048 of 2019 - Adoption of Block 67 North Community Reinvestment Area Project Area Plan 0 19-1
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SALT LAKE CITY ORDINANCE
No. 48 of 2019
(Adoption of Block 67 North Community Reinvestment Area Project Area Plan) '—It "m
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An ordinance adopting the Community Reinvestment Area Project Area Plan for the
Block 67 North Community Reinvestment Project Area, as approved by the Board of Directors
of the Redevelopment Agency of Salt Lake City, and designating the Plan as the official ce?1` i .i t
Community Reinvestment Project Area Plan for the Block 67 North Community Reinvestment = "r `
Project Area. i,� c_t CI
WHEREAS, the Redevelopment Agency of Salt Lake City (the "Agency") prepared a
Draft Community Reinvestment Project Area Plan (the "Draft Plan") for the Block 67 North , :2 "72 1,2,
Community Reinvestment Project Area, the legal description of which is attached hereto as "" ;
Exhibit A. Si! -1
WHEREAS, on r_,
3-26-2019J the Board of Directors of the Agency held a public ""r, ,:-> +• }�i
hearing on the Draft Plan and pursuant to Utah Code § 17C-5-108 and adopted a resolution
approving the Draft Plan as the Official Community Reinvestment Project Area Plan for the
Block 67 North Project Area ("Official Plan") (see Agency Resolution No. 2"Agency CRA ;_
Resolution")). k-3— Olga
WHEREAS, Utah Code § 17C-5-109 requires that, before a community reinvestment '7
project area plan approved by the Agency may take effect, it must be adopted by ordinance of the
legislative body of the community that created the Agency.
WHEREAS, the Act also requires certain notice to be given by the community legislative
body upon its adoption of a community reinvestment project area plan under Utah Code § 17C-
5-110.
NOW, THEREFORE,BE IT ORDAINED BY THE SALT LAKE CITY COUNCIL AS
FOLLOWS:
SECTION 1. The Salt Lake City Council hereby adopts the Block 67 North Community
Reinvestment Project Area Plan, so long as the conditions described in the Agency CRA
Resolution are met, and as approved by the Agency as the Official Plan for the Block 67 North
Community Reinvestment Project Area.
SECTION 2. The City staff is hereby authorized and directed to publish or cause to be
published the notice required by Utah Code § 17C-5-110, whereupon the Official Plan shall
become effective.
SECTION 4. This ordinance shall take effect immediately upon the date of its first
publication.
1
Passed by the City Council of Salt L. - ' , this 24th day of September , 2019.
i 1 _
• �7 Chair
Approved as to Form:
Salt Lake City Attorney's Office
Katherine N. Lewis
Date: 2471 i 1
ST:
T Y RECORDER
Transmitted to Mayor on September 25, 2019 •
Mayor's Action: Approved. Vetoed.
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Bill No. 48 of 2019.
Published: October 2, 2019
HB_A TTY-#7443 8-v2-City_Ordinance_(B l ock_67_Proj ect_Area).d o c
2
EXHIBIT A TO ORDINANCE NO. 48 of 2019
Block 67 North CRA Plan Description
Beginning at the Northwest Corner of Block 67, Plat 'A', Salt Lake City Survey and running
thence East 660.00 feet to the Northeast Corner of said Block 67; thence South 264.00 feet along
the east line of said Block 67; thence West 247.50 feet; thence North 16.50 feet; thence West
82.50 feet; thence North 82.50 feet; thence West 132.00 feet; thence South 165.00 feet; thence
West 198.00 feet to the west line of said Block 67; thence North 330.00 feet to the point of
beginning.
Contains 172,879 square feet or 3.969 acres, more or less.
100 SCXu1H
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Beginning at the Northwest Carter of block 67, plat 'A.'.
Salt Lake City Survey and running thence East 660.00 feet
to the Northeast Corner of said Block 67; thence South
264.00 feet along the coat lire of said Block 67; thence
West 247.50 feet; thence North 16.50 feet; thence West
82.50 feet: thence North 62:50 feat; thence West 132.00
feet: thence South 165.00 feet; thence West 196.00 feet
to the west line of said Slack 67; thence North 33C.O0 J rn
feet to the point of beginningc ',
Contairs 172.679 square feet or 3.989 acres. more or less.
