15,377$ 2%
Transfer from Granary 121,789$ 124,225$ 2,436$ 2%
Transfer from North Temple 85,362$ 87,069$ 1,707$ 2%
Transfer from Stadler Rail n/a 7,100$ 7,100$
Transfer from Northwest Quadrant CRA n/a 150,000$ 150,000$
Interest Income 305,225$ 225,000$ (80,225)$ -26%
Loan Repayments 80,225$ 70,000$ (10,225)$ -13%
Uses
Housing NOFA (new approach proposed for FY 22)1,363,779$ -$ (1,363,779)$ -100%
Housing Development Loan Prgm (Holding Account)498,627$ 498,627$ new
Strategic site acquisition (Holding Account)1,000,000$ 1,000,000$ new
Secondary Housing Fund
Sources
Interest Income 44,000$ 44,000$ -$ 0%
Transfer from Northwest Quadrant CRA -$ 350,000$ 350,000$ new
Uses
Housing Development Loan Prgm (Holding Account)-$ 394,000$ 394,000$ new
Infill Housing Development 44,000$ -$ (44,000)$
Northwest Quadrant Housing Fund (Inland Port 10%)
Sources
UIPA Housing Allocation -$ 250,000$ 250,000$ new
Uses
Capital Exp - ADU Incentive Program -$ 250,000$ 250,000$ new
Total 3,997,779$ 4,732,627$ 734,848$ 18%
*Th is chart does not include funding still available from previous NOFAs. In addition, h ousing projects can also be funded
through sources not specific to h ousing, like Program Income Fund , th e Revolving Loan Fund, or project area tax
increment. Th ose are typically evaluated on a project by project basis.
RDA Housing Programs
Note: Some Board Members requested that the ADU Incentive Program be funded
from a source other than the Northwest Quadrant Housing Fund, expressing a
preference for those funds not to be expended until the Board has the opportunity to
set priorities relating to those funds.
3.Redevelopment Agency Capital Projects Proposals – The FY22 RDA budget includes funding for
11 capital projects. Overall funding for RDA capital projects is $ 2,947,019. It should be noted that the
Board sometimes approves millions in additional funding for capital projects in budget amendments
throughout the fiscal year. RDA Budget Amendment #1 of FY21 also scheduled for a May 18 briefing
includes several capital projects. A few capital projects having funding requests in both the FY21 budget
amendment and the FY22 annual budget. The table below provides a summary of the FY22 proposed
Page | 9
capital projects, identifies which projects are requesting funding in both budget openings and potential
policy questions for the Board to consider.
Like last year, the Administration is preparing a CIP Book that summarizes and provides further details
on individual capital projects for the General Fund and Enterprise Funds including the RDA. At the time
of publishing this staff report the CIP Book was forthcoming.
The Board may wish to consider whether it would add value to encourage the Administration, in future
years, to have RDA capital project requests go through the same public process/Citizen Advisory Board
vetting and recommendations that General Fund CIP applications do. The Board has previously
discussed that opportunities to leverage RDA funds with other City and private resources are enhanced
when the information is processed in concert.
Note: If approved by the Board, these would be considered capital accounts and funds would not
lapse to the project area’s fund balance if unspent by the end of the fiscal year. The Board may wish to
review these in detail now or may wish to defer discussion on some or all until after the budget season,
as is done with the General Fund CIP. All General Fund and RDA Capital Projects must be approved
by September 1 according to the City Attorney’s interpretation of the Utah Fiscal Procedures Act.
Project
Area Project Name FY22
Proposed Policy Questions / Notes
Central
Business
District
Storefront
Revitalization $ 83,832
The Board may wish to ask:
- How many storefronts could be improved at
this funding level?
- How would businesses find out about this
new program?
- Will the process be first come first served or
will criteria provide prioritization?
Block 70
Regent Street Parking
Structure Capital
Reserve
$ 100,000
Contractual obligation to contribute towards
maintenance and long-term capital repairs.
PRI provides parking for the Eccles Theater
The FY21 annual budget included $100,000
for the same purpose
Station Center
Infrastructure $ 332,179
Project does not have a funding target or total
cost estimate. Designs for the new streets,
public amenities and utilities have changed in
recent years and are not finalized
Note that RDA Budget Amendment #1 is also
requesting $959,009 in additional funding for
this project
The Board may wish to ask:
- What is the total approved funding for
Station Center infrastructure?Depot
District
Environmental
Remediation Station
Center Sites 3 & 4
$ 200,000
The FY21 annual budget included $200,000
for the same purpose
The Board may wish to ask:
- How was the FY21 funding used?
- What additional environmental remediation
is known and are more tests needed to fully
identify the need and total cost?
Page | 10
Project
Area Project Name FY22
Proposed Policy Questions / Notes
Granary
District
Community & Cultural
Initiative
NEW PROGRAM
$ 443,731
The Board may wish to ask:
- What are the goals of this new program and
how does it align with the RDA's recently
updated guiding framework?
- What can the program accomplish before the
Granary District stops collecting tax
increment in two years?
- How would interested parties find out about
this new program?
- Will the process be first come first served or
will criteria provide prioritization?
- Is the FY22 funding in addition to the
funding requested in RDA Budget
Amendment #1 of FY21?
10% School Fund $ 30,474 Contractual obligation per Interlocal
Agreement with School District
North
Temple Catalytic Project
(Location TDB) $ 289,268
Project does not have a funding target or total
cost estimate
Note that RDA Budget Amendment #1 is also
requesting $414,505 in additional funding for
this project.
The Board may wish to ask:
- What is the total approved funding for the
catalytic project?
Northwest
Quadrant Shared NWQ Costs $ 350,000
Note that RDA Budget Amendment #1 is also
requesting $168,464 in additional funding for
this project
The Board may wish to ask:
- Is there a list of expected future
infrastructure projects and cost estimates for
the shared costs?
- What are the RDA's legal obligations, if any,
to share costs in this project area?
