12/12/2023 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
December 12, 2023 Tuesday 2:00 PM
Council Work Room
451 South State Street Room 326
Salt Lake City, UT 84111
SLCRDA.com
In accordance with State Statute, City Ordinance and Salt Lake City Council Policy, one or more RDA
Board Members may be connected via speakerphone. 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: 08:01:08
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.)
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.Resolution: Housing and Transit Reinvestment Zone - Tax
Increment Reimbursement Program Policy
~ 2:05
p.m.
20 min.
The Board will receive a briefing about and consider adopting the Housing and Transit
Reinvestment Zone (HRTZ) Tax Increment Reimbursement Program Policy. Recent
changes in State law allow municipalities to establish these project areas around public
transit facilities to encourage mixed-use, affordable housing development and increased
public transit use. Tax increment reimbursement allows for a portion of the property tax
generated by a development to be returned to the developer over a fixed period of time.
2.Resolution: 900 South Housing and Transit Reinvestment Zone
and Interlocal Agreement
~ 2:25
p.m.
20 min.
The Board will receive a briefing about the proposed 900 South HTRZ Interlocal
Agreement between Salt Lake City and the Redevelopment Agency of Salt Lake City. This
zone would include the general area of the Granary District and tax increment created by
development in this area would help create denser, transit-oriented development with
varying levels of housing affordability.
3.Resolution: Changes in Bylaws ~ 2:45 p.m.
10 min.
The Board will consider adopting a resolution changing the bylaws of the Redevelopment
Agency of Salt Lake City relating to the eligibility of the Chair to run for a second term.
4.Informational: Ballpark NEXT Update ~ 2:55 p.m.
20 min.
The Board will receive a briefing about re-envisioning the City-owned Smith’s Ballpark
and parking lot. This includes a staff request to use existing State Street Project Area
Strategic Intervention Funds to support the search for a Design Consultant Team for
overall Ballpark design and implementation plans. The Ballpark NEXT Design
Competition, which concluded last spring, invited residents, students, and professionals
to submit their ideas for the future of the Ballpark Site.
5.Resolution: Loan to Rocky Ventures, INC. for The Front
Climbing Club ~ 3:15 p.m.
20 min.
The Board will receive a briefing and consider adopting a resolution approving a
$2,000,000 loan with a three year term to Rocky Ventures for The Front HQ, a climbing
gym located at 1470 South 400 West in the State Street Project Area. The Front is
working to expand its gym by remodeling the existing structure and adaptively reusing
an adjacent vacant warehouse, combining two buildings into one single facility that will
offer approximately 70,000 square feet of space. The RDA loan would allow the owner to
complete the project quicker and begin offering expanded services sooner.
6.Informational: Station Center Funding Strategy ~ 3:35 p.m.
20 min.
The Board will receive a briefing about updated cost estimates and potential funding
options based on the forthcoming Station Center Vision & Implementation Plan. Station
Center is located in the Depot District Project Area between 500 to 600 West and 200 to
400 South. The RDA owns approximately eleven acres in Station Center and an
additional four acres near 600 West and 100 South. Station Center is envisioned to have
new and reconstructed streets, open spaces and upgraded utilities to allow for taller
building heights, a shared parking structure, and a mix of land uses.
7.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.
8.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
•RDA Programs Update; and
•Scheduling items.
9.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
•Announcement clarification on scrivener's error for RDA Budget Amendment No.
1.
D.Written Briefings – the following briefings are informational in nature and require no action of the Board.
Additional information can be provided to the Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
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
Adjournment
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
G.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on Friday December 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.
Item C1
MOTION SHEET
Redevelopment Agency Board of SALT LAKE CITY
TO:RDA Board Members
FROM: Allison Rowland
Budget & Policy Analyst
DATE:December 12, 2023
RE: RESOLUTION: PROPOSED HOUSING AND TRANSIT REINVESTMENT ZONE (HTRZ) TAX INCREMENT
REIMBURSEMENT POLICY
MOTION 1 – ADOPT RESOLUTION
I move that the Board adopt the resolution adopting the Housing and Transit Reinvestment Zone Tax Increment
Reimbursement Program Policy.
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution, and proceed to the next agenda item.
1
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM: Allison Rowland
Budget & Policy Analyst
DATE:December 12, 2023
RE: INFORMATIONAL: PROPOSED HOUSING AND TRANSIT REINVESTMENT ZONE
(HTRZ) TAX INCREMENT REIMBURSEMENT POLICY
ISSUE AT-A-GLANCE
The Board will receive a third briefing on a proposed new tax increment policy for areas known as Housing and
Transit Reinvestment Zones (HTRZs). State law recently changed to allow municipalities to establish HTRZ
project areas near public transit facilities to encourage mixed-use, affordable housing development and increase
public transit use. Taxing entities would continue to receive the same amount of tax revenue that was generated
before the creation of the HTRZ, and a share of the growing tax receipts can be used by the City to help fund
increased infrastructure, other transportation needs, and water conservation in the area. RDA staff recommends
that the Board adopt a policy specific to HTRZ tax increment because these zones are subject to different
requirements and regulated by a separate section of State Code than traditional project areas.
Goal of the briefing: Review proposed modifications to existing tax increment policy and consider adopting
the HTRZ Tax Increment Reimbursement Program Policy.
ADDITIONAL INFORMATION
A.Background. The HTRZ tax increment policy would serve as policy guidance for negotiation and
distribution of revenue among specific projects for any applications approved by the State. The RDA may
provide project developers a tax increment reimbursement for improvements in an HTRZ that comply with
this policy, the HTRZ Act, as well as the goals outlined in the interlocal agreement between the RDA and
Salt Lake City Corporation, and the RDA’s Mission and Values. These developments must also provide
significant public benefit. The Board reserves the right to modify or deny a tax increment reimbursement
application at any time for any reason.
Item Schedule:
Briefing: December 12, 2023
Set Date: n/a
Public Hearing: n/a
Potential Action: December 12, 2023
Page | 2
B.Project Thresholds. Two different thresholds would apply, depending on whether a project would
incorporate housing or not.
1.Projects that Incorporate Housing. To be eligible for HTRZ tax increment revenue, projects must
comply with all of the following. Additional requirements for affordable housing are found in section C,
below.
a. meet all applicable standards and objectives of the HTRZ Act and the approved HTRZ.
b. include at least 10% of housing units that are affordable to those earning 60% of the Area
Median Income (AMI) or less. Alternatively, 20% of units must be affordable to those earning
80% AMI and below. Income averaging of units within a single project is permitted to achieve
AMI thresholds.
c. include activated ground floor space (a minimum of 50% of all ground floor, street-facing
building facades), or a private residence.
d. comply with the RDA’s Sustainable Development Policy.
e. provide sufficient evidence that tax increment funding is necessary for the project to succeed
and to verify that the request is reasonable.
➢Policy Question: The Board may wish to ask RDA staff whether the livability
benchmarks in the next section should be included in this list.
2.Threshold Requirements of Projects that Do Not Incorporate Housing. These projects would
be required to:
a. meet all applicable standards and objectives of the HTRZ Act and the approved HTRZ.
b. meet at least two of the RDA’s qualifying livability benchmarks:
•permanent job
creation
•affordable
commercial spaces
•home ownership
•transportation
opportunities
•neighborhood safety
•community engagement
and support
•public art
•public space
•walkability
•building preservation,
rehabilitation, or adaptive
reuse.
➢Policy Question: In the past, Board Members have discussed whether all of
the qualifying livability benchmarks should be given equivalent weight in
terms of their expense and effects on livability. RDA staff could be asked to
provide additional information on this topic.
c. include activated ground floor space.
d. comply with the RDA’s Sustainable Development Policy.
e. provide sufficient evidence that tax increment funding is necessary for the project to succeed
and to verify that the request is reasonable.
C.Affordable Housing Requirements.
1.Deed Restriction. A restriction would require continued use of the specified units as affordable
housing for at least 30 years. Both rent and income restrictions would be included.
➢Policy Question: The recently adopted Thriving in Place plan recommends that deed
restrictions for affordable housing be set at 99 years or, if possible, in perpetuity.
Page | 3
Would the Board like to discuss whether to raise HTRZ deed-restrictions to reflect
this longer period instead?
2.Bedroom Count Mix. The affordable units must be located on different floors of the building and be
spread among bedroom counts (1-bedroom, 2-bedroom, 3-bedroom, etc.) in the same proportion as the
units available within the rest of the project.
D.Tax Increment for Participating Projects.
1.Maximum Reimbursement Rate. A project which meets only the threshold criteria listed above
would be eligible to receive 60% of the tax increment collected on the property. Another 10% of tax
increment could be added for incorporating any of elements listed below, up to a limit of 90%.
a. Adding qualifying livability benchmarks (see section B2b, above) to the project beyond the
threshold requirements.
b. Providing an additional 10% of total affordable units at 60% AMI and below beyond the
Threshold Requirements.
c. The inclusion of 3- and 4-bedroom units in projects that incorporate housing.
d. Meeting a priority identified in the RDA’s Annual Housing Funding Strategy established
pursuant to the Housing Allocation Funds Policy.
➢Policy Question: Board Members may wish to discuss whether each of the qualifying
livability benchmarks should be given equivalent weight (in terms of their expense
and effects on livability) as the other three elements (b,c, and d). RDA staff could be
asked to provide additional information on this topic.
2.Reimbursement Terms. The State mandates the proposed maximum HTRZ terms depending on the
type of transit in the area. It is the lesser of 15 years for a light rail or bus rapid transit station and 25
years for a commuter rail station, or the total remaining collection years on the project parcels.
3.Maximum Reimbursement Amount. The maximum reimbursement amount would be negotiated
based upon a project’s eligible costs, level of public benefits, and demonstrated financial need,
consistent with the HTRZ and HTRZ Act.
4.Maximum Term: The reimbursement term would be negotiated based upon a project’s level of public
benefits and demonstrated financial need and shall be consistent with the HTRZ Act.
H T R Z T A X I n c r e m e n t
r e i m b u r s e m e n t
P O L I C Y
RDA Board
December 12, 2023
Policy specific to the distribution of tax increment in
Housing & Transit Reinvestment Zones (HTRZs)
Establishes minimum housing affordability and
public benefit thresholds
RDA Board must approve tax
increment reimbursement requests
Updated CRA policy to come
POLICY OVERVIEW
N E I G H B O R H O O D V I B R A N C YECONOMIC O P P O R T U N I T Y E Q U I T Y + I N C L U S I O N
V A L U E S
Leveraging
Timeliness
Return of Investment
Permanent Job Creation &
Retention
Affordable Commercial Spaces
Ownership
Transit Opportunities
Mixed-Income Neighborhoods
Neighborhood Safety
Community Engagement &
Support
Housing for Everyone
Displacement Mitigation
Affordable Housing Preservation
Public Space
Public Art
Architecture & Urban Design
Sustainability
Walkability
Building Preservation, Rehabilitation, &
Adaptive Reuse
Missing Middle & Unique Building Types
We prioritize people-focused projects and
programs that encourage everyone to
participate in and benefit from
development decisions that shape their
communities.
We cultivate distinct and livable built
environments that are contextually
sensitive, resilient, connected, and
sustainable.
We invest in the long-term prosperity and
growth of our local economy.
L I V A B I L I T Y B E N C H M A R K S
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DATE: November 22, 2023
PREPARED BY: Lauren Parisi, RDA Senior Project Manager
RE: Proposed HTRZ Tax Increment Reimbursement Policy
REQUESTED ACTION: Consider Adoption of the HTRZ Tax Increment Reimbursement Policy
POLICY ITEM: Tax Increment
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The State of Utah enacted the Housing and Transit Reinvestment Zone Act
(“HTRZ Act”) in 2021 and subsequent amendments in 2022 and 2023. The Act authorizes municipalities to
establish project areas known as Housing and Transit Reinvestment Zones (“HTRZs”) around certain
public transit facilities to encourage the development of mixed-use, affordable housing and increase the
utilization of public transit. The Act also authorizes the Redevelopment Agency of Salt Lake City (“RDA”)
to enter into tax increment reimbursement agreements with project developers or property owners for the
development of improvements in an HTRZ that meet the objectives of the HTRZ Act.
The attached HTRZ Tax Increment Reimbursement Program Policy (“HTRZ TI Policy”) is provided for
the RDA Board of Directors’ (“Board’s”) consideration. If adopted, this policy will guide the disbursement
of tax increment (“TI”) in HTRZs.
BACKGROUND:
Tax increment reimbursement (“TIR”) allows for a portion of the property tax generated by a development
to be reimbursed back to the developer over a given period of time. TIRs are a powerful tool to incentivize
certain types of development because unlike a loan, the funding is a direct payment that does not need to be
paid back. TIRs are post-performance based, meaning that the amount of the reimbursement is calculated as
a percentage of the property tax revenue generated by the development. Projects often use TIRs to fund
significant development costs, and securing TIRs often allows developers to attract additional funding
sources.
The RDA’s first HTRZ request centered around the TRAX stop at 200 West/900 South was approved by
the State in November 2023. The RDA intends to submit additional HTRZ requests in the future. A Board-
approved HTRZ TI Policy will help guide RDA staff in the negotiation and distribution of TIRs to specific
projects if/when an HTRZ is approved by the State.
2
ANALYSIS:
In the 200 West/900 South HTRZ application, the RDA proposed using 10% to 40% of the tax increment
received by the RDA from the HTRZ for large public infrastructure projects in the area. The Agency is
authorized to capture 1% for administration costs related to the HTRZ. The remai nder of the increment
(60% to 90% of the tax increment received by the RDA) would be available for TIRs to specific
developments.
Components of the draft HTRZ TI Policy include:
1. TI Reimbursement Thresholds –
Projects must
• Meet the standards and objectives of the HTRZ Act (Utah State Code 63N-3), approved HTRZ
(including any conditions set by the HTRZ Committee), and a future interlocal between the
RDA and Salt Lake City
• Include activated, ground-floor space
• Comply with the RDA’s Sustainable Development Policy
• Provide sufficient evidence that tax increment funding is necessary for the project to succeed
• Housing Projects: Include affordable housing. The HTRZ Act requires a minimum of 10% of
units be affordable to households earning 80% of the Area Median Income (AMI) or less. As
drafted, the HTRZ TI Policy requires an increased threshold of 20% of units at 80% AMI or
10% of units at 60% AMI to generate more affordable housing.
• Non-Housing Projects: Meet at least two (2) of the RDA’s qualifying livability benchmarks:
permanent job creation; affordable commercial spaces; ownership; transportation opportunities;
neighborhood safety; community engagement and support; public art; public space; walkability;
and, building preservation, rehabilitation, or adaptive reuse .
2. Maximum Reimbursement Rate –
Meeting the threshold criteria may allow for a developer to receive up to 60% of the tax increment
received by the RDA for the subject property. The draft policy allows for incremental increases in
participation rate of 10% for each additional public benefit included beyond the threshold criteria
(e.g., increasing the level/amount of affordable housing, adding qualifying livability benchmarks,
including 3- and 4-bedroom units in residential projects, and meeting a priority identified in the
RDA’s Annual Housing Funding Strategy). The maximum potential participation rate is 90% of the
tax increment received by the RDA.
3. Maximum Reimbursement Term –
The maximum reimbursement term will be up to fifteen (15) years for an HTRZ centered around a
light rail or bus rapid transit station and up to twenty-five (25) years for an HTRZ centered around a
commuter rail station, or the total remaining collection years on the project parcels, whichever is
less. These terms are established by the State in the HTRZ Act.
3
4. Maximum Reimbursement Amount –
The maximum Reimbursement amount will be negotiated based upon a project’s eligible costs,
level of public benefits, and demonstrated financial need.
NEXT STEPS:
• The Board may wish to consider adoption of the attached resolution to approve the HTRZ TI
Reimbursement Policy.
• Upon the State’s approval of an HTRZ and as required by the HTRZ Act, the RDA will propose
an interlocal agreement between the City and RDA to ensure the distribution of tax increment is
consistent with this policy, the HTRZ Act, and the approved HRTZ. Pursuant to the HTRZ Act,
the RDA cannot receive HTRZ funds prior to the execution of this interlocal agreement.
• In addition to the RDA’s recommendations for creating a new HTRZ TI Policy, the current TI
Reimbursement Policy, which guides the disbursement of TI in Community Reinvestment
Areas (“CRAs”), is in the process of being revised. Staff will return to the Board with a draft
CRA TI Reimbursement Policy that is intended to strengthen the criteria by which projects are
eligible for a TIR – reserving this tool for only the most transformative projects with wide-
reaching public impact.
ATTACHMENT:
Attachment A – HTRZ TI Reimbursement Resolution & Policy
Redevelopment Agency of Salt Lake City
RESOLUTION NO. ________
Housing and Transit Reinvestment Zone
Tax Increment Reimbursement Program Policy
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF
SALT LAKE CITY ADOPTING THE RDA HOUSING AND TRANSIT REINVESTMENT ZONE
TAX INCREMENT REIMBURSEMENT PROGRAM POLICY
WHEREAS, the Utah Housing and Transit Reinvestment Zone Act (HTRZ Act) was
enacted to further a number of objectives including promoting a higher utilization of public transit
and increasing the availability of housing including affordable housing.
WHEREAS, pursuant to the Act, the Redevelopment Agency of Salt Lake City (RDA)
administers the tax increment, including entering into reimbursement agreements (also known as tax
increment reimbursement agreements) with project developers or property owners associated with an
HTRZ Committee approved Housing and Transit Reinvestment Zone (HTRZ) for the purpose of
utilizing the funds as allowed by the HTRZ Act.
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(Board) supports the distribution of tax increment associated with an HTRZ pursuant to the process
outlined below.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby establish policy
guidelines for the RDA HTRZ Tax Increment Reimbursement Program to include the following:
1. GENERAL
a. Purpose
The RDA HTRZ Tax Increment Reimbursement Program (Program) may provide
project developers or property owners a tax increment reimbursement
(Reimbursement) for the development of improvements in or associated with an
HTRZ that meet the goals and objectives of the HTRZ Act, the executed interlocal
agreement between the RDA and Salt Lake City, and the RDA’s Mission and Values,
and provides significant public benefit. The Program is designed to provide
reimbursements that are calculated using Salt Lake County’s assessed property value.
The developer or property owner will receive a percentage of the tax increment
generated from its project for a specified timeframe, and the RDA will receive the
residual tax increment generated by the project.
b. Authorization
The RDA shall determine whether a project meets the goals and objectives of the
HTRZ Act, the executed interlocal agreement between the RDA and Salt Lake City,
the approved HTRZ, and the RDA’s Mission and Values. As provided in the HTRZ
Act, a Reimbursement can only be authorized pursuant to a Reimbursement
Agreement (Agreement), the terms of which are approved by the Board. The Board
reserves the right to modify or deny a tax increment reimbursement application at any
time for any reason. The Board’s approval of an Agreement shall be made by
resolution and include a description of the development the applicant will undertake,
the amount of funds the applicant may receive, and the terms and conditions under
which the applicant may receive the funds.
c. Tax Increment Calculation
The formula to calculate the Reimbursement generated from the proposed
improvements shall be as follows:
i. Step 1: Estimate the Total Annual Tax Increment.
o Determine the property's taxable value as shown upon the assessment
roll last equalized prior to the construction of improvements on the
property. This value is referred to as the property’s Base Taxable
Value.
o Calculate the difference between the Base Taxable Value of the
property prior to improvements and the property’s estimated taxable
value after the improvements have been made. This difference is
referred to as New Growth.
o Multiply New Growth by the current effective tax rate.
(New Growth) x (Effective Tax Rate) = Total Annual Tax Increment
(TI)
ii. Step 2: Estimate the Annual TI Received by the RDA.
o Total Annual TI multiplied by the percentage of TI received by the
RDA. (Total Annual TI) x (% of TI received by the RDA) = Total
Annual TI Received by the RDA.
iii. Step 3: Estimate the Annual Reimbursement Payment.
o Using the developer/property owner reimbursement rate
(Reimbursement Rate) established in the Agreement, calculate the
estimated annual reimbursement payment.
o (Total Annual TI Received by the RDA) x (Reimbursement Rate) =
Estimated Annual TI Reimbursement Payment. Refer to Section 2 for
more information on calculating the participation rate between the
RDA and the developer.
iv. Step 4: Calculate the Maximum Amount of Tax Increment Available to
the Developer or Property Owner Over the Term of the Agreement.
o (Estimated Annual TI Reimbursement Payment) x (the Term of the
Reimbursement Agreement) = Total TI Available to Developer or
Property Owner Over the Term. An annual growth multiplier based
on current economic conditions may be applied to this calculation, at
the RDA’s sole discretion.
Actual Reimbursement is dependent on the increment being generated by the project.
d. Eligible Costs
The tax increment reimbursement will be limited by state law as indicated by Section
63N-3-607(4) of the HTRZ Act and Section 11-41-103 of the Prohibition on Retail
Facility Incentive Payments Act. The RDA may determine, in its sole discretion, if
the entire project or only specific project elements are eligible.
e. Design Review
Projects approved for Reimbursement must follow the RDA’s administrative design
review process. Projects will be required to be in conformance with all Salt Lake City
policies, ordinances, and codes.
2. REQUIREMENTS AND STRUCTURE
a. Threshold Requirements of Projects that Incorporate Housing
i. Projects must meet all applicable standards and objectives of the HTRZ Act
and the approved HTRZ; and,
ii. At least 10% of housing units within a project must be affordable to those
earning 60% the Area Median Income (AMI) and below, or, 20% of units
must be affordable to those earning 80% AMI and below. Income averaging
of units within a single project may be utilized to achieve AMI thresholds;
and,
iii. Projects must include activated, ground floor space if not a private residence.
Activated, ground floor space means a minimum of 50% of all ground floor,
street-facing building facades must contain an active (commercial, retail, or
office) use that is not exclusive to the tenants of the building; and,
iv. Projects must comply with the RDA’s Sustainable Development Policy; and,
v. The applicant must provide sufficient evidence (including, but not limited to
the project pro forma, senior lender agreement(s), equity investor agreements,
etc.) that tax increment funding is necessary for the project to succeed and to
verify that the request is reasonable.
b. Threshold Requirements of Projects that Do Not Incorporate Housing
i. Projects must meet all applicable standards and objectives of the HTRZ Act
and the approved HTRZ; and,
ii. Projects must meet at least two (2) of the RDA’s qualifying livability
benchmarks: permanent job creation; affordable commercial spaces;
ownership; transportation opportunities; neighborhood safety; community
engagement and support; public art; public space; walkability; and building
preservation, rehabilitation, or adaptive reuse (collectively, Qualifying
Livability Benchmarks).
iii. Projects must include activated, ground floor space; and,
iv. Projects must comply with the RDA’s Sustainable Development Policy; and,
v. The applicant must provide sufficient evidence (including, but not limited to
the project pro forma, senior lender agreements, equity investor agreements,
etc.) that the Reimbursement is necessary for the project to succeed and to
verify that the request is reasonable.
c. Affordable Housing Requirements.
i. Deed Restriction – If the project qualifies for a Reimbursement based on the
incorporation of housing, prior to executing an Agreement, a restriction shall
be recorded against the property that requires continued use of the specified
units as affordable housing for at least 30 years. Both rent and income
restrictions shall be included to limit the maximum rent that can be charged
for a unit and to require that the unit be made available only to households
with qualifying incomes.
ii. Bedroom Count Mix – The affordable units shall be located on different
floors of the building and spread among bedroom counts (1-bedroom, 2-
bedroom, 3-bedroom, etc.) in the same proportion as the units available
within the rest of the project.
d. Eligible Project Locations
Eligible projects shall be located in or associated with an active HTRZ that allows tax
increment reimbursements pursuant to the HTRZ Act.
e. Maximum Reimbursement Term
The Reimbursement term will be negotiated based upon a project’s level of public
benefits and demonstrated financial need and shall be consistent with the HTRZ Act.
f. Maximum Reimbursement Rate
i. Base Level Reimbursement – The maximum reimbursement rate for Projects
that only meet the Threshold Requirements is 60%.
ii. Increased Reimbursement Incentives – Projects may be eligible to receive an
additional 10% increase in the reimbursement rate for meeting elements listed
below, with each element being worth an additional 10%. The possible total
maximum reimbursement rate is 90%. The elements are:
1. Incorporating Qualifying Livability Benchmarks in the project
beyond the Threshold Requirements.
2. Providing an additional 10% of total affordable units at 60% AMI and
below beyond the Threshold Requirements.
3. The inclusion of 3- and 4-bedroom units in projects that incorporate
housing.
4. Meeting a priority identified in the RDA’s Annual Housing Funding
Strategy established pursuant to the Housing Allocation Funds Policy.
g. Maximum Reimbursement Amount
The maximum Reimbursement amount will be negotiated based upon a project’s
eligible costs, level of public benefits, and demonstrated financial need, and shall be
consistent with the HTRZ and HTRZ Act.
3. EVALUATION AND APPROVAL PROCESS
a. Applications that meet the requirements detailed in Section 2 will be evaluated and
processed as detailed below.
i. Step 1: Application Processing and RDA Staff Review.
All applications shall be made to RDA staff, on standard RDA forms. All
applications must be complete to be evaluated, and if either the applicant or
proposed project fails to demonstrate the ability to meet application
requirements, RDA staff may deny the application.
ii. Step 2: RDA Finance Committee Review.
RDA staff shall forward complete applications that meet the threshold
requirements to the RDA Finance Committee. The RDA Finance Committee
shall evaluate applications, supplemental materials, and other documentation
necessary to thoroughly review the application and formulate a
recommendation to the Board.
iii. Step 3: Board Consideration of the Tax Increment Reimbursement
Agreement Terms.
Upon review of the application and supporting material, the Board may
consider for approval a resolution detailing the Agreement terms.
iv. Step 4: Agreement Finalization.
Once the terms of an agreement have been authorized by the Board through
an approved resolution, the RDA and developer will execute an Agreement
consistent with the terms approved by the Board, and any other legal
agreements (including an affordable housing restriction) deemed necessary by
the City Attorney’s Office.
4. AGREEMENT TERMS
a. Participation and Reimbursement Agreement Terms
In addition to any other terms as recommended by legal counsel, the following terms
shall be included in the Agreement:
i. Reimbursement to Benefit Owner: RDA Discretion
The RDA intends that the beneficiary of the Reimbursement will be the
owner of the project for the life of the Agreement. In the event of a transfer or
sale of the project or property, the Agreement and all benefits conferred under
the Agreement shall benefit the project and be recorded against the property
to run with the land, with the intent that all Reimbursements will remain with
the owner of the real property and project. In the event that the ownership of
the real property and improvements are severed, the RDA will have sole
discretion to determine the beneficiary of the tax increment.
If the Agreement is executed and the real property and project are conveyed
to a third party while the improvements are still being constructed, the RDA
will retain the right to consent to the transfer the Agreement to the new
owner, in order to ensure that the benefits the RDA anticipated receiving
under the original Agreement with the original developer are consistent with
the new developer. If RDA does not consent to the transfer of the Agreement,
the Reimbursement will cease and the Agreement will terminate.
ii. Tax Appeals
All reimbursement recipients shall be required to notify the RDA if they have
applied for a property tax appeal with Salt Lake County. In the event that any
such appeal results in a reduction in property taxes, the percentage share of
the Reimbursement payable by the RDA to the recipient will decrease, and
the percentage share of the tax increment received by RDA shall be increased,
so that the dollar amount received by the RDA is the same as if no appeal of
the assessed value had been made.
iii. Recapture Provisions in the Event of Default
Agreements shall require the recapture of Reimbursement funds allocated to a
project that fails to meet the requirements as provided in the Agreement.
iv. Participant Reporting Requirements
Agreements shall require the following reporting from Reimbursement
recipients as per the following:
1. Project Completion: Upon project completion, Reimbursement
recipients shall provide a report that includes, but is not limited to,
the total cost of improvements, a summary of completed
improvements, and outcome metrics relating to project-specific
requirements.
2. Annual Pre-Reimbursement: Contingent upon receiving an annual
Reimbursement, Reimbursement recipients shall provide a report that
includes a notification of any tax appeals and outcome metrics
relating to project-specific requirements. As applicable, the report
shall include relevant data that is certified by a financial officer or
public accountant.
b. Interest
Interest will not accrue against the RDA on the anticipated or projected tax increment
to be reimbursed to the developer.
5. REPORTING REQUIREMENTS
a. Reporting
The RDA shall provide a written briefing to the Board once per fiscal year, which
contains an update on the RDA’s Reimbursement portfolio. Such briefing shall
include a summary of new Agreements, anticipated budget impacts, and project
metrics.
