05/09/2023 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
REVISED AGENDA
May 9, 2023 Tuesday 1:30 PM
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: 10:51:42
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:
1.Resolution: RDA Budget Amendment No.3 for Fiscal Year 2022-23 -
-
The Board will accept public comment on 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 adjustments to budgets
based on actual property tax increment received to satisfy obligations under state law,
interlocal agreements with other taxing entities, and reimbursement agreements with
private property owners, and several holding accounts for capital improvements and
strategic intervention funds for future opportunities in project areas among other items.
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 March 14, 2023.
2.Resolution: RDA Budget Amendment No.3 for Fiscal Year 2022-
23 ~ 2:10 p.m.
20 min
The Board will receive a follow-up briefing about, 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 adjustments
to budgets based on actual property tax increment received to satisfy obligations under
state law, interlocal agreements with other taxing entities, and reimbursement
agreements with private property owners, and several holding accounts for capital
improvements and strategic intervention funds for future opportunities in project areas
among other items.
3.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.
4.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
•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:
1.Informational: Redevelopment Agency Semi-Annual Property Report -
-
The Board will receive a written briefing of all Tier 1 and Tier 2 properties owned by the
RDA, as per the Land Disposition Policy. The May 2023 report includes the description,
address, parcel ID, size, zoning and tier category of each property. In addition, the report
details approximate acquisition date, current category of disposition, interim use and
proposed permanent use for each property.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
Adjournment
(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 1:30pm on Monday, May 8, 2023, 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.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
COUNCIL.SLCGOV.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:RDA Board Members
FROM: Ben Luedtke
Budget and Policy Analyst
DATE:May 9, 2023
RE: Redevelopment Agency (RDA) Budget
Amendment Number Three Fiscal Year (FY) 2023
________________________________________________________________________________
NEW INFORMATION
Comparing Actual Property Tax Increment to Annual Budget and County’s Estimates
The County provided final property tax increment amounts for FY2023. In total across all project areas, the RDA
has $5.5 million more than estimated in the annual budget but $620,681 less than the County estimated in
December (amounts used for the earlier transmittal and staff report). While every project area has less property tax
increment than the County estimated a few months ago, every project area has more property tax increment than
the City’s estimates in the FY2023 annual budget except for the Central Business District. This reflects the City’s
approach of conservatively estimating property tax increment growth in the annual budget. The below table
summarizes the changes and resulting actual property tax increment amounts.
Note: Only property tax increment is shown in the table above; it does not include other RDA revenue sources like
interest income, rental income, or internal transfers
Pro j e c t A re a
Fu n d s
FY 2 0 2 3 C i t y
A n n u al
Bu d g e t
C o u n t y 's
De c e m ber
E st im at es
A c t u al
Pro p ert y T ax
I n c re m e n t
Differe n c e
fro m A n n u al
Bu dge t
Diffe ren c e
fro m C o u n t y
Fo re c ast
Ce nt r a l Busine ss
Dist r ic t 2 7 ,5 7 3 ,1 5 0$2 6 ,0 2 9 ,3 0 6$2 5 ,9 4 1 ,7 83$(1 ,6 3 1 ,3 6 7 )$(87 ,5 2 3 )$
Blo c k 7 0 1 ,9 2 2 ,3 2 3$1 ,9 2 6 ,0 2 9$1 ,9 2 5 ,5 0 3$3 ,1 80$(5 2 6 )$
De p o t Distr ic t 3 ,9 9 9 ,5 87$5 ,5 7 0 ,2 6 4$5 ,3 1 6 ,1 1 3$1 ,3 1 6 ,5 2 6$(2 5 4 ,1 5 1 )$
Gr anar y Dist r ic t 6 3 3 ,5 4 6$1 ,0 87 ,3 2 4$1 ,0 81 ,6 7 5$4 4 8,1 2 9$(5 ,6 4 9 )$
No r th Te m p le 4 4 4 ,0 5 3$9 9 5 ,82 5$9 88,9 3 6$5 4 4 ,883$(6 ,889 )$
No r th Te m p le
V iad u c t 1 ,2 0 5 ,1 0 9$2 ,85 8,9 3 4$2 ,7 2 0 ,0 1 9$1 ,5 1 4 ,9 1 0$(1 3 8,9 1 5 )$
No r thwe st Qu a d r ant 9 0 3 ,1 0 0$1 ,4 5 0 ,2 6 1$1 ,3 7 1 ,1 2 5$4 6 8,0 2 5$(7 9 ,1 3 6 )$
St ad le r Rail 7 2 ,4 2 0$1 3 8,5 2 7$1 3 8,5 2 6$6 6 ,1 0 6$(1 )$
St at e Str e e t 2 ,6 3 1 ,1 83$4 ,3 5 1 ,6 4 0$4 ,3 3 7 ,0 7 0$1 ,7 0 5 ,887$(1 4 ,5 7 0 )$
9 -Line 1 ,4 7 7 ,7 2 7$2 ,6 3 5 ,0 6 7$2 ,6 0 1 ,7 4 6$1 ,1 2 4 ,0 1 9$(3 3 ,3 2 1 )$
T o t al 40 ,862,198$4 7 ,0 4 3 ,17 7$4 6 ,4 2 2 ,49 6$5 ,5 6 0 ,2 9 8$(6 2 0 ,6 81)$
Project Timeline:
Set Date & 1st Briefing: April 11, 2023
Public Hearing & 2nd Briefing: May 9, 2023
Potential Action: June 13, 2023
Page | 2
Summary of Discretionary Items Adjusted for Actual Property Tax Increment
The prior transmittal and staff report used the County’s December estimates of property tax increment. The RDA
has proposed adjustments based on actual property tax increment amounts all being lower than the County’s
December estimates. Legally required items such as taxing entity payments, reimbursement agreements with
private property owners, and affordable housing contributions are all automatically adjusted and not reflected in
the table below. A detailed list of all line items and adjustments based on actual property tax increment is provided
in the updated transmittal on pages 16-23. The table below focuses on discretionary item adjustments.
Pro j e c t A re a /
Fu n d I t e m
I n c rease / De c re as e
fo r A c t u al T ax
I n c re m e n t
Ne w Bu d g e t
T o t al
Op e r at io ns and Maint e na nc e -$ 6 6 0 ,0 0 0$
Ch a r ge s and Se r v ic e s (87 ,9 5 0 )$ 4 1 9 ,2 81$
Tr ansfe r to RDA A dm inis tr a tio n (1 6 3 ,1 3 7 )$ 2 ,5 9 4 ,1 7 8$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt (4 89 ,4 1 0 )$ 2 4 4 ,6 5 1$
Blo c k 7 0 Re g e nt St r e e t Par king St r u c t u r e Re s e r v e
Ho lding A c c o u nt 2 ,2 2 6$ 1 0 2 ,2 2 6$
Tr ansfe r to RDA A dm inis tr a tio n 1 9 7 ,4 7 9$ 7 9 7 ,4 1 7$
Tr ansitio n Ho ld ing A c c o unt 1 ,80 5 ,4 7 3$ 1 ,80 5 ,4 7 3$
Mis c e llane o u s Pr o p e r t y Ex p e ns e s 2 5 ,0 0 0$ 1 5 0 ,0 0 0$
Fu lly Re p a y Re v o lv ing Lo an Fund fo r a
Pr o pe r t y A c q u isitio n Tr a nsfe r 2 5 ,2 6 8$ 5 5 0 ,0 0 0$
Tr ansfe r to RDA A dm inis tr a tio n 6 7 ,2 1 9$ 1 6 2 ,2 5 1$
Tr ansitio n Ho ld ing A c c o unt 2 9 1 ,2 84$ 2 9 1 ,2 84$
Tr ansfe r to RDA A dm inis tr a tio n 5 4 ,4 89$ 9 8,89 4$
Tr ansitio n Ho ld ing A c c o unt 3 4 3 ,2 7 7$ 3 4 3 ,2 7 7$
Tr ansfe r to RDA A dm inis tr a tio n 2 2 ,7 2 3$ 4 0 ,80 0$
A nnu a l Bo nd De b t Se r v ic e Pa y m e nt to the
Ge ne r al Fu nd 1 ,4 9 2 ,1 87$ 2 ,6 80 ,7 1 9$
Tr ansfe r to RDA A dm inis tr a tio n 4 6 ,80 3$ 1 3 7 ,1 1 3$
Sh a r e d Co st s Ho lding A c c o u nt 4 6 ,80 2$ 1 4 2 ,1 1 2$
Tr ansfe r to RDA A dm inis tr a tio n City and
Sc h o o l Dis tr ic t Funds 1 7 0 ,5 89$ 4 3 3 ,7 0 7$
Tr ansitio n Ho ld ing A c c o unt 1 ,3 6 4 ,7 0 9$ 1 ,3 6 4 ,7 0 9$
Tr ansfe r to RDA A dm inis tr a tio n City and
Sc h o o l Dis tr ic t Funds 1 4 1 ,9 5 7$ 2 6 0 ,1 7 5$
Tr ansfe r to RDA A dm inis tr a tio n Co u nt y
Fu nd s 2 2 ,4 1 5$ 2 2 ,4 1 5$
Tr ansitio n Ho ld ing A c c o unt 80 2 ,2 0 8$ 80 2 ,2 0 8$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt (1 ,0 83 ,0 3 4 )$ 5 1 6 ,84 6$
Ho u sing De v e lo p m e nt Lo a n Pr o g r am 1 ,5 0 0 ,0 0 0$ 1 ,5 0 0 ,0 0 0$
Sc h o o l Dis tr ic t Fam ily & Wo r kfo r c e
Ho u sing A c c o unt 3 81 ,3 4 7$ 3 81 ,3 4 7$
Ho using
De v e lo p m e nt
Fund
Ho u sing De v e lo p m e nt Lo a n Pr o g r am
(2 ,3 82 ,0 0 0 )$ 1 ,84 8,0 0 0$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt 4 4 0 ,2 2 6$ 4 4 0 ,2 2 6$
Tr ansitio n Ho ld ing A c c o unt 4 3 3 ,880$ 4 3 3 ,880$
No r t h we st
Qu a d r ant
Stat e Str e e t
9 -Line
Pr imar y Ho using
We stsid e
Co m m u nit y
I nitia tiv e
A d m inis tr a tio n
Budge t
Ce ntr al Bu sine s s
Dis tr ic t
De p o t Dist r ic t
Gr a nar y Distr ic t
No r th Te m p le
No r th Te m p le
V ia d u c t
Page | 3
$4 Million Seed Funds for Westside Community Initiative Changing Source, Transfer, and Use for
Property Acquisition in the 9-Line Project Area
The RDA is requesting the Board approve a $4 million transfer from the General Fund to the Program Income
Fund. There is a corresponding item in General Fund Budget Amendment #6 to transfer $4 million from General
Fund Balance to the RDA. The funds are proposed to be combined with $959,774 from an existing 9-Line property
acquisition holding account and $440,226 from an existing Westside Community Initiative property acquisition
holding account. The three funding sources have a total of $5.4 million for the property acquisition.
These funds were originally approved in FY2022 Budget Amendment #4 coming from the City’s American Rescue
Plan Act or ARPA fiscal recovery funding as seed funding for the Westside Community Initiative. The proposal is to
keep the total funding at $4 million but switch from using ARPA dollars to using General Fund Balance. This
approach helps reduce the administrative workload to monitor, document, and report compliance to the federal
government. General Fund dollars are also more flexible than ARPA funds which are subject to many limitations
under U.S. Treasury guidance.
At the time of publishing this staff report, the Administration’s transmittal was being updated to reflect the $4
million coming from General Fund Balance and not ARPA.
Board Questions from April 11 Briefing
Administration Budget
The Board expressed interest in developing a policy for how transfers from each project area and fund to the
Administration budget are calculated, and how the RDA Administration budget should adjust when revenue is
significantly different than expected. The Board discussion included revisiting the idea of a General Fund transfer to
the RDA’s Administration Budget. Some project area interlocal agreements with taxing entities set limits on
contributions for administrative costs. Newer project areas may not generate enough tax increment to fully cover
administrative costs. The RDA plans to prepare recommendations for a future Board discussion on developing an
Administrative Budget policy.
Block 70 Regent Street Parking Structure
The Board asked what is the extent of the RDA’s responsibility for maintenance, repairs, and replacement of the
Regent Street parking structure? Is there a cost estimate available? Under an existing contract the RDA is
responsible for regular maintenance based on a pro-rata share of how many parking stalls are marked for Eccles
Theater patrons. Revenue from theater operations helps offset some of the regular maintenance costs. Major
expenses for repairs and replacement do not have cost estimates. They will be influenced to an extent by how many
parking stalls are needed for Eccles Theater patrons in the future. The parking structure predates the Eccles
Theater. Minor repairs were made at the time of constructing the Eccles Theater, however, the age and estimated
remaining useful life of the parking structure is unknown.
North Temple Viaduct Bond RDA Payments to General Fund
The Board asked whether the bond could be repaid early and when the General Fund is projected to be fully
reimbursed for making the bond payments? The original 2012A bonds were refinanced as part of Sales Tax Revenue
Bond 2022A. This refinancing saved taxpayers $1,013,504 compared to the original bond debt. The new Sales Tax
Revenue Bond does not have an option to be refinanced again or paid off early before the call date in 2031. The
remaining principal on the bond is $8.32 million. The Administration provided the below table detailing the RDA’s
remaining obligation to reimburse the General Fund.
Total Principal and Interest Payments $ 20,856,087
RDA Contributions to Date ($ 8,649,069)
North Temple Blvd Project ($ 3,000,000)
Pro-rated share of interest for excess ($ 1,185,636)
RDA Remaining Balance $ 8,021,382
Northwest Quadrant Shared Costs Holding Account
The Board asked what kinds of projects would be eligible for the shared costs holding account, and are there any
legal or timeliness requirements for these funds? The Administration replied that “Shared Costs are defined as
“redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property
Page | 4
owners or parcels.” There are no legal timelines or requirements for these funds outside of the project area term
and conditions. The reimbursement agreements do provide the ability for developers to apply to the Agency for
additional expenses that could be reimbursed from these shared costs, subject to Board approval.”
Two Property Acquisition Holding Accounts with $1 Million Each; One in the Primary Housing Fund and Another
in the Housing Development Fund
The Board asked how the two holding accounts relate and whether they could be combined? The Administration
clarified that the two separate holding accounts are mainly for accounting and reporting purposes. The funds could
be combined for a specific project or added to an affordable housing Notice of Funding Availability or NOFA. State
law requires project areas to set aside a portion of property tax increment for affordable housing which goes to the
Primary Housing Fund. Additional funds for affordable housing beyond the statutory requirements go to the
Housing Development Fund.
Housing Trust Fund
The Board asked for additional details about the Housing Trust Fund. FY2023 is the first full year for the RDA to
administer the Housing Trust Fund since it was transferred from the Community and Neighborhood Department’s
Housing Stability Division. The RDA provided the below updates in response:
- There are currently 38 active Housing Trust Fund loans.
- The total outstanding principal balance as of 4/18/2023 is $18,057,285.85.
- Does the Administration have the ability to create aging reports / accounts receivable reports by fiscal year to
help inform how much should be budgeted annually? Once the review of loan documentation and financial
information is complete and the migration is finalized, we will be in a position to provide this information. In
addition to budget information we anticipate providing semi-annual reports, similar to our commercial loan
program report.
- Are there additional tools that would help manage the Housing Trust Fund? Not at this time. The Agency has
acquired new loan software and is working on configuring the system to manage and report the data.
Information below was provided to the Board at earlier briefings
RDA Budget Amendment Number Three includes requested changes to 15 project areas and funds. Total
expenditures are $10,312,004 for 46 items in this amendment. Total revenues across all funding sources are $6.1
million more than budgeted. Two significant revenue decreases below budget are a $1.5 million drop in the Central
Business District and a $1.3 million drop in the Housing Trust Fund. Most of the proposed items are true-up
adjustments based on preliminary property tax increment numbers from Salt Lake County. The actual tax
increment received could be adjusted up or down. An updated transmittal will be sent later this month or next when
the final numbers are available. Note that in this staff report the amounts in red font are negative numbers.
The annual budget uses a conservative forecasting of property tax increment which results in an end of fiscal year
“true-up” budget amendment to recognize and adjust budgets based on actual tax increment revenues. The
“Amended Budget Totals by Fund” section on pages 13-19 of the transmittal provides line-item detail of revenue
and expense changes by project area and fund. The additional and background information section near the end of
this staff report includes project area expiration dates, allowable uses of RDA funds per state law, and an update on
the Board’s FY2023 legislative intent to review all RDA accounts. The Board may wish to reference Attachment 1 –
The RDA’s Guiding Framework for evaluating and prioritizing budget requests.
LEGALLY REQUIRED ITEMS
Many items in the budget amendment are legal requirements for the RDA which mostly fall into three categories
listed below. Detailed breakouts of the individual obligations within these line items can be requested from the
Administration if Board Members would like additional information.
Taxing entity payments which are pass throughs from the RDA to the School District or Salt Lake County as
required by interlocal agreements.
Page | 5
Property tax increment reimbursements to property owners that have agreements with the RDA. If certain
conditions are met, then a portion of their property taxes is reimbursed. This is called post-performance
because reimbursement is only provided after the property owner has met the conditions and the County
Assessor confirms higher property values.
State law affordable housing set aside which is required only for some project areas which mostly goes to
the primary housing fund (can be used citywide for units with rent affordable to 80% AMI and below).
DISCRETIONARY ITEMS
The items below are not legal requirements of the RDA. If desired, the Board could decide to take additional time to
consider some or all the items below or could decline to fund any of the items. In recent years the Board’s
preference has been to limit duplication of funding requests for items in the last budget amendment of the year and
the proposed annual budget. This approach can provide the Board with greater flexibility to consider all competing
needs and funding sources together. The Administration is working to implement this approach while transitioning
to a new financial system. Holding accounts are typically for capital projects so the funding does not lapse to cash
reserves at the end of the fiscal year, and the Board would need to approve specific uses at a future meeting.
Transitioning between Financial Systems
The City is transitioning to a new financial system as part of the WorkDay Enterprise Resource Planning software
platform. The transition is expected to go live on July 1, 2023 to coincide with the start of FY2024. The RDA and
Finance Department are working to reconcile and convert accounts between the old and new financial systems. As
part this process, there are five transition holding accounts proposed in this budget amendment. The transition
holding accounts reflect remaining property tax increment revenues above budget after meeting legally required
expenses and anticipated obligations this fiscal year. This approach will be reflected in an updated transmittal. The
Administration plans to return to the Board for a comprehensive review of all RDA accounts once the new financial
system is implemented (per the Board’s FY2023 legislative intent in the Additional Info section for reference). The
new system is expected to include improved tracking such as whether an account is for housing, commercial, or
infrastructure so these categories can be easily shown across all project areas and funds.
Administration Budget
(All project areas contribute to the Administration budget. There is no policy guiding how the costs are shared
between the project areas.)
A. $360,000 increase to a new balance of $660,000 for the Operating and Maintenance budget.
B. $288,671 increase to a new balance of $507,231 for the Charges and Services budget.
Policy Questions:
1. Does the Board want to provide policy guidance for a) how RDA Administrative transfers are calculated
from each project area, and b) how the RDA Administration budget should adjust when revenue is
significantly different than expected? For example, administrative expenses may fluctuate unrelated to
the activity and revenue from project areas. Because RDA revenues are estimated and can come in
either higher or lower than projected, the Board may wish to discuss how those overages or shortfalls
should be applied. A little more than half of the RDA Administration budget is for ongoing personnel
costs (salary and benefits). The rest is used for property maintenance, operations, equipment,
administrative fees, and charges and services. The CBD provides more than half of the revenue for the
RDA Administration budget as shown in the table below.
Overview of Revenues from Project Areas to the RDA Administration Budget
Page | 6
2. The Board may wish to ask for additional information about the $200,000 for a remodel of the RDA
and Economic Development Department office space such as the project scope and cost breakout.
Central Business District (CBD)
C. (-$1,543,844) decrease in revenue from the adopted budget. As a result, there are three proposed
corresponding reductions in expense budgets. A (-$929,306) decrease to a new balance of $12,357,345 for
legally required taxing entity payments is based on the terms of those interlocal agreements. The other two
proposed reductions are up to the Board’s determination:
(-$154,384) decrease to a new balance of $2,602,931 for the CBD transfer to RDA Administration expenses
which is available, and
(-$463,153) decrease to a new balance of $270,908 for the property acquisition holding account.
Policy Questions:
1. What is causing the $1.5 million or 6% decrease in CBD property tax increment revenue? The
Administration mentions in the transmittal that the reduced property value assessments are potentially
driven by hotels and shopping centers. There could also be an increase of property tax appeals.
2. What is the funding target to purchase property downtown? The Board may wish to discuss with the
Administration how much funding would be needed to acquire property in the CBD and what policy
goals could be advanced by such purchases.
Block 70
(Eccles Theater and Regent Street between 100 and 200 South, and Main and State Streets)
D. $2,594 of additional funding for the Regent Street Parking Structure Capital Reserve holding account. If
approved, then the new total budget would be $366,275.
Policy Question:
1. Regent Street Parking Structure Responsibility – The Board may wish to ask the Administration to
what extent is the RDA and other entities responsible for maintenance of the parking structure. Note
that the agreement for maintenance is related to the guarantee of a certain number of parking spaces to
serve the Eccles Theater.
Depot District
(2024 is the last year for property tax increment collection. Note a tax increment reimbursement agreement
expired last year which resulted in a $1 million reduction in that legal obligation. This frees up funding that can
be used on discretionary items.)
Pro je c t A rea T ran sfer t o
RDA A dm in ist rat i o n Bu d get Bu dg e t A m e n dm e n t
#3 Fo re c ast V arian c e Pro je c t A rea
T ran sfe r % o f T o t al
9 -Line 1 1 8,2 1 8$ 3 1 0 ,6 7 3$ 1 9 2 ,4 5 5$ 7 %
Ce ntr al Bu sine ss Distr ic t 2 ,7 5 7 ,3 1 5$ 2 ,6 0 2 ,9 3 1$ (1 5 4 ,3 84 )$5 6 %
De p o t Dist r ic t 5 9 9 ,9 3 8$ 83 5 ,5 4 0$ 2 3 5 ,6 0 2$ 1 8%
Gr a nar y Distr ic t 9 5 ,0 3 2$ 1 6 3 ,0 9 9$ 6 8,0 6 7$ 4 %
No r th Te m p le 4 4 ,4 0 5$ 9 9 ,5 83$ 5 5 ,1 7 8$ 2 %
No r th Te m p le V iaduc t 1 8,0 7 7$ 4 2 ,884$ 2 4 ,80 7$ 1 %
No r thw e st Quad r a nt 9 0 ,3 1 0$ 1 4 5 ,0 2 6$ 5 4 ,7 1 6$ 3 %
Stadle r Ra il 7 ,2 4 2$ 7 ,4 2 6$ 1 84$ 0 %
Stat e St r e e t 2 6 3 ,1 1 8$ 4 3 5 ,1 6 4$ 1 7 2 ,0 4 6$ 9 %
We st Te m p le Ga te way *5 ,0 0 0$ 5 ,0 0 0$ -$ 0 %
TOTA LS 3 ,9 9 8,6 5 5$ 4 ,6 4 7 ,3 2 6$ 6 4 8,6 7 1$ 1 0 0 %
*Th is pro je c t a re a no lo ng e r c o lle c t s p ro pe rt y tax inc re m e nt. I nte re s t inc o m e is g e ne rat e d fro m u ns p e nt
Page | 7
E. $235,602 increase to a new balance of $835,540 for the Depot District transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
F. $1,970,671 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting.
G. $25,000 increase to a new balance of $150,000 for miscellaneous property expenses which includes costs such
as utilities, maintenance, and minor repairs.