Program
Income
Fund
Commercial
Revitalization Program
NEW PROGRAM
$ 667,535
The Board may wish to ask:
- What are the goals of this new program and
how does it align with the RDA's recently
updated guiding framework?
- Will the program be available in all project
areas or targeted to specific areas?
- How would interested parties find out about
this new program?
- Will the process be first come first served or
will criteria provide prioritization?
Page | 11
Project
Area Project Name FY22
Proposed Policy Questions / Notes
Sustainability Technical
Assistance Program
NEW PROGRAM
$ 200,000
The Board may wish to ask:
- What are the goals of this new program and
how does it align with the RDA's recently
updated guiding framework?
- Will the program be available in all project
areas or targeted to specific areas?
- How would interested parties find out about
this new program?
- Will the process be first come first served or
will criteria provide prioritization?
- How will the Sustainability Department be
involved in the new program?
Gallivan Repairs
(Grand staircase and
eastern expansion joint)
$ 250,000
Contractual obligation per agreements and
plaza ownership structure
Project does not have a funding target or total
cost estimate
The FY21 annual budget included $250,000
for the same purpose
TOTAL $ 2,947,019
Note: the capital projects budget does not include the four housing funds which are addressed in a
separate section
4.Other highlights of FY 2022 RDA budget
a.Commercial Revitalization Program – As discussed in the capital projects section above,
this is a new focus area for FY 22, and is proposed to be funded through allocations from various
project areas including CBD ($82,000), and Program Income Fund ($667,535). The Board may
wish to discuss this program further with staff including goals and objectives.
b.Program Income Fund – The primary source of funds for this account are revenues
generated from the Gallivan parking structure (approx. $1.2m/year). The budget also includes
rents for RDA commercial spaces. It is the most flexible funding in the RDA portfolio, as State
law does not place limitations/expectations for how and where funds are spent. In recent years
this account has been used to fill funding gaps for infrastructure projects in the Central 9th area
and Station Center, as well as provide seed funds for new project areas (9-Line and State Street).
This year the Administration is proposing to use these funds as follows:
Page | 12
Program Income Fund - Proposed FY 22 Expenses
FY 21 Adopted FY 22 Proposed Change
Capital Expenditures - Commercial
Revitalization Program
-{Holding Account}--667,535 667,535
Professional Services 299,009 300,000 991
Miscellaneous Property Expense 300,000 300,000 -
Capital Expenditures - Sustainability Technical
Assistance Program
-{Holding Account}-
-200,000 200,000
Transfer to Administration 176,611 -(176,611)
Marketing and Sales 25,000 25,000 -
Project Area Seed Funds 505,215 -(505,215)
Capital Expenditures - Gallivan Repairs
-{Holding Account}-250,000 250,000 -
Capital Expenditures - Project Area Art
-{Holding Account}-250,000 -(250,000)
Project Area Creation 100,000 -(100,000)
Total Expenditures and Other Uses Budget 1,905,835 1,742,535 (163,300)
c.New Project Area Seed Funds – While the proposed budget does not allocate additional
dollars to the “Seed Funds” account, the Board may wish to ask the Administration if there are
plans to utilize dollars allocated from previous years, in the coming year in the 9 Line or State
Street areas, as those areas have not started to generate increment yet. It’s important to note
that RDA Budget Amendment #1 for FY21 is requesting $176,611 additional funding for project
area seed funds.
d.Miscellaneous Property Expense. This is a line item that appears in various project areas
and is not covered by the RDA Administrative budget. It covers things like maintenance,
security, and property taxes for properties owned or managed by the RDA. Actual expenditures
vary year to year, and any unspent funds lapse to that project area’s fund balance. Due to the
unique nature of some RDA properties, the RDA obtains insurance separately
from the City’s “self-insured” approach for City properties. The Board may wish
to ask the Administration to evaluate if there are any opportunities for
savings/streamlining in this area for certain RDA properties.
Project Area / Fund FY 2021
Adopted
FY 2022
Proposed Change % Change
Central Business District $ 800,000 $ 975,000 $ 175,000 22%
Depot District $ 100,000 $ 120,000 $ 20,000 20%
Granary District $ 5,000 $ 5,000 $ - 0%
Program Income Fund $ 300,000 $ 300,000 $ - 0%
Total $1,205,000 $1,400,000 195,000$ 16%
The Board may wish to ask the Administration for a report on actual expenditures from these
line items.
e.Revolving Loan Fund (RLF) – the FY 2022 budget proposes a RLF with a balance of
$550,000 available to lend which is $302,000 (-35%) less than last year. Further, the FY21
budget was a year-over-year decrease from the FY20 budget by $220,963 (-21%). The Board
may wish to discuss with the Administration if they are aware of pending
requests for these funds. The Board may also wish to ask what is causing the
three-year trend of decreasing available to lend balances in the RLF and if it’s
expected to continue.
Page | 13
f.Regent Street Maintenance – The Block 70 CDA budget includes an $80,000 allocation to
the General Fund for Regent Street Maintenance. The Attorney’s Office indicates that tax
increment funds can be used to maintain public infrastructure. The Board may wish to ask
the Administration if this transfer is the long-term plan for maintenance on
Regent Street when the Block 70 CRA ends in 2040.
g.Gallivan Employees and Maintenance - the proposed budget continues the management
of the 13 Gallivan Employees and maintenance under the RDA (funding through the donation
account). The Board may wish to ask the Administration for a review of how this approach is
working compared to the previous approach of managing those employees in the General Fund
(Public Services Department), particularly as it relates to service level and programming. Due to
the pandemic and related public event restrictions FY21 may be a difficult year to compare to
recent years.
h.Interest Income and Rental Income changes during COVID pandemic – The RDA
budget includes increases for interest income in some project areas and decreases in others (see
chart below). The general fund is projecting an overall decrease in interest income due to
continued low rates on a national and state level. The RDA is proposing a decrease in rental
income from $315,000 to $215,700 (Program Income Fund). The Board may wish to discuss
with the RDA how these trends may change as the economic recovery continues.
