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9/1/2021 - Meeting Materials REGULAR MEETING OF THE REDEVELOPMENT ADVISORY COMMITTEE Wednesday, September 1, 2021 4:00 p.m. To access and participate in the meeting please visit https://saltlakecity.webex.com/saltlakecity/j.php?MTID=md0b675914890e452242fa27c02f4c7c8 Meeting Password: wiV9PwtAq83 I, Brian Doughty, Chair of the Redevelopment Advisory Committee, hereby determine that conducting the Redevelopment Advisory Committee meeting at an anchor location presents a substantial risk to the health and safety of those who may be present, and that the City and County building has been ordered closed to the public for health and safety reasons. Agenda 1. Roll Call 2. Briefing by the Staff A. North Temple Implementation Plan —Cara Lindsley, Senior Project Manager Staff will provide a briefing on the North Temple Implementation Plans. B. Guiding Framework Update— Kort Utley, Senior Project Manager Staff will provide an update on the RDA Guiding Framework. C. Westside Community Initiative—Tammy Hunsaker, Deputy Director Staff will provide an update on the Westside Community Initiative. D. Strategic Alignment of RDA Values and Resources—Tammy Hunsaker, Deputy Director Staff will provide an update on the Strategic Alignment of RDA Values and Resources. 3. Approval of the minutes A. Review and Approval of August 4, 2021 RAC Minutes RAC members will review the August 4, 2021 meeting minutes and consider for approval. 4. Business None 5. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance in order to attend this Redevelopment Advisory Committee. Accommodations may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the RDA at 801-535-7240. \ • b 7 i MAYOR ERIN MENDENHALL _. N _ f4._L, ; z DANNY WALZ L :f Director=Executive Director = �;iq�� - ;�I,,,�TN0 REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: August 27,2021 PREPARED BY: Cara Lindsley RE: Draft North Temple Project Area Implementation Plan REQUESTED ACTION: Briefing on the Administration's Draft Implementation Plan for the North Temple Project Area POLICY ITEM: N/A BUDGET IMPACTS: N/A EXECUTIVE SUMMARY: The RDA is in the process of developing work plans to guide and focus the RDA's efforts in seven active project areas over the next three to five years. These plans are intended to identify specific objectives that incorporate and balance the goals of the City(expressed in adopted master plans),the RDA(expressed in adopted project area plans), and the community. Priority projects that are identified in the plans will guide the development of the RDA's annual funding requests that are brought to the RDA Board each fiscal year. ANALYSIS &ISSUES: The North Temple Project Area Implementation Plan is attached. Each plan identifies objectives for a three-to five-year period, summarizes the project area's budget and projections over that period,identifies RDA assets within the project area,lists the RDA's programs that are especially applicable to meeting the RDA's objectives in the project area, and identifies short-,mid-, and long-term projects where the RDA will focus its efforts. In addition to using the City's North Temple Boulevard Plan and the RDA's North Temple Project Area Plan to identify key projects, RDA staff met with the RDA Board and community-based organizations in Fall 2019 to seek input on priorities and project ideas for the North Temple Project Area. The short,mid, and long-term projects that are listed in the attached implementation plan reflect the input we received. The implementation plan is intended to be an administrative living document that,while the general objectives will remain unchanged over the three-to-five-year term,will be updated as budget allocations are made,projects progress,programs are established, and property is acquired and/or disposed of. The Board's role in the implementation plan is to make budget allocations and approve policies for the project area.At this time,the Board may wish to provide feedback on the implementation plan to ensure that the administration and Board have a common understanding of the priorities and objectives for the project area. PREVIOUS BOARD ACTION:N/A ATTACHMENTS: Draft North Temple Project Area Implementation Plan 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 �J�LOPMEMf SLCRDA North Temple Project Area Implementation Plan 2021 -2024 Base Year: 2011 Term: 25 Years Trigger Year: 2013 Expiration Year: 2037 Base Year Value: $84,073,572 Current Value (2020): $156,240,759 Acreage: 319 Objectives: 1. Incentivize redevelopment along the North Temple Corridor that incorporates the principles of sustainable, equitable, transit-oriented development and enhances transit station areas as lively, walkable, people-oriented places. Facilitate the inclusion of ground floor commercial space in development projects that is affordable and available to small, local, community-serving businesses. 