H. $25,268 increase to a new balance of $550,000 to fully repay the Revolving Loan Fund for a Central Station
property acquisition transfer last fiscal year.
Granary District
(2025 is the last year for property tax increment collection)
I. $68,067 increase to a new balance of $163,099 for the Granary District transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
J. $294,955 increase to a new transition holding account. See the transitioning between financial systems at the
start of the discretionary items section above for more. As the funds are going into a holding account, the Board
would need to approve specific uses of the funds at a future meeting. Note that the $421,805 existing property
acquisition holding account remains available.
North Temple
K. $55,178 increase to a new balance of $99,583 for the North Temple transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
L. $347,616 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting.
North Temple Viaduct
M. $24,807 increase to a new balance of $42,884 for the North Temple Viaduct transfer to RDA Administration.
See policy question #1 in the Administration Budget section above about the Board providing policy guidance
for how the RDA Administration budget should be adjusted when revenue is significantly different than
expected.
N. $1,629,018 increase to a new balance of $2,817,550 for the annual bond debt service payment to the General
Fund. This is an ongoing annual payment to reimburse the General Fund for fronting annual bond payments
when the property tax increment revenues were insufficient to cover the debt service. Note that the General
Fund carries the responsibility to cover the debt service each year, but when the debt was issued, the
understanding was that the RDA would eventually fully cover those payments.
Policy Question:
1. The Board may wish to ask the Administration when is the General Fund projected to be fully
reimbursed for all bond payments? The Board may also wish to have a discussion with the
Administration about policy goals for these funds. For example, in the FY2022 annual budget the
Council transferred $1 million from that year’s reimbursement to the General Fund to the North
Temple Strategic Intervention Fund, as it was more than what was needed to cover the General Fund’s
bond obligation.
2. The Board may also wish to ask has the Administration evaluated whether the City could repay the
bond early?
Page | 8
Northwest Quadrant (NWQ)
O. $54,716 increase to a new balance of $145,026 for the Northwest Quadrant transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
P. $54,716 increase to a new balance of $150,026 for the shared costs holding account. This account is intended to
be used for projects that benefit the entire project area or multiple properties. No specific projects are currently
identified for use. Note this is the second year the RDA budgeted revenues from the Northwest Quadrant.
Policy Question:
1. The Board may wish to discuss with the Administration what kinds of projects would be eligible for
these funds. There may be opportunities to plan for these kinds of projects in the upcoming Capital
Asset Plan (five-year CIP plan) to leverage multiple funding sources with the Northwest Quadrant
shared costs holding account. For example, public infrastructure improvements in the area might be
eligible to use transportation impact fees in combination with the NWQ shared costs funds.
State Street
Q. $172,046 increase to a new balance of $435,164 for the State Street transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
R. $1,373,365 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting. Note that the $2,107,974 existing property
acquisition holding account remains available.
9-Line
S. $192,455 increase to a new balance of $310,673 for the 9-Line transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
T. $770,952 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting. Note that the $959,774 existing property
acquisition holding account remains available.
Primary Housing
(state law allows the RDA to fund housing at 80% or below AMI citywide – not just in project areas)
U. (-$635,647) decrease to a new balance of $964,223 for the property acquisition holding account.
Policy Question:
1. How does the Primary Housing property acquisition holding account relate to the Housing
Development Fund Affordable Housing property acquisition holding account? The Board adopted a
legislative intent with the FY2023 annual budget (see Additional Info Section) to review all RDA
accounts to see whether they still align with the Board’s priorities. The Board could identify potential
streamlining of multiple holding accounts for the same purpose.
V. $1,124,053 for additional funding to the Housing Development Loan Program.
W. $375,947 for a new School District Family & Workforce Housing account. The interlocal agreement between the
RDA and the School District limits a portion of that taxing entity’s property tax increment for family-sized
(three bedrooms or more) and workforce housing. Placing the funds into a separate account would allow for
better tracking and reporting.
Housing Development Fund
Page | 9
X. (-$1,382,000) decrease to a new balance of $2,848,000 for the Housing Development Loan Program.
Policy Question:
1. Details of Housing Trust Fund Portfolio – The Board may wish to ask the Administration for details on
the funds’ portfolio such as how many loans exist, what is the total future repayments, is an aging
report being developed so the agency knows how much revenue to budget each year from repayments,
etc.
ADDITIONAL & BACKGROUND INFORMATION
FY2023 Legislative Intent Update
The legislative intent below was adopted by the Board along with the FY2023 annual budget. The review of all RDA
accounts is pending implementation of the new Work Day Enterprise Resource Planning financial system which is
expected to go live on July 1, 2023 (first day of FY2024). There are several new holding accounts and additional
funding to existing holding accounts proposed in this budget amendment. Those accounts can be included in the
comprehensive review of all RDA financial accounts next fiscal year.
New Program Funding Allocations. It is the intent of the RDA Board in the current budget year, and in
future budget years, to consolidate the budgeting and policy development steps for new programs so that
funding is allocated after the Board has had the opportunity to get a full understanding of the proposal and
to exercise their policy making discretion. It is further the intent of the Council to review by December 2022
all RDA accounts that contain balances to determine whether the appropriations still align with the goals of
the Board.
Gallivan Utah Center Owners Association (GUCOA)
GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is
responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally
contemplated a contractor to provide maintenance and programming which has been provided by the Public
Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming, and events. The programming contract has
requirements for a set number of events that must be open to the public annually. Gallivan also provides many free
events to activate the space consistent with the Council/Board’s public policy goals for downtown.
Project Area Expiration Dates
Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax
increment already collected in expired project areas such as Sugar House. Sometimes project areas can be
extended/renewed for a longer length which happened to the Central Business District. The table below
summarizes project area timeframes from creation to expiration.
Project Area Initial Collection
Year
Last Collection
Year
Central Business District*†1983 2042
West Capitol Hill**1998 2022
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2039
North Temple Viaduct CDA 2012 2037
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2040
Stadler Rail 2019 2038
Block 67 2021 2040
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
Page | 10
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
†In October 2021 the Board approved two-year extensions for these project areas. State law was
changed to allow extensions for projects areas negatively impacted by the COVID-19 pandemic
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board, encourages,
promotes, or provides development or redevelopment for the purpose of implementing a project area plan,
including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including recreational
and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
ATTACHMENTS
1. RDA Guiding Framework
ACRONYMS
CBD – Central Business District
CCR - Covenants, Conditions & Restrictions
CDA – Community Development Area
FY – Fiscal Year
GUCOA – Gallivan Utah Center Owners Association
NWQ – Northwest Quadrant
PIF – Program Income Fund
RDA – Redevelopment Agency
RFP – Request for Proposals
TBD – To Be Determined
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,68 5,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City RDA Board DATE: April 24, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT: RDA Budget Amendment 3, FY2022-23-Retransmittal
SPONSOR: NA
STAFF CONTACT: Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed fourth amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 536,038.00 $ 536,038.00
RDA CAPITAL FUND 9,875,400.46 9,875,400.46
TOTAL $ 10,411,438.46 $ 10,411,438.46
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. True up for tax increment received.
2. Other House Keeping items.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening contains one item:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #3 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
1 Transfer In from General Fund for Housing Property
Acquisition Cap PIF 4,000,000.00 4,000,000.00
1 True-up of Tax Increment revenues for FY'23 CBD (1,141,957.00) (1,141,957.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap CBD (489,410.00) (489,410.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap BL-70 2,226.00 2,226.00 One-time -
1 True-up of Tax Increment revenues for FY'23 BL-70 954.00 954.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap DD 1,805,473.00 1,805,473.00 One-time -
1 True-up of Tax Increment revenues for FY'23 DD (514,215.00) (514,215.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap GD 291,284.00 291,284.00 One-time -
1 True-up of Tax Increment revenues for FY'23 GD 156,845.00 156,845.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NTV 1,514,910.00 1,514,910.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap SS 1,364,709.00 1,364,709.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SS 341,178.00 341,178.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 9L 775,212.00 775,212.00 One-time -
1 True-up of Tax Increment revenues for FY'23 9L 348,807.00 348,807.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NT 381,418.00 381,418.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NT 163,465.00 163,465.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SR 66,106.00 66,106.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NWQ 421,224.00 421,224.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NWQ 46,801.00 46,801.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap WCI 874,106.46 874,106.46 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 1P 798,313.00 798,313.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Admin 560,721.00 560,721.00 One-time -
2 Adjust loan payment revenue (prin/int) forecast for
Housing Develoment Trust Fund HDT (1,382,000.00) (1,382,000.00) One-time -
4 Return RLF short-term property acquisition loan Cap DD 25,268.00 25,268.00 One-time -
-
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - -
Total by Fund, Budget Amendment #3:
Redevelopment Agency Cap CBD (489,410.00) (489,410.00)
Redevelopment Agency CBD (1,141,957.00) (1,141,957.00)
Redevelopment Agency Cap BL-70 2,226.00 2,226.00
Redevelopment Agency BL-70 954.00 954.00
Redevelopment Agency Cap DD 1,830,741.00 1,830,741.00
Redevelopment Agency DD (514,215.00) (514,215.00)
Redevelopment Agency Cap GD 291,284.00 291,284.00
Redevelopment Agency GD 156,845.00 156,845.00
Redevelopment Agency NTV 1,514,910.00 1,514,910.00
Redevelopment Agency Cap SS 1,364,709.00 1,364,709.00
Redevelopment Agency SS 341,178.00 341,178.00
Redevelopment Agency Cap 9L 775,212.00 775,212.00
Redevelopment Agency 9L 348,807.00 348,807.00
Redevelopment Agency Cap NT 381,418.00 381,418.00
Redevelopment Agency NT 163,465.00 163,465.00
Redevelopment Agency SR 66,106.00 66,106.00
Redevelopment Agency Cap NWQ 46,801.00 46,801.00
Redevelopment Agency NWQ 421,224.00 421,224.00
Redevelopment Agency Cap WCI 874,106.46 874,106.46
Redevelopment Agency Cap 1P 798,313.00 798,313.00
Redevelopment Agency Admin 560,721.00 560,721.00
Redevelopment Agency HDT (1,382,000.00) (1,382,000.00)
Redevelopment Agency Cap PIF 4,000,000.00 4,000,000.00
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - - -
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments 3
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA #3 Total Total To-Date
Redevelopment Agency 50,172,718 - 2,546,805.00 - 52,719,523
Redevelopment Agency Cap 13,128,181 - (2,500,000.00) - 10,628,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 - 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedStaff Requested
1 of 1 5/1/2023 4:32 PM
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: April 22, 2023
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Discuss and consider the adoption of the proposed Third Amendment to the
Annual RDA Budget for Fiscal Year 2023.
BUDGET IMPACTS: The Third Amendment identifies appropriations for Agency operations and
projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to provide final budget proposals for the
Third Amendment (“Amendment”). The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within
the Agency budget for Fiscal Year 2023. Since the preliminary briefing provided in April, the Agency
received the final tax increment distribution from the County, additional funds of $874,106 from the Utah
Inland Port Authority and recognized a $4,000,000 transfer from the City’s General Fund. Final revenue
and transfer amounts for each fund are in the 2023-BA3 column in the tables below, with variances from
the budgeted and forecasted revenue.
Revenue & Other Sources Adjustments
Project Area Funds - Tax Increment Revenue
The actual tax increment received was $620,681 less than the forecasted numbers the Agency received
from the County back in December. However, the final tax increment received was $5,560,298 more than
originally budgeted, at $46,422,496.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,573,150 26,029,306 (1,631,367) (87,523) 25,941,783
Block 70 1,922,323 1,926,029 3,180 (526) 1,925,503
Depot District 3,999,587 5,570,264 1,316,526 (254,151) 5,316,113
Granary District 633,546 1,087,324 448,129 (5,649) 1,081,675
North Temple 444,053 995,825 544,883 (6,889) 988,936
North Temple Viaduct 1,205,109 2,858,934 1,514,910 (138,915) 2,720,019
Northwest Quadrant 903,100 1,450,261 468,025 (79,136) 1,371,125
Stadler Rail 72,420 138,527 66,106 (1) 138,526
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
Total 40,862,198 47,043,177 5,560,298 (620,681) 46,422,496
Project Area Funds – Total Revenue
After reviewing the changes in tax increment revenue, the agency has calculated the total revenue changes
generated within each project area. This total includes tax increment, interest on investments, rental
income, and internal transfers.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,596,650 26,052,806 (1,631,367) (87,523) 25,965,283
Block 70 10,915,154 10,918,860 3,180 (526) 10,918,334
Depot District 4,049,587 5,620,264 1,316,526 (254,151) 5,366,113
Granary District 648,546 1,102,324 448,129 (5,649) 1,096,675
North Temple 449,053 1,000,825 544,883 (6,889) 993,936
North Temple Viaduct 1,206,609 2,860,434 1,514,910 (138,915) 2,721,519
Northwest Quadrant 908,100 1,455,261 468,025 (79,136) 1,376,125
Stadler Rail 72,920 139,027 66,106 (1) 139,026
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
West Temple Gateway 5,000 5,000 0 0 5,000
West Capitol Hill 100,000 100,000 0 0 100,000
Total 50,060,529 56,241,508 5,560,298 (620,681) 55,620,827
Housing Funds Revenue
The total tax increment decrease led to a $66,040 lower transfer from Project Area funds to the Primary
Housing Fund than predicted, but still $2,398,193 higher than the original budget. As previously reported,
the Housing Development Fund will drop by $1,382,000, due to lower loan payments from the Housing
Trust Fund than initially anticipated. Additionally, the Westside Community Initiative will receive an
extra $874,106 in affordable housing funds from the Utah Inland Port Authority.
Housing Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Primary Housing Fund 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund Revenue
The City will transfer $4,000,000 from the City’s General Fund to the Agency’s Program Income Fund.
Program Income 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Program Income Fund 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Total 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Agency Operations Fund Revenue
Despite a decrease of $87,950 in tax increment received compared to the forecast, there is still an increase
of $560,721 compared to the budget.
Agency Operations Fund 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Redevelopment Agency
Operations 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Total 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue, as compared to the budget, will lead to higher obligated expenses
such as transfers to the Primary Housing and Administration Funds, Debt Service to Salt Lake City,
School Construction Fund, and Administrative Fees payable to Salt Lake County. Inflation is expected to
increase Miscellaneous Property Expenses, and it is recommended to allocate the remaining tax increment
received in Block 70 to Regent Street Parking Structure reserves. However, expense reductions are
expected due to the expiration of a tax increment reimbursement agreement in the Depot District and a
decrease in taxing entity payments in the Central Business District.
To segregate the funds for family and workforce housing, a new line description has been added,
"Transfer to Primary Housing - School District Family & Workforce Housing," as per interlocal
agreements with the Salt Lake City School District for the 9 Line and State Street project areas.
The Agency's overall changes are summarized in the table below, totaling $1,370,689 more than the
original budget. However, this is approximately $432,901 less than the forecasted amount. Further details
regarding the changes by fund are available at the end of the document.
Project Area Funds
2023-B
2023-BA3
Forecast
Variance
to
Budget
Variance
to
Forecast 2023-BA3
Taxing Entity Payments 14,085,314 13,277,106 (900,229) (92,022) 13,185,085
County Administration Fee 26,996 35,374 (10,185) (18,563) 16,811
TI Reimbursements 4,090,606 3,532,931 (613,071) (55,396) 3,477,535
Transfer to Primary Housing
Fund 1,523,880 2,012,286 416,966 (71,440) 1,940,846
Transfer to Administration 3,612,319 3,896,489 225,760 (58,410) 3,838,079
Transfer to Administration- City
& SD Funds 381,336 698,671 312,546 (4,789) 693,882
Debt Service Payment to Salt
Lake City 1,188,532 2,817,550 1,492,187 (136,831) 2,680,719
Miscellaneous Property Expense 1,130,000 1,155,000 25,000 0 1,155,000
Transfer to Primary Housing -
School District Family &
Workforce Housing
0 375,947 381,347 5,400 381,347
Capital Reserves - Regent Street
Parking Structure 100,000 102,594 2,226 (368) 102,226
Capital Reserves - School
Construction Fund (10%) 31,084 69,708 38,142 (482) 69,226
Total 26,170,067 27,973,655 1,370,689 (432,901) 27,540,755
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified an additional $4,189,611 in project
area funds available for discretionary spending, as compared to the budget.
To comply with state laws, it is crucial to maintain the separation of project area funds, and the Agency
must ensure that each project area fund is used only for its designated purpose. It's worth noting that a
program may receive support from multiple funds and is not limited to a specific project area fund. With
this in mind, the program summaries provided below outline how the proposed budget amendments differ
from the original budget.
Housing Property Acquisition
To comply with regulatory and administrative requirements for reporting, staff has recognized the need to
specify the purpose of each property acquisition, instead of having a generic "Property Acquisition"
program. This will enable the Agency to report accurately on how much was spent on Housing,
Commercial, Infrastructure, and other categories. By standardizing programs in this manner, the Agency
can ensure more efficient and automated reporting in the Workday system, enabling more effective
management and oversight of its financial resources.
• Budget Impact: The original FY23 budget for the 9 Line project area allocated $959,774 for
Property Acquisition. The proposed amendment seeks to reclassify this budget specifically for
Housing Property Acquisition, which is described in the 9 Line Property Acquisition section
below.
Strategic Intervention
The Agency may not always have a specific property identified for acquisition at the time of budgeting, as
it depends on what becomes available in the market. Rather than creating a generic Property Acquisition
program, the staff is recommending using the Strategic Intervention program. The purpose of using this
program is to set aside funds that are not yet allocated to a specific type of property acquisition, with the
intention of returning to the Board when the use is better defined. This change is also being
recommended to align with the new reporting structure in Workday, as the current budget structure needs
to be converted into the new system.
It is worth noting that the Strategic Intervention program has already been approved for use in the North
Temple and Granary District project areas for uses that include property acquisition, site development
costs, and community benefits. Therefore, the Agency is proposing to use this already established
program for the general purpose of property acquisition because the intent of the Strategic Intervention
program aligns with that of a generic property acquisition program.
• Budget Impact: The original budget for FY23 allocated $2,104,947 for Property Acquisition in
the State Street project area with a generic purpose. However, the staff is proposing to reclassify
this amount to the Strategic Intervention program. As stated above, when a property is identified
and the use is determined, staff will return to the Board to request a reclassification to the
appropriate property acquisition program.
Shared Costs
The Northwest Quadrant project area has a budget for a Shared Costs reserve account, which is set aside
to fund redevelopment activities that benefit the entire Project Area, are system-wide, or benefit multiple
property owners or parcels.
• Budget Impact: Staff proposes allocating the additional funds received in the project area to this
reserve, increasing the budget from $95,310 to $ 142,112.
Transition Holding Account
The Transition Holding Account program serves to identify any additional funds that were received
during the current fiscal year, beyond any obligated spending. The purpose of this program is to pull these
amounts into the next fiscal year budget, so that the Board can see the impact of these funds alongside the
new fiscal year budget, as the budget amendment happens near the same time as the new fiscal year
budget.
• Budget Impact: Project areas funds contributing to the Transition Holding Account program
include Depot District, Granary District, North Temple, State Street, and 9 Line. Dollar amounts
by project area fund are included in the table below.
Revolving Loan Fund Repayment: The Board had previously approved the reallocation of $550,000 from
the Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment of
$524,732 to the Revolving Loan Fund was approved. With the additional tax increment received, the staff
is requesting to fully repay the $550,000.
• Budget Impact: $550,000 will transfer from Depot District to the Revolving Loan Fund.
The proposed changes for each fund and applicable program are summarized in the table below.
Project Area Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to
Forecast
2023-BA3
1
Central Business District 1,384,061 920,908 (489,410) (26,257) 894,651
Capital Reserves - Housing
Property Acquisition 734,061 270,908 (489,410) (26,257) 244,651
3
Depot District 524,732 2,520,671 1,830,741 (165,198) 2,355,473
Capital Reserves - Transition
Holding Account 0 1,970,671 1,805,473 (165,198) 1,805,473
Revolving Loan Fund
Repayment 524,732 550,000 25,268 0 550,000
4
Granary District 421,805 716,760 291,284 (3,671) 713,089
Capital Reserves - Strategic
Intervention 421,805 421,805 0 0 421,805
Capital Reserves - Transition
Holding Account 0 294,955 291,284 (3,671) 291,284
5
North Temple 0 347,616 343,277 (4,340) 343,277
Capital Reserves - Transition
Holding Account 0 347,616 343,277 (4,340) 343,277
7
Northwest Quadrant 95,310 150,026 46,802 (7,915) 142,112
Capital Reserves - Shared Costs 95,310 150,026 46,802 (7,915) 142,112
9
State Street 2,104,947 3,481,312 1,364,709 (11,656) 3,469,656
Capital Reserves - Strategic
Intervention [Formerly Property
Acquisition]
2,104,947 2,104,947 0 0 2,104,947
Capital Reserves - Transition
Holding Account 0 1,376,365 1,364,709 (11,656) 1,364,709
10
9-Line 959,774 1,730,726 802,208 31,256 1,761,982
Capital Reserves - Property
Acquisition 959,774 0 (959,774) 0 0
Capital Reserves - Housing
Property Acquisition 0 959,774 959,774 0 959,774
Capital Reserves - Transition
Holding Account 0 770,952 802,208 31,256 802,208
Total 5,775,382 10,152,773 4,189,611 (187,780) 9,964,993
Housing Funds Discretionary Expense & Other Uses Adjustments
Primary Housing Fund
The Agency will realize an increase of $798,313 in contributions to the Primary Housing Fund. However,
due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the remaining
budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into the Housing Property Acquisition program, for a total
of $516,846. The remainder of the Primary Housing funds will need to be set aside for Family and
Workforce Housing, per the interlocal agreements with the County for the State Street and 9 Line Project
Areas.
Housing Development Fund
To account for the decrease of $1,382,000 in budget revenue from loan principal and interest payments in
the Housing Development Fund, a reduction in the contribution to the Housing Development Loan
Program will be necessary. It is important to note that this is the first year of receiving payments from the
Housing Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in
the 2023 Notice of Funding Availability.