6. EXCEPTIONS
The Board, by a majority vote of those present, may waive requirements or make exceptions
to the foregoing criteria and procedures with a finding that the RDA’s mission and values
will be furthered by such waiver or exception. RDA staff will prepare a written
recommendation and statement regarding the waiver or exception. The statement will be
placed in the project file.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this day of
, 202_.
________________________
, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
November 21, 2023
1
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM: Allison Rowland
Budget & Policy Analyst
DATE:December 12, 2023
RE: RESOLUTION: 900 SOUTH HOUSING AND TRANSIT REINVESTMENT ZONE AND
INTERLOCAL AGREEMENT
ISSUE AT-A-GLANCE
The Board will receive a briefing on a proposed 900 South Housing and Transit Reinvestment Zone (HTRZ),
along with the corresponding draft Interlocal Agreement between the RDA and Salt Lake City Corporation. This
first HTRZ would include the rapidly growing areas of the Granary District, Central Ninth, and part of
Downtown, totaling 175 non-contiguous parcels on nearly 98 acres. The 200 West/900 South HTRZ Proposal
(transmittal Attachment B) was initially submitted to the State HTRZ Committee in April 2023 and was
resubmitted in July after a request to include additional acreage. It was conditionally approved on November 8.
RDA support for this project area would help create denser, transit-oriented development, resulting in an
improved mixed-use neighborhood with varying levels of housing affordability. The estimated number of new
housing units would reach 10,214 and include over 2,000 new units affordable at 60% AMI or less. (AMI refers
to Average Median Income, which is set annually by HUD, the U.S. Department of Housing and Urban
Development). RDA involvement would also result in better air quality for the neighborhood—and the whole
region—than would be the case without it.
Next steps:
•At the date of this writing, the RDA continues to discuss a provision of the HTRZ Committee approval
with the Utah Tax Commission, Salt Lake County, and other taxing entities (see section A3 below). Final
Committee approval is contingent on identifying a “workable collection and assessment process” for the
partnership agreements. The RDA must also submit a partnership agreement to the Governor’s Office of
Economic Opportunity which includes removal of taxing levies from multi-county and Salt Lake County
assessing and collecting.
Item Schedule:
Briefing: December 12, 2023
Set Date: n/a
Public Hearing: n/a
Potential Action: TBD
Page | 2
•For a future RDA Board meeting, RDA staff plans to transmit a final version of a resolution to approve
the 900 South HTRZ interlocal agreement between the City and RDA for the Board’s consideration; a
draft is included in Attachment A of the transmittal for the December meeting.
•Following RDA adoption of the interlocal agreement, an ordinance approving the interlocal agreement
would be transmitted to the Council.
Goal of the briefing: Review and discuss plans for the proposed 900 South HTRZ (Housing and Transit
Reinvestment Zone), and the corresponding draft interlocal agreement.
ADDITIONAL INFORMATION
A.Background
1.New State Law. In recent years, State law was modified to allow municipalities to establish Housing
and Transit Reinvestment Zone (HTRZ) project areas around public transit facilities. The goal is to
facilitate construction of denser mixed-use affordable housing, beyond what market conditions would
typically encourage, and increase public transit use. Taxing entities would continue to receive the same
amount of tax revenue that was generated before the creation of the HTRZ, and a share of the growing
tax receipts can be used by the City to help fund increased infrastructure, other transportation needs,
and water conservation in the area. These project areas are subject to different requirements than
traditional RDA project areas and regulated by a separate section of State Code.
2.State Conditions on RDA Proposal. The 200 West/900 South HTRZ Proposal (transmittal
Attachment B) was submitted to the State HTRZ Committee in July 2023, and was conditionally
approved in November. Staff note: These items are technical steps that are a result of this application
being one of the first HTRZ applications to go through the full implementation process. The conditions
include:
a. That RDA staff comes to agreement with the Utah Tax Commission, Salt Lake County, and other
taxing entities, identifying a “workable collection and assessment process” for the partnership
agreements. If an agreement is not reached before the January RDA meeting, staff will delay the
Board and City Council approval of the interlocal agreement to a subsequent meeting.
b. That RDA staff submits a partnership agreement to the Governor’s Office of Economic
Opportunity which includes removal of taxing levies from multi-county and Salt Lake County
assessing and collecting.
In addition, the HTRZ Committee requested that, in contrast to the three-phase plan submitted for
review, the RDA wait until after 2025 to begin to collect increment, so that collection can be in one
phase rather than three. For now, the plan’s base year remains 2022, but the Tax Commission and
County may request further conversation about this. Finally, depending on when the HTRZ is triggered,
developers that enter tax increment reimbursement agreements with the RDA may begin collection in a
different year than they had initially anticipated.
3.Participating Entities. The taxing entities that are participating in the 900 South HTRZ, as of the
date of the transmittal, include the following:
Salt Lake City
Salt Lake County
Salt Lake City School District
Salt Lake City Library
Salt Lake Metropolitan Water District
Salt Lake City Mosquito Abatement District
Central Utah Water Conservancy District
Page | 3
B.The 900 South HTRZ Proposal
1.Area Description and Plans. The RDA’s first HTRZ application includes the Granary District,
Central Ninth and part of Downtown and would include 175 non-contiguous parcels on nearly 98 acres.
(Staff notes: Unlike HTRZs, in traditional RDA Community Redevelopment Areas, parcels must be
contiguous. Also, the 900 South HTRZ Plan in the transmittal mentions 177 parcels, but RDA staff
indicated that the correct number is 175.) This area has a lower density than other downtown-adjacent
neighborhoods, but it is currently undergoing rapid growth and change.
Because it was historically a warehouse and industrial area, it does not contain the infrastructure typical
of residential and commercial parts of the City, like sidewalks, street trees, curbs, and gutters. In
addition, many streets need to be rebuilt, and water lines expanded, to meet additional demands that
will be caused by new uses and greater residential populations. Funding would also be needed for the
planned Grand Boulevard improvements and sections of the Green Loop “linear park” in this proposed
HTRZ. RDA staff commented that other City departments are leading on these projects, but they
anticipate that some HTRZ tax increment will be requested to financially support them.
Many of the public projects needed to transform this area were identified in City plans adopted in a
number of years ago, including the Downtown Plan (2016) and the Granary District Alliance’s Rails to
Revitalization report (2019). Another is the Utah Transit Authority Future of Light Rail Study (2022).
The transmittal’s Exhibit C: Granary Infrastructure Improvements (page 33) includes a map of where
pavement, water mains and overhead transmission lines are targeted for improvement. The transmittal
notes that in this area, limited funding for public infrastructure projects has resulted in these not being
completed at the rate needed to support transit-oriented development.
➢Policy Question: The Board may wish to ask for additional detail on the timing for
these major City projects, including current budget estimates.
➢Policy Question: The Board may wish to request updated analyses of pavement and
utility provision needs, along with estimated costs and funding sources for
improvements.
2.Future Land Uses. City support in the form of an HTRZ would ensure additional affordable housing
opportunities, transit-oriented development centered on the existing light rail stop at 200 West and 900
South, and better connections to other parts of the city. Current estimates are that 10,214 new housing
units will be built by private developers, using approximately 54% of the developable acreage. The
HTRZ Plan incorporates a mix of studios, one-bedroom, two-bedroom, three-bedroom units, and
townhomes with up to four bedrooms. Under existing policy, the City could leverage support to ensure
that 2,034 or more of these units are affordable to households earning 60% or less of Area Median
Income (AMI). For example, it could tap the Housing Development Loan Program to support the
development of affordable housing within the HTRZ.
Other land uses for the area would include commercial, office, hotel, and structured parking. The
Construction Gap Analysis (page 7 of the Proposal) provides specific information on a potential benefit
of public support for structured parking, which is a relatively expensive project element:
“[…] without tax increment support, at least 30% of the total land area within the
HTRZ would need to be reserved for right-of-way area and surface parking, as
opposed to only 15% if public funds were available to support the increased costs
associated with building more efficient parking structures. Structured parking [as
opposed to surface parking] allows for more efficient land use as well as increased
green space.”
Page | 4
C.Terms of the 900 South HTRZ Proposal
1.Tax Increment. Under the proposed interlocal agreement between the City and the RDA, the latter
would receive a maximum of 80% of the tax increment from the project area for a term of 15 years. This
would be used according to the HTRZ Plan approved by the State Housing and Transit Reinvestment
Zone Committee. The tax increment collection period may be extended for a total of 17 years should
State law be amended to allow for this longer collection period.
Tax increment collection would be triggered when the City provides notice to the State that collection is
beginning, and it would use 2022 as the base taxable value. RDA staff proposes that a project which
meets the threshold criteria (see attachment C1) would provide the developer 60% of the tax increment
collected. An additional 10% increment, reaching up to 90%, could be included to reflect each additional
public benefit incorporated into the project. This would include those related to the level and amount of
affordable housing in a project. Non-housing projects would have to meet at least two of the RDA’s
qualifying livability benchmarks.
➢Policy Question: The Board may wish to ask RDA staff whether and how a later
implementation date than originally planned for the HTRZ may impact potential tax
increment agreements and developers who may have anticipated a more immediate
implementation schedule.
2.Public Benefits. The public benefits provided by private development projects must meet RDA
standards, including its Sustainable Development Policy, which requires the use of on-site renewable
energy to supply at least 50% of the building’s annual energy consumption. They must also include
activated ground floor space.
Examples of additional potential public benefits include:
- Affordable housing (see details below)
- Structured parking
- Public art and enhanced building design
-Livability: incorporation of public green space, affordable commercial space, or adaptive
reuse of historic structures.
3.Affordable Housing. For the 900 South HTRZ, the RDA proposes to exceed the State-mandated
minimum of 10% of housing units being deed-restricted to 80% AMI. Instead, 20% of the 10,214
dwelling units projected to be constructed within the area (2,043) would be affordable at 60% AMI, and
mixed-income projects would have even higher shares of affordable units.
ATTACHMENT
Attachment C1. Threshold Criteria. (Staff note: These criteria are listed in the December 12, 2023, staff report
entitled Proposed Housing and Transit Reinvestment Zone (HTRZ) Tax Increment Reimbursement Policy, and
subject to change until adopted by the Board.)
Page | 5
Attachment C1. Threshold Criteria.
(Staff note: These criteria are listed in the December 12, 2023, staff report entitled Proposed Housing and
Transit Reinvestment Zone (HTRZ) Tax Increment Reimbursement Policy, and subject to change until adopted
by the Board.)
A.Project Thresholds. Two different thresholds would apply, depending on whether a project would
incorporate housing or not.
1.Projects that Incorporate Housing. To be eligible for HTRZ tax increment revenue, projects must
comply with all of the following. Additional requirements for affordable housing are found in section C,
below.
a. meet all applicable standards and objectives of the HTRZ Act and the approved HTRZ.
b. include at least 10% of housing units that are affordable to those earning 60% of the Area
Median Income (AMI) or less. Alternatively, 20% of units must be affordable to those earning
80% AMI and below. Income averaging of units within a single project is permitted to achieve
AMI thresholds.
c. include activated ground floor space (a minimum of 50% of all ground floor, street-facing
building facades), or a private residence.
d. comply with the RDA’s Sustainable Development Policy.
e. provide sufficient evidence that tax increment funding is necessary for the project to succeed
and to verify that the request is reasonable.
2.Threshold Requirements of Projects that Do Not Incorporate Housing. These projects would
be required to:
a. meet all applicable standards and objectives of the HTRZ Act and the approved HTRZ.
b. meet at least two of the RDA’s qualifying livability benchmarks:
•permanent job
creation
•affordable
commercial spaces
•ownership
•transportation
opportunities
•neighborhood safety
•community engagement
and support
•public art
•public space
•walkability
•building preservation,
rehabilitation, or adaptive
reuse.
c. include activated ground floor space.
d. comply with the RDA’s Sustainable Development Policy.
e. provide sufficient evidence that tax increment funding is necessary for the project to succeed
and to verify that the request is reasonable.
B.Affordable Housing Requirements.
1.Deed Restriction. A restriction would require continued use of the specified units as affordable
housing for at least 30 years. Both rent and income restrictions would be included.
2.Bedroom Count Mix. The affordable units must be located on different floors of the building and be
spread among bedroom counts (1-bedroom, 2-bedroom, 3-bedroom, etc.) in the same proportion as the
units available within the rest of the project.
9 0 0 S O U T H H T R Z
I N T E R L O C A L A G R E E M E N T
R D A B O A R D M E E T I N G
D E C E M B E R 1 2 , 2 0 2 3
9 0 0 S o u t h H T R Z : C o n d i t i o n a l A p p r o v a l
CONDITIONAL APPROVAL:
The Housing and Transit Reinvestment Zone
Committee approves the project, as presented to
the committee, located within ½ mile of the TRAX
stop at 200 West and 900 South for the duration of
15 years or up to 17 years as allowed by statute for
a maximum capture of 80% property, sales and use
tax increment with the requirement of 20% of
affordable housing, averaging 60% of AMI,
estimated at $357 million.
Contingent on Salt Lake City will work with County
Auditors, Utah State Tax Commission and other
taxing partners to identify a workable collection and
assessment process and submits a partnership
agreement to the Governor’s Office of Economic
Opportunity. Includes the removal of taxing levies
of the increment of multi county assessing and
collecting and county assessing and collecting.
9 0 0 S o u t h H T R Z : T e r m s & P l a n O v e r v i e w
HTRZ TERMS:
Light Rail Stop: 200 West & 900 South
Acreage: 97.72
Base Year: 2022
Base Year Value: $212.3 million
Participation Rate: 80%
Collection Period: 1 phase of 15 years*
Use of Funds:
Private Development Support (60%)
Public Development Support (39%)
RDA Administrative Costs (1%)
PLANS INCORPORATED IN THE 900 SOUTH HTRZ:
The Downtown Plan
UTA Light Rail Strategic Plan
Rails to Revitalization
9 0 0 S o u t h H T R Z : D e v e l o p m e n t S u p p o r t
PROJECTED LAND USES:
Commercial: 1.1 million SF
Office: 1.9 million SF
Hotel Rooms: 2022
Structured Parking Stalls: 3,596
Housing Units: 10,214
Affordable Housing Units: 2,043
FOCUS OF DEVELOPMENT SUPPORT:
Affordable Housing
Utility Improvements
Streetscape & Safety Improvements
Sustainable Building Construction
Structured Parking
Public Art & Enhanced Building Design
Public Transit Support
Additional Public Benefits
900 South HTRZ: Tentative Schedule
DECEMBER 2023:
RDA Board: Briefing regarding the 900 South HTRZ Interlocal Agreement
JANUARY 2024:
Negotiations continue with Salt Lake County and the Utah State Tax Commission
FUTURE MEETINGS:
RDA Board: Resolution transmitted to RDA Board to consider approving 900 South HTRZ
Interlocal Agreement between the City and the RDA
City Council: Ordinance transmitted to the City Council to consider approving the Interlocal
Agreement between the City and the RDA
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DATE: November 22, 2023
PREPARED BY: Kate Werrett, RDA Project Manager
RE: 900 South HTRZ Interlocal Agreement
REQUESTED ACTION: Discussion and consideration of 900 South HTRZ Interlocal Agreement
between Salt Lake City and the Redevelopment Agency of Salt Lake
City
POLICY ITEM: Project Area Creation
BUDGET IMPACTS: Future 900 South HTRZ Tax Increment Revenue
EXECUTIVE SUMMARY: On November 8, 2023, the Housing and Transit Reinvestment Zone
Committee (“HTRZ Committee”) conditionally approved the Redevelopment Agency of Salt Lake City’s
(“RDA’s”) and Salt Lake City’s (“City’s”) 900 South HTRZ Application (“HTRZ Plan”). The HTRZ Plan
acts as a guiding document for which taxing entities are included, their participation rates, the term of tax
increment collection, and the utilization of tax increment funds in the project area. For the City and RDA
to receive and use tax increment, Utah Code Section 63N-3-607 requires that the parties execute an
interlocal agreement (“ILA”) to set forth the terms under which the City will convey the Tax Increment to
the RDA consistent with the purposes set forth in the HTRZ Plan and state law.
The purpose of this memorandum is to:
•Provide an overview of the legislative action items necessary to finalize the ILA and the
corresponding 900 South HTRZ Plan.
•Request the City Council (“Council”) to consider adoption of an ordinance authorizing the terms
within the 900 South HTRZ Interlocal Agreement between the City and the RDA at a future Council
meeting; and
•Request the RDA Board of Directors (“Board”) to consider adoption of the resolution approving
the 900 South HTRZ Interlocal Agreement between the City and the RDA at a future Board
meeting.
ANALYSIS: Additional information on 1) negotiations with Utah Tax Commission and Salt Lake County,
and 2) a tentative schedule are as follows:
I.Negotiations with Utah State Tax Commission and Salt Lake County
1
When the HTRZ was conditionally approved, the HTRZ Committee included a provision that the RDA
work with the County Auditors, Utah State Tax Commission, and other taxing partners “to identify a
workable collection and assessment process” which is to be formalized in partnership agreement(s).
The HTRZ Act allows for the HTRZ to have noncontiguous parcels; the partnership agreement will
focus on the administration of tax increment collection. The RDA is negotiating the partnership
agreement terms which will need to be finalized before the HTRZ can be utilized.
II.Tentative Schedule
With this memorandum, RDA Staff has transmitted the ILA with its proposed terms between the
City and RDA for the Board’s consideration. A resolution will be brought to the Board and Council
to consider approval of the ILA once negotiations have been finalized with the County Auditors,
Utah State Tax Commission and other taxing partners. The schedule is contingent upon completion
of negotiations with these parties. A tentative schedule is as follows; however, RDA Staff will keep
the Board apprised of modifications to this schedule as the process unfolds:
December 2023:
1. Board: Transmitted for the Board’s consideration:
•Draft interlocal agreement to review the proposed terms between the City and
RDA for the 900 South HTRZ.
January 2024:
1. Board: Transmit for the Board’s consideration:
•Resolution approving the interlocal agreement between the City and RDA for
the 900 South HTRZ.
2.Council: Transmit for the Board’s consideration:
i.Ordinance approving the interlocal agreement between the City and RDA for
the 900 South HTRZ.
ATTACHMENTS:
A.Draft 900 South HTRZ Interlocal Agreement with the City
B.900 South HTRZ Plan
2
ATTACHMENT A: DRAFT 900 SOUTH HTRZ INTERLOCAL
AGREEMENT WITH THE CITY
3
1
INTERLOCAL COOPERATION AGREEMENT
BETWEEN SALT LAKE CITY CORPORATION AND
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
900 South Housing Transit Reinvestment Zone Tax Increment
This interlocal cooperation agreement is executed between the Redevelopment Agency of
Salt Lake City (the Agency) and Salt Lake City Corporation (the City).
RECITALS
A. On November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the Housing
and Transit Reinvestment Zone Committee conditionally approved the Agency’s and City’s 900
South Housing Transit Reinvestment Zone Application (the HTRZ Plan), a copy of which is
attached as Exhibit A and includes a parcel list and a map of the 900 South Housing Transit
Reinvestment Zone area (the Project Area).
B. Under the HTRZ Plan, the Agency and City support transit-oriented development in
the Project Area with a high density of affordable housing and mixed uses, which will be accessible
to a range of incomes.
C. By submitting the HTRZ Plan for review and approval by the Housing and Transit
Reinvestment Zone Committee, the Agency and City determined that it is in their best interests to
provide certain financial assistance using tax increment (as defined in Utah Code Section 63N-3-
602(33), hereinafter, Tax Increment) from participating taxing entities. The taxing entities that
are participating include the City, Salt Lake County, Salt Lake City School District, Salt Lake City
Library, Salt Lake Metropolitan Water District, Salt Lake City Mosquito Abatement District, and
Central Utah Water Conservancy District (individually, Taxing Entity, and collectively, Taxing
Entities).
D. The Agency anticipates using Tax Increment created by development activities in the
Project Area to assist in development as set forth in the HTRZ Plan.
E. For the City and Agency to receive and use the Tax Increment, Utah Code Section 63N-
3-607 requires that the parties execute this agreement to set forth the terms under which the City
will convey the Tax Increment to the Agency consistent with the purposes set forth in the HTRZ
Plan and state law.
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1. City’s Agreement. The City hereby agrees that the Agency shall receive a maximum
capture of eighty percent (80%) of the Tax Increment from the Project Area for a term of fifteen
(15) years to use consistent with the HTRZ Plan approved by the Housing and Transit
Reinvestment Zone Committee and state law. The parties acknowledge that the Tax Increment
2
collection period may be extended for a total of seventeen (17) years should state law be
amended to allow for this longer collection period. Such an extension shall be reflected in an
amendment to this agreement. The collection period shall begin no later than 2030 and be
triggered when the City provides notice of the commencement of the collection of Tax Increment
as detailed in 63N-3-603. As provided for in Utah Code Section 63N-3-602(33), the calculation
of annual Tax Increment shall be the difference between (a) the amount of property tax revenue
generated by a Taxing Entity from the Project Area using the current assessed value and each
Taxing Entity’s certified tax rate, and (b) the amount of property tax revenue generated from the
Project Area using the base taxable value and each Taxing Entity’s then current certified tax rate.
The base taxable value shall be calculated using 2022 as the base year.
2. Interlocal Cooperation Act. In satisfaction of the requirements of Utah Code
Chapter 11-13 (the Interlocal Cooperation Act) in connection with this agreement, the parties
agree as follows:
a. This agreement shall be authorized and adopted by resolution of the legislative
body of each party pursuant to and in accordance with the provisions of Section 11-13-202.5 of
the Interlocal Cooperation Act.
b. This agreement shall be reviewed as to proper form and compliance with applicable
law by a duly authorized attorney on behalf of each party pursuant to and in accordance with
Section 11-13-202.5(3) of the Interlocal Cooperation Act.
c. Except as otherwise specifically provided in this agreement, each party shall be
responsible for its own costs for any action taken pursuant to this agreement, and for any financing
of such costs.
d. A duly executed original counterpart of this agreement shall be filed immediately
with the keeper of records of each party pursuant to Section 11-13-209 of the Interlocal
Cooperation Act.
e. No separate legal entity is created by the terms of this agreement. The Executive
Director of the Agency is hereby designated the administrator for all purposes of the Interlocal
Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f. Following the execution of this agreement by each of the parties, each party may
cause a notice regarding this agreement to be published in accordance with Section 11-13-219 of
the Interlocal Cooperation Act.
g. No real or personal property shall be acquired jointly by the parties because of this
agreement. To the extent a party acquires, holds, or disposes of any real or personal property for
use in the joint or cooperative undertaking contemplated by this agreement, such party shall do so
in the same manner that it deals with other property of such party.
3
3. Modification and Amendment. Any modification of or amendment to any
provision of this agreement shall be effective only if the modification or amendment is in writing
and signed by each of the parties. Any oral representation or modification concerning this
agreement shall be of no force or effect.
4. Further Assurance. Each of the parties hereto agrees to cooperate in good faith
with the other, to execute and deliver such further documents, to adopt any resolutions, to take any
other official action, and to perform such other acts as may be reasonably necessary or appropriate
to consummate and carry into effect the transactions contemplated under this agreement.
Executed to be effective as of the date this agreement is filed with the Salt Lake City
Recorder’s Office.
REDEVELOPMENT AGENCY OF SALT LAKE
CITY
Erin Mendenhall, Executive Director
Approved as to proper from with applicable law:
___________________________________
Salt Lake City Attorney’s Office
Attest and countersign:
___________________________________
Salt Lake City Recorder
SALT LAKE CITY CORPORATION
Mayor Erin Mendenhall
Approved as to proper from with applicable law:
_____________________________
Salt Lake City Attorney’s Office
4
Attest and countersign:
___________________________________
Salt Lake City Recorder
4
EXHIBIT A
HTRZ Plan
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ATTACHMENT B: 900 SOUTH HTRZ PLAN
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SALT LAKE CITY
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July 2023
HTRZ PROPOSAL
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TABLE OF CONTENTS:
Executive Summary 3
Proposed HTRZ Location 4
Development Plan 5
HTRZ Tax Increment & Budget 6
Construction Gap Analysis 7
Private Development Support 8
Public Development Support 11
Sales Tax Analysis 14
State Code Alignment 15
Alternative Funding Sources 18
Exhibits 19
10
The proposed Housing and Transit Reinvestment Zone (HTRZ) is centered around the TRAX light rail
station at approximately 200 West and 900 South. The area primarily covers Salt Lake City’s Granary
District, Central Ninth Neighborhood and a portion of Downtown that are comprised of a mix of land uses
from multi-family residential to office and commercial. While each of these neighborhoods are
experiencing growth, public support is critical to facilitate affordable housing opportunities that are so
needed adjacent to the Central Business District that employs over 70,000 workers - the vast majority of
which are commuters (Downtown Alliance, 2022). Much denser, transit-oriented development must occur
to take full advantage of existing light rail that runs through the proposed HTRZ and to further the
associated benefits of public transit such as reduced carbon emissions and improved air quality.
Additional public support is needed to extend light rail further to connect these growing neighborhoods to
the downtown, airport, University of Utah and the rest of the Wasatch Front via the TRAX and FrontRunner
system located within 1/2 mile of the proposed HTRZ.
The Granary District in particular continues to transition from primarily industrial uses and warehouse
buildings to Salt Lake City’s center of creativity – with makerspaces for artists and tradespeople, culinary
and recreational experiences and local businesses of various types and sizes. Due to the industrial
history of this area, it developed without infrastructure that is commonly found in the rest of the city.
Many streets do not have pedestrian enhancements such as sidewalks, street trees, park strips, curbs
and gutters. Street surfaces are in disrepair and need to be rebuilt. Public investment is greatly needed
to support this neighborhood’s growth and the innovation happening within it. Other transformative public
infrastructure projects that are anticipated to be supported through the creation of this HTRZ include
Grand Boulevard improvements, the Green Loop linear park and improvements to the old rail line running
down 400 West.
In summary, the area encompassed within the proposed HTRZ is growing, but if not for the support of this
proposed HTRZ, growth may be sporadic, unaffordable (for residents and local businesses alike) and at a
lower density that doesn’t support existing transit and leaves this area isolated from the rest of the
region. The tax increment generated by this HTRZ will be used to benefit the neighborhood, and
ultimately the region as a whole, as opposed to a single project.
PROPOSED TERMS
LIGHT RAIL STOP: 200 West & 900 South
ACREAGE: 97.72
BASE YEAR: 2022
BASE YEAR VALUE: $212,262,833
TERM: 15-year phases over 30 year term
PARTICIPATION RATE: 80%
Executive Summary
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
HTRZ SNAPSHOT
PROJECTED IMPACT
TOTAL TAX INCREMENT GENERATED: $443,228,676
GROWTH IN TAXABLE VALUE: $2,832,570,324
NON-RESIDENTIAL DEVELOPMENT: 3,067,105 SF
HOUSING UNITS: 10,214
AFFORDABLE UNITS: 2,043+
311
Proposed HTRZ Location
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Location Detail
Pursuant to State Code 63N-3-603(4)(b), the proposed HTRZ is located within a 1/2 mile of the light rail
(TRAX) stop at approximately 200 West and 900 South in Salt Lake City and also falls within an
Opportunity Zone (created pursuant to Section 1400Z-1, Internal Revenue Code). It incudes approximately
97.72 noncontiguous acres as highlighted in blue on the map above. The sales and use tax
boundary/parcels are the same as HTRZ boundary/parcels. See Exhibit A for a complete list of parcel ID
numbers included in the proposed HTRZ.
The proposed development area allows for a neighborhood-focused approach to supporting multi-modal
transportation infrastructure, affordable housing and transformative mixed-use development projects.
HTRZ BOUNDARY
HTRZ PARCELS
412
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
LAND USE SQUARE FOOTAGE (SF) /
COUNT
Commercial SF 1,147,263
Office SF 1,919,842
Hotel Rooms 441
Structured Parking Stalls 3,596
Housing Units 10,214
Affordable Housing Units (20%)2,043
Land Use
As diverse as the existing neighborhood is, so are the future land uses to be developed in the HTRZ
including small and large commercial spaces, spaces for artists and recreation, hotels, lab space, dense
office and housing development and much more. This HTRZ proposal and development model includes
parcels earmarked for specific development projects as well as parcels that are highly likely to develop over
the HTRZ's term. Highest and best use assumptions were used to determine the land uses on parcels most
likely to develop.
Based on the development model, approximately 54% of the developable acreage within the HTRZ will
incorporate residential uses for a total of 10,214 housing units averaging 104.5 dwelling units per acre. A
variety of residential unit types are anticipated to be built as a part of dense housing developments and
mixed-use projects alike. Unit sizes include micro units, studios, 1-bedroom, 2-bedroom, 3-bedroom and
townhomes with up to 4-bedrooms.