Project Area / Fund
FY 21
Adopted
FY 22
Proposed $ Change % Change
Central Business District 300,000$ 350,000$ 50,000$ 17%
West Capitol Hill 100,000$ 150,000$ 50,000$ 50%
West Temple Gateway 50,000$ 50,000$ -$ 0%
Depot District 180,000$ 200,000$ 20,000$ 11%
Block 70 50,000$ -$ (50,000)$ -100%
Stadler Rail -$ -$
Northwest Quad Housing Fund
(Inland Port)-$ -$
Revolving Loan Fund*577,000$ 470,000$ (107,000)$ -19%
North Temple Viaduct 1,500$ 7,500$ 6,000$ 400%
Northwest Quadrant CRA -$ -$
Secondary Housing Fund 44,000$ 44,000$ -$ 0%
Program Income Fund*260,500$ 250,000$ (10,500)$ -4%
Granary District 40,000$ 45,000$ 5,000$ 13%
North Temple 14,000$ 45,000$ 31,000$ 221%
Primary Housing Fund*225,000$ 225,000$ -$ 0%
Housing Development Trust Fund -$ -$ -$
Total 1,842,000$ 1,836,500$ (5,500)$ 0%
*Includes interest on investments and interest earned on loans
Interest Income
5.Trend in Increment Received - During the FY 19 budget cycle the Administration noted that actual
increment received in a number of districts was lower than in previous years, which did not track with
the overall increase in total property valuation in the City. Since that time the Administration worked
with County staff and a consultant who have determined that it was an “anomaly,” and actual revenue
received since then tracks more consistently with valuations. Staff has provided this information for
Board context. The Board may wish to request a copy of the findings from the consultant’s work.
Page | 14
Central Business
District Depot District Block 70 North Temple
Viaduct
Northwest
Quadrant CRA Granary District North Temple
Northwest Quad
Housing Fund
(Inland Port)
Stadler Rail West Capitol Hill West Temple
Gateway
2018 $28,183,388 $3,800,000 $1,280,637 $410,762 $419,505 $197,262 $566,369 $643,389
2019 $22,915,000 $3,695,000 $1,610,000 $538,000 $508,000 $318,000 $535,000 $671,000
2020 $24,575,000 $3,768,900 $1,847,677 $1,135,601 $597,005 $418,441 $558,643 $-
2021 25,066,500 3,844,278 1,884,631 1,158,313 608,945 426,810 --
2022 $27,573,150 $3,921,164 $1,922,323 $1,181,479 1,500,000 $621,124 $435,346 250,000 71,000 $-
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Project Area Tax Increment Revenue Trends
a. North Temple Viaduct Debt service – The RDA created the North Temple Viaduct project
area specifically to help offset the debt incurred by the City to issue bonds to rebuild/shorten the
North Temple Viaduct in 2012. All increment except a small percentage for Admin is
transferred to the general fund to offset this annual payment. The chart below provides a
summary of tax increment received, annual debt service payment made by the City and the tax
increment as a percent of those debt payments. In previous years the tax increment generated
has not been sufficient to cover the full debt service payment (the general fund covers the
remainder). However, starting in FY19, and continuing into FY 21, actual tax increment
received exceeded debt service payments. The Board re-purposed this overage to re-invest on
North Temple, and the Mayor’s recommended budget for the City includes a $1 million
investment in a State Fair Park Public Market on North Temple. Staff is confirming whether
there are any funds available this year to reinvest in a similar manner, or if it makes sense to
keep adding to this debt service “reserve” account.
Staff is confirming FY 22 actual debt service, but is providing this chart from FY 21 for
context:
Page | 15
0.0%
20 .0%
4 0.0 %
6 0.0 %
80.0%
100.0%
120.0%
140.0%
$-
$2 00,000
$4 00,000
$6 00,000
$800 ,00 0
$1,000,000
$1,200,000
FY13
Act ual
FY14
Act ua l
FY15
Actual
FY16
Actual
FY17
Act ua l
FY18
Act ual
FY19
Actual
FY2 0
Actual
FY2 1
Pr opo se d
Nor th T emple Viaduct Annual Bond Pay ments by Y ear and RDA T ax
I ncrement Contr ibution
RDA Tax I nc rem e nt T ransf er to Gener al Fund for De bt Se rvice
Tota l Annual Deb t Se rvice Pa y me nt for Se ries 2 012A B ond
Tax Increm ent as Per cent of De bt Pay me nt
b.Eccles Theater Site Operations – Per the terms of the operating agreement with Salt Lake
County, the City/RDA are responsible for any operating shortfall that the County experiences in
operating the ancillary sites around the Eccles Theater (Black Box, Regent Street Plaza, and
Winter Garden). The FY 22 budget proposes $475,000 for this purpose. Consistent with the
Council’s initial goals for the construction of the Eccles Theater, the UPACA Board continues to
ask County staff to find innovative ways to increase programming in the spaces, with a primary
goal of activation rather than purely revenue generation. Note as it relates to COVID: the
County indicates that they are working with the Health Department to determine when, if,
and how the Eccles Theater and ancillary spaces may be safely opened to the public. As of the
timing of this staff report, the theater and ancillary spaces are operating at limited capacity.
The Eccles Theater has applied for Federal assistance geared towards performing arts venues.
As of the printing of this report County staff is awaiting response on that application.
c.Block 70 Debt Reserve – Each year the RDA funds a certain reserve for Debt Service for the
Eccles Theater. If the FY 2022 budget is adopted as proposed ($90,617 from Block 70 and $1.8
million from CBD), Block 70 would have a debt service reserve of approximately $7.2 million.