Westside Community Initiative
The Utah Inland Port Authority affordable housing payment provided an additional $874,106, for a total
of $1,374,106 in revenue to the Westside Community Initiative. Staff is proposing to allocate $440,226 to
the Housing Property Acquisition program, specifically to supplement the $4,000,000 in funding received
from the City’s General Fund for a property acquisition in the 9 Line project area. The details of this
project are provided later in the memo.
Additionally, staff is proposing to add the remaining $433,880 to the Transition Holding Account
program, to be allocated with the rest of the funds recommended to be added to this program in the FY24
budget, as described with the project area funds above.
Housing Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
15
Primary Housing 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Capital Reserves - Housing
Property Acquisition 1,599,880 588,286 (1,083,034) (71,440) 516,846
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,500,000 1,500,000 0 1,500,000
School District Family &
Workforce Housing 0 375,947 381,347 5,400 381,347
16
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Capital Reserves - Housing
Acquisition Program 1,000,000 1,000,000 0 0 1,000,000
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,000,000 1,000,000 0 1,000,000
Housing Development Loan
Program NOFA 4,230,000 1,848,000 (2,382,000) 0 1,848,000
18
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Capital Reserves - Housing
Development Loan Program 500,000 500,000 0 0 500,000
Capital Reserves - Housing
Property Acquisition 0 0 440,226 440,226 440,226
Capital Reserves - Transition
Holding Account 0 0 433,880 433,880 433,880
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund
As described above, the City will be transferring $4,000,000 from its General Fund to the Agency’s
Program Income Fund. Staff is proposing the use of the full amount for Housing Property Acquisition,
specifically for a property acquisition in the 9 Line project area. Details regarding this property
acquisition are provided in a separate section below.
Program Income 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
19
Program Income Fund 0 0 4,000,000 4,000,000 4,000,000
Capital Reserves - Housing
Property Acquisition 0 0 4,000,000 4,000,000 4,000,000
Total 0 0 4,000,000 4,000,000 4,000,000
Administration Fund Expense & Other Uses Adjustments
The contributions to the Administration Fund will increase by $560,721. To accommodate the expected
rise in operating expenses, the Agency proposes to augment the Operating & Maintenance and Charges &
Services line items. These increases will account for the costs associated with inflation, including
property maintenance and management, computer software and hardware, office supplies, and travel
expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Agency Operations Fund 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Charges and Services 218,560 507,231 200,721 (87,950) 419,281
Operating & Maintenance 300,000 660,000 360,000 0 660,000
Total 518,560 1,167,231 560,721 (87,950) 1,079,281
9 Line Property Acquisition
Staff is requesting a total of $5,400,000 to complete the acquisition of properties at the intersection of 900
West and 400 South. Staff has been negotiating with the owner in accordance with the First Right to
Offer agreement and previously closed on the first property acquisition on the southeast corner. The
owner recently accepted the conditional offer to acquire the remaining parcels, subject to final approval
from the respective Boards on both sides. This intersection is identified as a target area within the 9-Line
Project Area Plan and the assemblage provides a unique opportunity to bring commercial and support
services to the community along with residential within a mixed-use development.
The proposed funding sources for the property acquisition are outlined in the recommendations for the
Housing Property Acquisition program appropriations in the 9 Line, Program Income, and Westside
Community Initiative above.
Fund Program Amount
Program Income Fund Housing Property Acquisition 4,000,000
9 Line Housing Property Acquisition 959,774
West Side Community Initiative Housing Property Acquisition 440,226
Total 5,400,000
Transition Holding Accounts by Fund
The table presented below provides a summary of the allocations for the Transition Holding Account
program, as described earlier. This summary aims to facilitate the reconciliation of these amounts with the
FY24 budget. These allocations will be included in the relevant funds within the budget.
Fund Line Description 2023-BA3
Depot District Capital Reserves - Transition Holding Account 1,805,473
Granary District Capital Reserves - Transition Holding Account 291,284
North Temple Capital Reserves - Transition Holding Account 343,277
State Street Capital Reserves - Transition Holding Account 1,364,709
9-Line Capital Reserves - Transition Holding Account 802,208
Westside Community
Initiative Capital Reserves - Transition Holding Account 433,880
5,040,831
Amended Budget Totals by Fund
The following tables present the proposed amendments to the revenue and expense budgets, organized by
fund. These tables encompass all changes that have been made to the budget and provide a thorough
overview of the amended budget by fund.
Central Business District
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 23,500 23,500 0
Tax Increment 27,573,150 25,941,783 (1,631,367)
Total 27,596,650 25,965,283 (1,631,367)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 13,283,651 12,304,831 (978,820)
TI Reimbursements 1,400,000 1,400,000 0
Transfer to Administration 2,757,315 2,594,178 (163,137)
Eccles Debt Service 3,260,239 3,260,239 0
Eccles Debt Service Block 70 RDA Match 3,260,239 3,260,239 0
Gallivan Administration 365,323 365,323 0
Gallivan Maintenance 566,822 566,822 0
Gallivan Programming 250,000 250,000 0
Miscellaneous Property Expense 1,000,000 1,000,000 0
Parking Ramp Leases 69,000 69,000 0
Open Streets Initiative on Main Street 150,000 150,000 0
Capital Reserves - Japantown 250,000 250,000 0
Capital Reserves - Main Street Closure Study and
Design 150,000 150,000 0
Capital Reserves - Housing Property Acquisition 734,061 244,651 (489,410)
Capital Reserves - Gallivan Plaza Planning 100,000 100,000 0
Total 27,596,650 25,965,283 (1,631,367)
Block 70
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Tax Increment 1,922,323 1,925,503 3,180
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,334 3,180
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 576,697 577,651 954
Eccles Theater Debt Service 8,069,529 8,069,529 0
Fundraising Fulfillment 125,000 125,000 0
Regent Street Bond Debt Service 1,488,928 1,488,928 0
Regent Street Maintenance 80,000 80,000 0
Capital Reserves - Eccles Theater- Operating Reserve
for Ancillary Spaces 475,000 475,000 0
Capital Reserves - Regent Street Parking Structure 100,000 102,226 2,226
Total 10,915,154 10,918,334 3,180
Depot District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 50,000 50,000 0
Tax Increment 3,999,587 5,316,113 1,316,526
Total 4,049,587 5,366,113 1,316,526
Expenses & Other Uses
Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Administration 599,938 797,417 197,479
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
Transfer to Primary Housing Fund 799,917 1,063,223 263,306
Capital Reserves - Transition Holding Account 0 1,805,473 1,805,473
Total 4,049,587 5,366,113 1,316,526
Granary District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 15,000 15,000 0
Tax Increment 633,546 1,081,675 448,129
Total 648,546 1,096,675 448,129
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration 95,032 162,251 67,219
Miscellaneous Property Expense 5,000 5,000 0
Transfer to Primary Housing Fund 126,709 216,335 89,626
Capital Reserves - Strategic Intervention 421,805 421,805 0
Capital Reserves - Transition Holding Account 291,284 291,284
Total 648,546 1,096,675 448,129
North Temple
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 444,053 988,936 544,883
Total 449,053 993,936 544,883
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Folsom Corridor Prop Acq &
Remediation 284,753 284,753 0
Transfer to Administration 44,405 98,894 54,489
Transfer to Primary Housing Fund 88,811 197,787 108,976
Capital Reserves - Transition Holding Account 0 343,277 343,277
Capital Reserves - School Construction Fund (10%) 31,084 69,226 38,142
Total 449,053 993,936 544,883
North Temple Viaduct
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 1,500 1,500 0
Tax Increment 1,205,109 2,720,019 1,514,910
Total 1,206,609 2,721,519 1,514,910
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Debt Service Payment to Salt Lake City 1,188,532 2,680,719 1,492,187
Transfer to Administration 18,077 40,800 22,723
Total 1,206,609 2,721,519 1,514,910
Northwest Quadrant
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 903,100 1,371,125 468,025
Total 908,100 1,376,125 468,025
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 632,170 959,788 327,618
Capital Reserves - Shared Costs 95,310 142,112 46,802
Transfer to Administration 90,310 137,113 46,803
Transfer to Primary Housing Fund 90,310 137,113 46,803
Total 908,100 1,376,125 468,025
Stadler Rail
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 500 500 0
Tax Increment 72,420 138,526 66,106
Total 72,920 139,026 66,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 58,436 117,747 59,311
Transfer to Administration 7,242 7,426 184
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,026 66,106
State Street
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 2,631,183 4,337,070 1,705,887
Total 2,631,183 4,337,070 1,705,887
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration- City & SD Funds 263,118 433,707 170,589
Transfer to Primary Housing - School District Family
& Workforce Housing 0 259,327 259,327
Transfer to Primary Housing Fund 263,118 174,380 (88,738)
Capital Reserves - Property Acquisition 2,104,947 2,104,947 0
Capital Reserves - Transition Holding Account 0 1,364,709 1,364,709
Total 2,631,183 4,337,070 1,705,887
9-Line
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 1,477,727 2,601,746 1,124,019
Total 1,477,727 2,601,746 1,124,019
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 224,966 280,188 55,222
County Administration Fee 26,996 16,811 (10,185)
Transfer to Administration- City & SD Funds 118,218 260,175 141,957
Transfer to Administration- County Funds 0 22,415 22,415
Transfer to Primary Housing - School District Family
& Workforce Housing 0 122,020 122,020
Transfer to Primary Housing Fund 147,773 138,155 (9,618)
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Transition Holding Account 0 802,208 802,208
Capital Reserves - Housing Property Acquisition 0 959,774 959,774
Total 1,477,727 2,601,746 1,124,019
Program Income Fund
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Transfer from the City’s General Fund 0 4,000,000 4,000,000
Interest Income 50,000 50,000 0
Interest on Loans 8,800 8,800 0
Loan Repayments 39,000 39,000 0
Parking Structure Income 1,243,335 1,243,335 0
Rents 215,700 215,700 0
Total 1,556,835 5,556,835 4,000,000
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Commercial Loan Program 931,835 931,835 4,000,000
Marketing and Sales 25,000 25,000 0
Miscellaneous Property Expense 300,000 300,000 0
Professional Services 300,000 300,000 0
Capital Reserves - Housing Property Acquisition 4,000,000 4,000,000 0
Total 1,556,835 5,556,835 0
Primary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 260,175 112,402
Transfer In from Block 70 0 0 0
Transfer In from Central Business District 0 0 0
Transfer In from Depot District 799,917 1,063,223 263,306
Transfer In from Granary District 126,709 216,335 89,626
Transfer In from North Temple 88,811 197,787 108,976
Transfer In from North Temple Viaduct 0 0 0
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 433,707 170,589
Total 1,599,880 2,398,193 798,313
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Housing Development Loan Program 0 1,500,000 1,500,000
School District Family & Workforce Housing 0 381,347 381,347
Capital Reserves - Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Total 1,599,880 2,398,193 798,313
Secondary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 10,000 10,000 0
Total 10,000 10,000 0
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Accessory Dwelling Unit 9-Line
Pilot Program 10,000 10,000 0
Total 10,000 10,000 0
Housing Development Fund
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
HDLP-Competitive for Spark! 0 1,000,000 1,000,000
Housing Development Loan Program NOFA 4,230,000 1,848,000 (2,382,000)
Total 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
UIPA Housing Allocation 500,000 1,374,106 874,106
Total 500,000 1,374,106 874,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Housing Development Loan
Program 500,000 500,000 0
Capital Reserves - Transition Holding Account 0 433,880 433,880
Capital Reserves - Housing Property Acquisition 0 440,226 440,226
Total 500,000 1,374,106 874,106
Redevelopment Agency Operations
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Transfer In from 9-Line 118,218 282,590 164,372
Transfer In from Central Business District 2,757,315 2,594,178 (163,137)
Transfer In from Depot District 599,938 797,417 197,479
Transfer In from Granary District 95,032 162,251 67,219
Transfer In from North Temple 44,405 98,894 54,489
Transfer In from North Temple Viaduct 18,077 40,800 22,723
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 433,707 170,589
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,559,376 560,721
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Charges and Services 218,560 419,281 200,721
Operating & Maintenance 300,000 660,000 360,000
Total 3,998,655 4,559,376 560,721
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
4. Resolution – Year 2022/2023 Third Budget Amendment
ATTACHMENTS: Fiscal Year 2022/2023 Budget Amendment #3 Slides
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,6885,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 419,281 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final budget of the RDA, as
approved, ratified and finalized by the Board on June 14, 2022.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO:Salt Lake City RDA Board DATE: March 28, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT:RDA Budget Amendment #3, FY2022-23
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed third amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 10,312,004.00 $ 10,312,004.00
RDA CIP FUND 0.00 0.00
TOTAL $ 10,312,004.00 $ 10,312,004.00
3/28/2023
3/28/2023
rachel otto (Mar 28, 2023 10:58 MDT)
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. Transfer from the General Fund for the purchase of property.
2. True up for tax increment received.
3. Adjustments to the housing trust fund.
4. Adjustment to the revolving loan fund balance.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening contains one item:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #1 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final budget of the RDA, as
approved, ratified and finalized by the Board on June 14, 2022.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Transfer from GF for Property Purchase 4,000,000.00 4,000,000.00 One-Time -
1 True Up Tax Increment CBD (1,543,843.00) (1,543,843.00) One-time -
1 True Up Tax Increment DD 1,570,677.00 1,545,409.00 One-time -
1 True Up Tax Increment GD 453,778.00 453,778.00 One-time -
1 True Up Tax Increment NTV 1,653,825.00 1,653,825.00 One-time -
1 True Up Tax Increment Block 70 3,706.00 3,706.00 One-time -
1 True Up Tax Increment SS 1,720,457.00 1,720,457.00 One-time -
1 True Up Tax Increment 9 Line 1,157,340.00 1,157,340.00 One-time -
1 True Up Tax Increment NT 551,772.00 551,772.00 One-time -
1 True Up Tax Increment SR 66,107.00 66,107.00 One-time -
1 True Up Tax Increment NWQ 547,161.00 547,161.00 One-time -
1 True Up Tax Increment Primary Housing 864,353.00 864,353.00 One-time -
1 True Up Tax Increment Admin 648,671.00 648,671.00 One-time -
2 Adjust Housing Trust Fund Loan HTF (172,000.00) (1,382,000.00) One-time -
2 Adjust Housing Trust Fund Loan HTF (1,210,000.00) One-time -
3
Revolving Loan Fund balance adjustment
RLF - 25,268.00 One-time -
-
Total of Budget Amendment Items 10,312,004.00 10,312,004.00 - -
Total by Fund, Budget Amendment #2:
Redevelopment Agency RDA 10,312,004.00 10,312,004.00 - - -
Redevelopment Agency - CP RDA -CIP - - - -
Total of Budget Amendment Items 10,312,004.00 10,312,004.00 - - -
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2022-23 RDA Budget Amendment #3
Board ApprovedAdministration Proposed
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments
FY 2022-23
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA#3 Total To-Date
Redevelopment Agency 50,172,718 - 3,266,805.00 10,312,004.00 63,751,527
Redevelopment Agency CIP 13,128,181 - (3,220,000.00) - 9,908,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
2
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: March 24, 2023
PREPARED BY: Erin Cunningham
RE: Preliminary Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Written Briefing
BUDGET IMPACTS: The preliminary Third Amendment identifies appropriations for Agency
operations and projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to present forecasted budget proposals for the
Third Amendment (“Amendment”). These proposals are based on preliminary tax increment revenue
projections received from Salt Lake County, as well as adjustments to loan principal and interest revenue
received in the Housing Development Fund. These amounts will be adjusted after the Agency receives the
final distribution at the end of March.
The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Amendment provides for adjustments across multiple funds within the
Agency budget for Fiscal Year 2023, as described below.
Tax Increment and Other Revenue Adjustments
Based on the tax increment revenue projections received from the County, the Agency is expected to
receive over $6 million in additional revenue compared to the original budget. As a result, additional
contributions to the Primary Housing Fund and the Administration Fund are expected to increase.
However, while most project areas have a positive variance, the Central Business District is projected to
receive approximately $1.5 million less than was initially budgeted. A preliminary analysis indicates that
the cause is likely due to a drop in certified tax rates, coupled with decreasing assessed property values in
the hotel and shopping center industries, which are still recovering from the pandemic. Our staff is
actively gathering more data and conducting further analyses to fully understand the situation.
It is worth noting that this fiscal year marks the first year that the Agency has administered the Housing
Trust Fund loans, which were previously serviced by the Housing Stability Division. Initially, $1.6
million in principal and interest payments was budgeted, but it is now expected that the actual amount
will be approximately $1.3 million less than originally projected.
The tables below outline the forecasted revenue changes by fund.
Project Area Funds Budget BA3 Forecast Variance
Central Business District 27,573,150 26,029,306 (1,543,844)
Block 70 1,922,323 1,926,029 3,706
Depot District 3,999,587 5,570,264 1,570,677
Granary District 633,546 1,087,324 453,778
North Temple 444,053 995,825 551,772
North Temple Viaduct 1,205,109 2,858,934 1,653,825
Northwest Quadrant 903,100 1,450,261 547,161
Stadler Rail 72,420 138,527 66,107
State Street 2,631,183 4,351,640 1,720,457
9-Line 1,477,727 2,635,067 1,157,340
Total 40,862,198 47,043,177 6,180,979
Housing Funds Budget BA3 Forecast Variance
Primary Housing 1,599,880 2,464,233 864,353
Secondary Housing 10,000 10,000 0
Housing Development Fund 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative 500,000 500,000 0
Total 7,339,880 6,822,233 (517,647)
Administration Fund Budget BA3 Forecast Variance
Redevelopment Agency
Operations 3,998,655 4,647,326 648,671
Total 3,998,655 4,647,326 648,671
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue will result in an increase in obligated expenses, including transfers
to the Primary Housing and Administration Funds, Debt Service to Salt Lake City, and the School
Construction Fund in the North Temple project area, as well as Administrative Fees payable to Salt Lake
County.
Moreover, the Agency anticipates that Miscellaneous Property Expenses will rise due to inflation, and it
is recommended that the remaining tax increment received in Block 70 be allocated to the Regent Street
Parking Structure reserves.
On the other hand, some expense reductions are expected, such as the expiration of a tax increment
reimbursement agreement in the Depot District and a decrease in taxing entity payments due to the
decline in tax increment revenue received in the Central Business District.
Please note that a new line description, "Transfer to Primary Housing - School District Family &
Workforce Housing," has been added. This change is due to the interlocal agreements that the Agency has
with the Salt Lake City School District for the 9 Line and State Street project areas, which mandate that
the Primary Housing fund contribution be used exclusively for family and workforce housing. Therefore,
this addition has been made to segregate these funds and enable more efficient tracking of them.
The table below summarizes the overall changes for the Agency, which total approximately $1.8 million.
Details regarding changes by fund are provided at the end of this document.
Line Description Budget
BA3
Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing - School District Family
& Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Regent Street Parking Structure 100,000 102,594 2,594
Total 26,170,067 27,973,655 1,803,588
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified $4,377,391 in project area funds
available for discretionary spending. The staff recommends allocating any additional funds received from
tax increment to a Strategic Intervention Program for each project area, except for the following:
1. Central Business District - Due to a decrease in increment, the staff suggests reducing the
previously allocated $734,061 for Property Acquisition, specifically for Housing, to $270,908.
2. Depot District - The Board had previously approved the reallocation of $550,000 from the
Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment
of $524,732 to the Revolving Loan Fund was approved. With the additional tax increment
received, the staff is requesting to fully repay the $550,000.
3. Northwest Quadrant - The Northwest Quadrant project area has a budget for a Shared Costs
reserve account, which is set aside to fund redevelopment activities that benefit the entire Project
Area, are system-wide, or benefit multiple property owners or parcels. Staff proposes allocating
the additional funds received in the project area to this reserve, increasing the budget from
$95,310 to $150,026.
4. State Street and 9 Line - In addition to the extra tax increment, staff is requesting to reallocate
previously set-aside funds for Property Acquisition in the 9 Line and State Street Project Areas to
the Strategic Intervention Program. The Agency is categorizing property acquisitions into
Housing, Commercial, and Infrastructure categories to allow for better reporting during the City's
transition to Workday. As the property acquisition category had not been defined during the
Fiscal Year 2023 budget, the intention of using the Strategic Intervention Program is to set aside
funds that do not yet specify the type of property acquisition and to return to the Board when the
use is better defined.
For context, Strategic Intervention funds were approved for the North Temple and Granary District
project areas in the Fiscal Year 2022 and 2023 budgets. During the Board meeting held on April 12, 2022,
a straw poll was conducted to expand the use of these funds for property acquisition, site development
cost (cleaning of contaminated properties, etc.), and development support for community benefits.
However, the final use of these funds will require approval from the Board.
Expense changes by project area fund are outlined below.
Project Area Funds Budget BA3 Forecast Variance
1
Central Business District
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 734,061 270,908 (463,153)
3
Depot District
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 524,732 2,520,671 1,995,939
4
Granary District
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Total 421,805 716,760 294,955
5
Project Area Funds Budget BA3 Forecast Variance
8North Temple
Capital Reserves - Strategic Intervention 0 347,616 347,616
Total 0 347,616 347,616
7
Northwest Quadrant
Capital Reserves - Shared Costs 95,310 150,026 54,716
Total 95,310 150,026 54,716
9
State Street
Capital Reserves - Property Acquisition 2,104,947 0 (2,104,947)
Capital Reserves - Strategic Intervention 0 3,481,312 3,481,312
Total 2,104,947 3,481,312 1,376,365
10
9-Line
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 959,774 1,730,726 770,952
Project Area Funds Total 4,840,629 9,218,020 4,377,391
Housing Funds Discretionary Expense & Other Uses Adjustments
The Agency has projected an increase of $864,353 in contributions to the Primary Housing Fund.
However, due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the
remaining budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into property acquisition.
To account for the decrease of $1,382,000 in budget revenue from loan and principal payments in the
Housing Development Fund, a reduction in the contribution to the Housing Development Loan Program
will be necessary. It is important to note that this is the first year of receiving payments from the Housing
Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in the 2023
Notice of Funding Availability.
Housing Funds Budget BA3 Forecast Variance
Primary Housing
Capital Reserves - Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375.947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 4,230,000 2,848,000 (1,382,000)
Housing Funds Total 5,829,880 5,312,233 (517,647)
Administration Fund Expense & Other Uses Adjustments
The Agency anticipates that contributions to the Administration Fund will increase by $648,671. To
accommodate the expected rise in operating expenses, the Agency proposes to augment the Operating &
Maintenance and Charges & Services line items. These increases will account for the costs associated
with inflation, including property maintenance and management, computer software and hardware, office
supplies, and travel expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Line Description Budget BA3 Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges & Services 218,560 507,231 288,671
Total 518,560 1,167,231 648,671
Amended Budget Totals by Fund
The following tables show the preliminary proposed revenue and expense budget amendments by fund.
These tables include all the changes made to the budget and provide a comprehensive view of the
proposed amendments.
