12/13/2022 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
December 13, 2022 Tuesday 2:00 PM
Board meetings are held in a hybrid meeting format. Hybrid meetings allow people to join online or in person at the
City & County Building. Learn more at www.slc.gov/council/agendas.
Council Work Room
451 South State Street Room 326
Salt Lake City, UT 84111
SLCRDA.com
In accordance with State Statute and City Ordinance, the meeting may be held electronically. After 5:00
p.m., please enter the City & County Building through the main east entrance.
This is a discussion among 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: 09:53:42
Comments:A.
1.General Comments to the Board TENTATIVE
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.Approval of Minutes ~2:05 p.m.
5 min.
The Board will approve the meeting minutes of October 11, 2022 and October 18, 2022.
2.RDA Audit Review and Approval for Fiscal Year 2021-22 ~ 2:10 p.m.
20 min.
The Board will review and consider approval of the Fiscal Year 2021-22 RDA Audit,
which shows the Agency's financial conditions as of June 30, 2022.
3.Informational: RDA Legislative Branch Leadership Structure
Discussion ~ 2:30 p.m.
30 min.
The Board will discuss policy changes suggested by Board Chair Ana Valdemoros relating
to the RDA Legislative Branch leadership structure, and potential opportunities to
involve RDA Board Members to a greater extent in the RDA Board aspects of projects.
(Council Member Valdemoros has made a similar proposal related to the City Council
policies.)
4.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.
5.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;
•RDA Staff Updates;
•Project Updates; and
•Scheduling Items.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
Adjournment
F.Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5.discussion regarding deployment of security personnel, devices, or systems; and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
G.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on Thursday, December 8, 2022, 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.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay
service 711.
PENDING MINUTES – NOT APPROVED
The City Council of Salt Lake City, Utah, met in Formal Session on Tuesday, October 18, 2022.
The following Council Members were present:
Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria Petro-
Eschler, Alejandro Puy
Present Legislative leadership:
Cindy Gust-Jenson, Executive Director; Lehua Weaver, Associate Deputy Director
Present Administrative leadership:
Mayor Erin Mendenhall; Rachel Otto, Chief of Staff
Present City Staff:
Katie Lewis – City Attorney, Cindy Lou Trishman – City Recorder, Brian Fullmer – Constituent
Liaison, Policy Analyst, Sam Owen – Public Policy Analyst, Sylvia Richards – Public Policy
Analyst, Thais Stewart – Deputy City Recorder, Michelle Barney – Minutes & Records Clerk,
Isaac Canedo – Council Staff, Taylor Hill – City Council Staff
Council Member Valdemoros presided at and conducted the meeting.
The meeting was called to order at 7:08 pm
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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A.OPENING CEREMONY:
1.Council/Board Member Ana Valdemoros will conduct the formal meeting.
Minutes:
Council Member Valdemoros welcomed everyone to the meeting.
2.Pledge of Allegiance.
Minutes:
The Pledge of Allegiance was recited.
3.Welcome and Public Meeting Rules.
Minutes:
Council Member Valdemoros presented the rules of decorum.
4.The Council will approve the work session meeting minutes of June 2, 2022 and
August 9, 2022 as well as the formal meeting minutes of August 16, 2022 and the
Truth-in-Taxation meeting minutes of August 16, 2022 and August 29, 2022.
Motion:
Moved by Council Member Fowler, seconded by Council Member Dugan to
approve the Work Session meeting minutes of June 2, 2022 and August 9,
2022 as well as Formal meeting minutes of August 6, 2022 and Truth-in-
Taxation meeting minutes of August 16, 2022 and August 29, 2022.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
5.The Council will consider adopting a joint ceremonial resolution with Mayor
Mendenhall declaring November as Native American Heritage Month in Salt Lake
City.
Motion:
Moved by Council Member Wharton, seconded by Council Member Puy to
adopt Resolution 27 of 2022, a joint ceremonial resolution declaring
November as Native American Heritage Month in Salt Lake City.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Minutes:
Council Member Valdemoros read the resolution and thanked the Native American
Tribes for collaborating with the City to bring about the resolution.
B.PUBLIC HEARINGS:
1. Grant Application: Know Your Neighbor – Open Society Foundation
Grant
The Council will accept public comment for a grant application request from the
Mayor’s Office of Equity & Inclusion to the Open Society Foundation. If awarded,
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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the grant would fund the salary for a new part-time program coordinator position
in the Mayor’s Office of Equity & Inclusion. The City, through its Know Your
Neighbor Program, will assist the County in integrating Afghan Refugees subject
to the Operation Afghan Resettlement Support (OARS) program as set forth in the
County’s Response to the Open Society Foundations’ Request for Letters of
Inquiry.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, October 18, 2022 at 7 p.m.
TENTATIVE Council Action - n/a
Staff Recommendation - Close and refer to future consent
agenda.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Minutes:
Sylvia Richards gave a brief introduction.
No public comments.
Motion:
Moved by Council Member Puy, seconded by Council Member Dugan to close
the Public Hearing and refer Item B-1 to a future Consent Agenda for action.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
2. Resolution: General Obligation Bond for Parks, Trails and Open
Space
The Council will hold a public meeting to accept public comment and allow for
the presentation of arguments in favor of or against the ballot proposition
authorizing the issuance of $85 million general obligation bonds to finance the
acquisition, improvement, renovation and upgrading of various parks, trails, open
space and related facilities and recreational amenities.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, July 12, 2022 and Tuesday, August 9, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - Tuesday, October 11, 2022 and Tuesday,
October 18, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, August 16, 2022
Staff Recommendation - Refer to motion sheet(s).
Minutes:
Cindy Lou Trishman read the Pro Argument for the General Obligation Parks, Trails
and Open Space bond.
Joseph Johnson and Nigel Swaby spoke in favor of the bond specifically:
•Need to prioritize water conservation
•Saving/protecting the Great Salt Lake
•The increased use of trails and outdoor facilities following the pandemic
•Parks needed/deserved the proposed improvements
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•Thankful for the projects on the Westside and hope that the projects would bring
attention to the Jordan River
Sean Tomlinson spoke in opposition to raising taxes; other ways to accomplish the
projects without taxing residents, Salt Lake City was becoming unaffordable and this
would exacerbate the issue.
Motion:
Moved by Council Member Puy, seconded by Council Member Dugan to close
the Public Hearing/Meeting.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
3. Resolution: Salt Lake City International Airport Master Plan
The Council will continue to accept public comment and consider adopting a
resolution that would approve the Salt Lake City Department of Airports’ 2022
Master Plan Update for continued development of the Salt Lake City
International Airport. The 2022 Master Plan evaluates the ability of Airport
facilities to accommodate user needs at existing and forecasted demand levels and
provides recommendations regarding additional facilities that are needed to meet
the forecasted demand.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, August 9, 2022 and Tuesday, October 11, 2022
Set Public Hearing Date - Tuesday, August 16, 2022
Hold hearing to accept public comment - Tuesday, September 6, 2022 and
Tuesday, October 18, 2022 at 7 p.m.
TENTATIVE Council Action - TBD
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Minutes:
Sam Owen gave a brief introduction.
Joseph Johnson spoke to the need to be energy/resource efficient to help the planet
and ensure the resources were available for the future.
Motion:
Moved by Council Member Dugan, seconded by Council Member Fowler to
close the Public Hearing and defer action to a future meeting.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
4. Ordinance: Alley Vacation at approximately 925 South 1200 West
The Council will accept public comment and consider adopting an ordinance that
would vacate a portion of City-owned alley situated adjacent to the property at
925 South 1200 West, and a section of the 9-Line trail. The proposal is to vacate
an east/west alley segment and incorporate the vacant land into the neighboring
property. Petition No.: PLNPCM2021-00806
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 11, 2022
Set Public Hearing Date - Tuesday, October 4, 2022
Hold hearing to accept public comment - Tuesday, October 18, 2022 at 7 p.m.
TENTATIVE Council Action - Thursday, November 10, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Minutes:
Brian Fullmer gave a brief introduction.
No public comments.
Motion:
Moved by Council Member Puy, seconded by Council Member Fowler to
close the Public Hearing and defer action to a future Council Meeting.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
C.POTENTIAL ACTION ITEMS:
1. Ordinance: Shared Housing Zoning Text Amendments (formerly
Single Room Occupancy or SROs)
The Council will consider adopting an ordinance that would amend various
sections of Title 21A of the Salt Lake City Code pertaining to Single Room
Occupancy (SRO) uses (to be called Shared Housing uses). The proposed
amendments would redefine what was previously Single Room Occupancy (SRO)
housing to Shared Housing, and defines it as a residential building, or part of one,
that contains smaller housing units consisting of one or more sleeping rooms and
may contain either a private kitchen or private bathroom, but not both. In the
updated proposal, units could contain multiple sleeping rooms, rather than
limiting the unit to one sleeping room. Other sections of Title 21A – Zoning may
also be amended as part of this petition. Petition No.: PLNPCM2018-00066
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, April 14, 2020; Tuesday, October 6, 2020; Tuesday, March 23,
2021; and Tuesday, September 20, 2022
Set Public Hearing Date - Tuesday, October 6, 2020
Hold hearing to accept public comment - Tuesday, October 20, 2020 and
Tuesday, November 10, 2020 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Motion:
Moved by Council Member Dugan, seconded by Council Member Wharton to
adopt Ordinance 66 of 2022, amending various sections of Title 21A
pertaining to shared housing.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Minutes:
Council Member Fowler stated constituent concerns were heard and believed recent
changes would be addressed with the minimization of the maximum size (lowering the
maximum number of people in the units sharing bathrooms/kitchens) of the units adds a
dignified alternative and valuable option for affordable housing.
Council Member Wharton stated this was a great way to create shared housing, concerns
were heard and impacted the ordinance for the better and hopefully the ordinance
represented a compromise for the City.
2. Ordinance: Zoning Text Amendments for Off-street Parking
The Council will consider adopting an ordinance that would amend various
sections of the Salt Lake City Code pertaining to off-street parking regulations.
The proposal would:
•Simplify parking regulations;
•Address technical issues in enforcement; and
•Establish a responsive ordinance to the City’s changing development
patterns.
Other sections of Title 21A – Zoning may also be amended as part of this
petition. Petition No.: PLNPCM2017-00753
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, February 16, 2021; Tuesday, April 13, 2021; Tuesday,
September 21, 2021; and Tuesday, September 20, 2022
Set Public Hearing Date - Tuesday, February 16, 2021
Hold hearing to accept public comment - Tuesday, March 16, 2021 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Motion:
Moved by Council Member Mano, seconded by Council Member Wharton to
adopt Ordinance 67 of 2022, amending various sections of Title 21A
pertaining to off-street parking, mobility, and loading zones.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
3. Ordinance: Text Amendments to the RMF-30 Low Density Multi-
Family Residential Zoning District
The Council will consider adopting an ordinance that would amend the RMF-30
(Low Density Multi- Family Residential) Zoning District and corresponding
sections of Salt Lake City’s Zoning Ordinance. The changes aim to remove zoning
barriers to multi-family housing developments in RMF-30 zoned areas of the
City. Proposed changes include:
1.Introducing design standards for all new development;
2.Allowing the construction of new building types including sideways row
houses, cottage developments, and tiny houses;
3.Reducing minimum lot area requirements per unit;
4.Removing lot width minimum requirements;
5.Allowing more than one primary structure on a lot;
6.Granting a density bonus for the retention of an existing structure; and
7.Introducing a lot width maximum to discourage land banking.
Related sections of Title 21A – Zoning may also be amended as part of this
petition. Petition No.: PLNPCM2019-00313
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, September 1, 2020; Tuesday, March 2, 2021; and September
20, 2022
Set Public Hearing Date - Tuesday, September 1, 2020 and Tuesday, March 2,
2021
Hold hearing to accept public comment - Tuesday, October 6, 2020; Tuesday,
October 20, 2020; and Tuesday, March 16, 2021 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Motion:
Moved by Council Member Puy, seconded by Council Member Petro-Eschler
to adopt Ordinance 68 of 2022, amending various sections of Title 21A
pertaining to RMF-30 Low Density Multi-family Residential District, and
wait to publish the ordinance for 180 calendar days.
AYE: Daniel Dugan, Darin Mano, Ana Valdemoros, Chris Wharton, Victoria Petro-
Eschler, Alejandro Puy
NAY: Amy Fowler
Final Result: 6 – 1 Pass
Minutes:
Council Member Mano moved to approve the ordinance amending various sections of
Title 21A pertaining to RMF-30 Low Density Multi-Family Residential District.
Council Member Puy suggested the substitute motion including the waiting period of 180
days; stated the reasoning for the substitute motion was that there were other ordinances
in the works and there may be unintended consequences if this ordinance were pushed
forward that may be minimized, the 180 days would allow for time to work through other
changes.
Council Members and Cindy Gust-Jensen discussed the process for voting on the
original/substitute motion and what would happen after the 180 days if the other
ordinances were not adopted/ready.
Council Member Fowler stated the other ordinances were mitigation/displacement
policies, appreciated a compromise but did not feel the concerns of the public had been
addressed.
Council Member Valdemoros stated the ordinances Staff was working on were the
Thriving in Place and the Housing Loss Mitigation Plan which were aids to the subject
ordinance.
4. Ordinance: Rezone and Master Plan Amendment at 16 South 800
West
The Council will consider adopting an ordinance that would amend the zoning of
property at approximately 16 South 800 West from Transit Station Area District -
Urban Neighborhood Station - Transition (TSA-UN-T) to Transit Station Area
District - Urban Neighborhood Station - Core (TSA-UN-C). The ordinance would
also amend the North Temple Boulevard Plan. The proposed amendments are
intended to allow the property owner to build a mixed-use building with a
possibility of a maximum height of 75 feet. No development plans have been
submitted by the applicant at this time. Consideration may be given to rezoning
the property to another zoning district with similar characteristics. Petition No.:
PLNPCM2021-01242 and PLNPCM2021-01202
FYI – Project Timeline: (subject to change per Chair direction or Council
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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discussion)
Briefing - Tuesday, September 13, 2022
Set Public Hearing Date - Tuesday, September 6, 2022
Hold hearing to accept public comment - Tuesday, September 20, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Motion:
Moved by Council Member Dugan, seconded by Council Member Wharton to
adopt Ordinance 69 of 2022, amending the zoning of a property at
approximately 16 South 800 West from Transit Station Area District –
Urban Neighborhood Station Transition (TSA-UN-T) to Transit Station Area
District – Urban Neighborhood Station -Core (TSA-UN-C).
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
5. Ordinance: Ballpark Station Area Plan
The Council will consider an ordinance that would adopt the Ballpark Station
Area Plan. The Ballpark Station Area Plan is intended to set a framework to help
guide growth-related issues and to capitalize on the Ballpark as the
neighborhood’s central public asset. The Ballpark Station Area Plan will
encompass the area that runs roughly between 900 South to 1700 South, and
State Street to I-15. The small area plan’s boundaries are within both the Central
Community Master Plan and the Downtown Master Plan.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, September 13, 2022
Set Public Hearing Date - Tuesday, September 20, 2022
Hold hearing to accept public comment - Tuesday, October 4, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
Motion:
Moved by Council Member Puy, seconded by Council Member Mano to adopt
Ordinance 70 of 2022, for the Ballpark Station Area Plan as part of Salt Lake
City’s General Plan.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Minutes:
Council Member Mano expressed excitement over the plan being approved as it would
make a big difference in this neighborhood.
6. Resolutions: The Other Side Village Pilot Project at 1850 West
Indiana Avenue, Public Benefits Analysis and a Resolution to
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Tuesday, October 18, 2022
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Authorize the Lease Rate and Terms
The Council will consider adopting a resolution that would authorize the Lease
Rate and Term for The Other Side Village Pilot Project at 1850 West Indiana
Avenue. This would allow the City to enter into a 40-year below-market ground
lease agreement with The Other Side Academy, a Utah nonprofit corporation, in
order to facilitate the construction of a tiny home village with approximately 54
units of affordable housing.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, September 6, 2022; Tuesday, September 20, 2022; and
Tuesday, October 4, 2022
Set Public Hearing Date - Monday, August 29, 2022
Hold hearing to accept public comment - Tuesday, September 20, 2022 and
Tuesday, October 4, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Motion:
Moved by Council Member Wharton, seconded by Council Member Dugan to
approve Resolution 32 of 2022 the public benefit analysis and ground lease
terms, subject to the following conditions:
1. The City and The Other Side Village enter into the Ground Lease on the
terms and conditions set forth on the proposed term sheet.