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BLOCK 67 NORTH
COMMUNITY REINVESTMENT AREA PLAN
INTRODUCTION
Through this Block 67 North Community Reinvestment Area Plan ("Plan"), the Redevelopment Agency of
Salt Lake City ("RDA") contemplates the creation of a Community Reinvestment Area on the north half of
Block 67("CRA"or"Project Area")to facilitate the use of Tax Increment Financing as a funding mechanism
to further the economic development goals of the Salt Lake City Downtown Master Plan ("Downtown
Master Plan").The development taking place within the CRA("Phase I") is the first phase of a larger West
Quarter project ("Development") proposed for the entirety of Block 67, including the block's southern
half("Phase II"). Please see Section 1(a) for a detailed CRA boundary description.
CRA Plan Requirements
This Plan complies with the community reinvestment project area plan requirements as per Utah Code
Title 17C-5-101.
As per Utah Code Title 17C-5-108, prior to adopting a board resolution, the RDA Board of Directors
("Board") has determined that the Plan:
• Contains a boundary description of the Project Area
• Contains the RDA's purposes and intent with respect to the Project Area
• Serves a public purpose
• Produces a public benefit per Utah Code Title 17C-5-105(12)
• Is economically sound and feasible
• Conforms to the community's general plan
• Promotes the public peace, health, safety, and welfare of the community
General Plan Consistency
Salt Lake City completed its Downtown Master Plan in 2016,which serves as the appropriate master plan
to inform this Plan.The construction of all new buildings and improvements and the rehabilitation of any
existing buildings or improvements in the Project Area will be done in accordance with the standards set
forth in the Downtown Master Plan, as well as the City's general plan. Building permits for construction
or rehabilitation will be issued by the City in order to assure that Project Area development is consistent
with all City requirements and regulations.
1 I Block 67 North CRA Plan : Approved by City Council on 9 / 24/ 19
SECTION ONE: COMMUNITY REINVESTMENT ANALYSIS
Section One of the Plan fulfils requirements of Utah Code Title 17C-5-105 and includes the following
information:
(a) Project Area Boundary Description
(b) Existing Land Uses and Neighborhood Context
(c) Standards to Guide Project Area Development
(d) Furthering Purposes of Utah Code Title 17C
(e) Consistency with Community General Plan
(f) Elimination or Reduction of Blight, if applicable
(g) Specific Project Area Development
(h) Process for Selecting Participants
(i) Reasons for Selecting the Project Area
(j) Existing Physical, Social, and Economic Conditions
(k) Financial Assistance to be Offered to Participants
(I) Results of Public Benefits Analysis
(m) Historic Preservation Requirements
(n) Interlocal Agreement
(o) Other Information
2 l Block 67 North CRA Plan : Approved by City Council on 9 / 24 / 19
1(a): Project Area Boundary Description
Beginning at the Northwest Corner of Block 67, Plat 'A', Salt Lake City Survey and running thence East
660.00 feet to the Northeast Corner of said Block 67; thence South 264.00 feet along the east line of said
Block 67; thence West 247.50 feet;thence North 16.50 feet;thence West 82.50 feet; thence North 82.50
feet;thence West 132.00 feet;thence South 165.00 feet;thence West 198.00 feet to the west line of said
Block 67; thence North 330.00 feet to the point of beginning.
Contains 172,879 square feet or 3.969 acres, more or less.
Figure 1: Project Area Boundary Map
100 SOU1H
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Beginning at the Northwest Corner of Block 67, Plat 'A',
Salt Lake City Survey and running thence East 660.00 feet
to the Northeast Corner of said Block 67; thence South
264.00 feet along the east line of said Block 67; thence
West 247.50 feet; thence North 16.50 feet; thence West
82.50 feet; thence North 82.50 feet; thence West 132.40
feet; thence South 165.00 feet; thence West 198.00 feet
to the west line of said Block 67; thence North 330.00 w V
feet to the point of beginning a
3 Contains 172,879 square feet or 3.969 acres. more or less. �$ O
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3 I Block 67 North CRA Plan : Approved by City Council on 9 / 24 / 19
1(b): Existing Land Uses and Neighborhood Context
This section includes a general statement of the existing land uses, layout of principle streets, population
densities,and building intensities of Block 67 and how each will be affected by the Project Area and overall
Development.
Figure 2: Land Use Zoning Map
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4 I B l o c k 67 North CRA Plan : Approved by City Council on 9 / 2 4 / 1 9
s D-4:Secondary Central
Business District
Land Uses
The Block 67 North Project Area consists of roughly 172,879 square feet, or roughly 3.969 acres of land
which falls within the map above and is zoned D-4 Secondary Central Business District.The purpose of the
Secondary Central Business District is to foster an environment consistent with the area's function as a
housing, entertainment, cultural, convention, business, and retail section of the City that supports the
Central Business District. Development is intended to support the regional venues in the district, such as
the Salt Palace Convention Center, and to be less intense than in the Central Business District. Permitted
land uses in D-4 include, but are not limited to, multi-family housing, hotels, mixed-use development,
office space, retail, parking, places of worship, and parks.