Central Business District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 27,573,150 26,029,306 (1,543,844)
Interest from Investments 23,500 23,500 0
Total 27,596,650 26,052,806 (1,543,844)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 13,283,651 12,357,345 (926,306)
Transfer to Administration 2,757,315 2,602,931 (154,384)
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 16,775,027 15,231,183 (1,543,844)
Block 70
Revenue & Other Sources Line Description Budget BA3 Forecast Variance
Tax Increment 1,922,323 1,926,029 3,706
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,860 3,706
Expenses & Other Uses Line Description Budget BA3 Forecast Variance
Taxing Entity Payments 576,697 577,809 1,112
Capital Reserves Regent Street Parking Structure 100,000 102,594 2,594
Total 676,697 680,403 3,706
Depot District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 3,999,587 5,570,264 1,570,677
Interest from Investments 50,000 50,000 0
Total 4,049,587 5,620,264 1,570,677
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 599,938 835,540 235,602
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Primary Housing Fund 799,917 1,114,053 314,136
Total 4,049,587 5,620,264 1,570,677
Granary District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 633,546 1,087,324 453,778
Interest from Investments 15,000 15,000 0
Total 648,546 1,102,324 453,778
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 95,032 163,099 68,067
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Transfer to Primary Housing Fund 126,709 217,465 90,756
Total 643,546 1,097,324 453,778
North Temple
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 444,053 995,825 551,772
Interest from Investments 5,000 5,000 0
Total 449,053 1,000,825 551,772
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 44,405 99,583 55,178
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Strategic Intervention 0 347,616 347,616
Transfer to Primary Housing Fund 88,811 199,165 110,354
Total 164,300 716,072 551,772
North Temple Viaduct
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,205,109 2,858,934 1,653,825
Interest from Investments 1,500 1,500 0
Total 1,206,609 2,860,434 1,653,825
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 18,077 42,884 24,807
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
Total 1,206,609 2,860,434 1,653,825
Northwest Quadrant
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 903,100 1,450,261 547,161
Interest from Investment 5,000 5,000 0
Total 908,100 1,455,261 547,161
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 90,310 145,026 54,716
Capital Reserves - Shared Costs 95,310 150,026 54,716
TI Reimbursements 632,170 1,015,183 383,013
Transfer to Primary Housing Fund 90,310 145,026 54,716
Total 908,100 1,455,261 547,161
Stadler Rail
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 72,420 138,527 66,107
Interest from Investments 500 500 0
Total 72,920 139,027 66,107
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 7,242 7,426 184
TI Reimbursements 58,436 117,748 59,312
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,027 66,107
State Street
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 2,631,183 4,351,640 1,720,457
Total 2,631,183 4,351,640 1,720,457
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 263,118 435,164 172,046
Transfer to Primary Housing Fund 263,118 179,430 (83,688)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 255,734 255,734
Capital Reserves - Property Acquisition 2,104,947 (2,104,947)
Capital Reserves - Strategic Intervention 3,481,312 3,481,312
Total 2,631,183 4,351,640 1,720,457
9-Line
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,477,727 2,635,067 1,157,340
Total 1,477,727 2,635,067 1,157,340
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 224,966 294,787 69,821
Transfer to Administration 118,218 310,673 192,455
Transfer to Primary Housing Fund 147,773 143,294 (4,479)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 120,213 120,213
County Administration Fee 26,996 35,374 8,378
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 1,477,727 2,635,067 1,157,340
Primary Housing
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 263,507 115,734
Transfer In from Depot District 799,917 1,114,053 314,136
Transfer In from Granary District 126,709 217,465 90,756
Transfer In from North Temple 88,811 199,165 110,354
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 435,164 172,046
Total 1,599,880 2,464,233 864,353
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Capital Reserves - Property Acquisition 1,599,880 964,223 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375,947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Administration Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Transfer In from 9-Line 118,218 310,673 192,455
Transfer In from Central Business District 2,757,315 2,602,931 (154,384)
Transfer In from Depot District 599,938 835,540 235,602
Transfer In from Granary District 95,032 163,099 68,067
Transfer In from North Temple 44,405 99,583 55,178
Transfer In from North Temple Viaduct 18,077 42,884 24,807
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 435,164 172,046
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,647,326 648,671
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
Total 3,998,655 4,647,326 648,671
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
ATTACHMENTS: Fiscal Year 2022/2023 Preliminary Budget Amendment #3 Slides
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,635,067
4,351,640
138,527
1,450,261
2,858,934
995,825
1,087,324
5,570,264
1,926,029
26,029,306
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area Revenue Changes
47,043,17740,862,198 6,180,979
Budget Forecast Variance
Tax Increment Revenue Change
Project Area Funds Expense Changes
1,803,588 6,180,979 4,377,391
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Line Description Budget Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing -School
District Family & Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,430,000 1,455,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves -School Construction
Fund (10%)*31,084 69,708 38,624
Capital Reserves -Regent Street Parking
Structure 100,000 102,594 2,594
Total 26,470,067 28,273,655 1,803,588
Total Obligations Total Discretionary
Line Description Budget Forecast Variance
Capital Reserves -Property
Acquisition 3,798,782 270,908 (3,527,874)
Capital Reserves -Shared Costs 95,310 150,026 54,716
Capital Reserves -Strategic
Intervention 421,805 8,247,086 7,825,281
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 4,840,629 9,218,020 4,377,391
=+
Project Area Funds Expense Changes
Discretionary Expenses by Project Area
Fund Line Description Budget Forecast Variance Comments
Central Business
District Capital Reserves -Property Acquisition 734,061 270,908 (463,153)Decrease in tax increment revenue requires a decreased
contribution
Depot District Capital Reserves -Strategic Intervention 0 1,970,671 1,970,671 Add remaining tax increment revenue to Strategic Intervention
Revolving Loan Fund Repayment 524,732 550,000 25,268 Return the entire $550K to the Revolving Loan Fund
Granary District Capital Reserves -Strategic Intervention 421,805 716,760 294,955 Add increased tax increment revenue to Strategic Intervention
North Temple Capital Reserves -Strategic Intervention 0 347,616 347,616 Add increased tax increment revenue to Strategic Intervention
Northwest
Quadrant Capital Reserves -Shared Costs 95,310 150,026 54,716 Increase contribution to Shared Costs
State Street Capital Reserves -Property Acquisition 2,104,947 0 (2,104,947)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 3,481,312 3,481,312 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
9 Line Capital Reserves -Property Acquisition 959,774 0 (959,774)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 1,730,726 1,730,726 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
Total 4,840,629 9,218,020 4,377,391
Housing Funds Changes
Fund Line Description Budget Forecast Variance
Primary Housing Capital Reserves -Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce
Housing 0 375,947 375,947
Housing Development Fund Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 5,829,880 5,312,233 (517,647)
Discretionary Expenses by Housing Fund
6,822,2337,339,880 (517,647)
Budget Forecast Variance
Housing Funds Revenue Change
10,000
500,000
1,599,880
5,230,000
10,000
500,000
2,464,233
3,848,000
Secondary Housing
Westside Community Initiative
Primary Housing
Housing Development Fund
1
6
1
8
1
5
1
7
Revenue Changes by Housing Funds
-
1,599,880
4,230,000
375,947
964,233
3,972,053
School District Family & Workforce
Housing
Capital Reserves - Housing Property
Acquisition
Housing Development Loan Program
Housing Funds Expense Changes by Line Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
518,560 1,167,231 648,671 300,000
218,560
660,000
507,231
Operating & Maintenance
Charges and Services
Administration Fund Expense Changes
4,647,3263,998,655 648,671
Budget Forecast Variance
Administration Fund Revenue Change
Comments:
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday,
March 14, 2023.
The following Board Members were present:
Ana Valdemoros, Victoria Petro, Daniel Dugan, Amy Fowler, Chris Wharton, Alejandro Puy,
Darin Mano
Present Agency Leadership:
Mayor Erin Mendenhall, Danny Walz – Chief Operating Officer
Present City Staff:
Katherine Lewis – City Attorney, Cindy Lou Trishman – City Recorder, DeeDee Robinson –
Minutes , Thais Stewart – Deputy City Recorder , Taylor Hill – Constituent Liaison/Policy
Analyst, Scott Corpany – Staff Assistant, Allison Rowland – Council Staff, Ben Luedtke – Public
Policy Analyst, Tracy Tran – Project Manager, Lauren Parisi – RDA Senior Project Manager,
Makena Hawley – RDA Project Manager
Director Vice Chair Fowler presided at and conducted the meeting.
The meeting was called to order at: 2:04 pm.
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.)
There were no comments.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
1
1.Resolution: State Street Community Reinvestment Area Budget
Amendment -
-
The Board will accept public comment about a resolution that would amend the 20-year
consolidated budget for the State Street Community Reinvestment Area (CRA). The
purpose of this budget amendment is to align the State Street CRA budget adopted by the
Board in August of 2018 with the terms of the executed interlocal agreements with
participating taxing entities including Salt Lake City, Salt Lake City School District and
Salt Lake County.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
2
Ben Luedtke provided a brief introduction to the resolution.
Alan Kearsley (Business Administrator – Salt Lake City School District) said as the
School District opposed the budget adjustments on the grounds that it diverted additional
resources away from their students and disproportionally effected tax receipts of the Salt
Lake City School District, they understood that the requested budget adjustments fell
within the parameters set forth in the interlocal agreement and recommended moving
forward with the budget revisions as presented and noted they would continue to work
with the Redevelopment Agency (RDA) on how to best serve the students and citizens of
Salt Lake City.
Motion:
Moved by Director Mano, seconded by Director Dugan to close the public
hearing.
AYE: Ana Valdemoros, Victoria Petro, Daniel Dugan, Amy Fowler, Chris Wharton, Darin
Mano
ABSENT: Alejandro Puy
Final Result: 6 – 0 Pass
C.Redevelopment Agency Business - The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Resolution: State Street Community Reinvestment Area Budget
Amendment ~ 2:05 p.m.
10 min.
The Board will receive a follow-up briefing about, and will consider adopting, a resolution
that would amend the 20-year consolidated budget for the State Street Community
Reinvestment Area (CRA). The purpose of this budget amendment is to align the State
Street CRA budget adopted by the Board in August of 2018 with the terms of the executed
interlocal agreements with participating taxing entities including Salt Lake City, Salt
Lake City School District and Salt Lake County.
Ben Luedtke provided a brief introduction.
Makena Hawley and Lauren Parisi and provided information regarding:
•Notices were mailed to all property owners within the area on February 6, 2023,
notifying residents regarding the budget amendment and public hearing
•Key changes:
◦Interlocal agreements had been finalized with each participating entity
◦Reduced collection term period reduced from 25 to 20 years
◦Fewer total taxing entities participating included Salt Lake City, Salt Lake
City School District and Salt Lake County
◦Updated tax increment revenue projections to reflect denser, transit oriented
development that was anticipated in the area
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
3
•Overview of the current budget compared to the budget as amended
•Total tax increment projection at approximately $140M
Director Fowler expressed her appreciation for the School District being present in
today’s meeting, thanked RDA Staff and Jennifer Bruno for their work and dedication on
this project, and looked forward to future partnerships with the School District and Salt
Lake County to create project areas that made sense.
Motion:
Moved by Director Mano, seconded by Director Valdemoros to adopt
Resolution 06 of 2023 – State Street Community Reinvestment Area Budget
Amendment.
AYE: Ana Valdemoros, Victoria Petro, Daniel Dugan, Amy Fowler, Chris Wharton,
Alejandro Puy, Darin Mano
Final Result: 7 – 0 Pass
2.Informational: Proposed Housing Development Funding Priorities
for Fiscal Year 2023-24
~ 2:15
p.m.
45 min.
The Board will receive an introductory briefing on the RDA’s proposed housing funding
priorities for Fiscal Year 2023-24. This is the first step for the Board in developing the
broader annual Housing Development Funding Strategy. Subsequent steps will include
review of projected revenue amounts to be allocated to each component Housing Fund,
and the consideration of proposed funding allocations for specific housing activities for
the upcoming fiscal year.
Allison Rowland provided an introduction to the briefing.
Danny Walz, Lauren Parisi, Tracy Tran, and Allison Rowland provided information
regarding:
Annual Housing Funding Strategy Proposal FY2024
•Background – Housing Allocation Funds policy was adopted 2021,
establishing guidelines for allocating/directing resources for housing by funding
source and requires Annual Housing Funding Strategy be brought to the Board
every year for approval
•Housing Fund Allocations: Primary Housing Fund, Secondary Housing Fund,
Housing Development Fund, Westside Community Initiative Fund
•Clarification regarding the Westside Community Initiative Fund – funded
primarily by Inland Port Housing Funds to be spent west of I-15 to complete the
following policy objectives:
◦Address potential impacts from Inland Port development
◦Allowing for RDA to maintain ownership of land
◦Creation of opportunities for revenue generation that could be reinvested
back into the community,
◦Mitigate gentrification and displacement on the westside
◦Provide lower income households the opportunity to build wealth through
homeownership
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
4
◦Facilitate the implementation of transformative housing and mixed-use
rental housing development projects
•Review of current housing data (median household income, median home
value/rent, low-income households, etc.)
•Review of the City’s housing goals and how they integrated with the Mayor’s 2023
goals, Housing SLC and RDA livability benchmarks
•Review of the priorities, activities, and outcomes of fiscal year (FY) 2023
•Recommended annual housing priorities for this FY:
◦Wealth building opportunities – support for low- to moderate-income
individuals and families
◦Affordable family housing – three or more bedrooms
◦Deeply affordable housing – those who earned 40% AMI and below
◦Missing middle housing – multi-family/cluster housing types that are
compatible in scale with single-family neighborhoods
•Clarification regarding the name change from last year’s “Homeownership
Priority” to this year’s “Wealth Building Opportunity” – supporting different forms
of wealth building opportunities for low- to moderate-income households and
could be achieved through homeownership, supplemental income opportunities,
stipends for rents, community land trust, etc.
•Recommended housing activities:
◦Equity building model – homeownership, community land trust, stipends for
rents, etc.
◦Housing Development Loan Program – releasing a competitive Notice of
Funding Availability (NOFA) for developers seeking gap financing for
affordable housing developments
◦Accessory Dwelling Unit (ADU) partnership – provide missing middle
housing and supported wealth building by supplementing mortgage
payments, increasing income and property values
◦Land acquisition/disposition – used to target multiple priorities including
wealth building opportunities, family housing and missing middle housing
•Details regarding the Housing Development Loan Program NOFA
•Next steps:
◦Approval of FY2024 housing priorities would be considered by the RDA
Board during the April 2023 meeting
◦Proposed funding allocations to housing activities would be brought to the
Board with the budget presentation in May 2023
◦Housing activities would be approved as part of the RDA budget approval
•Background and details regarding a proposed ADU funding program and how
potential community partners could contribute to the effort
•Timeline moving forward:
◦Additional briefing scheduled for April 2023
◦A resolution regarding the four housing priorities would be brought for the
Board’s review/approval in April 2023
Director Mano indicated his general support for the proposed housing priorities and
requested more information/further discussion regarding an ADU funding program and
potential community partners.
3.Report and Announcements from the Executive Director TENTATIVE
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
5
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.
Item not held.
4.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 scheduling
items.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
6
Item not held.
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: Status Report on RDA Commercial Loan
Portfolio Written Briefing
-
The Board will receive a written briefing about the status of the RDA’s commercial loan
portfolio. This report identifies the following:
•New loans approved between July 1, 2022 and December 31, 2022
•Remaining amount available to lend in the existing portfolio
•Outstanding principal for each loan fund
•Any delinquencies
Written briefing only. No discussion was held.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Board Re-appointment: Redevelopment Advisory Committee - Mojdeh
Sakaki -
-
The Council will consider approving the re-appointment of Mojdeh Sakaki to the
Redevelopment Advisory Committee for a term ending January 18, 2027.
Motion:
Moved by Director Mano, seconded by Director Dugan to approve the Consent
agenda.
AYE: Ana Valdemoros, Victoria Petro, Daniel Dugan, Amy Fowler, Chris Wharton, Alejandro
Puy, Darin Mano
Final Result: 7 – 0 Pass
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
7
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.
Item not held.
G.
Meeting adjourned at 3:09 pm.
Minutes Approved:
_______________________________
Redevelopment Agency Chair – Alejandro Puy
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
8
_______________________________
City Recorder – Cindy Trishman
Please refer to Meeting Materials (available at www.data.slc.gov by selecting Public Body
Minutes) for supportive content including electronic recordings and comments submitted prior
to or during the meeting. Websites listed within the body of the Minutes may not remain active
indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Redevelopment Agency meeting held Tuesday, March 14, 2023 and is not intended to serve
as a full transcript. Please refer to the electronic recording for entire content pursuant to Utah
Code §52-4-203.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, March 14, 2023
9
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM: Ben Luedtke
Budget & Policy Analyst
DATE:May 9, 2023
RE: Budget Amendment #3 of Fiscal Year 2023
MOTION 1 – ADOPT
I move that the Board approve $4 million from the General Fund for the Westside Community Initiative and
refer other items to a future date.
Staff note: The $4 million adopted in the motion above would be combined with $959,774 from an existing 9-
Line property acquisition holding account and $440,226 from an existing Westside Community Initiative
property acquisition holding account. This would provide a total of $5.4 million for property acquisition in the
9-Line Project Area. There is a corresponding item in General Fund #6 to transfer the $4 million to the RDA.
MOTION 2 – NOT ADOPT
I move that the Board proceed to the next agenda item.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
COUNCIL.SLCGOV.COM
TEL 801-535-7600 FAX 801-535-7651
COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:RDA Board Members
FROM: Ben Luedtke
Budget and Policy Analyst
DATE:May 9, 2023
RE: Redevelopment Agency (RDA) Budget
Amendment Number Three Fiscal Year (FY) 2023
________________________________________________________________________________
NEW INFORMATION
Comparing Actual Property Tax Increment to Annual Budget and County’s Estimates
The County provided final property tax increment amounts for FY2023. In total across all project areas, the RDA
has $5.5 million more than estimated in the annual budget but $620,681 less than the County estimated in
December (amounts used for the earlier transmittal and staff report). While every project area has less property tax
increment than the County estimated a few months ago, every project area has more property tax increment than
the City’s estimates in the FY2023 annual budget except for the Central Business District. This reflects the City’s
approach of conservatively estimating property tax increment growth in the annual budget. The below table
summarizes the changes and resulting actual property tax increment amounts.
Note: Only property tax increment is shown in the table above; it does not include other RDA revenue sources like
interest income, rental income, or internal transfers
Pro j e c t A re a
Fu n d s
FY 2 0 2 3 C i t y
A n n u al
Bu d g e t
C o u n t y 's
De c e m ber
E st im at es
A c t u al
Pro p ert y T ax
I n c re m e n t
Differe n c e
fro m A n n u al
Bu dge t
Diffe ren c e
fro m C o u n t y
Fo re c ast
Ce nt r a l Busine ss
Dist r ic t 2 7 ,5 7 3 ,1 5 0$2 6 ,0 2 9 ,3 0 6$2 5 ,9 4 1 ,7 83$(1 ,6 3 1 ,3 6 7 )$(87 ,5 2 3 )$
Blo c k 7 0 1 ,9 2 2 ,3 2 3$1 ,9 2 6 ,0 2 9$1 ,9 2 5 ,5 0 3$3 ,1 80$(5 2 6 )$
De p o t Distr ic t 3 ,9 9 9 ,5 87$5 ,5 7 0 ,2 6 4$5 ,3 1 6 ,1 1 3$1 ,3 1 6 ,5 2 6$(2 5 4 ,1 5 1 )$
Gr anar y Dist r ic t 6 3 3 ,5 4 6$1 ,0 87 ,3 2 4$1 ,0 81 ,6 7 5$4 4 8,1 2 9$(5 ,6 4 9 )$
No r th Te m p le 4 4 4 ,0 5 3$9 9 5 ,82 5$9 88,9 3 6$5 4 4 ,883$(6 ,889 )$
No r th Te m p le
V iad u c t 1 ,2 0 5 ,1 0 9$2 ,85 8,9 3 4$2 ,7 2 0 ,0 1 9$1 ,5 1 4 ,9 1 0$(1 3 8,9 1 5 )$
No r thwe st Qu a d r ant 9 0 3 ,1 0 0$1 ,4 5 0 ,2 6 1$1 ,3 7 1 ,1 2 5$4 6 8,0 2 5$(7 9 ,1 3 6 )$
St ad le r Rail 7 2 ,4 2 0$1 3 8,5 2 7$1 3 8,5 2 6$6 6 ,1 0 6$(1 )$
St at e Str e e t 2 ,6 3 1 ,1 83$4 ,3 5 1 ,6 4 0$4 ,3 3 7 ,0 7 0$1 ,7 0 5 ,887$(1 4 ,5 7 0 )$
9 -Line 1 ,4 7 7 ,7 2 7$2 ,6 3 5 ,0 6 7$2 ,6 0 1 ,7 4 6$1 ,1 2 4 ,0 1 9$(3 3 ,3 2 1 )$
T o t al 40 ,862,198$4 7 ,0 4 3 ,17 7$4 6 ,4 2 2 ,49 6$5 ,5 6 0 ,2 9 8$(6 2 0 ,6 81)$
Project Timeline:
Set Date & 1st Briefing: April 11, 2023
Public Hearing & 2nd Briefing: May 9, 2023
Potential Action: June 13, 2023
Page | 2
Summary of Discretionary Items Adjusted for Actual Property Tax Increment
The prior transmittal and staff report used the County’s December estimates of property tax increment. The RDA
has proposed adjustments based on actual property tax increment amounts all being lower than the County’s
December estimates. Legally required items such as taxing entity payments, reimbursement agreements with
private property owners, and affordable housing contributions are all automatically adjusted and not reflected in
the table below. A detailed list of all line items and adjustments based on actual property tax increment is provided
in the updated transmittal on pages 16-23. The table below focuses on discretionary item adjustments.