2. The City and The Other Side Village enter into Development Agreement on
the terms and conditions set forth on the proposed term sheet.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Minutes:
Council Member Puy stated the village was proposed for District 2, acknowledged the
work done to address community concerns which were now part of an agreement with
the providers; placing a rubric for how Salt Lake City would address difficult projects in
the future, the Westside experienced trauma from the continuation of adding these types
of communities which needed to be kept in mind for future projects; spoke to the
difficulty of the conversations and the feelings of those on the Westside.
Council Member Petro-Eschler read a statement regarding the feelings of those on the
Westside; the crime rates and how the rezone could affect the surrounding
neighborhood, issues with developmental trauma experienced and the results of that
trauma, efforts to help the residents be heard, and need for assurance to be given to the
residents of the Westside that future development would not be taken lightly. (Full
statement attached to the Meeting Materials)
Council Member Wharton thanked the Other Side Village, Staff, and everyone involved in
moving this forward, stated law making was not an even game, all facets of this project
helped make a better outcome, thanked Council Member Puy and Petro-Eschler for
working on this and including Council Member Wharton as one of the Westside
representatives having ensured this project was the best it could be from the beginning.
Council Member Valdemoros stated she struggled with the project because of the need
for economic growth on the Westside, but everyone involved made the project a better
product, the final development agreement was due to Council Members Puy, Petro-
Eschler and the Mayor’s hard work.
7. Ordinance: Rezoning to Facilitate Development of The Other Side
Village at 1850 West Indiana Avenue
The Council will consider adopting an ordinance that would amend the zoning
map to portions of City-owned properties at 1850 West Indiana Avenue and 1965
West 500 South to rezone the parcels from PL (Public Lands) to FB-UN2 (Form
Based Urban Neighborhood). The proposed uses on the approximately 37.1-acre
site would include permanent supportive housing for homeless individuals as well
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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as services and resources to include on-site healthcare, medical services, and
community gathering spaces. This request only relates to the zoning designation
of the property. No specific site development proposal has been submitted or is
under consideration at this time and the Westside Master Plan is not being
changed. Consideration may be given to rezoning the property to another zoning
district with similar characteristics. Petition No.:PLNPCM2021-00787
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, September 13, 2022; Tuesday, September 20, 2022; and
Tuesday, October 4, 2022
Set Public Hearing Date - Monday, August 29, 2022
Hold hearing to accept public comment - Tuesday, September 20, 2022 and
Tuesday, October 4, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
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Motion:
Moved by Council Member Dugan, seconded by Council Member Fowler to
adopt Ordinance 71 of 2022, amending the zoning map to portions of City-
owned properties at 1850 West Indiana Avenue and 1965 West 500 South to
rezone the parcels from PL (Public Lands) to FB-UN2 (Form Based Urban
Neighborhood).
AYE: Daniel Dugan, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria Petro-
Eschler, Alejandro Puy
NAY: Darin Mano
Final Result: 6 – 1 Pass
Minutes:
Council Member Mano expressed concern over rezoning the entire site, wanted the pilot
program to move forward and be successful but would have liked additional Council and
public input prior to the entire site being rezoned.
D.COMMENTS:
1.Questions to the Mayor from the City Council.
Minutes:
No questions.
2.Comments to the City Council. (Comments are taken on any item not scheduled
for a public hearing, as well as on any other City business. Comments are limited
to two minutes.)
Minutes:
Council Member Valdemoros reiterated the rules of decorum.
Katie Pappas, Brian Moench, Tena Rohr, Maureen Grossman, Monica
Hilding, Nancy Alice McHugh, Carolyn Erickson and Courtney Henley spoke in
opposition of the Interlocal Agreement with the Inland Port, specifically:
•Agreement to be put on hold to allow for public input
•25 years was too long for the agreement as things changed and corrections
might be needed
•Doing it right should take priority over doing it fast
•At the Port Authority meeting, most spoke in opposition to the agreement noting
the need for further review
•The Great Salt Lake needed to be saved and could not give water to the Inland Port
•Property taxes should go to the City, not the Inland Port
•Most impactful thing would be to shut the Inland Port down before more harm was
done to the environment
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
16
•Agreement was not advantageous to Salt Lake City, urged more time to review and
make the necessary changes
•Environmental health study was needed before the Inland Port moved forward
•Air-quality improvement was a must
•More information requested on who was performing the Human Health
Assessment
Cindy Cromer spoke to the loss of housing in the City, gave statistics of renters and
how it had been increasingly difficult for renters to buy homes or find cheaper rentals,
thanked the Council for applying the 180 day waiting period to the RMF-30 proposal,
and thanked Council Member Fowler for her work on the RMF-30 zoning.
Judi Short asked the Council to ensure Staff worked to create ordinances/policies
for housing and keep it affordable, suggested monthly progress reports to ensure the
ordinances were working.
Lynn Schwarz spoke to shared housing; RMF-30 housing ordinances and proposed
affordable housing initiative were likely to have a displacement impact on affordable
housing as it currently stood, mitigation efforts were not working, the need to ensure
people were not being displaced to create developments, and ensuring effective
mitigation was in place before these ordinance took hold.
Bob Danielson commended the Council for approving the Other Side Village, asked for
the current Shelter Providers to be held accountable for conditional use permits and
called out issues within District five.
Council Member Mano read a statement in response to Bob Danielson’s comment and to
the issues being rectified. (Full statement attached to the Meeting Materials).
Nigel Swaby spoke to the property on the west side that was being rezoned from
manufacturing to Transit Station Area, said a Master Plan should be put in place before
the rezone was complete, business were moving out of the area, and a master plan would
help give people confidence in what could happen in the area.
Maureen Botoman stated the rezone on F Street contributed positively to the area as it
fit with the character of the neighborhood, the Avenues Master Plan was outdated and
did not apply to the current nature of the area, requested the Council’s support of the
rezone.
Levy Woodruff spoke in support of a letter from the Seven Faiths regarding adequate
housing for homeless individuals before the winter months and ensuring new housing
was affordable.
Dave Iltis spoke in favor of higher density in the upper Avenues with the addition of a
park and wildlife habitat, agreed with the comments about the Inland Port, detailed a
complaint about violation of complete streets projects (100 South) and the response
received.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
17
Steve Kubaba spoke to housing affordability, parks bond and how funding was
regulated, and the need to think about the residents that did not have the income to
support the tax increases.
Roger Miller spoke to the tiny home village on the Westside, the need to address the
mental health of the homeless, The Pointe by the Airport being the better option for the
homeless; and air-quality was deteriorating because of the tailings from Rio Tinto that
needed to be addressed.
Rosalba Dominguez spoke in favor of Lorena Riffo-Jenson’s appointment to Director
of Economic Development.
E.NEW BUSINESS:
1. Advice and Consent: Director of Economic Development – Lorena
Riffo-Jenson
The Council will consider approving the appointment of Lorena Riffo-Jenson as
the Director of Economic Development.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 18, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Suspend the rules and consider
motions.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
18
Motion:
Moved by Council Member Fowler, seconded by Council Member Dugan to
appoint Lorena Riffo-Jenson as Department Director of Economic
Development.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
F.UNFINISHED BUSINESS:
1. Resolution: Utah Performing Arts Center Interlocal Agreement
The Council will consider adopting a resolution approving changes to two
interlocal agreements between Salt Lake City, the Redevelopment Agency (RDA),
and the Utah Performing Arts Center Agency (UPACA), for operation of the
George S. and Dolores Dore Eccles Theater. The changes are related to insurance
and intended to save taxpayer’s money.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 11, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
19
Motion:
Moved by Council Member Dugan, seconded by Council Member Mano to
adopt Resolution 33 of 2022, amending the operating agreement and
Resolution 34 of 2022 interlocal cooperation agreement for the Utah
Performing Arts Center.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
2. Resolution: Authorizing the Mayor to execute the Interlocal
Agreement between Salt Lake City Corporation, the Redevelopment
Agency of Salt Lake City, and the Utah Inland Port Authority
The Council will consider a resolution authorizing the Mayor to execute the
Interlocal Agreement in her capacity as the Mayor of Salt Lake City Corporation
and as the Executive Director of the Redevelopment Agency of Salt Lake City with
the Utah Inland Port Authority (UIPA). The contract fulfills changes made by the
Legislature in March 2022, which requires the City and UIPA to enter into a
contract by December 31, 2022, that includes the following:
•A process for how the Port Authority is to spend the Environmental
Mitigation Money and the Community Mitigation Money
•The Port Authority will consult with the City in determining how to spend
the Environmental Mitigation Money and the Community Mitigation Money
•The Salt Lake City Redevelopment Agency spends 10% of exempt area
property tax it receives for affordable housing
•Salt Lake City provides at least one full-time employee as a single point of
contact to facilitate the efficient processing of land use applications relating
to the authority’s jurisdictional land
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 11, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
20
Motion:
Moved by Council Member Puy, seconded by Council Member Mano to adopt
Resolution 35 of 2022, authorizing an interlocal agreement between Salt
Lake City and the Utah Inland Port Authority.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Minutes:
Council Member Petro-Eschler thanked City Attorney Katie Lewis, Mayor Mendenhall
and Mayor’s Chief of Staff Rachel Otto for the work they had done on the interlocal
agreement and how it would benefit the City and reviewed the interactions to ensure the
area was developed correctly and included water conservation.
Council Member Puy recognized Council Member Petro-Eschler for the endless hours of
work with the Port Authority and stated the Port would not stop if the contract was not
signed but provided the City an avenue of protection.
Council Member Fowler commented on the work at the start of the Inland Port formation
and its evolution, commended the work of the Mayor to ensure the City was represented
correctly and as best as it could be for the residents of Salt Lake City.
Council Member Wharton reminded everyone that a lawsuit was filed and the City lost in
the Utah Supreme Court, noted there was a backup plan and read the section of the
agreement pertaining to the required environmental/health studies.
3. Resolution: Fiscal Year 2023 Sustainability Holding Account Funds -
Electrified Transportation
The Council will consider adopting a resolution declaring satisfaction of Budget
Contingency for the Fiscal Year 2022-2023 Budget relating to the Department of
Sustainability. The Sustainability Department is providing additional information
to satisfy budget conditions for the Electrified Transportation holding account.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 4, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
21
Motion:
Moved by Council Member Dugan, seconded by Council Member Puy to
adopt Resolution 36 of 2022, and release the holding account funds, with the
following legislative intent:
a. That the department include an evaluation of implementing a fee for
public electrical vehicle charging in its upcoming study on the topic,
and
b. The study of potential fees includes both:
i. Fees to recoup the cost of electricity, and
ii. Fees to recoup other costs related to the public charging stations
such as maintenance, installation and planning
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
4. Resolution: Airport Fund Fiscal Year 2023 Budget Contingency
The Council will consider adopting a resolution that would approve the release of
Budget Contingency for the Fiscal Year 2022-23 Budget Relating to the
Department of Airports.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 11, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
22
Motion:
Moved by Council Member Petro-Eschler, seconded by Council Member
Wharton to adopt Resolution 37 of 2022, and release holding account funds
related to airport parking lot capital expenditures.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton,
Victoria Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Minutes:
Council Member Dugan noted his appreciation for the great work on the Airport and the
funds they had recouped, expressed concern over parking and the car-centric nature (if
parking was available people would use it and not use public transportation), said the
plan was not to pave the land but to conduct a study to determine how people are moved
to the Airport and find a better way for transportation.
Council Member Puy reiterated the commitment to find other ways of transportation to
the Airport and the Airport Director be on board/committed to finding alternatives for
transportation.
Council Member Fowler stated the decision was difficult and appreciated the work by
Council Member Dugan.
G.CONSENT:
1. Ordinance: Rezone and Master Plan Amendment at 675 N F Street –
Capitol Park Cottages – Petitioner: Ivory Development
The Council will set the date of Thursday, November 10, 2022 at 7 p.m. to accept
public comment and consider adopting an ordinance that would amend the
zoning of property at 675 North F Street from FR-3/12,000 (Foothills Residential
District) to SR-1 (Special Development Pattern Residential District). The
ordinance would also amend the Avenues Community Master Plan Future Land
Use Map from Very Low Density to Low Density so that the master plan will
correspond with their requested low-density zone. The requests are intended to
accommodate two pending Planned Development and Subdivision requests from
Ivory Development for a 19-lot single-family dwelling development titled "Capitol
Park Cottages." Consideration may be given to rezoning the property to another
zoning district with similar characteristics. Petition No.: PLNPC2020-
00335/00334
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 18, 2022
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
23
Set Public Hearing Date - Tuesday, October 18, 2022
Hold hearing to accept public comment - Thursday, November 10, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, November 22, 2022
Staff Recommendation - Set date.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
24
2. Ordinance: Rezone at 856 West 1300 South
The Council will set the date of Thursday, November 10, 2022 at 7 p.m. to accept
public comment and consider adopting an ordinance that would amend the
zoning of the property at 856 West 1300 South Street from R-1/5,000 (Single-
Family Residential District) to FB-UN1 (Form Based Urban Neighborhood
District). The parcel is currently occupied by a single-family residential dwelling.
This proposed zoning map amendment change will facilitate potential
redevelopment of this parcel into a single-family attached residential project. The
zoning map amendment does not require an amendment to the Westside Master
Plan. Consideration may be given to rezoning the property to another zoning
district with similar characteristics. Petition No.: PLNPCM2022-00009
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 11, 2022
Set Public Hearing Date - Tuesday, October 18, 2022
Hold hearing to accept public comment - Thursday, November 10, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, November 22, 2022
Staff Recommendation - Set date.
3. Resolution: Digital Equipment Donation Program - Benefits Analysis
and Recommendation
The Council will set the date of Thursday, November 10, 2022 at 7 p.m. to accept
public comment and consider adopting a resolution that would authorize the
donation of certain City computers to benefit disadvantaged communities and
low-moderate income families through a Digital Donation Program. The program
would donate 146 surplus computers the City no longer intends to use to local
nonprofits for distribution to community members in need. Twenty-five of the
surplus computers will be allocated to Youth and Family Service to support
individuals being served through their programming.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 18, 2022
Set Public Hearing Date - Tuesday, October 18, 2022
Hold hearing to accept public comment - Thursday, November 10, 2022 at 7 p.m.
TENTATIVE Council Action - Tuesday, November 22, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
25
4. Grant Holding Account Items (Batch No.4) for Fiscal Year 2022-23
The Council will consider approving Grant Holding Account Items (Batch No.4)
for Fiscal Year 2022-23.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Approve.
5. Board Appointment: Accessibility and Disability Commission – Kayci
Lynam
The Council will consider approving the appointment of Kayci Lynam to the
Accessibility and Disability Commission for a term ending October 18, 2026.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 18, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Approve.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
26
6. Board Appointment: Accessibility and Disability Commission – Rich
Foster
The Council will consider approving the appointment of Rich Foster to the
Accessibility and Disability Commission for a term ending October 18, 2026.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 18, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Approve.
7. Board Appointment: Accessibility and Disability Commission –
Janis Ferré
The Council will consider approving the appointment of Janis Ferré to the
Accessibility and Disability Commission for a term ending December 28, 2026.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 18, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Approve.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
27
8. Board Reappointment: Airport Board – Theresa Foxley
The Council will consider approving the reappointment of Theresa Foxley to the
Airport Board for a term ending October 18, 2026.
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - n/a
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Approve.