Of note, the Salt Lake City Planning Department granted a zoning map amendment for the property
located at 230 West 200 South, which does not fall in the Project Area, but is part of the overall
Development, and allows building height up to 375 feet with design review, making 32 stories possible.
No other zoning changes were made to properties in the D-4 area, which remains with a building height
up to 75 feet allowed as-of-right and up to 120 feet with design review.
Figure 3:Additional Permitted Height Map
100 SOUTH
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ADDITIONAL PERMI I I tU
HEIGHT LOCATION
5 I Block 67 North CRA Plan : Approved by City Council on 9 / 24 / 19
Land Uses Anticipated Changes
Through redevelopment and revitalization of the Project Area, infrastructure upgrades, streetscape
improvements,and public space enhancements may occur. It is anticipated that underutilized and vacant
land will be transformed, per the goals of the Downtown Master Plan, into the core of the sports and
entertainment area in downtown Salt Lake City. There will be an addition of a residential tower, hotel,
ground floor restaurant and retail space, and underground parking.
Property owners and businesses within Block 67 can apply to utilize RDA tools for financial assistance for
development of their property as they are included within an RDA project area. Overall, the uses on the
block will generally remain the same and will not be specifically changed by the Development including
the Salt Lake Buddhist Temple, Multi-Ethnic Senior Housing, Louis B. Hills House Antique Gallery,Jackson
Apartments, the Asian Association of Utah Refugee and Immigrant Center, and the parcels owned by the
Salt Lake Buddhist Temple and Japanese Church of Christ that serve as parking lots.
Layout of Principle Streets
Block 67 is bound by 100 South to 200 South and 200 West to 300 West.
Layout of Principle Streets Anticipated Changes
The Downtown Master Plan principle of walkability calls for the incorporation of mid-block walkways
throughout downtown to optimize downtown's large blocks for pedestrian movement, and for the RDA
to incorporate mid-block walkways in RDA funded projects. The Development will construct a mid-block
walkway from the northwest corner of the block on 300 West to the center of the block on 200 South that
also connects through to 200 West. A portion of this right-of-way will be built in the Project Area.
Population Densities
Per 2010 Census data, the total population of Block 67 is roughly 240 people, with an estimate of 220
housing units. The majority of residential units are within the Multi-Ethnic Senior Housing and Jackson
Apartments.
Population Densities Anticipated Changes
The Project Area anticipates at least 240 residential units.As such, population densities are anticipated to
increase in the Project Area which aligns with the Downtown Master Plan call for an increase in housing
stock and density. As national trends point to an increased interest in downtown living, the City can
benefit financially and socially from a larger residential community. Additionally, the D-4 Secondary
Central Business District Zoning is in line with the purpose of the area's function as a housing section of
the city that supports the Central Business District.
In addition to residential units, Phase I will include ground floor restaurant, retail space, and a hotel and
anticipates the creation of at least 224 jobs. As the overall Development is completed, it is anticipated
6 I E3I o , k 6 7 North CRA P l a n : A p p ro vo d by City Council on 9 / 21 / 1 9
that there will be a substantial increase in the day and night time populations of Block 67 including
residents, retail patrons, hotel guests, and workers.
Building Intensities
Block 67 is occupied by seven buildings including:Salt Lake Buddhist Temple, Multi-Ethnic Senior Housing,
Louis B. Hills House Antique Gallery, U.S. Post Office, Jackson Apartments, and the Asian Association of
Utah Refugee and Immigrant Center. The tallest building on the block is the Multi-Ethnic Senior Housing
at 137 feet.General uses include places of worship, retail, housing, parking,and community services(non-
profit association and U.S. Post Office).
Building Intensities Anticipated Changes
The Project Area is anticipated to be a mixed-use project including residential, hotel, retail space, and
underground parking, in addition to existing building intensities, and is anticipated to begin in 2019 and
be completed by the end of 2021. Phase II is anticipated to begin immediately after the completion of
Phase I and is estimated to be completed in 3-4 years.
1(c): Standards to Guide Project Area Development
This project references the Downtown Master Plan and Salt Lake City Zoning as the standard to guide
Project Area development.
1(d): Furthering Purposes of Utah Code Title 17C
By implementing this Plan, the RDA anticipates leveraging private investment with Tax Increment
Financing to provide a redevelopment opportunity that will stimulate economic activity in the area.
