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2/1/2023 - Meeting Materials REGULAR MEETING OF THE REDEVELOPMENT ADVISORY COMMITTEE Wednesday, February 1, 2023 4:00 p.m. 451 S State Street Room 126 Salt Lake City, Utah 84111 To access and participate remotely, please visit https://saltlakecity.webex.com/saltlakecity/j.php?MTI D=mdOb67591489Oe452242fa27cO2f4c7c8 Meeting Password: mHruA8Tsp24 AGENDA 1. Roll Call 2. Announcements by the Staff A. HTRZ update 3. Approval of the minutes A. Review and Approval of the September 7, 2022 and December 7, 2022 Minutes Members will review the September 7, 2022 and December 7, 2022 meeting minutes and consider for approval. 4. Business A. Election of Chairperson and Vice-Chairperson RAC will nominate and elect a member to be Chair and nominate and elect a member to be Vice-Chair of the Redevelopment Advisory Committee for 2023. B. State Street Project Area Update—Lauren Parisi, Senior Project Manager and Makena Hawley, Project Manager RAC will receive an update on the State Street Project Area. C. Notice of Funding Availability for Housing Development Loan Program Update—Tracy Tran, Senior Project Manager, Kate Werrett, Project Manager and Austin Taylor, Project Manager RAC will receive an update on the NOFA for the Housing Development Loan Program. 5. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance 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. MINUTES FROM THE MEETING OF THE REDEVELOPMENT ADVISORY COMMITTEE Wednesday, September 7, 2022 4:00 p.m. 1. Roll Call The following members were present: Brian Doughty, Chairperson Nic Peterson, Member Rosa Bandeirinha, Member Claudia O'Grady, Member Mark Isaac, Member Baxter Reecer, Member Amy Rowland, Member The following members were absent: Mojdeh Sakaki,Vice-Chairperson Also Present: Cara Lindsley, Deputy Director Tracy Tran, Senior Project Manager Austin Taylor, Project Manager Corinne Piazza, Senior Project Manager Kate Werrett, Project Manager Amanda Greenland, Communications and Outreach Manager Kathryn Hackman, Communications and Outreach Coordinator Eric Holmes, Data Manager Allison Parks, Senior City Attorney Felina Lazalde, Office Facilitator II Taylor Anderson Robyn Stine, Office Manager 2. Briefing by the Staff Amanda Greenland welcomed the new members, Baxter Reecer, and Amy Rowland to the Redevelopment Advisory Committee. 3. Approval of the minutes of the June 1, 2022 meeting Mr. Peterson made a motion to approve the minutes from the June 1, 2022 meeting. Ms. O'Grady seconded the motion. Upon roll call,the motion passed unanimously. 4. Business A. Housing and Transit Reinvestment Zone (HTRZ) Creation—Tracy Tran and Kate Werrett, Project Managers Kate Werrett, Project Manager provided a briefing on the Housing and Transit Reinvestment Zone Creation to the RAC members. She explained the general State requirements which include: • Property Tax Maximum Increment Participation: 80% • Sales Tax Increment Maximum Participation: 15% • Housing: o At least 10%affordable housing (80%AMI) o Must include a mixture of housing units & bedroom counts • Land Use: 51% residential • Density: average or 50+ units/acre • HTRZ Administration Fees: 1%of the HTRZ funds+gap analysis expenses • Application Process: o Governor's Office of Economic Opportunity conducts gap analysis o HTRZ Committee reviews and approves/declines application • If approved,taxing entities are required to participate. Ms. Werrett explained the transit type differences allowed with in the HTRZ regulations. She said HTRZs around Frontrunner stations offer the largest acreage (125) and longest tax increment (TI) term (25 years within a 45-year period); she added that unlike a CRA,the parcels do not need to be connected and the boundary is 1/3 mile from the Frontrunner station. Ms. Werrett said the boundaries from TRAX/S-LINE and BRT is% mile with maximum acreage of 100 and the TI term is 15 years within a 30-year period. She also said that the number of HTRZ in each county is 8 for TRAX, 3 for BRT and is undefined for Frontrunner stations. Ms. Werrett described the difference between an HTRZ and a CRA: HTRZ CRA Creation • HTRZ proposal submitted to Governor's Office • Survey Resolution adopted by RDA Board of Economic Opportunity • Project Area Plan&Budget Public Hearing • HTRZ Committee commissions a gap analysis • RDA Board adopts Plan&Budget and reviews/approves proposal • City adopts ordinance approving the Plan& Budget Taxing • Required taxing entity participation as • Taxing entities may opt out of participation Entities agreed to by the HTRZ Committee • Participation is negotiated and established with interlocal agreements Tax • Participation Rate: up to 80%of property tax • Participation rate is as negotiated. Increment increment • Typically, no sales tax participation • Up to 15%of state sales tax contributed to the Transit Transportation Investment Fund Ms. Werrett said the HTRZ Act 63N-3-607 details how the funds may be used to pay for a portion of the costs associated with development including the following: • Income targeted housing costs • Structured parking • Enhanced development costs • Horizontal and Vertical construction costs • Property acquisition • Public infrastructure • HTRZ Administration including the State's gap analysis Ms. Werrett said the RDA Board liked the idea of using the funds for targeted housing and public infrastructure. She explained the city and state objectives for HTRZ's, including increased public transit utilization, increase in housing, including affordable and air quality improvement among others (see attached). Ms. Werrett shared potential HTRZ locations that RDA staff have identified: • Intermodal Hub o Station Center Project o Green Loop o First and Last Mile Improvements o East-West Connectivity • 650 South Main TRAX o Grand Boulevards o Public Right-of-Way& Infrastructure o Green Loop • 900 South 200 West Granary TRAX o Granary Project Area o Fleet Block o Green Loop o Grand Boulevards o Public Right-of-Way& Infrastructure o Support TRAX Extension o Developer Requests: ■ Public Right-of-Way& Infrastructure Improvements ■ Affordable Housing ■ Parking Garages • 200 West 1300 South (Ballpark)TRAX o Redevelopment of city-owned parcels o Pedestrian Safety Enhancements&Activation • Sugar House S-Line (Fairmont or Sugarmont Stations) o Support Transit Extension o Affordable Housing o Developer Requests: ■ Housing Project Support Ms. Werrett said that the creation of an HTRZ is something that is desirable across the board but ensuring it is done in an equitable manner is very important. She explained that RDA staff plan to release a Request for Information (RFI)for different areas to allow developers, property owners, and stakeholders to submit their ideas for their properties. She added that should a developer submit their idea or plans; Staff could then include those plans in the application. Ms. Werrett said that when the application is submitted, the income staff reports as potential revenue must be as accurate as possible because it creates a cap on how much can be collected. Next steps include releasing the RFI and submitting proposals to the state. B. Accessory Dwelling Unit Financing Program—Austin Taylor, Project Manager Austin Taylor, Project Manager, presented the proposed RDA Accessory Dwelling Unit (ADU) Financing Program to the Committee. He explained the goals of this program which include increase the supply of naturally affordable rental housing, increase density in low-density neighborhoods, provide low-to-moderate income homeowners in formerly redlined areas a wealth building opportunity and increase neighborhood stability and investment. Mr.Taylor said that Agency staff is looking to launch an ADU pilot program in the 9-Line Project Area for a variety of reasons including, but not limited to: • Historic redlining • $232K average home values • $48k median household income • 8,000 square foot median lot size • 89%of residential land zoned R1 • 4.1 average family size He added that Salt Lake County said if the Agency focused on this area, creating a program within five years, they would increase their tax increment participation. Mr.Taylor said some of the challenges include zoning restrictions such at setbacks, maximum ADU size, height limit, limited to single family homes and conditional use permit. He added that construction costs are between $100,000 and $250,000 with a 15%year-on-year increase, and financing options are limited. Mr.Taylor explained the process the Agency staff have taken to date including stakeholder interviews, financial program surveys, organizing city-wide ADU task force, participating in local and national ADU-related discussions and drafting the pilot project RFQ. Mr. Taylor said the program preferences the Agency will include in the RFQ are as follows: • Loans or grants • Landlord training and tenant screening • Attached and detached ADUs • Cost-cutting strategies • Compliance monitoring • Affordability for tenants and owners Discussion • Ms. O'Grady confirmed that these units would be restricted from short term, overnight rentals. • Ms. O'Grady said she would advocate for deed restriction for affordability for a specific length of time, in exchange for cheap money. • Ms. Rowland confirmed that the owner is required to occupy the property. • Mr. Baxter said the goal to prevent people from being priced out of where they live is ambitious and suggested looking into financing options that work with prefab ADUs. • Mr. Peterson asked if there is a variance process on the size of the ADU. Mr.Taylor said that Planning Commission is looking into establishing a maximum size of 800 square foot rather than being tied to the size of the main house. • Mr. Peterson recommended using social media to reach out about this program and get people engaged. • Mr. Baxter suggested reaching out to utility companies regarding an incentive partnership. • Mr. Doughty asked whether it's been investigated how much property tax would increase with an ADU on site. Mr.Taylor said he reached out to an appraiser who said average property values will increase $100,000 to$150,000 and property tax would increase approximately$1,000 per year. 5. Adjournment There being no further business the meeting was adjourned. Brian Doughty, Chairperson This document along with the digital recording constitute the official minutes of the Redevelopment Advisory Committee held September 7, 2022. HTRZ OBJECTIVES CITY OBJECTIVES: PLAN SALT LAKE & STATE OBJECTIVES (63N-3-603) GUIDING FRAMEWORK • Increase public transit utilization • Increase public transit utilization • Increase availability of housing, including affordable • Increase availability of housing (incl. affordable options) housing • Responsible growth that provides living & transportation • Water conservation through efficient land use choices • Air quality improvement • Access to a wide variety of housing types for all income • Encourage transformative mixed-use development and levels throughout the City investment in public transit infrastructure in strategic • Transportation & Mobility Network: safe, accessible, areas reliable, affordable, and sustainable, providing real choices • Strategic land use and municipal planning in major & connecting people with places. transit investment corridors • Air that is healthy and clean. • Increase employment and educational opportunities • Protect natural environment while providing access to recreation • Balanced Economy: Quality jobs in an environment for commerce, local business, & industry to thrive MINUTES FROM THE MEETING OF THE REDEVELOPMENT ADVISORY COMMITTEE December 7, 2022 4:00 p.m. 1. Roll Call The following members were present: Brian Doughty, Chairperson Mojdeh Sakaki,Vice-Chairperson Claudia O'Grady Mark Isaac Nic Peterson Amy Rowland Baxter Reecer The following members were absent: Rosa Bandeirinha Also present: Danny Walz, Director Cara Lindsley, Deputy Director Sara Montoya, Senior City Attorney Tracy Tran, Senior Project Manager Marcus Lee, Project Coordinator Lucas, Goodrich, Project Coordinator Makena Hawley, Project Manager Kathryn Hackman, Communications Coordinator Robyn Stine, Office Manager 2. Announcements by the Staff Danny Walz announced that this meeting would be Claudia O'Grady's last one and thanked her for her service to the Redevelopment Agency as a member of Redevelopment Advisory Committee and the RDA Finance Committee. Mr. Walz also introduced three new staff members to the Committee.They are Makena Hawley, Marcus Lee and Lucas Goodrich. 3. Business A. Open and Public Meetings Act Rule: Electronic Meetings Danny Walz and Sara Montoya explained what this rule was and why it was necessary due to the change in the Open and Public Meetings Act made by the 2022 Legislature. Mr. Doughty read the resolution to the committee. Mr. Reecer made a motion to adopt the Open and Public Meetings Act Rule: Electronic Meetings. Ms. Rowland seconded the motion. Upon roll call,the motion passed unanimously. B. Redevelopment Agency Semi-Annual Property Report Danny Walz shared the RDA Semi-Annual Property report that was presented to the RDA Board of Directors in November, 2022 (attached). He explained that property acquisition and disposition is one of the most valuable tools the Agency must create redevelopment and initiate change within the RDA project areas. He added that property disposition and development is how the Agency raises the bar in the level of public benefits staff hopes to get out of projects. Mr. Walz said there are properties on the list that are interim and will ultimately be put out for redevelopment and there are properties that the Agency is the long-term holder with uses in place as part of the goal for that project area. The properties were grouped according to project area, with the following information about specific properties noted during the presentation: 1) 9 Line- Mr. Walz said that the Commissary Kitchen is currently leasing the RDA's property at 900 West 400 South. o Ms. Rowland asked if the Agency has a relocation policy for existing tenants. Mr. Walz said there is not an official policy, but the Agency relies on best practices for relocation assistance. 2) Block 70—Includes Eccles Theater and Regent Street.The Eccles Theater is a permanent use and the Agency owns the property with the City and the County and is part of the board that oversees the theater.The Regent Street property is located on the corner of Regent Street and 200 South, and the Agency is currently under contract with Dakota Pacific to determine the reuse of the property. 3) Central Business District—The Agency holds four properties that are held as permanent use, which include: o The Broadway Center parking garage which was built by the RDA and leased back to the owners of the office building. o The Gallivan Center—The Agency owns the parking garage beneath the Gallivan Center which we lease to Boyer as part of the One Utah Center.The RDA is the owner of the plaza and retail space on the north side of the Gallivan Center o Land beneath Vivant Arena with a long-term ground lease the expires in 2040 with the option to extend. o Metro Condos Parking—The Agency has some parking in the lower two levels of this parking garage that are leased back to the State of Utah. 4) Depot District—Includes the Rio Grande Hotel,the Sunbar property, the Station Center Assemblage including the Serta Mattress Building, and the Central Station properties. o Mr. Doughty asked about the partnership with the University of Utah regarding the Station Center Assemblage. Mr. Walz explained that the University is reevaluating its priorities after a recent change in leadership and will likely not participate in the development in the way that was previously envisioned (as an anchor tenant). He said that the Agency is currently considering potential uses for the property and will continue working on our plans for the district in the new year. 5) North Temple—Includes Spark! (the former Overniter property) and the former Schovaers Electronics property. Mr. Walz said staff expects to close the RDA's sale of the Spark! property to Brinshore in December 2022. Ms. Lindsley explained that after acquiring the former Schovaers Electronics property,the RDA applied for a $500,000 clean up grant to make the site suitable for reuse as commercial space that will face the Folsom Trail. 6) Sugar House—Mr. Walz explained the Agency owns property along the S-Line Greenway and Sugarmont Plaza,the former Deseret Industries and Firehouse.This project area is no longer collecting increment, but the RDA will complete the redevelopment of the Sugarmont Plaza property. 