Development Plan
Phasing of Tax Increment Collection
177 parcels within the HTRZ are anticipated to be triggered for tax increment collection over three, 15-year
collection phases during the HTRZ's term. This phased approach recognizes the readiness of some
developers to begin construction while acknowledging that other parcels have not finalized development
details. Where development-specific information is available, those details have been included in the budget
calculations. However, for parcels where development details are yet to be finalized, the RDA modeled
development on parcels using zoning and the American Planning Association (APA) floor-to-area ratios to
determine the highest and best use. The first page of Exhibit F illustrates the estimated highest and best
use of developments too early in their planning process to have finalized numbers. The second page of
Exhibit F includes the absorption of development specific details for projects further along in the
development process and the combined assessed values expected.513
HTRZ Tax Increment & Budget
BUDGET ITEM TAX INCREMENT AMOUNT
Private Development Support (60%)$212,749,764
Public Development Support (39%)$138,287,347
RDA Administrative Costs (1%)$3,545,829
TOTAL TAX INCREMENT $354,582,941
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
PROPERTY TAX INCREMENT GENERATION:
Over the HTRZ term, it is projected that a total of $443,228,676 in property tax increment will be
generated. With an 80% taxing entity participation rate, $354,582,941 may be available to support
HTRZ development. Projected tax increment generation has been broken down by taxing entity below.
TAXING ENTITY TOTAL TAX INCREMENT 80% TAX INCREMENT
Salt Lake County $61,371,419 $49,097,135
Multi County Assessing and Collecting $630,960 $504,768
County Assessing and Collecting $6,730,245 $5,384,196
Salt Lake City School District $182,852,335 $146,281,868
Salt Lake City $132,838,204 $106,270,563
Salt Lake City Library $25,995,570 $20,796,456
Salt Lake Metropolitan Water District $8,917,574 $7,134,059
Salt Lake City Mosquito Abatement District $7,066,757 $5,653,406
Central Utah Water Conservancy District $16,825,612 $13,460,489
TOTAL TAX INCREMENT $443,228,676 $354,582,941
HTRZ BUDGET BREAKDOWN:
The RDA proposes to utilize 60% of the tax increment funds generated within the HTRZ to support
private development projects with high levels of public benefit, 39% of the funds for public projects that
are needed to support the neighborhood, and the remaining 1% to cover administrative costs associated
with the HTRZ. See Exhibit E for the detailed tax increment budget.
614
For this area to be built out in the most impactful way that
significantly increases the region’s housing stock, increases
public transit ridership, and connects individuals to work and
play, public subsidy is needed to fund a portion of the increased
construction costs associated with denser, transit-oriented
development (TOD). For example, the development of mid-
density buildings or the status quo with a commercial floor area
ratio (FAR) of 0.3; office FAR of 2.72; and 50 housing units per
acre (1,744 units total) equates to a total development cost of
$1,915,663,148 for the 97.72 acres included within the HTRZ.
Denser, more efficient, social impact development that benefits
the region with a commercial FAR 1-1.5; office FAR 3-4; and an
average of 104.5 housing units per acre (10,214 units total)
equates to a total development cost of $5,476,926,678. This
creates an estimated financial gap of $3.56 billion dollars for
increased construction costs associated with denser construction.
As discussed further in this application, public and private
development improvements such as the incorporation of
affordable housing, green space and other public benefits create
an even larger financial gap in addition to increased costs due to
denser construction. In this neighborhood in particular, public
infrastructure projects are not being completed at the rate
needed to support TOD due to limited funding.
Also of note, the analysis considers that without tax increment
support, at least 30% of the total land area within the HTRZ
would need to be reserved for right-of-way area and surface
parking, as opposed to only 15% if public funds were available to
support the increased costs associated with building more
efficient parking structures. Structured parking allows for more
efficient land use as well as increased green space.
Construction Gap Analysis
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Source: Oklahoma City Development Guide
Mid-Density (Status Quo) Development
High-Density TOD Development
715
Meet all applicable HTRZ standards within Chapter 63N-3 of Utah State Code;
Meet the RDA's Sustainable Development Policy;
Include activated, ground floor space; and
Include a high level of public benefit such as affordable housing
The RDA anticipates funding private development projects within the HTRZ that incorporate high levels of
public benefit through tax increment reimbursement agreements (TIRA) or other forms of RDA support. In
addition to compliance with the RDA's TIRA policy and pursuant to RDA Board approval, RDA-funded
projects must generally:
Examples of public benefits that the RDA may consider funding have been described in greater detail
below. In addition to the increased construction costs created as a result of denser, transit-oriented
development, the incorporation of these public benefits will also increase private development costs and
the total financial gap.
Private Development Support
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
ESTIMATED TAX INCREMENT CONTRIBUTION = $212,749,764
AFFORDABLE HOUSING
Supporting affordable housing is one of the RDA's top priorities. HTRZ
code requires that at least 10% of housing units within the HTRZ be
affordable to those earning 80% of the Area Median Income (AMI) or
below. The U.S. Department of Housing and Urban Development (HUD)
defines affordable housing as affordable to households earning 60% AMI
or less. To align with City and HUD definitions of affordability, the RDA
will target supporting projects with higher levels of affordability that
include at least 10% of units at 60% AMI or below. The RDA will work to
support an additional 10% of affordable units, through programs such as
the RDA’s Housing Development Loan Program, for a total of 20%.
Reviewing the reduction in rental revenue alone, the incorporation of
affordable housing for 20% of the units anticipated to be built within the
HTRZ (2,043 units) at 60% AMI is approximately $430.5 million over
the HTRZ term. This does not consider the capitalized value differential,
which increases the financial gap further. In general, apartment units
subject to rent restrictions have less value relative to comparable market-
rate units. The RDA intends to support a portion of the rental revenue
difference and value for affordable housing projects.
Rental support was estimated by using the 2022 CBRE Salt Lake County
multifamily monthly average rent of $1,623 compared to the the 2022
NOVOGRADAC Salt Lake County 60% AMI monthly rent for a 1-bedroom
unit of $1,152. Assuming a 3.6% vacancy rate as used by CBRE in their
2022 Great Salt Lake Area Multifamily Market Report and a rental growth
rate of 3.0% over time, market rate units would generate approximately
$1.48 billion in revenue over the HTRZ term. Affordable units at 60%
AMI would generate approximately $1.05 billion in revenue over the
HTRZ term - a difference of $430.5 million. See Exhibit H for additional
affordable housing details.
168 affordable units at 20%-80% AMI
The Aster - RDA Affordable Housing Project
816
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
SUSTAINABLE BUILDING CONSTRUCTION
To be eligible for a TIRA, the RDA's Sustainable Development Policy (Exhibit B) requires that new
developments are highly efficient, all-electric and incorporate on-site renewables. A proposed
development within the HTRZ calculated that 2.33% of their construction costs will go to sustainable
building design. Applied to the $5.48 billion of estimated constructions costs in the HTRZ, this equates
to $127.8 million that the RDA may partially support as a means to reduce carbon emissions and improve
the region's air quality.
STRUCTURED PARKING
Based on developer parking estimates, the cost differential is $21,256 per stall for structured parking.
With an average structured parking stall expense of $24,256 versus $3,000 per stall for surface parking,
this creates a total gap of $76,437,031 for the 3,596 structured parking stalls anticipated to be built
within the HTRZ. The RDA may support structured parking costs as a means to facilitate denser, transit-
oriented development and a more efficient land use.
PUBLIC ART & ENHANCED BUILDING DESIGN
All projects receiving RDA funding are highly encouraged to incorporate public art and enhanced building
design. Projects receiving an RDA loan can reduce their interest rate by incorporating public art. Salt Lake
City zoning regulations may also require more durable building materials and enhanced glazing in the
HTRZ. It is estimated that at least 1.5% of the $5.48 billion in HTRZ construction costs will go to public
art and enhanced building design that the RDA intends to support.
ADDITIONAL PUBLIC BENEFITS
The RDA's mission is centered around strengthening communities by promoting economic opportunity,
equity and inclusion and neighborhood vibrancy. These pillars are facilitated through multiple livability
benchmarks (listed below) that can add significant cost to development such as the incorporation of
public green space, affordable commercial space or adaptively reusing historic structures. The RDA will
support the inclusion of these benchmarks.
917
PRIVATE PROJECT PROFILES
While numerous private development projects are in need of support to incorporate public
benefits within their projects and have been included in the tax increment analysis,
examples of two private projects likely to be supported with tax increment generated
within the HTRZ are highlighted below.
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Renovation of existing 13-story structure into 184
units
Renovation of existing Red Lion Hotel into new hotel
tower with 204 rooms
New 35-story residential tower with 325 housing
units, retail and structured parking
New 600,000 sq. ft. life science building with office
and lab space
LEED v4 Platinum and WELL v2 Gold certifications
REDEVELOPMENT PROJECT ON THE SOUTHWEST
CORNER OF 600 SOUTH AND WEST TEMPLE
INCLUDING THE RENOVATION OF TWO EXISTING
BUILDINGS, A NEW LIFE SCIENCES BUILDING AND
A HIGH-RISE RESIDENTIAL TOWER
SIXTH SOUTH GRANARY SQUARE
595,000 sq. ft. of commercial space
1,420 multifamily housing units with a variety of
bedroom counts
Structured parking with 1,424 stalls
New hotel with 120 rooms
BLOCK REDEVELOPMENT PROJECT AT APPROXIMATELY
700 - 800 SOUTH & 400 - 500 WEST WITH A VARIETY
OF USES
1018
Public Development Support
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
ESTIMATED TAX INCREMENT CONTRIBUTION = $138,287,347
PUBLIC PROPERTY ACQUISITION & ENVIRONMENTAL REMEDIATION
The RDA may acquire some distressed property within the proposed HTRZ to further activate the
neighborhood. With a conservative land value average of $65/SF or approximately $3 million/acre, acquisition
costs may range from $15,000,000-$20,000,000 for 5 acres dependent on market conditions at the time of
purchase. Additional funds will likely be needed for the environmental remediation within the HTRZ.
UTILITY IMPROVEMENTS
Because much of the HTRZ was built out to support industrial and manufacturing uses, existing infrastructure
including sewer, water, storm drains and roadways is not sufficient to support new development at the rate it
is occurring. Salt Lake City's Granary District Infrastructure Study (2016) specifically identified poor roadway
conditions and water mains under 6" in diameter as factors limiting new development (Exhibit C). Significant
public investment in utility improvements is also needed to complete the City's Grand Boulevards project -
aimed at improving the 500 & 600 South thoroughfares that serve as the grand entryway and exit to Utah's
state capitol. The burial of electrical lines along 600 South alone is estimated to cost $50 million. The RDA
may provide a portion of funding for these large capital projects.
STREETSCAPE & SAFETY IMPROVEMENTS
Improving existing streetscape conditions to increase walkability and general safety within the HTRZ is one of
the community's top priorities. The Granary District Alliance reported the lack of continuous and safe
sidewalks and bike lanes as a pressing issue for pedestrians. Numerous auto accidents are caused by vehicles
circumventing old rail tracks. Businesses have also commented that limited accessibility has made it difficult
for them to succeed in the area. At least 25,700 feet of streetscape improvements are needed to support
development in the HTRZ (Exhibit D) that include remedies to the aforementioned issues.
Additionally, streetscape improvements would be inclusive of the city's Green Loop project - a linear park
system connected by pedestrian and bike paths through the HTRZ and beyond. Similar linear park projects
like Chicago's 606 Trail cost $95 million for 2.7 miles and Miami's Underline cost $120 million for 4 miles.
Salt Lake City's Green Loop has the potential to create 60 acres of forest integrated into 5.5 miles of city
streets. The RDA may provide a portion of funding for these large capital projects.
The RDA anticipates funding public development projects that support the rapid private development
currently taking place within the HTRZ and that have a wide-reaching, community impact such as the
City's Grand Boulevards and Green Loop projects. Significant public projects like these that support
neighborhood vitality will likely have associated costs incurred outside of the HTRZ boundaries.
Distribution of funds to public projects is subject to city department and RDA Board approval.
Examples of public project costs that the RDA may consider funding have been described below. As is
typical, large capital projects will be funded by multiple sources. Ultimately, the RDA may provide gap
funding for those capital projects with a quantifiable - and generally unforeseen - need.
1119
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
PUBLIC TRANSIT SUPPORT
Connecting this neighborhood to the rest of the Wasatch Front is of the utmost importance, especially as a
means to get people to jobs, educational and recreational opportunities. Utah Transit Authority's (UTA)
Future of Light Rail Study (2022) explores the expansion of light rail through the HTRZ, expanding the
network along the Ballpark Spur to 400 West and extending the University Line west of Main Street along
400 South for a total cost of $123,940,000. Given that many higher education institutions such as the
University of Utah, Westminster College, Brigham Young University and Salt Lake Community College offer
free UTA transit passes to students and faculty, the importance of integrated and expanded public transit
will only further the ability of HTRZs to reduce vehicle trips, air pollution and fuel consumption, thereby
improving overall air quality. The transit network will provide residents increased access to employment
opportunities. Multiple funding sources will be needed to implement such a significant capital project in
addition to promoting other forms of public transit.
1220
PUBLIC PROJECT PROFILES
Multiple, large public projects are in need of funding to support growth and well-being of
residents in this area. Two examples of these monumental projects are described in more
detail below. See Exhibit D for a map of infrastructure improvements included in the
proposed HTRZ public benefits.
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Green Loop
Running along 500 West and 900 South in the
proposed HTRZ
Featuring a walking path, bike path and spaces for
recreation and ecological services
Promotes economic development and decreased
carbon emissions
Significant public investment - similar project in
Chicago cost $95 million for 2.7 miles of trail
LINEAR PARK SYSTEM CONCEPT CONNECTING
GREENSPACES THROUGH AND TO THE WEST OF
SALT LAKE CITY'S DOWNTOWN
Grand Boulevards
IMPROVEMENTS TO TWO MAJOR BOULEVARDS
ALONG 500 SOUTH AND 600 SOUTH IN THE
PROPOSED HTRZ TO CREATE GRAND ENTRIES INTO
THE CENTRAL BUSINESS DISTRICT
Create a memorable and inspiring experience for
locals and international visitors entering and
exiting the capital city, particularly by automobile.
Bury the electrical transmission and distribution
lines on 600 South
Address the numerous billboards located along
each corridor
Significant public investment - burial of power lines
on 600 South estimated to be $50 million
1321
Sales Tax Analysis
ITEM VALUE
Sales Tax Base Year TY 2022
Taxable Sales Base Year Value ($) $16,997,325
Total Incremental Taxable Sales $5,493,025,953
Total Sales Tax to TTIF $46,402,249
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
SALES & USE TAX BASE YEAR VALUE:
The sales and use tax boundary is the same as HTRZ boundary and includes the HTRZ parcels (Exhibit A).
The 2022 sales tax base year value was calculated using the $12,335,303,681 total taxable sales revenue
for Salt Lake City. Using the City's taxable sales and total acreage, a proportion was created to determine an
approximate base year taxable sales value for the HTRZ. The HTRZ represents 0.14% of Salt Lake City
acreage and was assumed to account for 0.14% of taxable sales, providing a taxable sales base year value of
$16,997,325.
SALES TAX GENERATION:
The Salt Lake City commercial gross taxable sales were divided by the City's estimated commercial square
footage to calculate an average commercial sales per square foot value of $251. Online sales per resident
are estimated to be $2,301 per year. Using the projected absorption of residential and commercial
development, taxable sales were projected for the HTRZ term. A 3% annual growth rate was applied to
taxable sales. The total incremental taxable sales during the HTRZ term is projected to be $5,493,025,953,
or an average of $323,119,174 per year. The total sales tax generated for the Transit Transportation
Investment Fund (TTIF) is estimated at $46,402,249. Exhibit G includes additional details regarding the
estimated sales tax generation.
1422
Utah Code - 63N-3-603. Applicability, requirements and limitations on a Housing and Transit Reinvestment
Zone.
Objectives – A Housing and Transit Reinvestment Zone proposal created under this part shall promote the
following objectives:
SECTION DESCRIPTION HTRZ APPLICABILITY
(1)(a)Higher utilization of public
transit.
The proposed HTRZ is located just southwest of Salt Lake City’s downtown
and centered around the TRAX stop at approximately 200 West and 900
South within a half mile of two additional stops to the north and south. The
9 Line Trail, which the City is currently working to improve for pedestrians
and cyclists alike, runs east to west directly through the center of the
proposed HTRZ making it a very connected, transit-oriented location. The
current scale of development in the area doesn’t take full advantage of the
existing public transit and associated public benefits. Additionally, UTA
plans to extend TRAX within the HTRZ.
Anticipated development supported by the HTRZ includes approximately
10,214 residential units, 1,147,263 square feet of commercial space,
1,919,842 square feet of office space and 441 hotel rooms. These projects
will greatly increase the population, employment and visitors within a
walkable distance of light rail, bus stops and bike trails in the area and thus
should result in a much higher utilization of public transit.
(1)(b)
Increasing availability of
housing, including
affordable housing.
State Code requires that at least 10% of the proposed dwelling units within
an HTRZ are affordable at 80% AMI. The RDA will target supporting projects
with a higher level of affordability at 60% AMI. This equates to
approximately 1,021 affordable units with rent estimated at $1,152 per
month based on the NOVOGRADAC's 2022 60% AMI for a Salt Lake County
1-bedroom rent limit.
(1)(c)
Conservation of water
resources through efficient
land use.
The creation of this HTRZ will promote denser and therefore more water wise
and efficient urban development. The lack of individual lawns and gardens
as compared to single family housing lots will reduce the amount of water
necessary to maintain green spaces. The RDA’s Sustainable Development
Policy also requires projects receiving funding to earn an ENERGY STAR
score of at least 90, significantly reducing water consumption through the
use of water efficient appliances like washing machines and dishwashers.
See Exhibit B for additional policy details.
HTRZ State Code Alignment
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
1523
Utah Code - 63N-3-603. Applicability, requirements, and limitations on a housing and transit reinvestment
zone.
Objectives – A housing and transit reinvestment zone proposal created under this part shall promote the
following objectives:
SECTION DESCRIPTION HTRZ APPLICABILITY
(1)(d)
Improving air quality by
reducing fuel consumption
and motor vehicle trips.
Denser, more efficient development so close to multiple forms of transit,
jobs and urban amenities will significantly reduce the number of motor
vehicle trips per household.
Additionally, the RDA’s Sustainable Development Policy requires projects
receiving funding to earn an ENERGY STAR score of at least 90 and be all-
electric. Projects that receive a tax increment reimbursement must utilize
on-site renewable energy to supply at least 50% of the building’s annual
energy consumption to reduce use of fossil fuels and improve air quality.
(1)(e)
Encouraging transformative
mixed-use development
and investment in
transportation and public
transit infrastructure in
strategic areas.
The proposed HTRZ covers much of the Granary District, which once
housed most of the city’s manufacturing, processing and storage
businesses. This neighborhood and the historic warehouse buildings within
it are now being adaptively reused to support a mix of land uses including
housing, hotels, entertainment venues, local businesses and much more.
The former sprawling warehouse district will see transformative new growth
with its life science and technology focused employment opportunities,
entertainment and housing.
Investment in public transit expansion that this HTRZ would support is
needed to connect people to the new development in the neighborhood and
further connect commuters to the FrontRunner commuter rail. Additional
public transit access to education and employment centers like the
University of Utah and Salt Lake Community College would further
enhance the integration of the HTRZ into the greater Wasatch Front.
(1)(f)
Strategic land use and
municipal planning in
major transit investment
corridors as described in
Subsection 10-9a-403(2).
The proposed HTRZ intersects three light rail stations and is within a mile
of the FrontRunner Station at approximately 300 South and 500 West.
UTA’s Future of Light Rail study proposes the extension of TRAX within
this HTRZ area. The area is within ¾ mile of I-15 interchanges and
encompasses 600 South, or the “grand entryway” into Utah’s capital city
from I-15 and the Salt Lake City International Airport.
(1)(g)
Increasing access to
employment and
educational opportunities.
Numerous jobs will be created as a result of development within the
proposed HTRZ. The University of Utah has also partnered with the Stena
Center for Financial Technology to establish an entrepreneur center in the
HTRZ boundary with a focus on industry-sponsored labs, a start-up
incubator and fintech-focused degrees and certifications.
1624
Requirements – In order to accomplish the objectives described in subsection 63N-3-603(1), a municipality
that initiates the process to create a Housing and Transit Reinvestment Zone as described in this part shall
ensure that the proposal for a Housing and Transit Reinvestment Zone includes:
SECTION DESCRIPTION HTRZ APPLICABILITY
(2)(a)
At least 10% of the proposed
dwelling units within the
Housing and Transit
Reinvestment Zone are
affordable housing units.
It's estimated that at least 20% or 2,043 of the 10,214 dwelling units
projected to be constructed within the HTRZ will be affordable. The
RDA will target supporting affordable housing projects with 10% of
units at 60% AMI and typically support mixed-income projects with
even higher percentages of affordable units.
(2)(b)
At least 51% of the
developable area within the
Housing and Transit
Reinvestment Zone includes
residential uses, except as
provided in subsection (4)(c),
with an average of 50 dwelling
units per acre or greater.
52.89 acres of the 97.72 developable acres, or 54.1% of the
developable land, is planned for residential development. Across the
HTRZ, the proposed density is 104.5 residential units/acre.
(2)(c)Mixed-use development.
The HTRZ incorporates mixed-use development with active ground floor
uses. Preliminary project proposals have indicated that ground floor
uses are planned. Additionally, the RDA will encourage the support of
local, women and minority-owned businesses as part of mixed-use
development projects.
(2)(d)
A mix of dwelling units to
ensure that a reasonable
percentage of the dwelling
units has more than one
bedroom.
The HTRZ incorporates a mix of studios, 1-bedroom, 2-bedroom, 3-
bedroom and townhomes with up to 4-bedrooms. The currently proposed
developments within the HTRZ incorporate this mixture of bedroom
counts. The mix of dwelling unit sizes will be reviewed by the RDA to
ensure compliance with State Code at the time a funding request is
received.
1725
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Additional incentives, grants and sources of revenue to reduce
the finance gap
Annual HTRZ tax increment revenues will be leveraged with various other funds and tools
administered by the RDA, SLC Department of Community and Neighborhoods, SLC Department of
Economic Development and the State and Federal Governments. Leveraging funds and tools will
allow the RDA to maximize the reach and impact of HTRZ development activities by focusing
resources in a coordinated manner. Resources available to leverage include:
Low-Income Housing Tax Credit Program (LIHTC): The LIHTC program supported by the federal
government provides a tax incentive to construct or rehabilitate affordable rental housing for low-
income households.
Salt Lake City Economic Development Loan Fund: The Economic Development Loan Fund (EDLF)
provides loans to small businesses located in the City for the purpose of stimulating economic
development by enhancing business opportunities, providing employment and promoting
neighborhood revitalization.
Salt Lake City Neighborhood Building Improvement Program: The Neighborhood Building
Improvement Program (NBIP) provides grants up to $25,000 for façade improvement projects to
revitalize neighborhood commercial areas, enhance the livability of adjacent communities and
support local businesses.
EPA Brownfields Revolving Loan Fund: Salt Lake County’s EPA Revolving Loan Fund offers loans
from $10,000 to $500,000 to entities redeveloping qualified brownfield sites.
Commercial Property Assessed Clean Energy (C-PACE): The C-PACE program supported by the
State makes full financing options available to businesses and multi-family rental properties that
have long-term repayment options. This program was designed to help businesses afford the
upgrades needed for energy efficiency, install renewable energy systems and help improve Utah’s
air quality while reducing their carbon footprint.
Redevelopment Agency of Salt Lake City Housing Development Loan Program: Salt Lake City’s
Housing Development Loan Program addresses the health, safety and welfare of the City’s citizens
by providing below-market financing for affordable and special needs housing within municipal
boundaries. The program provides a centrally located and uniform application process across all
funding sources, providing a one-stop-shop to apply for funds for the development, rehabilitation
and preservation of affordable housing.