Motion:
Moved by Council Member Wharton, seconded by Council Member Dugan to
approve the Consent Agenda.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
ADJOURNMENT:
RDA OPENING CEREMONY:
H.RDA BUSINESS:
1. Resolution: Authorizing the Mayor to execute the Interlocal
Agreement between Salt Lake City Corporation, the Redevelopment
Agency of Salt Lake City, and the Utah Inland Port Authority
The Board will consider a resolution authorizing the Mayor to execute the
Interlocal Agreement in her capacity as the Mayor of Salt Lake City Corporation
and as the Executive Director of the Redevelopment Agency of Salt Lake City with
the Utah Inland Port Authority (UIPA). The contract fulfills changes made by the
Legislature in March 2022, which requires the City and UIPA to enter into a
contract by December 31, 2022, that includes the following:
•A process for how the Port Authority is to spend the Environmental
Mitigation Money and the Community Mitigation Money
•The Port Authority will consult with the City in determining how to spend
the Environmental Mitigation Money and the Community Mitigation Money
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
28
•The Salt Lake City Redevelopment Agency spends 10% of exempt area
property tax it receives for affordable housing
•Salt Lake City provides at least one full-time employee as a single point of
contact to facilitate the efficient processing of land use applications relating
to the authority’s jurisdictional land
FYI – Project Timeline: (subject to change per Chair direction or Council
discussion)
Briefing - Tuesday, October 11, 2022
Set Public Hearing Date - n/a
Hold hearing to accept public comment - n/a
TENTATIVE Council Action - Tuesday, October 18, 2022
Staff Recommendation - Refer to motion sheet(s).
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
29
Motion:
Moved by Director Fowler, seconded by Director Dugan to approve
Resolution 16 of 2022, authorizing an interlocal agreement between the RDA
and the Utah Inland Port Authority.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
I.RDA ADJOURNMENT:
Motion:
Moved by Director Dugan, seconded by Director Petro-Eschler to adjourn as the
RDA.
AYE: Daniel Dugan, Darin Mano, Amy Fowler, Ana Valdemoros, Chris Wharton, Victoria
Petro-Eschler, Alejandro Puy
Final Result: 7 – 0 Pass
Meeting adjourned at: 9:10 pm
Council Minutes Approved: December 7, 2022
RDA Minutes Approved:
_______________________________
City Council Chair
_______________________________
RDA Chair
_______________________________
City Recorder
This document is not intended to serve as a full transcript as other items may have been
discussed; please refer to the audio or video for entire content pursuant to Utah Code §52-4-
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
30
203(2)(b).
To listen to the audio recording of the meeting or view meeting materials, please visit Salt Lake
City Public Body Minutes library, available at www.data.slc.gov, selecting the Public Body
Minutes hyperlink. If you are viewing this file in the Minutes library, use the links on the right of
your screen within the ‘Document Relationships’ information to listen to the audio or view
meeting materials.
This document along with the digital recording constitutes the official minutes of the City
Council Formal meeting and Redevelopment Agency Board meeting held Tuesday, October 18,
2022.
MINUTES OF THE SALT LAKE CITY COUNCIL
Tuesday, October 18, 2022
31
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday,
October 11, 2022.
The following Board Members were present:
Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Alejandro Puy
The following Board Members were absent:
Darin Mano, Victoria Petro-Eschler
Present Agency Leadership:
Mayor Erin Mendenhall, Danny Walz, Chief Operating Officer; Cara Lindsley, Deputy Director
Present City Staff:
Allison Parks – Senior City Attorney, Corinne Piazza – Project Manager, Danny Walz – Chief
Operating Officer, Lauren Parisi – Project Manager, Tracy Tran – Project Manager, Ben Luedtke
– Public Policy Analyst, Allison Rowland – Council Staff, Michelle Barney – Minutes and
Records Clerk, Taylor Hill – City Council Staff, Mary Beth Thompson – Chief Financial Officer,
Austin Taylor – RDA Project Manager
Director Chair Valdemoros presided at and conducted the meeting.
The meeting was called to order at 2:00 pm
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
1
Comments:A.
1.General Comments to the Board TENTATIVE
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.)
Minutes:
Director Valdemoros welcomed everyone to the meeting and reviewed the rules of
decorum.
Dorothy Owen congratulated the Board and City Council for all the work they do for the
City.
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.Approval of Minutes ~2:05 p.m.
5 min.
The Board will approve the meeting minutes of June 15, 2021.
Motion:
Moved by Director Fowler, seconded by Director Dugan to approve the RDA
minutes from June 15, 2021.
AYE: Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Alejandro Puy
ABSENT: Darin Mano, Victoria Petro-Eschler
Final Result: 5 – 0
2.Resolution: RDA Budget Amendment No.2 for Fiscal Year 2022-
23 ~ 2:10 p.m.
20 min.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
2
The Board will receive a briefing about a resolution that would amend the final budget of
the Redevelopment Agency of Salt Lake City for Fiscal Year 2022-23. Budget
amendments happen several times each year to reflect adjustments in the
Redevelopment Agency’s budget, including proposed project additions and
modifications, and staffing changes. The amendment includes a gap loan for the Spark!
project at 1500 West North Temple, funding for a Station Center development plan
contract, and market-based compensation adjustments among other items.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
3
Minutes:
Ben Luedtke presented the budget amendment highlighting:
•Spark Mixed-Use, $4,000,000 funding: Affordable Housing Project in the North
Temple Project Area
◦To increase the funding for the project, funds would be reallocated from:
◾$1,500,000 from the Primary Housing – Property Acquisition
◾$1,500,000 from North Temple Strategic Intervention Funds
◾$1,000,000 from Housing Development Loan Program
◦If approved the new project total would be $14,456,000
•Station Center vision planning (contract existing with University of Utah) an
Implementation Planning in the Depot District Project Area
◦To increase the funding for the project, funds would be reallocated from:
◾$250,000 from Central Station Improvement Budget
◾$250,000 from Station Center Project Budget
◦If approved the new project budget would be $500,000
•Non-Represented Employee Compensation Study Adjustments
◦To increase the funding for the budget, funds would be reallocated from:
◾$46,805 from the Redevelopment Agency (RDA) Personnel Budget
◦If approved the new project budget would be $2,526,900
Board Members, Mary Beth Thompson, and Ben Luedtke discussed:
•Formalizing the ground lease through the development scenario
•Expiration date of the $2,100,000 Impact Fees (3 years)
•Changing the name of the project areas
◦Namely Station Center (200-400 South and 500-600 West) & Central
Station (100 South – between I-15 and 600 West and 100-200 South)
•Board Members would like information on the Station Area Study – who was
contacted, what the eight acres could be used for, and the impact of those uses
•Options for the Board to make decisions and start implementing the Station Area
Plan should be included in the study
3.Informational: Accessory Dwelling Unit Financing Program ~ 2:30 p.m.
20 min.
The Board will receive a briefing about the Accessory Dwelling Unit Financing Program.
The RDA is working to create a program to help primarily low to moderate-income
homeowners finance accessory dwelling unit (ADU) construction. The initial focus of the
program will be within the RDA’s 9-Line Project Area.
Minutes:
Allison Rowland, Lauren Parisi, and Austin Taylor presented the proposal
highlighting:
•The largest hurdle for constructing Accessory Dwelling Units (ADUs) was financing
•Growing SLC’s goal to revise the ADU ordinance expanding its application and
develop measures to promote use
•Expanding ADUs to the Westside as outlined in the Westside Master Plan
•9-Line Project Area and possible areas ADUs could be constructed
•Challenges of allowing ADUs in the 9-Line area were:
•◦Zoning Restrictions such as setbacks, ADU size, height limits, and
conditional use permits
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
4
◦Construction costs - $100K-$250K
◦Financing options
•Exploration Work conducted to determine the next steps for ADUs on the Westside
•Goals of the Program:
◦Increase the supply of naturally affordable rental housing
◦Incrementally increase density in low-density neighborhoods
◦Provide low - to moderate – income homeowners in formerly redlined areas
a wealth building opportunity
◦Increase neighborhood stability and investment
•Program Preferences
◦Loans or grants
◦Landlord training and tenant screening
◦Attached and detached ADUs
◦Cost-cutting strategies
◦Compliance monitoring
◦Affordability (owners or tenants)
•Redevelopment Agency Commission
◦Rental affordability period
◦Utility connection subsidy
◦Connect with homeowners building ADUs near 9-Line, tailor program to
their goals and needs
◦Owner occupancy requirement
•Bulk purchase of ADUs for cost savings
•Next steps
◦Request for Quote (RFQ) development
◦RFQ publication
◦Partner selection
◦Program development
◦Program launch
•2022 ADU Market Rents and SLC Average Monthly Income (AMI) statistics
•Discussion items
◦Should the RDA target these loans to low-income homeowners, low-income
renters, or both
Board Members, Lauren Parisi, Austin Taylor, and Allison Rowland discussed:
•Preferences for loans or grants
•Board would like to know if the loans would be low interest or market rate
•The process for awarding loans or grants
•Time frame for repayments of loans
•Deed restrictions and market rate – Board leaned more to market rate as deed
restriction could be cumbersome
•ADUs were a great use throughout the City especially on the Westside
•Ways to lessen the utility costs for those working on ADUs
•Options for preapproved ADU designs that would lessen the overall cost and
stream line the process
•Individuals of color tending to have multi-generational homes and this process
would allow for that cultural aspect to remain
•Applying deed restrictions citywide
•Enforcement of deed restrictions and affordability
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
5
•Keeping in mind the existing zoning and City regulations for ADUs
4.Resolutions: Utah Performing Arts Center Interlocal
Agreements ~ 2:50 p.m.
20 min.
The Board will receive a briefing about, and will consider adopting, resolutions
approving changes to two interlocal agreements between Salt Lake City, the
Redevelopment Agency (RDA), and the Utah Performing Arts Center Agency (UPACA),
for operation of the George S. and Dolores Dore Eccles Theater. The changes are related
to insurance and intended to save taxpayers money.
Minutes:
Danny Walz and Allison Parks presented the amendments to two resolutions
approving changes to the two separate interlocal agreements with no impact to the
budget and reviewed the approval process/timeline for the proposal.
Board Members, Danny Walz and Allison Parks discussed:
•Benefits to the change would be to eliminate a third independent entity and
coordinate work directly with the County
•The resolutions were a way to streamline processes, clarify roles, and would result
in a cost savings
•Payment for the insurance and the resulting cost savings for the Utah Performing
Arts Center Agency (UPACA)
Motion:
Moved by Director Wharton, seconded by Director Fowler to adopt the third
amendment to Resolution 12 of 2022, to the Operating Agreement for the
Utah Performing Arts Center and Resolution 13 of 2022, the Third
Amendment to UPAC Operating Agreement.
AYE: Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Alejandro Puy
ABSENT: Darin Mano, Victoria Petro-Eschler
Final Result: 5 – 0 Pass
5.Informational: Eccles Theater Annual Report Presentation ~ 3:10 p.m.
20 min.
The Board will receive a presentation from the County’s Department of Arts & Culture
about the Eccles Theater Annual Report including structure, programs, financial updates
and next steps. The management and operations of the Eccles Theater is provided
through an Interlocal Agreement between the owners (Salt Lake City, Salt Lake City
Redevelopment Agency and Salt Lake County) entitled the “Utah Performing Arts Center
Operating Agreement”.
Minutes:
Danny Walz, Matthew Castillo (Salt Lake County Arts and Culture Director), and
Angela Vanderwell (Eccles Theater General Manager) presented the annual report,
highlighting:
•Vision and Mission Statement
•Structure and operations overview
•Financial reports and program overview
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
6
◦Eccles Building Operating Budget
◦Eccles Site Operating Budget
◦Arts for All program and Partners
•Pandemic operations
•What’s next at the Eccles
◦Eccles outreach and engagement
◦Extraordinary opportunities and experiences for everyone
◦Programs and services that served the whole community
Board Members, Matthew Castillo, Angela Vanderwell, and Danny Walz discussed:
•Who received funding through the Shuttered Venue Grant
•The great options for people to experience the arts in Salt Lake
•The importance of the arts in the community
6.Resolution: Bicycle Collective Loan ~ 3:30 p.m.
20 min.
The Board will receive a briefing about, and consider adopting, a resolution approving a
$500,000 increase for a loan up to $2,250,000 and lock in a base interest rate. This
would fund construction of the nonprofit’s headquarters located at approximately 901
South Gale Street and along the 9-Line Trail. The project will contain about 15,000
square feet for a multi-use building with retail, programming, and operations space.
Minutes:
Tracy Tran and Danny Walz presented the request from the Bicycle Collective to
consider an increase in the loan up to $2,250,000, to lock in interest rate to fund
construction of the nonprofit headquarters at approximately 901 S Gale Street.
Tracy Tran reviewed the project overview, details, timeline, public benefits, proposed
terms, considerations and next steps for the proposal.
Board Members, Danny Walz and Tracy Tran discussed:
•The purpose of this type of loan
•The proposed loan was in addition to the property disposition for the Bicycle
Collective and the loan would allow the business to move forward
•The public benefits of the businesses that received this type of loan
Motion:
Moved by Director Fowler, seconded by Director Puy to adopt Resolution 14
of 2022, approving the term sheet for a loan to the Bicycle Collective for a
commercial development project located at approximately 901 South Gale
Street.
AYE: Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Alejandro Puy
ABSENT: Darin Mano, Victoria Petro-Eschler
Final Result: 5 – 0 Pass
7.Resolution: Granary Adaptive Reuse Loan Request for Fisher
Brewing ~ 3:50 p.m.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
7
20 min.
The Board will receive a briefing about, and will consider adopting, a resolution
approving a loan to Fisher Brewing Company LLC for construction costs related to a
brewery and taproom expansion project at approximately 316 West 800 South.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
8
Minutes:
Danny Walz and Corrine Piazza presented the request for a forgivable loan in the
amount of $136,962 to Fisher Brewing from the Granary District Adaptive Reuse
Program.
Corrine Piazza reviewed the program background, proposed project, eligibility and terms
for the loan.
Board Members and Corrine Piazza discussed:
•The time frame of the funding/program and the size of the projects to be funded
•Granary project funding lifespan was 3-years
Tim Dyer (Fisher Brewing Company) thanked the Board for discussing the application,
reviewed the history of the building and asked the Board to maintain the program to help
other businesses.
Motion:
Moved by Director Fowler, seconded by Director Puy to adopt Resolution 15
of 2022, approving the term sheet for a loan to the Fisher Brewing Company,
LLC for a Granary District Adaptive Reuse Project located at approximately
316 West 800 South.
AYE: Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Alejandro Puy
ABSENT: Darin Mano, Victoria Petro-Eschler
Final Result: 5 – 0 Pass
8.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.
Minutes:
No announcements
9.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;
•Project Updates and Community Outreach; and
•Scheduling Items.
Minutes:
Danny Walz reviewed:
•Schovaers Electronic Property – noted the RDA was applying for an Enviromental
Protection Agency (EPA) Brownfields Cleanup Grant, an Analysis of Brownfields
Cleanup Alternatives had been developed and was available for review in the RDA
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
9
office, and that the public comment period for the plan was open
•City Creek Day lighting project – first phase of public outreach plan was moving
forward to gather survey results
•Revamping the commercial assistant loan programs - reaching out to entities
involved to make programs accessible and attractive to those who use/need them
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:
1.Informational: Pre-Disposition Property Report - 702 West 200
South (Sun Bar)~ 4:10 p.m.
20 min.
The Board will receive a written briefing about plans for disposition of property at 702
West 200 South.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
10
Minutes:
Written briefing only
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: RDA Budget Amendment No.2 for Fiscal Year 2022-
23 -
-
The Board will set the date of Thursday, November 10, 2022 at 2 p.m. to accept public
comment and consider adopting a resolution that would amend the final budget of the
Redevelopment Agency of Salt Lake City for Fiscal Year 2022-23. Budget amendments
happen several times each year to reflect adjustments in the Redevelopment Agency’s
budget, including proposed project additions and modifications, and staffing changes.
The amendment includes a gap loan for the Spark! project at 1500 West North Temple,
funding for a Station Center development plan contract, and market-based compensation
adjustments among other items.
Motion:
Moved by Director Fowler, seconded by Director Puy to approve the consent
agenda.
AYE: Amy Fowler, Ana Valdemoros, Chris Wharton, Daniel Dugan, Alejandro Puy
ABSENT: Darin Mano, Victoria Petro-Eschler
Final Result: 5 – 0 Pass
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
11
Adjournment
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.
Minutes:
Item not held
G.