7) West Capitol Hill— Included in this project area are the plaza area at the center of the Marmalade Block, which will be public open space between the library, the recently completed Harvest apartments, and the Grove townhomes.The Agency also owns a single parcel on Arctic Court that is designated for infill development of an affordable single-family home. 8) West Temple Gateway—This project area is closed.The Agency owns the West Montrose assemblage and staff are determining a reuse plan. o Mr. Doughty asked what the goal for the Montrose property is.Tracy Tran said mixed- use and/or affordable housing with possible public/private partnership. Mr. Reecer requested a bicycle tour of RDA properties and Mr. Walz said staff would arrange that in the spring. Mr. Doughty requested an update on the RDA Property Report annually. 4. Adiournment There being no further business the meeting was adjourned. 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P-arkwaV ® RDA Semi-Annual Property Report I November 2022 1 Project Area/Property Description Proposed Reuse Commissary Kitchen Farmer gas station property 877 W.400 S. 15-02-406-001-0000 0.32 0.32 R-MU-35 1-2 2021 Use Study Leased to Taqueria El Angel To be determined bLOCK70 Eccles Theater,retail spaces,and plaza 16-06-105-064-0000 1.7 131 S.Main St. Theater events in partnership Eccles Theater and Ancillary Spaces Alley to Priority Dispatch and 111 16-06-105-065-0000 0.01 1.79 D-1 T-1 2003-2014 Permanent Use with County Center for the Arts NIA Mdblock walkway connecting Main St.to Regent St.and 147 S.Main St. 16-06-105-009-0000 0.08 and leased retail access to the Eccles Theater Vacant land(former N.parking area of the NAG Drivers' 167 S.Regent St. 16-06-151-003-0000 0.03 Lounge) Regent St.at 200 S.St. Vacant land(former NAC Drivers Lounge) 169 S.Regent St 16-06-151-004-0000 0.06 0.13 D-1 T-1 2013 Active Disposition NIA Entered into a Purchase Agreement with Dakota Pacific Regent,LLC Vacant land(former E.parking area of the NAC Drivers 167 S.Regent St. 16-06-151-018-0000 0.04 Lounge) DISTRICTTOTAL #of Project Properties: 2 #of Acres: 1.92 #of Parcels: 6 CENTRAL BUSINESS Broadway Center(Parking Garage) Parking structure with retail spaces 251 S.Floral St. i6-O6-154-048-0000 0.66 0.66 D-1 T-2 1989 Permanent Use Leased to Broadway Center NIA Limited Gallivan Center-plaza,event center,and amphitheater 239 S.Main St. 16-06-152-072-0000 0.4 Event spaces,plaza,and 16-06-152-077-2000 3.49 walkway Gallivan Center Plaza,Parking,and Retail(Block 57) Parking Structure under Gallivan Center Plaza 49 E.Gallivan Ave. 16-06-152-077-6001 3.49 7.92 D-1 T-1 1984-1991 Permanent Use Leased to Boyer-Block 57 NIA Associates LTD Retail 228 S.State St. 16-o6-15z-o79-soot 0.27 Retail spaces 16-06-152-079-2000 0.27 Arena-SE section 15-01-127-017-2000 9.18 Arena-SE section(underground) 301 W.S.Temple 15-01-127-017-2001 0.01 Land-Vivint Arena (Block 79) Arena-SE section(underground) 15-01-127-017-6001 9.18 20.05 D-4 T-1 1989 Permanent Use Land leased to Larry H.Miller NIA Arena Group thru 2040 Arena-NE Comer 365 W.S.Temple 1so1-1z7-o1e-soot 0.84 Arena-NE Comer(underground) 11 15-01-127-018-2o00 1 0.84 Lower two levels(250 stalls)of an underground parking i6-O6-309-001-0000 0.01 Parking stalls leased to the Metro Condos Parking(Block 53) NIA structure 350 S.200 E. 1Go6-3o9-Ooz-0000 0.01 0.02 D-1 T-2 1991 Permanent Use State of UtahTOTAL #of Project Properties: 4 #of Acres: 28.65 #of Parcels: 13 Rio Grande Hotel,Block 62 Home Inn-Single room occupancy housing units 428 W.300 S. 15-01-179-012-0000 0.3 0.3 D-3 T-2 2009 Permanent Use Leased to Home Inn Rio NIA Grande,LLC 243-255 S.600 W. 15-01-151-009-0000 0.5 265 S.600 W. 15-01-151-010-0000 0.88 245 S.600 W. 15-01-151-011-0000 0.11 245 S.600 W. 15-01-151-012-0000 0.26 Station Center Parcel 1 Vacant land and warehouse(former Intermountain Furniture 564-566 W.300 S. 15-01-151-013-0000 0.13 2.38 D-3 T-1 2008 Use Study Temporary public art installation To be determined Company) 558-560 W.300 S. 15-01-151-0140000 0.13 235 S.600 W. 15-01-152-012-0000 0.11 552 W.300 S. 15-01-152-013-0000 0.13 544 W.300 S. 15-01-152-014-0000 0.13 LVacant building(formally Santa mattress factory) 15-01-302-018-0000 0.6 LCenterel 2J 535 W.300 S. 15-01-153-010-0000 0.190.85 D-3 T-1 2002 Use Study NIA To be determined Vacant land(formally Sere factory dock area) 15-01-153-011-0000 0.06 Permanent Use Active Disposition Use Study RDA-Owned Properties-Page 1 of 3 ® RDA Semi-Annual Property Report I November 2022 Project Area/Property Proposed Reuse 540 W.400 S. 15-01-302-017-0000 0.93 Station Center Parcel 3 Vacant land and blue warehouse 346 S.500 W. 15-01-302-021-0000 0.32 2.5 D-3 T-1 2002 Use Study WA To be determined 336 S.500 W. 15-01-302-022-0000 1.25 15-01-302-019-0000 0.16 Vacant land 336 S.500 W. 2002 15-01-302-020-0000 0.31 Warehouse building(former State art storage) 310 S 500 W 15-01-153-009-0000 0.59 Pending Station Center Parcel 4 519 W.300 S. 15-01-153-006-0000 0.13 1.53 D-3ID-2 T-1 2002 Use Study NIA To be determined Vacant land(formally owned by State of Utah) 529 W 300 S 15-01-153-004-0000 0.18 Pending 523 W 300 S 15-01-153-005-0000 0.16 Warehouse buildings 502 W.300 S. 15-01-152-021-0000 1.65 Leased to Sportswear Design Station Center Parcel 5 2.21 D-3 T-1 2010 Use Study Group,SLC"A Place For Your To be determined Stuff,Fill the Pot,and parking Paved parking lot area(formally Beehive Brick parking) 250 S.500 W. 15-01-152-025-0000 0.56 for Mac.Flats Station Center Parcel 6 Vacant land 233 S.600 W. 15-01-151-005-0000 0.31 0.8 D-3 T-1 2008 Use Study NIA To be determined Intermountain Furniture-N warehouse 235 S.600 W. 15-01-151-008-0000 0.49 Sun Bar(Block 47) Vacant land 702 W.200 S. 15-02-234-015-0000 0.31 0.31 GMU T-2 2003 Use Study I WA To be determined Single family home(vacant) 42 S.600 W. 15-01-104-004-0000 0.15 2015 NIA Howe Gardens,SE 622 W.100 S. 15-01-104-014-0000 0.27 Howe Gardens,NE 624 W.100 S. 15-01-104-013-0000 0.31 Howa Gardens,S 626 W.100 S. 15-01-104-015-0000 0.08 Leased:gardens-Green Team Central Station(South) Howa Gardens,SW 632 W.100 S. 15-01-103-023-0000 0.34 2008 job training;storage units- Included as part of the Salt Lake Central Howe Gardens,NW 636 W.100 S. 15-01-103-021-0000 0.37 2.33 GMU T-2 Use Study multiple tenants Station area plan Howe Storage Bays 648 W.100 S. 15-01-103-022-0000 0.5 Former Miere parcel(north) 650 W.100 S. 15-01-103-017-0000 0.13 2022 Former Miere parcel(south) 652 W.100 S. 15-01-103-005-0000 0.08 NIA Vacant lot(city land swap for substation) 662 W.100 S. 15-01-103-020-0000 0.1 1 2021 Howe Offices,N 663 W.100 S. 15-01-107-042-0000 0.25 Howe Offices,S 663 W.100 S. 15-01-107-041-0000 0.25 Howa Yard 1 657 W.100 S. 15-01-107-034-0000 0.2 Howa Yard 2 655 W.100 S. 15-01-107-035-0000 0.01 Central Station(North) Howa Yard 3 653 W.100 S. 15-01-107-036-0000 0.16 1.78 GMU T-2 2008 Use Study Leased to Utah Art Alliance Included as part of the Salt Lake Central Howe Yard 4 651 W.100 S. 15-01-107-037-0000 0.16 Station area plan Howe Yard 5 633 W.100 S. 15-01-107-038-0000 0.34 Howe Paint Shop 633 W.100 S. 15-01-107-039-0000 0.19 Howe Yard E 625-627 W.100 S. 15-01-107-040-0000 0.22 TSA- Entered into a purchase agreement with Spark Project Vacant land(former motel,lot,and single family house) 1500 West North Temple 08-34-476-017-0000 2.07 2.07 Ml T-1 2017 Active Disposition NIA Brinshore DevelopmentlHAME for a mixed use,multi-family development. Folsom Trail Property Vacant building(former Schovaers Electronics) 22 S JEREMY ST 15-02-204-007-0000 0.34 0.34 TSA-UN T-2 Pending Use Study WA To be determined Permanent Use Active Disposition Use Study RDA-Owned Properties-Page 2 of 3 OI SLCRDA Semi-Annual Property Report I November 2022 % Project Area/Property Proposed Reuse Street Car Traction Power Substation Site S-Line Facility 1015 E.Sugarmont Dr. 16-20-205-021-0000 0.06 0.06 R-1-5000 T-1 2012 Permanent Use S-Line Facility N/A S-Line Greenway S-Line/Parley's Trail Greenway 22113,900 E 16-20-135-021-0000 0,04 0.04 FB-SE T-1 2013 Permanent Use S-Line/Parley's Trail Greenway N/A lir Retail building and parking(former DI) 2234 S.Highland Dr. 16-20-252-008-0000 0.85 CSHBD1 2012 WA Former Sugarhouse Fire Station(West) 1085 E.Simpson Ave. 16-20-252-001-0000 0.32 NIA Su armont Plaza 1.61 T-1 Use Study Undergoing fit study analysis for 9 Former Sugarhouse Fire Station(East) 1085 E.Simpson Ave. 16-20-252-002-0000 0.14 y NIA redevelopment. PL 2021 SLC Facilities Maint.Bldg 1113 E.Simpson Ave. 16-20-252-003-0000 0.21 SLC Facilities East Parking Area 1104 E.Sugarmont Dr. 16-20-252-005-0000 0.09 NIA Marmalade Development Marmalade Lot 1-Future Park 524 N.300 W. 08-36-205-044-0000 0.56 0.56 R-MU T-1 2005 Permanent Use NIA Future Park 524 N.Arctic Ct Vacant Land 524 N.Arctic Ct. 08-36-206-011-0000 0.11 0.11 SR-lA T-1 2015 Active Disposition WA Single family home.Preparing RFP for construction. Vacant shop and apartment(formally T&G Upholstery) 745 S.300 W. 15-12-206-013-6000 0.1 15-12-206-013-2000 0.1 Vacant land(formally A&E Generator,N.yard) 252 W.Montrose Ave. 15-12-206-015-6000 0.09 Leased shop and storage to Vacant land 254 W.Montrose Ave. 15-12-206-017-0000 0.1 Bulldog Sheetmetal Fabrication 15-12-206-01MID00 0.09 RDA staff has completed due diligence and W.Montrose Ave. Building(Bulldog Sheet Metal) 244-246 W.Montrose Ave. 2.16 FBUN-2 T-2 2008 Use Study considering options and schedule for 15-12-206-016-2000 0.09 marketing the property Vacant land and storage building(formally DeVroom) 753 S.300 W. 15-12-207-001-0000 0.34 Vacant land 244 W.800 S. 15-12-207-012-0000 0.1 252 W.Montrose Ave. 15-12-206-015-2000 0.09 NA Vacant building(formally A&E Generator) 264 W.800 S. 15-12-207-013-0000 0.84 Vacant land(formally Zaxx Car Wash) 765 S.300 W. 15-12-207-002-0000 0.22 #of Project Properties:25 #of Acres: 52.83 #of Parcels: 87 Permanent Use Active Disposition Use Study RDA-Owned Properties-Page 3 of 3 REDEVELOPMENT AGENCY STAFF MEMO DATE: February 1, 2023 PREPARED BY: Danny Walz RE: Election of Chairperson and Vice-Chairperson REQUESTED ACTION: Elect a new Chairperson and a Vice-Chairperson. POLICY ITEM: None BUDGET IMPACTS: None EXECUTIVE SUMMARY/ANALYSIS: Each February, or the following available meeting, Redevelopment Advisory Committee members elect a Chairperson and Vice-Chairperson, each of whom will serve a one-year term in these respective capacities. In 2022, Brian Doughty served as Chairperson and Mojdeh Sakaki served as Vice-Chairperson. Both have served two terms and are ineligible to serve in those positions this year. ANALYSIS & ISSUES: Two voting procedures have been used in the past: 1. Nominate and use a voice vote for election for each person, or 2. Nominate candidates verbally and vote using ballots provided by Staff. Staff then counts the ballots and the candidate obtaining the majority of votes is selected for the position. Due to the nature of a hybrid meeting, we will utilize the first option for this election. ATTACHMENTS: None. MAYOR ERIN MENDENHALL DANNY WALZ Executive Director -�= Director ,��'"��not a``•`��. REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: February 1, 2023 PREPARED BY: Lauren Parisi, Senior Project Manager Makena Hawley, Project Manager RE: State Street Community Reinvestment Area("CRA") Budget Amendment REQUESTED ACTION: Briefing Regarding the State Street CRA Budget as Amended POLICY ITEM: Project Area Budget Amendment BUDGET IMPACTS: State Street CRA 20-Year Consolidated Budget EXECUTIVE SUMMARY: On August 21, 2018, the Redevelopment Agency Board of Directors ("Board") adopted the State Street Community Reinvestment Area("State Street CRA")plan and budget. Before the Redevelopment Agency of Salt Lake City("RDA") can begin to collect tax increment within a project area,an interlocal agreement must be approved by each contributing taxing entity detailing the terms of their participation. Interlocal agreements have now been finalized with all taxing entities contributing to the State Street CRA including Salt Lake City, Salt Lake County and Salt Lake City School District. These agreements were also reviewed and adopted by the Board.The purpose of this budget amendment is to align the State Street CRA budget adopted by the Board in August of 2018 with the terms of the executed interlocal agreements. ANALYSIS &ISSUES: Values within the State Street CRA budget as amended have been updated from the previously adopted budget as noted in the tables below. More specifically,these values reflect a reduced project area term from 25 to 20 years,fewer participating taxing entities(the Salt Lake Library, Salt Lake Metropolitan Water District, Salt Lake Mosquito Abatement District and the Central Utah Water Conservancy District are no longer participating),updated tax increment revenue projections to reflect denser,transit-oriented development patterns and specific terms requested by Salt Lake County. The complete State Street CRA budget as amended to be incorporated in the State Street CRA plan has been included under Attachment A. 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 PROJECTED AMOUNT OF TIF TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED Current Budget— Incremental Tax Revenues- II ' Total-25 Years Salt Lake County $12,655,703 Salt Lake City School District $32,987,028 Salt Lake City $24,323,930 Salt Lake Library $3,763,083 Salt Lake Metropolitan Water District $1,862,860 Salt Lake City Mosquito Abatement District $912,748 Central Utah Water Conservancy District $2,135,083 TOTAL $78,640,435 Budget as Amended— Incremental Tax i II ' Salt Lake County $24,298,120 Salt Lake City School District $67,790,876 Salt Lake City $48,747,083 TOTAL $140,836,079 PERCENTAGE OF TIF AUTHORIZED TO RECEIVE TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES Current Budget Taxing Entity Percentage Length Salt Lake County 75% 25 Years Salt Lake City School District 75% 25 Years Salt Lake City 75% 25 Years Salt Lake Library 75% 25 Years Salt Lake Metropolitan Water District 75% 25 Years Salt Lake City Mosquito Abatement District 75% 25 Years Central Utah Water Conservancy District 75% 25 Years Budget as Amended— Taxing Entity Percentage Length Salt Lake County* 100% 20Years Salt Lake City School District 75% 20Years Salt Lake City 75% 20Years *Note:The RDA will collect 100%of Salt Lake County tax increment and pay Salt Lake County a mitigation payment of 25%and an administrative fee of 2%up to a maximum of$156,092.Accordingly,the percentage retained by the RDA will be approximately 73%up to the contribution cap of$8,194,813 or the$8,350,905 including the County Administrative fee as specified in the interlocal agreement. MAXIMUM CUMULATIVE DOLLAR AMOUNT TABLE 2.4: TAX INCREMENT REVENUES TO RDA Current Budget— Incremental Tax Revenues i RDA Salt Lake County $9,491,777 Salt Lake City School District $24,740,271 Salt Lake City $18,242,948 Salt Lake Library $2,822,312 Salt Lake Metropolitan Water District $1,397,145 Salt Lake Mosquito Abatement District $684,561 Salt Lake Utah Water Conservancy District $1,601,312 TOTAL $58,980,32 Bud et as Amended— Incremental Tax Revenuesto RDA TotalI Years Salt Lake County* $8,194,813 Salt Lake City School District $50,843,157 Salt Lake City $36,560,312 TOTAL $95,598,282 *Based upon the maximum contribution cap as specified in the County interlocal agreement. NEXT STEPS: Febniar5 2023 1. Briefing to the Board regarding State Street CRA Budget Amendment 2. Board may set date for public hearing to amend State Street CRA Budget March 2023 1. Board to hold public hearing for the State Street CRA budget amendment 2. Transmitted for the Board's consideration— • RDA resolution amending the State Street CRA budget ATTACHMENTS: Attachment A: State Street CRA Budget as Amended Attachment B: State Street CRA Incremental Budget Analysis PROJECT AREA BUDGET AS AMENDED SECTION 2: PROJECT AREA BUDGET Section 2 of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following information: 1) Receipt of Tax Increment a. Base taxable value; b. Projected amount of tax increment to be generated within the CRA; c. Each project area funds collection period; d. Projected amount of tax increment to be paid to other taxing entities in accordance with Section 17C-1-410(if applicable); e. If the area from which tax increment is collected is less than the entire community reinvestment project area: i. a boundary description of the portion or portions of the community reinvestment project area from which the agency receives tax increment;and ii. for each portion described in Subsection (1)(e)(i),the period of time during which tax increment is collected; f. Percentage of tax increment the agency is authorized to receive from the community reinvestment project area;and g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive from the community reinvestment project area. 2) Receipt of Sales and Use Tax Revenue 3) Project Area Funds to Implement this CRA Plan 4) RDA's Combined Incremental Value 5) Amount for Administration 6) Property Owned and Expected to Sell STATE STREET PROJECT AREA 1 2.1: RECEIPT OF TAX INCREMENT 2.1(a): BASE TAXABLE VALUE • The base year for Salt Lake City and Salt Lake City School District is 2016,with a base taxable value of $889,305,536. • The base year for the Salt Lake County is 2021,with a base taxable value of$1,420,601,199. 