This is kept in a capital account that will not lapse to fund balance each year, so it will continue
to grow (interest income and future appropriations), as there is anticipated shortfall in Block 70
debt repayment sources in the coming fiscal years. RDA staff is working with finance to
recalculate the exact amount of this gap. In 2018 it was calculated to be $7.5 million. If tax
increment grows at a faster rate in Block 70, this gap will be smaller. The reserve account will
cover debt in these years. Staff will continue working with the Administration to determine the
appropriate level of this reserve account. The below graph, although dated from 2018, illustrates
the projected funding gap assuming a conservative tax increment growth of 2%. Annual bond
payments are shown as the red line and available resources are shown as the blue line. The
Administration indicates that they are working on confirming the exact amount of funding
needed to fill these gap years.
Page | 16
7
7.5
8
8.5
9
9.5
10
10.5
11
11.5
12
Annual Debt Service In MillionsYear
Regent Street Bond Ends in 2029
Eccles Theater Bond Ends in 2038
County Tax Increment Capped at $43 Million, Ends Approx. 2035
Block 70
Annual Bond Payments and Projected Revenues
$7.5 Million Funding Gap
{Note: this chart was prepared for the FY 18 budget cycle. The Board may wish to ask for the Administration to update.
GENERAL POLICY QUESTIONS –
1.Project Area/Workload Prioritization – The Board may wish to continue the discussion of project
area and/or staff workload prioritization. In January 2020 the Board approved two resolutions
establishing survey boundaries for potential Community Reinvestment Areas at the University of Utah
Research Park and Stadium Village, and discussions are ongoing. Additionally, Staff is continuing to
work with the County to secure their support for the State Street project area and has recently received
County support for the 9 line project area. Affordable Housing Development in the City is also an
overarching workload handled by RDA staff.
2.Bonding for catalytic projects in new project areas – The Board may wish to ask the
Administration whether they have a recommendation for bond-eligible catalytic projects in either the
State Street or 9-Line project areas, particularly given the favorable interest rate environment. Based on
previous discussions, the Board and Administration agreed that bonding early in project areas, as was
done for Block 70 and Regent Street/Eccles Theater, makes financial sense (bonding capacity is
maximized early in a project area).
3.Fund Balances for Project Areas with Ongoing Funding Obligations – The Board may wish to
review with the Administration the levels of fund balances (“savings accounts” or “cash reserves”) for
project areas with ongoing obligations such as the Central Business District which has bond debt service
payments and agreements (such as Eccles, Regent Street, and Gallivan) and significantly contributes to
the RDA’s annual administration costs.
Page | 17
4.Evaluation of Public/Private Partnership Models - As the City and RDA consider the public /
private partnership ideas that are periodically raised, the Board / Council could evaluate the model used
with Gallivan and other Public/Private or multi-jurisdictional entities (Downtown Alliance, UPACA
Board, Inland Port Board) to identify lessons learned, and pros/cons/variations in approach. A review
of these different models could help future models establish role clarity, transparency expectations, and
staff accountability upfront.
5.Pooled Resources vs. Project Area Resources – Some initiatives and projects previously funded
with RDA tax increment have been funded by transferring funds out of one project area, into a pooled
account, such as Primary Housing Fund or Revolving Loan Fund (via appropriation from Fund
Balance). Because these accounts are flexible in terms of serving all project areas, this allows for a
project area with limited tax increment to complete projects it might otherwise not be able to afford.
There are not clear guiding policies that would help determine when it’s appropriate to use this
approach for a given project or initiative, but in the past it has enabled the RDA to respond to unique
opportunities/projects.
6.Consistency between RDA and City Policy – Currently the Board adopts policies to guide RDA
investment that typically mirror City policies, although in some cases they are different and/or more
targeted to RDA activities. The Board could adopt a blanket policy indicating that if the RDA does not
have a policy for a given area, the City policy applies.
ADDITIONAL & BACKGROUND INFORMATION
Gallivan Utah Center Owners Association (GUCOA)
GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is
responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally
contemplated a contractor to provide maintenance and programming which has been provided by the Public
Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming and events. The programming contract has
requirements for a set number of events that must be open to the public annually. Gallivan also provides many
free events to activate the space consistent with the Council/Board’s public policy goals for downtown.
Project Area Expiration Dates
Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax
increment already collected in expired project areas such as Sugar House. Sometimes project areas can be
extended/renewed for a longer length which happened to the Central Business District. The table below
summarizes project area timeframes from creation to expiration.
Project Area
Initial
Collection
Year
Last
Collection
Year
Total #
Years T.I.
Collection
Central Business District*1983 2040 58
Depot District 1999 2022 24
Granary District 2000 2023 24
North Temple 2012 2036 25
North Temple Viaduct CDA 2012 2036 25
Northwest Quadrant 2019 2038 20
Block 70 CDA 2016 2040 25
Stadler Rail 2019 2038 20
9-Line 2021 2040 25
State Street 2021 2040 25
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
Page | 18
The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board,
encourages, promotes, or provides development or redevelopment for the purpose of implementing a
project area plan, including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or
improvements;
(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.
