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023 of 1999 - AN ORDINANCE OF THE CITY OF SALT LAKE CITY, UTAH, ADOPTING THE GRANARY DISTRICT REDEVELOPMENT PROJEC0 99-1 H 9$-4 ORDINANCE NO. 23 of 1999 AN ORDINANCE OF THE CITY OF SALT LAKE CITY, UTAH, ADOPTING THE GRANARY DISTRICT REDEVELOPMENT PROJECT AREA PLAN, DATED APRIL 15, 1999 BE 1T ORDAINED BY THE CITY COUNCIL OF SALT LAKE CITY, UTAH AS FOLLOWS: SECTION I. This Ordinance pertaining to the "Granary District Redevelopment Project Area Plan" is hereby enacted to read as follows: GRANARY DISTRICT REDEVELOPMENT PROJECT AREA PLAN Sections: 1. Redevelopment Plan. 2. Project Boundaries. 3. Purposes of Redevelopment Plan. 4. Plan Incorporated by Reference. 5. Plan Officially Designated. 6. Council Findings. 7. Housing Facilities. 8. Tax Increment Financing. 9. Housing Element. Section 1. Redevelopment Plan. It has become necessary and desirable to adopt a Redevelopment Plan entitled, "Granary District Redevelopment Project Area Plan," dated April 15, 1999 (the "Redevelopment Plan"). Section 2. Project Boundaries. The legal description of the boundaries of the project area (the "Project Area") covered by the Redevelopment Plan is as follows, to -wit: Beginning at the Northwest Corner of the intersection of 600 South Street and 300 West Street, Salt Lake City, Salt Lake County, Utah; thence West along the North property line of 600 South Street to the Northwest Corner of the intersection of 600 South Street and 500 West Street; thence South along the West property line of 500 West Street to the Northwest Corner of the intersection of 500 West Street and 800 South Street; thence West along the North property line of 800 South Street to a point where 800 South Street intersects Interstate Highway 1-15; thence Southeasterly along the East property line of Interstate Highway I-15 to where the East property line of Interstate Highway I-15 intersects with the North property line of Utah Highway 270 (which highway is also a portion of the 900 South Street entrance ramp to Interstate Highway I-15); thence northeasterly along the North property line of Utah Highway 270 to a point where the 1 highway intersects with the West property line of 300 West Street; thence North along the West property line of 300 West Street to the point of Beginning. Included within the proposed Project Area are all of Blocks 7, 8, 9, 11, 12, 25, and 26 of Plat "A," Salt Lake City Survey, and part of Block 1, Plat "C", Salt Lake City Survey; and part of Blocks 24 and 25, Five Acre Plat "A," Big Field Survey as shown in the official records of Salt Lake County containing approximately 95.80 acres of privately owned property excluding public streets. Section 3. Purposes of Redevelopment Plan. The purpose and intent of the City Council of Salt Lake City with respect to the Project Area, is to accomplish the following purposes by adoption of the Redevelopment Plan: A. Removal of structurally substandard buildings to permit the return of the project area land to economic use and new construction. B. Removal of impediments to land disposition and development through assembly of land into reasonably sized and shaped parcels serviced by improved public utilities and new community facilities. C. Rehabilitation of buildings to assure sound long-term economic activity in this neighborhood of the City of Salt Lake. D. Elimination of environment deficiencies, including among others, small and irregular lot subdivision, overcrowding of the land and inadequate off-street parking. E. Achievement of an environment reflecting a high level of concern for architectural and urban design principles, developed through encouragement, guidance, appropriate controls and professional assistance to owner participants and redevelopers. F. Implement the tax increment financing provisions of the Utah Neighborhood Development Act, Utah Code Annotated, Section 17A-2-1247.5, et seq., which is incorporated herein by reference and made a part of this Ordinance. G. Strengthening of the tax base and economic health of the entire community and of the State of Utah. H. Provisions for improvements to public streets, curbs and sidewalks, other public rights -of -way, street lights, landscaped areas, public parking, and other public improvements. Section 4. Redevelopment Plan Incorporated by Reference. The Redevelopment Plan, together with supporting documents, is incorporated herein by reference and made a part of this 2 Ordinance. Copies of the Redevelopment Plan shall be filed and maintained in the office of the City Recorder for public inspection. Section 5. Plan Officially Designated. The Redevelopment Plan is hereby designated as the official Redevelopment Plan for the Project Area. Section 6. City Council Findings. The City Council of Salt Lake City hereby determines and finds as follows: A. The Project Area, as above described, is a "blighted area" as defined in Section 17A-2-1202 of the Act. B. The redevelopment of the Project Area is needed to effectuate a public purpose. C. Pursuant to the provisions of Section 17A-2-1220 of the Act, the adoption of the Redevelopment Plan is necessary to reduce or to eliminate blight. D. The Redevelopment Plan would redevelop the Project Area in conformity with the Act and is in the best interests of the public peace, health, safety, and welfare of the area and the community. E. The adoption and carrying out of the Redevelopment Plan is economically sound and feasible. F. The Redevelopment Plan conforms to the master plan or general plan of Salt Lake City. G. The carrying out of the Redevelopment Plan will promote the public peace, health, safety, and welfare of the community. H. The acquisition of real property by the power of eminent domain or condemnation is provided for in the Redevelopment Plan and is needed to execute the Plan and adequate provisions have been made for payment for property to be acquired as provided by law. I. The Redevelopment Agency of Salt Lake City has a feasible method or plan for the relocation of families and persons displaced from the Project Area, if the Redevelopment Plan may result in the temporary or permanent displacement of any occupants in the Project Area. J. There are or are being provided in the Project Area or in other areas not generally less desirable in regard to public utilities and public and commercial facilities, and at rents or prices within the financial means of the families and persons displaced from the Project Area, decent, safe, and sanitary dwellings equal in number and available to such displaced families and persons and reasonably accessible to their places of employment. 