07/11/2023 - MinutesThe Board of Directors of the Redevelopment Agency (RDA) of Salt Lake City met on Tuesday,
July 11, 2023.
The following Board Members were present:
Ana Valdemoros, Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano
Present Agency Leadership:
Danny Walz – Director, Cara Lindsley – Deputy Director
Present City Staff:
Katherine Lewis – City Attorney, Cindy Lou Trishman – City Recorder, DeeDee Robinson –
Minutes & Records Clerk, Thais Stewart – Deputy City Recorder , Taylor Hill – Constituent
Liaison/Policy Analyst, Scott Corpany – Staff Assistant, Rachel Otto – Chief of Staff, Allison
Rowland – Council Staff, Tracy Tran – Project Manager, Lindsey Nikola – Deputy Chief of Staff,
Austin Taylor – RDA Project Manager
Director Chair Puy presided at and conducted the meeting.
The meeting was called to order at: 2:07 pm.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, July 11, 2023
1
Comments:A.
1.General Comments to the Board ~2:00 p.m.
5 min
The RDA Board of Directors will receive public comments regarding Redevelopment
Agency business in the following formats:
1.Written comments submitted to RDA offices, 451 South State Street, Suite 118, P.O.
Box 145455, Salt Lake City, UT. 84114-5455.
2.Comments to the RDA Board of Directors. (Comments are taken on any item not
scheduled for a public Hearing, as well as on any other RDA Business. Comments
are limited to two minutes.)
There were no public comments.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Redevelopment Agency Business - The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Informational: Tax Increment Reimbursement Program Policy and
Housing and Transit Reinvestment Zone Tax Increment
Reimbursement Policy
~ 2:05
p.m.
30 min.
The Board will receive a briefing about two policy updates. The first is a proposed
amendment to the existing tax increment policy, which is designed to support
development projects with wide-reaching, regional impact. The second would establish a
new Housing and Transit Reinvestment Zone (HTRZ) Tax Increment Reimbursement
Program Policy to account for the different requirements in a separate section of the Utah
Code governing HTRZs, which differ from traditional project areas.
Allison Rowland provided a brief introduction.
Danny Walz and Cara Lindsley provided information regarding:
Tax Increment Reimbursement – Policy Updates
•What a tax increment reimbursement was
•HTRZ tax increment policy proposal – including thresholds, use, term, and
participation rate
•Updated policy for tax increment reimbursements outside of HTRZs (Community
Reinvestment Areas) – including thresholds, use requirements, term and
participation rate (to be negotiated)
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, July 11, 2023
2
•Overview of values and livability benchmarks
•Details of displacement mitigation
2.Motion: Releasing Funding for the Affordable Housing Initiative -
Perpetual Housing Fund
~ 2:35
p.m.
25 min.
The Board will receive a briefing from RDA staff regarding a draft term sheet creating a
partnership with the Perpetual Housing Fund of Utah (PHF) for a tenant wealth building
program. The Administration is requesting the Board review the draft term sheet, and if
acceptable, release the $10 million from American Rescue Plan Act (ARPA) dollars
approved in Budget Amendment No. 6 of Fiscal Year 2022-23 for this purpose.
For more information on this item visit https://tinyurl.com/SLCHousingProposals.
Jennifer Bruno provided a brief introduction.
Tracy Tran, Danny Walz, Chris Parker (Perpetual Housing Fund of Utah)
and Ashley Atkinson (Perpetual Housing Fund of Utah) provided information
regarding:
Perpetual Housing Fund (PHF)
•Overview of the PHF of Utah
•Goals and objectives – 515 East 100 South (including benchmarks that would be
met)
•Redevelopment Agency (RDA) guiding framework (values and livability
benchmarks)
•Fiscal Year (FY) 2024 Annual housing priorities and how the project fit into them
•Proposed draft terms
•Next steps
Director Petro raised concerns about releasing the requested money without a finalized
term sheet and uncertainties on who would be partnering with the City on the proposed
project. Chris Parker explained that the Perpetual Housing Fund of Utah would be the
real estate holding entity and was controlled by the Perpetual Housing Fund
(501c3). Jennifer Bruno clarified that the Administration wanted to ensure the Board was
still interested in releasing the funds and a finalized term sheet would be provided in an
August 2023 meeting for approval.
3.Resolution: Amendment to Terms for Loan to Ville 1659, LLC, and
Clarification of Housing Development Loan Program
~ 3:00
p.m.
30 min.
The Board will be briefed about and will consider approving, a resolution that would
modify the terms of Ville 1659 project’s Housing Development Loan Program (HDLP)
loan located at 1659 West North Temple. Changing the type of loan from a construction
gap loan with cash-flow payments to a bridge loan with a balloon payment at the end of
the term. The term of the loan would be reduced from 40 years to three, at a one percent
interest rate rather than two percent.
Allison Rowland provided a brief introduction.
Danny Walz, Tracy Tran, and Austin Taylor provided information regarding:
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, July 11, 2023
3
Ville 1659 Loan Term Changes & HDLP Financing Condition Update
•Overview of the project (conversion of the mid-century motel Ramada Inn)
•Updated sources and uses
•Proposed loan term changes
•Condition to clarification for last round of HDLP
Motion:
Moved by Director Dugan, seconded by Director Petro to adopt Resolution
13 of 2023 Amendment to Terms for Loan to Ville 1659, and Clarification of
Housing Development Loan Program.
AYE: Ana Valdemoros, Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy
ABSENT: Darin Mano
Final Result: 5 – 0 Pass
4.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
Item not held.
5.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to;
•Property Update;
•Project Milestone Update; and
•Scheduling Items.
Danny Walz provided information regarding:
•Successful in receiving $495,000 grant for environmental clean-up at 22 South
Jeremy Street
•Update on the Paper Box Lofts project at 160 South 300 West
•Atkinson Stacks project funding update
•Annual Report on the Bicycle Collective Project provided to Directors
6.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
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:
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, July 11, 2023
4
Adjournment
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
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.
MINUTES OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Tuesday, July 11, 2023
5
Meeting adjourned at: 3:20 pm.
Minutes Approved: October 10, 2023.
_______________________________
Redevelopment Agency Chair – Alejandro Puy
_______________________________
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, July 11, 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, July 11, 2023
6
Alejandro Puy (Nov 2, 2023 13:05 MDT)
July 11, 2023 RDA Minutes - Approved October
10, 2023
Final Audit Report 2023-11-06
Created:2023-10-19
By:DeeDee Robinson (deedee.robinson@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAATUOjAmIzNteTEQ2EgPsiiFL6HpSTwDA3
"July 11, 2023 RDA Minutes - Approved October 10, 2023" Histo
ry
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Agreement completed.
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