Pro j e c t A re a /
Fu n d I t e m
I n c rease / De c re as e
fo r A c t u al T ax
I n c re m e n t
Ne w Bu d g e t
T o t al
Op e r at io ns and Maint e na nc e -$ 6 6 0 ,0 0 0$
Ch a r ge s and Se r v ic e s (87 ,9 5 0 )$ 4 1 9 ,2 81$
Tr ansfe r to RDA A dm inis tr a tio n (1 6 3 ,1 3 7 )$ 2 ,5 9 4 ,1 7 8$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt (4 89 ,4 1 0 )$ 2 4 4 ,6 5 1$
Blo c k 7 0 Re g e nt St r e e t Par king St r u c t u r e Re s e r v e
Ho lding A c c o u nt 2 ,2 2 6$ 1 0 2 ,2 2 6$
Tr ansfe r to RDA A dm inis tr a tio n 1 9 7 ,4 7 9$ 7 9 7 ,4 1 7$
Tr ansitio n Ho ld ing A c c o unt 1 ,80 5 ,4 7 3$ 1 ,80 5 ,4 7 3$
Mis c e llane o u s Pr o p e r t y Ex p e ns e s 2 5 ,0 0 0$ 1 5 0 ,0 0 0$
Fu lly Re p a y Re v o lv ing Lo an Fund fo r a
Pr o pe r t y A c q u isitio n Tr a nsfe r 2 5 ,2 6 8$ 5 5 0 ,0 0 0$
Tr ansfe r to RDA A dm inis tr a tio n 6 7 ,2 1 9$ 1 6 2 ,2 5 1$
Tr ansitio n Ho ld ing A c c o unt 2 9 1 ,2 84$ 2 9 1 ,2 84$
Tr ansfe r to RDA A dm inis tr a tio n 5 4 ,4 89$ 9 8,89 4$
Tr ansitio n Ho ld ing A c c o unt 3 4 3 ,2 7 7$ 3 4 3 ,2 7 7$
Tr ansfe r to RDA A dm inis tr a tio n 2 2 ,7 2 3$ 4 0 ,80 0$
A nnu a l Bo nd De b t Se r v ic e Pa y m e nt to the
Ge ne r al Fu nd 1 ,4 9 2 ,1 87$ 2 ,6 80 ,7 1 9$
Tr ansfe r to RDA A dm inis tr a tio n 4 6 ,80 3$ 1 3 7 ,1 1 3$
Sh a r e d Co st s Ho lding A c c o u nt 4 6 ,80 2$ 1 4 2 ,1 1 2$
Tr ansfe r to RDA A dm inis tr a tio n City and
Sc h o o l Dis tr ic t Funds 1 7 0 ,5 89$ 4 3 3 ,7 0 7$
Tr ansitio n Ho ld ing A c c o unt 1 ,3 6 4 ,7 0 9$ 1 ,3 6 4 ,7 0 9$
Tr ansfe r to RDA A dm inis tr a tio n City and
Sc h o o l Dis tr ic t Funds 1 4 1 ,9 5 7$ 2 6 0 ,1 7 5$
Tr ansfe r to RDA A dm inis tr a tio n Co u nt y
Fu nd s 2 2 ,4 1 5$ 2 2 ,4 1 5$
Tr ansitio n Ho ld ing A c c o unt 80 2 ,2 0 8$ 80 2 ,2 0 8$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt (1 ,0 83 ,0 3 4 )$ 5 1 6 ,84 6$
Ho u sing De v e lo p m e nt Lo a n Pr o g r am 1 ,5 0 0 ,0 0 0$ 1 ,5 0 0 ,0 0 0$
Sc h o o l Dis tr ic t Fam ily & Wo r kfo r c e
Ho u sing A c c o unt 3 81 ,3 4 7$ 3 81 ,3 4 7$
Ho using
De v e lo p m e nt
Fund
Ho u sing De v e lo p m e nt Lo a n Pr o g r am
(2 ,3 82 ,0 0 0 )$ 1 ,84 8,0 0 0$
Pr o pe r t y A c q u isitio n Ho ld ing A c c o unt 4 4 0 ,2 2 6$ 4 4 0 ,2 2 6$
Tr ansitio n Ho ld ing A c c o unt 4 3 3 ,880$ 4 3 3 ,880$
No r t h we st
Qu a d r ant
Stat e Str e e t
9 -Line
Pr imar y Ho using
We stsid e
Co m m u nit y
I nitia tiv e
A d m inis tr a tio n
Budge t
Ce ntr al Bu sine s s
Dis tr ic t
De p o t Dist r ic t
Gr a nar y Distr ic t
No r th Te m p le
No r th Te m p le
V ia d u c t
Page | 3
$4 Million Seed Funds for Westside Community Initiative Changing Source, Transfer, and Use for
Property Acquisition in the 9-Line Project Area
The RDA is requesting the Board approve a $4 million transfer from the General Fund to the Program Income
Fund. There is a corresponding item in General Fund Budget Amendment #6 to transfer $4 million from General
Fund Balance to the RDA. The funds are proposed to be combined with $959,774 from an existing 9-Line property
acquisition holding account and $440,226 from an existing Westside Community Initiative property acquisition
holding account. The three funding sources have a total of $5.4 million for the property acquisition.
These funds were originally approved in FY2022 Budget Amendment #4 coming from the City’s American Rescue
Plan Act or ARPA fiscal recovery funding as seed funding for the Westside Community Initiative. The proposal is to
keep the total funding at $4 million but switch from using ARPA dollars to using General Fund Balance. This
approach helps reduce the administrative workload to monitor, document, and report compliance to the federal
government. General Fund dollars are also more flexible than ARPA funds which are subject to many limitations
under U.S. Treasury guidance.
At the time of publishing this staff report, the Administration’s transmittal was being updated to reflect the $4
million coming from General Fund Balance and not ARPA.
Board Questions from April 11 Briefing
Administration Budget
The Board expressed interest in developing a policy for how transfers from each project area and fund to the
Administration budget are calculated, and how the RDA Administration budget should adjust when revenue is
significantly different than expected. The Board discussion included revisiting the idea of a General Fund transfer to
the RDA’s Administration Budget. Some project area interlocal agreements with taxing entities set limits on
contributions for administrative costs. Newer project areas may not generate enough tax increment to fully cover
administrative costs. The RDA plans to prepare recommendations for a future Board discussion on developing an
Administrative Budget policy.
Block 70 Regent Street Parking Structure
The Board asked what is the extent of the RDA’s responsibility for maintenance, repairs, and replacement of the
Regent Street parking structure? Is there a cost estimate available? Under an existing contract the RDA is
responsible for regular maintenance based on a pro-rata share of how many parking stalls are marked for Eccles
Theater patrons. Revenue from theater operations helps offset some of the regular maintenance costs. Major
expenses for repairs and replacement do not have cost estimates. They will be influenced to an extent by how many
parking stalls are needed for Eccles Theater patrons in the future. The parking structure predates the Eccles
Theater. Minor repairs were made at the time of constructing the Eccles Theater, however, the age and estimated
remaining useful life of the parking structure is unknown.
North Temple Viaduct Bond RDA Payments to General Fund
The Board asked whether the bond could be repaid early and when the General Fund is projected to be fully
reimbursed for making the bond payments? The original 2012A bonds were refinanced as part of Sales Tax Revenue
Bond 2022A. This refinancing saved taxpayers $1,013,504 compared to the original bond debt. The new Sales Tax
Revenue Bond does not have an option to be refinanced again or paid off early before the call date in 2031. The
remaining principal on the bond is $8.32 million. The Administration provided the below table detailing the RDA’s
remaining obligation to reimburse the General Fund.
Total Principal and Interest Payments $ 20,856,087
RDA Contributions to Date ($ 8,649,069)
North Temple Blvd Project ($ 3,000,000)
Pro-rated share of interest for excess ($ 1,185,636)
RDA Remaining Balance $ 8,021,382
Northwest Quadrant Shared Costs Holding Account
The Board asked what kinds of projects would be eligible for the shared costs holding account, and are there any
legal or timeliness requirements for these funds? The Administration replied that “Shared Costs are defined as
“redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property
Page | 4
owners or parcels.” There are no legal timelines or requirements for these funds outside of the project area term
and conditions. The reimbursement agreements do provide the ability for developers to apply to the Agency for
additional expenses that could be reimbursed from these shared costs, subject to Board approval.”
Two Property Acquisition Holding Accounts with $1 Million Each; One in the Primary Housing Fund and Another
in the Housing Development Fund
The Board asked how the two holding accounts relate and whether they could be combined? The Administration
clarified that the two separate holding accounts are mainly for accounting and reporting purposes. The funds could
be combined for a specific project or added to an affordable housing Notice of Funding Availability or NOFA. State
law requires project areas to set aside a portion of property tax increment for affordable housing which goes to the
Primary Housing Fund. Additional funds for affordable housing beyond the statutory requirements go to the
Housing Development Fund.
Housing Trust Fund
The Board asked for additional details about the Housing Trust Fund. FY2023 is the first full year for the RDA to
administer the Housing Trust Fund since it was transferred from the Community and Neighborhood Department’s
Housing Stability Division. The RDA provided the below updates in response:
- There are currently 38 active Housing Trust Fund loans.
- The total outstanding principal balance as of 4/18/2023 is $18,057,285.85.
- Does the Administration have the ability to create aging reports / accounts receivable reports by fiscal year to
help inform how much should be budgeted annually? Once the review of loan documentation and financial
information is complete and the migration is finalized, we will be in a position to provide this information. In
addition to budget information we anticipate providing semi-annual reports, similar to our commercial loan
program report.
- Are there additional tools that would help manage the Housing Trust Fund? Not at this time. The Agency has
acquired new loan software and is working on configuring the system to manage and report the data.
Information below was provided to the Board at earlier briefings
RDA Budget Amendment Number Three includes requested changes to 15 project areas and funds. Total
expenditures are $10,312,004 for 46 items in this amendment. Total revenues across all funding sources are $6.1
million more than budgeted. Two significant revenue decreases below budget are a $1.5 million drop in the Central
Business District and a $1.3 million drop in the Housing Trust Fund. Most of the proposed items are true-up
adjustments based on preliminary property tax increment numbers from Salt Lake County. The actual tax
increment received could be adjusted up or down. An updated transmittal will be sent later this month or next when
the final numbers are available. Note that in this staff report the amounts in red font are negative numbers.
The annual budget uses a conservative forecasting of property tax increment which results in an end of fiscal year
“true-up” budget amendment to recognize and adjust budgets based on actual tax increment revenues. The
“Amended Budget Totals by Fund” section on pages 13-19 of the transmittal provides line-item detail of revenue
and expense changes by project area and fund. The additional and background information section near the end of
this staff report includes project area expiration dates, allowable uses of RDA funds per state law, and an update on
the Board’s FY2023 legislative intent to review all RDA accounts. The Board may wish to reference Attachment 1 –
The RDA’s Guiding Framework for evaluating and prioritizing budget requests.
LEGALLY REQUIRED ITEMS
Many items in the budget amendment are legal requirements for the RDA which mostly fall into three categories
listed below. Detailed breakouts of the individual obligations within these line items can be requested from the
Administration if Board Members would like additional information.
Taxing entity payments which are pass throughs from the RDA to the School District or Salt Lake County as
required by interlocal agreements.
Page | 5
Property tax increment reimbursements to property owners that have agreements with the RDA. If certain
conditions are met, then a portion of their property taxes is reimbursed. This is called post-performance
because reimbursement is only provided after the property owner has met the conditions and the County
Assessor confirms higher property values.
State law affordable housing set aside which is required only for some project areas which mostly goes to
the primary housing fund (can be used citywide for units with rent affordable to 80% AMI and below).
DISCRETIONARY ITEMS
The items below are not legal requirements of the RDA. If desired, the Board could decide to take additional time to
consider some or all the items below or could decline to fund any of the items. In recent years the Board’s
preference has been to limit duplication of funding requests for items in the last budget amendment of the year and
the proposed annual budget. This approach can provide the Board with greater flexibility to consider all competing
needs and funding sources together. The Administration is working to implement this approach while transitioning
to a new financial system. Holding accounts are typically for capital projects so the funding does not lapse to cash
reserves at the end of the fiscal year, and the Board would need to approve specific uses at a future meeting.
Transitioning between Financial Systems
The City is transitioning to a new financial system as part of the WorkDay Enterprise Resource Planning software
platform. The transition is expected to go live on July 1, 2023 to coincide with the start of FY2024. The RDA and
Finance Department are working to reconcile and convert accounts between the old and new financial systems. As
part this process, there are five transition holding accounts proposed in this budget amendment. The transition
holding accounts reflect remaining property tax increment revenues above budget after meeting legally required
expenses and anticipated obligations this fiscal year. This approach will be reflected in an updated transmittal. The
Administration plans to return to the Board for a comprehensive review of all RDA accounts once the new financial
system is implemented (per the Board’s FY2023 legislative intent in the Additional Info section for reference). The
new system is expected to include improved tracking such as whether an account is for housing, commercial, or
infrastructure so these categories can be easily shown across all project areas and funds.
Administration Budget
(All project areas contribute to the Administration budget. There is no policy guiding how the costs are shared
between the project areas.)
A. $360,000 increase to a new balance of $660,000 for the Operating and Maintenance budget.
B. $288,671 increase to a new balance of $507,231 for the Charges and Services budget.
Policy Questions:
1. Does the Board want to provide policy guidance for a) how RDA Administrative transfers are calculated
from each project area, and b) how the RDA Administration budget should adjust when revenue is
significantly different than expected? For example, administrative expenses may fluctuate unrelated to
the activity and revenue from project areas. Because RDA revenues are estimated and can come in
either higher or lower than projected, the Board may wish to discuss how those overages or shortfalls
should be applied. A little more than half of the RDA Administration budget is for ongoing personnel
costs (salary and benefits). The rest is used for property maintenance, operations, equipment,
administrative fees, and charges and services. The CBD provides more than half of the revenue for the
RDA Administration budget as shown in the table below.
Overview of Revenues from Project Areas to the RDA Administration Budget
Page | 6
2. The Board may wish to ask for additional information about the $200,000 for a remodel of the RDA
and Economic Development Department office space such as the project scope and cost breakout.
Central Business District (CBD)
C. (-$1,543,844) decrease in revenue from the adopted budget. As a result, there are three proposed
corresponding reductions in expense budgets. A (-$929,306) decrease to a new balance of $12,357,345 for
legally required taxing entity payments is based on the terms of those interlocal agreements. The other two
proposed reductions are up to the Board’s determination:
(-$154,384) decrease to a new balance of $2,602,931 for the CBD transfer to RDA Administration expenses
which is available, and
(-$463,153) decrease to a new balance of $270,908 for the property acquisition holding account.
Policy Questions:
1. What is causing the $1.5 million or 6% decrease in CBD property tax increment revenue? The
Administration mentions in the transmittal that the reduced property value assessments are potentially
driven by hotels and shopping centers. There could also be an increase of property tax appeals.
2. What is the funding target to purchase property downtown? The Board may wish to discuss with the
Administration how much funding would be needed to acquire property in the CBD and what policy
goals could be advanced by such purchases.
Block 70
(Eccles Theater and Regent Street between 100 and 200 South, and Main and State Streets)
D. $2,594 of additional funding for the Regent Street Parking Structure Capital Reserve holding account. If
approved, then the new total budget would be $366,275.
Policy Question:
1. Regent Street Parking Structure Responsibility – The Board may wish to ask the Administration to
what extent is the RDA and other entities responsible for maintenance of the parking structure. Note
that the agreement for maintenance is related to the guarantee of a certain number of parking spaces to
serve the Eccles Theater.
Depot District
(2024 is the last year for property tax increment collection. Note a tax increment reimbursement agreement
expired last year which resulted in a $1 million reduction in that legal obligation. This frees up funding that can
be used on discretionary items.)
Pro je c t A rea T ran sfer t o
RDA A dm in ist rat i o n Bu d get Bu dg e t A m e n dm e n t
#3 Fo re c ast V arian c e Pro je c t A rea
T ran sfe r % o f T o t al
9 -Line 1 1 8,2 1 8$ 3 1 0 ,6 7 3$ 1 9 2 ,4 5 5$ 7 %
Ce ntr al Bu sine ss Distr ic t 2 ,7 5 7 ,3 1 5$ 2 ,6 0 2 ,9 3 1$ (1 5 4 ,3 84 )$5 6 %
De p o t Dist r ic t 5 9 9 ,9 3 8$ 83 5 ,5 4 0$ 2 3 5 ,6 0 2$ 1 8%
Gr a nar y Distr ic t 9 5 ,0 3 2$ 1 6 3 ,0 9 9$ 6 8,0 6 7$ 4 %
No r th Te m p le 4 4 ,4 0 5$ 9 9 ,5 83$ 5 5 ,1 7 8$ 2 %
No r th Te m p le V iaduc t 1 8,0 7 7$ 4 2 ,884$ 2 4 ,80 7$ 1 %
No r thw e st Quad r a nt 9 0 ,3 1 0$ 1 4 5 ,0 2 6$ 5 4 ,7 1 6$ 3 %
Stadle r Ra il 7 ,2 4 2$ 7 ,4 2 6$ 1 84$ 0 %
Stat e St r e e t 2 6 3 ,1 1 8$ 4 3 5 ,1 6 4$ 1 7 2 ,0 4 6$ 9 %
We st Te m p le Ga te way *5 ,0 0 0$ 5 ,0 0 0$ -$ 0 %
TOTA LS 3 ,9 9 8,6 5 5$ 4 ,6 4 7 ,3 2 6$ 6 4 8,6 7 1$ 1 0 0 %
*Th is pro je c t a re a no lo ng e r c o lle c t s p ro pe rt y tax inc re m e nt. I nte re s t inc o m e is g e ne rat e d fro m u ns p e nt
Page | 7
E. $235,602 increase to a new balance of $835,540 for the Depot District transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
F. $1,970,671 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting.
G. $25,000 increase to a new balance of $150,000 for miscellaneous property expenses which includes costs such
as utilities, maintenance, and minor repairs.
H. $25,268 increase to a new balance of $550,000 to fully repay the Revolving Loan Fund for a Central Station
property acquisition transfer last fiscal year.
Granary District
(2025 is the last year for property tax increment collection)
I. $68,067 increase to a new balance of $163,099 for the Granary District transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
J. $294,955 increase to a new transition holding account. See the transitioning between financial systems at the
start of the discretionary items section above for more. As the funds are going into a holding account, the Board
would need to approve specific uses of the funds at a future meeting. Note that the $421,805 existing property
acquisition holding account remains available.
North Temple
K. $55,178 increase to a new balance of $99,583 for the North Temple transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
L. $347,616 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting.
North Temple Viaduct
M. $24,807 increase to a new balance of $42,884 for the North Temple Viaduct transfer to RDA Administration.
See policy question #1 in the Administration Budget section above about the Board providing policy guidance
for how the RDA Administration budget should be adjusted when revenue is significantly different than
expected.
N. $1,629,018 increase to a new balance of $2,817,550 for the annual bond debt service payment to the General
Fund. This is an ongoing annual payment to reimburse the General Fund for fronting annual bond payments
when the property tax increment revenues were insufficient to cover the debt service. Note that the General
Fund carries the responsibility to cover the debt service each year, but when the debt was issued, the
understanding was that the RDA would eventually fully cover those payments.
Policy Question:
1. The Board may wish to ask the Administration when is the General Fund projected to be fully
reimbursed for all bond payments? The Board may also wish to have a discussion with the
Administration about policy goals for these funds. For example, in the FY2022 annual budget the
Council transferred $1 million from that year’s reimbursement to the General Fund to the North
Temple Strategic Intervention Fund, as it was more than what was needed to cover the General Fund’s
bond obligation.
2. The Board may also wish to ask has the Administration evaluated whether the City could repay the
bond early?
Page | 8
Northwest Quadrant (NWQ)
O. $54,716 increase to a new balance of $145,026 for the Northwest Quadrant transfer to RDA Administration. See
policy question #1 in the Administration Budget section above about the Board providing policy guidance for
how the RDA Administration budget should be adjusted when revenue is significantly different than expected.
P. $54,716 increase to a new balance of $150,026 for the shared costs holding account. This account is intended to
be used for projects that benefit the entire project area or multiple properties. No specific projects are currently
identified for use. Note this is the second year the RDA budgeted revenues from the Northwest Quadrant.
Policy Question:
1. The Board may wish to discuss with the Administration what kinds of projects would be eligible for
these funds. There may be opportunities to plan for these kinds of projects in the upcoming Capital
Asset Plan (five-year CIP plan) to leverage multiple funding sources with the Northwest Quadrant
shared costs holding account. For example, public infrastructure improvements in the area might be
eligible to use transportation impact fees in combination with the NWQ shared costs funds.
State Street
Q. $172,046 increase to a new balance of $435,164 for the State Street transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
R. $1,373,365 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting. Note that the $2,107,974 existing property
acquisition holding account remains available.
9-Line
S. $192,455 increase to a new balance of $310,673 for the 9-Line transfer to RDA Administration. See policy
question #1 in the Administration Budget section above about the Board providing policy guidance for how the
RDA Administration budget should be adjusted when revenue is significantly different than expected.
T. $770,952 for a new transition holding account. See the transitioning between financial systems at the start of
the discretionary items section above for more. As the funds are going into a holding account, the Board would
need to approve specific uses of the funds at a future meeting. Note that the $959,774 existing property
acquisition holding account remains available.
Primary Housing
(state law allows the RDA to fund housing at 80% or below AMI citywide – not just in project areas)
U. (-$635,647) decrease to a new balance of $964,223 for the property acquisition holding account.
Policy Question:
1. How does the Primary Housing property acquisition holding account relate to the Housing
Development Fund Affordable Housing property acquisition holding account? The Board adopted a
legislative intent with the FY2023 annual budget (see Additional Info Section) to review all RDA
accounts to see whether they still align with the Board’s priorities. The Board could identify potential
streamlining of multiple holding accounts for the same purpose.
V. $1,124,053 for additional funding to the Housing Development Loan Program.
W. $375,947 for a new School District Family & Workforce Housing account. The interlocal agreement between the
RDA and the School District limits a portion of that taxing entity’s property tax increment for family-sized
(three bedrooms or more) and workforce housing. Placing the funds into a separate account would allow for
better tracking and reporting.
Housing Development Fund
Page | 9
X. (-$1,382,000) decrease to a new balance of $2,848,000 for the Housing Development Loan Program.
Policy Question:
1. Details of Housing Trust Fund Portfolio – The Board may wish to ask the Administration for details on
the funds’ portfolio such as how many loans exist, what is the total future repayments, is an aging
report being developed so the agency knows how much revenue to budget each year from repayments,
etc.
ADDITIONAL & BACKGROUND INFORMATION
FY2023 Legislative Intent Update
The legislative intent below was adopted by the Board along with the FY2023 annual budget. The review of all RDA
accounts is pending implementation of the new Work Day Enterprise Resource Planning financial system which is
expected to go live on July 1, 2023 (first day of FY2024). There are several new holding accounts and additional
funding to existing holding accounts proposed in this budget amendment. Those accounts can be included in the
comprehensive review of all RDA financial accounts next fiscal year.
New Program Funding Allocations. It is the intent of the RDA Board in the current budget year, and in
future budget years, to consolidate the budgeting and policy development steps for new programs so that
funding is allocated after the Board has had the opportunity to get a full understanding of the proposal and
to exercise their policy making discretion. It is further the intent of the Council to review by December 2022
all RDA accounts that contain balances to determine whether the appropriations still align with the goals of
the Board.
Gallivan Utah Center Owners Association (GUCOA)
GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is
responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally
contemplated a contractor to provide maintenance and programming which has been provided by the Public
Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial
properties to contribute funding to administration, programming, and events. The programming contract has
requirements for a set number of events that must be open to the public annually. Gallivan also provides many free
events to activate the space consistent with the Council/Board’s public policy goals for downtown.
Project Area Expiration Dates
Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax
increment already collected in expired project areas such as Sugar House. Sometimes project areas can be
extended/renewed for a longer length which happened to the Central Business District. The table below
summarizes project area timeframes from creation to expiration.