Meeting adjourned at 3:50 pm
Minutes Approved:
______________________________
Redevelopment Agency Chair
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
12
______________________________
City Recorder
This document is not intended to serve as a full transcript as other items may have been
discussed; please refer to the audio or video for entire content pursuant to Utah Code §52-4-
203(2)(b).
To listen to the audio recording of the meeting or view meeting materials, please visit Salt Lake
City Public Body Minutes library, available at www.data.slc.gov, selecting the Public Body
Minutes hyperlink. If you are viewing this file in the Minutes library, use the links on the right of
your screen within the ‘Document Relationships’ information to listen to the audio or view
meeting materials.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Redevelopment Agency meeting held Tuesday, October 11, 2022.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, October 11, 2022
13
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
REDEVELOPMENT AGENCY STAFF MEMO
DATE: November 23, 2022
PREPARED BY: Erin Cunningham
RE: Review and Acceptance of the 2021/2022 Audit.
REQUESTED ACTION: Pass a motion accepting the audit and direct staff to distribute the audit
as necessary.
POLICY ITEM: The Utah Community Development and Renewal Agencies Act,
Section 17C- 1-604, requires that an annual independent audit of the
Agency’s records be conducted.
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: Presentation of the 2021/2022 audit to the Board.
ANALYSIS & ISSUES: The audit shows the Agency’s financial conditions as of June 30, 2022.
The staff and Salt Lake City’s Finance Division have worked closely with the auditors on their report
and will also be available to address any questions Board members may have.
PREVIOUS BOARD ACTION: N/A
ATTACHMENTS: None. The audit report will arrive directly from the auditors.
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1
December 9, 2022
To the Board of Directors
Redevelopment Agency of Salt Lake
Salt Lake City, Utah
We have audited the financial statements of Redevelopment Agency of Salt Lake (the Agency) as of and for
the year ended June 30, 2022, and have issued our report thereon dated December 9, 2022. Professional
standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit under Generally Accepted Auditing
Standards
As communicated in our letter dated December 9, 2022, our responsibility, as described by professional
standards, is to form and express an opinion about whether the financial statements that have been
prepared by management with your oversight are presented fairly, in all material respects, in accordance
with accounting principles generally accepted in the United States of America. Our audit of the financial
statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting.
Accordingly, as part of our audit, we considered the internal control of the Agency solely for the purpose of
determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our
professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to
communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and other firms utilized in the
engagement, if applicable, have complied with all relevant ethical requirements regarding independence.
2
Significant Risks Identified
As stated in our auditor’s report, professional standards require us to design our audit to provide reasonable
assurance that the financial statements are free of material misstatement whether caused by fraud or error. In
designing our audit procedures, professional standards require us to evaluate the financial statements and
assess the risk that a material misstatement could occur. Areas that are potentially more susceptible to
misstatements, and thereby require special audit considerations, are designated as “significant risks .” We have
identified the following as significant risks.
•Management Override of Controls – Professional standards require auditors to address the possibility
of management overriding controls. Accordingly, we identified as a significant risk that management of
the organization may have the ability to override controls that the organization has implemented.
Management may override the organization’s controls in order to modify the financial records with the
intent of manipulating the financial statements to overstate the organization’s financial performance or
with the intent of concealing fraudulent transactions.
•Valuation of Notes Receivable – We identified the valuation of notes receivable as a significant risk
since determining collectability of notes receivable is subjective and can depend on multiple
assumptions.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management is responsibile for selecting and use appropriate accounting policies. A summary of the
significant accounting policies adopted by the Agency is included in Note 1 to the financial statements. As
described in Note 5, the Agency changed accounting policies related to accounting for leases to adopt the
provisions of GASB Statement No. 87, Leases. No matters have come to our attention that would require us,
under professional standards, to inform you about (1) the methods used to account for significant unusual
transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which
there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are based
on management’s current judgments. Those judgments are normally based on knowledge and experience
about past and current events and assumptions about future events. Certain accounting estimates are
particularly sensitive because of their significance to the financial statements and because of the possibility
that future events affecting them may differ markedly from management’s current judgments. The most
sensitive accounting estimates affecting the financial statements are as follows:
•Net Pension Liability – The net pension liability is actuarily determined by the Utah Retirement
Systems (URS) in accordance with the requirements of government accounting standards. The
estimate is prepared by the URS for Salt Lake City Corporation, and the City allocates the liability and
other related balances to the various funds. We evaluated the report provided by the URS and the
key factors and assumptions used by the City in the allocation of the net pension liability to the
Agency and determined that the estimated net pension liability is reasonable in relation to the basic
financial statements taken as a whole.
3
•Allowance for Doubtful Accounts: Management’s estimate of the allowance for doubtful accounts on
notes receivable is based on loan risk and management’s estimate of the collectability of the loans.
We evaluated the key factors and assumptions used to develop the allowance for doubtful accounts
and determined that it is reasonable in relation to the basic financial statements taken as a whole.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of
their significance to financial statement users. The most sensitive disclosures affecting the Agency’s financial
statements relate to the adoption of the new lease accounting standard disclosed in Note 5 and the Agency’s
commitments disclosed in Note 10.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the
audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely
misstatements identified during the audit, other than those that we believe are trivial, and communicate
them to the appropriate level of management. Further, professional standards require us to also
communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of
transactions, account balances or disclosures, and the financial statements as a whole. Uncorrected
misstatements or matters underlying those uncorrected misstatements could potentially cause future-period
financial statements to be materially misstated, even though the uncorrected misstatements are immaterial
to the financial statements currently under audit. There were no uncorrected or corrected misstatements
identified as a result of our audit procedures.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter,
which could be significant to the Agency’s financial statements or the auditor’s report. No such
disagreements arose during the course of the audit.
Circumstances that Affect the Form and Content of the Auditor’s Report
For purposes of this letter, professional standards require that we communicate any circumstances that affect
the form and content of our auditor’s report. We did not identify and circumstances that affect the form and
content of the auditor’s report.
Representations Requested from Management
We have requested certain written representations from management which are included in the management
representation letter dated December 9, 2022.
4
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters. Management informed us that, and to our knowledge, there were no consultations with other
accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the Agency, we generally discuss a variety of matters,
including the application of accounting principles and auditing standards, significant events or transactions that
occurred during the year, operating conditions affecting the entity, and operating plans and strategies that may
affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention
as the Agency’s auditors.
This report is intended solely for the information and use of the Board of Directors and management of the
Agency and is not intended to be, and should not be, used by anyone other than these specified parties.
Salt Lake City, Utah
Financial Statements
June 30, 2022
Redevelopment Agency of Salt Lake City
(A Component Unit of Salt Lake City Corporation)
Table of Contents
June 30, 2022
INTRODUCTORY SECTION:
Table of Contents .............................................................................................................................................................i
FINANCIAL SECTION:
Independent Auditor’s Report ...............................................................................................................................................2
Management’s Discussion and Analysis ...............................................................................................................................5
Basic Financial Statements
Financial Statements
Statements of Net Position ..........................................................................................................................................10
Statements of Revenues, Expenses and Changes in Net Position ...............................................................................12
Statements of Cash Flows ...........................................................................................................................................13
Notes to the Financial Statements ....................................................................................................................................15
Note 1. Summary of Significant Accounting Policies ....................................................................................16
Note 2. Cash and Cash Equivalents ................................................................................................................19
Note 3. Restricted Net Position .......................................................................................................................20
Note 4. Loans and Other Long-Term Receivables .........................................................................................21
Note 5. Lease Receivable ................................................................................................................................21
Note 6. Capital Assets .....................................................................................................................................22
Note 7. Bonds Payable ....................................................................................................................................23
Note 8. Pension Plans .....................................................................................................................................24
Note 9. Equity Interest in Joint Venture .........................................................................................................30
Note 10. Commitments and Contingencies ....................................................................................................32
Note 11. Concentrations ....................................................................................................................................35
Required Supplementary Information
Schedule of the Proportionate Share of the Net Pension Liability ...................................................................................37
Schedule of Contributions ................................................................................................................................................38
Notes to Required Supplementary Information ................................................................................................................38
Supplementary Information
Combining Statement of Net Position Information by Project Area ................................................................................40
Combining Statement of Revenues and Expenses and Changes in Net Position by Project Area ...................................41
Selected Financial Information by Project Area ...............................................................................................................42
Redevelopment Agency of Salt Lake City
i
Financial Section
1
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Independent Auditor’s Report
The Board of Directors
Redevelopment Agency of Salt Lake City
Salt Lake City, Utah
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying statements of net position of the Redevelopment Agency of Salt
Lake City (the Agency), a component unit of Salt Lake City Corporation, Utah, as of June 30, 2022, and
the related statements of revenue, expenses and changes in net position and cash flows for the year
then ended and the related notes to the financial statements, which collectively comprise the Agency’s
basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the financial position of the Agency as of June 30, 2022, and the changes in its financial
position, and, where applicable, cash flows for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the Agency, and to meet our other ethical responsibilities, in accordance with the
relevant ethical requirements relating to our audit. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America; and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Agency’s ability to
continue as a going concern for twelve months beyond the financial statement date, including any
currently known information that may raise substantial doubt shortly thereafter.
3
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
•Exercise professional judgment and maintain professional skepticism throughout the audit.
•Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
•Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Agency’s internal control. Accordingly, no such opinion is
expressed.
•Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Agency’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control -related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis Verify on pages 5 through 8 and Required Supplementary Information on pages 37
and 38 be presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of management
about the methods of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained
during our audit of the basic financial statements. We do not express an opinion or provide any assurance
on the information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
4
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Agency’s basic financial statements. The supplementary information on pages 40 through 42
are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly
to the underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information dir ectly
to the underlying accounting and other records used to prepare the basic financial statements or to the
basic financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America. In our opinion, the supplementary
information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Salt Lake City, Utah
December 9, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS
(Unaudited)
Redevelopment Agency of Salt Lake City (Agency) management presents to the readers of its financial statements
this narrative information. It contains an overview and analysis of the financial position and results of operations
as of, and for the year ended, June 30, 2022. As management of the Agency, we encourage readers to consider
information contained in this discussion.
FINANCIAL HIGHLIGHTS
As of June 30, 2022, assets and deferred outflows of the Agency exceeded its liabilities and deferred inflows by
$235,537,594 (net position). Of the total amount, $130,311,834 is available to meet ongoing obligations to
creditors. The remaining net position amount of $105,225,760 is either restricted or invested in capital assets, net
of related debt, and therefore not available to meet the Agency's ongoing obligations.
Net position increased by $30,361,110. This is mainly due to acquiring two new loan portfolios from the City.
A significant portion of total assets is the unrestricted cash amounting to $41,368,164. Statutorily, the Agency is
required to spend the tax increment funds received within the boundaries of the project area for which it was
collected, except for affordable housing projects that benefit any area within the City. No one project or project
area has access to all of the unrestricted cash balance shown above. Restricted cash of $63,592,306 reflects
remaining bond proceeds for the Eccles Theater and the Regent Street projects, and other funds already
committed to specific projects.
Another significant portion of assets is the loans receivable balance. Loans are awarded to individuals and
businesses for acquisition, rehabilitation, new construction or façade renovation, and continue to be an important
aspect of the Agency’s blight elimination mission. For fiscal year 2022, the Agency originated $11,986,371 in
new loans. The amount of principal received on outstanding loans was $51,434. The Agency’s loans receivable
balance, including accrued interest is $55,780,343 an increase of $9,758,868.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis serves as an introduction to the Agency's basic financial statements and the notes to
the financial statements. This report also contains information in addition to the basic financial statements that
will help the reader to gain a more in-depth understanding of the Agency.
The Statements of Net Position show the Agency’s total assets, deferred outflows, liabilities and deferred
inflows with the difference shown as net position for the most recent fiscal year. Increases or decreases over time
in net position give an indicator as to whether the financial condition of the Agency is improving or declining.
The Statements of Revenues, Expenses and Changes in Net Position show the changes to net position that
occurred during the most recent fiscal year. These changes are recorded when the underlying event that causes the
change occurs regardless of when the cash transaction takes place. Therefore revenues and expenses are recorded
in this statement for some items that the resulting cash flows occur in a future period. Examples are future debt
interest payments when the fiscal year ends between interest payments, and earned, but not yet received, interest
on loans.
Redevelopment Agency of Salt Lake City
Management's Discussion and Analysis
June 30, 2022
5
The Statements of Cash Flows show the inflows and outflows of cash for the most recent fiscal year as a result
of transactions in four categories. The categories are operating activities, capital and related financing activities,
non-capital and related financing activities and investing activities.
Notes to the Financial Statements contain additional information important to a complete understanding of the
information contained in the basic financial statements. Notes to the financial statements begin on page 14 of this
report.
OTHER INFORMATION
Required supplemental schedules containing pension information and other supplementary information containing
selected data by project area are included in this report immediately following the notes to the financial statements
and can be found on pages 35-41.
FINANCIAL ANALYSIS
As mentioned earlier, changes in net position may over time indicate the Agency’s financial position. A
significant portion of the Agency’s net position, 73.0%, is comprised of its unrestricted amounts and amounts
invested in capital assets - net of related debt, and results from the Agency’s ongoing purpose of eliminating
urban blight. The Agency has issued debt to support several large scale economic development and public
infrastructure projects. As an incentive to a developer, the Agency may sell land for less than its cost or market
value. Newly developed properties generate increased property taxes, a portion of which the Agency receives to
pay debt and finance ongoing activities. The remaining portion of net position, 27.0%, represents resources that
have restrictions on how they can be used.
REDEVELOPMENT AGENCY OF SALT LAKE CITY
Net Position
Fiscal 2022 Fiscal 2021
Current and other assets $ 274,450,675 $ 222,142,174
Capital assets 41,633,453 43,458,627
Total assets $ 316,084,128 $ 265,600,801
Deferred outflow of resources $ 5,110,747 $ 5,554,560
Bonds payable $ 56,380,000 $ 61,915,454
Other liabilities 3,397,092 3,717,952
Total liabilities $ 59,777,092 $ 65,633,406
Deferred inflow of resources $ 25,880,190 $ 345,471
Net position
Invested in capital assets - net of related debt $ 41,633,454 $ 43,458,627
Restricted for capital construction 63,592,306 70,652,524
Unrestricted 130,311,834 91,065,333
Total net position $ 235,537,594 $ 205,176,484
Redevelopment Agency of Salt Lake City
Management's Discussion and Analysis
June 30, 2022
6
Agency Activities
The Agency’s receipt of incremental property taxes, the increase in property taxes in excess of the tax base when
the project area was created, is generated from higher property values due to redevelopment activities.
Incremental property taxes received increased by $2,067,305 or 4.54%, during the fiscal year.
Total operating expenses of the Agency increased by $5,774,056 (20.6%). This change was due to an increase in
overall redevelopment activities of the Agency of $5,768,292 and an increase in Depreciation Expense of $5,764.
REDEVELOPMENT AGENCY OF SALT LAKE CITY
Changes in Net Position
Fiscal 2022 Fiscal 2021
Revenues
Program revenues
Rental and other income $ 2,012,684 $ 1,430,087
General revenues
Transfers in from Salt Lake City Corporation 39,855,868 16,627,173
Interest and investment valuation income (442,423) 623,224
Gain/(Loss) on sale of capital assets (6,054,782) 891,630
Grants and other contributions 32,105,491 31,457,931
Miscellaneous income (expense) (1,222) (1,321)
Total revenues 67,475,616 51,028,724
Expenses
Personnel services 1,588,385 1,560,415
Operating and maintenance 1,570,828 1,616,555
Charges and services 29,959,488 24,173,439
Depreciation and amortization 663,479 657,715
Interest and fiscal charges 3,973,156 4,854,399
Change in equity interest in joint venture (640,830) 1,353,619
Total expenses 37,114,506 34,216,142
Increase/(Decrease) in net position 30,361,110 16,812,583
Net position, beginning 205,176,484 188,363,901
Net position ending $ 235,537,594 $ 205,176,484
Capital Asset and Debt Administration
Capital Asset investments by the Agency consist of land, land improvements, buildings, construction in process
and a small amount of equipment. The investment in capital assets, net of accumulated depreciation, decreased by
$1,825,173 in fiscal year 2022.