2. Provide a mix of housing typologies, with "missing middle" housing types used as a buffer between higher density in the transit corridor and single-family residential neighborhoods. Focus housing resources on developing and preserving rental and ownership products that create and support an income-diverse neighborhood. 3. Create an extension of City Creek Corridor from 800 West to the Jordan River, providing opportunities for new development around the public Folsom Trail. Create and renovate open spaces for the community that are safe, vibrant, and useful and that complement neighboring developments. 4. Facilitate strategic interventions to address properties that are characterized by high crime rates and negatively impact neighborhood livability. 5. Improve environmental conditions in the North Temple Project Area by facilitating new development and adaptive reuse on environmentally-challenged properties. Page 1 Project Area Budget Summary and Projections: Fiscal Year 2020/2021 2021/2022 2022/2023 2023/2024 Total North Temple Revenue $633,123 $791,404 $989,255 $1,236,568 (25%increase) North Temple School Safety and Infrastructure $44,319 $55,398 $69,248 $86,560 Improvements Administration, Maintenance $63,312 $79,140 $98,925 $123,657 &Operation Costs Tax Increment N/A N/A N/A N/A Reimbursements Housing $126,625 $158,281 $197,851 $247,314 Non-Obligated Fund Estimate (available for future projects and $398,867 $498,584 $623,230 $779,038 programs) RDA Assets: • SPARK! (Formerly"Overniter Motel"): 1500 W. North Temple Priority Programs: 1. RDA Property Acquisition/Disposition — RDA has the ability to acquire properties for development of projects that support the master plan and project area objectives. RDA can also leverage the value of Agency-owned properties to support project area objectives. 2. RDA Housing Development Loan Program —The Housing Development Loan Program provides resources for the development and preservation of affordable housing. The RDA will work with project developers and lenders to bridge the funding gap between a project's economics and market realities. In support of their mission, the RDA may assume a higher level of risk than traditional lenders to ensure that transformative projects get built. 3. RDA Storefront Activation Program (proposed)— RDA proposes developing a program to create opportunities for local businesses and nonprofit organizations to occupy ground-floor space in new developments that would be unaffordable without subsidy. 4. Adaptive Reuse Loan Program (proposed)— RDA proposes developing a program to facilitate improvements to existing building stock while preserving local community character, cultural diversity, and values. 5. Commercial Revitalization Loan Program (proposed)— RDA proposes developing a program focused on enhancing existing commercial buildings and stabilizing local, community-serving businesses. Page 2 Priority Projects (Current and Completed Projects Shown in Attached Map): 1. SHORT-TERM (CURRENTLY TAKING PLACE OR STARTING WITHIN A YEAR) a. Folsom Trail Landscape, Lighting, and Amenities— In cooperation with the Transportation, Engineering, and Parks & Public Lands Divisions, fund improvements to Folsom Corridor that supplement the landscape, lighting, and amenities in the Folsom Trail design. i. Development Partner: UTA and Salt Lake City ii. Project Cost: $3.8MM (total for trail plus supplemental landscape, lighting, and amenities) iii. RDA Budget Allocation: $350k b. City Creek Daylighting Design and Implementation Plan — In cooperation with Public Utilities and the Transportation, Engineering, Parks & Public Lands Divisions, and with fundraising and technical support from Seven Canyons Trust, procure design consultant to implement 2020 feasibility study recommendations. i. Development Partner: SLC and Seven Canyons Trust ii. Estimated Project Cost: $200k (for design plan; full construction cost estimated to range from $3MM to$15MM, depending on scale) iii. RDA Budget Allocation: $105k proposed (FY22 BA1) 2. MID-TERM (START AND COMPLETE WITHIN 1-3 YEARS) a. Property Acquisition for Strategic Intervention —Acquire a property to facilitate strategic redevelopment along the North Temple Corridor. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: $4MM b. Folsom Corridor Interim Uses—Create and fund a small business incentives for temporary and interim uses of City property in Folsom Corridor to activate the corridor and provide amenities or points of interest to trail users. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD c. Folsom Corridor Public Art-Collaborate with the Arts Council and North Temple stakeholders to identify, plan, and execute a community-driven Folsom Corridor public art project that celebrates the neighborhood's character and identity. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD 3. LONG-TERM (TO COMPLETE IN 3+YEARS) a. Fairpark Redevelopment and Master Plan Implementation - Facilitate the redevelopment of the State Fairpark in a manner that maintains its historic integrity, Page 3 increases active uses, provides a community benefit, and creates new pedestrian connections. i. Development Partner: Utah State Fair Corporation ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD b. Large Property Redevelopment— Facilitate the redevelopment of large and strategic properties in the North Temple Corridor in a manner consistent with the RDA's goals. i. Development Partner: TBD ii. Estimated Project Cost: TBD iii. RDA Budget Allocation: TBD 4. COMPLETED PROJECTS a. North Temple Brownfields Assessment Grants (2011-2015)—The RDA and Salt Lake City were awarded a grant from the Environmental Protection Agency (EPA)to fund site assessments in the North Temple Project Area, and the RDA administered the grant by engaging an environmental consultant to identify and investigate environmentally- challenged properties. The RDA specifically worked with property owners along the Folsom Corridor that were interested in preparing for the redevelopment of their properties. i. Development Partner: N/A ii. Project Cost: $300k iii. RDA Budget Allocation: N/A b. North Temple Marketing and Branding (2014)—The RDA worked with NeighborWorks Salt Lake to promote and brand North Temple as Salt Lake City's gateway by funding the design, fabrication, and installation of 92 banners on poles that were installed in the corridor during the North Temple TRAX construction. i. Development Partner: NeighborWorks Salt Lake ii. Project Cost: $30k iii. RDA Budget Allocation: $30k c. Red Iguana 2 Loan (2015)— Provided a renovation loan to develop expanded dining space, an inviting street-side patio, a large kitchen, catering support space, administrative offices, an employee break room, and several other amenities. i. Red Iguana 2 ii. Project Cost: $2.7MM iii. RDA Budget Allocation: $500k d. Fairpark Public Market Study(2019)— Engaged a consultant to assess the feasibility of creating a permanent, year-round public market at the Utah State Fairpark. i. Development Partner: N/A ii. Project Cost: $175k iii. RDA Budget Allocation: $175k e. North Temple 1-15 Underpass Pedestrian Improvements and Public Art(2019)— In cooperation with the Arts Council and the Property Management and Engineering Page 4 Divisions, provided public art and a safe pedestrian connection between the west and east sides of the City at the North Temple 1-15 Underpass. i. Development Partner: N/A ii. Project Cost: $250k ($168,782: NT Bond Proceeds, $85,000: Art Council Funds iii. RDA Budget Allocation: N/A f. City Creek Daylighting Feasibility Study(2019-2020) - In cooperation with the Transportation, Engineering, and Parks & Public Lands Divisions, engaged a consultant to study the feasibility of bringing a portion of City Creek's flow to the surface in the Folsom Corridor. i. Development Partner: UTA ii. Project Cost: $100k iii. RDA Budget Allocation: $25k Page 5 r11 SLCRDA NORTH TEMPLE PROJECTS _� Cor sUt • -' M 7z[-.- 't^^ •I 3, a. r -Spring St - Tip � j • , .- - .. i o= ♦ r = ii,--.1- ! - .ii/. ■'Fire _1 A •I .- ^ I ♦lsj, yU1_ �L 41; r t. - I, ,S��tyya tom�- ♦ 0% *♦ - = _ _ school 1 ♦♦f i 4 4 �`3 _ .. • ��•1P * i2 • - tPirtii, . • _eti -- - _�G M cXor Ave, .. ■Aver' � �,, • E--" 71"., j�T FL t t .-'? - .. - _ '1 0 - ... � rr �� " y i /y � 1 �, III y o ,"i fa.; 1 �.8$ • ... - - •+'y�j-ice _ r i - - 14, - i — 44 1 at' �� `m- rn oo u� -. - 'I Ni lad son Ave• r .11 �{ 5I le $ I- 5 17" I - 4'� 1I ""► 6 .a ___ EAIRPARK .. - . ASI CV I - lit POWER.--. _. ._ - ...� ~ _ ��r_- StJACKS ON-1•tifr N.r.. 0 N•rth mple •.ti ram * "�,� •._. H ,a - 8 1� p aliz-1 i i v 41 IV3. s amed-Ave- i. V3M 1, I - oo gm m a • e _ - t +z l I �^- 1.1' tee, ' - 7BA _ " ` .Eme• nl Ave - •' ` y•y,��' _ •. ,Madsen v rv� i(• .ar yi•r r .i Park A2 1 MI". lit ■ • ------5. t-T.0 1� --. _ .