Project Area Initial Collection
Year
Last Collection
Year
Central Business District*†1983 2042
West Capitol Hill**1998 2022
Depot District†1999 2024
Granary District†2000 2025
North Temple†2012 2039
North Temple Viaduct CDA 2012 2037
Northwest Quadrant 2019 2038
Block 70 CDA 2016 2040
Stadler Rail 2019 2038
Block 67 2021 2040
9-Line 2021 2040
State Street 2021 2040
NOTE: Only project areas that generate tax increment are listed in the table
*The RDA Board extended the CBD from the original expiration year of 2007
Page | 10
** The RDA Board extended the original expiration year to focus on 300 West streetscape
improvements
†In October 2021 the Board approved two-year extensions for these project areas. State law was
changed to allow extensions for projects areas negatively impacted by the COVID-19 pandemic
Statutory Definition of Project Area Development (Utah Code 17C-1-102(48))
The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this
statute in the 2016 General Session.
(47)"Project area development" means activity within a project area that, as determined by the board, encourages,
promotes, or provides development or redevelopment for the purpose of implementing a project area plan,
including:
(a)promoting, creating, or retaining public or private jobs within the state or a community;
(b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental
issues;
(d)providing residential, commercial, industrial, public, or other structures or spaces, including recreational
and other facilities incidental or appurtenant to the structures or spaces;
(e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)providing open space, including streets or other public grounds or space around buildings;
(g)providing public or private buildings, infrastructure, structures, or improvements;
(h)relocating a business;
(i)improving public or private recreation areas or other public grounds;
(j)eliminating blight or the causes of blight;
(k)redevelopment as defined under the law in effect before May 1, 2006; or
(l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board
determines to be a benefit to the project area.
ATTACHMENTS
1. RDA Guiding Framework
ACRONYMS
CBD – Central Business District
CCR - Covenants, Conditions & Restrictions
CDA – Community Development Area
FY – Fiscal Year
GUCOA – Gallivan Utah Center Owners Association
NWQ – Northwest Quadrant
PIF – Program Income Fund
RDA – Redevelopment Agency
RFP – Request for Proposals
TBD – To Be Determined
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,68 5,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City RDA Board DATE: April 24, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT: RDA Budget Amendment 3, FY2022-23-Retransmittal
SPONSOR: NA
STAFF CONTACT: Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed fourth amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 536,038.00 $ 536,038.00
RDA CAPITAL FUND 9,875,400.46 9,875,400.46
TOTAL $ 10,411,438.46 $ 10,411,438.46
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. True up for tax increment received.
2. Other House Keeping items.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening contains one item:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #3 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
1 Transfer In from General Fund for Housing Property
Acquisition Cap PIF 4,000,000.00 4,000,000.00
1 True-up of Tax Increment revenues for FY'23 CBD (1,141,957.00) (1,141,957.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap CBD (489,410.00) (489,410.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap BL-70 2,226.00 2,226.00 One-time -
1 True-up of Tax Increment revenues for FY'23 BL-70 954.00 954.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap DD 1,805,473.00 1,805,473.00 One-time -
1 True-up of Tax Increment revenues for FY'23 DD (514,215.00) (514,215.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap GD 291,284.00 291,284.00 One-time -
1 True-up of Tax Increment revenues for FY'23 GD 156,845.00 156,845.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NTV 1,514,910.00 1,514,910.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap SS 1,364,709.00 1,364,709.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SS 341,178.00 341,178.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 9L 775,212.00 775,212.00 One-time -
1 True-up of Tax Increment revenues for FY'23 9L 348,807.00 348,807.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NT 381,418.00 381,418.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NT 163,465.00 163,465.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SR 66,106.00 66,106.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NWQ 421,224.00 421,224.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NWQ 46,801.00 46,801.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap WCI 874,106.46 874,106.46 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 1P 798,313.00 798,313.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Admin 560,721.00 560,721.00 One-time -
2 Adjust loan payment revenue (prin/int) forecast for
Housing Develoment Trust Fund HDT (1,382,000.00) (1,382,000.00) One-time -
4 Return RLF short-term property acquisition loan Cap DD 25,268.00 25,268.00 One-time -
-
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - -
Total by Fund, Budget Amendment #3:
Redevelopment Agency Cap CBD (489,410.00) (489,410.00)
Redevelopment Agency CBD (1,141,957.00) (1,141,957.00)
Redevelopment Agency Cap BL-70 2,226.00 2,226.00
Redevelopment Agency BL-70 954.00 954.00
Redevelopment Agency Cap DD 1,830,741.00 1,830,741.00
Redevelopment Agency DD (514,215.00) (514,215.00)
Redevelopment Agency Cap GD 291,284.00 291,284.00
Redevelopment Agency GD 156,845.00 156,845.00
Redevelopment Agency NTV 1,514,910.00 1,514,910.00
Redevelopment Agency Cap SS 1,364,709.00 1,364,709.00
Redevelopment Agency SS 341,178.00 341,178.00
Redevelopment Agency Cap 9L 775,212.00 775,212.00
Redevelopment Agency 9L 348,807.00 348,807.00
Redevelopment Agency Cap NT 381,418.00 381,418.00
Redevelopment Agency NT 163,465.00 163,465.00
Redevelopment Agency SR 66,106.00 66,106.00
Redevelopment Agency Cap NWQ 46,801.00 46,801.00
Redevelopment Agency NWQ 421,224.00 421,224.00
Redevelopment Agency Cap WCI 874,106.46 874,106.46
Redevelopment Agency Cap 1P 798,313.00 798,313.00
Redevelopment Agency Admin 560,721.00 560,721.00
Redevelopment Agency HDT (1,382,000.00) (1,382,000.00)
Redevelopment Agency Cap PIF 4,000,000.00 4,000,000.00
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - - -
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments 3
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA #3 Total Total To-Date
Redevelopment Agency 50,172,718 - 2,546,805.00 - 52,719,523
Redevelopment Agency Cap 13,128,181 - (2,500,000.00) - 10,628,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 - 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedStaff Requested
1 of 1 5/1/2023 4:32 PM
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: April 22, 2023
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Discuss and consider the adoption of the proposed Third Amendment to the
Annual RDA Budget for Fiscal Year 2023.
BUDGET IMPACTS: The Third Amendment identifies appropriations for Agency operations and
projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to provide final budget proposals for the
Third Amendment (“Amendment”). The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within
the Agency budget for Fiscal Year 2023. Since the preliminary briefing provided in April, the Agency
received the final tax increment distribution from the County, additional funds of $874,106 from the Utah
Inland Port Authority and recognized a $4,000,000 transfer from the City’s General Fund. Final revenue
and transfer amounts for each fund are in the 2023-BA3 column in the tables below, with variances from
the budgeted and forecasted revenue.
Revenue & Other Sources Adjustments
Project Area Funds - Tax Increment Revenue
The actual tax increment received was $620,681 less than the forecasted numbers the Agency received
from the County back in December. However, the final tax increment received was $5,560,298 more than
originally budgeted, at $46,422,496.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,573,150 26,029,306 (1,631,367) (87,523) 25,941,783
Block 70 1,922,323 1,926,029 3,180 (526) 1,925,503
Depot District 3,999,587 5,570,264 1,316,526 (254,151) 5,316,113
Granary District 633,546 1,087,324 448,129 (5,649) 1,081,675
North Temple 444,053 995,825 544,883 (6,889) 988,936
North Temple Viaduct 1,205,109 2,858,934 1,514,910 (138,915) 2,720,019
Northwest Quadrant 903,100 1,450,261 468,025 (79,136) 1,371,125
Stadler Rail 72,420 138,527 66,106 (1) 138,526
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
Total 40,862,198 47,043,177 5,560,298 (620,681) 46,422,496
Project Area Funds – Total Revenue
After reviewing the changes in tax increment revenue, the agency has calculated the total revenue changes
generated within each project area. This total includes tax increment, interest on investments, rental
income, and internal transfers.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,596,650 26,052,806 (1,631,367) (87,523) 25,965,283
Block 70 10,915,154 10,918,860 3,180 (526) 10,918,334
Depot District 4,049,587 5,620,264 1,316,526 (254,151) 5,366,113
Granary District 648,546 1,102,324 448,129 (5,649) 1,096,675
North Temple 449,053 1,000,825 544,883 (6,889) 993,936
North Temple Viaduct 1,206,609 2,860,434 1,514,910 (138,915) 2,721,519
Northwest Quadrant 908,100 1,455,261 468,025 (79,136) 1,376,125
Stadler Rail 72,920 139,027 66,106 (1) 139,026
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
West Temple Gateway 5,000 5,000 0 0 5,000
West Capitol Hill 100,000 100,000 0 0 100,000
Total 50,060,529 56,241,508 5,560,298 (620,681) 55,620,827
Housing Funds Revenue
The total tax increment decrease led to a $66,040 lower transfer from Project Area funds to the Primary
Housing Fund than predicted, but still $2,398,193 higher than the original budget. As previously reported,
the Housing Development Fund will drop by $1,382,000, due to lower loan payments from the Housing
Trust Fund than initially anticipated. Additionally, the Westside Community Initiative will receive an
extra $874,106 in affordable housing funds from the Utah Inland Port Authority.
Housing Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Primary Housing Fund 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund Revenue
The City will transfer $4,000,000 from the City’s General Fund to the Agency’s Program Income Fund.
Program Income 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Program Income Fund 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Total 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Agency Operations Fund Revenue
Despite a decrease of $87,950 in tax increment received compared to the forecast, there is still an increase
of $560,721 compared to the budget.
Agency Operations Fund 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Redevelopment Agency
Operations 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Total 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue, as compared to the budget, will lead to higher obligated expenses
such as transfers to the Primary Housing and Administration Funds, Debt Service to Salt Lake City,
School Construction Fund, and Administrative Fees payable to Salt Lake County. Inflation is expected to
increase Miscellaneous Property Expenses, and it is recommended to allocate the remaining tax increment
received in Block 70 to Regent Street Parking Structure reserves. However, expense reductions are
expected due to the expiration of a tax increment reimbursement agreement in the Depot District and a
decrease in taxing entity payments in the Central Business District.
To segregate the funds for family and workforce housing, a new line description has been added,
"Transfer to Primary Housing - School District Family & Workforce Housing," as per interlocal
agreements with the Salt Lake City School District for the 9 Line and State Street project areas.
The Agency's overall changes are summarized in the table below, totaling $1,370,689 more than the
original budget. However, this is approximately $432,901 less than the forecasted amount. Further details
regarding the changes by fund are available at the end of the document.
Project Area Funds
2023-B
2023-BA3
Forecast
Variance
to
Budget
Variance
to
Forecast 2023-BA3
Taxing Entity Payments 14,085,314 13,277,106 (900,229) (92,022) 13,185,085
County Administration Fee 26,996 35,374 (10,185) (18,563) 16,811
TI Reimbursements 4,090,606 3,532,931 (613,071) (55,396) 3,477,535
Transfer to Primary Housing
Fund 1,523,880 2,012,286 416,966 (71,440) 1,940,846
Transfer to Administration 3,612,319 3,896,489 225,760 (58,410) 3,838,079
Transfer to Administration- City
& SD Funds 381,336 698,671 312,546 (4,789) 693,882
Debt Service Payment to Salt
Lake City 1,188,532 2,817,550 1,492,187 (136,831) 2,680,719
Miscellaneous Property Expense 1,130,000 1,155,000 25,000 0 1,155,000
Transfer to Primary Housing -
School District Family &
Workforce Housing
0 375,947 381,347 5,400 381,347
Capital Reserves - Regent Street
Parking Structure 100,000 102,594 2,226 (368) 102,226
Capital Reserves - School
Construction Fund (10%) 31,084 69,708 38,142 (482) 69,226
Total 26,170,067 27,973,655 1,370,689 (432,901) 27,540,755
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified an additional $4,189,611 in project
area funds available for discretionary spending, as compared to the budget.
To comply with state laws, it is crucial to maintain the separation of project area funds, and the Agency
must ensure that each project area fund is used only for its designated purpose. It's worth noting that a
program may receive support from multiple funds and is not limited to a specific project area fund. With
this in mind, the program summaries provided below outline how the proposed budget amendments differ
from the original budget.
Housing Property Acquisition
To comply with regulatory and administrative requirements for reporting, staff has recognized the need to
specify the purpose of each property acquisition, instead of having a generic "Property Acquisition"
program. This will enable the Agency to report accurately on how much was spent on Housing,
Commercial, Infrastructure, and other categories. By standardizing programs in this manner, the Agency
can ensure more efficient and automated reporting in the Workday system, enabling more effective
management and oversight of its financial resources.
• Budget Impact: The original FY23 budget for the 9 Line project area allocated $959,774 for
Property Acquisition. The proposed amendment seeks to reclassify this budget specifically for
Housing Property Acquisition, which is described in the 9 Line Property Acquisition section
below.
Strategic Intervention
The Agency may not always have a specific property identified for acquisition at the time of budgeting, as
it depends on what becomes available in the market. Rather than creating a generic Property Acquisition
program, the staff is recommending using the Strategic Intervention program. The purpose of using this
program is to set aside funds that are not yet allocated to a specific type of property acquisition, with the
intention of returning to the Board when the use is better defined. This change is also being
recommended to align with the new reporting structure in Workday, as the current budget structure needs
to be converted into the new system.
It is worth noting that the Strategic Intervention program has already been approved for use in the North
Temple and Granary District project areas for uses that include property acquisition, site development
costs, and community benefits. Therefore, the Agency is proposing to use this already established
program for the general purpose of property acquisition because the intent of the Strategic Intervention
program aligns with that of a generic property acquisition program.
• Budget Impact: The original budget for FY23 allocated $2,104,947 for Property Acquisition in
the State Street project area with a generic purpose. However, the staff is proposing to reclassify
this amount to the Strategic Intervention program. As stated above, when a property is identified
and the use is determined, staff will return to the Board to request a reclassification to the
appropriate property acquisition program.
Shared Costs
The Northwest Quadrant project area has a budget for a Shared Costs reserve account, which is set aside
to fund redevelopment activities that benefit the entire Project Area, are system-wide, or benefit multiple
property owners or parcels.
• Budget Impact: Staff proposes allocating the additional funds received in the project area to this
reserve, increasing the budget from $95,310 to $ 142,112.
Transition Holding Account
The Transition Holding Account program serves to identify any additional funds that were received
during the current fiscal year, beyond any obligated spending. The purpose of this program is to pull these
amounts into the next fiscal year budget, so that the Board can see the impact of these funds alongside the
new fiscal year budget, as the budget amendment happens near the same time as the new fiscal year
budget.
• Budget Impact: Project areas funds contributing to the Transition Holding Account program
include Depot District, Granary District, North Temple, State Street, and 9 Line. Dollar amounts
by project area fund are included in the table below.
Revolving Loan Fund Repayment: The Board had previously approved the reallocation of $550,000 from
the Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment of
$524,732 to the Revolving Loan Fund was approved. With the additional tax increment received, the staff
is requesting to fully repay the $550,000.
• Budget Impact: $550,000 will transfer from Depot District to the Revolving Loan Fund.
The proposed changes for each fund and applicable program are summarized in the table below.
Project Area Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to
Forecast
2023-BA3
1
Central Business District 1,384,061 920,908 (489,410) (26,257) 894,651
Capital Reserves - Housing
Property Acquisition 734,061 270,908 (489,410) (26,257) 244,651
3
Depot District 524,732 2,520,671 1,830,741 (165,198) 2,355,473
Capital Reserves - Transition
Holding Account 0 1,970,671 1,805,473 (165,198) 1,805,473
Revolving Loan Fund
Repayment 524,732 550,000 25,268 0 550,000
4
Granary District 421,805 716,760 291,284 (3,671) 713,089
Capital Reserves - Strategic
Intervention 421,805 421,805 0 0 421,805
Capital Reserves - Transition
Holding Account 0 294,955 291,284 (3,671) 291,284
5
North Temple 0 347,616 343,277 (4,340) 343,277
Capital Reserves - Transition
Holding Account 0 347,616 343,277 (4,340) 343,277
7
Northwest Quadrant 95,310 150,026 46,802 (7,915) 142,112
Capital Reserves - Shared Costs 95,310 150,026 46,802 (7,915) 142,112
9
State Street 2,104,947 3,481,312 1,364,709 (11,656) 3,469,656
Capital Reserves - Strategic
Intervention [Formerly Property
Acquisition]
2,104,947 2,104,947 0 0 2,104,947
Capital Reserves - Transition
Holding Account 0 1,376,365 1,364,709 (11,656) 1,364,709
10
9-Line 959,774 1,730,726 802,208 31,256 1,761,982
Capital Reserves - Property
Acquisition 959,774 0 (959,774) 0 0
Capital Reserves - Housing
Property Acquisition 0 959,774 959,774 0 959,774
Capital Reserves - Transition
Holding Account 0 770,952 802,208 31,256 802,208
Total 5,775,382 10,152,773 4,189,611 (187,780) 9,964,993
Housing Funds Discretionary Expense & Other Uses Adjustments
Primary Housing Fund
The Agency will realize an increase of $798,313 in contributions to the Primary Housing Fund. However,
due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the remaining
budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into the Housing Property Acquisition program, for a total
of $516,846. The remainder of the Primary Housing funds will need to be set aside for Family and
Workforce Housing, per the interlocal agreements with the County for the State Street and 9 Line Project
Areas.
Housing Development Fund
To account for the decrease of $1,382,000 in budget revenue from loan principal and interest payments in
the Housing Development Fund, a reduction in the contribution to the Housing Development Loan
Program will be necessary. It is important to note that this is the first year of receiving payments from the
Housing Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in
the 2023 Notice of Funding Availability.
Westside Community Initiative
The Utah Inland Port Authority affordable housing payment provided an additional $874,106, for a total
of $1,374,106 in revenue to the Westside Community Initiative. Staff is proposing to allocate $440,226 to
the Housing Property Acquisition program, specifically to supplement the $4,000,000 in funding received
from the City’s General Fund for a property acquisition in the 9 Line project area. The details of this
project are provided later in the memo.
Additionally, staff is proposing to add the remaining $433,880 to the Transition Holding Account
program, to be allocated with the rest of the funds recommended to be added to this program in the FY24
budget, as described with the project area funds above.
Housing Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
15
Primary Housing 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Capital Reserves - Housing
Property Acquisition 1,599,880 588,286 (1,083,034) (71,440) 516,846
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,500,000 1,500,000 0 1,500,000
School District Family &
Workforce Housing 0 375,947 381,347 5,400 381,347
16
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Capital Reserves - Housing
Acquisition Program 1,000,000 1,000,000 0 0 1,000,000
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,000,000 1,000,000 0 1,000,000
Housing Development Loan
Program NOFA 4,230,000 1,848,000 (2,382,000) 0 1,848,000
18
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Capital Reserves - Housing
Development Loan Program 500,000 500,000 0 0 500,000
Capital Reserves - Housing
Property Acquisition 0 0 440,226 440,226 440,226
Capital Reserves - Transition
Holding Account 0 0 433,880 433,880 433,880
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund
As described above, the City will be transferring $4,000,000 from its General Fund to the Agency’s
Program Income Fund. Staff is proposing the use of the full amount for Housing Property Acquisition,
specifically for a property acquisition in the 9 Line project area. Details regarding this property
acquisition are provided in a separate section below.
Program Income 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
19
Program Income Fund 0 0 4,000,000 4,000,000 4,000,000
Capital Reserves - Housing
Property Acquisition 0 0 4,000,000 4,000,000 4,000,000
Total 0 0 4,000,000 4,000,000 4,000,000
Administration Fund Expense & Other Uses Adjustments
The contributions to the Administration Fund will increase by $560,721. To accommodate the expected
rise in operating expenses, the Agency proposes to augment the Operating & Maintenance and Charges &
Services line items. These increases will account for the costs associated with inflation, including
property maintenance and management, computer software and hardware, office supplies, and travel
expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Agency Operations Fund 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Charges and Services 218,560 507,231 200,721 (87,950) 419,281
Operating & Maintenance 300,000 660,000 360,000 0 660,000
Total 518,560 1,167,231 560,721 (87,950) 1,079,281
9 Line Property Acquisition
Staff is requesting a total of $5,400,000 to complete the acquisition of properties at the intersection of 900
West and 400 South. Staff has been negotiating with the owner in accordance with the First Right to
Offer agreement and previously closed on the first property acquisition on the southeast corner. The
owner recently accepted the conditional offer to acquire the remaining parcels, subject to final approval
from the respective Boards on both sides. This intersection is identified as a target area within the 9-Line
Project Area Plan and the assemblage provides a unique opportunity to bring commercial and support
services to the community along with residential within a mixed-use development.
The proposed funding sources for the property acquisition are outlined in the recommendations for the
Housing Property Acquisition program appropriations in the 9 Line, Program Income, and Westside
Community Initiative above.
Fund Program Amount
Program Income Fund Housing Property Acquisition 4,000,000
9 Line Housing Property Acquisition 959,774
West Side Community Initiative Housing Property Acquisition 440,226
Total 5,400,000
Transition Holding Accounts by Fund
The table presented below provides a summary of the allocations for the Transition Holding Account
program, as described earlier. This summary aims to facilitate the reconciliation of these amounts with the
FY24 budget. These allocations will be included in the relevant funds within the budget.
Fund Line Description 2023-BA3
Depot District Capital Reserves - Transition Holding Account 1,805,473
Granary District Capital Reserves - Transition Holding Account 291,284
North Temple Capital Reserves - Transition Holding Account 343,277
State Street Capital Reserves - Transition Holding Account 1,364,709
9-Line Capital Reserves - Transition Holding Account 802,208
Westside Community
Initiative Capital Reserves - Transition Holding Account 433,880
5,040,831
Amended Budget Totals by Fund
The following tables present the proposed amendments to the revenue and expense budgets, organized by
fund. These tables encompass all changes that have been made to the budget and provide a thorough
overview of the amended budget by fund.