REDEVELOPMENT AGENCY OF SALT LAKE CITY
Capital Assets, Net of Depreciation
Fiscal 2022 Fiscal 2021
Land and easement rights $ 20,455,049 $ 21,306,270
Parking facilities and plaza 7,211,355 7,796,018
Other buildings 493,897 833,520
Equipment 124,518 174,183
Construction in progress 13,348,636 13,348,636
Total $ 41,633,455 $ 43,458,627
Redevelopment Agency of Salt Lake City
Management's Discussion and Analysis
June 30, 2022
7
Additional information relating to the capital assets of the Agency can be found in Note 6, on page 21 of this
report.
Long-term debt (net) of the Agency totaled $56,380,000 as of June 30, 2022. The tax increment bonds require
semi-annual interest payments and annual principal payments. Principal payments for the 2013 bonds began in
April 2016. Principal payments for the 2015 bonds began in April 2018. Principal payment on the 2019 refunding
bonds began in April 2020.
REDEVELOPMENT AGENCY OF SALT LAKE CITY
Long-Term Debt
Fiscal 2022 Fiscal 2021
2013 Tax increment bonds, net $ 3,765,000 $ 7,335,454
2015A and 2015B Tax increment bonds 10,075,000 11,235,000
2019 Tax Increment refunding bonds, net 42,540,000 43,345,000
Total $ 56,380,000 $ 61,915,454
Additional information on the Agency’s long-term debt can be found in Note 7, beginning on page 22 of this
report.
Requests for information
Questions concerning any of the information provided in this report or requests for additional financial
information should be addressed to the Redevelopment Agency of Salt Lake City, 451 South State Street, Room
118, P.O. Box 145518 Salt Lake City Utah, 84114-5518.
* * * * *
Redevelopment Agency of Salt Lake City
Management's Discussion and Analysis
June 30, 2022
8
Basic Financial Statements
9
Redevelopment Agency of Salt Lake City
Statement of Net Position
June 30, 2022
Assets
Current assets
Unrestricted cash and cash equivalents $ 41,368,164
Restricted cash and cash equivalents 63,592,306
Loans and other long-term receivables, current portion 566,539
Lease receivable, current portion 382,898
Prepaid expenses 36,000
Total current assets 105,945,906
Non-current assets
Capital assets, at cost
Land and rights 20,455,049
Parking facilities and plaza 55,022,531
Other buildings 666,918
Office furniture and equipment 500,836
Construction in progress 13,348,636
Accumulated depreciation (48,360,517)
Net capital assets 41,633,453
Loans and other long-term receivables, net of current portion 55,213,804
Lease receivable, net of current portion 25,280,230
Land and buildings held for resale 36,257,457
Net pension asset 484,040
Investment in joint venture 51,269,238
Total non-current assets 210,138,222
Total assets 316,084,128
Deferred Outflows
Deferred outflows - Pension 279,375
Deferred outflows - refunding of debt 4,831,373
Total assets and deferred outflows $ 321,194,876
The accompanying notes are an integral part of this statement
10
Redevelopment Agency of Salt Lake City
Statement of Net Position
June 30, 2022
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 2,717,168
Accrued compensation, current portion 41,167
Accrued interest payable 389,045
Bonds payable, current portion 5,815,000
Total current liabilities 8,962,380
Non-current liabilities
Accrued compensation, net of current portion 249,712
Bonds payable, net of discounts and current portion 50,565,000
Total non-current liabilities 50,814,712
Total liabilities 59,777,092
Deferred inflows
Deferred inflows - Leases 25,200,045
Deferred inflows - Pensions 680,144
Total deferred inflows 25,880,190
Net Position
Net investment in capital assets 41,633,454
Restricted for construction and loan commitments held in escrow 63,592,306
Unrestricted 130,311,834
Total net position 235,537,594
Total liabilities, deferred inflows and net position $ 321,194,876
The accompanying notes are an integral part of this statement
11
Redevelopment Agency of Salt Lake City
Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended June 30, 2022
Operating revenues
Rental and other income $ 1,088,798
Interest income from loans receivable 92,513
Interest income from leases 831,374
Miscellaneous income (expense) (1,222)
Total operating revenues 2,011,463
Operating expenses
Personnel services 1,588,385
Operating and maintenance 1,570,828
Charges and services 29,959,488
Depreciation 663,479
Total operating expenses 33,782,180
Operating Loss (31,770,717)
Non-operating revenues (expenses)
Interest loss (442,423)
Grants and other contributions 32,105,491
Changes in equity interest in joint venture 640,830
Gain (loss) on sale of capital assets (6,054,782)
Interest and fiscal charges (3,973,156)
Total non-operating revenues (expenses) 22,275,960
Gain/(Loss) before operating transfers (9,494,758)
Transfers in from Salt Lake City Corporation 39,855,868
Net position, beginning of year 205,176,484
Net position, end of year $ 235,537,594
The accompanying notes are an integral part of this statement
12
Redevelopment Agency of Salt Lake City
Statements of Cash Flows
For the Fiscal Year Ended June 30, 2022
Cash flows from operating activites
Cash received from rentals $ 1,116,551
Cash for miscellaneous expense (1,222)
Cash paid to suppliers (30,917,017)
Cash paid to employees (1,858,192)
Loans disbursed (11,986,371)
Principal collected on loans receivable 531,310
Interests collected on loans receivable 51,434
Net cash used in operating activities (43,063,506)
Cash flows from capital and related financing activities
Payments for acquisition of land, buildings and equipment held for resale (1,764,927)
Proceeds from sale of land, buildings and equipment held for resale 8,500
Cash received from lease receivables 410,961
Principal payments made on bonds payable (5,570,000)
Interest and fiscal charges paid on bonds payable (3,487,549)
Net cash used in capital and related financing activities (10,403,015)
Cash flows from non-capital and related financing activities
Transfers in from Salt Lake City Corporation 23,380,170
Contributions from other taxing entities 31,604,391
Net cash from non-capital and related financing activities 54,984,561
Cash flows from investing activities
Decrease in fair value of investments (442,424)
Net cash from investing activities (442,424)
Net change in cash and cash equivalents 1,075,616
Cash and cash equivalents, beginning of year 103,884,854
Cash and cash equivalents, end of year $ 104,960,470
The accompanying notes are an integral part of this statement
13
Redevelopment Agency of Salt Lake City
Statements of Cash Flows
For the Fiscal Year Ended June 30, 2022
Balance sheet presentation of cash and cash equivalents
Unrestricted $ 41,368,164
Restricted 63,592,306
Total cash and cash equivalents, end of year $ 104,960,470
Reconciliation of operating loss to net cash used for operating activities
Operating Loss $ (31,770,717)
Adjustment to reconcile operating loss to net cash used for operating activities
Depreciation 663,479
Principal forgiven on loans receivable 159,530
Increase/(decrease) from:
Change in interest receivable (41,079)
Change in deposits 719,778
Change in prepaid expenses 12,082
Change in pension assets (484,040)
Change in deferred outflows-pension (58,460)
Change in accounts payable (207,669)
Change in accrued compensation (11,533)
Change in net pension liability (50,446)
Changes in deferred inflows-pension 334,673
Changes in deferred inflows-leases (874,044)
Total (31,608,446)
Loans disbursed (11,986,371)
Principal collected on loans 531,310
Net cash used for operating activities $ (43,063,506)
Schedule of Non-Cash Activities
Recognition of equity interest in joint venture $ 251,785
Loss on disposition of property and equipment 6,054,782
Transfer of loans from Salt Lake City Corporation 16,475,698
Lease receivable recognized on a lessor lease transaction 26,074,089
The accompanying notes are an integral part of this statement
14
Notes to the Financial Statements
15
1.Summary of Significant Accounting Policies
Organization and History
The Redevelopment Agency of Salt Lake City (the Agency) was established in 1969 by Salt Lake City
Corporation (the City) pursuant to the provisions of the Community Development and Renewal Agencies Act.
The Agency is charged with the responsibility for the elimination of blight through the process of redevelopment
in designated project areas. This objective is generally accomplished through: installation of public
improvements, grants and loans provided to residents and businesses for improvements, and acquisition and
preparation of land sites and sale of such land for development by the private or public sector. As an incentive to a
developer, the Agency may sell land for less than its cost or market value.
Basis of Presentation
The Agency, a separate legal entity that operates as an enterprise fund, is a blended component unit of the City
and is included in the City’s annual comprehensive financial report. The accompanying financial statements
include certain funds which were established in accordance with bond requirements. The records of the Agency
are maintained on the accrual basis of accounting.
Cash and Cash Equivalents
The Agency considers all highly liquid debt instruments purchased with an original maturity of three months or
less to be cash equivalents.
Investments
Investments are shown at fair value, based upon quoted market prices. A portion of the Agency’s investments at
June 30, 2022, are deposited in the pooled cash account of the City. The City’s pooled cash account is invested
primarily in the Public Treasurer’s Investment Fund (the Treasurer’s Fund) which is not registered with the
Securities and Exchange Commission. Regulatory oversight of the Treasurer’s Fund is provided by the Money
Management Council, which is subsequently monitored by the State of Utah. The fair market value of the
Agency’s position in the fund is the same as the value of the fund shares owned by the Agency.
Allowance for Doubtful Receivables
Historically, the Agency has not experienced any significant losses from bad debts in the past. However, the
Agency acquired two additional housing loan portfolios. Management believes there are potential impairments
with the new loan portfolio at June 30, 2022, therefore, a new reserve for bad debt expense has been established.
The new allowance totals $3,250,000.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
16
Lease Receivables
Lease receivables are recorded by the Agency as the present value of future lease payments expected to be
received from the lessee during the lease term, reduced by any provision for estimated uncollectible amounts.
Lease receivables are subsequently reduced over the life of the lease as cash is received in the applicable reporting
period. The present value of future lease payments to be received are discounted based on the interest rate the
Agency charges the lessee.
Capital Assets
Property, equipment, and land are carried at cost. Depreciation of equipment and structures is computed using the
straight-line method over the estimated useful lives that range from 5 to 35 years. No depreciation is recorded on
construction in process until the construction project is complete and the asset is placed into service. When assets
are retired or otherwise disposed of, costs and related accumulated depreciation, if any, are removed, and any
resulting gain or loss is included in revenues or expenses. The capitalization threshold for capital assets is $5,000.
Land and Buildings Held for Resale
Land and buildings held for resale, purchased as part of the Agency’s redevelopment efforts, are carried at the
lower of cost or net realizable value. The cost of buildings and improvements that the Agency determines not to
be recoverable are expensed. Gains and losses (including impairment) on land and buildings held for resale are
included in revenues and expenses.
Deferred Outflows and Deferred Inflows of Resources
In addition to assets, financial statements will sometimes report a separate section for deferred outflows of
resources. This separate financial statement element, deferred outflows of resources, represents a consumption of
net position that applies to a future period(s) and will not be recognized as an outflow of resources (expense) until
then. In addition to liabilities, the financial statement will sometimes report a separate section for deferred inflows
of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of
net position that applies to a future period(s) and will not be recognized as an inflow of resources (revenue) until
that time.
Deferred inflows related to leases where Agency is the lessor is reported in the statement of net position. The
deferred inflows of resources related to leases are recognized as an inflow of resources (revenue) on a straight-line
basis over the term of the lease.
Transfers In and Transfers Out
Transfers In are property taxes, sales taxes received and other fees collected by the City and transferred to the
Agency. Transfers In of property taxes are the portion of the incremental property tax in the designated program
areas attributable to increases over the base year in which the properties were designated as redevelopment areas.
Transfers Out are expenditures of program funds through another City department or operating expenditures for
internal services of the City.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
17
Revenue Recognition
Rental revenue, interest revenue from loans, and miscellaneous revenue are reported as operating revenues.
Transactions which are capital, financing or investing related, including transfers in, are reported as non-operating
revenues. Revenue for services is recognized at the time the service is performed. Revenue from private donations
is recognized in the fiscal year in which all eligibility requirements have been satisfied.
Operating and Non-Operating Revenue and Expenses
Operating revenues and expenses result from providing goods and services relating to the primary operations of
the Agency. Other revenues and expenses are reported as non-operating. All expenses related to operating the
Agency are reported as operating expenses. Interest expense and financing costs are reported as non-operating
expenses.
Restricted and Unrestricted Resources
Some projects may receive more than one source of funding. The Agency is restricted by some sources to apply
funds only to specific approved projects. The Agency priority is to utilize restricted funds, before using
unrestricted funds.
Pensions
For purposes of measuring the net pension asset or liability, deferred outflows of resources and deferred inflows
of resources related to pensions, and pension expense, information about the fiduciary net position of the Utah
Retirement Systems Pension Plan (URS) and additions to/deductions from the URS’s fiduciary net position have
been determined on the same basis as they are reported by URS. For this purpose, benefit payments (including
refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires the Agency to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from
those estimates.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
18
2.Cash and Cash Equivalents
The following is a summary of cash and cash equivalents at June 30:
Cash and cash equivalents
Money market accounts $ (48,323,989)
Investments in the pooled investment account of Salt Lake City Corporation 153,284,359
Petty Cash 100
$ 104,960,470
Financial statement presentation
Unrestricted cash and cash equivalents $ 41,368,164
Restricted cash and cash equivalents, current portion 63,592,306
$ 104,960,470
The Agency maintains funds in the City’s pooled cash and investment accounts. The Agency pays the City or
receives from the City an allocation of interest expense or income based upon each of the RDA's fund's relative
balance in the pooled accounts.
Deposits
It is the policy of the City to invest public funds in accordance with principles of sound treasury management and
in compliance with state and local laws, regulations, and other policies governing the investment of public funds,
specifically according to the terms and conditions of the Utah State Money Management Act of 1974 (the Act)
and Rules of the State Money Management Council as currently amended, and the City’s own written investment
policy.
City policy provides that not more than 25% of the total City funds or 25% of the Qualified Depository’s
allotment, whichever is less can be invested in any one Qualified Depository. Not more than 20% of total City
funds may be invested in any one certified out-of-state depository institution. However, there shall be no
limitation placed on the amount invested with the Treasurer’s Fund and other money market mutual funds,
provided that the overall standards of investments achieve the City’s policy objectives. All of the Agency’s
deposits during the years ended June 30, 2022, were made with Qualified Depositories.
Deposit Custodial Credit Risk
Custodial credit risk is the risk that in the event of a bank failure, the government’s deposits may not be returned
to it. The State of Utah does not require collateral on deposits. As of June 30, 2022, none of the Agency’s cash
balance was covered by federal depository insurance. The Agency’s cash balance of $104,960,470 as of June 30,
2022, were uninsured and were not collateralized and therefore were exposed to some degree of custodial credit
risk.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
19
Investments
The Agency’s investment balance as of June 30, 2022, included in cash and cash equivalents, was $153,284,359.
The City may place public money in investments authorized by the Act (U.C.A 51-7-11). The Utah State
Treasurer shall ensure that all purchases and sales of securities are settled within 15 days of the trade date. In
general, these investments can be any of the following subject to restrictions specified in the Act: Obligations of
the U.S. Treasury and most Government-Sponsored Agencies; Commercial paper; Bankers Acceptances; Publicly
traded fixed rate corporate obligations; Certain variable rate securities and deposits; Deposits with the State Public
Treasurer’s Investment Pool; Certain fixed rate negotiable deposits with a qualified depository or through a
certified dealer; Qualifying repurchase agreements; Open-end managed money market mutual funds; Utah State
Treasurer’s Investment Pool; and Investment with deferred compensation plan administrators.
The Agency did not enter into any reverse repurchase agreements during the year ended June 30, 2022. The
Agency does not have a formal investment policy that limits investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates.
Fair Value of Investments
The Agency measures and records its investments using fair value measurement guidelines established by
generally accepted accounting principles. These guidelines recognize a three-tiered fair value hierarchy, as
follows:
•Level 1: Quoted prices for identical investments in active markets;
•Level 2: Observable inputs other than quoted market prices; and,
•Level 3: Unobservable inputs.
At June 30, 2022, the Agency had $153,284,359 in investments in the pooled investment account of the City,
which were invested in the State Public Treasurer’s Investment Pool. These investments were valued by applying
the fair value factor, as calculated by the Utah State Treasurer, to the Agency’s average daily balance in the
Treasurer’s Fund at June 30, 2022. Such valuation is considered a Level 2 valuation for GASB Statement No. 72
purposes.