■ ■2.-■M_■ " - _ �e ---- ...,, ,r<-, '. r_, .� :_„ - - ✓. .. ` - - South Tel , 47/47-;---7'1 4r1., . < - Y - I. ■-■ ■'• ■ ■ita, liaa •slia. o ■, ' i' /r ' 1 F.,. �.auer.4�-.- .. 9- . _ ,,r 100.5 - �. , Vi.�••:� _ 1 — • rt i +. aE Legend 1,000 Feet AN I I I I I I I\ North Temple Project Area N Folsom Trail ONorth Temple TRAX Line O 1-15 Underpass Public Art 0 Red Iguana 2 . Private Development Potentially Underway ©Folsom Trail Design/Construction OCity Creek Daylighting Study 0 SPARK!(0verniter Motel) OFair Park Public Market Feasibility study August 27,2021 P%%I ? •� ,,,Jh MAYOR ERIN MENDENHALL • 9ill ••arg DANNY WALZ iasExecutive Director Director ;sat1_ =11:11L SS- REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: August 27, 2021 PREPARED BY: Kort Utley RE: Potential Guiding Framework Revisions REQUESTED ACTION: Briefing&Discussion POLICY ITEM: Not applicable. BUDGET IMPACTS: Not applicable. EXECUTIVE SUMMARY: In the Fall of 2019, the RDA Board adopted the Guiding Framework("Framework"), a strategic operational document that strategically guides and prioritizes the Redevelopment Agency's work. The Framework includes three components: - A mission statement clarifying the Agency's purpose; - Core values articulating the intended economic, social, and physical outcomes expected of Agency projects; and - A methodology for prioritizing the Agency's work based on a given project's ability to achieve certain threshold requirements, demonstrate public benefits, and comply with the criteria in the Agency's programs and policies. The Agency has utilized the Framework in its day-to-day operations over the past two years to analyze requests for Agency financial assistance. During that time, staff has noted where the Framework might be improved to better serve its purpose. Given recent discussions at the City around the principles of equity and inclusion, staff felt it was important to consider ways in which those principles could be better incorporated into the Framework. To that end, staff will present potential revisions to the Framework and solicit feedback from the Redevelopment Advisory Committee on the topic. 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 %t%%I Si,,,4. J MAYOR ERIN MENDENHALL 2 9a DANNY WALZ Executive Director Director '.,,%C II REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: August 26,2021 PREPARED BY: Tammy Hunsaker RE: Westside Community Initiative—Initial Briefing REQUESTED ACTION: Briefing on the framework for a new program intended to utilize Inland Port Housing Funds to advance development activities on the City's Westside. POLICY ITEM: Affordable housing; 9 Line and North Temple project area development. BUDGET IMPACTS: Inland Port Housing Funds. EXECUTIVE SUMMARY: Earlier this year, the Board of Directors of the Redevelopment Agency of Salt Lake City("RDA") directed staff to develop a proposed program for the utilization of funds received by the RDA from the Inland Port Authority. These funds are received pursuant to Utah Code Title 11-58 Utah Inland Port Authority Act,which provides that a portion of tax differential generated within Inland Port Authority Jurisdictional Land shall be paid to the RDA to be utilized for housing. As such, RDA staff is working to develop a new program,tentatively called the Westside Community Initiative ("WCI"). While the proposed WCI is based on community land trust and cooperative-style housing development, it is broader in nature to carry out other project types for a collective impact. As proposed, the WCI shall facilitate the implementation of transformative housing and mixed-use projects with a focus on affordable homeownership as a way of building community cohesion and personal wealth. The geographic scope of the initiative is proposed to be the City's Westside defined as west of I-15. The RDA's 9 Line and North Temple project areas are included in this larger geographic area. Affordable and mixed-income housing projects will be leveraged with additional public benefits including neighborhood services, economic opportunity, and transit-oriented development. By taking a long-term approach to development projects,the WCI will balance the implementation of public benefits with the ability to generate revenue to be reinvested back into the community. Inland Port Housing Funds are required to be utilized for the purposes outlined in Utah 17C- Community Reinvestment Agency Act, section 17-C-1-412 Use of Housing Allocation,which generally limits eligible activities to the