Central Business District
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 23,500 23,500 0
Tax Increment 27,573,150 25,941,783 (1,631,367)
Total 27,596,650 25,965,283 (1,631,367)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 13,283,651 12,304,831 (978,820)
TI Reimbursements 1,400,000 1,400,000 0
Transfer to Administration 2,757,315 2,594,178 (163,137)
Eccles Debt Service 3,260,239 3,260,239 0
Eccles Debt Service Block 70 RDA Match 3,260,239 3,260,239 0
Gallivan Administration 365,323 365,323 0
Gallivan Maintenance 566,822 566,822 0
Gallivan Programming 250,000 250,000 0
Miscellaneous Property Expense 1,000,000 1,000,000 0
Parking Ramp Leases 69,000 69,000 0
Open Streets Initiative on Main Street 150,000 150,000 0
Capital Reserves - Japantown 250,000 250,000 0
Capital Reserves - Main Street Closure Study and
Design 150,000 150,000 0
Capital Reserves - Housing Property Acquisition 734,061 244,651 (489,410)
Capital Reserves - Gallivan Plaza Planning 100,000 100,000 0
Total 27,596,650 25,965,283 (1,631,367)
Block 70
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Tax Increment 1,922,323 1,925,503 3,180
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,334 3,180
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 576,697 577,651 954
Eccles Theater Debt Service 8,069,529 8,069,529 0
Fundraising Fulfillment 125,000 125,000 0
Regent Street Bond Debt Service 1,488,928 1,488,928 0
Regent Street Maintenance 80,000 80,000 0
Capital Reserves - Eccles Theater- Operating Reserve
for Ancillary Spaces 475,000 475,000 0
Capital Reserves - Regent Street Parking Structure 100,000 102,226 2,226
Total 10,915,154 10,918,334 3,180
Depot District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 50,000 50,000 0
Tax Increment 3,999,587 5,316,113 1,316,526
Total 4,049,587 5,366,113 1,316,526
Expenses & Other Uses
Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Administration 599,938 797,417 197,479
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
Transfer to Primary Housing Fund 799,917 1,063,223 263,306
Capital Reserves - Transition Holding Account 0 1,805,473 1,805,473
Total 4,049,587 5,366,113 1,316,526
Granary District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 15,000 15,000 0
Tax Increment 633,546 1,081,675 448,129
Total 648,546 1,096,675 448,129
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration 95,032 162,251 67,219
Miscellaneous Property Expense 5,000 5,000 0
Transfer to Primary Housing Fund 126,709 216,335 89,626
Capital Reserves - Strategic Intervention 421,805 421,805 0
Capital Reserves - Transition Holding Account 291,284 291,284
Total 648,546 1,096,675 448,129
North Temple
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 444,053 988,936 544,883
Total 449,053 993,936 544,883
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Folsom Corridor Prop Acq &
Remediation 284,753 284,753 0
Transfer to Administration 44,405 98,894 54,489
Transfer to Primary Housing Fund 88,811 197,787 108,976
Capital Reserves - Transition Holding Account 0 343,277 343,277
Capital Reserves - School Construction Fund (10%) 31,084 69,226 38,142
Total 449,053 993,936 544,883
North Temple Viaduct
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 1,500 1,500 0
Tax Increment 1,205,109 2,720,019 1,514,910
Total 1,206,609 2,721,519 1,514,910
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Debt Service Payment to Salt Lake City 1,188,532 2,680,719 1,492,187
Transfer to Administration 18,077 40,800 22,723
Total 1,206,609 2,721,519 1,514,910
Northwest Quadrant
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 903,100 1,371,125 468,025
Total 908,100 1,376,125 468,025
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 632,170 959,788 327,618
Capital Reserves - Shared Costs 95,310 142,112 46,802
Transfer to Administration 90,310 137,113 46,803
Transfer to Primary Housing Fund 90,310 137,113 46,803
Total 908,100 1,376,125 468,025
Stadler Rail
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 500 500 0
Tax Increment 72,420 138,526 66,106
Total 72,920 139,026 66,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 58,436 117,747 59,311
Transfer to Administration 7,242 7,426 184
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,026 66,106
State Street
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 2,631,183 4,337,070 1,705,887
Total 2,631,183 4,337,070 1,705,887
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration- City & SD Funds 263,118 433,707 170,589
Transfer to Primary Housing - School District Family
& Workforce Housing 0 259,327 259,327
Transfer to Primary Housing Fund 263,118 174,380 (88,738)
Capital Reserves - Property Acquisition 2,104,947 2,104,947 0
Capital Reserves - Transition Holding Account 0 1,364,709 1,364,709
Total 2,631,183 4,337,070 1,705,887
9-Line
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 1,477,727 2,601,746 1,124,019
Total 1,477,727 2,601,746 1,124,019
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 224,966 280,188 55,222
County Administration Fee 26,996 16,811 (10,185)
Transfer to Administration- City & SD Funds 118,218 260,175 141,957
Transfer to Administration- County Funds 0 22,415 22,415
Transfer to Primary Housing - School District Family
& Workforce Housing 0 122,020 122,020
Transfer to Primary Housing Fund 147,773 138,155 (9,618)
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Transition Holding Account 0 802,208 802,208
Capital Reserves - Housing Property Acquisition 0 959,774 959,774
Total 1,477,727 2,601,746 1,124,019
Program Income Fund
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Transfer from the City’s General Fund 0 4,000,000 4,000,000
Interest Income 50,000 50,000 0
Interest on Loans 8,800 8,800 0
Loan Repayments 39,000 39,000 0
Parking Structure Income 1,243,335 1,243,335 0
Rents 215,700 215,700 0
Total 1,556,835 5,556,835 4,000,000
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Commercial Loan Program 931,835 931,835 4,000,000
Marketing and Sales 25,000 25,000 0
Miscellaneous Property Expense 300,000 300,000 0
Professional Services 300,000 300,000 0
Capital Reserves - Housing Property Acquisition 4,000,000 4,000,000 0
Total 1,556,835 5,556,835 0
Primary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 260,175 112,402
Transfer In from Block 70 0 0 0
Transfer In from Central Business District 0 0 0
Transfer In from Depot District 799,917 1,063,223 263,306
Transfer In from Granary District 126,709 216,335 89,626
Transfer In from North Temple 88,811 197,787 108,976
Transfer In from North Temple Viaduct 0 0 0
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 433,707 170,589
Total 1,599,880 2,398,193 798,313
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Housing Development Loan Program 0 1,500,000 1,500,000
School District Family & Workforce Housing 0 381,347 381,347
Capital Reserves - Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Total 1,599,880 2,398,193 798,313
Secondary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 10,000 10,000 0
Total 10,000 10,000 0
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Accessory Dwelling Unit 9-Line
Pilot Program 10,000 10,000 0
Total 10,000 10,000 0
Housing Development Fund
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
HDLP-Competitive for Spark! 0 1,000,000 1,000,000
Housing Development Loan Program NOFA 4,230,000 1,848,000 (2,382,000)
Total 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
UIPA Housing Allocation 500,000 1,374,106 874,106
Total 500,000 1,374,106 874,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Housing Development Loan
Program 500,000 500,000 0
Capital Reserves - Transition Holding Account 0 433,880 433,880
Capital Reserves - Housing Property Acquisition 0 440,226 440,226
Total 500,000 1,374,106 874,106
Redevelopment Agency Operations
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Transfer In from 9-Line 118,218 282,590 164,372
Transfer In from Central Business District 2,757,315 2,594,178 (163,137)
Transfer In from Depot District 599,938 797,417 197,479
Transfer In from Granary District 95,032 162,251 67,219
Transfer In from North Temple 44,405 98,894 54,489
Transfer In from North Temple Viaduct 18,077 40,800 22,723
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 433,707 170,589
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,559,376 560,721
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Charges and Services 218,560 419,281 200,721
Operating & Maintenance 300,000 660,000 360,000
Total 3,998,655 4,559,376 560,721
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
4. Resolution – Year 2022/2023 Third Budget Amendment
ATTACHMENTS: Fiscal Year 2022/2023 Budget Amendment #3 Slides
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,6885,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 419,281 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final budget of the RDA, as
approved, ratified and finalized by the Board on June 14, 2022.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO:Salt Lake City RDA Board DATE: March 28, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT:RDA Budget Amendment #3, FY2022-23
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed third amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 10,312,004.00 $ 10,312,004.00
RDA CIP FUND 0.00 0.00
TOTAL $ 10,312,004.00 $ 10,312,004.00
3/28/2023
3/28/2023
rachel otto (Mar 28, 2023 10:58 MDT)
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. Transfer from the General Fund for the purchase of property.
2. True up for tax increment received.
3. Adjustments to the housing trust fund.
4. Adjustment to the revolving loan fund balance.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening contains one item:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #1 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final budget of the RDA, as
approved, ratified and finalized by the Board on June 14, 2022.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Transfer from GF for Property Purchase 4,000,000.00 4,000,000.00 One-Time -
1 True Up Tax Increment CBD (1,543,843.00) (1,543,843.00) One-time -
1 True Up Tax Increment DD 1,570,677.00 1,545,409.00 One-time -
1 True Up Tax Increment GD 453,778.00 453,778.00 One-time -
1 True Up Tax Increment NTV 1,653,825.00 1,653,825.00 One-time -
1 True Up Tax Increment Block 70 3,706.00 3,706.00 One-time -
1 True Up Tax Increment SS 1,720,457.00 1,720,457.00 One-time -
1 True Up Tax Increment 9 Line 1,157,340.00 1,157,340.00 One-time -
1 True Up Tax Increment NT 551,772.00 551,772.00 One-time -
1 True Up Tax Increment SR 66,107.00 66,107.00 One-time -
1 True Up Tax Increment NWQ 547,161.00 547,161.00 One-time -
1 True Up Tax Increment Primary Housing 864,353.00 864,353.00 One-time -
1 True Up Tax Increment Admin 648,671.00 648,671.00 One-time -
2 Adjust Housing Trust Fund Loan HTF (172,000.00) (1,382,000.00) One-time -
2 Adjust Housing Trust Fund Loan HTF (1,210,000.00) One-time -
3
Revolving Loan Fund balance adjustment
RLF - 25,268.00 One-time -
-
Total of Budget Amendment Items 10,312,004.00 10,312,004.00 - -
Total by Fund, Budget Amendment #2:
Redevelopment Agency RDA 10,312,004.00 10,312,004.00 - - -
Redevelopment Agency - CP RDA -CIP - - - -
Total of Budget Amendment Items 10,312,004.00 10,312,004.00 - - -
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2022-23 RDA Budget Amendment #3
Board ApprovedAdministration Proposed
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments
FY 2022-23
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA#3 Total To-Date
Redevelopment Agency 50,172,718 - 3,266,805.00 10,312,004.00 63,751,527
Redevelopment Agency CIP 13,128,181 - (3,220,000.00) - 9,908,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
2
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: March 24, 2023
PREPARED BY: Erin Cunningham
RE: Preliminary Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Written Briefing
BUDGET IMPACTS: The preliminary Third Amendment identifies appropriations for Agency
operations and projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to present forecasted budget proposals for the
Third Amendment (“Amendment”). These proposals are based on preliminary tax increment revenue
projections received from Salt Lake County, as well as adjustments to loan principal and interest revenue
received in the Housing Development Fund. These amounts will be adjusted after the Agency receives the
final distribution at the end of March.
The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Amendment provides for adjustments across multiple funds within the
Agency budget for Fiscal Year 2023, as described below.
Tax Increment and Other Revenue Adjustments
Based on the tax increment revenue projections received from the County, the Agency is expected to
receive over $6 million in additional revenue compared to the original budget. As a result, additional
contributions to the Primary Housing Fund and the Administration Fund are expected to increase.
However, while most project areas have a positive variance, the Central Business District is projected to
receive approximately $1.5 million less than was initially budgeted. A preliminary analysis indicates that
the cause is likely due to a drop in certified tax rates, coupled with decreasing assessed property values in
the hotel and shopping center industries, which are still recovering from the pandemic. Our staff is
actively gathering more data and conducting further analyses to fully understand the situation.
It is worth noting that this fiscal year marks the first year that the Agency has administered the Housing
Trust Fund loans, which were previously serviced by the Housing Stability Division. Initially, $1.6
million in principal and interest payments was budgeted, but it is now expected that the actual amount
will be approximately $1.3 million less than originally projected.
The tables below outline the forecasted revenue changes by fund.
Project Area Funds Budget BA3 Forecast Variance
Central Business District 27,573,150 26,029,306 (1,543,844)
Block 70 1,922,323 1,926,029 3,706
Depot District 3,999,587 5,570,264 1,570,677
Granary District 633,546 1,087,324 453,778
North Temple 444,053 995,825 551,772
North Temple Viaduct 1,205,109 2,858,934 1,653,825
Northwest Quadrant 903,100 1,450,261 547,161
Stadler Rail 72,420 138,527 66,107
State Street 2,631,183 4,351,640 1,720,457
9-Line 1,477,727 2,635,067 1,157,340
Total 40,862,198 47,043,177 6,180,979
Housing Funds Budget BA3 Forecast Variance
Primary Housing 1,599,880 2,464,233 864,353
Secondary Housing 10,000 10,000 0
Housing Development Fund 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative 500,000 500,000 0
Total 7,339,880 6,822,233 (517,647)
Administration Fund Budget BA3 Forecast Variance
Redevelopment Agency
Operations 3,998,655 4,647,326 648,671
Total 3,998,655 4,647,326 648,671
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue will result in an increase in obligated expenses, including transfers
to the Primary Housing and Administration Funds, Debt Service to Salt Lake City, and the School
Construction Fund in the North Temple project area, as well as Administrative Fees payable to Salt Lake
County.
Moreover, the Agency anticipates that Miscellaneous Property Expenses will rise due to inflation, and it
is recommended that the remaining tax increment received in Block 70 be allocated to the Regent Street
Parking Structure reserves.
On the other hand, some expense reductions are expected, such as the expiration of a tax increment
reimbursement agreement in the Depot District and a decrease in taxing entity payments due to the
decline in tax increment revenue received in the Central Business District.
Please note that a new line description, "Transfer to Primary Housing - School District Family &
Workforce Housing," has been added. This change is due to the interlocal agreements that the Agency has
with the Salt Lake City School District for the 9 Line and State Street project areas, which mandate that
the Primary Housing fund contribution be used exclusively for family and workforce housing. Therefore,
this addition has been made to segregate these funds and enable more efficient tracking of them.
The table below summarizes the overall changes for the Agency, which total approximately $1.8 million.
Details regarding changes by fund are provided at the end of this document.
Line Description Budget
BA3
Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing - School District Family
& Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Regent Street Parking Structure 100,000 102,594 2,594
Total 26,170,067 27,973,655 1,803,588
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified $4,377,391 in project area funds
available for discretionary spending. The staff recommends allocating any additional funds received from
tax increment to a Strategic Intervention Program for each project area, except for the following:
1. Central Business District - Due to a decrease in increment, the staff suggests reducing the
previously allocated $734,061 for Property Acquisition, specifically for Housing, to $270,908.
2. Depot District - The Board had previously approved the reallocation of $550,000 from the
Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment
of $524,732 to the Revolving Loan Fund was approved. With the additional tax increment
received, the staff is requesting to fully repay the $550,000.
3. Northwest Quadrant - The Northwest Quadrant project area has a budget for a Shared Costs
reserve account, which is set aside to fund redevelopment activities that benefit the entire Project
Area, are system-wide, or benefit multiple property owners or parcels. Staff proposes allocating
the additional funds received in the project area to this reserve, increasing the budget from
$95,310 to $150,026.
4. State Street and 9 Line - In addition to the extra tax increment, staff is requesting to reallocate
previously set-aside funds for Property Acquisition in the 9 Line and State Street Project Areas to
the Strategic Intervention Program. The Agency is categorizing property acquisitions into
Housing, Commercial, and Infrastructure categories to allow for better reporting during the City's
transition to Workday. As the property acquisition category had not been defined during the
Fiscal Year 2023 budget, the intention of using the Strategic Intervention Program is to set aside
funds that do not yet specify the type of property acquisition and to return to the Board when the
use is better defined.
For context, Strategic Intervention funds were approved for the North Temple and Granary District
project areas in the Fiscal Year 2022 and 2023 budgets. During the Board meeting held on April 12, 2022,
a straw poll was conducted to expand the use of these funds for property acquisition, site development
cost (cleaning of contaminated properties, etc.), and development support for community benefits.
However, the final use of these funds will require approval from the Board.
Expense changes by project area fund are outlined below.
Project Area Funds Budget BA3 Forecast Variance
1
Central Business District
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 734,061 270,908 (463,153)
3
Depot District
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 524,732 2,520,671 1,995,939
4
Granary District
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Total 421,805 716,760 294,955
5
Project Area Funds Budget BA3 Forecast Variance
8North Temple
Capital Reserves - Strategic Intervention 0 347,616 347,616
Total 0 347,616 347,616
7
Northwest Quadrant
Capital Reserves - Shared Costs 95,310 150,026 54,716
Total 95,310 150,026 54,716
9
State Street
Capital Reserves - Property Acquisition 2,104,947 0 (2,104,947)
Capital Reserves - Strategic Intervention 0 3,481,312 3,481,312
Total 2,104,947 3,481,312 1,376,365
10
9-Line
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 959,774 1,730,726 770,952
Project Area Funds Total 4,840,629 9,218,020 4,377,391
Housing Funds Discretionary Expense & Other Uses Adjustments
The Agency has projected an increase of $864,353 in contributions to the Primary Housing Fund.
However, due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the
remaining budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into property acquisition.
To account for the decrease of $1,382,000 in budget revenue from loan and principal payments in the
Housing Development Fund, a reduction in the contribution to the Housing Development Loan Program
will be necessary. It is important to note that this is the first year of receiving payments from the Housing
Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in the 2023
Notice of Funding Availability.
Housing Funds Budget BA3 Forecast Variance
Primary Housing
Capital Reserves - Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375.947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 4,230,000 2,848,000 (1,382,000)
Housing Funds Total 5,829,880 5,312,233 (517,647)
Administration Fund Expense & Other Uses Adjustments
The Agency anticipates that contributions to the Administration Fund will increase by $648,671. To
accommodate the expected rise in operating expenses, the Agency proposes to augment the Operating &
Maintenance and Charges & Services line items. These increases will account for the costs associated
with inflation, including property maintenance and management, computer software and hardware, office
supplies, and travel expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Line Description Budget BA3 Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges & Services 218,560 507,231 288,671
Total 518,560 1,167,231 648,671
Amended Budget Totals by Fund
The following tables show the preliminary proposed revenue and expense budget amendments by fund.
These tables include all the changes made to the budget and provide a comprehensive view of the
proposed amendments.
Central Business District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 27,573,150 26,029,306 (1,543,844)
Interest from Investments 23,500 23,500 0
Total 27,596,650 26,052,806 (1,543,844)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 13,283,651 12,357,345 (926,306)
Transfer to Administration 2,757,315 2,602,931 (154,384)
Capital Reserves - Property Acquisition 734,061 270,908 (463,153)
Total 16,775,027 15,231,183 (1,543,844)
Block 70
Revenue & Other Sources Line Description Budget BA3 Forecast Variance
Tax Increment 1,922,323 1,926,029 3,706
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,860 3,706
Expenses & Other Uses Line Description Budget BA3 Forecast Variance
Taxing Entity Payments 576,697 577,809 1,112
Capital Reserves Regent Street Parking Structure 100,000 102,594 2,594
Total 676,697 680,403 3,706
Depot District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 3,999,587 5,570,264 1,570,677
Interest from Investments 50,000 50,000 0
Total 4,049,587 5,620,264 1,570,677
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 599,938 835,540 235,602
Capital Reserves - Strategic Intervention 0 1,970,671 1,970,671
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Primary Housing Fund 799,917 1,114,053 314,136
Total 4,049,587 5,620,264 1,570,677
Granary District
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 633,546 1,087,324 453,778
Interest from Investments 15,000 15,000 0
Total 648,546 1,102,324 453,778
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 95,032 163,099 68,067
Capital Reserves - Strategic Intervention 421,805 716,760 294,955
Transfer to Primary Housing Fund 126,709 217,465 90,756
Total 643,546 1,097,324 453,778
North Temple
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 444,053 995,825 551,772
Interest from Investments 5,000 5,000 0
Total 449,053 1,000,825 551,772
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 44,405 99,583 55,178
Capital Reserves - School Construction Fund (10%) 31,084 69,708 38,624
Capital Reserves - Strategic Intervention 0 347,616 347,616
Transfer to Primary Housing Fund 88,811 199,165 110,354
Total 164,300 716,072 551,772
North Temple Viaduct
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,205,109 2,858,934 1,653,825
Interest from Investments 1,500 1,500 0
Total 1,206,609 2,860,434 1,653,825
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 18,077 42,884 24,807
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
Total 1,206,609 2,860,434 1,653,825
Northwest Quadrant
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 903,100 1,450,261 547,161
Interest from Investment 5,000 5,000 0
Total 908,100 1,455,261 547,161
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 90,310 145,026 54,716
Capital Reserves - Shared Costs 95,310 150,026 54,716
TI Reimbursements 632,170 1,015,183 383,013
Transfer to Primary Housing Fund 90,310 145,026 54,716
Total 908,100 1,455,261 547,161
Stadler Rail
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 72,420 138,527 66,107
Interest from Investments 500 500 0
Total 72,920 139,027 66,107
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 7,242 7,426 184
TI Reimbursements 58,436 117,748 59,312
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,027 66,107
State Street
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 2,631,183 4,351,640 1,720,457
Total 2,631,183 4,351,640 1,720,457
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Transfer to Administration 263,118 435,164 172,046
Transfer to Primary Housing Fund 263,118 179,430 (83,688)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 255,734 255,734
Capital Reserves - Property Acquisition 2,104,947 (2,104,947)
Capital Reserves - Strategic Intervention 3,481,312 3,481,312
Total 2,631,183 4,351,640 1,720,457
9-Line
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Tax Increment 1,477,727 2,635,067 1,157,340
Total 1,477,727 2,635,067 1,157,340
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Taxing Entity Payments 224,966 294,787 69,821
Transfer to Administration 118,218 310,673 192,455
Transfer to Primary Housing Fund 147,773 143,294 (4,479)
Transfer to Primary Housing - School District Family &
Workforce Housing 0 120,213 120,213
County Administration Fee 26,996 35,374 8,378
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Strategic Intervention 0 1,730,726 1,730,726
Total 1,477,727 2,635,067 1,157,340
Primary Housing
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 263,507 115,734
Transfer In from Depot District 799,917 1,114,053 314,136
Transfer In from Granary District 126,709 217,465 90,756
Transfer In from North Temple 88,811 199,165 110,354
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 435,164 172,046
Total 1,599,880 2,464,233 864,353
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Capital Reserves - Property Acquisition 1,599,880 964,223 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce Housing 0 375,947 375,947
Total 1,599,880 2,464,233 864,353
Housing Development Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Administration Fund
Revenue & Other Sources
Line Description Budget
BA3
Forecast Variance
Transfer In from 9-Line 118,218 310,673 192,455
Transfer In from Central Business District 2,757,315 2,602,931 (154,384)
Transfer In from Depot District 599,938 835,540 235,602
Transfer In from Granary District 95,032 163,099 68,067
Transfer In from North Temple 44,405 99,583 55,178
Transfer In from North Temple Viaduct 18,077 42,884 24,807
Transfer In from Northwest Quadrant 90,310 145,026 54,716
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 435,164 172,046
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,647,326 648,671
Expenses & Other Uses
Line Description Budget
BA3
Forecast Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
Total 3,998,655 4,647,326 648,671
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
ATTACHMENTS: Fiscal Year 2022/2023 Preliminary Budget Amendment #3 Slides
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,635,067
4,351,640
138,527
1,450,261
2,858,934
995,825
1,087,324
5,570,264
1,926,029
26,029,306
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area Revenue Changes
47,043,17740,862,198 6,180,979
Budget Forecast Variance
Tax Increment Revenue Change
Project Area Funds Expense Changes
1,803,588 6,180,979 4,377,391
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Line Description Budget Forecast Variance
Transfer to Primary Housing Fund 1,523,880 2,012,286 488,406
Transfer to Primary Housing -School
District Family & Workforce Housing 0 375,947 375,947
Transfer to Administration 3,993,655 4,642,326 648,671
TI Reimbursements 4,090,606 3,532,931 (557,675)
Taxing Entity Payments 14,085,314 13,229,940 (855,374)
Miscellaneous Property Expense 1,430,000 1,455,000 25,000
Debt Service Payment to Salt Lake City 1,188,532 2,817,550 1,629,018
County Administration Fee 26,996 35,374 8,378
Capital Reserves -School Construction
Fund (10%)*31,084 69,708 38,624
Capital Reserves -Regent Street Parking
Structure 100,000 102,594 2,594
Total 26,470,067 28,273,655 1,803,588
Total Obligations Total Discretionary
Line Description Budget Forecast Variance
Capital Reserves -Property
Acquisition 3,798,782 270,908 (3,527,874)
Capital Reserves -Shared Costs 95,310 150,026 54,716
Capital Reserves -Strategic
Intervention 421,805 8,247,086 7,825,281
Revolving Loan Fund Repayment 524,732 550,000 25,268
Total 4,840,629 9,218,020 4,377,391
=+
Project Area Funds Expense Changes
Discretionary Expenses by Project Area
Fund Line Description Budget Forecast Variance Comments
Central Business
District Capital Reserves -Property Acquisition 734,061 270,908 (463,153)Decrease in tax increment revenue requires a decreased
contribution
Depot District Capital Reserves -Strategic Intervention 0 1,970,671 1,970,671 Add remaining tax increment revenue to Strategic Intervention
Revolving Loan Fund Repayment 524,732 550,000 25,268 Return the entire $550K to the Revolving Loan Fund
Granary District Capital Reserves -Strategic Intervention 421,805 716,760 294,955 Add increased tax increment revenue to Strategic Intervention
North Temple Capital Reserves -Strategic Intervention 0 347,616 347,616 Add increased tax increment revenue to Strategic Intervention
Northwest
Quadrant Capital Reserves -Shared Costs 95,310 150,026 54,716 Increase contribution to Shared Costs
State Street Capital Reserves -Property Acquisition 2,104,947 0 (2,104,947)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 3,481,312 3,481,312 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
9 Line Capital Reserves -Property Acquisition 959,774 0 (959,774)Reallocate non-specific Property Acquisition to Strategic
Intervention
Capital Reserves -Strategic Intervention 0 1,730,726 1,730,726 Add increased tax increment revenue to Strategic Intervention,
along with reallocated Property Acquisition budget
Total 4,840,629 9,218,020 4,377,391
Housing Funds Changes
Fund Line Description Budget Forecast Variance
Primary Housing Capital Reserves -Property Acquisition 1,599,880 964,233 (635,647)
Housing Development Loan Program 0 1,124,053 1,124,053
School District Family & Workforce
Housing 0 375,947 375,947
Housing Development Fund Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Total 5,829,880 5,312,233 (517,647)
Discretionary Expenses by Housing Fund
6,822,2337,339,880 (517,647)
Budget Forecast Variance
Housing Funds Revenue Change
10,000
500,000
1,599,880
5,230,000
10,000
500,000
2,464,233
3,848,000
Secondary Housing
Westside Community Initiative
Primary Housing
Housing Development Fund
1
6
1
8
1
5
1
7
Revenue Changes by Housing Funds
-
1,599,880
4,230,000
375,947
964,233
3,972,053
School District Family & Workforce
Housing
Capital Reserves - Housing Property
Acquisition
Housing Development Loan Program
Housing Funds Expense Changes by Line Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget Forecast Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 507,231 288,671
518,560 1,167,231 648,671 300,000
218,560
660,000
507,231
Operating & Maintenance
Charges and Services
Administration Fund Expense Changes
4,647,3263,998,655 648,671
Budget Forecast Variance
Administration Fund Revenue Change
MAYOR ERIN MENDENHALL DANNY WALZ
Executive Director Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DATE:April 21, 2023
PREPARED BY:
RE:
Jim Sirrine, Property Manager
Redevelopment Agency Semi-Annual Property Report
REQUESTED ACTION:None. Written Briefing
EXECUTIVE SUMMARY: As directed in the Land Disposition Policy, the RDA provides the Board,
not less than semi-annually per fiscal year, an inventory of all Tier 1 and Tier 2 properties.