1826
Exhibit A
Parcel ID List
1927
Parcel number Lot Size Taxable Value (2022)Tax Area Rate (2022)2022 Land Value % Residential Residential Acreage
15-01-451-013-0000 5.02 25,579,821 13 0.010537 12,797,990 100.0%5.02
15-12-130-018-0000 0.42 1,346,000 02A 0.010537 639,600 76.0%0.32
15-12-130-019-0000 0.2 545,800 02A 0.010537 114,800 76.0%0.15
15-12-130-020-0000 0.31 853,400 02A 0.010537 178,000 76.0%0.24
15-12-130-023-0000 0.61 394,000 02A 0.010537 345,000 76.0%0.46
15-12-131-005-0000 0.25 735,600 02A 0.010537 261,400 76.0%0.19
15-12-204-008-0000 0.12 210,300 02A 0.010537 208,200 76.0%0.09
15-12-204-025-0000 0.03 60,800 02A 0.010537 55,800 76.0%0.02
15-12-204-024-0000 0.08 97,600 02A 0.010537 97,600 76.0%0.06
15-12-204-006-0000 0.08 97,600 02A 0.010537 97,600 76.0%0.06
15-12-131-001-0000 0.33 355,600 02A 0.010537 345,000 76.0%0.25
15-12-130-011-0000 0.05 44,600 02A 0.010537 39,600 76.0%0.04
15-12-204-005-0000 0.1 263,900 02A 0.010537 95,000 76.0%0.08
15-12-130-010-0000 0.05 184,100 02A 0.010537 120,600 76.0%0.04
15-12-204-028-0000 0.07 88,000 02A 0.010537 85,400 76.0%0.05
15-12-130-011-0000 0.05 44,600 02A 0.010537 39,600 76.0%0.04
15-12-130-009-0000 0.05 28,300 02A 0.010537 28,300 76.0%0.04
15-12-204-029-0000 0.0902 88,000 02A 0.010537 85,400 176.0%0.16
15-12-252-031-0000 0.12 249,800 01K 0.010537 239,000 76.0%0.09
15-12-252-030-0000 0.08 198,800 01K 0.010537 160,300 76.0%0.06
15-12-252-029-0000 0.1 153,700 01K 0.010537 151,300 76.0%0.08
15-12-252-028-0000 0.1 195,200 01K 0.010537 158,400 76.0%0.08
15-12-204-017-0000 0.48 1,240,400 02A 0.010537 831,600 76.0%0.36
15-12-181-001-0000 0.22 1,115,700 02A 0.010537 156,200 76.0%0.17
15-12-181-002-0000 0.14 233,500 02A 0.010537 228,500 76.0%0.11
15-12-180-001-0000 0.22 $363,800 02A 0.010537 $345,000 100.0%0.22
15-12-180-017-0000 0.5 $866,100 02A 0.010537 $846,500 100.0%0.50
15-12-251-001-0000 8.75 $0 02A 0.010537 $14,950,000 62.0%5.43
15-12-177-007-0000 1.26 $3,009,200 02A 0.010537 $2,494,500 50.0%0.63
15-01-379-017-0000 1.19 $1,002,700 02A 0.010537 $633,200 0.0%0.00
15-12-127-007-0000 1.63 $4,800,700 02A 0.010537 $1,562,100 0.0%0.00
15-12-130-016-0000 0.7 $433,700 02A 0.010537 $399,800 50.0%0.35
15-12-130-013-0000 0.16 $145,500 02A 0.010537 $145,500 50.0%0.08
15-12-130-014-0000 0.08 $49,200 02A 0.010537 $44,200 50.0%0.04
15-12-130-026-0000 0.57 $551,200 02A 0.010537 $531,900 50.0%0.29
15-01-478-018-0000 4.4 $20,238,200 13 0.010537 $9,530,600 27.3%1.20
15-01-478-009-0000 0.32 $547,400 13 0.010537 $455,700 27.3%0.09
15-12-127-014-0000 02A 75.0%0.00
15-01-379-023-0000 02A 75.0%0.00
15-12-108-007-0000 0.73 1,413,300 13 0.010537 911,000 100.0%0.73
15-12-108-003-0000 1.51 $2,116,800 13 0.010537 $2,045,200 0.0%0.00
15-12-129-012-0000 1.41 $3,592,300 02A 0.010537 $2,462,800 0.0%0.00
15-12-129-011-0000 2.38 $6,217,300 02A 0.010537 $3,197,000 0.0%0.00
15-12-129-009-0000 0.82 $1,169,000 02A 0.010537 $1,169,000 0.0%0.00
15-12-129-006-0000 0.87 $3,086,700 02A 0.010537 $1,172,200 0.0%0.00
15-12-129-005-0000 0.19 $446,500 02A 0.010537 $296,100 0.0%0.00
15-12-129-003-0000 0.09 $155,200 02A 0.010537 $155,200 0.0%0.00
15-12-129-004-0000 0.22 $328,900 02A 0.010537 $328,900 0.0%0.00
15-12-129-002-0000 0.13 $859,000 02A 0.010537 $227,400 0.0%0.00
15-01-476-006-0000 1.34 $3,873,100 13 0.010537 $3,619,500 100.0%1.34
15-12-129-015-0000 0.61 $1,737,700 02A 0.010537 $345,400 93.0%0.57
15-12-129-014-0000 0.3 $183,900 02A 0.010537 $169,900 93.0%0.28
15-12-129-007-0000 0.31 $293,300 02A 0.010537 $293,300 93.0%0.29
15-12-210-002-0000 0.44 $850,300 01K 0.010537 $850,300 100.0%0.44
15-01-454-009-0000 0.16 $440,500 02A 0.010537 $361,900 100.0%0.16
15-01-454-014-0000 0.47 $1,505,000 02A 0.010537 $1,094,700 100.0%0.47
15-12-201-010-0000 1.42 $4,980,100 02A 0.010537 $1,979,400 100.0%1.42
15-01-380-017-0000 4.94 $9,561,300 02A 0.010537 $9,561,300 60.0%2.96
15-12-228-020-0000 0.84 $2,367,900 01K 0.010537 $1,170,900 93.0%0.78
2028
Parcel number Lot Size Taxable Value (2022)Tax Area Rate (2022)2022 Land Value % Residential Residential Acreage
15-12-228-019-0000 0.93 $1,980,400 01K 0.010537 $1,969,400 93.0%0.86
15-12-228-014-0000 0.07 $294,400 01K 0.010537 $164,600 93.0%0.07
15-01-479-022-0000 3.127 $8,172,000 01K 0.010537 $7,288,400 65.0%2.03
15-12-203-006-0000 0.16 $361,900 01K 0.010537 $361,900 75.0%0.12
15-12-203-007-0000 0.14 $394,200 01K 0.010537 $339,500 75.0%0.11
15-12-203-012-0000 0.08 $213,000 01K 0.010537 $213,000 75.0%0.06
15-12-277-014-0000 0.4 $468,800 01K 0.010537 $460,100 75.0%0.30
15-12-277-021-0000 0.79 $10,214,930 01K 0.010537 $1,732,200 75.0%0.59
15-12-278-001-0000 0.62 $2,119,500 01K 0.010537 $1,069,700 75.0%0.47
16-07-151-001-0000 01K 0.010537 75.0%0.00
15-12-204-033-0000 0.39 3,051,400 02A 1,018,600 0.0%0.00
15-12-204-018-0000 0.46 1,439,200 02A 479,200 0.0%0.00
15-12-204-026-0000 0.08 81,700 02A 81,700 0.0%0.00
15-12-255-012-0000 0.11 241,900 02A 241,900 0.0%0
15-12-255-026-0000 0.34 737,500 02A 684,900 0.0%0
15-12-278-002-0000 0.35 $616,000 01K 0.010537 $616,000 75.0%0.26
15-12-278-019-0000 0.42 $1,020,700 01K 0.010537 $1,017,700 75.0%0.32
15-12-278-021-0000 0.41 $603,000 01K 0.010537 $603,000 75.0%0.31
15-12-278-026-0000 0.53 $2,481,100 01K 0.010537 $816,900 75.0%0.40
15-12-278-028-0000 0.08 $58,500 01K 0.010537 $58,500 75.0%0.06
15-12-278-031-0000 0.19 $348,900 01K 0.010537 $348,900 75.0%0.14
15-12-276-015-0000 0.2 $125,785 01K 0.010537 $213,800 0.0%0.00
15-12-206-013-2000 0.1 $0 01K 0.010537 $154,700 0.0%0.00
15-12-206-013-6000 0.1 $433,452 01K 0.010537 $192,290 0.0%0.00
15-12-206-015-2000 0.09 $0 01K 0.010537 $78,400 0.0%0.00
15-12-206-015-6000 0.09 $78,000 01K 0.010537 $78,000 0.0%0.00
15-12-206-016-2000 0.09 $0 01K 0.010537 $78,400 0.0%0.00
15-12-206-016-6000 0.09 $243,900 01K 0.010537 $78,400 0.0%0.00
15-12-206-017-0000 0.1 $0 01K 0.010537 $87,100 0.0%0.00
15-12-207-001-0000 0.34 $0 01K 0.010537 $486,900 0.0%0.00
15-12-207-002-0000 0.22 $0 01K 0.010537 $321,000 0.0%0.00
15-12-207-012-0000 0.1 $0 01K 0.010537 $97,100 0.0%0.00
15-12-207-013-0000 0.84 $0 01K 0.010537 $1,178,400 0.0%0.00
15-12-209-010-0000 0.2 $526,300 01K 0.010537 $284,700 0.0%0.00
15-12-253-014-0000 0.2 $604,600 01K 0.010537 $408,900 0.0%0.00
15-12-254-010-0000 0.1 $203,390 01K 0.010537 $142,600 0.0%0.00
15-12-254-011-0000 0.1 $278,190 01K 0.010537 $142,600 0.0%0.00
15-12-276-016-0000 0.11 $149,820 01K 0.010537 $147,200 0.0%0.00
15-12-276-018-0000 0.09 $155,000 01K 0.010537 $151,200 0.0%0.00
15-12-276-034-0000 0.42 $896,100 01K 0.010537 $896,100 0.0%0.00
15-01-454-018-0000 0.63 $1,849,000 02A 0.010537 $1,841,900 60.0%0.38
15-12-129-010-0000 1.25 $1,555,500 02A 0.010537 $1,010,400 60.0%0.75
15-12-129-013-0000 1.09 $1,505,600 02A 0.010537 $1,180,300 60.0%0.65
15-12-130-002-0000 0.83 $471,000 02A 0.010537 $470,000 60.0%0.50
15-12-130-024-0000 0.51 $1,968,200 02A 0.010537 $288,900 60.0%0.31
15-12-130-027-0000 0.2 $340,500 02A 0.010537 $176,700 60.0%0.12
15-12-130-028-0000 0.01 $6,600 02A 0.010537 $6,600 60.0%0.01
15-12-156-001-0000 0.12 $85,200 02A 0.010537 $85,200 60.0%0.07
15-12-157-001-0000 0.14 $95,300 02A 0.010537 $95,300 60.0%0.08
15-12-157-002-0000 0.18 $117,000 02A 0.010537 $117,000 60.0%0.11
15-12-176-002-0000 0.63 $1,227,200 02A 0.010537 $571,700 60.0%0.38
15-12-176-005-0000 1.3 $2,954,700 02A 0.010537 $1,189,200 60.0%0.78
15-12-176-007-0000 1.12 $2,347,800 02A 0.010537 $1,024,500 60.0%0.67
15-12-176-011-0000 1.25 $1,449,100 02A 0.010537 $1,143,500 60.0%0.75
15-12-179-009-0000 1.05 $1,704,600 02A 0.010537 $1,646,600 69.0%0.72
15-12-181-005-0000 0.21 $220,500 02A 0.010537 $215,500 60.0%0.13
15-12-182-003-0000 0.2 $198,220 02A 0.010537 $93,100 69.0%0.14
15-12-182-004-0000 0.11 $178,695 02A 0.010537 $76,300 69.0%0.08
15-12-182-005-0000 0.12 $182,200 02A 0.010537 $182,200 69.0%0.08
15-12-182-006-0000 3.15 $4,977,500 02A 0.010537 $4,939,700 69.0%2.17
2129
Parcel number Lot Size Taxable Value (2022)Tax Area Rate (2022)2022 Land Value % Residential Residential Acreage
15-12-183-008-0000 0.39 $386,600 02A 0.010537 $375,500 60.0%0.23
15-12-183-009-0000 0.14 $126,900 02A 0.010537 $126,900 60.0%0.08
15-12-326-001-0000 0.23 $207,900 02A 0.010537 $207,900 60.0%0.14
15-12-326-002-0000 0.04 $36,600 02A 0.010537 $36,600 60.0%0.02
15-12-326-003-0000 0.44 $813,400 02A 0.010537 $399,100 60.0%0.26
15-12-326-004-0000 0.24 $1,345,300 02A 0.010537 $219,500 60.0%0.14
15-12-326-005-0000 0.86 $789,000 02A 0.010537 $789,000 60.0%0.52
15-12-326-007-0000 0.71 $705,200 02A 0.010537 $649,500 60.0%0.43
15-12-326-008-0000 0.23 $350,000 02A 0.010537 $210,400 60.0%0.14
15-12-327-001-0000 0.49 $449,300 02A 0.010537 $448,200 60.0%0.29
15-01-454-019-0000 0.01 $23,500 02A 0.010537 $23,500 75.0%0.01
15-12-201-007-0000 0.11 $245,900 02A 0.010537 $245,900 75.0%0.08
15-12-255-002-0000 0.1 $202,840 02A 0.010537 $82,600 75.0%0.08
15-12-255-007-0000 0.18 $764,300 02A 0.010537 $188,200 75.0%0.14
15-12-255-011-0000 0.08 $133,300 02A 0.010537 $133,300 75.0%0.06
15-12-255-020-0000 0.08 $198,800 02A 0.010537 $198,800 75.0%0.06
15-12-255-024-0000 0.26 $271,800 02A 0.010537 $271,800 75.0%0.20
15-12-255-025-0000 0.06 $233,700 02A 0.010537 $62,700 75.0%0.05
15-12-255-027-0000 0.01 $1,210 02A 0.010537 $2,200 75.0%0.01
15-12-255-028-0000 0.07 $199,265 02A 0.010537 $69,500 75.0%0.05
15-12-255-029-0000 0.45 $2,342,600 02A 0.010537 $784,100 75.0%0.34
15-12-255-030-0000 0.1 $104,500 02A 0.010537 $104,500 75.0%0.08
15-12-255-031-0000 0.34 $1,259,800 02A 0.010537 $610,300 75.0%0.26
15-12-255-032-0000 0.54 $653,900 02A 0.010537 $573,200 75.0%0.41
15-01-478-003-0000 0.15 811,200 13 734,300 65.0%0.10
15-01-478-001-0000 0.12 396,100 13 396,100 65.0%0.08
15-01-478-002-0000 0.04 137,200 13 137,200 65.0%0.03
15-01-478-017-0000 0.16 447,400 13 361,900 65.0%0.10
15-01-478-019-0000 0.2 $509,100 13 0.010537 $509,100 65.0%0.13
15-12-303-001-0000 0.12 $94,400 02A 0.010537 $94,400 60.0%0.07
15-12-303-002-0000 0.21 $205,300 02A 0.010537 $165,200 60.0%0.13
15-12-303-003-0000 0.08 $62,900 02A 0.010537 $62,900 60.0%0.05
15-12-303-004-0000 0.09 $70,800 02A 0.010537 $70,800 60.0%0.05
15-12-207-004-0000 0.24 $574,800 01K 0.010537 $550,200 75.0%0.18
15-12-207-003-0000 0.05 $76,600 01K 0.010537 $76,600 75.0%0.04
15-12-207-016-0000
15-12-254-086-0000 0.2 $932,635 01K 0.010537 $447,200 0.0%0.00
15-12-254-003-0000 0.2 $485,400 01K 0.010537 $447,200 75.0%0.15
15-12-157-003-0000 0.21 $310,200 02A 0.010537 $310,200 60.0%0.13
15-12-130-025-0000 0.73 2,075,900 02A 413,300 0.0%0.00
15-12-227-009-0000 0.66 $1,456,900 13 0.010537 $1,417,600 75.0%0.50
15-12-227-004-0000 0.19 $602,635 13 0.010537 $707,400 65.0%0.12
15-12-478-019-0000 4.3 0 13H 0.0%0
15-12-228-015-0000 0.0564 $326,100 01K 0.010537 $155,600 75.0%0.04
15-12-252-035-0000 0.8 $1,358,100 01K 0.010537 $1,130,700 75.0%0.60
15-12-153-004-0000 5 $11,166,700 02A 0.010537 $4,573,800 60.0%3.00
15-12-253-029-0000 1.3 $2,423,300 01K 0.010537 $1,752,600 75.0%0.98
15-01-378-031-0000 0.42 $1,066,100 13 0.010537 $1,064,100 100.0%0.42
15-01-453-005-0000 0.12 $167,300 13 0.010537 $167,300 75.0%0.09
15-01-453-006-0000 0.14 $195,100 13 0.010537 $195,100 75.0%0.11
15-01-453-007-0000 0.11 $704,300 13 0.010537 $704,300 75.0%0.08
15-12-263-001-0000 0.2 $141,845 01K 0.010537 $213,800 100.0%0.20
15-12-263-006-0000 01K 0.010537 100.0%0.00
15-12-263-005-0000 01K 0.010537 100.0%0.00
15-12-263-002-0000 01K 0.010537 100.0%0.00
15-12-263-003-0000 01K 0.010537 100.0%0.00
TOTALS:97.72 $212,262,833 221 52.89
TRUE % Residential:54.1%
2230
Exhibit B
Sustainable Development Policy Infographic
Link to full Sustainable Development Policy:
https://slcrda.com/wp-content/uploads/2022/10/Final-Sustainable-Development-Policy-
Resolution_NOFA.pdf 2331
Exhibit C
Granary Infrastructure Improvements
Link to The Downtown Plan:
http://www.slcdocs.com/Planning/MasterPlansMaps/Downtown.pdf
2432
Exhibit D
Public Infrastructure Improvements Included in HTRZ Public Benefits
2533
Exhibit D Continued
Public Infrastructure Improvements Included in HTRZ Public Benefits & Parcels
2634
Exhibit E
Tax Increment Budget
2735
REDEVELOPMENT AGENCY OF SALT LAKE CITY
HTRZ Project Area: 900 South 200 West Rate
Taxing Entity
Participation:
Participation: Phase
III
Multi-year Tax Increment and Cash Flow Analysis (HTRZ Mixed-Use Development)4%80%80%
INCREMENTAL PROPERTY TAX ANALYSIS:YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Assessed Value 468,768,698 1,806,236,775 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 2,576,064,459 1,238,596,383
(Less Base Year Value)(212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) TOTAL INCREMENTAL VALUE:256,505,865 1,593,973,942 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,363,801,626 1,026,333,550
CDA PROJECT AREA BUDGET Payment Year 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Sources of Funds:Tax Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
INCREMENTAL TAX BY TAXING ENTITY 2022 TOTALS NPV
Salt Lake County 0.001459 374,242 2,325,608 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 4,132,720 3,448,787 1,497,421 61,371,419 41,610,150
Multi County Assessing and Collecting 0.000015 3,848 23,910 42,489 42,489 42,489 42,489 42,489 42,489 42,489 42,489 42,489 42,489 42,489 42,489 42,489 35,457 15,395 630,960 427,795
County Assessing and Collecting 0.000160 41,041 255,036 453,211 453,211 453,211 453,211 453,211 453,211 453,211 453,211 453,211 453,211 453,211 453,211 453,211 378,208 164,213 6,730,245 4,563,142
Salt Lake City School District 0.004347 1,115,031 6,929,005 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 12,313,183 10,275,446 4,461,472 182,852,335 123,974,862
Salt Lake City 0.003158 810,046 5,033,770 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 8,945,257 7,464,886 3,241,161 132,838,204 90,065,014
Salt Lake City Library 0.000618 158,521 985,076 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,750,528 1,460,829 634,274 25,995,570 17,625,136
Salt Lake Metropolitan Water District 0.000212 54,379 337,922 600,505 600,505 600,505 600,505 600,505 600,505 600,505 600,505 600,505 600,505 600,505 600,505 600,505 501,126 217,583 8,917,574 6,046,163
Salt Lake City Mosquito Abatement District 0.000168 43,093 267,788 475,872 475,872 475,872 475,872 475,872 475,872 475,872 475,872 475,872 475,872 475,872 475,872 475,872 397,119 172,424 7,066,757 4,791,299
Central Utah Water Conservancy District 0.000400 102,602 637,590 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 945,521 410,533 16,825,612 11,407,855
Totals:0.010537 2,702,802 16,795,703 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794 24,907,378 10,814,477 443,228,676 300,511,415
Property Tax Participation Rate for Budget
Salt Lake County 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Multi County Assessing and Collecting 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
County Assessing and Collecting 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Salt Lake City School District 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Salt Lake City 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Salt Lake City Library 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Salt Lake Metropolitan Water District 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Salt Lake City Mosquito Abatement District 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Central Utah Water Conservancy District 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Property Tax Increment Participation by Taxing Entity YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 TOTALS NPV
Salt Lake County 299,394 1,860,486 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 3,306,176 2,759,029 1,197,937 49,097,135 33,288,120
Multi County Assessing and Collecting 3,078 19,128 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 28,366 12,316 504,768 342,236
County Assessing and Collecting 32,833 204,029 362,569 362,569 362,569 362,569 362,569 362,569 362,569 362,569 362,569 362,569 362,569 362,569 362,569 302,567 131,371 5,384,196 3,650,514
Salt Lake City School District 892,025 5,543,204 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 9,850,547 8,220,357 3,569,178 146,281,868 99,179,890
Salt Lake City 648,036 4,027,016 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 7,156,206 5,971,908 2,592,929 106,270,563 72,052,011
Salt Lake City Library 126,816 788,061 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,400,423 1,168,664 507,419 20,796,456 14,100,109
Salt Lake Metropolitan Water District 43,503 270,338 480,404 480,404 480,404 480,404 480,404 480,404 480,404 480,404 480,404 480,404 480,404 480,404 480,404 400,901 174,066 7,134,059 4,836,930
Salt Lake City Mosquito Abatement District 34,474 214,230 380,697 380,697 380,697 380,697 380,697 380,697 380,697 380,697 380,697 380,697 380,697 380,697 380,697 317,695 137,939 5,653,406 3,833,039
Central Utah Water Conservancy District 82,082 510,072 906,423 906,423 906,423 906,423 906,423 906,423 906,423 906,423 906,423 906,423 906,423 906,423 906,423 756,417 328,427 13,460,489 9,126,284
Combined Phases Total:2,162,242 13,436,563 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 19,925,902 8,651,581 354,582,941 240,409,132
Total Property Tax Increment for Budget:2,162,242 13,436,563 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 19,925,902 8,651,581 354,582,941 240,409,132
Uses of Tax Increment Funds YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 Totals NPV
HTRZ Allowable Costs 2,162,242 13,436,563 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 19,925,902 8,651,581 354,582,941 240,409,132
Admin Fee 1%21,622 134,366 238,774 238,774 238,774 238,774 238,774 238,774 238,774 238,774 238,774 238,774 238,774 238,774 238,774 199,259 86,516 3,545,829 2,404,091
Public Development Project Support 39%843,274 5,240,259 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 9,312,200 7,771,102 3,374,117 138,287,347 93,759,561
Private Development Support 60%1,297,345 8,061,938 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 14,326,461 11,955,541 5,190,949 212,749,764 144,245,479 Total:100%2,162,242 13,436,563 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 19,925,902 8,651,581 354,582,941 240,409,132
2836
Exhibit F
Absorption Schedule
2937
HTRZ PHASE III
Phase III Development Pro Forma
Assumptions
Building Value Assumptions Units or Building SF
Assessed Value Per
SF/Per Unit Cost Total Assessed Value Total Construction Costs
Land Value
Assumptions Acreage Per SF Land Value
Total Finished Land
Value
Base Year Value
Portion
Commercial 372,069 $361 $134,134,737 $167,668,421 Commercial 7.50 $42 $13,668,678 7,011,290
Office 1,304,122 $315 $410,473,128 $513,091,410 Office 14.10 $78 $48,112,710 13,181,225
Residential Mid Rise 3,238 $316,019 $1,023,391,224 $1,860,711,317 Residential Mid Rise 36.20 $39 $61,690,137 33,841,159
Hotel 67 $104,349 $6,991,371 $8,739,214 Hotel 0.20 $76 $660,448 186,968
Total 1,574,990,460 2,550,210,361 Public Use/Park 2.80 $0 $0 2,617,548
Total 60.80 $39.68 124,131,974
Additional Assumptions Base Year Land Value 60.80 934,838.65 56,838,190$ 56,838,190
Primary Residential Value Reduction 45.00%Total Incremental Taxable Land Value 67,293,784$
Personal Property Rate 0.00%
Long Term Inflation Rate (post absorption)0.00%
Feet per acre 43,560
Absorption
Annual Absorption %YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Commercial 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Office 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Residential Mid Rise 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Hotel 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Cummulative Absorption %YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Commercial 0%0%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%
Office 0%0%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%
Residential Mid Rise 0%0%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%
Hotel 0%0%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%
Annual Absorption SF YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Commercial - - 372,069 - - - - - - - - - - - - - -
Office - - 1,304,122 - - - - - - - - - - - - - -
Residential Mid Rise - - 3,238 - - - - - - - - - - - - - -
Hotel - - 67 - - - - - - - - - - - - - -
Cumulative Annual Absorption SF YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Commercial - - 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069
Office - - 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122 1,304,122
Residential Mid Rise - - 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238
Hotel - - 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67
Assessed Value by Land Use
Office YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Total Building Value - - $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128
Land Value - - $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710
Total Property Values - - $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838
Commercial YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Total Building Value - - $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737 $134,134,737
Land Value - - $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678 $13,668,678
Total Property Values - - $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415 $147,803,415
Residential Mid Rise YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Total Building Value - - $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224 $1,023,391,224
Property Exemptions - - (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051)
Land Value - - $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137 $61,690,137
Total Property Values - - $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311 $624,555,311
Hotel YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Total Building Value - - $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991,371
Land Value - - $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448 $660,448
Total Property Values - - $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819 $7,651,819
Property Values Summary
Summary YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Building Value - - $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460 $1,574,990,460
Land Value - - $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974 $124,131,974
Less Primary Residential Exemption - - (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051) (460,526,051)
Total Taxable Property Values - - $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383
3038
# Stories Unit Types Inflation Residential Commercial Comment
% Primary 100%varies Post District 2.00%Yes No
% Secondary 0%9 Convexity/Dunn MF 2.00%Yes No
Primary Residential Assessed Value 55%Convexity/Dunn Retail 2.00%No Yes
Commercial Assessed Value 80%Convexity/Dunn Garage 2.00%No Yes
Long Term Inflation Rate (post absorption)0.0%Orchid Dynasty Retail 2.00%No Yes
7 JTKR MF 2.00%Yes No
JTKR Retail 2.00%No Yes
8 SoHI 2.00%Yes No Need absorption and assessed values
EVO Retail 2.00%No Yes
EVO Office 2.00%No Yes
EVO Hotel 2.00%No Yes Need absorption and values
7 Pickle + Hide MF 2.00%Yes No
Total Residential Units 10,214 Pickle + Hyde Office/Retail 2.00%No Yes
Total Commercial SF 1,147,263 Pickle + Hyde Garage 2.00%No Yes
Total Office SF 1,919,842 13 RL Micro Units 2.00%Yes No
Total Structured Parking Stalls 3,596 RL Hotel 2.00%No Yes
Total Hotel Rooms 441 RL Life Science 2.00%No Yes
RL Retail Canyon 2.00%No Yes
34-40 RL MF High Rise 2.00%Yes No
Granary Square Commercia 2.00%No Yes
5 Granary Square MF 2.00%Yes No
TOTAL 3081358.606 Granary Square Parking 2.00%No Yes
Granary Square Hotel 2.00%No Yes
16 Motel 6 2.00%Yes No Need absorption and values
TBD Hines MF 2.00%Yes No
Hines Office 2.00%No Yes
9 Pacific Yard MF 2.00%Yes No Need absorption and values
Pacific Yard Parking 2.00%No Yes Need absorption and values
Pacific Yard Retail 2.00%No Yes Need absorption and values
Pacific Yard Office 2.00%No Yes Need absorption and values
6 Sloane MF 2.00%Yes No Need absorption and values
7 The June MF 2.00%Yes No Need absorption and values
varies, 7+Granary Apts. At 700 So.2.00%Yes No Need absorption and values
7 Lotus Alchemy - MF 2.00%Yes No Need absorption and values
Lotus Alchemy - Office 2.00%No Yes Need absorption and values
Lotus Alchemy - Retail 2.00%No Yes Need absorption and values
Lotus Alchemy - Parking 2.00%No Yes Need absorption and values
Lotus Alchemy - Amenity 2.00%No Yes Need absorption and values
8 West Village MF 1 2.00%Yes No Need absorption and values
8 West Village MF 2 2.00%Yes No Need absorption and values
West Village Parking 2.00%No Yes Need absorption and values
West Village Retail 2.00%No Yes Need absorption and values
West Village Life Science 2.00%No Yes Need absorption and values
RL Garage 2.00%No Yes
Phase Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Absorption Total
Post District 580 580
Convexity/Dunn MF 300 300
Convexity/Dunn Retail 25,000 25,000
Convexity/Dunn Garage 325 325
Orchid Dynasty Retail 20,000 20,000
JTKR MF 70 70
JTKR Retail 3,000 3,000
2 SoHI 153 153
2 EVO Retail 40,000 40,000
2 EVO Office 50,000 50,000
2 EVO Hotel 50 50
2 Pickle + Hide MF 139 139
2 Pickle + Hyde Office/Retail 50,000 50,000
2 Pickle + Hyde Garage 120 120
1 RL Micro Units 184 184
1 RL Hotel 204 204
1 RL Life Science 300,000 300,000
1 RL Retail Canyon 28,194 28,194
1 RL MF High Rise 334 334
FALSE Granary Square Commercial 595,000 595,000
Granary Square MF 1,420 1,420
Granary Square Parking 1,424 1,424
Granary Square Hotel 120 120
1 Motel 6 350 350
2 Hines MF 400 400
2 Hines Office 70,000 70,000
2 Pacific Yard MF 292 292
2 Pacific Yard Parking 202 202
2 Pacific Yard Retail 6,000 6,000
2 Pacific Yard Office 6,000 6,000
1 Sloane MF 88 88
2 The June MF 102 102
2 Granary Apts. At 700 So.348 348
1 Lotus Alchemy - MF 214 214
1 Lotus Alchemy - Office 1,400 1,400
1 Lotus Alchemy - Retail 9,720 9,720
1 Lotus Alchemy - Parking 256 256
1 Lotus Alchemy - Amenity 4,970 4,970
West Village MF 1 301 301
West Village MF 2 301 301
West Village Parking 835 835
West Village Retail 8,000 8,000
West Village Life Science 180,000 180,000
RL Garage 434 434
Total Residential Units 6,976 2,704 4,272 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Residential Units 6,976 2,704 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976
Total Commercial SF 775,194 31,194 744,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Commercial SF 775,194 31,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194
Total Office SF 615,720 379,720 236,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Office SF 615,720 379,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720 615,720
Total Structured Parking 3,596
Total Structured Parking Cost 87,225,031
Total Commercial SF 1,479,098 491,066 988,032 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Commercial SF 1,479,098 491,066 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098 1,479,098
Total Hotel Rooms 374 204 170 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Hotel Rooms 374 204 374 374 374 374 374 374 374 374 374 374 374 374 374 374 374 374
Year Market Value 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Assessed Values Per SF/ Construction Cost
Post District $355,000 $376,729 $384,263 $391,949 $399,788 $407,783 $415,939 $424,258 $432,743 $441,398 $450,226 $459,230 $468,415 $477,783 $487,339 $497,086 $507,027 $517,168
Convexity/Dunn MF $405,000 $429,789 $438,385 $447,153 $456,096 $465,218 $474,522 $484,012 $493,693 $503,567 $513,638 $523,911 $534,389 $545,077 $555,978 $567,098 $578,440 $590,009
Convexity/Dunn Retail $395 $419 $428 $436 $445 $454 $463 $472 $482 $491 $501 $511 $521 $532 $542 $553 $564 $575
Convexity/Dunn Garage $29,500 $31,306 $31,932 $32,570 $33,222 $33,886 $34,564 $35,255 $35,960 $36,680 $37,413 $38,161 $38,925 $39,703 $40,497 $41,307 $42,133 $42,976
Orchid Dynasty Retail $365 $387 $395 $403 $411 $419 $428 $436 $445 $454 $463 $472 $482 $491 $501 $511 $521 $532
JTKR MF $387,000 $410,687 $418,901 $427,279 $435,825 $444,541 $453,432 $462,501 $471,751 $481,186 $490,810 $500,626 $510,638 $520,851 $531,268 $541,893 $552,731 $563,786
JTKR Retail $362 $384 $392 $400 $408 $416 $424 $433 $441 $450 $459 $468 $478 $487 $497 $507 $517 $527
TRUE SoHI $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE EVO Retail $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE EVO Office $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE EVO Hotel $100,000 $106,121 $108,243 $110,408 $112,616 $114,869 $117,166 $119,509 $121,899 $124,337 $126,824 $129,361 $131,948 $134,587 $137,279 $140,024 $142,825 $145,681
TRUE Pickle + Hide MF $250,000 $265,302 $270,608 $276,020 $281,541 $287,171 $292,915 $298,773 $304,749 $310,844 $317,060 $323,402 $329,870 $336,467 $343,196 $350,060 $357,062 $364,203
TRUE Pickle + Hyde Office/Retail $375 $398 $406 $414 $422 $431 $439 $448 $457 $466 $476 $485 $495 $505 $515 $525 $536 $546
TRUE Pickle + Hyde Garage $22,500 $23,877 $24,355 $24,842 $25,339 $25,845 $26,362 $26,890 $27,427 $27,976 $28,535 $29,106 $29,688 $30,282 $30,888 $31,505 $32,136 $32,778
TRUE RL Micro Units $187,204 $198,662 $202,635 $206,688 $210,822 $215,038 $219,339 $223,726 $228,200 $232,764 $237,420 $242,168 $247,011 $251,952 $256,991 $262,130 $267,373 $272,721
TRUE RL Hotel $339,750 $360,545 $367,756 $375,111 $382,614 $390,266 $398,071 $406,033 $414,153 $422,436 $430,885 $439,503 $448,293 $457,259 $466,404 $475,732 $485,247 $494,952
TRUE RL Life Science $397 $421 $430 $438 $447 $456 $465 $474 $484 $494 $503 $514 $524 $534 $545 $556 $567 $578
TRUE RL Retail Canyon $381 $404 $412 $421 $429 $438 $446 $455 $464 $474 $483 $493 $503 $513 $523 $533 $544 $555
TRUE RL MF High Rise $557,832 $591,976 $603,816 $615,892 $628,210 $640,774 $653,589 $666,661 $679,994 $693,594 $707,466 $721,616 $736,048 $750,769 $765,784 $781,100 $796,722 $812,656
TRUE Granary Square Commercial $382 $405 $413 $422 $430 $439 $448 $457 $466 $475 $484 $494 $504 $514 $524 $535 $546 $557
TRUE Granary Square MF $358,000 $379,912 $387,511 $395,261 $403,166 $411,229 $419,454 $427,843 $436,400 $445,128 $454,031 $463,111 $472,373 $481,821 $491,457 $501,286 $511,312 $521,538
TRUE Granary Square Parking $27,225 $28,891 $29,469 $30,059 $30,660 $31,273 $31,898 $32,536 $33,187 $33,851 $34,528 $35,218 $35,923 $36,641 $37,374 $38,122 $38,884 $39,662
TRUE Granary Square Hotel $200,000 $212,242 $216,486 $220,816 $225,232 $229,737 $234,332 $239,019 $243,799 $248,675 $253,648 $258,721 $263,896 $269,174 $274,557 $280,048 $285,649 $291,362
TRUE Motel 6 $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE Hines MF $369,068 $391,658 $399,491 $407,481 $415,630 $423,943 $432,422 $441,070 $449,892 $458,890 $468,067 $477,429 $486,977 $496,717 $506,651 $516,784 $527,120 $537,662
TRUE Hines Office $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE Pacific Yard MF $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE Pacific Yard Parking $20,000 $21,224 $21,649 $22,082 $22,523 $22,974 $23,433 $23,902 $24,380 $24,867 $25,365 $25,872 $26,390 $26,917 $27,456 $28,005 $28,565 $29,136
TRUE Pacific Yard Retail $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE Pacific Yard Office $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE Sloane MF $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE The June MF $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE Granary Apts. At 700 So.$335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE Lotus Alchemy - MF $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE Lotus Alchemy - Office $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE Lotus Alchemy - Retail $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE Lotus Alchemy - Parking $20,000 $21,224 $21,649 $22,082 $22,523 $22,974 $23,433 $23,902 $24,380 $24,867 $25,365 $25,872 $26,390 $26,917 $27,456 $28,005 $28,565 $29,136