ATTACHMENTS
1. Summary Comparison Budget Chart
2. RDA Guiding Framework Transmittal October 2019 (Mission, Core Values and Livability Benchmarks)
3. RDA FY 21 Capital Projects Request Log
4. REVISED – FY 22 RDA Key Changes (corrections from the Mayor’s Recommended Budget Book)
Page | 19
ATTACHMENT 1
SUMMARY COMPARISON BUDGET CHART
Dollars %
Administration $ 3,454,246 $ 3,561,300 $ 3,857,015 $ 295,715 8%
Block 70 $ 6,016,523 $ 10,953,363 $ 10,939,263 $ (14,100)0%
Central Business District $ 17,125,075 $ 25,366,500 $ 27,923,150 $ 2,556,650 10%
Citywide Housing (Primary
Housing Fund) $ - $ 1,363,779 $ 1,498,627 $ 134,848 10%
Depot District $ 2,233,062 $ 4,024,278 $ 4,121,164 $ 96,886 2%
Granary District $ 35,843 $ 648,945 $ 666,124 $ 17,179 3%
Housing Trust Fund $ - $ 2,590,000 $ 2,590,000 $ - 0%
North Temple $ 33,370 $ 440,810 $ 450,346 $ 9,536 2%
North Temple Viaduct $ 1,526,826 $ 1,159,813 $ 1,188,979 $ 29,166 3%
Northwest Quad CRA (North
of I-80) $ - $ - $ 1,500,000 $ 1,500,000 new
Northwest Quadrant Housing
Fund (Inland Port Legislation) $ - $ - $ 250,000 $ 250,000 new
Program Income Fund $ 636,245 $ 1,905,835 $ 1,742,535 $ (163,300)-9%
Project Area Housing
(Secondary Housing Fund) $ 16,478 $ 44,000 $ 394,000 $ 350,000 795%
Revolving Loan Fund $ - $ 852,000 $ 550,000 $ (302,000)-35%
Stadler Rail $ - $ - $ 71,000 $ 71,000
West Capitol Hill $ 20,996 $ 100,000 $ 150,000 $ 50,000 50%
West Temple Gateway
(expired) $ 25,681 $ 50,000 $ 50,000 $ - 0%
TOTALS $ 31,124,345 $ 53,060,623 $ 57,942,203 $ 4,881,580 9%
Operating Budget by Division
Division Budgets 2019-2020
Actuals
2020-2021
Adopted
2021-22
Proposed
Difference
Dollars %
Personal Services 1,815,624$ 2,100,484$ 2,254,632$ 154,148$ 7%
Operations and
Maintenance 2,276,649$ 1,108,116$ 1,299,683$ 191,567$ 17%
Charges and Services 21,881,937$ 31,782,155$ 30,100,552$ (1,681,603)$ -5%
Interest and Bond
Expense 5,150,135$ 13,984,334$ 15,962,163$ 1,977,829$ 14%
Capital Expenditures -$ 4,085,534$ 8,325,173$ 4,239,639$ 104%
TOTALS 31,124,345$ 53,060,623$ 57,942,203$ 4,881,580$ 9%
By Function
Department Budget FY 2019-20
Actuals
FY 2020-21
Adopted
FY 2021-22
Proposed
Difference
October 18, 2019
Guiding Framework
This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s
Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA
projects and partnerships.
MISSION: The Redevelopment Agency of Salt Lake City revitalizes neighborhoods and business districts to improve livability, spark economic growth, and foster
authentic communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities, commercial vitality, public
spaces, and environmental sustainability.
VALUES: Economic Growth-
We act as a responsible steward of public funds,
taking a long-term view of investment, return,
and property values.
Community Impact-
We prioritize projects and programs that
demonstrate commitment to improving equity
and quality of life for residents and businesses
in Salt Lake City.
Neighborhood Vibrancy-
We cultivate distinct and livable built
environments that are contextually sensitive,
resilient, connected, and sustainable.
PROJECT EVALUATION PROCESS: In the context of the Mission and Values, the RDA evaluates projects via three steps, which answer the following questions: 1.) Does the
project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving defined LIVABILITY BENCHMARKS,
thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the RDA Loan Program or Tax Increment
Reimbursement Program?
*Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans
will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process.
Step 1:
THRESHOLDS
Alignment with adopted City policies & plans
Alignment with Project Area Work Plans*
Financial viability with a demonstrated and reasonable need for public assistance
Step 2:
LIVABILITY
BENCHMARKS
Economic Growth
Leveraging
Timeliness
Return of Investment
Permanent Job Creation & Retention
Business Districts
Targeted Resources
Community Impact
Public Space
Transit Opportunities
Local Business Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Public Art
Community Support
Neighborhood Vibrancy
Quality Materials
Site & Urban Design
Building Design & Architecture
Sustainability
Walkability
Historic Preservation
Adaptive Reuse
Step 3:
PROGRAM
CRITERIA
Evaluation of project according to respective RDA policies, programs and procedures
EXHIBIT “A” TO RESOLUTION
Project Project Description 21-22 Budget
Operating Budget
Impact
1 Storefront
Revitalization
Establishment of a Storefront Revitalization program to
provide funding to businesses in CBD to complete building
renovation projects.
83,832$ None.
Subtotal $ 83,832
1 Station Center
Infrastructure
Appropriation of funds for Station Center infrastructure
projects consisting of the construction of three new streets,
reconstruction of an existing street, utility upgrades, and
streetscape improvements to implement the Depot District
Project Area Plan and Downtown Master Plan.
332,179$ None.
2 Enviromental
Remediation
Appropriation of funds to facilitate remediation and disposal
of contaminated soils.
200,000$ None.
Subtotal $ 532,179
1 Community &
Cultural Initiatives
Establishment of a new initiative to support public arts and
cultural programming.
$ 443,731 None.
Subtotal $ 443,731
1 Catalytic Project Appropriation of funds to use for a catlytic project within the
project area. Potential uses could include property
acquisition, loan/incentive programs, or infrastructure
improvements.
$ 289,268 Impact will be
determined on a
case by case basis.
2 10% School Fund Based on an Interlocal Agreement with the SLC School District,
the Agency is obligated to set aside 10% of the tax increment
generated for improvements that benefit schools served by
the project area.
$ 30,474 None.
Subtotal $ 319,742
1 Regent Street
Parking Structure
Capital Reserves
Establishment of a reserve account to meet potential
obligations in the future that are required under the contract
with PRI which provides parking for the Eccles Theater. Under
the agreement, the Agency is required to contribute towards
the maintenance and long term capital repairs of the parking
structure.
100,000$ None.
Subtotal $ 100,000
1 Shared Costs Establishment of a reserve account for the portion of the tax
increment expected to be used for redevelopment activities
that benefit the entire NWQ Project Area, are system wide, or
that benefit multiple property owners or parcels.
$ 350,000 None.
Subtotal $ 350,000
1 Commercial
Revitalization
Program
The Commercial Revitalization Program will provide funding
for future projects that provide visible improvements to a
building or site, decrease vacancy rate of the area, provide
missing retail or service opportunities, retain or create jobs,
and/or create new commercial space.
667,535$ None.