1(e):Consistency with the Community General Plan
The Downtown Master Plan is the current community general plan for the Project Area.The Project
Area Plan is consistent with the Downtown Master Plan's goals and objectives of:
• Increased density and housing stock downtown
• The incorporation of mid-block walkways into the downtown streetscape and RDA funded
projects
• The encouragement of mixed-use development and retail spill out onto sidewalks, particularly on
festival and event days
• The creation of a sports and entertainment area
• Parking for the Vivint Smart Home Arena, Utah Jazz, Salt Palace, and the general area
• Partnering with Salt Lake County to ensure the long term viability of convention space at the Salt
Palace
• Providing access to good jobs
7 I Block 67 North CRA Plan : Approved by City Council on 9 / 24/ 19
1(f): ELIMINATION OR REDUCTION OF BLIGHT
Project Area development activities are anticipated to redevelop vacant properties and enhance the
current underutilization of the block situated in the downtown Central Business District.
1(g):SPECIFIC PROJECT AREA DEVELOPMENT
The developer has proposed a large scale Development on Block 67 that is bounded by 100 South, 200
South, 200 West,and 300 West.The Project Area consists of the north half of the block and will include a
mixed-use urban project with the following:
• One residential tower with 240 units
• 20,000 square feet of commercial (up to three restaurants and a rooftop bar)
• One dual-branded hotel with 272 keys
• 354 total stalls with 308 stalls being committed to residential and hotel programming, and 46
stalls of public parking
1(h): PROCESS OF SELECTING PARTICIPANTS
The RDA may enter into a participation agreement (also known as tax increment reimbursement
agreement) with certain property owners or developers within the Project Area, for the purpose of
providing assistance in the form of tax increment to redevelop the property. Program participants shall
be selected through an evaluation process as per the RDA's Tax Increment Reimbursement Policy.
Potential participants must provide sufficient evidence that tax increment funding is necessary for the
proposed project to succeed. In addition, the proposed project must align with Project Area objectives
and involve significant private investment so as to ensure adequate yield of tax increment.
1(i): REASON FOR SELECTING THE PROJECT AREA
The selection of the Block 67 North Project Area is the result of reviewing a request from the developer
to create the CRA for the purpose of a mixed-use,entertainment, and retail development.The RDA Board
of Directors adopted a resolution on July 10, 2018 authorizing the preparation of a draft CRA Plan.
Additionally,the Development includes participation by Salt Lake County in the amount of$15 million for
the purpose of constructing a regionally significant underground parking structure as part of the mixed-
use Development.
Opportunities Include:
• Opportunity to implement some of the specific and well-established goals of the Downtown
Master Plan including increased density, the implementation of a mid-block walkway,
encouragement of mixed-use development and retail,the creation of a sports and entertainment
area downtown, the creation of jobs, and increased parking for the Vivint Smart Home Arena,
Utah Jazz, and the Salt Palace.
8 I Block 67 North CRA Plan : Approved by City Council on 9 / 24/ 19
• Opportunity for infrastructure improvements to attract commercial, retail, and mixed-use
development.
• Opportunity for large-scale commercial development in an underutilized block of the downtown
area.
1(j): EXISTING PHYSICAL, SOCIAL,AND ECONOMIC CONDITIONS
The following is a summary of the physical, social, and economic conditions in regard to Block 67.
• Physical: Block 67 has several well established uses and/or services it provides for the City,
including places of worship, affordable multi-ethnic senior housing, parking, and community
services including a post office and nonprofit organization.
• Social: The area bound by South Temple, State Street, 300 South, and 700 West was the core of
the Japanese American community in Salt Lake City beginning in the early 1900's, including a
flourishing Japantown, much of which was dismantled for the construction of the Salt Palace in
the 1960's. Since then, the City and Salt Lake County have worked with the Japanese American
community to support the revitalization of the area, including officially recognizing 100 South
between 200 West and 300 West as Japantown Street in 2007.Japantown Street is the north side
of Block 67, and the remaining heart of the Japanese American community that resides there is
comprised of the Japanese Church of Christ and Salt Lake Buddhist Temple.The churches sponsor
festivals throughout the year and are passionate about creating a renaissance for Japantown as a
cultural and economic asset for the City in partnership with the Japanese Community Preservation
Committee. The Salt Lake City RDA Board adopted a resolution on December 11, 2018 as a
commitment to the importance of the preservation of Japantown and in support of placemaking
for the area. Recognizing Japantown as a cultural asset for the City and supporting the community
so that it may continue to flourish is a significant aspect of the Block 67 North Project Area and
overall Development. As such, the RDA may utilize a portion of tax increment from the Project
Area to fund street improvements of City owned infrastructure surrounding the CRA that provides
benefit to the Project Area.