2. 1(b): PROJECTED AMOUNT OF TIF TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED-20 YEARS • 20Years 7Sall'' Lake County $24,298,120 Lake City School District $67,790,876 Lake City $48,747,083 TOTAL $140,836,079 2.1(c): COLLECTION PERIOD The collection period shall be 20 years. 2.1(d): TIF PAID TO OTHER TAXING ENTITIES TABLE 2.2: INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES-20 YEARS Incremental Tax Revenues • Taxing Entities Total-20Years Salt Lake County $6,074,530 Salt Lake City School District $16,947,719 Salt Lake City $12,186,771 TOTAL $44,573,789 2. 1 (e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY Not applicable; the TIF collection area is the entire CRA boundary. STATE STREET PROJECT AREA 2 2. 1(f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES Taxing Entity Percentage Length Salt Lake County* 100% 20Years Salt Lake City School District 75% 20Years Salt Lake City 75% 20Years *Note:The RDA will collect 100%of Salt Lake County tax increment and pay Salt Lake County a mitigation payment of 25%and an administrative fee of 2%up to a maximum of$156,092. Accordingly, the percentage retained by the RDA will be approximately 73% up to the contribution cap of$8,194,813 or$8,350,905 including the County's Administrative Fee as specified in the interlocal agreement. 2. 1(g): MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA The maximum cumulative amount to be received and retained by the RDA is as follows: TABLE 2.4:TAX INCREMENT REVENUES RETAINED BY RDA-20-YEARS Incremental Tax Revenues to RDA Salt Lake County* $8,194,813 Salt Lake City School District $50,843,157 Salt Lake City $36,560,312 TOTAL 1 $95,598,282 *Based upon the maximum contribution cap as specified in the County interlocal agreement. 2.2: SALES AND USE TAX REVENUE: Not applicable. 2.3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN TABLE 2.5.1:BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE CITY AND SALT LAKE CITY SCHOOL DISTRICT TO RDA-20-YEARS Activity Percentage Amount RDA Administration & Operations 10% $8,740,347 Citywide Housing 10% $8,740,347 Redevelopment Activities 80% $69,922,775 Total 100% $87,403,469 TABLE 2.5.2:BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE COUNTY TO RDA-20-YEARS Activity Percentage Amount* RDA Administration & Operations 5% $390,229 Citywide Housing 23% $1,901,286 State Street CRA Housing 70% $5,700,258 Environmental Remediation 2% $203,040 Total 100% $8,194,813 *Note:The amount of funds designated to RDA administration and operations, State Street CRA housing and STATE STREET PROJECT AREA 3 environmental remediation shall not exceed the maximum allocation over the course of the project area term as specified in the interlocal agreement. The amount of funds designated to citywide housing shall not exceed 10%of generated increment per fiscal year until the County's participation cap has been reached. County funds may not be used by the RDA in a revolving loan fund or any other loan product. The RDA shall implement this plan through the following activities: • REDEVELOPMENT ACTIVITIES: The tax increment expected to be used to carry out project development activities as further described in this CRA Plan.Activities may include,but not be limited to,land acquisition, public improvements,infrastructure improvements,loans,grants,and other incentives to public and private entities. • RDA ADMINISTRATION&OPERATIONS: The tax increment expected to be used to cover the operating costs of administering and implementing the CRA Plan. • CITYWIDE HOUSING: The tax increment allocation required to be used for housing activities pursuant to Section 17C-2-203, 17C-3-202,or 17C-5-307 forthe purposes described in Section 17C-1-412. • STATE STREET CRA HOUSING: The tax increment expected to be used for housing projects within the State Street Project Area. • ENVIRONMENTAL REMEDIATION: The tax increment expected to be used to pay the costs of environmental assessment and remediation that do not qualify for EPA assistance through Salt Lake Brownfields Coalition Grant program or Wasatch Brownfields Coalition Revolving Loan Fund. 2.4: RDA'S COMBINED INCREMENTAL VALUE TABLE 2.6:RDA's COMBINED INCREMENTALVALUE AS OF DATE OF THIS CRA PLAN ASSESSEDPROJECT AREAPROPERTYVALUE VALUE SLCCBDIn 2,630,997,631 136,894,100 2,494,103,531 Depot District 586,694,437 27,476,425 559,218,012 Granary 126,292,575 48,813,397 77,479,178 North Temple Viaduct 175,640,215 36,499,680 139,140,535 North Temple 139,375,192 84,073,572 55,301,620 Block 70 262,153,766 58,757,937 203,395,829 Stadler Rail 20,357,600 3,710 20,353,890 State Street CRA 1,158,719,413 889,305,536 269,413,877 9 Line CRA 321,647,261 228,048,136 93,599,125 Northwest Quadrant CRA 230,643,587 735,791 229,907,796 COMBINEDVALUE $5,652,521,677 $1,510,608,284 $4,141,913,393 STATE STREET PROJECT AREA 4 2.5: PROJECT AREA FUNDS USED FOR ADMINISTRATION The RDA anticipates utilizing between 5-10 percent of the funds captured and retained by the RDA, which is estimated to be$9,130,576. 2.6: EXPECTED SALE PRICE FOR PROPERTY THE RDA OWNS The RDA does not own property within the Project Area. STATE STREET PROJECT AREA 5 Redevelopment Agency of Salt Lake City ASSUMPTIONS: SWW Street Project Area e I.-M and Budget Analysis Scenario Growth Rate 20% INCREMENTAL TAX ANALYSIS: Pa ant Year 1 2021 2022 2023 2024 2027 1- 2029 2030 2037 2032 2033 2034 2035 2036 2037 2038 2039 2040 I I TOTALS NPV Cumulative Taxable Value Yea- Year1 Year2 Year3 Year4 Year? Year8 Year9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year18 Year 19 Year 20 Tax Distrid 13 Commeraal $6287,261 $144,963682 $26036806$41823,063 $58,014,006 $76,842,649 $96,094,143 $115,730,667 $136,759,921 $166,189,761 $182,137621 $213,918,240 $246,438,703 $251367477 1 $256,394827 1 $261522,724 $266753,178 $272088242 $277�006 $283,080,607 ORce $10,479,930 $2494� 2735 $43,399,488$69712,833 $96,700,730 $1 5,281 1174,662 $192,905,830 $226,291,621 $260,346,128 $303,696,367 $366,669,927 $410,776,708 $418992243 $427,372087 $435,919,529 $444,637,920 $45353967B $462�1292 $471,853,318 InduMirel $1,266322 $301� 3846 $5,244,091 $8423,612 $11684,641 $15,476,931 $19,354,388 $23,309,394 $27,343,500 $31468,288 $36,684,466 $43,085,422 $49,636,391 $50,628,099 $6i640,660 $52,673,474 $53,726,943 $54,801,482 $55�512 $57,015,462 Residential $6366773 $15,152,920 $26366081 1 $42,351978 $58,747,680 $77,814,440 $97,309,398 $117,194,256 $137,476,810 $158,165,015 $184,441026 $216,623,558 $249,566,291 $254,546397 $259,637325 $264830071 $270,126,673 $275,529,206 $281039,790 $286660,5B6 Trial Assessed Value: $24,400,286 $58,072,682 $101,046,466 1 $162,311,486 11225,147,057 $298,219,302 $372,932,591 ",lg146 $M,871,852 $606,158,192 $706,859,468 $8MI97146 M,406094 $975,534,215 $995,044,900 $1,014,945,798 $1,035,244,714 $1,055,949,608 $1,077,068,600 $1,098,fiW,972 alue d C.-M Property $889,305,536 $889,305516 $889,305,536 $8 5,536 $889,305,536 $889,305,536 $8893�535 $889,305536 $889305536 $889,305,636 $889,305,536 $889305636 $889,305,536 S889,305536 S889,305536 $889,305,536 $889,306,536 $889,305,536 $889305536 $889,305,536 Less B .Yenr Value $889305536 $889305536 $889305,536 $889,305536 $889,306536 $889,305536 $889305536 $889305536 $889,305536 $889,306536 $889,305536 $889,306536 $889305536 $889,305536 $889,305536 $889305536 $889,305,536 $889,305,536 $889305536 $889,305,53fi TOTAL INCREMENTAL VALUE: $24,400,286 $58,W 19302 2,682 $101,046,466 W2,311,486 $225,147,057 11 $372,932,591 $M,140,146 $526,871,952 ,192 $706,859,468 $M,197,146 W,406,094 $975,534,215 $995,044900 $1,014,945,798 $1,035,244,714 $1,055,949608 $1,077,0fi8,600 E1,098,609,972 TAXRATEBINCREMENTANALYSIS .19 RMes Salt Lake County 0001933 47,166 112254 195,323 313,748 435,209 576,458 721,879 868,188 4018,443 1471,704 1,366,359 1,604,771 1,848,733 1,885,708 4923,422 1961,890 2,001,128 2,044161 2081974 2123,fi13 24, 1121 14,256457 Sall lake Ci School District 0005393 134591 313,186 544,944 875,346 1214,218 1603,297 2,011225 2,471,213 2,841420 3,269,011 3,812,093 4,477,253 5,157898 5,2fi195fi 5,3fi6,277 5,473603 5,583,075 5,694,736 5,808,fi31 5,924,804 67,790,876 39,869,857 Sall lake Ci 0003878 !4!624 225,206 391858 629,444 873,120 1456,494 1446,733 17417fi5 2OU209 2350fi81 2,741201 3,219,505 3,708,943 3,783,122 3,858784 3,935960 4,014,679 4094973 4,176,872 4,2bU,409 48747083 28669,623 ty Library 0000745 78 43,2fiM175,2811 120,922 167735 712,173 277,835 334,fA9 392520 451588 526,610 618497 712,573 726773 741308 756,135 777257 786682 802416 818,464 9,364,770 5507,703 Sall lake Mel Ban Water DisWd 0000289 52 16,783 29,2112 46,9� G5,067 86,185 107778 129,802 1522fi6 175180 214,282 739,927 276,401 281929 287568293319 299,786 305169 311273 317498 3,fi32,77fi 2136,545 Salt lake Ci IAbA-rat WWI: 0000733 45 7,724 13,439 21687 29,945 39,663 49,600 69,736 70074 &J619 94,012 110,416 127,202 129,746 132,341 134988 137688 140,441 143,250 146,115 1,671,11T 983,254 Central Lbh Water Conservancy DAid 0000400 60 23,22940,419 64,925 90,059 119,288 149173 179,856 210749 242463 282,744 332,079 382,662 390,214 398,018 405978 414,098 422,380 436827 439,444 5,028,064 2957,156 Trials 0012771!!!!!316 741646 1,290,464 2,072,880 2,876,363 3,W8,569 4,762,M 5,M,969 6,728,680 7741246 9,027,302 10,602,448 12,214,262 12,458,547 12707,718 12961873 13221110 13485532 13,756,243 14,030,348 160,533,621 94,414,601 TOTAL INCREMENTAL REVENUE IN PROJECT AREA $311616 $741646 $1290,464 $2072880 $2,875,363 $3,W8,569 $4,762722 $5,735,969 $6,728,680 $7,741246 1 $9,V17,302 $10,602,448 $12214262 $12458,547 $12701,718 $12,961873 $13221110 $13,485,532 $13,756,243 $14,030,348 $160,533,521 $94,414,601 PROJECT AREA BUDGET 2021 2022 2023 2024 2025 2027 2028 2029 2030 2033 2034 2036 2037 2038 2040 Sources of Funds: TOTALS NPV Pm art Tax Partid ion Rate tm Salt Lake County 75% 75% 75% 75. 75% M% 75% 751. 751. 75% 75% 75% 75% 751. 75% 75% 75% 75% 75% 75% Salt Lake City School Disc: Z5% 75% 7Y, 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 751. 751. 75% 76% 75% 75% 75% Salt lake Ci 75% 75% 751. 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% Sall lake Ci Libra 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Sall lake Melrepdilan Water Distrid 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Salt Lake City Mosquito Abatement Distract 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Central Ulah Water Conservan Distrid 0x 0% 0% 0% O% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% U% 0% 0% Pm m,Tax Increment for BudaelIm Salt lake County' 374 84,191 _ 146492 235,311 26,407 343 659 1141 7fi3,832 78,778 1024,770 1203,578 1336,650 1414,281 1442,666 1,471,418 1,500,846 1,539863 1,561,480 1,592,710 18,223,590 V%A7,843 Salt lake Ci School Distrid $98693 $234,889 �08708 $656509 $910,664 $1206,223 $1508419 $1816,660 $2,131,065 $2,451758 $2859,070 $3357940 $38fi8,424 $3945,792 $4,024,708 $4105202 $4 187306 $4,271,052 $4356473 $4443fiO3 $SQ843,157 $29,902,393 Sall lake CBy $99fi8 $168.4 S472083 $654,840 $867,371 $1084,674 $1306,324 $1,532,407 $1763,011 $2,056,901 $2,414,628 $2,781707 $2,837,341 $2,81 $2951970 $3011009 $3,071,229 $3,132,fi54 $3,195,307 $36,560,312 $21,502,221 Salt lake U, LibraSaI1lake Mel Bari Water Distrid - - - - - - - - - - - - - - - - - - - SalllakeCityNlcegu1cAbaWmeMD t,.t - - - - - - Gedral UWh WMer Conq U,shd Total P.p.P.p.q Tax Increment for Bud et $205,036 VA7,985 $849,093 $1,363,903 $1,891,911 $2,505,937 $3,133,753 $3,774,125 $4,427,304 $5,093,547 $5,939,740 $6,976,147 $8,036,680 $8,197,414 $8,361,362 $8528,590 $8,699,161 $8,873,145 $9,050,607 $9,231,620 $105,627,059 $62,122,456 Uses d Tax lncremeM Funds": 221 2022 2023 2024 2025 2121 27 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Redevelopment Activities Ir-t-W.,ReloceSon,I...hws,etc 800% $164,028 $390,388 $679,275 S1,091,123 $4513,529 $20047. $2507,602 $3,019,300 $3,541,843 $4,074,838 $4,761,792 $5,589917 $6429344 $6557,931 $6,fi89090 $6822,872 $6,959,329 $7,098,516 $7,240,486 $7,385,296 $84,501,647 $49,697,965 CRA Housing 100% $20,504 $48,798 $84,909 S136390 $1.19, $250,694 $313,375 $377,412 $442,730 $509355 .,974 $697615 $8IX{,fb8 $819,741 $336,136 $852,859 $869,916 $887,314 $905,061 $923,162 $10,562,706 $6,212,246 RDAAdministratien 100% $20,504 $48,798 $84,909 S136390 $189191 $250,594 $313,375 $377,412 $442730 $509,355 $693,974 1 $697,615 1 $803,668 $919,741 1 $936,136 $852,859 $869,916 $887,314 $905,061 $923,162 110,162,706 111 TOWIUses 205036 487.985 849893 51,JbJ,903 1,891,911 505937 3133,753 3,774125 4427,304 5093547 939,140 ,96 8,036fi80 8,197414 8,361,362 8,528,590 8,699,161 8873146 9050607 9231,620 1052,627,059 2,122,456 REMAINING TAX INCREMENT FOR TAXING ENTITIES 2021 2022 2023 2024 20 2027 2028 2029 2030 2 2033 2034 2035 2036 2037 2038 2039 2610 TOTALS NPV Salt Lake Coun 11711 28064 48.831 78,437 1OB802 144,114 180,220 217,047 254,fi11 292926 1590 1493 2,183 71421 855 490,473 500,282 516288 520493 530,903 ,074,SM J$3,112,6HSalt lake Ci School DiMd $12898 $78 291 $111236 $218,836 $304,666 $402,074 $602,8(I6 $605653 $710,355 $817253 $953023 $1419313 $1289,475 $1,3152fi4 $1341,569 $1368,401 $1395,769 $1,423,684 $1452158 $1,481,201 $16,947,719 Sall lake CBy $23,fi56 $56301 $979fi5 $157361 $218,2&1 $289,124 $361558 $435,441 $51802 $587,670 $6H5300 $804876 $927,Z36 $945780 $964696 $983,590 $1,003,670 $4023743 $1044218 $1,Ofi5,102 $12186771 7Salt lakeU, Lora $18178 $43 2fi4 $7528012 922 167,M ,ln 77,835 609 9252(1 1MB 26,610 m,497 712,527 726773 74130E $756135 $771,257 $786682 $802416 818,464 364,T10 3Salt lake Mel Tan Water Distrid $7052 $16783 $29 202 $46,908 $66,067 $86,186 $107,778 $129,802 $162,2fi5 $1751&1 $204,282 $239,'7 $276,401 $281929 $287,568 $293319 $299,86 $"5,169 $311273 $317,498 $3,fi32T16 5SaltlakeCityMcegu1cA,a-ntt Dishd $3,245 $7,724 $13439 $21687 $29,995 $39,663 $49,fi00 $59,736 $79074 $80619 $94,012 $110,416 $127,202 $129,74fi $132341 $134988 $137,688 $144441 $143,250 $146115 $1,671,831 4Cedrel UWh Water Conservan Disind $9,7fi0 $23229 $40,419 ,925 ,059 119288 149,173 179,fi56 219749 $2424fi3 282744 2079 2562 9u,214 �398,018 $405978 $414,098 $4223B0 $430,82739,44402B4O64Total $10fi 580 $253,6fi1 $441371 $708977 $983:442 $1,302,622 $1,628,970 $1,961,844 $230137fi 52fi47fi99 $3,0T2 $3626301 $4,177,582 $42fi1,133 $4,36 $4,433,283 $4,521,M9 $4612388 $VA636 $4,798,728 $54,90,461 4 `Salt Lake County's maximum contribution to property tax increment budget is$8,194,813 subject to terms of interlocal agreement with Salt Lake County. "Use of Salt Lake County generated increment subject to tens of interlocal agreement with Salt Lake County. 