3.Restricted Net Position
Certain components of net position are restricted by provisions of the applicable bond resolutions adopted and
entered into by the Agency (Note 7).
The following is a summary of restricted net position at June 30.
Restricted for construction on Regent Street improvements under the related bond resolution $ 580,033
Restricted for construction by appropriation 63,012,273
Total restricted net position $ 63,592,306
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
20
4.Loans and Other Long-Term Receivables
The following is a summary of loans and other long-term receivables at June 30.
Tax increment rehabilitation loans bearing interest from 0% to 5%.
Principal and interest are payable in monthly installments;
includes accrued interest of $250,341.$ 17,865,222
Loans bearing interest at 2.5% to 3%, interest payable monthly;
collateralized by property, letters of credit, and restricted
cash accounts; includes accrued interest of $0. 4,874,729
Housing loans bearing interest from 0% to 3%, with principal
and interest due monthly; collateralized by property; includes
accrued interest of $106,969. 15,669,548
Housing Trust Fund loans bearing interest from 0% to 5%, principal and
interest payments due monthly or annually; includes $0 accrued
interest, net of allowance for doubtful accounts of $3,250,000 17,370,844
Total 55,780,343
Less current portion (566,539)
Total loans and other long-term receivables $ 55,213,804
As of June 30, 2022, the Agency had committed to, and approved funding for, additional loans totaling $603,194,
which funds had not yet been disbursed.
5.Lease Receivables
As of July 1, 2021, the Agency adopted GASB Statement No. 87, Leases. The implementation of this standard
establishes a single model for lease accounting based on the foundational principle that leases are financings of
the right to use an underlying asset. The standard requires lessors to recognize a lease receivable and deferred
inflow of resources. As a result of implementing this standard the Agency recognized a lease receivable and
deferred inflow of resources in the amount of $26,074,089 as of July 1, 2021. As a result of these adjustments
there was no effect on beginning net position. The additional disclosures required by this standard are included in
Note .
The Agency has accrued a receivable for three parking structure leases. The remaining receivable for these leases
was $25,663,128 for the year ended June 30, 2022. Deferred inflows related to these leases were $25,200,045 as
of June 30, 2022. Interest revenue recognized on these leases was $831,374 for the year ended June 30, 2022.
Principal receipts of $410,961 were recognized during the fiscal year. The interest rate on the leases is 3.5%. Final
receipt is expected in fiscal year 2052.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
21
As of June 30, 2022, the Agency anticipates the following payments on lease receivables.
Fiscal Year Ended June 30,Principal Interest Total
2023 $ 382,898 $ 897,970 $ 1,280,868
2024 392,417 884,367 1,276,784
2025 406,508 870,276 1,276,784
2026 458,233 855,085 1,313,318
2027 475,701 838,638 1,314,339
2028-2032 2,846,786 3,913,616 6,760,402
2033-2037 3,675,811 3,320,486 6,996,296
2038-2042 4,520,019 2,622,962 7,142,981
2043-2047 5,765,389 1,724,079 7,489,468
2048-2052 6,739,247 584,842 7,324,089
Total $ 25,663,009 $ 16,512,320 $ 42,175,329
6.Capital Assets
The following is a summary of transactions affecting capital assets for the year ended June 30, 2022:
Description
Balance
July 1, 2021 Additions Transfers Retirements
Balance
June 30, 2022
Office furniture and equipment $ 500,836 $ — $ — $ — $ 500,836
Parking facilities and plaza 55,022,531 — — — 55,022,531
Other buildings 1,110,451 — — (443,533) 666,918
Construction in process 13,348,636 — — — 13,348,636
Land and rights 21,306,269 — — (851,220) 20,455,049
Total 91,288,723 — — (1,294,753) 89,993,970
Accumulated depreciation
Office furniture and equipment (326,653) (49,665) — — (376,318)
Parking facilities (47,226,512) (535,209) — 133,059 (47,628,662)
Other buildings (276,931) (78,606) — — (355,537)
Total accumulated depreciation (47,830,096) (663,480) — 133,059 (48,360,517)
Net capital assets $ 43,458,627 $ (663,480) $ — $ (1,161,694) $ 41,633,453
Land and rights includes approximately $10,598,000 for Block 79, site of the Vivint Smart Home Arena sports
complex. Block 79 was leased to Larry H. Miller Arena Corporation for 50 years at $1 per year. The lease will
expire on June 7, 2040.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
22
7.Bonds Payable
The following is a summary of bonds payable at June 30, 2022.
Bonds collateralized by a first pledge of property tax increment revenues
generated within the Central Business District and the Block 70 project areas.
Non-refunded Series 2013 tax increment revenue bonds
4.161% to 4.611%, due 2020 through 2023 $ 3,765,000
Series 2015A tax increment revenue bonds
2.57% due 2020 through 2029 10,075,000
Series 2019 tax increment revenue refunding bonds
(Advanced Refund Series 2013); 1.95% to 2.976%, due 2020 through 2031 42,540,000
Less deferred outflows (4,800,281)
Less unamortized discounts (31,092)
Total bonds payable 51,548,627
Less amount due within one year (5,815,000)
Total bonds payable less amount due within one year $ 45,733,627
The following is a summary of transactions affecting bonds payable for the year ended June 30, 2022:
Balance
July 1, 2021 Additions
Principal
Payments
and
Reductions
Balance
June 30, 2022
Due Within
One Year
Federally taxable tax increment
revenue bonds Series 2013 $ 7,370,000 $ — $ (3,605,000) $ 3,765,000 $ 3,765,000
Subordinate tax increment
revenue bonds Series 2015A 11,235,000 — (1,160,000) 10,075,000 1,230,000
Federally taxable subordinate tax
revenue refunding bonds Series 2019 43,345,000 — (805,000) 42,540,000 820,000
Less unamortized discounts
and deferred outflows (5,368,192) — 536,819 (4,831,373) —
Total bond obligations $ 56,581,808 $ — $ (5,033,181) $ 51,548,627 $ 5,815,000
In October 2013, the Agency issued $64,730,000 in federally taxable tax increment revenue bonds, with interest
rates ranging from 3.0% to 6.0%. The bond proceeds were used to fund the construction of the Eccles Theater.
The Agency received net proceeds of $63,929,046, including accrued interest of $1,377,835, and net of issuance
costs of $735,103 (which were expensed on the statement of revenues and expenses and changes in net position),
and a discount of $65,851, which is being amortized over the life of the bonds using the effective interest method.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
23
In May 2015, the Agency issued $12,215,000 in Series 2015A subordinate tax increment revenue bonds and
$1,060,000 in Series 2015B taxable subordinate tax increment revenue bonds (total of $13,275,000) for the
construction of the Regent Street Improvements. The interest rates on the Series 2015A and 2015B bonds are
2.57% and 2.66%, respectively. The Agency received net proceeds of $12,543,274, including accrued interest of
$631,975 and issuance costs of $99,752, which were both expensed as incurred.
In November 2019, the RDA issued Tax Increment Revenue Refunding Bonds Series 2019 at a par amount of
$44,640,000, for the purpose of refunding a portion of the Agency's outstanding Taxable Tax Increment Revenue
Bonds, Series 2013 (Performing Arts Center Project). The difference between the cash flows required to service
the old debt and the cash flows required to service the new debt was $6,133,692. The Agency also incurred a cost
of issuance of $347,995, which was expensed as incurred. The bonds carry coupon rates of 1.90% to 2.976% and
have a final maturity date of April 1, 2031. The True Interest Cost of the bonds is 2.745%. The refunding of the
Series 2013 bonds resulted in net present value savings of $2,305,750.
Bond principal and interest maturities are as follows.
Year ending June 30,Principal Interest
Total
Obligation
2023 $ 5,815,000 $ 1,556,179 $ 7,371,179
2024 6,075,000 1,333,604 7,408,604
2025 6,265,000 1,191,945 7,456,945
2026 6,455,000 1,038,946 7,493,946
2027 6,670,000 876,253 7,546,253
2028-2031 25,100,000 1,721,023 26,821,023
Less unamortized discount (4,831,373) — (4,831,373)
Total $ 51,548,627 $ 7,717,950 $ 59,266,577
8.Pension Plans
General Information about the Plan
Plan Description
Eligible plan participants are provided with pensions through the Utah Retirement Systems (URS). The URS are
comprised of the following pension trust funds:
•Public Employees Noncontributory Retirement System (Noncontributory System)
•Tier 2 Public Employees Contributory Retirement System (Tier 2 Public Employees System),which is a
multiple-employer, cost-sharing, public employee retirement system
The Tier 2 Public Employees System became effective July 1, 2011. All eligible employees beginning on or after
July 1, 2011, who have no previous service credit with any of the Utah Retirement Systems, are member of the
Tier 2 Retirement System.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
24
The URS are established and governed by the respective sections of Title 49 of the Utah Code Annotated 1953, as
amended. The URS defined benefit plans are amended statutorily by the State Legislature. The Utah State
Retirement Office Act in Title 49 provides for the administration of the URS under the direction of the Utah State
Retirement Board (URS Board), whose members are appointed by the Governor. URS are fiduciary funds defined
as pension (and other employee benefit) trust funds. URS is a component unit of the State of Utah. Title 49 of the
Utah Code grants the authority to establish and amend the benefit terms.
URS issues a publicly available financial report that may be obtained by writing to the Utah Retirement Systems,
560 East 200 South, Salt Lake City, Utah 84102 or by visiting the website: www.urs.org.
Benefits Provided
URS provides retirement, disability, and death benefits. Retirement benefits are as follows:
System
Final Average
Salary
Required and/or
Age Eligible for
Benefit
Benefit Percentage per
Year of Service COLA**
Noncontributory System Highest 3 years 30 years any age 2.0% per year all years Up to 4%
25 years any age*
20 years age 60*
10 years age 62*
4 years age 65
Tier 2 Public Employees System Highest 5 years 35 years any age 1.5% per year all years Up to 2.5%
20 years age 60*
10 years age 62*
4 years age 65
*with actuarial deductions
** All post-retirement cost-of-living adjustments are non-compounding and are based on original benefit except
for Judges, which is a compounding benefit. The cost-of-living adjustments are also limited to the actual
Consumer Price Index (CPI) increase for the year, although unused CPI increases not met may be carried
forward to subsequent years.
Contributions
As a condition of participation in the URS, employers and/or employees are required to contribute certain
percentages of salary and wages as authorized by statute and specified by the URS Board. Employer contributions
are actuarially determined as an amount that, when combined with employee contributions (where applicable) is
expected to finance the costs of benefits earned by employees during the year, with an additional amount to
finance any unfunded actuarial accrued liability.
Contributions rates as of June 30, 2022, are as follows:
Employee Paid Employer Paid Employer 401(k)
Noncontributory System
15 Local Government Div - Tier 1 N/A 18.47 %N/A
Tier 2 DC Only
211 Local Government N/A 6.69 % 10.00 %
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
25
For the year ended June 30, 2022, the employer and employee contributions to the URS were as follows:
Employer
Contributions Employee
Contributions
Noncontributory System $ 114,810 N/A
Tier 2 Public Employees System 17,836 N/A
Total Contributions $ 132,646 $ —
Contributions reported are the URS Board approved required contributions by URS. Contributions in Tier 2
Systems are used to finance the unfunded liabilities in the Tier 1 Systems.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflow of
Resources Related to Pensions
At June 30, 2022, the Agency reported a net pension asset of $484,040.
Measurement Date:
December 31, 2021
Measurement Date:
December 31, 2021Net
Pension
Liability
Proportionate
Share
Net
Pension
Asset
Proportionate
Share
Increase
(Decrease)
Noncontributory System $ — 0.0814 %$ 465,973 0.0933 % (0.0119) %
Tier 2 Public Employees System — 0.0427 % 18,067 0.0545 % (0.0118) %
Total $ — $ 484,040
The net pension asset and liability was measured as of December 31, 2020, and the total pension liability used to
calculate the net pension asset and liability was determined by an actuarial valuation as of January 1, 2020, and
rolled forward using generally accepted actuarial procedures. The proportion of the net pension asset and liability
is equal to the ratio of the employer's actual contributions to the URS' during the plan year over the total of all
employer contributions to the URS during the plan year.
For the year ended June 30, 2022, the Agency recognized pension expense of $118,829.
At June 30, 2022, the Agency reported deferred outflows of resources and deferred inflows of resources relating
to pensions from the following sources.
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 57,583 $ 2,328
Changes in assumptions 60,580 3,178
Net difference between projected and actual earnings on pension plan investments — 672,012
Changes in proportion and differences between contributions and proportionate
share of contributions 10,120 2,626
Contributions subsequent to the measurement date 151,092 —
Total $ 279,375 $ 680,144
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
26
Contributions made by the Agency prior to fiscal year-end, but subsequent to the measurement date of December
31, 2020, resulted in $151,092 reported as deferred outflows of resources at June 30, 2022. These contributions
will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported
as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in
pension expense as follows.
Year ended December 31,
Net Deferred Outflows
(Inflows) of Resources
2022 $ (115,059)
2023 (189,547)
2024 (149,117)
2025 (104,453)
2026 1,001
Thereafter 5,314
Actuarial assumptions
The total pension asset in the December 31, 2020 actuarial valuations was determined using the following
actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.50%
Salary increases 3.25 - 9.25%, average, including inflation
Investment rate of return 6.85%, net of pension plan investment expenses, including inflation
For fiscal year 2021, mortality rates were adopted from an actuarial experience study dated January 1, 2020. The
retired mortality tables are developed using URS retiree experience and are based upon gender, occupation, and
age as appropriate with projected improvement using 80% of the ultimate rates from the MP-2019 improvement
assumption using a base year of 2020. The mortality assumption for active members is the PUB-2010 Employees
Mortality Table for public employees, teachers, and public safety members, respectively. For fiscal year 2020,
mortality rates were developed from actual experience and mortality tables, based on gender, occupation and age,
as appropriate, with adjustments for future improvement in mortality based on Scale AA, a model developed by
the Society of Actuaries.
The actuarial assumptions used in the January 1, 2020 valuations was based on the results of an actuarial
experience study for the five-year period ending December 31, 2019.
The long-term expected rate of return on pension plan investments was determined using a building-block method
in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan
investment expense and inflation) are developed for each major asset class and is applied consistently to each
defined benefit pension plan. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by adding expected
inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are
summarized in the following table.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
27
Expected Return Arithmetic Basis
Asset class
Target
Asset
Allocation
Real
Return
Arithmetic
Basis
Long-Term
Expected
Portfolio Real
Rate of Return
Equity securities 37.00 % 6.58 % 2.43 %
Debt securities 20.00 % (0.28) % (0.06) %
Real assets 15.00 % 5.77 % 0.87 %
Private equity 12.00 % 9.85 % 1.18 %
Absolute return 16.00 % 2.91 % 0.47 %
Cash and cash equivalents — % (1.01) % — %
Totals 100.00 % 4.89 %
Inflation 2.50 %
Expected arithmetic nominal return 7.39 %
The 6.85% assumed investment rate of return is comprised of an inflation rate of 2.50% and a real return of 4.35%
that is net of investment expense.
Discount Rate
The discount rate used to measure the total pension liability was 6.85%. The projection of cash flows used to
determine the discount rate assumed that employee contributions will be made at the current contribution rate and
that contributions from all participating employers will be made at contractually required rates that are actuarially
determined and certified by the URS Board. Based on those assumptions, the pension plan’s fiduciary net position
was projected to be available to make all projected future benefits payments of current active and inactive
employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the total pension liability. The discount rate does not use the
Municipal Bond Index Rate. The discount rate remains unchanged at 6.85%.
Sensitivity of the Proportionate Share of the Net Pension Asset and Liability to Changes in the Discount Rate
The following presents the proportionate share of the net pension liability/(asset) calculated using the discount
rate of 6.85%, as well as what the proportionate share of the net pension liability/(asset) would be if it were
calculated using a discount rate that is 1-percentage-point lower (5.85%) or 1-percentage-point higher (7.85%)
than the current rate.