• Economic: Block 67 is of locational importance within the downtown core, has seen limited to no
new development for several decades, and has a significant amount of underutilized and vacant
land. As part of the Downtown Master Plan and as it is zoned D-4, Block 67 is slated to play a
significant role in supporting regional venues in the area and as a staple block in the development
of a continuous fabric for the downtown core.
1(k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS
9 l B l o c k 67 North CRA Plan : Approved by City Council on 9 / 2 4 / 1 9
To promote investment in real property and consequent increases in property values, the RDA has
established programs to assist property owners and businesses within RDA Project Areas. An overview of
existing programs utilized for this CRA Project Area is as follows:
• Tax Increment Reimbursement Program
The RDA Tax Increment Reimbursement Program may provide project developers a tax increment
reimbursement for the development of improvements that meet the goals and objectives of this
Plan and provide significant public benefit. Tax increment reimbursements shall be based upon
the difference between the initial taxable value of a property prior to improvements and the
increased taxable value resulting from said improvements. Participants may receive a percentage
of the tax increment generated from their project for a specified time frame, and the RDA will
receive the residual tax increment generated by the project.
• Loan Program
The RDA Loan Program may provide financing to facilitate various development projects,including
new construction, building rehabilitation, and energy efficiency upgrades. Funding is made
available for construction costs or hard costs. Loan funds may also be used for site improvements
associated with a development project and short-term land acquisition for affordable housing
development. Use of funds for environmental remediation or demolition shall be considered on
a case-by-case basis.
• Property Acquisition/Disposition
In addition to programs, the RDA may implement this Plan by acquiring property to market for
strategic redevelopment, particularly to stimulate private investment, improve community
conditions, and increase economic development within the area. As per the Utah Code Title 17C
Community Reinvestment Agency Act, the RDA may sell, convey,grant,gift, or otherwise dispose
of any interest in real property to provide for Project Area development. Disposition of all RDA-
owned real property, including land write-downs, shall abide by the RDA's real property
disposition policy, all applicable laws, and be conducted in a competitive and transparent manner
as deemed appropriate and effective.
1(I): RESULTS OF PUBLIC BENEFITS ANALYSIS
According to the Utah Code Title 17C Community Reinvestment Agency Act, the RDA shall conduct an
analysis to determine whether this CRA Plan will provide a public benefit commensurate to the incentive
requested to be approved by the RDA Board of Directors. The RDA contracted with Zions Public Finance,
Inc. to carry out this effort.The resulting analysis is attached as Exhibit A.
1(m): HISTORIC PRESERVATION
10 l B l o c k 6 7 North CRA P l a n : Approved b y City Council on
If any of the existing buildings or uses in the Project Area are included in or eligible for inclusion in the
National Register of Historic Places or the State Register, the RDA shall comply with Utah Code Section 9-
8-404 as though the agency were a state agency.
1(n): INTERLOCAL AGREEMENT
Per the requirements listed in Utah Code Title 17C Community Reinvestment Agency Act,the Project Area
is subject to one or more interlocal agreement(s) with taxing entities.
1(o): OTHER INFORMATION
No other information is necessary or advisable.
31 I Block 67 North CRA Plan : Approved by City Council on 9 / 2 4/ 1 9
SECTION TWO: PROJECT AREA BUDGET
Section Two of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following
information:
2.1) Receipt of Tax Increment
a. Base taxable value;
b. Project amount of tax increment to be generated within the CRA;
c. 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 CRA:
i. A boundary description of the portion or portions of the CRA 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 CRA; and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive
from the CRA.
2.2) Receipt of Sales and Use Tax Revenue
2.3) Project Area Funds to Implement this CRA Plan
2.4) RDA's Combined Incremental Value
2.5) Amount for Administration
2.6) Property Owned and Expected to Sell
12 I Block 67 North CRA Plan : Approved by City Council on 9 / 2 4/ 1 9
2.1: RECEIPT OF TAX INCREMENT
2.1(a): BASE TAXABLE VALUE
The base year is anticipated to be 2019, with a base year taxable value of$11,309,600.
2.1(b): PROJECTED AMOUNT OF TIF
Table 1: Incremental Property Tax Revenues Generated—20 Years
Incremental Tax Revenues—100% Total—20 Years
Salt Lake County $2,188,656
Salt Lake City School District $5,944,499
Salt Lake City $4,298,413
Salt Lake Library $827,907
Salt Lake Metropolitan Water District $326,407
Salt Lake City Mosquito Abatement District $152,395
Central Utah Water Conservancy District $432,327
Total $14,170,604
2.1(c): COLLECTION PERIOD
The collection period shall be 20 years.