8�Taxlnc Budget State Street CRA Budget FINAL MAYOR ERIN MENDENHALL DANNY WALZ Executive Director -�= Director ,��'"��not a�`•`��. REDEVELOPMENT AGENCY of SALT LAKE CITY STAFF MEMO DATE: January 27, 2023 PREPARED BY: Tracy Tran, Kate Werrett, and Austin Taylor, RDA Project Managers RE: Informational Details regarding the RDA Board's Adoption of a Resolution Approving Funding Allocations for Gap Financing through a Notice of Funding Availability for the Housing Development Loan Program REQUESTED ACTION: Information only BUDGET IMPACTS: $8,360,000 of RDA funds set aside for affordable housing EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City("RDA")recently issued a Notice of Funding Availability("NOFA")to solicit applications for$6 million available through the Housing Development Loan Program ("HDLP") to incentivize the development and preservation of affordable housing. These funds were available to projects located anywhere within Salt Lake City municipal boundaries. After the release of the NOFA, an additional $2.36 million became available to potentially include in this HDLP funding offering, subject to consideration and approval by the RDA Board of Directors ("Board"). Due to the number of applications received for funding, RDA staff recommended that the Board include the $2.36 million within this round of the HDLP. The Board determined to incorporate the $2.36 million; as such, a total of$8.36 million was available to fund these applications. Guiding Policy The HDLP is being administered pursuant to the Housing Allocation Funds Policy ("Funds Policy"), resolution R-1-2022,and the Housing Development Loan Program Policy("HDLP Policy"),resolution R-2-2022. The Funds Policy establishes policies for allocating and directing resources for the development and preservation of housing by various funding sources. Highlights of the Funds Policy include: • Housing Funds:The Policy establishes four housing funds based on fund source.The revenues, expenditures, interest, and payments for each fund source shall be separately accounted for to ensure the RDA control and oversight to comply with statutory requirements. • Annual Budgeting Process: The policy provides that on an annual basis,the RDA shall present for the Board's consideration a Housing Development Funding Strategy that projects revenues for the upcoming fiscal year and proposes funding priorities and allocations. This will allow the RDA to be flexible to address current needs,leverage current opportunities,coordinate with 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 1 other city resources and allow funding priorities to align with evolving plans and policies. The HDLP provides low-cost financial assistance to incentivize the development and preservation of affordable housing within Salt Lake City municipal boundaries. The HDLP Policy provides a centralized application, underwriting, and approval process regardless of the fund source and also features: • Funding allocations and priorities determined on an annual basis. The funding priorities for these funds were based on the FY2022-23 Annual Housing Funding Priorities. • The transparent administration of funds through a Notice of Funding Availability (NOFA) process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA may be issued for a specific funding source. NOFAs could be offered on an annual basis or multiple times per year and can be competitive or open-ended depending on availability of funds,priorities, and demand. • A standardized process for approving applications and a uniform set of underwriting policies. FY2022-2023 Annual Priorities In April 2022, the Board adopted the FY2022-2023 Annual Housing Funding Priorities. These priorities include new Threshold Requirements for the HDLP. This HDLP application cycle was the first time these two thresholds(as well as the new Sustainable Development Policy requirements)were required of development projects. Staff confirmed that every application meets or will meet the Threshold Requirements. The paragraphs below detail this year's Threshold Requirements; projects are required to include at least one of the following options: • Deeply Affordable Housing Threshold Requirement o Policy Objective: Expand the availability of units for extremely low-income households, thereby providing housing options for individuals or families that are homeless or at risk of homelessness. o HDLP Implementation: To meet the RDA's deeply affordable threshold, at least 10% of the total residential units shall be income and rent restricted to households earning 40% of the area median income ("AMI") and below as established by the U.S. Department of Housing and Urban Development ("HUD"). These units will be rent and income deed restricted. • Family Housing Threshold Requirement o Policy Objective: Provide opportunities for families to enjoy the many benefits of urban living by encouraging the development of housing that is more conducive to larger household sizes. o HDLP Implementation: For a development to qualify for these funds, a minimum of 10%of the total residential units shall have three or more bedrooms and shall be income and rent restricted to those earning 60%AMI and below,with AMI limits as established by HUD. Application Submissions Pursuant to the policies,the RDA administered a transparent application process that resulted in eleven (11) requests; however, one application was withdrawn during the review process. Requests for 2 funding total $16,760,000 — refer to Attachment A: Applications Overview, Attachment B: Map of Project Locations and Attachment D:Project Summary Sheets for additional information. RDA staff evaluated the application submittals and the RDA Finance Committee ("Committee") recommended specific applications for funding. The RDA Board approved the Committee recommendations with no changes. This memorandum includes a summary of application submittals, Committee's recommendations for the Board, and the Board's determination of funding allocations. ANALYSIS & ISSUES: Below is an overview of the HDLP application process: L implication Process Applications were solicited with a NOFA released on September 6, 2022. A copy of the 2022 HDLP Annual Affordable Housing Funds Guidelines+Application Handbook that applicants used to apply can be found here. On September 16,2022,RDA staff hosted a virtual information session to provide an overview of the HDLP application, requirements, and selection process. Staff recorded the video and posted the video on the RDA website for those unable to attend to watch. Staff also utilized press releases, website and email communications, social media, and notifications through secondary outlets to publicize the HDLP NOFA. The RDA closed applications on October 24, 2022. However, staff re-opened the application period on October 31, 2022, for two weeks to clarify the RDA's Sustainable Development Policy to ensure applicants adequately applied the correct requirements to their application. Staff closed the second application window on November 14, 2022 and began reviewing applications. II. Project Review As part of the application review process, RDA staff analyzed applications according to the HDLP Policy's eligibility requirements and funding priorities set by the Board, which can be found in Attachment E:Project Priorities and Interest Rate Reductions. The housing priorities include the ability for an applicant to receive an interest rate reduction if priorities are met. All HDLP loans will be permanent loans with funds available to selected projects for construction and/or development uses. The RDA recognizes that the construction sources and uses for projects may not be the same as the permanent sources and uses and that the amount of debt that the HDLP loans are subordinated to may vary depending on the status of the projects. The applications were forwarded to the RDA Finance Committee for their review and recommendation. When evaluating applications, the Committee considered developer experience, the completeness/quality of the application, the project's ability to meet HDLP Threshold Requirements, the number of Project Priorities met, targeted AMIs, unit mix, community impact, and the financial and regulatory readiness of the proposed project. III. Funding Allocations, Conditional Commitment, and Loan Closing Pursuant to the Policy, the Board made the final determination of applications to fund. 3 Subsequently, the RDA will issue a conditional commitment letter to those applications that are selected for funding.The conditional commitment letter between the RDA and the applicant will contain the covenants, terms and conditions upon which the RDA will provide financial assistance to the proposed project once financial, legal, regulatory, and design approvals are obtained. Prior to closing on a loan,RDA staff will ensure that the project is financially viable, underwriting standards are met, and the use of public funds is necessary for the project to succeed. RDA STAFF REVIEW: As part of the initial application review process, RDA Staff verified that all applications meet the Threshold Requirements laid out in the 2022 HDLP Annual Affordable Housing Funds Guidelines +Application Handbook. RDA staff affirms that all applications meet or will meet the Threshold Requirements. An overview of submitted applications in the order received is as follows: FUNDING REQUEST PROJECT DEVELOPER PREVIOUS RDA CURRENT LOAN REQUEST COMMITMENTS $19999 i. D.,,,1;«o Downs** Brent n�t Ti rau-rray — , 9 2. Victory Heights Phase 1 BCG Holdings/Jonathan Hardy - $1,865,000 3. Victory Heights Phase 2 BCG Holdings/Jonathan Hardy - $280,000 4. Atkinson Stacks Housing Authority/Daniel Nackerman - $2,500,000 5. Book Cliffs Lodge** Housing Authority/Daniel Nackerman $1,000,000 $540,000 6. Citizens West 2 GIV Development/Chris Parker - $1,850,000 7. Citizens West 3 GIV Development/Chris Parker - $1,200,000 8. Ville 9 Ville 9,LLC/Keith Warburton - $1,700,000 Ville Property Management/Keith 9. Ville 1659 Warburton - $1,825,000 10. Liberty Corner Cowboy Partners/Zachary Jones - $3,000,000 11. 9Ten West Great Lakes Capital/Karl Niederer - $2,000,000 TOTAL FUNDING REQUEST: $16,760,000 AVAILABLE FUNDING: $6,000,000*** *This application was withdrawn due to a cancellation of the project. **This project has received other RDA loan commitment in a previous year. To streamline the administration of these loans, the loans will be consolidated if approved by the Board. ***Funds from a previous HDLP application may be available to include as an additional funding source. The Board will need to approve this addition, if desired. This may provide an additional$2.36 million of funding. A more in-depth overview of 2022 HDLP applications can be found in Attachment A: Applications Overview. 4 RDA FINANCE COMMITTEE RECOMMENDATION: On December 21, 2022, the Committee made recommendations regarding all applications. The Committee provided two tiers of recommendations to the Board. The first tier includes funding recommendations with the$6 million in committed funds, and the second tier includes funding recommendations for the additional $2.36 million if the Board decided to incorporate those funds into this round. In addition, the Finance Committee recommended that if the Board decided fund the projects listed, for projects that do not receive 9% in the upcoming round, in order to ensure funds are not being held up while waiting for 9%tax credits,those funds shall be returned to the RDA and applicants will need to reapply. Refer to Attachment C: RDA Finance Committee Funding Recommendation for recommendation detail. The RDA Board approved the Committee recommendations with no changes. PREVIOUS BOARD ACTION: • June 14, 2022 and November 10, 2022: The Board adopted the FY2022-23 budget, which allocated$4,230,000 to the Housing Development Loan Program funds included in this year's affordable housing NOFA. Approximately $2,770,000 of carryover from previous years was available to lend, this amount was reduced to $1,770,000 after $1,000,000 was allocated to a development project in Budget Amendment#2. • April 12, 2022: The Board adopted the Affordable Housing Funding Priorities for Fiscal Year 2022-23. • March 8, 2022: The Board adopted revisions to the Housing Development Loan Program Policy to direct review of applications to the RDA Finance Committee. • February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy. • March 2021: The Board adopted the Housing Development Loan Program Policy. • February 2021: The Board adopted the Housing Allocation Funds Policy. ATTACHMENTS: A. Applications Overview B. Map of Project Locations C. RDA Finance Committee Funding Recommendation D. Project Summary Sheets E. Project Priorities and Interest Rate Reductions F. HDLP 2022 Funding Allocation Resolution 5 ATTACHMENT A:APPLICATIONS OVERVIEW Cowboy2-Viiaciry Heights 1 3 Victory Heights 2 4 Atkinson Stacks 5-Book Cliffs Lodge 6-Citizens West 2 7-Citizens West 3 8-Allifle 9 9-Ville 1659 10-Liberty Corner 11-9ren West Project BCG Holdings BCG Holding, HAME HAME Giv Development Giv Development Ville Property Mgmt Ville Property Mgmt Address 1060 E 100 S 1060 E 100 S 543 S 50 I W 1159 S West Temple 509 W 300 N 509 W 300 N 1025 N 900 W 1659 W North Temple 265 W 1300 S 910 W North Temple RDA Loan Request RDA Request $ 1,865,000 $ 280,000 $ 2,500,000 $ 540,000 $ 1,850,000 $ 1,200,000 S 1,700,000 $ 1,825,000 $ 3,000,000 $ 2,000,000 $16,760,000 Previous RDA Commitments $ - $ - $ - $ 1,000,000 $ - $ - S - $ - $ - $ - $ 1,000,000 Total RDA Request $ 1,865.000 $ 280,000 $ 2.500,000 $ 1.540,000 $ 1,950,000 $ 1,200,000 $ 1,700,000 $ 1,825,000 $ 3,000,000 $ 2,000,000 $17,760,000 Total Pmject Cost $ 18,897,926 $ 14,731,682 $ 29,805,966 $ 15,446,701 $ 23,0B3,403 $ 12,926,250 $ 17,156,729 $ 18,250,000 $ 99,718,091 $ 29,221,096 RDA Loan to Cost 9.9% 1.9% 8.4% 10.0% 8.0% 9.3% 9.9% 10,0% 3.0% 6.8% 7.7%Average Other City Funds Committed $ - $ - $ - $ - $ - $ - $ - $ 2,500,000 $ - $ - $ 2,500,000 Interest Rate(w/project prtortly,deductions) 1.0% 1.0% 1.0% 1.0%1 1.0% 1.0%1 2.5% 2.0% 2.0% 2.0% 1.5%Average Tenn 40 40 40 40 40 40 40 40 40 16 Amortization 40 40 40 40 40 40 40 40 40 30 Repayment Terms Hard Hard Hard Hard Hard Hard Cash Flaw Cash Flow Cash Flow Cash Flow Owners Equity $ - $ - $ 8.000,000 $ - $ - $ - $ - $ 2.065,378 $ 9,853,234 $ - $19,919.612 Deferred Developer Fee% 44% 0% 0% 9% 20% 23% 0% 0% 100% 80% 27%Average Tax Credits Yes,9%,2022 Yes,996,2022 Applying for 2023 Applying far 2023 Yes,9%,2022 Yes,9%,2022 Yes,4%,2021 N. Applying for 2023 Applying for 2023 Cost per Unit $ 377,959 $ 387,676 $ 261,456 $ 250,849 $ 461,668 $ 430,875 $ 263,950 $ 92,640 $ 498,590 $ 166,978 $ 322,264 Average Cast per SF $ 472 $ 39B $ 718 $ 449 $ 312 $ 413 $ 455 $ 304 $ 265 $ 376 $ 416 Average Threshold Requirements Family-Sized Affordable or Deeply Affordable Units Both Both Deeply Affordable Both Both Both Deeply Affordable Deeply Affordable Both Deeply Affordable Energy Star Scare 90. Yes,100 Yes,100 Yes,100 Yes,95 Yes,100 Yes,100 Cond.of Approval Cond.of Approval Oond.of Approval Cord.of Approval 100%Electric Yes Yes Yes Yes Yes Yes Cond.of Approval Cond.of Approval Cond.of Approval Cond.of Approval Housing Unit Debits Z4bd 9 6 114 - 8 4 4 1a"' - - - 31 - - 3 - - -- - - - - - - - 22 -1 1 - 7 1 1 - - 23 -- 1 - - 1 1 - - 10 -31 20 - - 16 17 31 - - 142 1bd - - - 7 - - 27 - - 15 49 2bd - - - - - - - - 31 - 31 3bd 9 7 - 2 18 5 - - 24 - 65 4bd - 3 - - 6 2 - - 12 - 23 2bd 44 44 3bd 33 33 4bd 1 1 lbd - - - 7 - - - - - - 7 3bd - - - 1 - - - - - - 1 Total 50 38 114 55 50 30 65 197 200 175 974 Priorities&Interest Rate Reductions IntermtRate Reductions:P4acts receive-r .5%intemstrste reduction foreach included priority.SustaimaduWallows fora 1%or 2%mduction The maximum reduchan per development application is 2%. Family Housing 3 3 3 3 3 3 Target Populations 3 3 3 3 3 3 3 3 Homeownership Missing MiddlelUnique Housing Type 3 3 3 3 Transportation Opportunities 1 1 1 1 1 1 1 1 Neighborhood Safety 1 1 1 Expand Opportunity Architecture and Urban Design 1 1 1 1 1 1 1 Commercial VBality 1 1 1 1 1 1 Historic Preservation/Adaptive Reuse 1 1 1 1 1 Public Art 1 1 1 1 1 1 Sustainability 1 NOFA Ranking Weight Total 10 10 8 8 10 10 5 9 13 5 8.8 Average Note:Application 1 is not included in this summary because the application was withdrawn. 6 • i • 1 1 • 1 1 • 1 �06 • _.�V.4��il,. 9r+Vista�O ; Clry Creek _ 6 1: ry,� , 1 � .�/� N WeYE-•• .-�1�•l OTh q > r w+�. S n � 49 ,,•ti+ '_ .•' •, < F. i �„ 16Th'At,+e ,?^Ave . •�, l q* 800 N •' Par .r �"'+ t �'• ; 4 ,S`, _ •, tr ' ' i `� t F �•• �7_ .q M^morfft:lovo 1 �• �NorthdiR��., A� `l .�=.1 � m a - r�Y �: ■. u37Fi Aver. fit} - '•-. 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(�`I.i cqa ''3� :.•''a.�,?- 1300 s - -11 g �r �' per_. +-+•+Y'�y_. r 1 1 1 1 1 Attachment C: RDA Finance Committee Funding Recommendation The RDA Finance Committee recommends that HDLP funding be allocated as shown in the table in order of priority ranking.: FUNDING RECOMMENDATIONS PROJECT PRIORITIESIINTEREST POSSIBLE RATE REDUCTION AND FUNDING HDLP COMMITTED ADDITIONAL HDLP TOTAL FUNDING FUNDING PROJECTIAPPLICANT ADDRESS WEIGHTED NOFA RANKING" REQUEST PRELIMINARY TERMS* FUNDS:$6M FUNDS:$2.36M RECOMMENDATION RANKING 2-Victory Heights I Family Housing: 3 BCG Holdings Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 1060 E 100 S Architecture&Urban Design: 1 $1,865,000 term,40-year amortization, $1,865,000 $1,865,000 1 Adaptive Reuse: 1 hard repayments Public Art: 1 TOTAL: 10 Family Housing: 3 Target Populations: 3 BCG Holdings Transportation Opportunities: 1 1%interest rate,40-year 1060 E 100 S Architecture&Urban Design: 1 $280,000 term,40-year amortization, $280,000 $280,000 2 Adaptive Reuse: 1 hard repayments Public Art: 1 TOTAL: 10 4-Atkinson Stacks— Target Populations: 3 HAME Unique Housing Types: 3 1%interest rate,40-year 543 S 500 W Architecture&Urban Design: 1 $2,500,000 term,40-year amortization, $500000 $500,000 8 Sustainability: 1 hard repayments TOTAL: 8 Book Cliffs Lodge— Family Housing: 3 1159 S West Target Populations: 3 1%interest rate,40-year HAME Temple Transportation Opportunities: 1 $540,000 term,40-year amortization, $540000 $540,000 7 Neighborhood Safety: 1 hard repayments TOTAL: 8 Family Housing: 3 r. Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 509 W 300 N Architecture&Urban Design: 1 $1,850,000 term,40-year amortization, $1,850000 $1,850,000 3 Commercial Vitality: 1 hard repayments Public Art. 1 TOTAL: 10 Family Housing: 3 r, Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 509 W 300 N Architecture&Urban Design: 1 $1,200,000 term,40-year amortization, $1,200,000 $1,200,000 4 Commercial Vitality: 1 hard repayments Public Art. 1 TOTAL: 10 Unique Housing Type: 3 2.5%interest rate,40-year 1025 N 900 W Commercial Vitality: 1 Adaptive Reuse. 1 g1,700,000 term,40-year amortization, $0 9/10 TOTAL: 5 cash Bow repayment Target Populations: 3 Unique Housing Type: 3 2%interest rate,40-year 1659 W North Transportation Opportunities: 1 Temple Commercial Vitality: 1 $1,825,000 term,40-year amortization, $805,000 $195,000 $1,000,000 5 Adaptive Reuse. 1 cash flow repayment TOTAL: 8 Family Housing: 3 Target Populations: 3 Missing Middle: 3 2%interest rate,40-year 265 W 1300 S Transportation Opportunities: 1 Neighborhood Safety: 1 $3,000,000 term,40-year amortization, $1,125,000 $1,125,000 6 Architecture&Urban Design: 1 cash flow repayment Commercial Vitality: 1 TOTAL: 13 Transportation Opportunities: 1 Neighborhood Safety: 1 2%interest rate,16-year 910 W North Architecture&Urban Design: 1 $2,000,000 term,30-year amortization, $0 9110 Temple Commercial Vitality: 1 Public Art: 1 cash flow repayment TOTAL: 5 TOTAL $16,760,000 $6,000,000 $2,360,000 $8,360,000 'Final Terms shall comply with the requirements,standard loan terms and conditions,interest-rate reductions,and all other details laid out within the 2022 Housing Development Loan Program(HDLP)Guidelines.Changes to repayment type may occur(hard repayment versus cash flow repayment)and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender.Changes in repayment type will cause a change in the base interest rate.Repayment priority and lien position shall be based on the size of the loans. "Projects receive a 0.5%interest rate reduction for each included priority.Sustainability allows for a 1%or 2%reduction. The maximum reduction per development is 2%.The interest rate is calculated as follows:Base Interest Rate minus(-)Interest Rate Reductions(up to 2%)=proposed interest rate;Base interest rate shall be locked within a month of closing.Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorites met may require Board approval. —Finance Committee Recommendation:If these projects do not receive 9%tax credits in the next Utah Housing Corporation allocation cycle,these funding commitments shall be returned to the RDA's Housing Development Loan Program. Funds Availability Funds Recommended by Finance Committee HDLP Committed Funds $6,000,000 $ 600,000 Recommended Funding:HDLP Committed Funds Possible Additional HDLP Funds $2,360,000 $0 Funds Remaining:HDLP Committed Funds Total Potential HDLP Funds $8,360,000 $ 2,360,000 Recommended Funding:Possible Additional HDLP Funds $0 Funds Remaining:Possible Additional HDLP Funds $ 8,360,000 Recommended:Total Potential HDLP Funds $0 Funds Remaining-Total Potential HDLP Funds 9 Attachment D: Project Summary Sheets 10 HOUSING DEVELOPMENT PROJECT NAME: 2 -VICTORY HEIGHTS PHASE 1 LOAN PROGRAM ADDRESS: 1060 EAST 100 SOUTH OVERVIEW HOUSING UNITS • • BCG Holdings • • •0' 0' • - HDLP Loan Count Units Rate AMI AMI • - •- Adaptive Reuse Studio 40 - 31 9 • Office 1-Bed - - - - 2-Bed - - - - 3-Bed 10 - 9 1 RDA FUNDING REQUEST Total 50* - 40 10 $1,865,000 *Working with lRC and VOA to set aside 18 units for formerly homeless,physically disabled,and refugee populations one FiNUTITUNROMI 1 $18,897,926 O I •. 9.9% TIMELINE • 10/2023 PROPOSED TERMS - 10/2024 1% • 40 Year, 40 Year CONSTRUCTION DEBT AHEAD OF RDA - •. Hard Repayments . • Subordinate to senior 7Debt onstruction $4,675,878 25% construction & permanent debt HDLP THRESHOLD REQUIREMENTS& PRIORITIES PERMANENT SOURCES • Family-Sized Units and Deeply Source � Amount %of Cost • Affordable Units Senior Debt $1,772,191 9.4% RDA Loan $1,865,000 9.9% • Yes, 100 OWHLF $1,000,000 5.3% LIHTC Investor $13,650,735 72.2% Utility Rebates $30,000 0.2% '. Yes Deferred Developer • Family Housing Fee $580,000 3.1% Target Populations Total Sources $18,897,926 100% Transportation Opportunities Architecture & Urban Design Adaptive Reuse USES Public Art Use Amount %of Cost Land $5,717,140 30.3% LOW-INCOME HOUSING TAX CREDIT Hard Costs $9,420,061 49.8% • • -• Yes Public Art Contribution $27,975 0.1% • -• Yes, 2022, 9% Soft Costs $762,070 4.0% Developer Fee $1,319,700 7.0% Financing Expense $884,560 4.7% Contingency $511,902 2.7% Reserves $254,518 1.3% Total Uses $18,897,926 100% 11 HOUSING DEVELOPMENT PROJECT NAME: 2 -VICTORY HEIGHTS PHASE 1 LOAN PROGRAM ADDRESS: 1060 EAST 100 SOUTH PROJECT SUMMARY Explanation on Phase 1 and 2: "100%of Phase 1 is included in the existing medical building. Phase 2 consists entirely of the new portion and has a few units on the ground floor and upper floor of the existing building. From the outside, the project will act as if everything is one single project (including city permitting, property management, contracts etc.). Due to the tax credit allocation cap, UHC allowed projects to submit for 2 LIHTC allocations for this previous cycle." RDA Note: Timeline for Phase 1 and 2 will be the same. From Developer: "Victory Heights Phase 1 Apartments is a mixed-income, sustainable, and historically significant development located on the East side of Salt Lake City. The project is part of a larger restoration in a historic district located at 1060 E 100 S, Salt Lake City, and will be a beacon of affordable housing in the rapidly unattainable east side of Salt Lake City. A neighborhood cornerstone, the project is essential in paving the way for affordability and sustainability in the city.Victory Heights will incorporate an array of amenities that will benefit the lives of its residents including a dedicated covered parking stall, raised garden beds, and shared outdoor space. Located within walking distance of the project is an elementary school, senior center, a core bus route, and a public park. The project will also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its tenants. The units will not only be affordable, but will be built within the criteria for Enterprise Green Communities 2020. The focus of the layouts will be on a trauma-informed design, being informed by Volunteers of America and their experience in low-income housing." DEVELOPER SUMMARY From Developer: "The project is being developed by BCG ARC Fund and Volunteers of America with Giv Development as a development consultant. VOA, on a national scale, is one of the largest nonprofit providers of affordable housing in the country. In Salt Lake City, their mission of providing low-income housing led to the recently completed Denver Apartments PSH where they successfully utilized the Low-Income Housing Tax Credit program administered by Utah Housing Corp. BCG ARC Fund is owner of the currently under construction Post District mixed-use project in Salt Lake City. The experience gained through successful development and operation of projects spanning everything from Denver Apartments PSH to the high-end Post District show the project team's capacity to renovate historic structures and bring necessary affordability to this East-side location. Giv Development has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front." 12 HOUSING DEVELOPMENT PROJECT NAME: 2 -VICTORY HEIGHTS PHASE 1 LOAN PROGRAM ADDRESS: 1060 EAST 100 SOUTH SITE MAP j"m�wr • N r>� PROJECT RENDERINGS VICTORY HEIGHTS mom 1060 E 100 S,Salt lake City Notatny. ofAmen 13 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 3 -VICTORY HEIGHTS Phase 2 ADDRESS: 1060 EAST 100 SOUTH OVERVIEW HOUSING UNITS • • BCG Holdings • -• - Construction to Permanent • 19 Illi 0 j Fe n,WI .*. • • - •- Adaptive Reuse Studio 26 1 - 1 20 1 6 _ - Office 1-Bed - - - - � 2-Bed - 7 1 RDA FUNDING REQUEST 3-Bed 84-Bed 1 4 - 3 1 1 • $280,000 Total 1 38- 11 301 8 $14,731,682 'Working with lRC and VOA to set aside 16 units for formerly RDA Loan to Costhomeless,physically disabled,and refugee populations TIMELINE PROPOSED TERMS 10/2023 • • - 10/2024 Sip1% 40 Year, 40 Year CONSTRUCTION DEBT AHEAD OF RDA Hard Repayments Subordinate to senior • ' 725-%/7. construction & permanent debt Senior Construction $4675878 Debt HDLP THRESHOLD REQUIREMENTS& PRIORITIES PERMANENT SOURCES • Family-Sized Units and Deeply •. of • . -- • Affordable Units Senior Debt $2,415,333 16.4% • ' • ' ' RDA Loan $280,000 1.9% • Yes, 100 OWHLF - - ' LIHTC Investor $12,013,549 81.5% Utility Rebates $22,800 0.2% '. Yes Deferred Developer• Family Housing Fee _ _ Target Populations Total Sources $14,731,682 1 100.0% 1 Transportation Opportunities Architecture & Urban Design USES Adaptive Reuse Public Art Use Amount %of Cost Land $1,982,860 13.5% LOW-INCOME HOUSING TAX CREDIT Hard Costs $8,579,514 58.2% Public Art • • -• Yes Contribution $4,200 0.03% Soft Costs $1,027,130 7.0% • -• Yes, 2022, 9% Developer Fee $1,510,366 10.3% Financing Expense $952,103 6.5% Contingency $479,186 3.3% Reserves $196,323 1.3% Total Uses $14,731,709 100.0% 14 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 3 -VICTORY HEIGHTS Phase 2 ADDRESS: 1060 EAST 100 SOUTH PROJECT SUMMARY Developer Explanation of Phase 1 and 2: "100%of Phase 1 is included in the existing medical building. Phase 2 consists entirely of the new portion and has a few units on the ground floor and upper floor of the existing building. From the outside, the project will act as if everything is one single project (including permitting, property management, contracts, etc.)" RDA Note: Timeline for Victory Heights Phase 1 and 2 will be the same. From Developer: "Victory Heights Phase 2 Apartments is a mixed-income, sustainable, and historically significant development located on the East side of Salt Lake City. The project is part of a larger restoration in a historic district located at 1060 E 100 S, Salt Lake City, and will be a beacon of affordable housing in the rapidly unattainable east side of Salt Lake City. A neighborhood cornerstone, the project is essential in paving the way for affordability and sustainability in the city.Victory Heights will incorporate an array of amenities that will benefit the lives of its residents including a dedicated covered parking stall, raised garden beds, and shared outdoor space. Located within walking distance of the project is an elementary school, senior center, a core bus route, and a public park. The project will also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its tenants. The units will not only be affordable, but will be built within the criteria for Enterprise Green Communities 2020. The focus of the layouts will be on a trauma-informed design, being informed by Volunteers of America and their experience in low-income housing." DEVELOPER SUMMARY From Developer: "The project is being developed by BCG ARC Fund and Volunteers of America with Giv Development as a development consultant. VOA, on a national scale, is one of the largest nonprofit providers of affordable housing in the country. In Salt Lake City, their mission of providing low-income housing led to the recently completed Denver Apartments PSH where they successfully utilized the Low-Income Housing Tax Credit program administered by Utah Housing Corp. BCG ARC Fund is owner of the currently under construction Post District mixed-use project in Salt Lake City. The experience gained through successful development and operation of projects spanning everything from Denver Apartments PSH to the high-end Post District show the project team's capacity to renovate historic structures and bring necessary affordability to this East-side location. Giv Development has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front." 15 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 3 -VICTORY HEIGHTS Phase 2 ADDRESS: 1060 EAST 100 SOUTH SITE MAP - N PROJECT RENDERINGS Lf ' VICTORY HEIGHTS I - BOB1060 E 100 S,Sall Lokc City NOW""' cofAmcdca- UTAH 16 HOUSING DEVELOPMENT PROJECT NAME: 4 -Atkinson Stacks LOAN PROGRAM ADDRESS: 543 South 500 West OVERVIEW - - • •- Housing Assistance TIMELINE Management Enterprise Construction Start 2023* (NAME) • 2/2024* HDLP Loan *The building is partially complete. HAME is purchasing the • - •- New Construction building partially completed,completing it,and operating it. • Vacant RDA FUNDING REQUEST CONSTRUCTION DEBT AHEAD OF RDA • _• $2,500,000 •' of • $29,805,966 Senior Construction $19,817,413 66.4% 8.4% Debt PROPOSED TERMS PERMANENT SOURCES 1.0% . al • 40 years, 40 years Senior Debt $3,138,976 10.5% •. Hard RDA Loan $2,500,000 8.4% • Subordinate to senior OWHLF $1,000,000 3.4% construction & permanent debt LIHTC Investor $14,098,590 47.3% Owner Equity* $9,000,000 30.2% HDLP THRESHOLD REQUIREMENTS& PRIORITIES Deferred - - Developer Fee Deeply Affordable Units Utility Rebates $68,400 0.2% Total $29,805,966 100% • ' • ' *Owner Equity comes from a$9m grant from the Utah Office of ' • Yes, 100 Homeless Services' Deeply Affordable Housing Fund �'. Yes USES Target Populations Unique Housing Types , Architecture, Urban Design Hard $24,141,789 81.0% Sustainability Soft $899,525 3.0% Developer Fee $2,500,000 8.4% HOUSING UNITS Financing $760,432 2.6% Bedroom Total Market .. .• Contingency $775,000 2.6% Count Units IlRate AMI AMI Reserves $729,220 2.4% Studio 1 114 - 1 - 1 114 Total $29,805,966 100% Total 1 114* 11 - 1 114 *All units targeted to disabled and homeless individuals who LOW-INCOME HOUSING TAX CREDIT require housing retention services. . . Y Creditsax -• N, Applying for 2023 PROJECT SUMMARY 17 HOUSING DEVELOPMENT PROJECT NAME: 4-Atkinson Stacks LOAN PROGRAM ADDRESS: 543 South 500 West From Developer: "This development will have full access to the ground floor clinic at Pamela's place. HASLC/NAME contracted with Sacred Circle Health Care (SCHC), a Federally Qualified Health Center, to offer services for all 100 apartments at Pamela's Place at their onsite clinic. These services may include occupational, mental health, social, housing, and financial case management in addition to general continuing case management. Our current contract is supplied as an attachment. The new development will include a breezeway that connects the two locations relocating the entrance for both buildings as part of this structure. This connection will offer all the amenities incorporated in the original building to the addition. These include, clinic space, onsite fitness space, community room, kitchen, and outdoor area which will be expanded with this addition. Each floor of the new development will have laundry facilities." RDA Staff Note: The Housing Authority of Salt Lake City's Atkinson Stacks project is an acquisition and repositioning of Eco Box Fabricators' Box 500 project—an apartment building built out of shipping containers in which the construction has started, but has not been completed yet. DEVELOPER SUMMARY From Developer: "HASLC/NAME is a seasoned real estate developer with over 50 years of expertise and almost 1800 units in its inventory. These apartments offer housing for the homeless, market, seniors, survivors of domestic violence, and those with disabilities." SITE MAP y. . i rn s F � . SITE PLAN 18 HOUSING DEVELOPMENT PROJECT NAME: 4 -Atkinson Stacks LOAN PROGRAM ADDRESS: 543 South 500 West �. f Owl 7H M Pamela's Place e i Atkinson Stacks 1 r� - �li 19 mill IIIIIIIIIIII II III ''ll III II IIIIIIIIIII IIIII I,I � IIII II ,II II�III pp I, Ili �II i �.�Illi III IIIII Ilq IIU „ , IIIIIIIIIII pllllll AN h IIIII IIM,I,I I I�� Illl�fi - 1-„ - w:. I III II II III�III mmmll -�„I �I� ��i lulludll `�" Y - � Ind IIIII .► 1�.,,.,.�.�I u� ..�� ill Ip�Il;ill 'N� I„�~� Vull�� li�' ` �� o��we��■ I til � 1' -. III�I'll IIII II ni II. ' I i' �. � _11 11 .. 1 , ■ ■ 1 'ill HOUSING DEVELOPMENT PROJECT NAME: 5 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple OVERVIEW - - • •- Housing Assistance TIMELINE Management Enterprise • HDLP Loan 7/2023 New Construction 2/2025 • Vacant CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST .• • • ' -• - $540,000 Senior Construction $9,801,296 63.4% • $1,000,000 Debt • • - $15,446,701 •. 10.0% PERMANENT SOURCES Source Amount %of Total PROPOSED TERMS RDA Loans $1,540,000 10.0% . 