2 Sustainability
Technical Assistance
Program
Establishment of a program that provides technical assistance
for projects in accordance with the RDA's Sustainable
Development Policy.
200,000$ None.
Block 70 Projects
Northwest Quadrant
Program Income Fund Projects
Redevelopment Agency of Salt Lake City
2021-22 Capital Projects
Central Business District Fund Projects
Depot District Fund Projects
Granary District
North Temple Projects
Gallivan Repairs Appropriation of funds to use for repairs needed on the roof,
parking deck, ice rink cooling system, grand staircase, eastern
expansion joint, and other issues on Gallivan Avenue.
250,000$ None.
Subtotal $ 1,117,535
1 Housing
Development Loan
Program
A permanent and annually renewable program that
consolidates and centralizes resources for the development
and preservation of affordable housing. Loans provided
through the HDLP shall be funded directly from an individual
fund source, with revenues, expenditures, interest, payments
and repayments accounted for from the fund source to
comply with applicable State and Local statutes.
$ 498,627 None.
2 Strategic Site
Acquisition
Establishment of a reserve fund to use for acquisition of
properties for the purpose of preserving, improving or
increasing affordable housing units.
$ 1,000,000 None.
Subtotal $ 1,498,627
1 Housing
Development Loan
Program
A permanent and annually renewable program that
consolidates and centralizes resources for the development
and preservation of affordable housing. Loans provided
through the HDLP shall be funded directly from an individual
fund source, with revenues, expenditures, interest, payments
and repayments accounted for from the fund source to
comply with applicable State and Local statutes.
$ 394,000 None.
Subtotal $ 394,000
1 Housing
Development Loan
Program
A permanent and annually renewable program that
consolidates and centralizes resources for the development
and preservation of affordable housing. Loans provided
through the HDLP shall be funded directly from an individual
fund source, with revenues, expenditures, interest, payments
and repayments accounted for from the fund source to
comply with applicable State and Local statutes.
$ 2,590,000 None.
Subtotal $ 2,590,000
1 Accessory Dwelling
Units Program
Appropriation of funds to facilitate the construction of
Accessory Dwelling Units with a priority within Agency project
areas. Potential uses could include the creation and
marketing of the program as well as related design or
consulting expenses. The intent would be to increase the
supply of ADUs and incentivize owners to make the units
available to income targeted individuals.
$ 250,000 None.
Subtotal $ 250,000
Total Central Business District Fund/ Depot District/ Block
70/ North Temple/ Program Income Fund Capital Projects
$ 7,679,646
NWQ Housing Fund
Primary Housing Fund
Secondary Housing Fund
Housing Development Fund
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Central Business District
Revenue and Other Sources
Tax Increment 25,066,500 2,506,650 27,573,150
Interest Income 300,000 50,000 350,000
Total Revenues and Other Sources Budget 25,366,500 2,556,650 27,923,150
Expenses and Other Uses
Taxing Entity Payment (60%)15,039,900 1,503,990 16,543,890
Eccles Debt Service Block 70 RDA Match 2,638,112 469,628 3,107,740
Transfer to Administration 2,506,650 250,665 2,757,315
Commercial Development Loan Program 250,000 (250,000) -
Miscellaneous Property Expense 800,000 175,000 975,000
TI Reimbursement Jazz Arena 700,000 107,710 807,710
Gallivan Maintenance 528,543 (5,405) 523,138
TI Reimbursement 222 South Main 500,000 169,688 669,688
Gallivan Programming 200,000 50,000 250,000
Gallivan Administration 351,492 (11,010) 340,482
Eccles Debt Service Reserve 1,537,449 262,551 1,800,000
Parking Ramp Leases 64,355 - 64,355
Capital Expenditures - Japantown
-{Holding Account}-250,000 (250,000) -
Capital Expenditures - Storefront Revitalization
-{Holding Account}-- 83,832 83,832
Total Expenditures and Other Uses Budget 25,366,500 2,556,650 27,923,150
Budgeted revenues and other sources over
(under) expenditures and other uses -
West Capitol Hill
Revenue and Other Sources
Interest Income 100,000 50,000 150,000
Total Revenues and Other Sources Budget 100,000 50,000 150,000
Expenses and Other Uses
Transfer to Administration 100,000 50,000 150,000
Total Expenditures and Other Uses Budget 100,000 50,000 150,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
REDEVELOPMENT AGENCY KEY CHANGES
1 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
West Temple Gateway
Revenue and Other Sources
Interest Income 50,000 - 50,000
Total Revenues and Other Sources Budget 50,000 - 50,000
Expenses and Other Uses
Transfer to Administration 50,000 - 50,000
Total Expenditures and Other Uses Budget 50,000 - 50,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Depot District
Revenue and Other Sources
Tax Increment 3,844,278 76,886 3,921,164
Interest Income 180,000 20,000 200,000
Total Revenues and Other Sources Budget 4,024,278 96,886 4,121,164
Expenses and Other Uses
TI Reimbursement Gateway 1,200,000 65,520 1,265,520.00
Primary Housing Fund 768,856 15,377 784,233.00
Capital Expenditures - 100 S Utilities
-{Holding Account}-388,981 (388,981) -
Capital Expenditures - Station Center Infrastructure
-{Holding Account}-- 332,179 332,179.00
Transfer to Administration 576,642 11,533 588,175.00
Grant Tower Debt Service 275,800 (200) 275,600.00
TI Reimbursement Alta Gateway 260,000 119,960 379,960.00
TI Reimbursement Homewood Suites 110,000 (4,064) 105,936.00