2.1(d):TIF PAID TO OTHER TAXING ENTITIES
Table 2: Incremental Property Tax Revenues to Taxing Entities—20 Years
Incremental Tax Revenues To Taxing Entities Total—20 Years
Salt Lake County $547,164
Salt Lake City School District $1,486,125
Salt Lake City $1,074,603
Salt Lake Library $206,977
Salt Lake Metropolitan Water District $81,602
Salt Lake City Mosquito Abatement District $38,099
Central Utah Water Conservancy District $108,082
Total $3,542,652
2.1(e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable,the TIF collection area is the entire CRA boundary.
2.1(f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
Table 3: Requested Participation from Taxing Entities
Taxing Entity Percentage Length
Salt Lake County 75% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
Salt Lake Library 75% 20 Years
Salt Lake Metropolitan Water District 75% 20 Years
13 I Block 67 North CRA Plan : Approved by City Council on 9 / 24/ 19
Salt Lake City Mosquito Abatement District 75% 20 Years
Central Utah Water Conservancy District 75% 20 Years
2.1(g): MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA
Based on a conservative projection of tax increment generation, the RDA estimates receiving
approximately $10,627,953 in tax increment revenues over a 20-year period. Actual receipt of tax
increment may be higher depending on absorption rates, market conditions, and taxing entity
participation terms. As such, tax increment budget estimates and maximums, if applicable, will be
established through an interlocal agreement with each of the participating taxing entities. Estimated tax
increment revenues are as follows:
Table 4:Tax Increment Revenues to RDA at 75% Participation Rate—20 Years
Incremental Tax Revenues To RDA Total—20 Years
Salt Lake County $1,641,492
Salt Lake City School District $4,458,374
Salt Lake City $3,223,810
Salt Lake Library $620,930
Salt Lake Metropolitan Water District $244,805
Salt Lake City Mosquito Abatement District $114,296
Central Utah Water Conservancy District $324,245
Total $10,627,953
2.2: RECEIPT OF SALES AND USE TAX REVENUE
The RDA does not intend to use sales tax as part of the Project Area.
2.3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN
Table 5: Budget for Tax Increment Revenues to RDA—20 Years
Activity Percentage Amount
Administration &Operations 5% $531,398
Housing 10% $1,062,795
Surrounding Area Infrastructure Improvements 10% $1,062,795
Redevelopment Activities 75% $7,970,965
Total 100% $10,627,953
The RDA shall implement this plan through the following activities:
• Administration and Operations:
The tax increment expected to be used to cover the operating costs or administering and
implementing the CRA Plan.
• Housing:
The tax increment allocation required to be used for housing activities pursuant to Section 17C-
5-307(2).
14 I Block 67 North CRA Plan : Approved by City Council on 9 / 24/ 19
• Surrounding Area Infrastructure Improvements:
The RDA may utilize a portion of tax increment from the Project Area to fund street improvements
of City owned infrastructure surrounding the Project Area that provides benefit to the Project
Area.
• Redevelopment Activities:
The tax increment expected to be used to carry out project development activities as described
in this CRA Plan. Activities may include, but are not limited to, land acquisition, public
improvements, infrastructure improvements, loans, grants, and other incentives to public and
private entities.
2.4: RDA'S COMBINED INCREMENTAL VALUE
Table 6: RDA's Combined Incremental Value as of Date of this CRA Plan
PROJECT AREA ASSESSED PROPERTY BASE INCREMENTAL
VALUE VALUE
SLC CBD In 2,180,072,098 $136,894,100 2,043,177,998
SLC CBD Out 500,955,704 $0 -
West Temple 144,722,271 $50,234,090 94,488,181
Baseball 2,930,430 $0 -
West Capitol Hill 90,343,208 $28,322,952 67,020,256
Depot District 461,683,825 $27,476,425 434,207,400
Depot District Non-Collection 18,258,814 $0 . -
Granary 104,390,375 $48,813,397 55,576,478
North Temple Viaduct 84,646,228 $36,499,680 _ 48,146,548
North Temple 117,857,474 $84,073,572 33,783,902
Block 70 206,219,194 $58,757,937 147,461,257
2.5:AMOUNT FOR ADMINISTRATION
The RDA anticipates using up to five percent of the funds captured and retained by the agency for
administrative purposes; this total is estimated to be$531,398.