1.0% OWHLF $500,000 3.2% • 40 years, 40 years LIHTC Investor $13,158,684 85.2% ' - •. Hard Owner Equity $0 0.0% Lien ' Subordinate to senior Deferred $215,017 1.4% construction & permanent jr Developer Fee debt Utility Rebates $33,000 0.2% Total $15,446,701 100% HDLP THRESHOLD REQUIREMENTS& PRIORITIES USES • Family-Sized Units and • Deeply Affordable Units ' Land $700,000 4.5% • _ Yes, 95 Hard $10,899,171 70.6% Soft $942,125 6.1% �'. Yes Developer Fee $1,475,245 9.6% • Family Housing Financing $477,107 3.1% Target Populations Owner's $493,215 3.2% Transportation Opportunities Contingency Neighborhood Safety Reserves $459,838 3.0% Total $15,446,701 100% HOUSING UNITS LOW-INCOME HOUSING TAX CREDIT Bedroom Total Market ' .0. ,0. Y 1 Bed 1 451 7 1 7 1 31 ax Credits -• N, Applying for 3 Bed 1 10 1 11 2 1 7 2023 Total 1 55* 1 8 1 91 38** *10 units set aside for persons experiencing homelessness and veterans *Mix of25%30%and 40%AMis 21 HOUSING DEVELOPMENT PROJECT NAME: 5- Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple PROJECT SUMMARY From Developer: "The Housing Authority of Salt Lake City is proposing a new 55-unit apartment complex named Book Cliffs Lodge. Book Cliffs Lodge will provide a mix of one-bedroom and three-bedroom units in an area of Salt lake City that has experienced substantial growth in recent years. The unit mix at Book Cliffs Lodge will be composed of 45 standard one-bedroom units and 10 three-bedroom units serving families. The development will provide a mix of 25%, 30%, 40%, and 50%of AMI rents, as well as 8 market rate units(7 one-bedroom units and 1 three-bedroom unit). The broad range of rent and income targeting will allow the development to address the community need. Additionally, through the tenant selection plan, the development is committed to setting aside 5 units for persons experiencing homelessness and 5 units for veterans. All apartments will be well equipped with amenities such as air conditioning, energy star appliances, microwaves and vent hoods, self-cleaning ovens, garbage disposals and water saving fixtures. The project is located at 1159 South West Temple in Salt Lake City, which will provide residents the convenience of living in close proximity to services, shopping, recreation, and employment. The site is within an easy walk to public transportation, including the Ball Park Station TRAX line, recreation and employment. Additionally, the site has achieved a walk-score of 83, or "very walkable" which will allow residents to accomplish most errands by foot if they choose. Within a half mile radius of the site, there are many restaurants, parks, grocery stores, and numerous employment opportunities. Project Design: Book Cliff Lodge Apartments is a .84-acre Multifamily Housing Development located on 1159 South West Temple, SLC, Utah 84101. The building is approximately 46,588 square feet, four story slab on grade wood construction and designed to meet both Energy Star and Enterprise Green Community standards. The building will provide 55 total units with 45 one-bedroom units and 10 three-bedroom units. Roof and parking storm water runoff will be managed on site with a rain garden system as approved by Salt Lake City. Landscaping will consist of native and drought tolerant plants. The building will include a mail area, leasing office, work out facility, wellness room, bicycle storage, patios for each unit and community kitchen for tenant use. The building will be designed to meet both Enterprise Green Communities and Energy Star certification as well as being equipped with electronic access cards and CCTV cameras for security and monitoring the premises." DEVELOPER SUMMARY From Developer: "HASLC/NAME is a seasoned real estate developer with over 50 years of expertise and almost 1800 units in its inventory. These apartments offer housing for the homeless, market, seniors, survivors of domestic violence, and those with disabilities." 22 HOUSING DEVELOPMENT PROJECT NAME: 5- Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple SITE MAP , - i ti f. t 23 HOUSING DEVELOPMENT PROJECT NAME: 5 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple SITE PLAN r I I I I -- � I �y i L , �4 f� U'{kg u„ IFd�N[j i l�aN - •m J M ..I I sv 11 iPi 1P. r 5� v I - II I o 0 0 0 4,v.t woo i PW2KI49 REWIIER Mr}=2Tb9TAU.0a}MI13,T5STXW044 PAXTON wrwa aa�r� r, M�_arh`JdrASJH�C.E�� 24 PROJECTr HOUSING gDEVELOPMENT PROJECT NAME: 5 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple LIIIR■ n-■' 'nl�l� -'-I'-'.HI■,p-p'' _ n `i. � rt = = = 1YY�II�.3.RR� �:' air!: i�R?�■ 111 III � � �� S •, W 116Y' ® Yi Y1 ul �'� 1. �� r �' ■ ■ ;�,' �" ®!R::;.® _ �, ■ � eE, ■ ■ I�a.:li® ■ III�Rfi■•�■:,;� ■ I®?.'�R� ®R�ff■ m ■ 111 II�II• � � � �--- ■ IR�R�IR3 � 6'g®�' ��€?m;)ff'��'I�?mRI�� R:$I�'�'I®::®��,,Rai�i WEST EXTERIOR �:—■■■�� MATERIAL LEGEND COLOR .• BOAR. COLOR_ _ PERFORMANCE0 HIGH SOUTH EXTERIOR ELEVATION BOOK CLIFF APARTMENT REDESIGN EXTERIOR ELEVATIONS method Studio 4,19-21021 ��I�'"'.,�,■1 '!'■x_n;'�'■1 -�': �1■I�I•p�'�1 'ti.�?aiRfi��■ uiR�liRi�. 1 �'�„__ 111 ,1• F1 111 ,•nj III ,I__ III III .•� 111 YI ; �Isi ■ ■ i iJp! ■ ��#�i ■ ■ sat i€�, ■ R}I `!3SI �'�iR;� �?�+.a:'' ■ EAST 111 ,111� IU ■ 111 '.�I� ■ ■ �� I ■ �� ; ■ � �;!SI�� F}k—�"!1'&I; � gym,:R:� ® mau;�x,�Ys;�;i ■ ■ m (� m 1 n Ix EXTERIOR ELEVATION ��■��-� MATERIAL LEGEND -COLOR • BOARD 111 111 111 0 HIGH PERFORMANCE GLAZJNG NORTH EXTERIOR IELEVATION BOOK CLIFF APARTMENT REDESIGN EXTERIOR ELEVATIONS method Studio 25 lu w ■ I ■ HOUSING DEVELOPMENT PROJECT NAME: 6 - Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North OVERVIEW TIMELINE • • Giv Development 9/2023 ' HDLP Loan 1/2025 • New Construction _ Owner-occupied Storage CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST Sourceof Senior Construction $6,276,033 27.2% • _• ' -• - $1,850,000 Debt • . - $23,083,403 ff�•. • M 1 8.0% PERMANENT SOURCES PROPOSED TERMS Sourcjj0P�Amount •' of Total Senior Loan $2,810,102 12.2% 1% RDA Loan $1,850,000 8.0% • 40 years, 40 years OWHLF $1,000,000 4.3% •. Hard LIHTC Investor $16,993,301 73.6% • Subordinate to senior Deferred $400,000 1.7% construction & permanent debt Developer Fee Utility Rebates $30,000 0.1% HDLP THRESHOLD REQUIREMENTS& PRIORITIES Total $23,083,403 100% • Family-Sized Units and USES • Deeply Affordable Units MW Amount %of Cost • _ Yes, 100 Land $1,121,850 4.9% Hard $16,834,366 72.9% �'. Yes Soft $1,040,250 4.5% • Family Housing Developer Fee $2,030,303 8.8% Target Populations Financing $847,265 3.7% Transportation Opportunities Owner's $927,105 4.0% Architecture& Urban Design Contingency Commercial Vitality Reserves $282,264 1.2% Public Art Total $23,083,403 100% HOUSING UNITS 1113edroom Total Market .0. ,0. LOW-INCOME HOUSING TAX CREDIT Y Studio 24 - 16 8 -• -• Y. 2022, 9% 3 Bed 19 - 18 1 4 Bed 7 - 6 1 Total 50* - 40 10** *18 total units set aside for formerly homeless,physically disabled,and refugee populations **5 units set aside for 25%AMl 26 HOUSING DEVELOPMENT PROJECT NAME: 6-Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North PROJECT SUMMARY Developer's explanation of Phases 2 and 3: "Phases 2 and 3 will be built concurrently and be part of the same building. The main difference in the two phases is unit count with phase 2 having 50 units and phase 3 having 30 units. The building will be condo-ed so that each phase owns its respective units, common spaces, and shared amenities...While ownership of the building will be divided between two phases due to a tax credit allocation cap, the building will be constructed as one project. We will have one contract for work with architects and contractors. One set of plans will be submitted to the City for permitting." From Developer: "Citizens West 2 is the second phase of a transit-oriented, carbon-neutral, mixed-income, mixed-use development in SLC's rapidly gentrifying North Temple corridor. This phase looks to produce homes for large-household, multigenerational, refugee, and unhoused populations that have a particularly difficult time finding suitable housing in our state. This project's quick access to transit, employment, and schools is almost unheard of for an affordable family product. As part of a larger developer including phase 1, it will be able to take advantage of phase 1's amenities including, sport court, tot lot, club house, carshare, garden boxes and composting." DEVELOPER SUMMARY From Developer: "Giv Development(proposed developer) has successfully completed several 9%tax credit projects including Imagine Jefferson (phases 1&2), North Sixth, Startup Crossing, Project Open (phases 1 &2), Diamond Rail Apartments(DBA Citizens West phase 1), and Exchange Place (Avis and Mya). Citizen West 2's overall ownership team further adds to this experience with several key members well versed in Utah LIHTC Development (BAM Development (ownership in Project Open 1 &2, and Citizens West), CIA Development (ownership in Citizens West), and Housing Opportunity Inc (Hub of Opportunity II, Bud Bailey Apartments I & II, Bodhi Apartments, and Kelly Benson Apartments). Evergreen Management Group (EMG)will do property management, having section 42 compliance experience for decades on numerous different properties across the state of Utah." 27 HOUSING DEVELOPMENT PROJECT NAME: 6 - Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North SITE MAP VIIIIIIIIIII v -A: �IJ V 1 t 28 HOUSING DEVELOPMENT PROJECT NAME: 6 - Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North SITE PLAN TH \ u _ _ ___ _ _ _ -- _ _ - Project Site Overview W i. 8 KRCL }' 4 Expansion f Creative KRCL , Space Existing cwz;-i Current Prop, 29 gHOUSING DEVELOPMENT PR• PROJECTLOAN PROGRAM ADDRESS: 509 West 300 North Citizens West over 2 parking levels Phase I I� ----� - 30 I I Iv Retail extends to Residential KRCL • oeve�ovMeNr a 1 S'volume Lobby Expansion HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 _oAN PROGRAM ADDRESS:509 West 300 North OVERVIEW TIMELINE - - • • - Giv Development 9/2023 -• • - H D LP Loan giffrRIMILITe�14 1/2025 • • - New Construction _ Owner-occupied Storage CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST Source Amount •' of Cost Senior Construction $2,972,412 23.0% • _• ' - $1,200,000 Debt • - $12,926,250 • 9.3% PERMANENT SOURCES PROPOSED TERMS Senior Loan $1,091,900 8.4% 1% RDA Loan $1,200,000 9.3% • 40years, 40years OWHLF $710,000 5.5% • - • . Hard LIHTC Investor $9,599,040 74.3% • Subordinate to senior Deferred Fee $307,310 2.400 construction&permanent Utility Rebates $18,000 0.1% debt Total $12,926,250 100% HDLPTHRESHOLD REQUIREMENTS& PRIORITIES USES -• Family-Sized Units and , • - Deeply Affordable Units Land $673,125 5.2% Hard $9,596,082 74.2% • _ Yes, 100 Soft $298,036 2.3% Developer Fee $1,365,820 10.6% �'. Yes Financing $332,476 2.6% • Family Housing Owner's $508,039 3.9% Target Populations Contingency Transportation Opportunities Reserves $152,672 1.2% Architecture&Urban Design Total $12,926,250 1 100% Commercial Vitality Public Art LOW-INCOME HOUSING TAX CREDIT HOUSING UNITS • • • -• Y -• -• Y. 2022,9% Rum- Studio 21 - 17 4 3 Bed 6 - 5 1 4 Bed 3 1 2 1 Total 30* 1 24 6** *15 units set aside for formerly homeless,physical disability,and refugee populations **5 units set aside for 25%AMI households 31 HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 LOAN PROGRAM ADDRESS:509 West 300 North PROJ ECT SU M MARY Giv Development's explanation of Phases 2 and 3: "Phases 2 and 3 will be built concurrently and be part of the same building.The main difference in thetwo phases is unit count with phase 2 having 50 unitsand phase3 having 30 units.The building will be condo-ed so that each phase owns its respective units,common spaces, and shared amenities...While ownership of thebuildingwill be divided between two phases due to a tax credit allocation cap,the buildingwill be constructed as one project.We will have one contract for workwith architects and contractors.Oneset of plans will be submitted to the City for permitting." From Giv Development: "Citizens West 2 is the second phase of a transit-oriented,carbon-neutral, mixed-income, mixed-use development in SLC's rapidly gentrifying North Temple corridor. This phase looks to produce homesfor large-household, multigenerational, refugee, and unhoused populations that have a particularly difficult time finding suitable housing in ourstate. This project'squick access to transit,employment,and schools is almost unheard of for an affordable family product.As part of a larger developer including phase 1, it will be able to take advantage of phase 1's amenities including,sport court,tot lot, club house, carshare,garden boxes and composting." DEVELOPER SUMMARY From Giv Development: "Giv Development(proposed developer) has successfully completed several 9%tax credit projects including Imagine Jefferson (phases 1&2), North Sixth, Startup Crossing, Project Open (phases 1 &2), Diamond Rail Apartments(DBA CitizensWest phase 1),and Exchange Place(Avia and Mya).Citizen West 2's overall ownership team further adds to this experience with several key memberswell versed in Utah LIHTC Development(BAM Development(ownership in Project Open 1 &2, and Citizens West),CIA Development(ownership in Citizens West),and Housing Opportunity Inc(Hub ofOpportunity II, Bud Bailey Apartments &II, Bodhi Apartments,and Kelly Benson Apartments). Evergreen Management Group(EMG)will do property management, havingsection 42 compliance experience for decades on numerous different properties across the state of Utah." 32 HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 _OAN PROGRAM ADDRESS:509 West 300 North SITE MAP AOL- 33 HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 _OAN PROGRAM ADDRESS:509 West 300 North SITE PLAN Project Site ' Overview r •'�, �d _ � f J _ t LU � � 1 ' L f - s y KRCL Mom: Creative KRCL Expansion y i Space Existing r Y CW21'' L I_ _ ` - - - - - - — - - - - - -I f � f — I Current Yrope Y Lines 34 HOUSING DEVELOPMENT PROJECT -OAN PROGRAMAD D- 19 West 300 PROJECT rCitizens West - over 2 . - I _ _ �■ Ll ,�� --- ��nT1'1�� ■■■■■ ■■■■■ I ■■■ • T T T 35 I v Retail extends to Residential KRCL • a 15'volume Lobby Expansion HOUSING DEVELOPMENT PROJECT NAME: 8 -Ville 9 LOAN PROGRAM ADDRESS: 1025 North 900 West OVERVIEW TIMELINE lidVille Property Management New Construction: 1/2023; HDLP Loan Renovation: 7/2023 Adaptive Re-Use and New New Construction: 6/2023; Construction Renovation: 10/2023 ffiffirMotel and Vacant Land CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST Source Amount %of Cost • _• ' -• - $1,700,000 Senior Construction $3,430,000 20% • • - $17,155,066 Debt - � 9.9% PERMANENT SOURCES PROPOSED TERMS Sour Amount %of Total la2.5% Senior Debt $3,430,000 20.0% 40 year, 40 year RDA Loan $1,700,000 9.9% Cash Flow Repayment TBL Fund $1,500,000 8.7% Subordinate to senior SLCO HOME $1,500,000 8.7% construction & permanent debt OWHLF $1,000,000 5.8% National Housing $1,000,000 5.8% HDLP THRESHOLD REQUIREMENTS& PRIORITIES Trust Fund Weatherization $1,496,365 8.7% • Deeply Affordable Units Assistance Program • • P - - . Tax Credit Equity $5,528,701 32.2% Deferred Developer - - • _ Condition of Approval Fee • - Total Sources $17,155,066 100% �'. Condition of Approval • Unique Housing Type USES Commercial Vitality Adaptive Reuse Use Amoun •, of Cost HOUSING UNITS Property Acquisition $5,216,561 30.4% Construction Costs $8,212,914 47.9% Bedroom •. •. Soft Costs $1,537,233 9.0% Count IF Units Rate AMI AMI Developer Fee $1,227,485 7.2% Studio 1 35- 11 31 4 Project Contingency $815,333 4.8% 1-Bed 1 30 11 27 3 Other $145,540 0.8% Total 1 6511 58 7 Total Uses $17,155,066 100.0% *Currently housing individuals experiencing homelessness and those at risk for becoming or returning to homelessness LOW-INCOME HOUSING TAX CREDIT ApplyingYes (Y/N) R Tax Credits Reserved (Y/N) � Y, 4% 36 HOUSING DEVELOPMENT PROJECT NAME: 8-Ville 9 LOAN PROGRAM ADDRESS: 1025 North 900 West PROJECT SUMMARY From Developer: "Ville 9 is a hotel conversion housing complex, consisting of 35 studio apartments, that has been housing individuals experiencing literal homelessness, individuals that have previously experienced homelessness, and individuals that are at risk for becoming or returning to homelessness, since 2020. Ville 9 has purchased the adjacent lot to the property and will be constructing 30 one-bedroom apartments, as well as fully renovate the current 35 studio apartments. VPM is the developer in partnership with Camp Construction, Design West, and Ward Engineering. Ville 9 will offer much needed affordable housing that is targeted towards housing the most vulnerable individuals within our community. The project provides on-site case management (CM), to support housing stability, and will expand the CM team to support the additional tenants. We will continue to prioritize housing individuals experiencing literal homelessness, individuals that have previously experienced homelessness, and individuals that are at risk for becoming or returning to homelessness. Tenancy and Rental Rate: Ville 9 will prioritize tenancy based on: 1) SLVCEH and the local LHC's coordinated entry process to house individuals that are literally homeless, 2) coordination with the above listed service provider partners to house individuals that need rehousing (currently are housed and are being evicted or facing a non- renewed lease) and have a housing subsidy, and 3) individuals within the community that are at or below 30%AMI and are at risk of entering into homelessness. Ville 9 will match FMR set by HUD for all units and will include all utilities, regardless of whether the tenant has a housing subsidy. On-site Case Management: Ville 9 is where VPM developed our on-site case management program that has decreased eviction rates across our Salt Lake County properties by 95%.We have achieved this through our housing stability programming, which includes a three-step lease violation process and delinquent payment plan, as well as our partnerships with our tenant's housing case management team and partnering service providers. Safety and Security: Ville 9 will have 24-hour on-site security staff and surveillance. The housing facility will be surrounded by a security fence that is secured and monitored through a key-fob entry system. EMS is located within 1.3 miles and can be contacted 24/7 through security staff. On-site Mental Health Services: Ville 9 will also have a satellite office for Mental Health America of Utah (MHAU), that will provide mental health and substance abuse support to our tenants through peer coaching and partnering with our case management team to augment our housing stability efforts. Together we will provide community programming for our tenants and community residents that offers peer support groups and community engagement activities (e.g. yoga, cooking classes, bingo, movie nights, skill and job building courses, etc.)