1% Decrease Discount Rate 1% Increase
5.85%6.85%7.85%
Noncontributory System $ (250,568) $ 465,973 $ 1,063,787
Tier 2 Public Employees System (107,648) 18,067 114,590
Total $ (358,216) $ 484,040 $ 1,178,377
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
28
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in the separately issued URS
financial report.
Defined Contribution Savings Plans
The Defined Contribution Savings Plans are administered by the URS Board and are generally supplemental plans
to the basic retirement benefits of the URS, but may also be used as a primary retirement plan. These plans are
voluntary, tax-advantaged retirement savings programs authorized under sections 401(k), 457(b), and 408 of the
Internal Revenue code. Detailed information regarding plan provisions is available in the separately issued URS
financial report.
The Agency participates in the following Defined Contribution Savings Plans with URS:
•401(k) plan
•457(b) plan
•Roth IRA plan
•Traditional IRA plan
Employer and employee contributions to the URS Defined Contribution Savings Plans for the years ended June
30, were as follows.
2022 2021 2020
401(k) Plan
Employer contributions $ 33,006 $ 37,442 $ 25,143
Employee contributions 55,449 43,410 31,032
457(b) Plan
Employer contributions — — —
Employee contributions 34,450 9,830 8,174
Roth IRA Plan
Employer contributions N/A N/A N/A
Employee contributions 11,511 13,364 6,465
Traditional IRA Plan
Employer contributions N/A N/A N/A
Employee contributions — — —
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
29
9. Equity Interest in Joint Venture
Formation
In March 2013, the Agency, along with Salt Lake City (City) and Salt Lake County (County), executed an
Interlocal Cooperation Agreement to form and create a separate legal entity, the Utah Performing Arts Center
Agency (UPACA), an interlocal entity that will own, operate, maintain and improve the George S. and Dolores
Doré Eccles Theater (Theater).
Structure
The Agency owns 41.85%, with the City owning 33.15%, and the County owning 25% in UPACA. UPACA is
governed by a board of trustees consisting of nine members. Board membership is comprised of three
representatives appointed by the County and six representatives appointed by the City/Agency. Each
representative has one vote and each representative's term continues until a successor is appointed.
Operation
In March 2013, an Operating Agreement was entered into by UPACA, the Agency, the City and the County
assigning responsibility for the operation and management to the County Center for the Arts (CFA) through
December 31, 2041. CFA accounts for UPACA on a calendar year. Net operating income is distributed annually
to the partners in amounts outlined in organizational agreements after required contributions to operating and
capital reserve accounts. The County is responsible for any operating deficits of the Eccles Theater. The Agency
is responsible for any operating loss of the Eccles Site.
Equity
The Agency began construction on the Theater in 2014. The Theater, which hosts national touring Broadway
shows, concerts, comedy and other entertainment events, opened its doors on October 20, 2016. The first full year
of operations for UPACA ended December 31, 2017. The Agency formally transferred all assets to UPACA as of
July 2017, for accounting purposes. The Agency's equity interest in the net position of UPACA at December 31,
2022 was $51,269,238.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
30
Summary financial information for UPACA for 2021 is as follows:
Utah Performing Arts Center Agency
Summary Financial Information
As of and for the Year Ended December 31, 2021
Pooled Cash and Investments $ 16,896,647
Accounts Receivable and prepaid expenses 859,497
Capital assets, net of accumulated depreciation 118,041,875
Total assets 135,798,019
Accounts payable and accrued expenses 1,866,986
Show proceeds held for others 10,763,803
Due to Salt Lake County 660,091
Total liabilities 13,290,880
Total net position $ 122,507,139
Charges for services $ 8,696,175
Contributions and other revenues 81,905
Operating expenses (3,813,089)
Interest expense (3,742)
Depreciation (2,715,186)
Income (loss) before distributions 2,246,063
Distributions to owners (1,644,425)
Change in Net Postion $ 601,638
Audited financial statements for UPACA may be obtained from Salt Lake County Arts and Culture, 50 West 200
South, Salt Lake City, UT 84101, or by calling 385-468-1020.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
31
10.Commitments and Contingencies
During the year ended June 30, 2008, the City issued $8,590,000 of Series 2007 Sales Tax Revenue Bonds. A
portion of the bond proceeds were used to finance the construction of the Grant Tower project. The Agency
entered into an agreement with the City in January 2008, regarding the payment obligations on the bonds. Under
the terms of the agreement, the Agency is obligated to remit funds to the City on a semi-annual basis to cover
payments the City makes on the bonds. In December 2019, the City issued a complete refunding of the bond at a
4% interest rate, saving the Agency over $18,500 in principal and interest payments. As of June 30, 2022,
anticipated cumulative payments remaining under the agreement were $0
During the year ended June 30, 2013, the City issued $15,000,000 of Bond Anticipation Notes (BANS) to begin
construction on the Eccles Theater. These bonds were issued in expectation of the issuance of the Tax Increment
Bonds (as discussed in Note 7) and the Sales Tax Revenue Bonds issued by the City (as discussed below). The
City received the proceeds of the BANS and paid design and pre-construction costs.
During the year ended June 30, 2014, the City issued Series 2013A Sales Tax Revenue Bonds in the amount of
$51,270,000 to aid in financing the construction of the Eccles Theater. With the proceeds of these bonds, the City
paid off the BANS and the remaining net proceeds of $34,349,587 were transferred to the Agency as a
contribution from the City. Bond issuance costs and accrued interest of $1,920,413 were recognized by the
Agency as expense. In addition, upon issuance of the bonds, the Agency used private donations of $2,596,649 and
contributed $1,104,957 of its own funds into an escrow account for capitalized interest on the bonds. In December
2019, the City completely refunded the Series 2013A bonds by issuing Series 2019 taxable sales and excise tax
revenue refunding bonds in the amount of $58,540,000, saving the Agency over $11,000,000 in principal and
interest payments. As of June 30, 2022, anticipated cumulative payments remaining under the agreement were
$78,876,887. Anticipated payments are included in the table below.
The Agency will remit principal and interest payments semi-annually to the City per the debt service schedules as
a contribution to the City (expense). Total anticipated payments are as follows.
Annual
Year ending June 30,Obligation
2023 2,187,278
2024 2,188,086
2025 2,187,723
2026 2,186,443
2027 2,184,427
2028-2031 17,203,217
2033-2037 42,280,194
2038 and beyond 8,459,519
Total $ 78,876,887
As discussed previously, proceeds from the Series 2013 Agency bonds and Series 2013A City bonds provided
financing for the construction of the Eccles Theater on Block 70 within the Central Business District (CBD). The
non-refunded portion of the Agency's Series 2013 bonds are payable though fiscal year 2023. The Series 2019
taxable tax increment revenue refunding bonds issued by the Agency mature in 2031. The Series 2019 taxable
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
32
sales and excise tax revenue refunding bonds (advance refunding of Series 2013A) issued by the City are payable
through fiscal year 2038. The annual debt service will be funded by the incremental property taxes generated from
the CBD Project area, Block 70 Community Development Area (CDA) and private donations. Annual principal
and interest payments on the bonds associated with the Theater are expected to require approximately 30% of tax
increment revenues generated from CBD and Block 70, beginning in fiscal year 2016. As of June 30, 2022, the
total principal and interest remaining to be paid on all bonds for the Eccles Theater project was $120,350,514.
The Agency has pledged future tax increment revenues to repay the remaining $117,421,606 in Series 2019 Tax
Increment and Series 2019A Sales Tax Revenue Refunding bonds issued during the year ended June 30, 2020, in
addition to the remaining Series 2013 Tax Increment Revenue bonds in the amount of $3,938,604. Through inter-
local agreements entered into with the City and Salt Lake County (the County), CBD tax increment revenue that
would have been remitted to these agencies has been pledged to the Agency through tax year 2040. In December
2011, the Agency entered into an agreement with the City in which the Agency will retain a portion of the City's
Taxing Entity Committee (TEC) allocation, in order to pay principal and interest on the Theater bond obligations.
Each year, beginning in tax year 2015 through 2040, the City will continue to receive from the Agency a dollar
amount equal to the 2014 TEC allocation. The original inter-local agreement specified that the Agency will retain
80% of the remaining TEC allocation. This inter-local agreement was subsequently amended in May 2013 to
provide that the Agency will retain up to 100% of the remaining TEC allocation, as is necessary to fund debt
service payments. The Agency is required to reimburse the City for any portion of this additional TEC allocation
that is utilized for debt service on the Eccles Theater, with the balance accruing interest at the City's general fund
rate. The Agency is required to commit CBD tax increment in an amount equal to the City allocation under these
agreements. Similarly, in October 2012, the Agency entered into an interlocal agreement with the County wherein
the Agency is entitled to retain the County's portion of the CBD tax increment up to a maximum of $43,000,000.
The County will continue to receive from the Agency a dollar amount equal to the 2014 TEC allocation each year
beginning in tax year 2015 through 2040, and the Agency will retain the remaining TEC allocation to fund debt
service on the Eccles Theater project. During the fiscal year ended June 30, 2022, the Agency transferred
$6,623,842 in CBD incremental tax revenue to Block 70 for Eccles debt service per the agreements, and
transferred an additional $932,938 in available CBD tax increment revenue. In addition, the Agency entered into
an inter-local agreement with the City and the Salt Lake City School District (SLCSD) wherein the Agency is
entitled to receive the City's and SLCSD's portions of the tax increment from the Block 70 CDA for twenty-five
years, beginning in the tax year 2016, for the purpose of funding debt service on the Eccles Theater. The tax
increment funds are not limited to funding debt service, but will also be used to fund the creation of a cultural core
and for debt service on the Regent Street improvement bonds. In addition, in September 2012, the Agency entered
into an agreement with the County wherein the Agency is entitled to receive the County’s portion of the Tax
Increment from the Block 70 CDA for 25 years, beginning in tax year 2016, up to a maximum of $7,000,000 for
the purposes of funding debt service on the Eccles Theater. During the year ended June 30, 2022, the Agency
received an additional $1,594,778 in incremental property taxes under these agreements. The Agency expended
$9,046,949 to cover the principal and interest payments due during the year.
During the year ended June 30, 2002, the Agency entered into a reimbursement agreement with Gateway
Associates, a developer of a project located within the Agency’s Depot District Project Area. Under the
agreement, the Agency is obligated to repay to the developers, from the tax increment revenues received from the
respective projects, up to $16,500,000 plus accrued interest, but not in excess of the tax increment revenues
received from the individual projects. These obligations are also subject to the developers paying property taxes
on a timely basis and the receipts of certificates of project completion. For the years ended June 30, 2022, the
Agency recorded expenses of $1,196,560.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
33
During the year ended June 30, 2010, the Agency entered into a reimbursement agreement with 222 S. Main
Investments, LLC, a developer of a project within the Agency’s Central Business District Project Area. Under this
agreement, the Agency is obligated to repay to the developers 85% of the tax increment revenues received by the
Agency from the respective project up to the lesser of: 1) total developer costs less $127,300,000 or 2)
$6,000,000, plus accrued interest of 5.9%, over the reimbursement term, which expires in January 2031. These
obligations are also subject to the developers paying property taxes on a timely basis, the receipt of certificates of
project completion, and annual certificates of compliance with the other terms of the reimbursement agreement.
For the years ended June 30, 2022, the Agency recorded expenses of $614,573.
During the year ended June 30, 2015, the Agency entered into a reimbursement agreement with Liberty Gateway
Properties, L.C. (Liberty) for a mixed-use housing project located on 500 West between South Temple and 100
South, in the Agency’s Depot District Project Area. The agreement provides a tax increment reimbursement to the
Developer for costs incurred in connection with the associated parking garage component of the project from the
tax increment created from the property. Under the agreement, the Agency will pay the Developer a
reimbursement amount equal to the sum of 1) $3,000 multiplied by the actual number of eligible at-grade
structured parking stalls (up to a maximum of 48 stalls), plus 2) $6,000 multiplied by the actual number of below-
grade structured parking stalls (up to a maximum of 112), together with simple interest accrued thereon. The
maximum that will be reimbursed is $816,000. The reimbursement term is for the tax years 2015 through 2022.
The Agency will make an annual payment to the Developer during the reimbursement term in an amount equal to
72% of the tax increment for such year actually received by the Agency until the earlier to occur of 1) Developer
has received an amount equal to the reimbursement amount or 2) the expiration of the reimbursement term. These
obligations are subject to the Developer paying property taxes on a timely basis, receipts of certificates of project
completion, and other annual reporting duties as defined in the reimbursement agreement. For the year ended
June 30, 2022, the Agency recorded expenses of $108,706.
During the year ended June 30, 2019, the Agency entered into a reimbursement agreement with Stadler US, Inc, a
developer of a project located within the Agency’s Stadler Rail Project Area. Under the agreement, the Agency is
obligated to reimburse the developers, from the tax increment revenues received from the respective projects, up
to $9,610,721 over a twenty (20) year term, but not in excess of the tax increment revenues received from the
individual projects. These obligations are also subject to the developers paying property taxes on a timely basis
and the receipts of certificates of project completion. For the years ended June 30, 2022 and 2021 the Agency did
not make any payments due to Stadler's failure to submit required documentation.
During the year ended June 30, 2020, the Agency entered into a reimbursement agreement with NWQ, LLC, a
developer of a project located within the Agency’s Northwest Quadrant Project Area. Under the agreement, the
Agency is obligated to reimburse the developers, from the tax increment revenues received from the respective
projects, up to $28,000,000 over a nineteen (19) year term, but not in excess of the tax increment revenues
received from the individual projects. These obligations are also subject to the developers paying property taxes
on a timely basis and the receipts of certificates of project completion. The first year of reimbursement is
anticipated to be for the 2020 tax year with the expense recorded in the fiscal year ending June 30, 2021. No
payment was made for the year ended June 30, 2022 due to NWQ's failure to submit documentation.
During the year ended June 30, 2020, the Agency entered into a reimbursement agreement with West Quarter
Residential I, LLC, a developer of a project located within the Agency’s Block 67 Project Area. Under the
agreement, the Agency is obligated to reimburse the developers, from the tax increment revenues received from
the respective projects, up to $15,000,000 over a twenty (20) year term as a pass-through from Salt Lake County
for transportation funds from the State of Utah, but not in excess of the tax increment revenues received from the
individual projects. These obligations are also subject to the developers paying property taxes on a timely basis
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
34
and the receipts of certificates of project completion. The first year of reimbursement is anticipated to be for the
2022 tax year.
In March, 2008, the Agency and the State of Utah (State) entered into a lease agreement for the rental by the State
of 250 parking stalls in a parking structure owned by the Agency. The lease requires monthly payments of $20
per stall, for a total of $5,000 per month. The lease term is 20 years. In addition, the lease includes a provision for
the repayment of a portion of the construction costs to be paid by the State of $350,000 over the term of the
parking rental agreement. The repayment terms requires interest of 3% and monthly payments of $2,077, in
addition to the monthly rent payments. The balance of the unpaid amount as of June 30, 2022, was $92,008,
which has been recorded as a note receivable.
11. Concentrations
Operating revenues are not adequate to fund operations of the Agency. The Agency received $47,562,409 of
transfers of tax increment from various taxing entities during the year ended June 30, 2022, which were recorded
as non-operating revenues of $32,105,491 in Grants and other contributions, and $15,456,918 in Transfers In.
These funds are critical for the continuing operations of the Agency.