development and preservation of housing targeted to 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 households at or below 80% of the area median income ("AMI"). Under the statute, funds can be utilized to implement mixed-income projects,mixed-use projects, and related improvements. As such, funds can be leveraged as part of housing projects for a broad array of other public benefits, including infrastructure improvements, economic development, sustainable building practices, and the redevelopment of undesirable land uses. While the primary source of revenue for the initiative is anticipated to be Inland Port Housing Funds, the Board would be able to allocate other revenue sources to the WCI. In addition,the RDA would actively work to acquire outside funding sources and resources to collaborate on projects and activities. This could broaden the eligible uses of funding dedicated to the WCI. This memorandum includes initial information on the proposed framework for the WCI, including the budget and policy structure, goals, and activities. RDA staff will incorporate the Board's feedback as specific details of the initiative are developed for the Board's consideration at a future date. ANALYSIS & ISSUES: Additional details on the proposed framework of the WCI are as follows: I. Budget&Policy Structure: To implement the WCI, the following efforts would need to be carried out by the Board: 1. Update the RDA Housing Allocation Funds Policy, resolution R-4-2021,to earmark the Inland Port Housing Funds for the WCI and to allow for allocations from other revenue sources. This would be a minor change to the existing policy. 2. Create a new policy for the WCI that establishes the purpose, goals, activities, metrics, and reporting requirements for the initiative. If the Board is supportive, this policy would be based on the information contained herein. While the WCI policy would identify the purposes, goals, and activities of the initiative, projects would be administered pursuant to existing RDA programs and tools. Additionally, a new policy would be developed for a Shared Equity Development program. Programs and tools the WCI would be administered pursuant to are as follows: • RDA Loan Program Policy: Resolution R-37-2016 • Tax Increment Reimbursement Program Policy: Resolution R-9-2017 • RDA Real Property Disposition Policy: Resolution R-6-2021 • Housing Development Loan Program: Resolution R-7-2021 • Shared Equity Housing Program: Resolution Forthcoming Refer to Attachment A for a chart depicting the proposed structure of the WCI. H. Goals: The goals for the WCI are proposed as follows: • Develop Land with a Long-Term Approach to Continuously Serve a Community- Defined Purpose WCI will take a long-term approach to land development and community building so that the RDA may retain the fee ownership to and a reversionary interest in the property. By ground leasing to development partners,the RDA will provide an opportunity to receive revenue generation to serve other public benefits. • Create Opportunities for Revenue Generation while Balancing the Implementation of Public Benefits WCI will strive to balance the development of property with the incorporation of public benefits. Benefits such as affordable housing and below-market commercial space which generate limited or no cash flow would potentially be subsidized with land uses that generate positive cash flow. Revenue generated by projects and received by the RDA will then be reinvested back into the WCI with the goal of furthering shared prosperity. • Assist the Westside in Mitigating Gentrification and Displacement WCI will acquire land with the goal of holding it for the community in perpetuity, thereby removing land from the speculative market so that it serves low and moderate-income residents in perpetuity. Housing will remain affordable even as neighborhood change occurs and gentrification pressures mount,which protects families from displacement. • Give Lower Income Households the Opportunity to Build Wealth Through Ownership WCI will create opportunities for families to buy homes at affordable prices by focusing on a shared-equity model. A shared equity model offers an alternative form of ownership that provides benefits traditional markets cannot, such as long-term housing affordability and the ability for low and moderate-income families to build equity. When families decide to sell, they will receive their portion of the appreciation but the RDA remains as the land owner and is in the position to continue to sell the home at a below-market