3 Section 7. Housing Facilities. In the event that there are displaced families or persons, the Agency is satisfied that permanent housing facilities will be available within three years from the time occupants of the Project Area are displaced, and that pending the development of these housing facilities, there will be available to the displaced occupants adequate temporary housing facilities at rents comparable to those in the community at the time of their displacements. Section 8. Tax Increment Financing. A. This Ordinance approving the Redevelopment Plan specifically incorporates the provisions of tax increment financing permitted by Section 17A-2-1247.5 of the Act. As part of the authorization, this Redevelopment Plan incorporates 17A-2-1247.4(4)(a) which states: "(4)(a) An agency may collect tax increment from all or part of a project area. The tax increment shall be paid to the agency in the same manner and at the same time as payments of taxes to other taxing agencies to pay the principal of and interest on loans, moneys advanced to, or indebtedness, whether funded, refunded, assumed, or otherwise, to finance or refinance, in whole or in part, the redevelopment or economic development project and the housing projects and programs under Section 17A-2-1263 and 17A-2-1264." B. The Redevelopment Agency has elected the tax increment alternative of 75% of annual tax increment for a period not to exceed 24 years authorized by Section 17A-2-1247.5(3)(a)(ii) of the Act. C. The Redevelopment Agency has also elected to allocate 20% of the Project Area Budget for housing authorized by Section 17A-2-1264 of the Act. D. The Redevelopment Plan incorporates the provisions of Section 17A-2-1247.5(5)(a) of the Act whereby the Agency shall not be entitled to "that the portion of taxes, if any, due to an increase in the tax rate by a taxing agency after the date the Project Area Budget is approved." Since approval of the inclusion of the increase in the tax rate is not obtained, the portion of the taxes attributable to the increase in the rate shall be distributed by the county to the taxing agency imposing the tax rate increase in the same manner as other property taxes. E. The Redevelopment Plan specifically incorporates the provisions of Section 17A-2- 1247.5(5) of the Act as follows: "(5)(b) The amount of the tax rate to be used in determining tax increment shall be increased or decreased by the amount of an increase or decrease as a result of: (i) a statute enacted by the Legislature, a judicial decision, or an order from the State Tax Commission to a county to adjust or factor its assessment rate pursuant to Subsection 59-704(2), Utah Code Annotated 1953, as amended; 4 (ii) a change in exemption provided in the Utah Constitution, Article XIII, Section 2, or Section 59-2-103; (iii) any increase or decrease in the percentage of fair market value, as defined under Section 59-2-102, Utah Code Annotated 1953, as amended; or (iv) a decrease in the certified tax rate under Subsection 59-2-924(2)(c) or (2)(d)(i). (c) (i) Notwithstanding the increase or decrease resulting from Subsection 1247.5(5)(b) of the Act, the amount of money allocated to, and when collected paid to the agency each year for payment of bonds or other indebtedness may not be less than would have been allocated to and when collected paid to the agency each year if there had been no increase or decrease under Subsection (5)(b). (ii) For a decrease resulting from Subsection (5)(b)(iv), the taxable value for the base year under Subsection 17A-2-1247(2)(a) or 17A-2-1202(2), as the case may be, shall be reduced for any year to the extent necessary, including below zero, to provide an agency with approximately the same amount of money the agency would have received without a reduction in the county's certified tax rate if: (A) in that year there is a decrease in the certified tax rate under Subsection 59-2-924(2)(c) or (2)(d)(i); (B) the amount of the decrease is more than 20% of the county's certified tax rate of the previous year; and (iii) the decrease results in a reduction of the amount to be paid to the agency under Section 17A-2-1247 or 17A-2-1247.5. Section 9. Housing Element. The Project Area Budget for the Granary District Redevelopment Project Area Plan anticipates that the Redevelopment Agency shall receive $50,000,000 as the total amount of tax increment payable to the Redevelopment Agency over the life of the Redevelopment Plan and 20% of that amount is $10,000,000. However, it is possible that less than $50 million will be paid to the Agency over the term of the Project Area Budget. If less than $50 million is paid to the Agency, 20% of whatever amount is paid to the Agency shall be used for uses as provided in Section and 17A-2-1264(3)(a) or (b) of the Act. Section Il. This ordinance shall take effect upon its first publication or posting. 5 PASSED by the City Council of the City of Salt Lake, Utah, this 15th day of April, 1999. 4".7 Keith istensen, Chairperson ATTEST: L,/ Anbroved as to Fo Chief Deputy Reco der Transmitted to the Chief Administrative Officer on Officer's action: X( Approved Vetoed. EST: ief Deputy Recor+ er t'ublish: April 20, 1999 , Chief Administrative Deedee'tlorradini Chief Administrative Officer (a ::3 INkfT)