TRUE Lotus Alchemy - Amenity $105 $111 $114 $116 $118 $121 $123 $125 $128 $131 $133 $136 $139 $141 $144 $147 $150 $153
TRUE West Village MF 1 $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE West Village MF 2 $335,000 $355,505 $362,615 $369,867 $377,264 $384,810 $392,506 $400,356 $408,363 $416,530 $424,861 $433,358 $442,025 $450,866 $459,883 $469,081 $478,462 $488,032
TRUE West Village Parking $20,000 $21,224 $21,649 $22,082 $22,523 $22,974 $23,433 $23,902 $24,380 $24,867 $25,365 $25,872 $26,390 $26,917 $27,456 $28,005 $28,565 $29,136
TRUE West Village Retail $350 $371 $379 $386 $394 $402 $410 $418 $427 $435 $444 $453 $462 $471 $480 $490 $500 $510
TRUE West Village Life Science $390 $414 $422 $431 $439 $448 $457 $466 $475 $485 $495 $505 $515 $525 $535 $546 $557 $568
RL Garage $56,200 $59,640 $60,833 $62,049 $63,290 $64,556 $65,847 $67,164 $68,507 $69,878 $71,275 $72,701 $74,155 $75,638 $77,151 $78,694 $80,267 $81,873
Year Assessed Value 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Absorbed Value
Post District $122,580,030 $0 $122,580,030 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Convexity/Dunn MF $72,333,529 $0 $72,333,529 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Convexity/Dunn Retail $8,551,214 $0 $8,551,214 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Convexity/Dunn Garage $8,302,255 $0 $8,302,255 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Orchid Dynasty Retail $6,321,404 $0 $6,321,404 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
JTKR MF $15,811,469 $15,811,469 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
JTKR Retail $921,978 $921,978 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
SoHI $30,514,033 $0 $30,514,033 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
EVO Retail $12,123,240 $0 $12,123,240 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
EVO Office $15,154,050 $0 $15,154,050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
EVO Hotel $4,329,729 $0 $4,329,729 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pickle + Hide MF $20,687,985 $0 $20,687,985 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pickle + Hyde Office/Retail $16,236,482 $0 $16,236,482 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pickle + Hyde Garage $2,338,053 $0 $2,338,053 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RL Micro Units $20,104,607 $20,104,607 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RL Hotel $58,841,012 $58,841,012 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RL Life Science $101,111,898 $101,111,898 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RL Retail Canyon $9,119,524 $9,119,524 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RL MF High Rise $110,920,931 $0 $110,920,931 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Granary Square Commercial $196,820,805 $0 $196,820,805 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Granary Square MF $302,645,867 $0 $302,645,867 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Granary Square Parking $33,571,330 $0 $33,571,330 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Granary Square Hotel $20,782,697 $0 $20,782,697 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Motel 6 $69,803,344 $0 $69,803,344 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Hines MF $86,164,723 $86,164,723 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Hines Office $20,799,677 $20,799,677 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pacific Yard MF $58,235,933 $0 $58,235,933 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pacific Yard Parking $3,498,421 $0 $3,498,421 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pacific Yard Retail $1,818,486 $0 $1,818,486 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pacific Yard Office $1,818,486 $0 $1,818,486 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sloane MF $17,206,427 $17,206,427 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
The June MF $20,342,689 $0 $20,342,689 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Granary Apts. At 700 So.$68,043,596 $68,043,596 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Lotus Alchemy - MF $41,842,901 $41,842,901 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Lotus Alchemy - Office $415,994 $415,994 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Lotus Alchemy - Retail $2,888,184 $2,888,184 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Lotus Alchemy - Parking $4,346,708 $4,346,708 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Lotus Alchemy - Amenity $443,033 $443,033 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
West Village MF 1 $60,030,876 $0 $60,030,876 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
West Village MF 2 $60,030,876 $0 $60,030,876 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
West Village Parking $14,461,294 $0 $14,461,294 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
West Village Retail $2,424,648 $0 $2,424,648 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
West Village Life Science $60,789,390 $0 $60,789,390 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
RL Garage $20,706,970 $20,706,970 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
PH I & II Total Annual Value $1,806,236,775 $468,768,698 $1,337,468,076 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cumulative Value $468,768,698 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775
Total Value w/o Commercial/Primary Residential Reduction:$2,926,716,317
Known Development Projects YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
TIF End Date TIF Start Date
YR 15 YR 1 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698
YR 16 or later YR 2 or later $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076
Total Cumulative Value $468,768,698 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,806,236,775 $1,337,468,076 $0
Future Development Projects YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
TIF End Date TIF Start Date
YR 17 or later YR 3 or later $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383
Total Cumulative Value $0 $0 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383
Combined Projects YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
TIF End Date TIF Start Date
YR 15 YR 1 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698 $468,768,698
YR 16 or later YR 2 or later $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076 $1,337,468,076
YR 17 or later YR 3 or later $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383 $1,238,596,383
Total Cumulative Value $468,768,698 $1,806,236,775 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $3,044,833,157 $2,576,064,459 $1,238,596,383
Assumptions
Projections (All Phases at Buildout)
3139
Exhibit G
Sales Tax Analysis
3240
900 S HTRZ City Effective
Rate
County Effective
Rate
State Effective
Rate
Sales Tax Analysis State 4.850%0.000%0.000%4.850%
County 0.250%0.000%0.250%0.000%
Assumptions Retail Sales Tax Rates (Net Rate)Mass Transit 0.300%0.000%0.300%0.000%
Commerical Sales per SF1 251.01$ State 4.850%Additional Mass Trans 0.250%0.000%0.250%0.000%
Builtout Commercial SF 1,147,263 County Option Trans 0.250%0.000%0.250%0.000%
Online Sales per Resident $2,301 Taxable Sales Base Year Botanical, Cultural, Zoo 0.100%0.000%0.100%0.000%
Additional Assumptions Taxable Sales Base Year Value (2022)16,997,325 City 1.000%0.500%0.000%0.000%
Annual Inflation 1.0%Overall City Sales Tax Revenue City Acreage Correctional Facility 0.500%0.500%
Average Household Size²1.93 12,335,303,681$ 70,920 Total 7.500%1.000%1.150%4.850%Does not sum equally horizontally and vertically?
Residential Vacancy Rate (CBRE 2022)3.60%HTRZ Propotion of 2022 Taxables Sales HTRZ Acreage
Discount Rate 4.0%0.14%97.72
New Sales to State 30.0%
New Sales to County 50.0%
New Sales to City 50.0%
Time Indexed Sales ($)/SF Base Year Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17
Commercial (brick & mortar) Sales 251 254 256 259 261 264 266 269 272 275 277 280 283 286 289 291 294 297
Online Sales 2,301 2,324 2,347 2,370 2,394 2,418 2,442 2,467 2,491 2,516 2,541 2,567 2,593 2,618 2,645 2,671 2,698 2,725
Absorption Projections Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17
PH III Residential Units - - - 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238
All Other Residential Units - 2,704 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976
Total Residential Units - 2,704 6,976 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214
Vacant Units - 97 251 368 368 368 368 368 368 368 368 368 368 368 368 368 368 368
HTRZ New Residents - 5,031 12,979 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,004
PH III Commercial Square Feet - - - 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069
All Other Commercial Square Feet - 31,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194 775,194
Commercial SF Expired Removal¹(31,194) (775,194)
Commercial Square Feet - 31,194 775,194 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,147,263 1,116,069 372,069
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Total
Commercial Gross Taxable Sales - 7,908,306 198,492,533 296,700,273 299,667,276 302,663,949 305,690,588 308,747,494 311,834,969 314,953,319 318,102,852 321,283,881 324,496,719 327,741,687 331,019,103 334,329,294 328,491,290 110,605,645 4,742,729,178
Online Gross Taxable Sales - 11,690,492 30,461,686 45,048,557 45,499,043 45,954,033 46,413,574 46,877,709 47,346,487 47,819,951 48,298,151 48,781,132 49,268,944 49,761,633 50,259,250 50,761,842 51,269,460 51,782,155 767,294,100
Less Sales Tax Base Year (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325)
Total Gross Taxable Sales - 2,601,473 211,956,894 324,751,506 328,168,994 331,620,657 335,106,837 338,627,879 342,184,131 345,775,945 349,403,678 353,067,688 356,768,338 360,505,995 364,281,028 368,093,812 362,763,425 145,390,475 5,493,025,953
Sales Tax Summary
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Total
State Sales Tax Generation - 126,171 10,279,909 15,750,448 15,916,196 16,083,602 16,252,682 16,423,452 16,595,930 16,770,133 16,946,078 17,123,783 17,303,264 17,484,541 17,667,630 17,852,550 17,594,026 7,051,438 253,221,835
County Sales Tax Generation - 14,958 1,218,752 1,867,321 1,886,972 1,906,819 1,926,864 1,947,110 1,967,559 1,988,212 2,009,071 2,030,139 2,051,418 2,072,909 2,094,616 2,116,539 2,085,890 835,995 30,021,145
City Sales Tax Generation - 13,007 1,059,784 1,623,758 1,640,845 1,658,103 1,675,534 1,693,139 1,710,921 1,728,880 1,747,018 1,765,338 1,783,842 1,802,530 1,821,405 1,840,469 1,813,817 726,952 26,105,344
Percentage to TTIF 15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%
Total Sales Tax to TTIF - 23,121 1,883,767 2,886,229 2,916,602 2,947,279 2,978,262 3,009,555 3,041,161 3,073,084 3,105,325 3,137,889 3,170,779 3,203,997 3,237,548 3,271,434 3,224,060 1,292,158 46,402,249
Source: Utah Calendar Year Gross Taxable Sales and Purchases - 2022 Prepared by the Economics and Statistical Unit of the Utah State Tax Commission
¹: Assumes that sales tax collection is triggered at the same time as the property tax for specific parcels. After parcels expire, their commercial square footage is removed from the sales tax collection.
Sales Tax Rates (Net Rate)
Source: Rates in effect as of October 1, 2021
Note 1: This is the annual commercial gross taxable sales compared to the estimated commercial square footage for Salt Lake City. 2022 taxable sales data was obtained from the State Tax Commission website.
Note 2: Census, 2021 ACS 1 YR Estimate
3341
Exhibit H
Affordable Housing Gap Analysis
3442
900 S HTRZ
Affordable Housing Gap Analysis
Assumptions Monthly Rent
Multifamily Average Rent (CBRE 2022 Multifamily Report)$19,476 $1,623
2022 SL County 60% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$13,824 $1,152
Rent Reduction/Gap between Market & 60% AMI (%)29.02%
Total Residential Units 10,214
% Private Development Affordable Component 10.0%
# Affordable Private Development Units 1,021
% Public Benefit Affordable Component 10.0%
# Affordable Public Benefit Units 1,021
Total Affordable Units (Private Development & Public Benefit)2,043 Total over Project
Residential Vacancy Rate (CBRE 2022)3.60% Term Years
Average Annual Affordable Rent Gap (Private Only)$8,610,626 $215,265,646
Average Annual Affordable Rent Gap (both Private & Public)$17,221,252 $430,531,292
Affordable Housing Rent Reduction (%)29.02%
Additional Assumptions
Rent Growth (HDLP Submissions 2022)3.0%
Average Household Size (Census, 2021 ACS 1 YR Estimate)1.93
Discount Rate 4.0%
Time Indexed Sales ($)/SF
Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25
Multifamily Average Rent 20,662 21,282 21,920 22,578 23,255 23,953 24,672 25,412 26,174 26,959 27,768 28,601 29,459 30,343 31,253 32,191 33,157 34,151 35,176 36,231 37,318 38,438 39,591 40,778 42,002 43,262
60% AMI, 1 Bedroom Rent Limit 14,666 15,106 15,559 16,026 16,507 17,002 17,512 18,037 18,578 19,136 19,710 20,301 20,910 21,537 22,183 22,849 23,534 24,240 24,968 25,717 26,488 27,283 28,101 28,944 29,813 30,707
Gap per Unit 5,996 6,176 6,361 6,552 6,749 6,951 7,160 7,375 7,596 7,824 8,058 8,300 8,549 8,806 9,070 9,342 9,622 9,911 10,208 10,514 10,830 11,155 11,489 11,834 12,189 12,555
Absorption Projections
2024 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25
PH III Residential Units - - - 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238
All Other Residential Units - 2,704 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976
Total Residential Units - 2,704 6,976 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214 10,214
Vacancy Reduction - (97) (251) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368) (368)
Total Occupied Residential Units - 2,607 6,725 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847 9,847
Total Residential Rent (if all Market Rate)- 55,474,725 147,411,773 222,318,179 228,987,724 235,857,356 242,933,077 250,221,069 257,727,701 265,459,532 273,423,318 281,626,018 290,074,798 298,777,042 307,740,353 316,972,564 326,481,741 336,276,193 346,364,479 356,755,413 367,458,076 378,481,818 389,836,273 401,531,361 413,577,302 425,984,621
# Private Dev. Affordable Residential Units - 270 698 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021
# Public Benefit Affordable Component - 270 698 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021 1,021
Total Affordable Units - 541 1,395 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2,043
Vacancy Reduction - (19) (50) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74) (74)
Total Occupied Affordable Units - 521 1,345 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 TOTAL
Total Affordable Unit Rent (if Market Rate)- 11,094,945 29,482,355 44,463,636 45,797,545 47,171,471 48,586,615 50,044,214 51,545,540 53,091,906 54,684,664 56,325,204 58,014,960 59,755,408 61,548,071 63,394,513 65,296,348 67,255,239 69,272,896 71,351,083 73,491,615 75,696,364 77,967,255 80,306,272 82,715,460 85,196,924 1,483,550,501
Total Affordable Unit Rent (at 60% AMI)- 7,875,155 20,926,477 31,560,141 32,506,945 33,482,153 34,486,618 35,521,216 36,586,853 37,684,459 38,814,992 39,979,442 41,178,825 42,414,190 43,686,616 44,997,214 46,347,131 47,737,545 49,169,671 50,644,761 52,164,104 53,729,027 55,340,898 57,001,125 58,711,159 60,472,493 1,053,019,210
Affordable Housing Rent Gap - 3,219,790 8,555,877 12,903,495 13,290,600 13,689,318 14,099,997 14,522,997 14,958,687 15,407,448 15,869,671 16,345,761 16,836,134 17,341,218 17,861,455 18,397,299 18,949,217 19,517,694 20,103,225 20,706,322 21,327,511 21,967,337 22,626,357 23,305,147 24,004,302 24,724,431 430,531,292
Private Development Affordable Rent Gap 1,609,895 4,277,939 6,451,748 6,645,300 6,844,659 7,049,999 7,261,499 7,479,344 7,703,724 7,934,836 8,172,881 8,418,067 8,670,609 8,930,727 9,198,649 9,474,609 9,758,847 10,051,612 10,353,161 10,663,756 10,983,668 11,313,178 11,652,574 12,002,151 12,362,215 215,265,646
Public Benefit Affordable Rent Gap 1,609,895 4,277,939 6,451,748 6,645,300 6,844,659 7,049,999 7,261,499 7,479,344 7,703,724 7,934,836 8,172,881 8,418,067 8,670,609 8,930,727 9,198,649 9,474,609 9,758,847 10,051,612 10,353,161 10,663,756 10,983,668 11,313,178 11,652,574 12,002,151 12,362,215 215,265,646
3543
Exhibit I
Base Year Value
3644
900 S HTRZ
Base Year Value
Assumptions Value
Inflation Rate 0.0%
Base Year Value by Tax Area -$
02A 108,624,530.00$
13 60,261,956.00$
01K 43,376,347.00$
Total Base Year Property Value 212,262,833$
INCREMENTAL PROPERTY TAX ANALYSIS:Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Cumulative Taxable Value Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
TOTAL BASE YEAR VALUE:212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833 212,262,833
HTRZ PROJECT AREA BUDGET Payment Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
Sources of Funds:Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
INCREMENTAL TAX RATE & ANALYSIS 2022
Salt Lake County 0.001459 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691 309,691
Multi County Assessing and Collecting 0.000015 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184 3,184
County Assessing and Collecting 0.000160 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962 33,962
Salt Lake City School District 0.004347 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707 922,707
Salt Lake City 0.003158 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326 670,326
Salt Lake City Library 0.000618 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178 131,178
Salt Lake Metropolitan Water District 0.000212 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000
Salt Lake City Mosquito Abatement District 0.000168 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660 35,660
Central Utah Water Conservancy District 0.000400 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905 84,905
Totals:0.010537 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613
3745
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Amending the Bylaws to Modify the Chairperson’s Term.
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE BYLAWS TO MODIFY THE CHAIRPERSON’S
TERM.
WHEREAS, the Redevelopment Agency of Salt Lake City’s Board of Directors (“Board”)
adopted Amended and Restated Bylaws on May 10, 2016, pursuant to Resolution 20-2016,
which were subsequently amended on January 10, 2023, pursuant to Resolution 01-2023
(collectively referred to herein as “Bylaws”).
WHEREAS, pursuant to these Bylaws, the Chairperson of the Board serves a one-year term and
is not eligible to serve immediately successive terms as Chairperson.
WHEREAS, the Board desires to amend the Bylaws to modify the eligibility of the Chairperson
so that the Chairperson is eligible to serve two successive terms.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that the Bylaws are hereby
amened as set forth below:
The third sentence of Article III, Section 5 of the Bylaws is hereby deleted in its entirety
and replaced with the following:
The Chairperson shall be eligible for reelection and may serve a second successive term as
Chairperson. A Chairperson shall not be eligible for reelection for a third term until one
year after the expiration of their second successive term.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______
day of December 2023.
________________________________
Chairperson
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
December 5, 2023
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
BYLAWS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
Amended and Restated by the Redevelopment Agency of Salt Lake City
on May 10, 2016.
Amended by the Redevelopment Agency of Salt Lake City
on May 10, 2016January 10, 2023.
1
INDEX Page No.
ARTICLE I -
ARTICLE I - THE AGENCY...............................................................................................................................1
Section 1.
Section 2.
Section 3.
Section 4.
Section 4.
Name of Agency...........................................................................................................I
Governing Board..........................................................................................................1
Executive Director........................................................................................................1
Seal of Agency..............................................................................................................2
Office of Agency..........................................................................................................2
ARTICLE II -GOVERNANCE ............................................................................................................................2
Section 1.
Section 2.
Section 3.
Governance....................................................................................................................2
The Board of Directors.................................................................................................2
Executive Director........................................................................................................2
ARTICLE III- OFFICERS AND EXECUTIVE DIRECTOR ..........................................................................3
Section 1.
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
Section 7.
Officers..........................................................................................................................3
Chairperson....................................................................................................................3
Vice-Chairperson...........................................................................................................3
Additional Duties..........................................................................................................4
Election..........................................................................................................................4
Vacancies.......................................................................................................................4
Executive Director........................................................................................................4
ARTICLE IV - MEETINGS................................................................................................................................5
Section 1.
Section 2.
Section 3.
Section 4.
Annual Meeting............................................................................................................5
Regular Meetings..........................................................................................................5
Ouoru1n.........................................................................................................................6
Resolutions and Contracts............................................................................................6
ARTICLE V- ADVISORY COMMITTEE.........................................................................................................6
Section 1.
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
Section 7.
Section 8.
Section 9.
Section 10.
Section 11.
Advisory Committee Created......................................................................................6
Purpose..........................................................................................................................7
Appointment - Oath of Office......................................................................................7
Removal from Office....................................................................................................7
Me1nbers; Ethics...........................................................................................................7
Eligibility for Membership...........................................................................................8
Meetings........................................................................................................................8
Election of Officers. .....................................................................................................9
Subcommittees...............................................................................................................9
Responsibilities..............................................................................................................9
Staff Suppo11................................................................................................................9
2
ARTICLE VI- AMENDMENTS........................................................................................................................10
Section 1.A1nendments to Bylaws..............................................................................................10
3
ARTICLE I -THE AGENCY
Section 1.Name of Agency. The name of the agency shall be the "Redevelopment
Agency of Salt Lake City'' (also referred to herein as the "Agency").
Section 2. Governing Board. The governing board of the Agency shall be known as
the Board of Directors of the Redevelopment Agency of Salt Lake City ("Board of Directors").
The Board of Directors shall be comprised of the members of the City Council of Salt Lake City,
Utah.
Section 3. Executive Director. The executive director ("Executive Director") of the
Agency shall be the duly elected or appointed Mayor of Salt Lake Gty Corporation.
Section 4.
approve.
Seal of Agency. The Agency shall have a seal in a form which it shall
Section 5. Office of Agency. The office of the Agency shall be at such place in Salt
Lake City, Utah, as the Agency may from time to time designate by resolution.
ARTICLE II- GOVERNANCE
Section 1.
Directors.
Governance. The governing body of the Agency shall be the Board of
Section 2. The Board of Directors. The powers and duties of the Board of Directors
shall include, but shall not be limited to, the following policy-making functions:
A.Adopt all resolutions, policies and Bylaws of the Agency.
B.Approve annual budgets.
C.Review all acts of administration.
D.Make and enforce any additional rules and regulations for the governance
of the Agency, the preservation of order at its meetings, and the transaction
of business of the Agency as may be necessary.
E.Perform all other duties that may be required by the Board of Directors not
inconsistent with these Bylaws or as may be required by law.
Section 3. Executive Director. The powers and duties of the Executive Director
shall include, but are not limited to, the following executive and administrative functions:
A.Implement the resolutions of the Board of Directors.
4
B.Execute the policies adopted by the Board of Directors.
C.Utilize such City personnel as may be necessary to exercise the powers,
duties, and functions of the Agency as prescribed by the laws of the State
of Utah. The selection and compensation of personnel shall be determined
by the Executive Director, subject to the policies established by the Board
of Directors.
D.Attend all meetings of the Board of Directors with the right to take part in
all discussions and the responsibility to inform the Board of Directors of
the condition and needs of the Agency and to make recommendations and
give advice to the Board of Directors. The Executive Director shall not
have the right to vote in Agency meetings.
E.Furnish the Board of Directors with reports periodically as determined by
the Board of Directors, setting forth the amounts of all budget
appropriations, the total disbursements to date from these appropriations,
and the amount of indebtedness incurred or contracted against each
appropriation, and the percentage of the appropriation encumbered to date.
F.Negotiate and execute agreements or contracts within budget
appropriations on behalf of the Agency.
G.Establish reporting and management structures for the Agency.
H.Perform all other duties that may be required by law.
ARTICLE III- OFFICERS AND EXECUTIVE DIRECTOR
Section 1. Officers. The officers of the Agency shall be a Chairperson and a
Vice-Chairperson who shall be elected from the Board of Directors.
Section 2.Chairperson. The Chairperson shall preside at all meetings of the Agency.
At each such meeting, the Chairperson shall submit such recommendations and information as
the Chairperson may consider proper concerning the business, affairs, and policies of the Agency.
Section 3. Vice-Chairperson. The Vice-Chairperson of the Agency shall perform the
duties of the Chairperson in the absence or incapacity of the Chairperson; and in case of the
resignation or death of the Chairperson, the Vice-Chairperson shall perform such duties as are
imposed on the Chairperson until such time as the Agency shall elect a new Chairperson.
5
Section 4. Additional Duties. The officers of the Agency shall perform such other
duties and functions as may from time to time be required by the Agency or the Bylaws or rules
and regulations of the Agency.
Section 5. Election. The Chairperson shall be elected at the Annual Meeting of the Agency
from among the members of the Board of Directors of the Agency. The Chairperson shall hold office
for a term of one year or until their successor is elected and qualified. The Chairperson shall be eligible
for reelection and may serve a second successive term as Chairperson. A Chairperson shall not be eligible
for reelection for a third term until one year after the expiration of their second successive term.
A Chairperson shall not be eligible for reelection and may not serve successive full
terms until one year after the expiration of their one-year term.
The Vice-Chairperson shall be elected by members of the Board of Directors of the
agency at the organization meeting, and thereafter shall be elected at the annual meeting of the
Agency from among the members of the Board of Directors of the Agency. The
Vice-Chairperson shall hold office for a term of one year or until his or her successor is elected
and qualified. A Vice-Chairperson shall be eligible for reelection and may serve one or more
successive terms.
Section 6. Vacancies. Should the offices of Chairperson of Vice-Chairperson
become vacant, the Board of Directors of the Agency shall elect a successor from among the
Board of Directors of the Agency at the next regular meeting, and such election shall be for the
unexpired term of the vacant office. Should the office of Executive Director become vacant, the
office of Executive Director shall be filled with the appointment or election of the new Mayor.
Officers elected to fill an unexpired term shall be eligible for election immediately upon
completion of the unexpired term.
Section 7. Executive Director. The Mayor of Salt Lake City shall serve as the
Executive Director and shall exercise his or her executive powers to perform such duties on
behalf of the Agency as more fully described in Article III herein and shall, subject to the policy
direction of the Board of Directors, have general supervision of the administrative and business
affairs of the Agency. In order to be effective against the Agency, all resolutions and bylaws must
be countersigned by the Executive Director. The Executive Director or his or her designee shall
sign all contracts, deeds, orders, and other instruments made by the Agency. The Executive
Director may designate in writing the person other than the Executive Director who shall have
authority to sign contracts, deeds, orders, and other instruments made by the Agency on behalf of
the Executive Director. Such designee must be employed by the City. The Executive Director
shall give bond for the faithful performance of the duties of the Executive Director and his/her
signatory designee in such amounts as the Board of Directors may determine.