." DEVELOPER SUMMARY From Developer: "Ville Property Management (VPM) has experience leasing, managing, and providing services across a range of affordable and market rate housing programs. VPM's current portfolio includes experience working with Housing Subsidies (Permanent Supportive Housing, Section 8, and Rapid Re-Housing). VPM also offers deeply affordable housing to individuals that earn between 60%and 30%and below the Area Median Income (AMI) for the region. VPM also provides on-site Case Management services to the Salt Lake County residential properties to help tenants maintain their housing through our Case Management Model. Our focus is to provide affordable housing and extensive support to our tenants who have experienced homelessness and/or live below 30%AMI, to strengthen the wellness and livelihood of our tenants. 37 HOUSING DEVELOPMENT PROJECT NAME: 8 -Ville 9 LOAN PROGRAM ADDRESS: 1025 North 900 West Our unique team is dedicated in providing the needed services, supports, and programming to positively impact our tenants and community. Whether market rate or deeply affordable, we believe that everyone deserves the right to fair and supportive housing." SITE MAP AW aL wife i 38 { r r ` '�;Vill IIII it I I ■ �` � ,i � §:^ �_ ' '•' sari � .N * _„'. '^ r�"`' A� � �� Day ■ 1 �.� a ��t ..�'' ( � ,� ''�> ■ �I1glDl`�III�� :;,� ,�r�, MI ri ■ Alt N' a ■ ■■ ■ PMIAMI Yiliuu. "Pm ��,�� I �� y, �� w # ■ ■ ■ ■ IIIIIIIII�IIIuul�Ihiii ■ •'+'�j`�� 6 -'� #PAS HOUSING EVELOPMENT PROJECT ; . . LOAN PROGRAM ADDRESS: 1 • 911 West - - Et----------------------- • 40 lr�—ry� ■ski, �� 'v HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 9 -Ville 1659 ADDRESS. 1659 W North Temple OVERVIEW TIMELINE ELiMotel Ville Property Management 12/2022 HDLP Loan 5/2023 Renovation CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST ' of Senior Construction $7,500,000 41.1% Ti ' -• - $1,825,000 Debt al T • ' • - $18,250,000 •. 10% PERMANENT SOURCES 7Senior . • •PROPOSED TERMS $7,500,000 41.1% 2% $1,825,000 10.0% 40 year, 40 year $1,000,000 5.5% • Cash Flow Repayment Owner Equity $2,066,378 11.3% • Subordinate to senior Office of Homeless $3,858,622 21.1% . construction & permanent debt Services SLC HHGP Funding $2,000,000 11.0% Deferred Fee - - HDLP THRESHOLD REQUIREMENTS& PRIORITIES Total Sources 18,250,000 100.0% • Deeply Affordable Units • USES • Condition of Approval Source Amount '• of • • - • Property Acquisition $12,000,000 65.8% Construction Costs $4,000,000 21.9% �'. Condition of Approval Soft Costs $1,000,000 5.5% • Target Populations Developer Fee $1,000,000 5.5% Unique Housing Type Project Contingency $250,000 1.4% Transportation Opportunities Total Sources $18,250,000 100.0% Commercial Vitality Adaptive Reuse LOW-INCOME HOUSING TAX CREDIT HOUSING UNITS • • No . • .0• -0• -. -. No Studio 197 - - 1M *All units restricted at orbelow30%AMl 41 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 9-Ville 1659 ADDRESS: 1659 W North Temple PROJECT SUMMARY From Developer: "Ville 1659 is a hotel conversion project that will create 197 studio apartments and 10 RV stalls that will be deeply affordable and low barrier for singles and couples near downtown Salt Lake City. Our organization, Ville Property Management(VPM), will be the developer, in partnership with Camp Construction, Design West, and Ward Engineering. Ville 1659 will offer much needed affordable housing that is targeted towards housing the most vulnerable individuals within our community and provides on-site case management to support housing stability. We will prioritize housing individuals experiencing literal homelessness, individuals that have previously experienced homelessness, and individuals that are at risk for becoming or returning to homelessness. Our service provider partnerships include: SLVCEH, The Road Home, the VA, Volunteers of America, Housing Connect, Housing Authority of Salt Lake City, Fourth Street Clinic, First Step House, Valley Behavioral Health, Mental Health America of Utah, and Salt Lake City Police Department." DEVELOPER SUMMARY From Developer: "Ville 1659 is an entity of Ville Property Management (VPM). VPM has over 20 years of experience leasing, managing, and providing services across a range of affordable and market rate housing programs. VPM's current portfolio includes management of 580 units with experience working with Housing Subsidies(Permanent Supportive Housing, Section 8, and Rapid Re-Housing). VPM also offers deeply affordable housing to individuals that earn between 60%and 30%and below the Area Median Income (AM I) for the region. VPM also provides on- site Case Management services to the Salt Lake County residential properties to help tenants maintain their housing through our Case Management Model. Our focus is to provide affordable housing and extensive support to our tenants who have experienced homelessness and/or live below 30%AMI, to strengthen the wellness and livelihood of our tenants. Our unique team is dedicated in providing the needed services, supports, and programming to positively impact our tenants and community. Whether market rate or deeply affordable, we believe that everyone deserves the right to fair and supportive housing." SITE MAP Pam=- T b, 42 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 9 -Ville 1659 ADDRESS. 1659 W North Temple PROJECT RENDERINGS ❑ ❑ U D _J ❑ L_� ❑ ❑ OPTION 1 I I OPTION 2 7F OPTION 3 �I ❑ � ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ OPTION 4 ❑ i ❑L-[ ❑ ❑lT_l' ]: 1 Iffl C`If::❑ �:�Ll �[: .�❑ i [[f:�❑ � I 1 I II I I ®EXTERIOR ELEVATION IIF1 Ir-I'I IF7IA 'Ir I".I I F- I�I`I.-1� Ir�fllllll I I I II =1 �1'�� [�� -�� ❑��r��-�� -� -�❑ -ill ®EXTERIOR ELEVATION a o © Q Q o © o n1•.11r n1-1117 nJ nP119r nP� 7-11 l-In �P1.111 nfll-ln rhll-Inn �.i nIII-In fllln 1 ALLifL'_ iQll IL n .n-j�n � LI -f I I EXTERIOR ELEVATION 43 HOUSING DEVELOPMENT PROJECT NAME: 10- Liberty Corner LOAN PROGRAM ADDRESS: 265 West 1300 South OVERVIEW TIMELINE P - I Cowboy Partners 12/2023 • HDLP MIM 12/2025 • New Construction • Commercial CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST S9 Amount •' of Cost Senior Construction $537870,534 54.0% • • ' $3,000,000 Debt • • - $99,718,091 •• 3.3% PERMANENT SOURCES PROPOSED TERMS Total 2% Tax Credit Equity $48,724,496 48.9% . - Senior Loan 40 year, 40 year ° Amount 24,701,721 24.8/° •. Cash Flow Repayment Cowboy ' Subordinate to senior Contribution $8,900,000 8.9% construction & permanent debt Class A Equity $953,234 1.0% Cowboy Deferred HDLP THRESHOLD REQUIREMENTS& PRIORITIES Equity $8,438,640 8.5% • Family-Sized Units and Deeply OW HOME $2,000,000 2.0% • - - • Affordable Units OW NHTF $2,000,000 2.0% County $1,000,000 1.0% • Condition of Approval City(RDA) $3,000,000 3.0% Total Sources $99,718,091 100% �'. Condition of Approval USES Family Housing Target Populations se Amount %of Cost Missing Middle Housing Types Land Cost $14,900,000 14.9% Transportation Opportunities Hard Cost $64,305,260 64.5% Neighborhood Safety Soft Cost $10,371,891 10.4% Architecture & Urban Design Developer Fee $8,438,640 8.5% Commercial Vitality Financing Cost $739,505 0.7% Reserves $962,795 1.0% HOUSING UNITS Total Uses $99,718,091 100% LOW-INCOME HOUSING TAX CREDIT 2-Bed 97 44 31 22 3-Bed 80 33 24 23 Yes 4-Bed 23 1 12 10 Total 200 78 67 55 N. 4%&90/o 44 HOUSING DEVELOPMENT PROJECT NAME: 10- Liberty Corner LOAN PROGRAM ADDRESS: 265 West 1300 South PROJECT SUMMARY From Developer: "Liberty Corner is a mixed-use development located on the Northeast corner of the 1300 South 300 West intersection. The community will feature 200 affordable units with the purpose of providing deeply targeted, family- sized units. The unit mix will feature a majority of 3- and 4-bedroom units along with a significant number of 2- bedroom units. All units in the project will have at least 2 bedrooms. The project, while primarily flats, will include two-level townhouses at the street level. Liberty Corner is unique in that it not only provides family housing units in an urban setting, but includes deeply targeted affordable units, reaching to provide housing at 30% AMI. Liberty Corner is designed for the family. In addition to large, family-sized units, the community will feature indoor and outdoor amenities and spaces meant to serve a broad range of ages, interests and needs. Liberty Corner will also be a sustainable community. The community will promote accessible and equitable transportation options as the Ballpark TRAX Station is within walking distance, at less than a quarter mile away. In addition, the community will feature bicycle amenities in order to encourage alternative means of transportation. The community will be all electric and achieve Energy Star certification." DEVELOPER SUMMARY From Developer: "Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah. Cowboy Partners was established in 2001, rebranded from a company that had been developing housing in the Salt Lake Valley since the 1960s. Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing; the company has experience in developing luxury, market rate, mixed-income and affordable housing communities through its development of dozens of communities within Salt Lake and across the State of Utah. Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for these communities. Cowboy Properties has deep experience with multifamily property management, including affordable housing and compliance, as the sole operator of Cowboy communities for decades." SITE MAP 1- LIL T I. P} r a 45 PROJECTHOUSING DEVELOPMENT 1 - Liberty Corner LOAN PROGRAM ADDRESS: . 11 South PROJECT Project Elevati South Elevation ® O © ® o © _ ii tl• !Ir 'r i■ ii �u; 1 , 11 71 L7 iii ..-_- wit ® i i ■�� ;, � � i �_ I� .r li 1■ ��■■i l�� ii 1 u I II 1�� _ � ��' :E it I�i ui � ®n i' �1� i1 li ��■.il I I 1■ �Il� �� " t ® O ® © O m m ENTRY TOWNHOUSES s� lare� r,�l� .a'�`:� q�"ia,,� a •�I a� a � � ESI�ENTI L 0 TH t t=' THE LIVINGO SKIDS ROOM � �� WALK�U� ;,. i �• i .� LIN R TOWNHOUSES y ACTIVE � DOG P RK POO46 TERRACE i . 1 R • RR L � fro RT i', 1 E T HOUSING DEVELOPMENT PROJECT NAME: 11 - 9Ten West LOAN PROGRAM ADDRESS:910W North Temple OVERVIEW TIMELINE By- - • • - Great Lakes Capital Development 8/2023 -• - • : H D LP • • 1/2025 • - New Construction _ - Commercial CONSTRUCTION DEBTAHEAD OF RDA RDA FUNDING REQUEST • st Senior Construction $20,758,084 • _• ' - $2,000,000 Debt • - $29,221,096 PERMANENT SOURCES PROPOSED TERMS Mmar • Permanent Loan $11,534,000 39.5% 2.0% OWHLFHOME/LIH $2,000,000 6.8% • 16 Year, 30 Year CF Loan - • • Cash Flow Repayment SLC RDA CF Loan $2,000,000 6.8% • Subordinate to senior Tax C red it Eq u ity $12,379,956 42.4% construction&permanent debt Deferred Developer $679,640 2.3% Fee HDLP THRESHOLD REQUIREMENTS& PRIORITIES 45 L& ITC Equity $277,500 0.9%RMP Energy Rebates $350,000 1.2% • Deeply Affordable Units Total Sources 1 $29,221,096 100% • - Condition of Approval USES �'. Condition of Approval Site Acquisition $3,735,000 12.8% • Transportation Opportunities Hard Costs $17,195,179 58.8% Neighborhood Safety Soft Costs $2,800,137 9.6% Architecture&Urban Design Developer Fee $2,288,146 7.8% Commercial Vitality Financing $2,427,319 8.3% Public Art I I Reserves $775,315 2.7% Total Uses $29,221,096 100% HOUSING UNITS Bedroom 60.. ,0.. LOW-INCOME HOUSING TAX CREDIT Yes Studio 1 160 - 1 142 1 18 1-Bed 1 15 - 1 15 - N, 2023, 4% Total 1 175 - 1 157 18* *8 units at 30%AMl 47 HOUSING DEVELOPMENT PROJECT NAME: 11 -9Ten West LOAN PROGRAM ADDRESS:910 W North Temple PROJ ECT SU M MARY From Developer: "The project will be transit oriented,affordable housing with amenity space and Community Service Facility on the ground floor. Located in the rapidly developing North Temple/Fairpark neighborhood, an affordable project with studio units will provide affordable housing in the Fairpark neighborhood for 50+ years. The project will also incorporate sustainability featuresto acheive Energy Starand Enterprise Green Communities certifications." DEVELOPER SUMMARY From Developer: "Karl Niederer has been developing affordable housing in Arizona, Colorado, and Utah for eight years and has directed the development of over one hundred million dollars of affordable and supportive housing throughout the western states.Great Lakes Capital is a Real Estate Development and Private Equity Firm that invests in several core property types including Multifamily, Industrial, Mixed-Use, Flex, Office, Medical and Life Science, and Hotels Properties. Multifamily, Industrial, and Mixed-Use properties remain Great Lakes' highest growth segments. Since opening its doors in 2005, Great Lakes has successfully invested in billions of dollars of real estate projects and currently enjoys development pipeline in excess of$923 million. Great Lakes' six principals have nearly 170years of experience and have closed more than $7 billion of commercial real estate investment across all property types, geographies, capital structures,and economic cycles." SITE MAP 6 � 1•� - t Jlr � • • N 4 ik 1 48 HOUSING DEVELOPMENT PROJECT NAME: 11 - 9Ten West LOAN PROGRAM ADDRESS:910 W North Temple PROJECT RENDERINGS i I ri � �� , ,h; _ fie•, �:•�� ' •,�'�,;, J-LAM-, t- — 49 Attachment E: Project Priorities and Interest Rate Reductions Project priority criteria will be utilized to evaluate applications as well as provide for interest rate reductions. NOFA • RANKIN INTEREST CATEGORYPOLICY OBJECTIVE BENCHMARK G RATE REDUCTIONWEIGHT ......................A Provide opportunities for families to enjoy the many benefits of urban living by Project provides at least 1 Family Housing encouraging the 15%*** of the total units as 3 X development of 3+ bedroom units. housing that is more conducive to larger household sizes Expand the availability of units for extremely Project sets aside at least low-income households 15%*** of the units for and special extremely low-income 2 Target populations, thereby households (40% AMI or 3 X Populations providing housing less) and/or special options for individuals populations in partnership or families that are with a governmental or homeless or at risk of nonprofit entity homelessness Create opportunities for those who have historically rented in Project is a for-sale product 3 Homeownershi the community to that will be sold to income 3 X p build wealth and establish permanent qualified individuals/families roots through homeownership