2.6: PROPERTY OWNED AND EXPECTED TO SELL
The RDA does not own property within the Project Area.
15 I Block 67 North CRA Plan : Approved by City Council on 9 / 24/ 19
CINDI L. MANSELL ". 'a,• JACQUELINE M. BISKUPSKI
CITY RECORDER 1 \\\\ .v _'/ .9'- MAYOR
T 1
♦
CERTIFICATION
STATE OF UTAH,
City and County of Salt Lake,
I, Scott C. Crandall, Deputy City Recorder of Salt Lake City, Utah, do hereby
certify that this document is a full, true and correct copy of Ordinance 48 of 2019
adopting the Community Reinvestment Area Project Area Plan for the Block 67 North
Community Reinvestment Project Area, as approved by the Board of Directors of the
Redevelopment Agency of Salt Lake City, and designating the Plan as the official
Community Reinvestment Project Area Plan for the Block 67 North Community
Reinvestment Project Area.
Passed by City Council action of Salt Lake City, Utah on September 24, 2019.
IN WITNESS WHEREOF, I have hereunto se y hand an ffixed the corporate seal of
said City, this 18th day of October, 2019.
`;�vpKE c. b.,s+ puty City Recorder, Salt Lake City, Utah
iool)
ri0�
ti ..v r-
LOCATION: 451 SOUTH STATE STREET,ROOM 415,SALT LAKE CITY,UTAH 84111
MAILING ADDRESS: PO BOX 145515,SALT LAKE CITY,UTAH 84114-5515
TELEPHONE:801-535-7671 FAX:801-535-7681
0 19-1
T 19-2
SALT LAKE CITY ORDINANCE
No. 48 of 2019
(Adoption of Block 67 North Community Reinvestment Area Project Area Plan)
An ordinance adopting the Community Reinvestment Area Project Area Plan for the
Block 67 North Community Reinvestment Project Area, as approved by the Board of Directors
of the Redevelopment Agency of Salt Lake City, and designating the Plan as the official
Community Reinvestment Project Area Plan for the Block 67 North Community Reinvestment
Project Area.
WHEREAS, the Redevelopment Agency of Salt Lake City (the "Agency") prepared a
Draft Community Reinvestment Project Area Plan (the "Draft Plan") for the Block 67 North
Community Reinvestment Project Area, the legal description of which is attached hereto as
Exhibit A.
WHEREAS, on 3-26-2019, the Board of Directors of the Agency held a public
hearing on the Draft Plan and pursuant to Utah Code § 17C-5-108 and adopted a resolution
approving the Draft Plan as the Official Community Reinvestment Project Area Plan for the
Block 67 North Project Area ("Official Plan") (see Agency Resolution No. foi gency CRA
Resolution")). J
WHEREAS, Utah Code § 17C-5-109 requires that, before a community reinvestment
project area plan approved by the Agency may take effect, it must be adopted by ordinance of the
legislative body of the community that created the Agency.
WHEREAS, the Act also requires certain notice to be given by the community legislative
body upon its adoption of a community reinvestment project area plan under Utah Code § 17C-
5-110.
NOW, THEREFORE, BE IT ORDAINED BY THE SALT LAKE CITY COUNCIL AS
FOLLOWS:
SECTION 1. The Salt Lake City Council hereby adopts the Block 67 North Community
Reinvestment Project Area Plan, so long as the conditions described in the Agency CRA
Resolution are met, and as approved by the Agency as the Official Plan for the Block 67 North
Community Reinvestment Project Area.
SECTION 2. The City staff is hereby authorized and directed to publish or cause to be
published the notice required by Utah Code § 17C-5-110, whereupon the Official Plan shall
become effective.
SECTION 4. This ordinance shall take effect immediately upon the date of its first
publication.
1
Passed by the City Council of Salt L. - ' this 24th day of September , 2019.
• irirChair
Approved as to Form: -
Salt Lake City Attorney's Office
,417:.\-- - Or'
Katherine N. Lewis
Date: 1=2
ST:
Y RECORDER
Transmitted to Mayor on September 25, 2019 •
Mayor's Action: IVApproved. Vetoed.
Qa,a114-SZA,A/J4h7d
YOR
CITY RECORDER �`eye. •..�,-41,
(SEAL) 9``�p4p ,1
RATES ''
Bill No. 48 of 2019.