price, making it affordable to another family of limited means. Keeping the home affordable, from family to family,will benefit future generations by acting as a steppingstone for low-income families to go from renting to building wealth. • Engage Community Members in Development Decisions The RDA will involve the community in the planning and goals regarding long term land use and housing development. This can translate into residents actively involved in creating positive change within their communities and projects that reflect the value of its residents. The result will be projects that incorporate a shared mission and vision with the community. • Leverage Resources for Other Neighborhood Development Purposes Revenues acquired through ground leases or partnerships could contribute to other purposes, including subsidizing deeply affordable housing,below-market commercial space, infrastructure,public art, etc. • Collaborate with Other Partners to Broaden the Pool of Funding and Expertise The RDA would actively work to acquire outside funding sources and professional resources by bringing together financial institutions, the private sector, nonprofits,public officials, other government agencies,researchers, and practitioners to collaborate on community and economic development activities. • Carry Out Efforts with a "Collective Impact"Approach The RDA will continuously evaluate how projects work together to address common goals through a"collective impact" approach that produces measurable results. These measurable results will be tracked and reported on to promote data-driven and outcome-based decisions. III. Activities: The activities of the WCI are proposed as follows: • Strategic Acquisitions Strategic property acquisitions that may include distressed properties characterized by high crime rates,properties that are located at target locations, and other opportunities that align with the City's objectives and meet predefined policy priorities. Properties will be redeveloped as elevated real estate development projects that have profound impacts on people,particularly low-income and vulnerable populations, in order to uplift others, create economic opportunities, improve health outcomes, and influence the physical and socioeconomic landscape of Salt Lake City. • Shared Equity Models of Development o Land Trust Development The RDA will retain ownership of land and provide for the sale or rental of housing to lower-income households. To make certain would-be homeowners and renters benefit from the arrangement for years to come, the resale prices and rents of the housing will be capped, maintaining affordability for the next family. o Multifamily Cooperative Housing Development The RDA will facilitate the development of cooperative housing projects to provide a framework for homeownership by bringing people together to own the building in which they live. A housing cooperative or"co-op" is a type of residential housing option that is a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in. The co-op housing model provides low-income households with a way to accumulate personal wealth, through equity accumulation and mortgage interest deductions. • Residential and Mixed-Use Rental Housing Development The RDA will facilitate the development of rental mixed-income and mixed-use projects that are part of a larger coordinated effort to co-locate housing with the services and resources to increase a person's likelihood for upward mobility. • Other Public Benefits While it is anticipated that the WCI will focus on affordable housing due to certain funding source restrictions,there is opportunity to leverage housing projects with broader public benefits. Furthermore, there is opportunity to broaden the WCI's funding sources,with both internal and external sources,to expand the eligible activities funded through the WCI. Other public benefits could include infrastructure improvements (both street and green infrastructure), housing for a broad array of AMIs,job creation, small-business development, street activation,publicly visible art,historic preservation, adaptive reuse, neighborhood services, among others. IV. Next Steps RDA staff will incorporate the Board's feedback on the information contained herein and will return to the Board with the following: 1. Revisions to the RDA Housing Allocation Funds Policy,resolution R-4-2021,to earmark Inland Port Funds for the WCI. The policy will also be revised to allow for allocations of other sources of revenue to the initiative. 