Redevelopment Agency of Salt Lake City
Notes to Financial Statements
June 30, 2022
35
Required Supplementary Information
June 30, 2022 and 2021
Redevelopment Agency of Salt Lake City
36
Redevelopment Agency of Salt Lake City
Schedule of the Proportionate Share of the Net Pension Liability
December 31, 2020
Last 10 Years*
___________________________________________________________________________________________
Noncontributory System 2022 2021 2020 2019 2018 2017 2016
Proportion of the net pension liability 0.08%0.09%0.04%0.07%0.06%0.05%0.07%
Proportionate share of the net pension liability $ (465,973) $ 351,656 $ 285,453 $ 301,169 $ 405,107 $ 297,064 $ 317,700
Covered payroll $ 631,023 $ 743,599 $ 312,019 $ 558,845 $ 477,356 $ 432,740 $ 611,285
Proportionate share of the net pension liability
as a percentage of its covered payroll (73.84)%47.29%91.49%53.89%84.86%68.65%51.97%
Plan fiduciary net position as a percentage of the
total pension liability 107.70%93.70%87.00%91.90%87.30%87.80%90.20%
Tier 2 Public Employees System 2022 2021 2020 2019 2018 2017 2016
Proportion of the net pension liability 0.04%0.05%0.02%0.02%0.03%0.04%0.02%
Proportionate share of the net pension liability/(asset)$ (18,067) $ 12,332 $ 9,117 $ 2,007 $ 3,445 $ (83) $ (726)
Covered payroll $ 792,345 $ 761,977 $ 248,511 $ 222,660 $ 269,084 $ 245,666 $ 117,554
Proportionate share of the net pension liability/(asset)
as a percentage of its covered payroll (2.28)%1.62%3.67%0.09%1.28%(0.03)%(0.62)%
Plan fiduciary net position as a percentage of the
total pension liability 103.80%90.80%90.80%97.40%95.10%100.20%103.50%
*In accordance with paragraph 81.a of GASB 68, employers will need to disclose a ten-year history of their proportionate share of the Net
Pension Liability/(Asset) in their RSI. The ten-year schedule will need to be built prospectively. The schedule above is for the seven years
currently available.
37
Redevelopment Agency of Salt Lake City
Schedule of Contributions
June 30, 2022
Last 10 Fiscal Years*
___________________________________________________________________________________________
Noncontributory System 2022 2021 2020 2019 2018 2017 2016
Actuarial determined contributions $ 114,810 $ 134,849 $ 56,778 $ 105,455 $ 91,614 $ 140,147 $ 175,299
Contributions in relation to the contractually required
contribution (114,810) (134,849) (56,778) (105,455) (91,614) (140,147) (175,299)
Contribution deficiency $ — $ — $ — $ — $ — $ — $ —
Covered employee payroll $ 625,677 $ 734,726 $ 309,377 $ 575,011 $ 499,259 $ 432,740 $ 637,982
Contributions as a percentage of covered payroll **18.35%18.35%18.35%18.34%18.35%32.39%27.48%
Tier 2 Public Employee System ***2022 2021 2020 2019 2018 2017 2016
Actuarial determined contributions $ 17,836 $ 16,191 $ 5,582 $ 5,169 $ 40,101 $ 33,041 $ 16,040
Contributions in relation to the contractually required
contribution (17,836) (16,191) (5,582) (5,169) (40,101) (33,041) (16,040)
Contribution deficiency $ — $ — $ — $ — $ — $ — $ —
Covered employee payroll $ 228,743 $ 230,509 $ 276,833 $ 204,783 $ 268,954 $ 244,828 $ 122,688
Contributions as a percentage of covered payroll **7.80%7.02%2.02%2.52%14.91%13.50%13.07%
*In accordance with paragraph 81.a of GASB 68, employers will need to disclose a ten-year history of their proportionate share of the Net
Pension Liability/(Asset) in their RSI. The ten-year schedule will need to be built prospectively. The schedule above is for the seven years
currently available.
**Contributions as a percentage of covered payroll may be different than the URS Board certified rate due to rounding or other administrative
issues.
***Contributions in Tier 2 include an amortization rate to help fund the unfunded liabilities in the Tier 1 systems. Tier 2 systems were created
effective July 1, 2011.
Redevelopment Agency of Salt Lake City
Notes to Required Supplementary Information
June 30, 2021
1.Changes in Assumptions: The investment return assumption was decreased by 0.10% to 6.85% for use in the January 1, 2021
actuarial valuation. This assumption change was based on analysis performed by the actuary and adopted by the Utah State
Retirement Board.In aggregate,this assumption change resulted in a $509 million increase in the Total Pension Liability, which is
about 1.3% of the Total Pension Liability of as December 31, 2020 for all systems combined. The demographic assumptions were
reviewed and updated in the January 1, 2020 actuarial valuation and are currently scheduled to be reviewed in the year 2023.
38
Supplementary Information
June 30, 2022
Redevelopment Agency of Salt Lake City
39
Redevelopment Agency of Salt Lake City
Combining Statement of Net Position Information by Project Area
June 30, 2022
9-Line Block 70 CDA CBD Citywide Housing Depot District Granary District
Housing
Developme
nt
State Street North Temple
North Temple Viaduct CDA
Northwest Quadrant
Northwest
Quadrant
Housing
Program Income Fund
Project
Area
Housing
RDA
Administrati
on
Revolving Loan Fund Stadler Sugarhouse Project West Capital Hill
West
Temple
Gateway
Total
Assets
Cash and cash equivalent (unrestricted)$ 1,300,211 $ (25,961,454) $ 10,493,824 $ 11,531,348 $ 2,770,409 $ 4,350,454 $ 6,766,656 $ 2,631,695 $ 3,056,962 $ 34,412 $ 13,203 $ 72,596 $ 3,853,308 $ 2,238,432 $ 2,066,484 $ 15,884,916 $ 7,659 $ 55,617 $ 116,184 $ 85,248 $ 41,368,164
Cash and cash equivalent (restricted) 70,000 35,930,554 1,645,070 193,026 10,589,412 — 2,345,770 — 291,685 — 2,072,455 — 7,220,947 58,141 60,396 891,743 232,723 — 1,566,116 424,269 63,592,306
Loans and other receivable — 389,045 3,502,265 14,472,920 — — 18,815,698 — — — — 501,100 1,016,350 — — 17,082,964 — — — — 55,780,343
Lease Receivable — — — — — — — — — — — — 25,663,128 — — — — — — — 25,663,128
Land and water rights — 4,790,823 15,664,226 — — — — — — — — — — — — — — — — — 20,455,049
Improvements - other than buildings — — 55,022,531 — — — — — — — — — — — — — — — — — 55,022,531
Buildings — — — — — — — — — — — — — 576,742 — — — 90,177 — — 666,918
Machinery and equipment — — 269,549 — — — — — — — — — 49,042 — 182,245 — — — — — 500,836
Construction in process — 12,683,590 665,047 — — — — — — — — — — — — — — — — — 13,348,636
Accumulated depreciation — — (48,040,714) — — — — — — — — — (49,042) (173,022) (97,738) — — — — — (48,360,516)
Land and buildings held for sale — — 3,621,000 — 14,733,492 194,455 — — 4,000,000 — — — 8,895,630 3,454,690 — 745,000 — 584,601 28,590 — 36,257,457
Investment in Joint Venture — 51,269,238 — — — — — — — — — — — — — — — — — — 51,269,238
Net pension asset GASB 68 — — — — — — — — — — — — — — 484,040 — — — — — 484,040
Other assets — — — — — — — — — — — — — — 36,000 — — — — — 36,000
Total Assets 1,370,211 79,101,795 42,842,796 26,197,294 28,093,312 4,544,909 27,928,124 2,631,695 7,348,647 34,412 2,085,658 573,696 46,649,362 6,154,983 2,731,428 34,604,624 240,381 730,394 1,710,889 509,517 316,084,128
Deferred outflows — 4,831,373 — — — — — — — — — — — — 279,375 — — — — — 5,110,747
Total assets and deferred outflows $ 1,370,211 $ 83,933,168 $ 42,842,796 $ 26,197,294 $ 28,093,312 $ 4,544,909 $ 27,928,124 $ 2,631,695 $ 7,348,647 $ 34,412 $ 2,085,658 $ 573,696 $ 46,649,362 $ 6,154,983 $ 3,010,802 $ 34,604,624 $ 240,381 $ 730,394 $ 1,710,889 $ 509,517 $ 321,194,876
Liabilities
Accounts payable and accrued liabilities $ — $ 1,968,738 $ 160,423 $ — $ 9,084 $ 1,021 $ — $ — $ — $ — $ — $ — $ 266,521 $ 5,100 $ 64,654 $ — $ — $ 63,000 $ 159,457 $ 19,170 $ 2,717,168
Accrued compensation - current — — — — — — — — — — — — — — 41,167 — — — — — 41,167
Accrued interest payable - current — 389,045 — — — — — — — — — — — — — — — — — — 389,045
Bonds payable - current portion — 5,815,000 — — — — — — — — — — — — — — — — — — 5,815,000
Long term compensation liability — — — — — — — — — — — — — — 249,712 — — — — — 249,712
Bonds payable, net — 50,565,000 — — — — — — — — — — — — — — — — — — 50,565,000
Total liabilities — 58,737,783 160,423 — 9,084 1,021 — — — — — — 266,521 5,100 355,533 — — 63,000 159,457 19,170 59,777,092
Deferred inflows — — — — — — — — — — — — 25,200,045 — 680,144 — — — — — 25,880,190
Fund Balance
Net position, beginning — 20,341,372 46,918,053 24,125,068 26,787,731 3,517,926 5,185,080 — 5,417,033 34,412 1,351,960 409,031 22,720,498 6,051,336 767,678 35,478,522 147,239 667,105 2,936,642 2,319,799 205,176,484
Revenues 3,224,355 11,377,758 29,108,425 4,408,084 6,435,074 1,669,545 25,333,045 5,921,314 4,511,048 2,579,427 1,044,303 512,341 3,663,247 288,193 4,348,169 497,437 109,392 289 (162,767) 12,896 104,881,578
Expenses 1,854,144 7,673,744 34,128,495 2,335,859 5,138,576 991,260 2,590,000 3,289,619 2,579,434 2,579,427 310,605 347,676 2,866,538 189,646 3,193,068 1,371,335 16,250 — 1,222,443 1,842,348 74,520,467
Net transfers in (out) — 1,150,000 784,390 — — 347,676 — — — — — — (2,334,412) — 52,346 — — — — — —
Total net position, ending 1,370,211 25,195,385 42,682,373 26,197,294 28,084,228 4,543,887 27,928,124 2,631,695 7,348,647 34,412 2,085,658 573,696 21,182,796 6,149,883 1,975,125 34,604,624 240,381 667,394 1,551,432 490,347 235,537,594
Total liabilities, deferred inflows and net
position $ 1,370,211 $ 83,933,168 $ 42,842,796 $ 26,197,294 $ 28,093,312 $ 4,544,909 $ 27,928,124 $ 2,631,695 $ 7,348,647 $ 34,412 $ 2,085,658 $ 573,696 $ 46,649,362 $ 6,154,983 $ 3,010,802 $ 34,604,624 $ 240,381 $ 730,394 $ 1,710,889 $ 509,517 $ 321,194,876
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Redevelopment Agency of Salt Lake City
Combining Statement of Revenues and Expenses and Changes in Net Position by Project Area
Fiscal Year Ended June 30, 2022
9-Line Block 70
CDA CBD Citywide
Housing
Depot
District
Granary
District
Housing
Develop
ment
State
Street
North
Temple
North
Temple
Viaduct
CDA
Northwest
Quadrant
Northwest
Quadrant
Housing
Program
Income
Fund
Project
Area
Housing
RDA
Administr
ation
Revolving
Loan
Fund
Stadler Sugarhouse
Project
West
Capital
Hill
West
Temple
Gateway Total
Revenue
Net Transfers $ (266,889) $ 6,623,842 $ (9,381,157) $ 1,993,593 $ (1,807,887) $ (316,685) $ 22,722,416 $ (657,924) $ 1,471,148 $ (36,542) $ (310,605) $ (347,676) $ 277,676 $ 103,535 $ 19,805,274 $ — $ (16,250) $ — $ — $ — $ 39,855,868
Grants and Other
Contributioms 1,871,603 2,156,531 29,210,363 — 5,165,393 975,276 — 3,289,619 674,845 2,573,995 1,035,350 501,100 — — (15,456,918) — 108,334 — — — 32,105,491
Interest on
Investments — 49,276 (894,447) 54,575 73,381 20,339 20,629 — 10,536 5,432 8,953 11,241 67,383 11,491 1,036 3,783 1,058 289 106,173 6,448 (442,423)
Rental & other
income — — 53,793 24,057 — — — — — — — — 1,043,809 — — 59,652 — — — — 1,181,311
Interest income -
Leases — — — — — — — — — — — — 831,374 — — — — — — — 831,374
Miscellaneous
revenue — — — — — — — — — — — — 8,500 — (1,223) 1 — — — — 7,278
Changes in
Equity in JV — 640,830 — — — — — — — — — — — — — — — — — — 640,830
Total revenue $ 1,604,714 $ 9,470,479 $ 18,988,552 $ 2,072,225 $ 3,430,887 $ 678,930 $ 22,743,045 $ 2,631,695 $ 2,156,529 $ 2,542,885 $ 733,698 $ 164,665 $ 2,228,741 $ 115,026 $ 4,348,169 $ 63,437 $ 93,142 $ 289 $ 106,173 $ 6,448 $ 74,179,729
Expense
Gain/Loss on
sale of capital
assets $ — $ — $ (6,063,282) $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ (6,063,282)
Personal
Services — — — — — — — — — — — — — — 1,588,385 — — — — — 1,588,385
O & M — 487,206 1,583,916 — 94,993 127 — — — — — — 487,352 — 1,570,828 — — — 30,952 — 4,255,374
Charges &
Services 234,503 1,316,703 15,748,277 — 2,028,796 517 — — 224,914 2,542,885 — — 944,680 — — 937,335 — — 1,460,431 1,835,900 27,274,942
Depreciation — — 613,146 — — — — — — — — — — 16,478 33,855 — — — — — 663,479
Total expense 234,503 5,766,465 11,882,056 — 2,134,389 644 — — 224,914 2,542,885 — — 1,432,032 16,478 3,193,068 937,335 — — 1,491,383 1,835,900 43,818,619
Changes in net
position $ 1,370,211 $ 3,704,013 $ 7,106,495 $ 2,072,225 $ 1,296,498 $ 678,286 $ 22,743,045 $ 2,631,695 $ 1,931,615 $ — $ 733,698 $ 164,665 $ 796,710 $ 98,548 $ 1,155,101 $ (873,898) $ 93,142 $ 289 $ (1,385,210) $ (1,829,452) $ 30,361,110
41
Redevelopment Agency of Salt Lake City
Selected Financial Information by Project Area
Fiscal Year Ended June 30, 2022
9-Line Block 70 CDA CBD Citywide Housing Depot District Granary District
Housing Develop- ment State Street North Temple
North Temple Viaduct CDA Northwest Quadrant
Northwest Quadrant Housing / UIPA Program Income Fund Project Area Housing
RDA Admini- stration Revolving Loan Fund Stadler Sugarhouse Project West Capital Hill West Temple Gateway Total
Grants and Other Contributions $ 1,871,603 $ 2,156,531 $ 29,210,363 $ — $ 5,165,393 $ 975,276 $ — $ 3,289,619 $ 674,845 $ 2,573,995 $ 1,035,350 $ 501,100 $ — $ — $ (15,456,918) $ — $ 108,334 $ — $ — $ — $ 32,105,491
Loans receivable principal received — — — 22,890 — — — — — — — — 39,367 — — 474,054 — — — — 536,310
Interest on
investments — 49,276 100,930 54,575 73,381 20,339 20,629 — 10,536 5,432 8,953 11,241 67,383 11,491 1,036 3,783 1,058 289 106,173 6,448 552,955
Bonds payable — 51,548,627 — — — — — — — — — — — — — — — — — — 51,548,627
Interest and
fiscal charges 3,476,949 10,600 3,487,549
Debt principal
paid 5,570,000 5,570,000
Origination of loans 3,502,265 2,855,932 1,340,000 4,280,430 11,978,627
Refunds of tax increment 234,503 561,753 13,466,652 1,719,593 15,982,502
Personal Services 1,588,385 1,588,385
Operating & Maintenance 1,570,828 1,570,828
Charges &
Services 234,503 1,803,909 15,207,992 — 2,123,789 644 — — 224,914 2,542,885 — — 3,556,232 937,335 — — 1,491,383 1,835,900 29,959,488
Budgetary
transfers in
(out) (336,889) 6,623,842 (9,381,157) 1,993,593 (1,807,887) (316,685) — (657,924) (197,990) (36,542) (310,605) 103,535 4,340,960 (16,250) — —
Depreciation 613,146 16,478 33,855 663,479
42