ARTICLE IV - MEETINGS
Section 1. Annual Meeting. The annual meeting of the Agency shall be held
commensurate with the first Regular Meeting of each calendar year.
6
Section 2. Regular Meetings; Special Meetings. Regular meetings of the Agency
shall be held monthly by official notice. Any special meetings may be called pursuant to the
requirements in the Utah Open and Public Meetings Act, Utah Code 52-4-2, and its successor or
replacement.
Section 3. Quorum. Four members shall constitute a quorum for the purpose of
conducting the Board's business and exercising its powers and for all other purposes. Action
may be taken by the Agency upon a vote of a majority of Board of Directors present at a meeting
at which a quorum is present.
Section 4.Resolutions and Contracts. All resolutions shall be in writing and
designated by number, reference to which shall be inscribed in the minutes and an approved copy
filed with the Salt Lake City Recorder's Office. All contracts executed by the Agency shall be
filed with the Salt Lake City Recorder's Office.
ARTICLE V- ADVISORY COMMITTEE
Section 1. Advisory Committee Created. There is created the Advisory Committee of the
Redevelopment Agency of Salt Lake City, which body shall consist of not less than seven (7) nor more
than nine (9) persons appointed as voting members. Members shall be appointed without regard to
partisan political affiliation from among citizens of the highest integrity, attainment, and competence.
Members appointed to the Advisory Committee may include, but shall not be limited to, the following
vocational classifications: finance, construction, law, architecture, and planning. Members shall be
appointed on the basis of their individual expertise and not their affiliation with particular groups or
organizations or geographic areas. Members of the Advisory Committee shall be residents of the City
except that two (2) members may reside outside the boundaries of the City, and providing that a
majority of the Advisory Committee members are City residents, an additional two (2) members of the
Advisory Committee may reside outside the boundaries of the City provided however, that they own
or are employed by an entity holding a current City business license.
The Chief Administrative Officer, the Executive Director, and the Director of Economic
Development of the City, and such other experts as the Board of Directors may from time to time
deemed necessary shall be ex officio, non-voting members of the Advisory Committee.
Section 2. Purpose. The purpose of the Redevelopment Advisory Committee is to advise
the Board of Directors Concerning the Agency's redevelopment programs, activities and project areas
undertaken under the provisions of the Utah Community Development and Renewal Agencies Act and
the Utah Residential Rehabilitation Act as requested by the Board of Directors. The Redevelopment
Advisory Committee shall serve only in an advisory role and shall have no power or authority other
than that delegated to it by the Board of Directors.
Section 3.Appointment - Oath of Office.All appointments of members of the
Redevelopment Advisory Committee shall be made by the Executive Director with the advice and
7
consent of the Board of Directors. All appointments to the Redevelopment Advisory Committee shall
be made for a four-year term. No member shall serve more than two full four-year terms. Each
member's term of office shall expire on the applicable third Monday in January. Each member shall
perform service on a voluntary basis and shall serve without compensation. Members shall be immune
from liability with respect to any decision or action taken during the course of those services as provided
by Section 63-30b-2, Utah Code Annotated 1953, as amended, or its successor. Members of the
Redevelopment Advisory Committee shall sign the oath of office and file the same in the office of the
Agency. Every Member who shall fail within a reasonable time after notification of such Member's
appointment to file with the Agency such member's oath of office to perform faithfully, honestly, and
impaitially the duties of his or her office, shall be deemed to have refused such appointment, and
thereupon another person shall be appointed in the manner prescribed. Vacancies occurring in the
membership of the Redevelopment Advisory Committee shall be filled by appointment as described
herein for the unexpired term.
Section 4. Removal from Office. Members of the Redevelopment Advisory Committee may
be removed from office by the Executive Director for cause, prior to the normal expiration of a term
for which such member was appointed. Members of the Redevelopment Advisory Committee may
also be removed from office if they are absent without excuse from three consecutive regular meetings
of the Redevelopment Advisory Committee.
Section 5. Members; Ethics. Persons to be considered for appointment as members of
the Redevelopment Advisory Committee shall submit to the Agency a public disclosure statement in
a form approved by the Agency. Members of the Redevelopment Advisory Committee shall be deemed
to be public officers and shall be subject to and bound by the provisions of the Utah Public Officers
and Employees Ethics Act, Section 67-16-1, et seq., Utah Code Annotated 1953, as amended, or its
successor legislation. Any violation of the provisions of such act, or as the act shall be from time to
time amended, shall be grounds for removal from the Redevelopment Advisory Committee for cause.
Members shall not participate in any discussions of the Redevelopment Advisory Committee which
will create a direct or substantial conflict of interest between his or her private interests and his or her
public duty as a member of the Redevelopment Advisory Committee.
Section 6. Eligibility for Membership. To be eligible to be appointed as a member of the
Redevelopment Advisory Committee, a person shall meet the following prerequisites:
A.Be not less than twenty-one years of age;
B.Be a resident of the State of Utah; and
C Not also serve as a member of another appointed authority, board, advisory
board, council, committee or commission of the City.
Section 7. Meetings. The Redevelopment Advisory Committee shall convene regular
meetings to be held not less than monthly throughout the year. Meetings of the Redevelopment
8
Advisory Committee shall be in accordance with the provisions of the Utah Open and Public Meetings
Act insofar as applicable to the Redevelopment Advisory Committee. Special meetings may be called
by a majority of the Members of the Redevelopment Advisory Committee, the chairperson of the
Redevelopment Advisory Committee, the Executive Director, the Chief Administrative Officer, or the
Chairperson of the Board of Directors. The call for a special meeting must be signed by the members,
the chairperson of the Redevelopment Advisory Committee, the Executive Director, the Chief
Administrative Officer, or Chairperson of the Board of Directors calling such meeting. Unless waived
in writing, each member not joining in the order for such special meeting must be given not less than
twenty-four (24) hours' prior notice of the date, time, and place of the meeting. The notice of special
meetings shall be served personally or left at the member's residence or business office. Meetings shall
be held at the office of the Agency or at such other place as may be designated by the Redevelopment
Advisory Committee. Half of the members of the Redevelopment Advisory Committee then appointed
and having signed the oath of office shall constitute a quorum for the transaction of business. The
Redevelopment Advisory Committee may take official action by an affirmative vote of a majority of
its members present at any meeting at which a quorum is present.
The Redevelopment Advisory Committee shall cause a written record of its proceedings to be kept
which shall be available for public inspection in the office of the Agency. The Redevelopment
Advisory Committee shall record in the record the yea and nay votes on the voting of any action taken
by it.
The Redevelopment Advisory Committee shall adopt a system of rules of procedure under which its
meetings are to be held. The Redevelopment Advisory Committee may suspend the rules of procedure
by a two-thirds vote of the members of the Committee who are present at any meeting. The
Redevelopment Advisory Committee may suspend the rules of procedure beyond the duration of the
meeting at which the suspension of the rules occurs.
Section 8. Election of Officers. Each year, the Redevelopment Advisory Committee, at its
first regular meeting in February, shall elect one of its members to serve as chairperson and another of
its members to serve as vice chairperson. The vice chairperson shall perform the duties of the
chairperson during the absence or disability of the chairperson. The Agency shall make available a
secretary from to assist the Redevelopment Advisory Committee when required.
Section 9. Subcommittees. The Redevelopment Advisory Committee may designate
subcommittees as it desires to study, consider, and make recommendations on matters that are
presented to the Redevelopment Advisory Committee. Subcommittee members may be members of
the Redevelopment Advisory Committee, but the Redevelopment Advisory Committee shall have
the power to designate such subcommittee members as it deems appropriate and advisable even
though they may not be members.
Section 10. Responsibilities. The Redevelopment Advisory Committee shall have the
following powers and duties:
9
A.Upon request of the Board of Directors in legislative or policy matters, or upon
request of the Executive Director in executive or administrative matters, the Redevelopment Advisory
Committee shall study, review, or analyze matters or issues affecting the redevelopment programs,
activities, and redevelopment project areas and make oral and written recommendations and reports
to the Board and the Chief Administrative Officer.
B.Determine and establish rules and regulations for the conduct of the
Redevelopment Advisory Committee as the members shall deem advisable; provided, however, that
such rules and regulations shall not be in conflict with these By-Laws, the policies of the Agency, or
any other laws.
C.If requested by the Board of Directors, the power to hold public hearings to
obtain public comment.
D.The power to meet with and coordinate the activities of the Redevelopment
Advisory Committee with the City's Planning Commission and its staff, or other persons or entities.
Section 11. Staff Support. Upon request of the Redevelopment Advisory Committee and
approval of the Executive Director, the Agency shall make available to the Redevelopment Advisory
Committee staff support, independent consultants, the Agency's attorney or an attorney designated
by the Agency to render legal services and such other assistance as may be necessary.
ARTICLE VI- AMENDMENTS
Section 1.Amendments to Bylaws. Subject to Article V, Section 5, the Bylaws of
the Agency may be amended with the approval of at least a majority of the Board of Directors of
the Agency at a Regular or Special meeting at which a quorum is present, but no such
amendment shall be adopted unless at least seven days' written notice thereof has been
previously given to all members of the Board of Directors of the Agency. Notice shall identify
the section or sections of the Bylaws proposed to be amended.
iV1. f3-UJ-/4r!
acquelineM.Biskupski
Executive Director
Lisa R. Adams, Chai
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Amending the Bylaws to Modify the Chairperson’s Term.
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE BYLAWS TO MODIFY THE CHAIRPERSON’S
TERM.
WHEREAS, the Redevelopment Agency of Salt Lake City’s Board of Directors (“Board”)
adopted Amended and Restated Bylaws on May 10, 2016, pursuant to Resolution 20-2016,
which were subsequently amended on January 10, 2023, pursuant to Resolution 01-2023
(collectively referred to herein as “Bylaws”).
WHEREAS, pursuant to these Bylaws, the Chairperson of the Board serves a one-year term and
is not eligible to serve immediately successive terms as Chairperson.
WHEREAS, the Board desires to amend the Bylaws to modify the eligibility of the Chairperson
so that the Chairperson is eligible to serve two successive terms.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that the Bylaws are hereby
amened as set forth below:
The third sentence of Article III, Section 5 of the Bylaws is hereby deleted in its entirety
and replaced with the following:
The Chairperson shall be eligible for reelection and may serve a second successive term as
Chairperson. A Chairperson shall not be eligible for reelection for a third term until one
year after the expiration of their second successive term.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______
day of December 2023.
________________________________
Chairperson
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
Update:
Community Visioning Process
Anticipated Next Steps:
Design Consultant Team
Potential Straw Poll
BALLPARK NEXT
December 12, 2023
Requesting a straw poll to indicate support to return with a budget amendment to
utilize
SS Project Area Interventions Funds for the Design Consultant RFP
Next slide please
COMMUNITY VISIONING PROCESS
Design Competition
Creative way to begin collecting ideas
123 applications, concluded with celebration
Collected themes
Community Visioning Process
Kicked off in August with GSBS Architects
Builds on previous efforts
Extensive community engagement process to
create the Ballpark NEXT Guiding Principles
Informs the next steps of development
Additional Research: Best practices and adaptive
reuse opportunities for the structure
Anticipate completion by February 2024
DESIGN TEAM CONSULTANT
RFP & PROCESS
DESIGN COMPETITION
COMMUNITY VISIONING PROCESS
GUIDING PRINCIPLES
DEVELOPMENT RFP
URBAN DESIGN FRAMEWORK
WE ARE
HERE
Look at visual on the right, you can see that the GP's tie into our next step of working with a Design Consultant Team which we'll discuss further in in our next few slidesNext Slide please
Human Centered Design
Consultant Team
Agency / City
Priorities
Neighborhood
Priorities
(Ballpark Guiding
Principles)
Legacy Fund
Opportunity
Parcel
Considerations
Ballpark Station
Area Plan Goals
Area
Stakeholder
Opportunities
Legacy Fund
Impact investment fund, focus on
improving community wellbeing and
health outcomes
Neighborhood Data
Human Centered Design Consultant Team
Strategically weave all moving pieces
Establish collective vision of success
Informs:
Urban Design Framework
Development RFP
BALLPARK SITE STAKEHOLDERS & OPPORTUNITIES
One of the main considerations for our next step of soliciting a design consultant is the many stakeholders and opportunities this project has that we want to incorporate and get right
that ultimately informs ouran
Reference Pink circle
Next slide please
DESIGN TEAM CONSULTANT
RFP & PROCESS
DESIGN COMPETITION
GUIDING PRINCIPLES
U R B A N D E S I G N F R A M E W O R K
Urban Design Framework Goals:
Incorporation of Guiding Principles
Incorporation of human centered design &
programming
Community checkpoints
Outcome:
Shared vision of success
Framework to guide future development team
*Requesting RDA Board straw poll
COMMUNITY VISIONING PROCESS
DEVELOPMENT RFP
URBAN DESIGN FRAMEWORK
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
DATE: November 22, 2023
PREPARED BY: Corinne Piazza & Lauren Parisi, Senior Project Managers
RE: Ballpark NEXT Update
REQUESTED ACTION: Discussion and potential straw poll
POLICY ITEM: Budget - Use of State Street Project Area Strategic Intervention Funds
BUDGET IMPACTS: Involves potential future budget allocation to utilize State Street Project
Area Strategic Intervention Funds for the Ballpark NEXT Design
Consultant Team
EXECUTIVE SUMMARY:
In January 2023, the Larry H. Miller Company announced that they will move the Salt Lake Bees to South
Jordan beginning in the 2025 season. This has presented an opportunity for Salt Lake City to re-envision
the City-owned Smith’s Ballpark and the parking lot to the north, located at 1300 South and West Temple,
and comprising ~13.5 acres (“Ballpark Site” or “Project” - illustrated in Attachment A). Since the
announcement, the Agency has been working diligently on the redevelopment potential for the Ballpark
Site, including launching a Community Visioning Process that will establish the community’s vision for
the Project, working with additional stakeholders such as the Larry H. & Gail Miller Family Foundation
and Legacy Fund to identify impact investment opportunities to support the Ballpark Site, as well as next
steps in the redevelopment timeline.
In addition to providing an update to the Board, Agency staff is proposing to utilize additional State Street
Project Area Strategic Intervention Funds to support a Request for Proposals (“RFP”) for a Design
Consultant Team. This Design Consultant will work with the Agency and Project stakeholders to develop
preferred concepts and an implementation plan for the Ballpark Site. The Agency currently has $150,000
within the Fiscal Year 2024 budget to allocate towards the RFP but anticipates needing additional funds for
the full scope of work. Agency Staff requests that the Board conduct a straw poll to indicate support for
Agency staff returning with a budget amendment to utilize State Street Project Area Strategic Intervention
Funds for the Design Consultant RFP once it has been issued and full costs are known.
ANALYSIS & ISSUES:
Background
In January 2023, the Larry H. Miller Company announced that they would not be extending their lease and
instead will move the Salt Lake Bees to South Jordan beginning in the 2025 season. This immediately
presented an opportunity for Salt Lake City to re-envision the Ballpark Site and its revitalization for the
community. Additionally, Mayor Mendenhall announced a partnership with the Larry H. & Gail Miller
Family Foundation to create an impact investment fund that will benefit the Ballpark Site and neighborhood
with a focus on improving community wellbeing and health outcomes (“The Legacy Fund”).
Since then, Agency Staff has been working with the Ballpark community, partners, and Legacy Fund to
identify stakeholder goals and opportunities that will inform the vision for the Ballpark Site.
Ballpark NEXT Design Competition and Community Visioning Process
Following the relocation announcement, Salt Lake City launched the Ballpark NEXT Design Competition,
which invited residents, students, and professionals to submit their ideas for the future of the Ballpark Site.
The Design Competition was managed by the Agency and concluded at the end of May 2023.
The Agency is currently working with GSBS Architects to conduct a Community Visioning Process, which
builds on the themes that were collected from the Design Competition and previous engagement efforts of
the Ballpark Station Area Planning process into the Ballpark NEXT Guiding Principles. These Guiding
Principles will reflect the community’s vision and preferences for the Ballpark Site and will be a key
foundational element in helping inform the next steps of the development process. The Guiding Principles
are anticipated to be completed by February 2024. Please see Attachment B: Ballpark NEXT Guiding
Principles Process for further detail. This information is also available to the public at
www.BallparkNEXT.com.
Proposed Next Steps
Prior to selecting a development partner, the Agency intends to issue a Request For Proposals (RFP) for a
specialized Ballpark NEXT Design Consultant Team to work with the Agency and project stakeholders to
develop preferred concepts and an overall implementation plan for the Ballpark Site. Deliverables will
include a comprehensive site plan that identifies recommended right-of-way alignments, development pads,
building massing and scale, land use mix, and programming to support residents (“Design Framework”).
Primary goals of the Design Consultant RFP are to:
• Ensure that the community’s Ballpark NEXT Guiding Principles are incorporated as a foundational
element of the Design Framework.
• Utilize a team of specialists to advise the Agency on the implementation of human centered design
and programming, impact investment opportunities available through the Legacy Fund, and how
to best incorporate these opportunities into the Project.
• Incorporate additional community representative input checkpoints along the way to inform key
design and programming decisions.
• Incorporate the multiple moving pieces of the Project into a thoughtful Design Framework that
includes existing conditions, neighborhood opportunities, and aligns with existing engagement
efforts.
• Create a collaborative concept to inform the future RFP for a development team (or teams) to
implement the project.
In anticipation of upcoming Ballpark NEXT efforts, Agency staff included a $300,000 appropriation of
State Street Project Area Funds for “Ballpark NEXT Redevelopment Strategy” in the Fiscal Year 2024
Budget. So far, the Agency has utilized $150,000 for the Community Visioning Process. The remaining
$150,000 will be used towards the Design Consultant Team RFP, and the Agency anticipates needing
additional funds to complete the full scope of work.
Once the Design Consultant RFP is issued and a team has been selected, the Agency will identify the
remaining amount needed, and proposes to return to the Board with a budget amendment at that time for
the remaining scope of work costs. Agency Staff requests that the Board conduct a straw poll to indicate
support for moving forward with issuing the RFP, contingent on returning with a budget amendment request
to utilize State Street Project Area Strategic Intervention Funds for the Ballpark NEXT Design Consultant
Team once the full costs are known.
REDEVELOPMENT ADVISORY COMMITTEE RECOMMENDATIONS: N/A
PREVIOUS BOARD ACTION:
• Fiscal Year 2024 Budget Allocation: $300,000 appropriation of State Street Project Area Funds
for “Ballpark NEXT Redevelopment Strategy”
ATTACHMENTS:
• Attachment A – Ballpark Site Map
• Attachment B – Ballpark NEXT Guiding Principles Process
Attachment A: Ballpark Site Map
Attachment B: Ballpark NEXT Guiding Principles Process
The Front HQ
RDA Loan Application
December 12, 2023
1420 S 400 W
1450 S 400 W3.85 Acres
Phase I
•Fitness studios
•Bathrooms & showers
•Climbing training area
•Mechanical and
electrical replacement
•Large windows
Phase II
•Climbing walls
•Building connection
•Fire suppression
•Mechanical and
electrical replacement
•Large windows
Phase III
•Fire suppression
•Bathrooms
•Courtyard access
•Mechanical and
electrical replacement
•Large windows
Why RDA Loan ?
•Several loan application denials
•Uncertainty in the market,
especially with opportunistic
investments like climbing gyms
•Bank desire to refinance entire
The Front HQ complex with a
higher interest rate.
•In RDA State Street Project
Area and aligns with State
Street CRA Plan
Public Benefit Criteria Commitment
Public Amenities Significant public art amenity on exterior of building; RDA policy requires
1.5% of loan ($30,000) be spent on art
Adaptive Reuse Repurpose 1420 South and 1450 South warehouses
Permanent Job Creation 30-40 new jobs, starting at $15/hr or higher
Transit Alternatives Showers, lockers, indoor bicycle parking, and a car sharing parking stall
Economic Impact Dedicate 100% of space to locally-owned business
Sustainability*Net-zero electric operations through Rocky Mountain Power Blue Sky
program and rooftop solar
Utah Business and RMP Blue Sky Green Small Business Legacy Award
Efficient design models 24% decrease in electricity consumption and 21%
decrease in overall utility costs compared to code baseline
Architecture & Urban
Design**
Large windows, masonry walls, landscape buffer between gym and I-15,
parking lot converted to outdoor plaza
*Unable to meet Sustainable Development Policy due to unique circumstances related to facility type
**Unable to meet Architecture & Urban Design because project is already underway; no opportunity for feedback and changes
Exception Requests
Sustainable Development Policy
Unable to calculate score for Designed to Earn the
Energy Star program; unable to compare EUI score
with corresponding 90th percentile score
Installing natural gas-powered heating system due to
ceiling heights
Public Benefit Criteria Minimum
Meets five of the six public benefit criteria required to
qualify for primary financing
Sources
$3,000,000 –Owner’s Equity
$2,000,000 –RDA Loan
Uses
$5,000,000 –Construction Costs
Phases I-III
Proposed Loan Terms
Amount -$2,000,000 (40% LTC)
Interest Rate –5.30%*
Term –3 Years
Amortization –20 Years
*exact interest rate determined at closing
Collateral
Value*Debt**LTV Equity
As-is $ 8,440,000 $ 3,603,140 43%$4,836,860
As-Built***$ 11,300,000 $ 5,603,140 50%$5,696,860
*November 1, 2023 appraised values
**June 30, 2023 balances
***Assuming construction complete on Phases I-III
Lien on 1420 South and 1450 South ($4.8m to $5.7m in equity based on Nov 2023 appraisal)
Personal guarantee
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: November 22, 2023
PREPARED BY: Austin Taylor, Project Manager
RE: RDA Loan: The Front HQ
REQUESTED ACTION: Consider a $2m RDA loan application from Rocky Ventures for The Front
HQ in the State Street Project Area
POLICY ITEM: RDA Loan
BUDGET IMPACTS: $2m from State Street Project Area funds
EXECUTIVE SUMMARY/BACKGROUND
The Front, located at 1470 S 400 W, is a climbing gym located within the Redevelopment Agency’s
State Street project area. The Front is working to expand its gym by remodeling the existing structure
and adaptively reusing an adjacent vacant warehouse, combining two buildings into one single facility
that will offer approximately 70,000 square feet of space. This expansion project will add climbing
walls, fitness studios, bathrooms and showers, a staff break room, storage space, and various
mechanical, electrical, and fire suppression systems. The project has already begun construction; the
owner is paying for the project with the business’s cash reserves. The RDA loan would allow the
owner to complete the project quicker and begin offering expanded services sooner.
The Front’s owner, Rocky Ventures (“Applicant”), is requesting a $2,000,000 RDA loan (40% loan to
hard cost) for Phases I-III of its four-phase expansion project. Rocky Ventures is proposing a 3-year
term with a 20-year amortization schedule, which fits within the RDA loan policy. The project would
require two waivers from the RDA Board for aspects of the project that do not follow RDA policy: one
waiver from the Sustainable Development Policy that prohibits on-site natural gas combustion, and a
second waiver from the Revolving Loan Fund Policy that requires projects receiving primary loans to
meet six or more Public Benefit Criteria. RDA staff believes that the project meets five of the six
required Public Benefit Criteria.
APPLICANT INFORMATION
The Front is a climbing gym owned by Rocky Ventures, an S Corp 100% owned by Dustin Buckthal.
The Front was founded in 1989 in Sandy, Utah and—after being acquired by a new owner—moved to
its current location in 1998. Current owner Dustin Buckthal purchased The Front in 2005. In 2016, The
Front built its current building, which features 60-foot climbing walls, bouldering walls, fitness rooms,
saunas, a climbing retail shop, restaurant, and more. The Front now operates facilities in three
locations: Salt Lake City (opened at its current location in 1998), Ogden (opened in 2010), and
Millcreek (opened in 2020). At its Salt Lake City location, The Front operates a climbing gym, small
climbing-focused retail store, café, fitness studios, weightlifting area, and ongoing classes, and it hosts
competitions and community events throughout the year.
Rocky Ventures received a $350,000 EDLF loan from Salt Lake City Economic Development for its
2016 new building project and is current on its debt service obligations.
FUNDING REQUEST
The Applicant is requesting a $2 million loan with a 3-year term and 20-year amortization schedule
through the RDA Loan Program to pay for Phases I-III of its 4-phase expansion project.
The Front explains its four-phase expansion project as follows:
• Phase 1, started March 2023, estimated completion November 2023: additional entry to
facility, addition of fitness class studios, gender-neutral bathrooms and showers, and
temporary climbing training areas, replacement of mechanical and electrical systems,
addition of large windows.
• Phase 2, November 2023 to February 2024: removal of buildouts and addition of climbing
walls, addition of large windows, connection of 1420 and 1450 [400 West] buildings,
replacement of mechanical and electricals, addition of fire suppression system, addition of
staff break room.
• Phase 3, March 2024 to May 2024: addition of fire suppression system, replacement of
electrical and mechanical system, connection of direct courtyard access, addition of gender-
neutral bathrooms.
• (NOT IN SCOPE OF RDA LOAN) Phase 4, June 2024 to June 2025: raising building to
60ft, adding additional space for weights and cardio equipment, addition of yoga facilities,
addition of World Cup and Olympic style route and bouldering walls for athlete training
and hosting international competitions, replacement of mechanical and electrical systems.
Primary Financing
The Applicant is requesting primary financing through the RDA because bank loans have been
difficult to get due to recent nationwide credit tightening, especially in “opportunistic” investment
types. Banks are also wanting to refinance the entire four-building property into one large permanent
loan. Doing so would drastically increase The Front’s debt service payments due to recent interest rate
hikes. The Applicant has provided documentation verifying that the project’s ability to secure
traditional financing is limited.
RDA policy allows the RDA to provide primary financing if the project includes at least six of the
following Public Benefit Criteria: Sustainability, Public Amenities, Adaptive Reuse, Historic
Preservation, Permanent Job Creation/Retention, Architecture/Urban Design, Transit Alternatives,
Economic Impact, and Affordable Housing. RDA staff believes this project meets five of the Public
Benefit Criteria (Public Amenities, Adaptive Reuse, Permanent Job Creation, Transit Alternatives, and
Economic Impact), and that it is close to meeting another two criteria but cannot because of factors
specific to the project (as discussed in Section V below).
Loan Terms
Pursuant to RDA Loan Program Policy (“Policy”), the project is eligible for a 3-year term with a 20-
year amortization period. Based on the Policy, the project qualifies for a 5.10% interest rate, calculated
by subtracting 50 basis points for each qualifying Public Benefit from the RDA Loan Program Base
Rate as follows:
RDA Loan Program Base Rate
(U.S. Treasury Yield plus 3%)
7.60%
Public Benefit Interest Rate
Reduction1:
• Public Amenities2
• Adaptive Reuse3
• Permanent Job Creation4
• Transit Alternatives5
• Economic Impact6
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
Final Interest Rate7 5.10%
1To be eligible for interest rate reductions, the project will be required to meet the
criteria outlined in Section V. Maximum interest rate reduction of 250 basis points.
2Project will provide significant public art amenity and meet RDA public art policy by
spending 1.5% of RDA loan value on art
3Project will repurpose existing warehouse buildings
4Expansion will create 40 permanent jobs
5Project will provide showers, lockers, bike storage, and a dedicated car-sharing
parking space
6Project will prioritize space for locally-owned business
7The interest rate provided is an estimate. The final interest rate will be based on the 3-
year U.S. Treasury Yield Curve Rate, as determined by the term of the loan, at loan
closing.
Refer to Attachment A: Loan Term Sheet for additional detail on proposed loan terms and conditions.
FINANCIAL OVERVIEW
Sources
RDA Loan $2,000,000 40%
Equity Contribution
$3,000,000 60%
Total Sources $5,000,000 100%
Uses
Hard and Soft Construction
Costs $5,000,000
100%
Total Uses $5,000,000 100%
POLICY ALIGNMENT: RDA LOAN PROGRAM
Waivers
This loan request mostly aligns with RDA Loan Program Policy (“Program”), as adopted by the RDA
Board of Directors; however, it will require waivers for two exceptions:
• Exception from RDA Sustainable Development Policy. This policy requires (1) projects
that receive more than $200,000 in RDA funding to achieve an Energy Use Intensity value
corresponding with a “Designed to Earn the ENERGY STAR” score of 90 or higher, and
(2) projects that receive more than $900,000 in RDA funding to operate solely on electric
power—not fossil fuels such as natural gas. An exception from these threshold
requirements would be required for this project for the following reasons:
o Fitness Centers/Health Clubs/Gyms are a recognized property type in the ENERGY
STAR system, but they are not eligible to receive an ENERGY STAR score. This is
because ENERGY STAR scores are calculated by comparing a project’s energy use
to a nationally representative data set of similar facilities, and this information is not
available for fitness centers/health clubs/gyms.
o The Front’s expansion project will include natural gas-powered heating systems
because, as a renovation and adaptive reuse project with ceiling heights over 60 feet,
the facility cannot be efficiently heated with electricity alone.