2. A new policy resolution for the WCI that establishes the purpose, goals, activities, metrics, and reporting requirements for the initiative. 3. A new policy for a Shared Equity Housing Development program that provides for homeownership by bringing people together to own the building in which they live while the land is owned by the RDA, or another entity, to preserve affordability in perpetuity. PREVIOUS BOARD ACTION: • May 2021 —The RDA Board directed RDA staff to develop a proposed program for a community land trust type program for the City's Westside that utilizes Inland Port funds. ATTACHMENTS: • A—Westside Community Initiative: Proposed Framework Chart WESTSIDE COMMUNITY INITIATIVE (WCI) SLCRDA PROPOSED FRAMEWORK �.,...•F A Westside Community Initiative policy will be created that identifies the purpose, goals, and activities of the initiative. Projects will align with the intent of the WCI and will be administered through RDA programs and polices. PURPOSE The implementation of transformative housing and mixed-use projects with a focus on homeownership and affordability as a way of building community cohesion and personal wealth. Housing projects will be leveraged with additional public benefits including neighborhood services, economic opportunities, and transit-oriented development. Eh GOALS • Develop Land with a Long-Term Approach to Continuously Serve a Community-Defined Purpose • Create Opportunities for Revenue Generation while Balancing the Implementation of Public Benefits • Assist the Westside in Mitigating Gentrification and Displacement • Give Lower Income Households the Opportunity to Build Wealth Through Ownership • Engage Community Members in Development Decisions • Leverage Resources for Other Neighborhood Development Purposes • Collaborate with Other Partners to Broaden the Pool of Funding and Expertise • Carry Out Efforts with a "Collective Impact" Approach INLAND PORT OTHER HOUSING SOURCES WCI DIFFERENTIAL ALLOCATED BY REVENUE BOARD FUNDING SOURCES (revenues) Note:The RDA Housing Allocation Funds WCI policy, resolution R-4-2021,will be updated to provide for the earmarking of Inland Port HOUSING Housing Funds,WCI revenue,and other funds as determined by the BOD for the WCI.As the FUND Policy currently stands,there is a NWQ Housing Fund that receives Inland Port Housing revenue. This fund would be renamed to the WCI Housing Fund. ACTIVITIES (expenses) SHARED RESIDENTIAL OTHER STRATEGIC ACQUISITION EQUITY PUBLIC MIXED-USE DEVELOPMENT BENEFITS DEVELOPMENT Note:The Initiative's activities shall be administered pursuant to the following policies: RDA Loan Program Policy: Resolution R-37-2016 Tax Increment Reimbursement Program Policy: Resolution R-9-2017 RDA Real Property Disposition Policy: Resolution R-6-2021 Housing Development Loan Program: Resolution R-7-2021 Shared Equity Housing Program: Resolution Forthcoming P•%' ''''' MAYOR ERIN MENDENHALL = 9arg. DANNY WALZ igtsv Executive Director Director ;sat1_ '.,,C I ICI .•. REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: August 26,2021 PREPARED BY: Tammy Hunsaker RE: Strategic Alignment of RDA Values and Resources REQUESTED ACTION: Briefing on RDA strategic alignment efforts and proposed policy and program items coming before the Board. POLICY ITEM: Various RDA policies and programs. BUDGET IMPACTS: N/A. EXECUTIVE SUMMARY: Since 1969,the role of the Redevelopment Agency of Salt Lake City ("RDA") has been vast and varied,participating in hundreds of redevelopment projects that have helped cultivate many of Salt Lake City's residential, commercial, and public places. These efforts have resulted in the creation of approximately 7,000 housing units, historic renovation and adaptive reuse of more than 50 existing buildings, distribution of—$55 million in commercial loans, and investment of upwards of$170 million in public improvements with infrastructure, green space, transit, and public art projects. Looking ahead as part of a larger, strategic effort to improve the RDA's approach to community investment,RDA staff has identified existing policies and programs that could be revised as well as new programs that could be developed to implement this direction. ANALYSIS & ISSUES: To continue to implement meaningful, impactful projects,the RDA must adapt to evolving cultural, economic, and environmental conditions. Today's conditions include unprecedented increases in housing costs,recognition of the historic role of development in systemic racism and neighborhood disinvestment, and compounding issues surrounding growth and environmental impacts. While community