Projects are either a missing Promote an array of middle housing type (i.e. scale of project types townhomes, courtyard Missing Middle to diversify the City's apartments, small-scale 4 & Unique housing stock/forms apartments) or a housing 3 X Housing Types and provide more type that is not commonly affordable living built: tiny homes, modular options for residents homes, pre-fab homes, accessory dwelling units (ADUs) --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 50 Achieve green building Projects must be built to Off- and energy Site Net Zero or On-Site Net conservation standards Zero standard as described 5 Sustainability to lower housing 1 in the RDA's Sustainable X*** expenses, conserve Development Policy resources, and Resolution. promote resiliency Projects must meet two of the following: • Includes a car sharing, bike sharing, or transit pass program that is widely available to employees/ residents Promote a multimodal • Includes a commercial project that includes transportation network employee shower, locker, 6 Transportation and ensure convenient and bicycle facilities 1 X Opportunities and equitable access • Is located within 1/3 mile to a variety of walking distance of a TRAX transportation options station or S-Line station • Implements reduced parking strategies without negatively impacting the neighborhood • Incorporates majority of parking within a primary structure to minimize the need for a surface parking lot Utilize the Projects are located within development of an active RDA project area, housing to reduce the refer to Attachment B. RDA 7 Neighborhood number of vacant and Project Area Map and 1 X Safety distressed buildings incorporate documented and lots to reduce Crime Prevention through crime and return land Environmental Design to a productive use (CPTED) principals Projects are located within a Provide for High Opportunity Area, Neighborhoods of which is defined as an area Expand Opportunity by that provides conditions that 8 Opportunity promoting the expand a person's likelihood 1 X economic diversity of for social mobility as the housing stock identified through an within neighborhoods analysis of quality-of-life indicators. Architecture & Encourage housing Buildings shall include an 9 Urban Design that is high-quality, active ground floor use, 1 X enduring, and that significant ground floor 51 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- contributes to glass, durable building neighborhood context materials and engaging and livability through building entrances as architectural and determined by RDA staff urban design best practices Projects are mixed-use and Foster a mix of land establish new services, or underrepresented business uses and unique types in the neighborhood Commercial neighborhood business that the local community 10 Vitality districts that identifies as lacking and 1 X adequately meet the desired. These spaces shall local community's be open to the public and needs shall not be spaces that are exclusive to the development Project acknowledges a Historic Encourage the neighborhood's history and Preservation preservation and/or maintain its unique character 11 /Adaptive reuse of buildings to through preservation, 1 X Reuse preserve the character rehabilitation, or repurposing of neighborhoods of historic or underutilized structures Promote cultural Project contributes at least expression and add to 1.5% of the RDA the experience and value of the built contribution towards the 12 Public Art environment through installation of art onsite or 1 X art that is publicly towards the RDA art fund as visible or accessible outlined in the RDA Art for all to experience Policy *Note:NOFA Ranking Weight:Uses a number(the weight)between I and 3 to assess the importance of the funding priority, with 1 being of lower importance and 3 being of the highest importance. **Note: 0.5% Interest Rate Reductions: While 12 interest rate reductions are available, interest rates can be reduced by a maximum of 2.0%, thereby reducing the interest rate to a minimum of 1%. Please see Attachment B for applicable standard loan terms and conditions. ***Note: Between the two threshold requirements laid out in Section 3.7, if a project includes both family housing units and deeply affordable units in accordance with this section, the project may receive the interest rate reduction by meeting the second threshold requirement at a percentage of 10%instead of 15%. ****Note: Sustainability Interest Rate Reduction:As per the RDA's Sustainable Development Policy, projects built to an Off- Site Net Zero standard are eligible for a 1%interest rate reduction and projects built to an On-Site Net Zero standard are eligible for a 2%interest rate reduction. 52 Attachment F: HDLP Funding Allocation Resolution 53 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. Affordable Housing—2022 Housing Development Loan Program (HDLP) Funding Allocations RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT FUNDING ALLOCATIONS. 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 provides that tax increment funds may be used for the purpose of increasing the affordable housing supply within the boundaries of Salt Lake City. WHEREAS, the RDA Board of Directors ("Board") approved the Housing Funds Allocation Policy("Funds Policy"), Resolution R-1-2022, which establishes policies with respect to dedicating and directing resources for the development and preservation of housing based on funding source ("Housing Funds"). WHEREAS, the Board has set aside $6,000,000 of Housing Funds for affordable housing through the RDA's Housing Development Loan Program("HDLP"). The Board may also allocate an additional $2,360,000, which is the result of a loan commitment from the 2021 that was rescinded. The allocation of funds is contingent upon an application and review process administered by the RDA to facilitate funding of qualified projects that meet the goals established by the HDLP. WHEREAS, through a Notice of Funding Availability ("NOFA"), the RDA administered a loan application and review process pursuant to the HDLP policy set forth in resolution R-2-2022 (the "HDLP Policy") and the RDA's Housing Funding Priorities for Fiscal Year 2022-2023 set forth in R-4-2022 ("Funding Priorities")that resulted in ten requests for funding totaling $16,760,000. WHEREAS, on December 21, 2022, the RDA's Finance Committee ("Finance Committee") reviewed the HDLP applications and recommended funding allocations and preliminary terms as further described in on Exhibit A. WHEREAS, based on the Finance Committee's recommendations, RDA staff recommends that the Board approve the funding allocations and preliminary terms described in Exhibit A. WHEREAS, following the Board's approval of the funding allocations and preliminary terms as set forth on Exhibit B, the RDA shall provide a 24-month conditional commitment period during which the approved applicant shall have the opportunity to obtain needed financial, legal, and 1 54 regulatory approvals, as well as satisfy other conditions determined by the RDA, to finalize the loan terms. WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan terms, subject to a set of conditions precedent to closing of the loan. NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the funding allocations and preliminary terms as further described in Exhibit B, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. For approved applicants that successfully meet the required conditions, the Board authorizes the Executive Director to negotiate and execute the conditional commitment letter, the Letter of Commitment, the loan agreements, and other relevant documents consistent with the funding allocations and contained on Exhibit B and incorporating such other terms and conditions 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 January 2023. Approved as to form: Salt Lake City Attorney's Office Allison Parks Date:December 23, 2022 The Executive Director: does not request reconsideration requests reconsideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Attest: City Recorder 2 55 EXHIBIT A: RDA FINANCE COMMITTEE RECOMMENDED HDLP FUNDING ALLOCATIONS The RDA Finance Committee recommends that funding be allocated to projects in order of priority ranking. FUNDING RECOMMENDATIONS PROJECT PRIORITIESIINTEREST POSSIBLE RATE REDUCTION AND FUNDING HDLP COMMITTED ADDITIONAL HDLP TOTAL FUNDING FUNDING PROJECTIAPPLICANT ADDRESS WEIGHTED NOFA RANKING" REQUEST PRELIMINARY TERMS* FUNDS:$6M FUNDS:$2.36M RECOMMENDATION RANKING 2-Victory Heights I Family Housing: 3 BCG Holdings Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 1060 E 100 S Architecture&Urban Design: 1 $1,865,000 term,40-year amortization, $1,865,000 $1,865,000 1 Adaptive Reuse: 1 hard repayments Public Art: 1 TOTAL: 10 Family Housing: 3 Target Populations: 3 BCG Holdings Transportation Opportunities: 1 1%interest rate,40-year 1060 E 100 S Architecture&Urban Design: 1 $280,000 term,40-year amortization, $280,000 $280,000 2 Adaptive Reuse: 1 hard repayments Public Art: 1 TOTAL: 10 4-Atkinson StacksJ Target Populations: 3 HAME Unique Housing Types: 3 1%interest rate,40-year 543 S 500 W Architecture&Urban Design: 1 $2,500,000 term,40-year amortization, $500000 $500,000 8 Sustainability: 1 hard repayments TOTAL: 8 Family Housing: 3 HA 1159 S West Target Populations: 3 1%interest rate,40-year Temple Transportation Opportunities: 1 $540,000 term,40-year amortization, $540000 $540,000 7 Neighborhood Safety: 1 hard repayments TOTAL: 8 Family Housing: 3 r. Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 509 W 300 N Architecture&Urban Design: 1 $1,850,000 term,40-year amortization, $1,850000 $1,850,000 3 Commercial Vitality: 1 hard repayments Public Art. 1 TOTAL: 10 Family Housing: 3 r, Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 509 W 300 N Architecture&Urban Design: 1 $1,200,000 term,40-year amortization, $1,200,000 $1,200,000 4 Commercial Vitality: 1 hard repayments Public Art. 1 TOTAL: 10 Unique Housing Type: 3 2.5%interest rate,40-year 1025 N 900 W Commercial Vitality: 1 $1,700,000 term,40-year amortization, $0 9110 Adaptive Reuse. 1 TOTAL: 5 cash Bow repayment Target Populations: 3 Unique Housing Type: 3 2%interest rate,40-year 1659 W North Transportation Opportunities: 1 Temple Commercial Vitality: 1 $1,825,000 term,40-year amortization, $805,000 $195,000 $1,000,000 5 Adaptive Reuse. 1 cash flow repayment TOTAL: 8 Family Housing: 3 Target Populations: 3 Missing Middle: 3 2%interest rate,40-year 265 W 1300 S Transportation Opportunities: 1 Neighborhood Safety: 1 $3,000,000 term,40-year amortization, $1,125,000 $1,125,000 6 Architecture&Urban Design: 1 cash flow repayment Commercial Vitality: 1 TOTAL: 13 Transportation Opportunities: 1 Neighborhood Safety: 1 2%interest rate,16-year 910 W North Architecture&Urban Design: 1 $2,000,000 term,30-year amortization, $0 9110 Temple Commercial Vitality: 1 Public Art: 1 cash flow repayment TOTAL: 5 TOTAL $16,760,000 $6,000,000 $2,360,000 $8,360,000 'Final Terms shall comply with the requirements,standard loan terms and conditions,interest-rate reductions,and all other details laid out within the 2022 Housing Development Loan Program(HDLP)Guidelines.Changes to repayment type may occur(hard repayment versus cash flow repayment)and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender.Changes in repayment type will cause a change in the base interest rate.Repayment priority and lien position shall be based on the size of the loans. "Projects receive a 0.5%interest rate reduction for each included priority.Sustainability allows for a 1%or 2%reduction. The maximum reduction per development is 2%.The interest rate is calculated as follows:Base Interest Rate minus(-)Interest Rate Reductions(up to 2%)=proposed interest rate;Base interest rate shall be locked within a month of closing.Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorites met may require Board approval. —Finance Committee Recommendation:If these projects do not receive 9%tax credits in the next Utah Housing Corporation allocation cycle,these funding commitments shall be returned to the RDA's Housing Development Loan Program. Funds Availability Funds Recommended by Finance Committee HDLP Committed Funds $6,000,000 $ 600,000 Recommended Funding:HDLP Committed Funds Possible Additional HDLP Funds $2,360,000 $0 Funds Remaining:HDLP Committed Funds Total Potential HDLP Funds $8,360,000 $ 2,360,000 Recommended Funding:Possible Additional HDLP Funds $0 Funds Remaining:Possible Additional HDLP Funds $ 8,360,000 Recommended:Total Potential HDLP Funds $0 Funds Remaining-Total Potential HDLP Funds 16 EXHIBIT B: HDLP RDA BOARD FUNDING ALLOCATIONS PROJECT PRIORITIES/INTEREST RATE REDUCTION AND FUNDING TOTAL FUNDING FUNDING PROJECT/APPLICANT ADDRESS WEIGHTED NOFA RANKING** REQUEST PRELIMINARY TERMS* ALLOCATION RANKING 2-Victory Heights 1 Family Housing: 3 BCG Holdings Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 1060 E 100 S Architecture&Urban Design: 1 $1,865,000 term,40-year amortization, $1,865,000 1 Adaptive Reuse: 1 hard repayments Public Art: 1 TOTAL: 10 Family Housing: 3 Target Populations: 3 BCG Holdings Transportation Opportunities: 1 1%interest rate,40-year 1060 E 100 S Architecture&Urban Design: 1 $280,000 term,40-year amortization, $280,000 2 Adaptive Reuse: 1 hard repayments 1 4 Public Art: 1 TOTAL: 10 4-Atkinson Stacks— Target Populations: 3 HAME Unique Housing Types: 3 1%interest rate,40-year 543 S 500 W Architecture&Urban Design: 1 $2,500,000 term,40-year amortization, $500,000 8 Sustainability: 1 hard repayments TOTAL: 8 5-Book Cliffs Lodge— Family Housing: 3 1159 S West Target Populations: 3 1%interest rate,40-year HAME Temple Transportation Opportunities: 1 $540,000 term,40-year amortization, $540,000 7 Neighborhood Safetv: 1 hard repayments TOTAL: 8 Family Housing: 3 DevelopmentGiv Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 509 W 300 N Architecture&Urban Design: 1 $1,850,000 term,40-year amortization, $1,850,000 3 Commercial Vitality: 1 hard repayments Public Art: 1 r I TOTAL: 10 Family Housing: 3 Giv Development Target Populations: 3 Transportation Opportunities: 1 1%interest rate,40-year 509 W 300 N Architecture&Urban Design: 1 $1,200,000 term,40-year amortization, $1,200,000 4 Commercial Vitality: 1 hard repayments Public Art: 1 TOTAL: 10 r . Unique Housing Type: 3 2.5%interest rate,40-year 1025 N 900 W Commercial Vitality: 1 $1 700,000 term,40-year amortization, $0 9/10 Adaptive Reuse: 1 TOTAL: 5 cash flow repayment Target Populations: 3 Unique Housing Type: 3 2%interest rate,40-year 1659 W North Transportation Opportunities: 1 $1,825,000 term,40-year amortization, $1,000,000 5 Temple Commercial Vitality: 1 Adaptive Reuse: 1 cash flow repayment TOTAL: 9 10-Liberty Comer— Family Housing: 3 Target Populations: 3 Cowboy Partners Missing Middle: 3 2%interest rate,40-year 265 W 1300 S Transportation Opportunities: 1 $3,000,000 term,40-year amortization, $1,125,000 6 Neighborhood Safety: 1 Architecture&Urban Design: 1 cash flow repayment Commercial Vitality: 1 TOTAL: 13 Transportation Opportunities: 1 Neighborhood Safety: 1 2%interest rate,16-year 910 W North Architecture&Urban Design: 1 Temple Commercial Vitality: 1 $2,000,000 term,30-year amortization, $0 9110 Public Art: 1 cash flow repayment TOTAL: 5 TOTAL $16,760,000 $8,360,000 *Final Terms shall comply with the requirements,standard loan terms and conditions,interest-rate reductions,and all other details laid out within the 2022 Housing Development Loan Program(HDLP)Guidelines.Changes to repayment type may occur(hard repayment versus cash flow repayment)and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender.Changes in repayment type will cause a change in the base interest rate.Repayment priority and lien position shall be based on the size of the loans. **Projects receive a 0.5%interest rate reduction for each included priority.Sustainability allows for a 1%or 2%reduction. The maximum reduction per development is 2%.The interest rate is calculated as follows:Base Interest Rate minus(-)Interest Rate Reductions(up to 2%)=proposed interest rate,Base interest rate shall be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing.Deviation from project priorites met may require Board approval. ***If these projects do not receive 9%tax credits in the next Utah Housing Corporation allocation cycle,these funding commitments shall be returned to the RDA's Housing Development Loan Program. Funds Availability HDLP Committed Funds $6,000,000 Additional HDLP Funds Approved by Board $2,360,000 Total Potential HDLP Funds $8,360,000 57 IF