• Exception from the Loan Policy requirement of meeting six Public Benefit Criteria to
qualify for primary financing. The project meets five Public Benefit Criteria. It is unable to
meet Sustainability for the reasons stated above, but the project otherwise demonstrates a
commitment to sustainable building design and operation. The project is also unable to
meet Architecture and Urban Design because construction has begun and there is no
opportunity for the required design review, but the project uses high quality, lasting
materials and enhances the public realm. The five qualifying and two additional public
benefit criteria are discussed in the Public Benefit Analysis below.
Public Benefit Analysis
RDA staff believes this project meets the following five Public Benefit Criteria:
• Public Amenities
o RDA Policy: The project includes one of the following public amenities that
reinforces neighborhood character and scale:
▪ A significant open space or other publicly accessible amenity, or
▪ A significant public art amenity.
o Staff Analysis: The Front has committed to providing a significant public art
amenity on the exterior of the buildings. Pursuant to the RDA Art policy, an
applicant meets the criteria for this public benefit criteria if 1.5% of the RDA
contribution ($30,000) goes towards the installation of art onsite.
• Adaptive Reuse
o RDA Policy: The project will preserve or repurpose a building through the
conversion of existing structures into new land uses that contribute positively to its
surrounding neighborhood.
o Staff Analysis: The Front’s Phase I-III expansion repurposes two existing cinder
block warehouse buildings along 400 West, integrating them with the existing
facility and resulting in a positive contribution to the surrounding neighborhood.
• Permanent Job Creation
o RDA Policy: The project will attract employers as permanent occupants that provide
or retain jobs at or above a living wage. Project will create or retain at least one job
per $50,000 receive in program funding. Jobs must be projected to pay a living
wage of at least $15.00 per hour to qualify.
o Staff Analysis: The Front’s expansion is expected to create opportunities for
approximately 30-40 new jobs, all starting at $15 per hour or higher. 40 new jobs
qualifies the project for $2,000,000 in funding.
• Transit Alternatives
o RDA Policy: The project meets one of the following standards:
▪ Includes a car sharing, bike sharing, or transit pass program that is widely
available to employees/residents, or
▪ Is a commercial project that includes employee shower, locker, and bicycle
facilities.
o Staff Analysis: The project will add employee showers, lockers, and indoor bicycle
parking. The project will also incentivize car share with a dedicated parking stall.
• Economic Impact
o RDA Policy: The project will catalyze economic impacts through one of the
following:
▪ The project will remove blight through the rehabilitation/replacement of a
vacant and distressed building, or construct a new building on vacant and
distressed buildings, or construct a new building on vacant and underutilized
land, or
▪ The project will provide essential services that are currently lacking in the
neighborhood.
▪ The project will prioritize space for locally owned businesses.
o Staff Analysis: The project will rehabilitate two older warehouse buildings and
dedicate 100% of the space to locally owned business operations. The expansion is
projected to directly increase property valuation by $5 million as well as increase
the valuation of the surrounding properties by enhancing existing property and
increasing foot traffic which could reduce crime. Projected revenue increase of $25
million over 5 years is projected to generate $2 million in local and state sales tax.
In addition, RDA staff believes this project is close to meeting two additional Public Benefit Criteria
but cannot because of factors specific to the project:
• Sustainability – Not met; unique circumstances associated with facility type
o RDA Policy: The project meets the RDA Sustainable Development Policy by
avoiding the use of on-site fossil fuel consumption and achieving an Energy Use
Intensity value corresponding with a Designed to Earn the ENERGY STAR score of
90 or greater.
o Staff Analysis: The Front is committed to integrating sustainable design and
building operation principles into its project. The Front sources 100% of its
electricity from renewable sources through a rooftop solar array and the Rocky
Mountain Power Blue Sky program. The Front’s expansion project is designed to
result in a 24% decrease in electricity consumption, 31% decrease in electric peak,
3% decrease in gas consumption, and 21% decrease in utility costs compared to a
building built to code. However, this project will be reusing and installing new
natural gas heating systems due to the owner’s assessment that electric heating
systems cannot efficiently heat this project because it is a renovation/adaptive reuse
project and the facility’s ceiling heights are unusually tall. The project is also unable
to calculate a Designed to Earn the ENERGY STAR score because energy use
comparison data is limited for fitness/centers/health clubs/gyms.
• Architecture and Urban Design – Not met; construction has already started
o RDA Policy: The project will participate in a more thorough design review allowing
the further refinement of design. Design review will promote developments that are
constructed with high-quality materials, respond to the surrounding context, and
enhance the public realm.
o Staff Analysis: The design uses high-quality and lasting materials such as masonry,
large windows, and Type II non-combustible construction. The project responds to
the surrounding context by planting a landscape buffer between I-15 and the
building, acting as a sound barrier to I-15, frames east-facing mountain views with
large second-story windows in the new fitness studio, and turns part of an existing
parking lot into an outdoor plaza space. The project enhances the public realm by
punching street-facing windows into existing masonry walls. However, the
renovation project has already been designed and is under construction so there is
no opportunity for RDA to conduct a design review nor provide input on the design.
POLICY ALIGNMENT: STATE STREET CRA PLAN
The Project aligns with the RDA’s goals for the neighborhood, as adopted through the State Street
Community Reinvestment Area Plan, as follows:
• Neighborhood Revitalization
o Ensure that RDA activities support high quality, enduring projects and promote
sound architectural and urban design principles to encourage safe, sustainable, and
livable neighborhoods.
• Commercial Corridors
o Target RDA programs and tools to leverage private investment for the revitalization
of existing commercial and retail space while avoiding the displacement of
established, locally-owned businesses.
• Employment Centers
o Ensure appropriate levels of office, commercial, and retail spaces are integrated into
redevelopment projects to create synergies between uses and encourage a critical
mass of people.
o Work with Salt Lake City’s Business Development team to retain, recruit, and
expand businesses within the Project Area, especially through the redevelopment of
prime parcels along State Street or other corridors.
PROJECT VIABILITY & ABILITY TO REPAY THE LOAN
Rocky Ventures’ The Front Salt Lake City climbing gym buildings are financed with typical market
loan-to-value rates. The two buildings being renovated by this expansion project (1420 S 400 W and
1450 S 400 W) were valued at a total of $6,300,000 in 2021. Together, they are financed at 57% loan
to value as of June 30, 2023:
Property 2021 Appraised Value Debt LTV
1420 S 400 W $ 3,600,000 $ 2,580,799 72%
1450 S 400 W $ 2,700,000 $ 1,022,341 38%
Total $ 6,300,000 $ 3,603,140 57%
When adding a $2,000,000 RDA loan, the potential loan-to-value lies somewhere between 52% and
68%, depending on how much appraised value the expansion project adds to the existing buildings.
The applicant does not yet have an as-built appraisal but may be able to provide one upon request.
Value1 Debt2 LTV Owner’s Equity
As-is $8,440,000 $3,603,140 43% $4,836,860
As-Built3 $11,300,000 $5,603,140 50% $5,696,860
1November 1, 2023 appraised values
2June 30, 2023 balances
3Assuming construction complete on Phases I-III
RDA staff is confident that the debt—likely to be around 50% LTV after completion of Phase III—is
appropriate and likely to be repaid through regular business cash flow, or through the value of the
collateral in a worst-case foreclosure scenario.
UNDERWRITING PROCESS QUESTIONS
Is the request for funds in accordance with RDA Loan Program Guidelines?
The request is in accordance with most of the RDA Loan Program Guidelines, with the exception of
the Sustainable Development Policy and the number of Public Benefit Criteria needed for the RDA to
be a primary financer.
Is the project financially feasible to complete development?
After a review of The Front’s balance sheet, historic and current profit and loss statements, and future
projections, RDA staff believes the project is financially feasible.
Are there any undue financial benefits to the applicant, or is the owner’s projected return on
equity unreasonably high?
The Front invests a significant portion of profits back into the business. In his 2022 IRS tax return, the
owner is shown to have taken a salary from Rocky Ventures, Inc which is below the 2023 Salt Lake
City, UT HUD Metro FMR Area Median Family Income. RDA staff believes this salary is not
unreasonably high and that the practice of reinvesting money into the business is aligned with RDA
goals of encouraging private investment in its project areas.
Additionally, The Front matches members’ ongoing donations to selected local nonprofit
organizations. To date, The Front and its members have collectively donated over $540k to local
nonprofit organizations.
Are the capital sources for financing identified and reasonable?
The Front is proposing two sources of capital for this expansion project: $3,000,000 in cash from the
business’ cash flow and $2,000,000 in RDA debt. Staff believes the sources are secure and reasonable.
Are RDA funds necessary and appropriate to the development?
]The project could potentially be completed without an RDA loan—as evidenced by the project
starting construction without debt in place. While this expansion project could be completed with The
Front’s cash flow, this would lengthen the timeline of the project, as The Front would be able to hire
labor to do the work only when there is sufficient cash flow. Additionally, if The Front were able to
secure financing from a traditional source, it would likely necessitate a refinance of the entire campus
of properties at a higher interest rate, drastically increasing debt service payments.
Are the developer’s capabilities and strength of collateral identified and reasonable?
The owner is proposing to include 1420 South 400 West and 1450 South 400 West as collateral. As of
June 30, 2023, The Front had $2,696,860 in equity between these two buildings. The Front’s owner,
Dustin Buckthal, is also proposing to give the RDA a personal guarantee.
PROPERTY OVERVIEW
Rocky Estates, LLC (property ownership entity for Rocky Ventures) owns 5 parcels of land on 400
West between 1396 South and 1470 South. In total, the property measures 3.85 acres in size. The two
properties being impacted by this expansion project are 1450 South and 1420 South. Each property
holds a concrete masonry warehouse building. The building at 1450 South is home to the original The
Front climbing gym in Salt Lake City and continues to house climbing walls. 1420 South is vacant and
currently undergoing renovations and build out. All Rocky Estates, LLC properties in this area are
zoned Commercial General.
RDA FINANCE COMMITTEE RECOMMENDATION
RDA staff presented this loan application to the RDA Finance Committee for a recommendation on
November 15, 2023. The board voted unanimously to send a positive recommendation to the RDA
Board to approve both policy exceptions and the loan application. During discussion, committee
members discussed the business’ ability to repay the loan, reasoning for starting the expansion project
without financing in place, fundraising for and donating to nonprofits, gym membership demographic
makeup, membership fees, youth programs, and sliding-scale membership scholarships.
ATTACHMENTS
A.Loan Term Sheet
B.Site Map
C.Site Plan and Rendering
D.Public Art Concept Plan
E.Photos
F.Construction Cost Estimate
G.Supplemental Loan Application Document from The Front
H.Resolution for Loan to Rocky Ventures, Inc. (dba The
Front Climbing Club)
ATTACHMENT A: RDA TERM SHEET
APPLICANT
Rocky Ventures
ADDRESS
1470 South 400 West
PROPOSED LOAN TERMS
• Amount: $2,000,000 (40% LTC)
• Interest Rate:
RDA Loan Program Base Rate
(U.S. Treasury Yield plus 3%)
7.60%
Public Benefit Interest Rate Reduction1:
• Public Amenities2
• Adaptive Reuse3
• Permanent Job Creation4
• Transit Alternatives5
• Economic Impact6
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
Final Interest Rate7 5.10%
1To be eligible for interest rate reductions, the project will be required to meet the criteria outlined in Section V.
Maximum interest rate reduction of 250 basis points.
2Project will provide significant public art amenity and meet RDA public art policy by spending 1.5% of RDA loan
value on art
3Project will repurpose existing warehouse buildings
4Expansion will create 40 permanent jobs
5Project will provide showers, lockers, bike storage, and a dedicated car-sharing parking space
6Project will prioritize space for locally-owned business
7The interest rate provided is an estimate. The final interest rate will be based on the 3-year U.S. Treasury Yield
Curve Rate, as determined by the term of the loan, at loan closing.
LOAN TERM SHEET
THE FRONT SLC EXPANSION
• Term: 3 years
• Amortization; 20 years
• Disbursement: Loan proceeds shall be disbursed through construction draws. Any funds not disbursed
24 months after closing will be used to pay all outstanding interest and principal from the loan. To the
extent that project sources exceed project uses at project close out as documented by the cost
certification.
• Expenses: Applicant will pay all loan expenses and closing costs, including title insurance.
• Recourse: The loan shall be full recourse.
COLLATERAL AND GUARANTEES
• Second position lien on the properties at 1450 South 400 West and 1420 South 400 West. As of June
30, 2023, The Front had $2,696,860 in equity between these two buildings.
• Personal guarantee from Dustin Buckthal, 100% owner of Rocky Ventures.
CONDITIONS FOR LOAN CLOSING
Prior to loan closing, the Applicant will complete the following:
• RDA approves all terms of the loan.
• Execute loan documents (e.g. promissory notes, loan agreements, security documents, and
guarantees) as deemed necessary by the RDA and its legal counsel.
• Receive approval from the RDA and its legal counsel of all matters pertaining to title, legality of the
loan, and the legality, sufficiency, and the form and substance of all documents that are deemed
reasonably necessary for the loan transaction.
• Provide evidence of insurance in such amounts and with such coverage as deemed necessary by the
RDA for the Property.
• Obtain all required City approvals.
• Such other terms as recommended by the RDA’s legal counsel and staff.
OTHER CONDITIONS
• The Project shall operate as the intended use over the term.
• The Project shall remain in good financial and legal standing over the term.
ATTACHMENT B: SITE MAP
Yellow – Rocky Estates, LLC property
Green – Properties used in Phase I-IV expansion project
ATTACHMENT C: SITE PLAN AND RENDERING
ATTACHMENT D: PUBLIC ART CONCEPT PLAN
ATTACHMENT E: SITE PHOTOS
Aerial Photo
Photo of 1450 South 400 West
Subject Buildings
Photo of 1420 South 400 West
ATTACHMENT F: CONSTRUCTION COST ESTIMATE
ATTACHMENT G: SUPPLEMENTAL LOAN APPLICATION DOCUMENT FROM THE FRONT
THEFRONTCLIMBINGCLUB.COM // 1
RDA Loan Application
Loan application materials provided by Dustin Buckthal, Owner and CEO; Justin Wyse, Chief of Staff; Melanie Thompson,
Director of Community Impact; Matty Coles, Senior Director of Operations; Cassidy Wasko, Creative Design Manager
Additional copy provided by Allison Hahn, Group Fitness Manager; SJ Burkholz, Yoga Manager; McKenna Guilds, Adaptive
Program Coordinator; Keely Carolan, Youth Programs Manager; David Farkas, Adult Programs Manager; Zach Scott, Youth
and Adult Programs Manager
Renders provided by VY Architecture
THEFRONTCLIMBINGCLUB.COM // 2
Project Summary
Expansion and Renovation
The project entails the remodel of our existing climbing gym and an adjacent warehouse located at 1420 S 400 W
and 1450 S 400 W in Salt Lake City, UT in the State Street community reinvestment area. The expansion is located
on 1.00 + 0.63 acre parcels that will be combined with this project. The buildings will be combined into a single
facility, estimated to be approximately 70,000 SF, with an expected budget of $5mm. Below is an overview of the
project scope:
Parking redesign and a green buffer along the building
facades
Entry space, including a reception desk
Climbing areas, including 60-foot-tall sport climbing walls,
substantial bouldering terrain, and a specialized climbing
training floor
Integrated weight training areas
Cardio exercise areas
Group exercise rooms for yoga, yoga training, and group
fitness
Lounge space integrated throughout
Gym support spaces including restrooms and locker rooms
Operational support spaces including integration of a small staff breakroom, AV room, and storage spaces
Redesign of the linkage between 1470 S 400 W and 1450 S 400 W
Securing funding from the RDA Loan is imperative to expedite the project's progression through Phases 1-3. Given
the scarcity of loan prospects in today's economic landscape, leveraging RDA's funding would not only accelerate
our project's completion but also swiftly generate a tangible positive influence within the Salt Lake community.
The buildings will be
combined into a single
facility, estimated to
be approximately
70,000 SF.
RDA // $2mm
Cash // $3mm
T OTAL // $5 MM
Sources Uses
Construction // $5mm
THEFRONTCLIMBINGCLUB.COM // 3
Project Phasing
The project will be completed in two parts, with the RDA loan funding phases 1-3.
PHASES 1 – 3 : WHERE FUNDING WILL BE UTILIZED
Phase 1, started March 2023, estimated completion November 2023: Additional entry to facility,
addition of fitness class studios, gender-neutral bathrooms and showers, and temporary climbing
training areas, replacement of mechanical and electrical systems, addition of large windows.
Phase 2, November 2023 to February 2023: Removal of buildouts and addition of climbing walls,
addition of large windows, connection of 1420 and 1450 buildings, replacement of mechanical
and electricals, addition of fire suppression system, addition of staff break room.
Phase 3, March 2023 to May 2023: Addition of fire suppression system, replacement of electrical
and mechanical system, connection of direct courtyard access, addition of gender-neutral
bathrooms.
PHASE 4
Phase 4, June 2024 to June 2025: Raising building to 60ft, adding additional space for weights
and cardio equipment, addition of yoga facilities, addition of World Cup and Olympic style route
and bouldering walls for athlete training and hosting international competitions, replacement of
mechanical and electrical systems.
THEFRONTCLIMBINGCLUB.COM // 4
Who We Are
Merging Heritage and Innovation
The Front began in 1989 as a co-op climbing gym called the Bodyshop, located in Sandy, and was led by local
legend Dave Bell. Years later, the business was purchased by Kristian Merwin. The facility moved locations and was
renamed The Wasatch Front. In 1998 the business was acquired by Mike Uchitel and moved at last to its current
location at 1450 S 400 W. The new facility was built to host national climbing competitions and renamed The
Front. It was the adolescent years of business, and it made a name for itself! Archival footage of Professional
Climbers Association competitions captures iconic climbers such as Chris Sharma and Tommy Caldwell pushing
their limits on our unique wooden walls. In 2005, The Front was acquired by now current owner Dustin Buckthal.
Fueled by a commitment to progress, The Front partnered with climbing wall builder and all-around gym supplier
Vertical Solutions and Hannah Vaughn at MHTN to infuse architectural brilliance into a 2016 expansion. This
evolution led to 60-foot top rope and lead climbing walls, enriched bouldering
zones, revitalizing saunas, and a youth-centric School Room.
The Front is a vibrant community space dedicated to creating enriching
experiences, deepening community ties, and creating sustainable foundations
that underlie everything we do. Our community access initiatives afford a
growing and diverse population of Salt Lake residents’ affordable access to our
world class facilities where they can build community over shared experiences
and a love for climbing. Beyond our walls, we amplify the positive change initiated by local non-profits through our
Impact Coalition, where members pledge monthly donations to our non-profit partners, which The Front matches
dollar for dollar. Since its formation the Impact Coalition has raised over $540k for these local nonprofits.
The Front is more than a climbing gym; it's a nexus of connections, experiences, and growth. Our events kindle
fellowship, our programs embrace diversity, and our commitment to sustainability ignites a greener future. With
Come as you are,
we’ll send you
home stronger.
THEFRONTCLIMBINGCLUB.COM // 5
your support, The Front will continue to inspire, innovate, and elevate, forging a path where heritage meets
innovation, and community thrives. Come as you are, we’ll send you home stronger.
Community Access Initiatives
The Front employs a variety of community programs to support inclusivity and accessibility at our facilities,
including the support of community groups and scholarship-based access to membership and youth programs. Our
community access initiatives aim to empower individuals to conquer both the vertical walls in front of them and
any other obstacles that come their way in life.
Community Climbing Groups
Our community climbing groups empower
underrepresented populations. These community-
led groups help to promote inclusivity and hold
space for shared experiences. They are supported
by The Front through access to discounted rates,
free rental gear, and support on special events from Front staff. These groups include Color the Wasatch, Salt Lake
Area Queer Climbers (SLAQC), Escaladores Unidos, All Bodies Climb, and Ladies Climbing Coalition.
Community Access Membership Program
We will be launching our Community Access
Membership Program (CAMP) in Winter 2023, providing
low-cost or free access to gym memberships at The
Front for individuals in the community experiencing
financial hardship. The goal of this program is to
enhance access to our facilities and increase the
availability of health and wellness resources for
members of our community that could not otherwise
afford it. Preliminarily, this program will provide gym
access to 60 individuals, with the intention of
providing additional opportunities after a trial phase is completed. The membership will last for 6 months, after
which the individuals’ eligibility will be reassessed. The program will have a low barrier to entry, a simple
application process, and a pay-what-you-can membership model. The program will be trialed with local nonprofits
in the area like VOA of Utah and refugee centers, who work with populations that could benefit from affordable
access to health resources.
Our community climbing groups
empower underrepresented
populations.
THEFRONTCLIMBINGCLUB.COM // 6
Youth Scholarship Program
The Front recently launched a youth scholarship
program driven by a clear vision: to promote equitable
access to the sport of rock climbing and support the
local communities surrounding The Front by offering
children transformative opportunities to grow and
succeed. We recognize that many young individuals in
our community face financial and cultural barriers that
hinder their participation in sports like rock climbing.
We are committed to creating an inclusive environment
where youth can not only develop their climbing
abilities but also cultivate life-long values such as
perseverance, self-confidence, and teamwork.
Giving Back
The Impact Coalition
We founded the Impact Coalition program in 2018 to provide consistent support for nonprofits making positive
impacts in our local community. Every one of our members has the option to add a recurring donation as small as
$1 to their membership, and we match them dollar for dollar. Today, we support 5 local nonprofits and in 2022,
raised over $170k through the Impact Coalition.
One of our Impact Coalition partners, Utah Clean Energy (UCE), is
committed to creating a future that ensures healthy, thriving
communities for all, empowered and sustained by clean energy.
They achieve this work through a variety of programs related to
transitioning to renewable energy, reducing emissions in homes
and buildings, promoting climate change leadership, and
supporting clean and electric transportation initiatives.
To date we have
directed over $540k to
local non-profits.
THEFRONTCLIMBINGCLUB.COM // 7
2018
2019
2020
2022
The Impact Coalition is founded in May, the first month pulling in a matched $110. (Don’t
worry, the donations basically double month over month in 2018 after that!)
Impact Co. events begin, with Utah Clean Energy tabling and earning support at that
years’ Climbing Up For Air in partnership with Running Up For Air and Jared Campbell. CAWS
begins Fursdays, bringing adoptable animals supported by the Impact Co. to the Salt Lake City
Front and to potential new foster parents and adopters.
The Impact Coalition hits $100k of total matched donations in November of 2020, continuing
to provide support to our nonprofit partners after a dip in charitable donations caused by the
COVID-19 pandemic.
After hitting the match cap of $40k member contributions in 2021, The Front removes the
cap and now matches all Impact Co. donations made by its members.
Impact Co. Timeline
Combined Annual Donations
2018: $8,203
2019: $41,228
2020: $59,656
2021: $128,954
2022: $168,127
2023: est. +$175,000
($114,852 AT END OF AUGUST)
Combined Monthly Donations
THEFRONTCLIMBINGCLUB.COM // 8
Amenities and Programs
Adaptive Programs
The Adaptive Program started as a community group and eventually grew into a larger, company-staffed program
so that The Front could provide proper training for staff and quality programming to the adaptive community.
Adaptive programs include a monthly adaptive meet
up, collaboration between The Front and the National
Abilities Center (NAC) to include weekly 1:1 sessions
for people of all ability levels, and a staffed Adaptive
Competitive Team that helps athletes with disabilities
work towards competing at a professional level. We
host a variety of events that support the adaptive
community, including the Paraclimbing World Cup, an
adaptive film festival, Guide Dogs in Training, and
many other adaptive focused events.
We host a variety of events
that support the adaptive
community, including the
Paraclimbing World Cup.
Adult Programs
Our adult programs offer a pipeline for new climbers to
gain the skills and knowledge they need to reach their
personal climbing goals. This climbing pathway, called the
Ascent Series, creates seamless movement between
different climbing levels, enabling each climber to
advance at a pace that aligns with their unique abilities
and aspirations.
Café and Courtyard
In 2018 we introduced Rumsy’s café, a restaurant and
dynamic co-working space, on our facility’s top floor. Our
kitchen provides a rotating menu of specials and catering
for larger events.
THEFRONTCLIMBINGCLUB.COM // 9
Our beautifully landscaped outdoor courtyard provides
gathering areas and shade for our members and visitors
during warmer months. Our programs often take advantage
of this space by offering periodic outdoor fitness or yoga
classes. Youth teams will frequently gather here to discuss
training plans, and we host community events in this space
ranging from bicycle maintenance workshops to competition
after-parties.
Youth Programs
The Front offers a robust youth programs pipeline from the
introductory level all the way to the highest level of competitive rock
climbing. Our vision is to foster a powerful and positive impact on
the development of children in our community while providing
educational opportunities for each step of the climbing journey. The
sport of climbing provides youth with the development of problem-
solving skills, increases confidence, and builds powerful friendships.
Community Events
The Front is continuously deepening its emotional
depth and connection to the community by offering
unique and memorable events. Our events highlight our
state-of-the-art facilities and set The Front apart as the
neighborhood “third place,” where individuals can
gather and build community outside of home and
work. You can see this unfolding at Summer Music
Nights where hundreds of people from the community
After School Program
Recreational Team
Intermediate Team
Competition Team
Our beautifully landscaped
outdoor courtyard provides
gathering areas and shade.
THEFRONTCLIMBINGCLUB.COM // 10
join to watch live music and share food after their
climbing session, and you can see it through the
unparalleled excitement and energy at our climbing
competitions.
The Front has an active relationship with USA Climbing,
the official governing body of competition climbing in
the U.S. Hosting several USA Climbing competitions
each year allows us to bring significant cultural events
with a global audience to this neighborhood.
We also host volunteer opportunities with local
nonprofits, such as the VOA of Utah, that are open to
members and staff and anyone else from the
community that wishes to participate. Our in-house and
external events alike all have a focus on promoting
social interaction and reinforcing the identity and
character of our neighborhood.
Group Fitness
Our group fitness program provides one-of-a-kind
classes that create a safe space to learn and pathways
for continuous, individualized progression based on an
athlete’s personal goals. Classes range from
introductory to advanced. We offer specialized classes
such as barre, mat Pilates, mobility, mountain sports
conditioning, bootcamps, foam rolling, women’s-
specific powerlifting, spin, and yoga-based ab training in
addition to traditional fitness classes such as HIIT and
strength training.
Yoga
We believe that consistent yoga practice can help
improve people's happiness and health and reduce
stress levels. We offer the first class free to anyone who
would like to try it out, and our membership prices
make yoga much more accessible than traditional
studio membership pricing. Classes are available
throughout the day, every day of the week. We provide
16 unique styles of yoga, plus tai chi and adaptive yoga
for those with disabilities so that anyone can find a style
that suits them.
Hosting several USA
Climbing competitions each
year allows us to bring
significant cultural events
with a global audience to
this neighborhood.
THEFRONTCLIMBINGCLUB.COM // 11
How We Qualify
1. Sustainability
OUR EXPANSION WILL INTEGRATE SUSTAINABLE DESIGN PRINCIPLES AND MAINTAIN OUR
PARTICIPATION IN ROCKY MOUNTAIN POWER’S BLUE SKY PROGRAM. Utilizing sustainable energy
and supporting similar initiatives is a main priority for The Front. We have developed numerous channels to ensure
that our sustainability initiatives are comprehensive and current. Elevating our sustainability commitment, we've
offset power consumption and reduced our energy usage by over 30%. With the loan's potential, we aim to
further position The Front as a beacon of excellence in sustainable business practices.
Offsetting Energy Consumption
In 2010, we installed a rooftop 7.6kw solar array at our SLC location
and in 2019 a 30kw solar array at South Main to further offset our
energy needs. In 2007, The Front joined Rocky Mountain Power's
Blue Sky Program – offsetting 100% of our SLC power
consumption with wind and solar-generated electricity. In 2022, we
received the Green Small Business Legacy Award which honors
companies that are improving air quality, reducing emissions, and
making strides toward Utah’s environmental sustainability. The Front
obtained this award by having 100% of its electricity usage derived
from renewable energy sources at our SLC location.