Miscellaneous Property Expense 100,000 20,000 120,000.00
TI Reimbursement Cowboy Partners Liberty Gateway 94,000 (24,439) 69,561.00
TI Reimbursement Cicero 50,000 (50,000) -
Capital Expenditures - Environmental Remediation Sites 3 & 4
-{Holding Account}-200,000 - 200,000.00
Total Expenditures and Other Uses Budget 4,024,278 96,886 4,121,164
Budgeted revenues and other sources over
(under) expenditures and other uses -
2 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Granary District
Revenue and Other Sources
Tax Increment 608,945 12,179 621,124
Interest Income 40,000 5,000 45,000
Total Revenues and Other Sources Budget 648,945 17,179 666,124
Expenses and Other Uses
Adaptive Reuse loan program
-{Holding Account}-396,814 (396,814) -
Capital Expenditures - Community/Cutural Initiative
-{Holding Account}-- 443,731 443,731
Primary Housing Fund 121,789 2,436 124,225
Transfer to Administration 91,342 1,826 93,168
TI Reimbursement Artspace Commons 34,000 (34,000) -
Miscellaneous Property Expense 5,000 - 5,000
Total Expenditures and Other Uses Budget 648,945 17,179 666,124
Budgeted revenues and other sources over
(under) expenditures and other uses -
North Temple
Revenue and Other Sources
Tax Increment 426,810 8,536 435,346
Interest Income 14,000 1,000 15,000
Total Revenues and Other Sources Budget 440,810 9,536 450,346
Expenses and Other Uses
Capital Expenditures - Catalytic Project
-{Holding Account}-270,086 19,182 289,268
Primary Housing Fund 85,362 1,707 87,069
Capital Expenditures - 10% School Construction Fund
-{Holding Account}-42,681 (12,207) 30,474
Transfer to Administration 42,681 854 43,535
Total Expenditures and Other Uses Budget 440,810 9,536 450,346
Budgeted revenues and other sources over
(under) expenditures and other uses -
3 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Block 70
Revenue and Other Sources
Private Fundraising 800,000 (800,000) -
Transfer From CBD Taxing Entity Payments 4,043,171 66,029 4,109,200
Transfer From CBD Eccles Debt Service RDA match 2,638,112 469,628 3,107,740
Transfer from CBD Eccles Debt Service Reserve Account 1,537,449 262,551 1,800,000
Tax Increment 1,884,631 37,693 1,922,323
Interest Income 50,000 (50,000) -
Total Revenues and Other Sources Budget 10,953,363 (14,099) 10,939,263
Expenses and Other Uses
Eccles Theater Debt Service 8,070,927 (2,718) 8,068,209
Reserve for Eccles Debt Service 480,959 (390,342) 90,617
Regent Street Bond Debt Service 981,087 467,653 1,448,740
Taxing Entity Payments (30%)565,390 11,307 576,697
Fundraising Fulfillment 150,000 (50,000) 100,000
Eccles Theater- Operating Reserve for Ancillary Spaces 475,000 - 475,000
Property and Liability Insurance 50,000 (50,000) -
Regent Street Parking Structure Capital Reserves
-{Holding Account}-100,000 - 100,000
Regent Street Maintenance 80,000 - 80,000
Total Expenditures and Other Uses Budget 10,953,363 (14,100) 10,939,263
Budgeted revenues and other sources over
(under) expenditures and other uses 0
North Temple Viaduct
Revenue and Other Sources
Tax Increment 1,158,313 23,166 1,181,479
Interest Income 1,500 6,000 7,500
Total Revenues and Other Sources Budget 1,159,813 29,166 1,188,979
Expenses and Other Uses
Debt Service Payment to Salt Lake City 1,142,438 28,819 1,171,257
Transfer to Admin 17,375 347 17,722
Total Expenditures and Other Uses Budget 1,159,813 29,166 1,188,979
Budgeted revenues and other sources over
(under) expenditures and other uses -
Northwest Quadrant
Revenue and Other Sources
Tax Increment - 1,500,000 1,500,000
Interest Income - - -
Total Revenues and Other Sources Budget - 1,500,000 1,500,000
Expenses and Other Uses
TI Reimbursement NWQ Phase I - 500,000 500,000
Transfer to Secondary Housing - 350,000 350,000
Shared Costs
-{Holding Account}-- 350,000 350,000
Transfer to Primary Housing - 150,000 150,000 4 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Transfer to Admin - 150,000 150,000
Total Expenditures and Other Uses Budget - 1,500,000 1,500,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Stadler Rail
Revenue and Other Sources
Tax Increment - 71,000 71,000
Interest Income - - -
Total Revenues and Other Sources Budget - 71,000 71,000
Expenses and Other Uses
TI Reimbursement - 56,800 56,800
Transfer to Primary Housing - 7,100 7,100
Transfer to Admin - 7,100 7,100
Total Expenditures and Other Uses Budget - 71,000 71,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
5 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Revolving Loan Fund
Revenue and Other Sources
FY17 Beginning Balance
Interest on Investment 470,000 - 470,000
Principal Payments 275,000 (220,000) 55,000
Interest on Loans 107,000 (82,000) 25,000
Total Revenues and Other Sources Budget 852,000 (302,000) 550,000
Expenses and Other Uses
Available to Lend 852,000 (302,000) 550,000
Total Expenditures and Other Uses Budget 852,000 (302,000) 550,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Program Income Fund
Revenue and Other Sources
Parking Structure Income 1,242,335 - 1,242,335
Rents 315,000 (99,300) 215,700
Interest Income 250,000 - 250,000
Loan Repayments 88,000 (60,000) 28,000
Interest on Loans 10,500 (4,000) 6,500
Total Revenues and Other Sources Budget 1,905,835 (163,300) 1,742,535
Expenses and Other Uses
Capital Expenditures - Commercial Revitalization Program
-{Holding Account}-- 667,535 667,535
Professional Services 299,009 991 300,000
Miscellaneous Property Expense 300,000 - 300,000
Capital Expenditures - Sustainability Technical Assistance Program
-{Holding Account}-- 200,000 200,000
Transfer to Administration 176,611 (176,611) -