ANALYSIS & ISSUES: The attached report contains a current inventory of all RDA owned properties.
The report includes the description, address, parcel ID, size, zoning, and tier category of each property. In
addition, the report details the approximate acquisition date, current category of disposition, interim use,
and proposed permanent use for each property.
There have not been any notable changes since the November 2022 report.
ATTACHMENTS: May 20232 RDA Property Report
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518
WWW.SLC.GOV · WWW.SLCRDA.COM
TEL 801-535-7240 · FAX 801-535-7245
9 LINE
1) Commissary Kitchen2423
BLOCK 70
2) Eccles Theater and Ancillary Spaces
3) Regent Street at 200 South
CENTRAL BUSINESS DISTRICT
4) Broadway Center (Parking Garage)
5) Gallivan Center Plaza, Parking, and Retail
(Block 57)
6) Land - Vivint Arena (Block 79)
7) Metro Condos Parking (Block 53)
18
19
616
17 2
3
5
15
14
13
498 DEPOT DISTRICT
10 12
11 7 8) Rio Grande Hotel (Block 62)
9) Station Center Parcel 1
10) Station Center Parcel 2
11) Station Center Parcel 3
12) Station Center Parcel 4
13) Station Center Parcel 5
14) Station Center Parcel 6
15) Sun Bar (Block 47)
1
25
16) Central Station (South)
17) Central Station (North)
NORTH TEMPLE
18) SPARK! Project
19) Folsom Trail Property
SUGAR HOUSE
20) Street Car Power Substation Site
21) S-Line Greenway
22) Sugarmont Plaza
WEST CAPITOL HILL
23) Marmalade Development
24) 524 N. Arctic Court
WEST TEMPLE GATEWAY
25) W. Montrose Ave
21 20
22
Semi-Annual Property Report | May 2023
Project Area/Property Description Assessor Address Parcel ID Acres/Total Zoning Tier Acquired Use Status Interim Use Proposed Reuse
9 LINE
1 Commissary Kitchen Former gas station property 877 W. 400 S.15-02-406-001-0000 0.32 0.32 R-MU-35 T-2 2021 Use Study Leased to Taqueria El Angel To be determined
TOTAL # of Project Properties: 1 # of Acres:0.32 # of Parcels: 1
BLOCK 70
Eccles Theater, retail spaces, and plaza
Alley to Priority Dispatch and 111
16-06-105-064-0000
16-06-105-065-0000
1.7131 S. Main St.
147 S. Main St.
Theater events in partnership
Permanent Use with County Center for the Arts
and leased retail
0.012Eccles Theater and Ancillary Spaces 1.79 D-1
D-1
T-1
T-1
2003-2014 N/A
Midblock walkway connecting Main St. to Regent St. and
access to the Eccles Theater 16-06-105-009-0000 0.08
Vacant land (former N. parking area of the NAC Drivers'
Lounge)167 S. Regent St.
169 S. Regent St
167 S. Regent St.
16-06-151-003-0000
16-06-151-004-0000
16-06-151-018-0000
0.03
0.06
0.04
Construction staging for
adjacent development
Entered into a Purchase Agreement with
Dakota Pacific Regent, LLC3Regent St. at 200 S. St.Vacant land (former NAC Drivers Lounge)0.13 2013 Active Disposition
Vacant land (former E. parking area of the NAC Drivers
Lounge)
TOTAL # of Project Properties: 2 # of Acres:1.92 # of Parcels: 6
CENTRAL BUSINESS DISTRICT
Leased to Broadway Center
Limited4Broadway Center (Parking Garage)Parking structure with retail spaces 251 S. Floral St.16-06-154-048-0000 0.66 0.66
7.92
D-1
D-1
T-2
T-1
1989 Permanent Use
Permanent Use
N/A
N/A
16-06-152-072-0000
16-06-152-077-2000
0.4 Event spaces, plaza, and
walkwayGallivan Center - plaza, event center, and amphitheater
Parking Structure under Gallivan Center Plaza
Retail
239 S. Main St.
49 E. Gallivan Ave.
228 S. State St.
3.49
Leased to Boyer-Block 57
Associates LTD5Gallivan Center Plaza, Parking, and Retail (Block 57)16-06-152-077-6001 3.49 1984-1991
16-06-152-079-6001
16-06-152-079-2000
15-01-127-017-2000
15-01-127-017-2001
15-01-127-017-6001
15-01-127-018-6001
15-01-127-018-2000
16-06-309-001-0000
0.27
0.27
9.18
0.01
9.18
0.84
0.84
0.01
Retail spaces
Arena - SE section
Arena - SE section (underground)
Arena - SE section (underground)
Arena - NE Corner
301 W. S. Temple Land leased to Larry H. Miller
Arena Group thru 20406
7
Land - Vivint Arena (Block 79)
Metro Condos Parking (Block 53)
20.05 D-4
D-1
T-1
T-2
1989
1991
Permanent Use
Permanent Use
N/A
N/A
365 W. S. Temple
350 S. 200 E.
Arena - NE Corner (underground)
Lower two levels (250 stalls) of an underground parking
structure
Parking stalls leased to the
State of Utah0.0216-06-309-002-0000 0.01
TOTAL # of Project Properties: 4 # of Acres:28.65 # of Parcels: 13
DEPOT DISTRICT
Leased to Home Inn Rio
Grande, LLC8Rio Grande Hotel, Block 62 Home Inn - Single room occupancy housing units 428 W. 300 S.15-01-179-012-0000 0.3 0.3 D-3
D-3
T-2
T-1
2009
2008
Permanent Use N/A
243-255 S. 600 W.
265 S. 600 W.
15-01-151-009-0000
15-01-151-010-0000
15-01-151-011-0000
15-01-151-012-0000
15-01-151-013-0000
15-01-151-014-0000
15-01-152-012-0000
15-01-152-013-0000
15-01-152-014-0000
0.5
0.88
0.11
0.26
0.13
0.13
0.11
0.13
0.13
245 S. 600 W.
245 S. 600 W.Vacant land and warehouse (former Intermountain Furniture
Company)
Construction staging for
adjacent development9Station Center Parcel 1 564-566 W. 300 S.
558-560 W. 300 S.
235 S. 600 W.
2.38 Use Study To be determined
552 W. 300 S.
544 W. 300 S.
Vacant building (formally Serta mattress factory)
Vacant land (formally Serta factory dock area)
15-01-302-018-0000 0.6
10 Station Center Parcel 2 535 W. 300 S.0.85 D-3 T-1 2002 Use Study N/A To be determined15-01-153-010-0000
15-01-153-011-0000
0.19
0.06
DEPOT DISTRICT (continued on next page)
RDA‐Owned Properties ‐ Page 1 of 3
Semi-Annual Property Report | May 2023
Project Area/Property Description Assessor Address Parcel ID Acres/Total Zoning Tier Acquired Use Status Interim Use Proposed Reuse
DEPOT DISTRICT (continued)
540 W. 400 S.
346 S. 500 W.
336 S. 500 W.
15-01-302-017-0000
15-01-302-021-0000
15-01-302-022-0000
0.93 Construction staging for
adjacent development11 Station Center Parcel 3 Vacant land and blue warehouse 0.32
1.25
2.5 D-3 T-1
T-1
2002
2002
Use Study
Use Study
To be determined
15-01-302-019-0000
15-01-302-020-0000
0.16
0.31Vacant land 336 S. 500 W.N/A
Warehouse building (former State art storage)310 S 500 W
519 W. 300 S.
15-01-153-009-0000
15-01-153-006-0000
0.59
0.13
2022
2002
2022
Leased to Utah State Archives
12 Station Center Parcel 4 1.53 D-3/D-2 To be determined
Vacant land (formally owned by State of Utah)N/A529 W 300 S
523 W 300 S
15-01-153-004-0000
15-01-153-005-0000
0.18
0.16
Warehouse buildings 502 W. 300 S.
250 S. 500 W.
15-01-152-021-0000
15-01-152-025-0000
1.65
0.56
Leased to Sportswear Design
Group, SLC "A Place For Your
Stuff," Fill the Pot, and parking
for Mac. Flats
13 Station Center Parcel 5 2.21 D-3 T-1 2010
2008
Use Study To be determined
Paved parking lot area (formally Beehive Brick parking )
Vacant land
Intermountain Furniture- N warehouse
233 S. 600 W.
235 S. 600 W.
15-01-151-005-0000
15-01-151-008-0000
0.31
0.4914 Station Center Parcel 6
15 Sun Bar (Block 47)
0.8 D-3 T-1
T-2
Use Study
Use Study
N/A To be determined
To be determinedConstruction staging for
adjacent developmentVacant land 702 W. 200 S.15-02-234-015-0000 0.31 0.31 GMU 2003
2015Single family home (vacant)
Howa Gardens, SE
Howa Gardens, NE
Howa Gardens, S
Howa Gardens, SW
Howa Gardens, NW
Howa Storage Bays
Former Miera parcel (north)
Former Miera parcel (south)
Vacant lot (city land swap for substation)
Howa Offices, N
42 S. 600 W.15-01-104-004-0000
15-01-104-014-0000
15-01-104-013-0000
15-01-104-015-0000
15-01-103-023-0000
15-01-103-021-0000
15-01-103-022-0000
15-01-103-017-0000
15-01-103-005-0000
15-01-103-020-0000
15-01-107-042-0000
15-01-107-041-0000
15-01-107-034-0000
15-01-107-035-0000
15-01-107-036-0000
15-01-107-037-0000
15-01-107-038-0000
15-01-107-039-0000
15-01-107-040-0000
0.15
0.27
0.31
0.08
0.34
0.37
0.5
N/A
622 W. 100 S.
624 W. 100 S.
626 W. 100 S.
632 W. 100 S.
636 W. 100 S.
648 W. 100 S.
650 W. 100 S.
652 W. 100 S.
662 W. 100 S.
663 W. 100 S.
663 W. 100 S.
657 W. 100 S.
655 W. 100 S.
653 W. 100 S.
651 W. 100 S.
633 W. 100 S.
633 W. 100 S.
625-627 W. 100 S.
Leased: gardens - Green Team
job training; storage units -
multiple tenants
2008 Included as part of the Salt Lake Central
Station area plan16 Central Station (North)2.33 GMU T-2 Use Study
0.13
0.08
0.1
2022
2021
N/A
0.25
0.25
0.2
Howa Offices, S
Howa Yard 1
Howa Yard 2 0.01
0.16
0.16
0.34
0.19
0.22
Included as part of the Salt Lake Central
Station area plan17 Central Station (South)Howa Yard 3 1.78 GMU T-2 2008 Use Study Leased to Utah Art Alliance
Howa Yard 4
Howa Yard 5
Howa Paint Shop
Howa Yard E
TOTAL
TOTAL
# of Project Properties: 10 # of Acres:14.99 # of Parcels: 45
NORTH TEMPLE
19 Folsom Trail Property Vacant building (former Schovaers Electronics)22 S JEREMY ST 15-02-204-007-0000 0.34 0.34 TSA-UN T-2 2023 Use Study N/A To be determined
# of Project Properties: 1 # of Acres:0.34 # of Parcels: 1
RDA‐Owned Properties ‐ Page 2 of 3
Semi-Annual Property Report | May 2023
Project Area/Property Description Assessor Address Parcel ID Acres/Total Zoning Tier Acquired Use Status Interim Use Proposed Reuse
SUGAR HOUSE
20 Street Car Traction Power Substation Site
21 S-Line Greenway
S-Line Facility 1015 E. Sugarmont Dr.16-20-205-021-0000 0.06 0.06
0.04
R-1-5000 T-1
T-1
2012 Permanent Use S-Line Facility N/A
N/AS-Line/Parley's Trail Greenway 2211 S. 900 E 16-20-135-021-0000
16-20-252-008-0000
16-20-252-001-0000
0.04
0.85
0.32
FB-SE 2013
2012
Permanent Use S-Line/Parley's Trail Greenway
Construction staging for
adjacent developmentRetail building and parking (former DI)
Former Sugarhouse Fire Station (West)
2234 S. Highland Dr.
1085 E. Simpson Ave.
CSHBD1
N/A
Undergoing fit study analysis for
redevelopment.22 Sugarmont Plaza 1.61 T-1 Use StudyFormer Sugarhouse Fire Station (East)
SLC Facilities Maint. Bldg
1085 E. Simpson Ave.
1113 E. Simpson Ave.
16-20-252-002-0000
16-20-252-003-0000
0.14
0.21
N/A
PL 2021 SLC Facilities Dept.
East Parking Area 1104 E. Sugarmont Dr.16-20-252-005-0000 0.09 N/A
TOTAL
TOTAL
# of Project Properties: 3 # of Acres:1.71 # of Parcels: 7
2005
WEST CAPITOL HILL
23 Marmalade Development Marmalade Lot 1 - Future Park
Vacant Land
524 N. 300 W.08-36-205-044-0000
08-36-206-011-0000
0.56
0.11
0.56 R-MU T-1
T-1
Permanent Use N/A
N/A
Future Park
Single family home. Preparing RFP for
construction.24 524 N. Arctic Ct.524 N. Arctic Ct.0.11 SR-1A 2015 Active Disposition
# of Project Properties: 2 # of Acres:0.67 # of Parcels: 2
WEST TEMPLE GATEWAY
15-12-206-013-6000
15-12-206-013-2000
0.1
0.1Vacant shop and apartment (formally T&G Upholstery)
Vacant land (formally A&E Generator, N. yard)
745 S. 300 W.
252 W. Montrose Ave.15-12-206-015-6000 0.09
Leased shop and storage to
Bulldog Sheetmetal FabricationVacant land 254 W. Montrose Ave.15-12-206-017-0000 0.1
RDA staff has completed due diligence and
considering options and schedule for
marketing the property
15-12-206-016-6000
15-12-206-016-2000
0.09
0.0925 W. Montrose Ave.Building (Bulldog Sheet Metal)244-246 W. Montrose Ave.2.16 FBUN-2 T-2 2008 Use Study
Vacant land and storage building (formally DeVroom)
Vacant land
753 S. 300 W.15-12-207-001-0000 0.34
244 W. 800 S.15-12-207-012-0000
15-12-206-015-2000
15-12-207-013-0000
15-12-207-002-0000
0.1
252 W. Montrose Ave.
264 W. 800 S.
0.09
0.84
0.22
NAVacant building (formally A&E Generator)
Vacant land (formally Zaxx Car Wash)765 S. 300 W.
TOTAL # of Project Properties: 1 # of Acres:2.16 # of Parcels: 11
COMBINED TOTALS # of Project Properties: 24 # of Acres:50.76 # of Parcels: 86
RDA‐Owned Properties ‐ Page 3 of 3
SALT LAKE CITY CORPORATION
SWORN STATEMENT SUPPORTING CLOSURE OF MEETING
I, Alejandro Puy, acted as the presiding member of the Redevelopment Agency of Salt Lake City, which met on May 9,
2023 in a meeting pursuant to Salt Lake City Proclamation.
Appropriate notice was given of the Redevelopment Agency meeting as required by §52-4-202.
A quorum of the Council was present at the meeting and voted by at least a two-thirds vote, as detailed in the minutes of
the open meeting, to close a portion of the meeting to discuss the following:
§52-4-205(l)(a) discussion of the character, professional competence, or physical or mental health of an
individual;
§52 -4-205(1)(b) strategy sessions to discuss collective bargaining;
§52-4-205(l)(c) strategy sessions to discuss pending or reasonably imminent litigation;
§52-4-205(l)(d) strategy sessions to discuss the purchase, exchange, or lease of real property, including
any form of a water right or water shares, if public discussion of the transaction would: (i) disclose the
appraisal or estimated value of the property under consideration; or (ii) prevent the public body from
completing the transaction on the best possible terms;
§52-4-205(l)(e) strategy sessions to discuss the sale of real property, including any form of a water right
or water shares if: (i) public discussion of the transaction would: (A) disclose the appraisal or estimated
value of the property under consideration; or (B) prevent the public body from completing the transaction
on the best possible terms; (ii) if the public body previously gave public notice that the property would be
offered for sale; and (iii) the terms of the sale are publicly disclosed before the public body approves the
sale;
§52-4-205(1)(f) discussion regarding deployment of security personnel, devices, or systems; and
§52-4-205(1)(g) investigative proceedings regarding allegations of criminal misconduct.
A Closed Meeting may also be held for Attorney-Client matters that are privileged pursuant to Utah Code
§78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and
Public Meetings Act.
Other, described as follows: _____________________________________________________________
The content of the closed portion of the Council meeting was restricted to a discussion of the matter(s) for which the
meeting was closed.
With regard to the closed meeting, the following was publicly announced and recorded, and entered on the minutes of the
open meeting at which the closed meeting was approved:
(a)the reason or reasons for holding the closed meeting;
(b)the location where the closed meeting will be held; and
(c)the vote of each member of the public body either for or against the motion to hold the closed meeting.
The recording and any minutes of the closed meeting will include:
(a)the date, time, and place of the meeting;
(b)the names of members Present and Absent; and
(c)the names of all others present except where such disclosure would infringe on the confidentiality
necessary to fulfill the original purpose of closing the meeting.
Pursuant to §52-4-206(6), a sworn statement is required to close a meeting under §52-4-205(1)(a) or (f), but a record by
tape recording or detailed minutes is not required; and Pursuant to §52-4-206(1), a record by tape recording and/or
detailed written minutes is required for a meeting closed under §52-4-205(1)(b),(c),(d),(e),and (g):
A record was not made.
A record was made by: : Electronic
recording
Detailed written minutes
I hereby swear or affirm under penalty of perjury that the above information is true and correct to the best of my
knowledge.
Presiding Member Date of Signature
Alejandro Puy (May 31, 2023 18:50 MDT)May 31, 2023
May 9, 2023 RDA Closed Meeting Sworn
Statement
Final Audit Report 2023-06-01
Created:2023-05-31
By:DeeDee Robinson (deedee.robinson@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAA4jZXm0nJKusuQBzVmdezN4fjNVkmzvGE
"May 9, 2023 RDA Closed Meeting Sworn Statement" History
Document created by DeeDee Robinson (deedee.robinson@slcgov.com)
2023-05-31 - 10:40:55 PM GMT
Document emailed to alejandro.puy@slcgov.com for signature
2023-05-31 - 10:41:43 PM GMT
Email viewed by alejandro.puy@slcgov.com
2023-06-01 - 0:49:44 AM GMT
Signer alejandro.puy@slcgov.com entered name at signing as Alejandro Puy
2023-06-01 - 0:50:05 AM GMT
Document e-signed by Alejandro Puy (alejandro.puy@slcgov.com)
Signature Date: 2023-06-01 - 0:50:07 AM GMT - Time Source: server
Agreement completed.
2023-06-01 - 0:50:07 AM GMT