Recycling and Compost
We have been a free community glass drop off location since 2011
and have offered battery recycling since 2013.
In 2019, Rumsy's joined the Wasatch Resource Recovery commercial
compost program and now offers only compostable single-use
disposables.
Electric Vehicle Stations
We have 12 EV stations in Salt Lake's parking lots with an
additional 12 spots installed at South Main in 2020.
In 2022, we received
the Green Small
Business Legacy Award.
THEFRONTCLIMBINGCLUB.COM // 12
Mechanical Approach
The building uses an evaporative cooling system paired
with radiant tube heaters – a system well-suited for the
volume of space, use as a gym, and effectiveness in Salt
Lake’s climate. The evaporative cooling is an energy
efficient strategy that requires less energy than a typical
AC. An efficient all-electric system, known as Variable
Refrigerant Flow (VRF), is also in place to serve certain
enclosed exercise spaces.
The Front HQ uses the most efficient and state of the art lighting design modeling. The entire lighting system
employs integral high-efficiency LED luminaires used to maximize efficiency and visual comfort for the building
users. In addition, the latest in digital lighting control systems have been used to save energy and extend the life of
the lighting products. This carefully programmed and tuned system uses astronomical time-clock functions and
occupancy sensors in every room to garner a 59% better than code compliance for the interior lighting, and 82%
better than code for exterior lighting. Please refer to the Electrical COMcheck attachment for additional
information.
2. Public Amenities
THE EXPANSION PROJECT WILL PROVIDE ADDITIONAL OUTDOOR GREEN SPACES, VERSATILE
COMMUNITY GATHERING SPACES, EVENTS SUPPORTING LOCAL ARTS AND THE
INTRODUCTION OF INNOVATIVE EDUCATIONAL AMENITIES. The Front HQ expansion builds out the
Front Climbing Club’s downtown campus with more space to grow our successful amenities: yoga, fitness, youth
programs, adaptive programs, live music, competitions and events, community impact groups, workspaces,
outdoor areas, and even a ceramics and pottery studio. All these amenities are designed to enhance community
and cultivate a positive learning environment that supports continuous growth. The expansion will allow
substantial public amenity access, including the introduction of new educational amenities like the ceramics and
pottery studio. The character of the gym has a strong presence in the Ballpark neighborhood – a neighborhood
The Front HQ uses the most
efficient and state of the
art lighting design modeling.
THEFRONTCLIMBINGCLUB.COM // 13
that is currently undergoing a transformation from manufacturing and industry to a neighborhood with residential
buildings and other walkable services. The Front has been a pioneer in inviting pedestrian traffic to the
neighborhood, and hosting events that draw visitors from near and far.
3. Permanent Job Creation & Retention
OUR EXPANSION IS EXPECTED TO CREATE OPPORTUNITIES FOR APPROXIMATELY 30-40 NEW
JOBS, ALL STARTING AT $16 HOURLY OR HIGHER. A diverse array of employment opportunities is on the
horizon, encompassing full-time, part-time, and seasonal roles that span from program instruction to high-level
managerial positions, as well as technical functions such as full-time route setters who craft the engaging climbing
experiences we offer to the community. The Front takes great pride in its robust internal professional
development pipeline, which furnishes employees with educational pathways for upward mobility within the
company. This commitment is underscored by distinct progression systems within each department, intricately
linking career advancement and educational avenues to wage escalations.
Wage Average # Of employees
Front Desk (hourly) $17.14 43
Route Setting (hourly) $20.81 12
Climbing Instructor (hourly) $20.62 49
Fitness Instructor (hourly) $33.08 26
Yoga Instructor (hourly) $47.31 28
Office Staff (salary) $41,959.43 44
Leadership (salary) $73,886.19 7
Our SLC location spans 34,913 square feet and maintains an employee density of approximately 1 employee per
266 square feet, with a total of 131 active employees contributing to that site. With the forthcoming expansion set
to provide an additional 34,761 square feet, we envision the creation of 30 to 40 new permanent positions
distributed across various departments. Projections considering employees per square foot suggest that as our
enterprise flourishes, the potential arises for the generation of over 100 fresh roles at our expansion, further
amplifying our positive influence within the Salt Lake community.
THEFRONTCLIMBINGCLUB.COM // 14
4. Adaptive Reuse
Renovation & Addition
Our expansion project will revitalize, preserve, and repurpose previously used and unused CMU warehouse
structures along 400 W, integrating them with our existing facility, resulting in a positive contribution to the
surrounding neighborhood.
The CMU of the buildings will remain intact, as a durable material that is in good condition, and will be modified to
include larger openings and high-efficiency fenestrations. By re-using the existing building, the need for new
building materials is reduced and the lifespan of the
existing structure is prolonged. In addition to re-using
most of the existing building shells, the site parking
and landscaping design re-uses as much of the
existing layout as possible in order to minimize the
embodied energy of new materials, and to maximize
the lifespan of existing conditions and infrastructure.
Our expansion project will
revitalize, preserve, and
repurpose previously used
and unused CMU warehouse
structures.
1450 S 400 W, which was home to the original Front
Climbing Club location, will be renovated, creating a
planted buffer zone around the building for safe
pedestrian access. Improvements will be made to the
connection of the interior with the landscape, with
additional natural light and visibility to the
surrounding site and streetscape.
1420 S 400 W will receive a significant vertical
addition along the north side, which will house more
climbing area, as well as additional exercise and
training spaces. The building will also have an
additional entry point into the Front, further
activating the connection to 400 W.
THEFRONTCLIMBINGCLUB.COM // 15
5. Transit Alternatives
Our expansion will nearly double our existing employee showers, locker rooms, bicycle facilities and bicycle
valet program.
The Front’s SLC location is within 0.6 miles of the Ballpark Trax Station, and within 0.2 miles of Bus Route 9’s 1300
S & 400 W bus stop. The new bike lane on 300 W connects bikers safely to the gym, where ample protected bike
parking is provided both at the exterior and interior of the
facility. Users and staff have access to lockers and showers
on-site. A car-sharing parking stall is provided on site to
encourage alternative methods of transit. Several car-
charging stations are available on the existing site and in
the Front expansion. The Front encourages bike
commuting through our Ride for Rewards program. Each
time participants push pedals instead of gas to get to the
gym, they are entered into a monthly drawing for gear
from our pro shop. In addition, members can also complete
a punch card for a smoothie at Rumsy's, the gym’s café.
Our expansion will nearly
double our existing
employee showers, locker
rooms, bicycle facilities
and bicycle valet program.
THEFRONTCLIMBINGCLUB.COM // 16
6. Economic Impact
The expansion will rehabilitate adjacent warehouse
buildings to eliminate blight while simultaneously
allocating dedicated space for local enterprises.
These businesses include The Front, Testpiece, Vertical
Solutions, and retail areas showcasing local brands like
Petzl and Black Diamond – and offering tabling
partnerships at our events with various other local
vendors.
The expansion is projected to directly increase property
valuation by $5mm as well as increase the valuation of
the surrounding properties by reducing blight and
crime. Projected revenue increase of $25mm over 5
years will generate upward of $2mm in local and state
sales tax.
As a locally owned business, our project aligns with
efforts to rehabilitate and redevelop the neighborhood.
WE AVERAGE OVER 1,000 CHECK-INS EACH
DAY and we stock a comprehensive retail shop that
includes products from locally owned businesses.
We support local artists through events such as Makers Market nights, and we feature local artwork in our facilities
which artists can sell with no commission collected by The Front. Funding for this project will also support jobs for
locally owned businesses including climbing wall manufacturer Vertical Solutions and local architecture firm VY
Architecture.
The expansion will
rehabilitate adjacent
warehouse buildings to
eliminate blight while
simultaneously allocating
dedicated space for local
enterprises.
THEFRONTCLIMBINGCLUB.COM // 17
7. Architecture & Urban Design
OUR EXPANSION PROJECT WAS DESIGNED BY LOCAL
ARCHITECTURAL FIRM VY ARCHITECTURE WITH REVIEW
FROM OUR COMPANY LEADERSHIP TEAM. Our design promotes
high quality materials, responds to the surrounding context, and
enhances the public realm.
Architecture
The renovation of 1450 S 400 W will repurpose the facade with additional
openings, inundating the interiors with natural light, connecting the
interior spaces to the exterior and the pedestrian realm. The facade
upgrade transforms the elevations of the CMU warehouse building from
rigid and industrial to dynamic and engaging, modernizing the industrial
feel of the neighborhood without removing its character. Additional
exterior spaces are transparent and connected to the surrounding
neighborhood, sharing the activity of the interior with the environment.
INCLUDED IN OUR PLAN IS SPACE FOR A PERMANENT PUBLIC ART INSTALLATION THAT WILL
CONTRIBUTE TO THE VISUAL IMPROVEMENT OF THE NEIGHBORHOOD.
Urban Design
In addition to the facade upgrade of the existing CMU structures, the
vertical addition at 1420 S 400 W establishes a cohesive design language
with the tall portion of the existing gym facility at 1470 S 400 W. These
two elevated portions of the building hint at the vertical programming
on the interior and are identifiable silhouettes along I-15, a shadowed
reference to the skyline surrounding SLC.
The landscaping approach of both the existing Front facility, and the
Front HQ expansion promote dense, native, low-water species. Going
far beyond the minimum landscape requirements, the generous
landscaping coupled with areas for bicycles, and pedestrian friendly
routes, contributes greatly to the revitalization of the surrounding area,
setting an elevated standard for the local urban fabric. The Front’s
campus design promotes pedestrian movement and activity through the
addition of sidewalks, appropriate lighting, landscaping, and buildings
that have numerous windows that look out to the streets and engage the surrounding area. THE
ARCHITECTURE IS ALSO DISTINCTIVE AND RECOGNIZABLE ON THE SLC SKYLINE – A
SILHOUETTED REFERENCE TO THE JAGGED WASATCH BEYOND. The Front HQ expansion continues
that formal dialogue, creating an additional layer. Pushed up against I-15, the Front campus seeks to block some of
the noise along the western edge and create a pedestrian friendly campus along the east side, replete with heavy
tree-planting that acts as an additional acoustic filter and air purifier.
THEFRONTCLIMBINGCLUB.COM // 18
Public Benefits
Sustainability
Our expansion will integrate sustainable design principles and maintain our participation in Rocky
Mountain Power’s Blue Sky Program.
Public Amenities
The expansion project will provide additional outdoor green spaces, versatile community gathering
spaces, and events supporting local arts. It will include the expansion of existing amenities such as our adaptive
program and community group access as well as new offerings including our ceramics and pottery program.
Adaptive Reuse
Our expansion project will revitalize, preserve, and repurpose previously used and unused CMU
warehouse structures along 400 W, integrating them with our existing facility, resulting in a positive contribution
to the surrounding neighborhood.
Permanent Job Creation
Our expansion is expected to create opportunities for approximately 40 new jobs, all starting at $16
hourly or higher.
Architecture and Urban Design
Our expansion project was designed by local architectural firm VY Architecture with review from our
company leadership team. Our design promotes high quality materials, responds to the surrounding context, and
enhances the public realm via architectural choices and a public art installation.
Transit Alternatives
Our expansion will nearly double our existing employee showers, locker rooms, bicycle facilities and
bicycle valet program. A car-sharing parking stall is provided on site to encourage alternative methods of transit.
Economic Impact
The expansion will rehabilitate adjacent warehouse buildings to eliminate blight while simultaneously
allocating dedicated space for local enterprises. The expansion is projected to directly increase property valuation
by $5mm as well as increase the valuation of the surrounding properties by reducing blight and crime. Projected
revenue increase of $25mm over 5 years will generate upward of $2mm in local and state sales tax.
1
2
3
4
5
6
7
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _____
LOAN TO ROCKY VENTURES, INC. (DBA THE FRONT CLIMBING CLUB)
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING THE TERM SHEET OF A LOAN TO ROCKY
VENTURES, INC. FOR CONSTRUCTION OF AN EXPANSION OF THE FRONT CLIMBING
GYM
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the
business and exercise the powers provided for in the Utah Community Reinvestment Agency Act
(the “Act”).
WHEREAS, the Act grants the RDA powers to use funds to provide for project area development
within project area boundaries.
WHEREAS, the RDA has an RDA Loan Program (“Program”), the purpose of which is to
promote economic development, encourage private investment, and enhance project area vitality.
WHEREAS, on October 18, 2016, the RDA Board adopted Resolution No. R-37-2016,
establishing policy guidelines for the RDA Loan Program (the “Policy”).
WHEREAS, pursuant to the Policy, Rocky Ventures, Inc. (the “Borrower”) submitted an
application for a loan to expand The Front Climbing Club, a climbing gym located within the
RDA’s State Street project area, by remodeling the existing structure and adaptively reusing an
adjacent vacant warehouse (the “Project”).
WHEREAS, the Project requires two waivers for aspects of the Project that do not follow RDA
policies: one waiver from the Sustainable Development Policy because this Project does not meet
the threshold requirements, and one waiver from the RDA Loan Program Policy that requires the
Project to meet six or more Public Benefit Criteria to receive a primary loan from the RDA.
WHEREAS, the RDA Finance Committee reviewed the proposed loan application in a meeting
on November 15, 2023 and voted to recommend the loan to the RDA Board for approval.
WHEREAS, in conjunction with the RDA Finance Committee’s recommendations, the RDA staff
recommends the attached set of terms (the “Term Sheet”) for a loan in the amount of $2,000,000
to the Borrower for construction of the Project (the “Construction Loan”).
WHEREAS, RDA staff further requests the RDA Board approve the two policy waivers from the
for the Project, as also described in the Term Sheet.
NOW, THEREFORE, BE IT RESOLVED by the Board that it approves the two policy waivers
for the Project, and further approves the Construction Loan as outlined in the Term Sheet attached
hereto, subject to revisions that do not materially affect the rights and obligations of the RDA
hereunder. The Board authorizes the Executive Director to negotiate and execute the loan
agreement and any other relevant documents consistent with the Term Sheet, and incorporating
such other terms and agreements as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
day of , 2023.
Alejandro Puy, Chair
Approved as to form:
Sara Montoya
Salt Lake City Attorney’s Office
Date: November 22, 2023
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Attest:
City Recorder
LOAN TERM SHEET ROCKY VENTURES, INC. (DBA THE FRONT CLIMBING CLUB) 1470 South 400 West
The terms described on this Term Sheet represent the terms for a primary construction loan to fund
Rocky Ventures, Inc.’s (“Borrower’s”) expansion project of their climbing gym located in the
RDA’s State Street Project Area. The project will allow the Borrower to remodel the existing
structure and adaptively reuse an adjacent vacant warehouse, combining three buildings into one
single facility that will offer approximately 70,000 square feet of space. This expansion project
will add climbing walls, fitness studios, bathrooms and showers, a staff break room, storage space,
and various mechanical, electrical, and fire suppression systems.
The loan, as requested from the Borrower, requires two waivers for aspects of the project that do
not follow RDA policies: a waiver from the Sustainable Development Policy that prohibits on-site
natural gas combustion and requires the project to achieve a Designed to Earn ENERGY STAR
score of 90 or higher or an Energy Use Intensity that is comparable to this score (the project will
include on-site natural gas combustion, and an ENERGY STAR score cannot be calculated for
this facility type), and a second waiver from the Loan Program Policy that requires projects
receiving primary loans to meet six or more Public Benefit Criteria (the project meets five).
LOAN TERMS
Borrower: Rocky Ventures, Inc.
Property: 1420 South 400 West and 1450 South 400 West
Amount: Not to exceed $2,000,000
Source of funds: Revolving Loan Fund
Project Description: The project will include remodeling the existing structures at 1420 South
400 West and 1450 South 400 West, combining three buildings into one
single facility that will offer approximately 70,000 square feet of space.
This expansion project will add climbing walls, fitness studios, bathrooms
and showers, a staff break room, storage space, and various mechanical,
electrical, and fire suppression systems.
Public Benefits: Public Amenities: The project must include a significant public art
amenity on the exterior of the buildings, using at least 1.5% of the RDA
contribution ($30,000) for such art.
Adaptive Reuse: The project’s expansion must repurpose two existing
cinder block warehouse buildings along 400 West, integrating them with
the existing facility and resulting in a positive contribution to the
surrounding neighborhood.
Permanent Job Creation: The project’s expansion must create
opportunities for 40 new jobs, all starting at $15/hour or higher.
Transit Alternatives: The project will add employee showers, lockers, and
indoor bicycle parking, as well as incentivize car share with a dedicated
parking stall.
Economic Impact: The project will rehabilitate two older warehouse
buildings and dedicate 100% of the space to locally owned business
operations.
Term: 3 years
Amortization: 20 years
Interest Rate: 5.10% Interest Rate*
Interest shall accrue during construction, beginning upon the first
disbursement of funds. Accrued interest during construction to be added to
the loan balance.
Repayment Monthly amortized payments commence following receipt of Certificate of
Occupancy.
A balloon payment of any outstanding balance shall be due upon maturity.
Collateral: A second-position mortgage lien on the properties located at 1450 South
400 West and 1420 South 400 West.
Guarantors: Unconditional repayment personal guarantee from Dustin Buckthal, 100%
owner of Rocky Ventures, Inc..
Disbursement: Loan proceeds shall be disbursed through construction draws. Any funds
not disbursed 24 months after closing will be applied to outstanding
interest and principal on the loan.
Fees: Closing costs and legal fees shall be paid by the Borrower including,
but not limited to, the cost of title search and insurance, credit
reports, and attorney fees. Fees will be payable at loan closing.
Use of Funds Funds shall be used for construction costs associated with the renovation of
1420 South 400 West and 1450 South 400 West.
*Interest rate to be determined on closing day based on current 3-year US Treasury Par Yield Curve Rate
CONDITIONS FOR LOAN CLOSING
• Borrower meets all terms of the loan.
• RDA approves final schedule of sources and uses and the project proforma.
• The parties agree on the form of the loan documents (e.g. promissory
notes, loan agreements, security documents, and guarantees) as deemed
necessary by the RDA and its legal counsel.
• Borrower receive and comply with all necessary approvals from the City, as further
defined in the loan agreement.
• Borrower to receive approval from the RDA and its legal counsel of all matters
pertaining to title, legality of the loan, and the legality, sufficiency, and the form
and substance of all documents that are deemed reasonably necessary for the loan
transaction.
• Borrower to provide evidence of insurance in such amounts and with such coverage
as deemed necessary by the RDA for the Property.
• Such other terms as recommended by the RDA’s legal counsel and staff.
S T A T I O N C E N T E R
R D A B O A R D O F D I R E C T O R S
D E C E M B E R 1 2 , 2 0 2 3
P U B L I C I M P R O V E M E N T S
F U N D I N G S T R A T E G Y
STATION CENTER vision
The neon glow of the Rio Grande sign shining
atop the historic depot is a beacon, welcoming
all Utahns to be a part of a robust new
Downtown neighborhood located at Utah’s
most transit-rich gateway.
P O S I T I O N I N GDEVELOPMENTPROGRAMMING
Create a new urban scale
development that leverages local
organizations to create a
programmed and activated district
for art, community health and
wellness, and organic economic
growth for Salt Lake City
Foster a walkable community
that takes advantage of density
to create a mixed-use, mixed
income, and inclusive district
Establish Station Center as the
standard for transit-oriented
development in Salt Lake City and
the State of Utah
KEY GOALS
PRIMARY
LANDOWNER
our charge
As master developer, the RDA will play a pivotal role in
the development, operations, and long-term success of
Station Center.
INFRASTRUCTURE
DEVELOPER
PROGRAMMING
MANAGER DISTRICT CURATOR
Facilitate development
of RDA-owned
properties
Design, construct,
manage, and maintain
public improvements, in
partnership with the
City
Lead activation of
Station Center, in
collaboration with
adjacent property
owners, tenants, and
local organizations
RDA tools may be used
to incentivize other
parties, including
developers and space
users, to advance
vision and policy goals
PRIMARY
LANDOWNER
INFRASTRUCTURE
DEVELOPER
PROGRAMMING
MANAGER DISTRICT CURATOR
our charge
As master developer, the RDA will play a pivotal role in
the development, operations, and long-term success of
Station Center.
Facilitate development
of RDA-owned
properties
Design, construct,
manage, and maintain
public improvements, in
partnership with the
City
Lead activation of
Station Center, in
collaboration with
adjacent property
owners, tenants, and
local organizations
RDA tools may be used
to incentivize other
parties, including
developers and space
users, to advance
vision and policy goals
EXISTING CONDITIONS
public improvements
Utility upgrades to provide for
increased density
Narrowing/reconstruction of 300
South into pedestrian-first street that
can be closed and utilized for public
events
Construction of new mid-block streets
to break up the large blocks for a more
walkable environment
Construction of public spaces that can
accommodate events
Supporting the TOD vision with a
shared parking structure that can be
used by multiple tenants/visitors
during their respective peak hours
Sustainable Utility Upgrades
Water
Sewer
Stormwater
Electric
Map of existing utility infrastructure
Functional, Safe Streets
Narrowing and reconstruction of
300 South
Construction of Woodbine
Court, Pierpont Avenue, and
Market Street
Streetscaping with lighting,
landscaping, and furnishings
Curating Public Places of Culture, Arts, and Performance
Art Campus Alleyway
Plaza at southwest corner of
500 West/300 South
View of Art Campus alleyway, looking south
Green Loop along 500 West (not included in this funding strategy)
Leading with Shared Parking
6-story structure with ~510 stalls
Station Center Plan calls for:
Progressive TOD parking ratios
0.5 spaces/residential unit
0.6 spaces/1,000 sf of office
50% reduction in conventional parking
supply through Parking & Transportation
Demand Management (TDM) strategies
Unbundled shared parking for entire
district
BUDGET - PUBLIC IMPROVEMENTS
FINANCIAL USES RDA CONTRIBUTION POTENTIAL FUNDING SOURCES
Design/permitting of utilities and
streets $2.5 million*Depot District Infrastructure Fund
Construction of utilities and
streets $25 million*
Intermodal Hub HTRZ Tax Increment
State Infrastructure Bank
Bond
Others?
Design/permitting/construction of
shared parking structure $33 million*
Intermodal Hub HTRZ Tax Increment
State Infrastructure Bank
Bond
Others?
*Values are cost estimates.Note: Assumes all development sites will be ground
leased, i.e., no upfront land sale proceeds to fund
improvements.
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2025 - FORWARD
proposed DEVELOPMENT TIMELINE
Station Center
Vision &
Implementation
Plan completed
Finalize construction drawings
for streets and utilities
Intermodal Hub HTRZ
application presented to State
committee
Secure financing for public
improvements
Release RFP for first phase of
development (likely south block)
Release utility and street work
for construction bids
Begin design work for parking
structure
Groundbreaking for first
development site
Groundbreaking for utilities
and streets
Release RFP for second
phase of development
(likely north block)
Groundbreaking for parking
structure
Complete construction of utilities
and streets
Complete construction of
parking structure
Phase I development underway
Phase II developer selected
Station Center Vision and Implementation Plan 18September 2023
Catalyzing
Downtown
Street Life
Vibrant Downtown
Station Center Vision and Implementation Plan 19September 2023
Maximizing
the TOD
Potential
Vertical Mixed-Use
Station Center Vision and Implementation Plan 20September 2023
Inviting People to
Live, Work, Play, and
Learn Downtown
Vertical Mixed-Use
Residential
Active Use
Commercial
Community
Life Science
Hospitality
Civic/Cultural
Parking
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: November 22, 2023
PREPARED BY: Ashley Ogden, Senior Project Manager
Marcus Lee, Project Coordinator
Cara Lindsley, Deputy Director
RE: Station Center Funding Strategy
REQUESTED ACTION: Written Briefing – Information on proposed funding approach
POLICY ITEM: Budget
BUDGET IMPACTS: Involves potential future budget actions to support the Station Center
Vision & Implementation Plan
EXECUTIVE SUMMARY:
In February 2023, the RDA engaged a consultant team consisting of Perkins+Will, HR&A Advisors,
Kimley-Horn, and Phil Myrick, placemaking expert, to create a design and redevelopment strategy for
approximately 15 acres of RDA-owned property in the Depot District (“Station Center Vision &
Implementation Plan” or “Plan”). The subject properties include 11 acres within the bounds of 500-600
West and 200-400 South, and an additional 4 acres near 600 West and 100 South.
At the September RDA Board meeting, the consultant team presented the in-progress urban design
framework and recommendations regarding a Station Center governance structure to ensure the long-term
vibrancy of the district. The Plan will be completed by the end of the year and will inform subsequent
RDA property disposition activities, as well as an application to the State of Utah to create a Housing and
Transit Reinvestment Zone (HTRZ) centered on the UTA Intermodal Hub.
The Plan, as currently envisioned, will require investment in upgraded utilities, new and reconstructed
streets, and a shared parking structure on the south block. The purpose of this written briefing is to present
a proposed funding strategy to implement these public improvements for Board discussion and feedback.
ANALYSIS & ISSUES:
For many years the RDA has planned for significant public improvements as part of the redevelopment of
Station Center. This includes:
• Upgrading utilities to accommodate increased density;
• Narrowing and reconstructing 300 South into a pedestrian-first street that is designed to be closed
and utilized for public events;
• Constructing new mid-block streets to break up the typical Salt Lake City block for a more
walkable environment;
• Supporting the vision of Station Center as the state’s premier model of transit-oriented
development by constructing a shared parking structure that can be used by multiple
tenants/visitors during their respective peak hours.
Previous Station Center funding strategies relied on the RDA’s ability to write down fee simple land costs
for developers in exchange for the construction of adjacent utility and street improvements or utilizing
land sales proceeds to pay for the infrastructure. In recent years, both the Mayor and Board members have
indicated a preference for the RDA to retain ownership of Station Center properties and execute ground
lease agreements with developers. Under a ground lease scenario, the land will be retained as an RDA
asset, but the option to use fee simple land value as an upfront financing tool will be eliminated and other
funding avenues will need to be explored. The table below identifies planned Station Center public
improvements, corresponding cost estimates, and potential funding sources.
FINANCIAL USES COST
ESTIMATE
FINANCIAL SOURCES
Design of utility upgrades, streets, and plazas $2,500,000 Depot District Infrastructure
Fund
Construction of utility upgrades, streets, and plazas $25,000,000 • Intermodal Hub
HTRZ Tax Increment
• State Infrastructure
Bank (SIB) Loan
• Bond
• Others?
Design/construction of south block shared parking
structure
$33,150,000 • Intermodal Hub
HTRZ Tax Increment
• State Infrastructure
Bank (SIB) Loan
• Bond
• Others?
TOTAL $60,650,000
NEXT STEPS:
Based on feedback received, Staff will continue to explore and pursue various funding sources for Station
Center public improvements. Upon approval from the Board, staff will also re-engage the consultant
team to finalize the utility/streets design as well as engage a consultant to design the south block parking
garage. The goal would be to start phased construction as soon as designs are complete and funding is
secured.
PREVIOUS BOARD ACTION:
On November 10, 2022, the RDA Board adopted a resolution for RDA Budget Amendment No. 2 for FY
2022-23. The budget amendment provided funds for the RDA to contract with the consultant team to
develop a planning and implementation strategy for approximately 15 acres of RDA-owned property in
the Depot District Project Area.
ATTACHMENTS:
A. Station Center site plan
ATTACHMENT A
STATION CENTER SITE PLAN
N
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
1 RDA Housing Funds Transfer to Misc Grants Housing Dev Fund (6,476,014.00)(6,476,014.00)(6,476,014.00)(6,476,014.00)One-time -
Section E: Grants Requiring No New Staff Resources
Section F: Donations
-
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Total of Budget Amendment Items (6,476,014.00)(6,476,014.00)(6,476,014.00)(6,476,014.00)
Total by Fund, Budget Amendment #1:
Redevelopment Agency RDA (6,476,014.00)(6,476,014.00)(6,476,014.00)(6,476,014.00)-
Total of Budget Amendment Items (6,476,014.00)(6,476,014.00)(6,476,014.00)(6,476,014.00)-
Fiscal Year 2023-24 RDA Budget Amendment #1
Administration Proposed Board Approved
Initiative Number/Name Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1
Current Year Budget Summary, provided for information only
FY 2023-24 Budget, Including Budget Amendments
Total Revenue RDA BA #1 Total Total To-Date
Redevelopment Agency 80,803,841 (6,476,014)-74,327,827
Total of Budget Amendment Items 80,803,841 (6,476,014)-74,327,827
Total Expense RDA BA #1 Total Total To-Date
Redevelopment Agency 80,803,841 (6,476,014)74,327,827
Total of Budget Amendment Items 80,803,841 (6,476,014)74,327,827
Certification
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Fiscal Year 2023-24 RDA Budget Amendment #1
Administration Proposed Board Approved
Initiative Number/Name Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
2