needs are greater than ever the RDA's resources are more limited. Certain project areas have recently expired or are expiring soon, and the vast majority of annual tax increment revenue is already committed to various ongoing contractual obligations. As such, the RDA is looking for ways to better target resources and align with community needs, including to: • Ensure the inclusion of equitable development strategies that encourage everyone to participate in and benefit from new investments being made in their neighborhoods. • Set sustainable development standards and incentives to build a healthy and resilient future for the City. • Distribute funding on a competitive basis to ensure that resources are allocated to the projects providing the highest level of public benefit. 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 • Increase threshold requirements for accessing funding to set minimum standards for utilizing RDA resources, thereby defining clear expectations for the development community. • Make resources available to a diverse array of partners including those that have not historically accessed RDA tools. • Expand resources available to implement projects,better target funding, and improve the tracking of financial indicators to ensure the financial sustainability of the RDA. • Take a long-term approach to development projects, including the balancing of implementing public benefits with retaining an ongoing interest. The following table outlines the items that RDA staff anticipates presenting to the Board of Directors ("Board") for consideration over the upcoming months. The Board may wish to provide initial feedback and direction on policy priorities that the RDA staff should consider as this work is carried out. Program/Policy Description Initial Board Discussion Equity Work Plan An administrative work plan that identifies goals and actions Q3 2021 to align RDA programs and tools with equity principles. The RDA will not have a stand-alone equity policy but will rather infuse equity principles into applicable policies and programs. Guiding Framework for Update to the current policy,resolution R-22-2019 adopted in Q4 2021 Mission and Values November of 2019, to strengthen equity and sustainability components within the framework. Sustainability Policy A new policy that will establish minimum standards and Q4 2021 incentives for sustainable building practices to increase resiliency and reduce negative impacts on the environment. RDA Housing Allocation Minor update to the current policy,resolution R-4-2021 Q4 2021 Funds Policy adopted in February 2021,to contemplate the Westside Community Initiative. Westside Community A new program intended to utilize Inland Port Housing Funds Q4 2021 Initiative to advance community wealth building through affordable homeownership,increase the supply of affordable rental housing,implement cooperative housing projects, and revitalize distressed properties on the City's west side. Shared Equity Housing A new program that facilitates the development of shared- Q1 2022 Program equity housing projects. The RDA will retain long-term ownership of the land and provide for the sale or rental of housing to lower-income households. Commercial Revisions to the RDA Loan Program,resolution R-37-2016 Q1 2022 Development Loan adopted in October of 2016,to better leverage resources, Program target community needs, support smaller-scale projects, and facilitate anti-displacement strategies. Housing Development Update to the current policy,resolution R-7-2021 adopted in Q1 2022 Loan Program March of 2021,to include a financing option for accessory dwelling units("ADUs"). Storefront Activation A new program intended to facilitate the occupancy of Q2 2022 Program ground-floor commercial space by local and underrepresented businesses. Tax Increment Revisions to the Tax Increment Reimbursement Program, Q2 2022 Reimbursement Program resolution R-9-2017 adopted in November of 2017,policy to increase standards for qualifying for funding and set clear policy objectives. Cultural& Community A new program to reinforce public arts and cultural Q2 2022 Initiative Program programming by supporting community organizations in better carrying out their missions or projects. The program is intended to be similar to the"Lighter, Quicker, Cheaper" model by incentivizing either small small-scale capital projects and/or capacity building. Note:This is a tentative timeline that is subject to change based on RDA staff and the Board's capacity. PREVIOUS BOARD ACTION: • None ATTACHMENTS: • None