Marketing and Sales 25,000 - 25,000
Project Area Seed Funds 505,215 (505,215) -
Capital Expenditures - Gallivan Repairs
-{Holding Account}-250,000 - 250,000
Capital Expenditures - Project Area Art
-{Holding Account}-250,000 (250,000) -
Project Area Creation 100,000 (100,000) -
Total Expenditures and Other Uses Budget 1,905,835 (163,300) 1,742,535
Budgeted revenues and other sources over
(under) expenditures and other uses -
6 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Secondary Housing Fund (formerly Project Area Housing Fund)
Revenue and Other Sources
Interest Income 44,000 - 44,000
Transfer from NWQ - 350,000 350,000
Total Revenues and Other Sources Budget 44,000 350,000 394,000
Expenses and Other Uses
Capital Expenditures - Housing Development Loan Program
-{Holding Account}-394,000
Infill Housing Development 44,000 (44,000) -
Total Expenditures and Other Uses Budget 44,000 (44,000) 394,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
Primary Housing Fund (formerly Citywide Housing Fund)
Revenue and Other Sources
Transfer from Depot 768,856 15,377 784,233
Interest Income 225,000 - 225,000
Transfer from NWQ - 150,000 150,000
Transfer from Granary 121,789 2,436 124,225
Loan Repayments 82,547 (31,547) 51,000
Interest on Loans 80,225 (10,225) 70,000
Transfer from Stadler Rail - 7,100 7,100
Transfer from North Temple 85,362 1,707 87,069
Total Revenues and Other Sources Budget 1,363,779 134,848 1,498,627
Expenses and Other Uses
Housing NOFA 1,363,779 (1,363,779) -
Housing Development Loan Program
-{Holding Account}-- 498,627 498,627
Strategic Site Acquisition
-{Holding Account}-- 1,000,000 1,000,000
Total Expenditures and Other Uses Budget 1,363,779 134,848 1,498,627
Budgeted revenues and other sources over
(under) expenditures and other uses (0)
NWQ Housing Fund
Revenue and Other Sources
UIPA Housing Allocation - 250,000 250,000
Total Revenues and Other Sources Budget - 250,000 250,000
Expenses and Other Uses
Capital Expenditures - Accessory Dwelling Unit program
-{Holding Account}-- 250,000 250,000
Total Expenditures and Other Uses Budget - 250,000 250,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
7 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Housing Development Fund
Revenue and Other Sources
Funding Our Future Land Discounts and Financing 2,590,000 - 2,590,000
Total Revenues and Other Sources Budget 2,590,000 - 2,590,000
Expenses and Other Uses
Housing Development Loan Program
-{Holding Account}-2,590,000 - 2,590,000
Total Expenditures and Other Uses Budget 2,590,000 - 2,590,000
Budgeted revenues and other sources over
(under) expenditures and other uses -
8 of 9 5/13/2021 2:41 PM
FUND
FY2021
Adopted
Budget
Full Time
Equivalent
Changes from
FY2021
Budget
FY2022
Recommended
Budget
Administration
Revenue and Other Sources
Transfer from Central Business District 2,506,650 250,665 2,757,315
Transfer from Depot District 576,642 11,533 588,175
Transfer from West Capitol Hill 100,000 50,000 150,000
Transfer from Granary District 91,342 1,826 93,168
Transfer from West Temple Gateway 50,000 - 50,000
Transfer from North Temple 42,681 854 43,535
Transfer From Program Income Fund 176,610 (176,610) -
Transfer from North Temple Viaduct 17,375 347 17,722
Transfer from Northwest Quadrant - 150,000 150,000
Transfer from Stadler Rail - 7,100 7,100
Transfer from FC77 1,171,996 (1,171,996) -
Total Revenues and Other Sources Budget 4,733,296 (876,281) 3,857,015
Expenses and Other Uses
RDA Personnel 2,100,484 19 154,148 2,254,632
Gallivan Personnel 1,171,996 13 (1,171,996) -
Administrative Fees 800,000 139,683 939,683
Operating & Maintenance 308,116 51,884 360,000
Charges and Services 202,700 - 202,700
Furniture, Fixtures and Equipment 150,000 (50,000) 100,000
Total Expenditures and Other Uses Budget 4,733,296 32 (876,281) 3,857,015
Budgeted revenues and other sources over
(under) expenditures and other uses 0
TOTAL Revenue 54,232,619 57,942,203
TOTAL Expense 54,232,619 57,942,203
CIP Allocations detailed on Cap Projects tab 4,738,562 7,679,646
Appropriation of Fund Balance - -
GRAND TOTALS
9 of 9 5/13/2021 2:41 PM
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474
WWW.SLCMAYOR.COM
TEL 801-535-7704
RDA TRANSMITTAL
______________________________ Date Received: 5/27/2021
Rachel Otto, Chief of Staff
Date Sent to Council: 5/27/2021
TO: RDA Board of Directors DATE: 5/27/20201
Ana Valdemoros, Board of Directors
FROM: Rachel Otto, Chief of Staff
Office of the Mayor
SUBJECT: Board Re-Appointment Recommendation: Redevelopment Advisory Committee
STAFF CONTACT: Jessi Eagan
jessi.eagan@slcgov.com
DOCUMENT TYPE: Board Re-Appointment Recommendation: Redevelopment Advisory
Committee
RECOMMENDATION: The Administration recommends the Salt Lake City Redevelopment
Agency Board consider the recommendation in the attached letter from the Mayor and re-appoint
Mark Isaac as a member of the Redevelopment Advisory Committee.
ERIN MENDENHALL
Mayor
OFFICE OF THE MAYOR
P.O. BOX 145474
451 SOUTH STATE STREET, ROOM 306
SALT LAKE CITY, UT 84114-5474
WWW.SLCMAYOR.COM
TEL 801-535-7704
May 27, 2021
Salt Lake City Redevelopment Agency Board
451 S State Street Room 404
PO Box 145518
Salt Lake City, Utah 84114
Dear Board Chair Valdemoros,
Listed below is my recommendation for membership re-appointment to the Redevelopment
Advisory Committee.
Mark Issac – to be re-appointed for a final term ending the third Monday in January, 2025, starting
from the date of City Council advice and consent.
I respectfully ask your consideration and support for this re-appointment.
Respectfully,
Erin Mendenhall, Mayor
Cc: File