09/21/2022 - Meeting Minutes MINUTES of the
REDEVELOPMENT AGENCY FINANCE COMMITTEE
Monday, September 21, 2022
11:00am
1. Roll Call
The following members were present:
Erin Cunningham for Danny Walz, RDA
Peter Makowski, Economic Development
Blake Thomas, Community and Neighborhoods
Tony Milner, Housing Stability
Marina Scott for Mary Beth Thompson, Finance
Claudia O'Grady was absent.
Also Present:
Tracy Tran, Project Manager; Sara Montoya, Senior City Attorney;Allison Parks, Senior City Attorney; Robyn
Stine, RDA Office Manager; Donna McAleer, Bicycle Collective; Todd Reeder, Bicycle Collective; Felina
Lazalde, RDA Office Facilitator.
2. Business
A. Loan Request for the Bicycle Collective—Tracy Tran, RDA Project Manager
Tracy Tran provided an overview of the Bicycle Collective's request for an additional$500,000 due to
increased construction costs and supply chain issues, increasing their loan request to$2,250,000. She
added that the Applicant is also requesting to maintain their current base interest rate through the
Redevelopment Agency of Salt Lake City's(RDA) Loan Program. Ms. Tran explained that in May 2022,the
RDA Board of Directors(Board) approved the original loan request of$1,750,000 for the development of
901 South Gale Street, adding that the additional funds would ensure the project would be all electric.
Ms. Tran said the project meets four public benefit criteria, qualifying for interest rate reductions and primary
financing through the RDA Loan Program:
• Public Amenities:The project will include a public art amenity and it located along the 9 Line
Corridor which connects the east with the westside neighborhoods.
• Transit Alternatives: The objective of the Bicycle Collective is to encourage cycling as an effective
and sustainable form of transportation.The project will also include employee showers and lockers.
• Architecture&Urban Design:The project was included in an RDA design review process that
reviewed how the project fits in with surrounding neighborhoods, how the project will enhance the
public realm, and the buildings materials.
• Sustainability: The project has been designed to a LEED-Silver equivalent standard and will
include an all-electric building that will incorporate rooftop solar. The Bicycle Collective was
recently awarded a Blue Sky Grant from Rocky Mountain Power.
Discussion:
Tony Milner asked if the increase was based on secure bids in hand, or if it was a certain percentage for
contingency construction costs?He also asked regarding the sources and uses if they have$1.9MM in the
capital campaign in terms of what has been raised?
Ms. McAleer clarified the increase is based on bids in hand.A significant driver was the electrical system
required for this project.When they received bids in April,the electrical portion was significant.They
attempted to make changes to the electrical system to bring the cost down, but ran into a challenge,
because the RDA Loan documents state that the building must be all-electric. Ms. McAleer also clarified that
The Bicycle Collective has raised $2.6M and has a matching grant provided by the Ray&Tye Noorda
Foundation of$500K. They will also match anything raised between 07/01/2020—03/2023, contingent on
this contract being signed.
Marina Scott noted the debt service on their loan would be$127,000, and asked if The Bicycle Collective
has any other debt with any other financial institution?Ms. Scott also asked if there are any agreements for
dollars currently?And if retail operations are expected to cover whatever the fundraising does not cover?
Donna confirmed that they do not have any other debt and explained The Bicycle Collective has$1 MM from
the Noorda Foundation, 100K from the George S. &Delores Eccles Foundation, $140K from Sorenson, and
$250K from the Miller Family Foundation.All initial commitments have been turned into actual dollars in the
bank, and 2nd requests are currently in process. Ms. McAleer also confirmed that they do think retail
operations would cover anything that the fundraising does not cover, however a combination of both is
expected.
Tony Milner made a motion to recommend the RDA Board to approve the loan increase and lock in the rate
as presented without condition. Marina Scott seconded the motion. Upon roll call,this motion passed
unanimously.
3. Adjournment
There being no further business the meeting was adjourned.
Blake Thomas,Vice Chairperson
This document along with the digital recording constitute the official minutes of the Redevelopment Agency Finance
Committee held September 21, 2022.
2022-09-21 FC Minutes
Final Audit Report 2023-11-17
Created: 2023-11-16
By: Felina Lazalde(felina.lazalde@slcgov.com)
Status: Signed
Transaction ID: CBJCHBCAABAAm7nhriwaOtPbtDpuODsbR3PzGPpY75US
"2022-09-21 FC Minutes" History
Document created by Felina Lazalde (felina.lazalde@slcgov.com)
2023-11-16-9:56:54 PM GMT
Document emailed to Blake Thomas (blake.thomas@slcgov.com) for signature
2023-11-16-9:57:21 PM GMT
Email viewed by Blake Thomas (blake.thomas@slcgov.com)
2023-11-16-10:15:07 PM GMT
Document e-signed by Blake Thomas (blake.thomas@slcgov.com)
Signature Date:2023-11-17-5:29:00 PM GMT-Time Source:server
® Agreement completed.
2023-11-17-5:29:00 PM GMT
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