Published: October 2, 2019
HB_ATTY-#74438-v2-City_Ordinance_(Block_67_Project_Area).doc
2
EXHIBIT A TO ORDINANCE NO. 48 of 2019
Block 67 North CRA Plan Description
Beginning at the Northwest Corner of Block 67, Plat 'A', Salt Lake City Survey and running
thence East 660.00 feet to the Northeast Corner of said Block 67; thence South 264.00 feet along
the east line of said Block 67; thence West 247.50 feet; thence North 16.50 feet; thence West
82.50 feet; thence North 82.50 feet; thence West 132.00 feet; thence South 165.00 feet; thence
West 198.00 feet to the west line of said Block 67; thence North 330.00 feet to the point of
beginning.
Contains 172,879 square feet or 3.969 acres, more or less.
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Beginning at the Northwest Correr of Block 67, plat 'A'.
Salt Lake 'City Survey and running thence East 660.00 feet
to the Northeast Corner of said Block 67: thence South
264,00 feet along the cant line of said Block 67; thence
West 247.50 feet; thence North 16.50 feet; thence West
82.50 feet: thence North 62.50 feet thence West 1,32�0
feet; thence South 165.00 feet; thence West 198.00 feet
to the west lire of said Block 67; thence North 330.00 w u1
feet to the poirt 0f beginning. c 8 '4
Contains 172,879 square feet or 3.969 acres. more or less. m
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BLOCK 67 NORTH
COMMUNITY REINVESTMENT AREA PLAN
INTRODUCTION
Through this Block 67 North Community Reinvestment Area Plan ("Plan"),the Redevelopment Agency of
Salt Lake City ("RDA") contemplates the creation of a Community Reinvestment Area on the north half of
Block 67("CRA"or"Project Area")to facilitate the use of Tax Increment Financing as a funding mechanism
to further the economic development goals of the Salt Lake City Downtown Master Plan ("Downtown
Master Plan").The development taking place within the CRA("Phase I") is the first phase of a larger West
Quarter project ("Development") proposed for the entirety of Block 67, including the block's southern
half("Phase II"). Please see Section 1(a) for a detailed CRA boundary description.
CRA Plan Requirements
This Plan complies with the community reinvestment project area plan requirements as per Utah Code
Title 17C-5-101.
As per Utah Code Title 17C-5-108, prior to adopting a board resolution, the RDA Board of Directors
("Board") has determined that the Plan:
• Contains a boundary description of the Project Area
• Contains the RDA's purposes and intent with respect to the Project Area
• Serves a public purpose
• Produces a public benefit per Utah Code Title 17C-5-105(12)
• Is economically sound and feasible
• Conforms to the community's general plan
• Promotes the public peace, health, safety, and welfare of the community
General Plan Consistency
Salt Lake City completed its Downtown Master Plan in 2016, which serves as the appropriate master plan
to inform this Plan.The construction of all new buildings and improvements and the rehabilitation of any
existing buildings or improvements in the Project Area will be done in accordance with the standards set
forth in the Downtown Master Plan, as well as the City's general plan. Building permits for construction
or rehabilitation will be issued by the City in order to assure that Project Area development is consistent
with all City requirements and regulations.
1 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
SECTION ONE:COMMUNITY REINVESTMENT ANALYSIS
Section One of the Plan fulfils requirements of Utah Code Title 17C-5-105 and includes the following
information:
(a) Project Area Boundary Description
(b) Existing Land Uses and Neighborhood Context
(c) Standards to Guide Project Area Development
(d) Furthering Purposes of Utah Code Title 17C
(e) Consistency with Community General Plan
(f) Elimination or Reduction of Blight, if applicable
(g) Specific Project Area Development
(h) Process for Selecting Participants
(i) Reasons for Selecting the Project Area
(j) Existing Physical, Social, and Economic Conditions
(k) Financial Assistance to be Offered to Participants
(I) Results of Public Benefits Analysis
(m) Historic Preservation Requirements
(n) Interlocal Agreement
(o) Other Information
2 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
1(a): Project Area Boundary Description
Beginning at the Northwest Corner of Block 67, Plat 'A', Salt Lake City Survey and running thence East
660.00 feet to the Northeast Corner of said Block 67; thence South 264.00 feet along the east line of said
Block 67; thence West 247.50 feet;thence North 16.50 feet; thence West 82.50 feet;thence North 82.50
feet;thence West 132.00 feet;thence South 165.00 feet;thence West 198.00 feet to the west line of said
Block 67;thence North 330.00 feet to the point of beginning.
Contains 172,879 square feet or 3.969 acres, more or less.
Figure 1: Project Area Boundary Map
too SOU11-I
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660.00'
Pop
Beginning at the Northwest Correr of Block 67. Plat 'A'.
Salt Lake City Survey and running thence East 660.00 feet
to the Northeast Corner of said Block 67: thence South
264.00 feet along the east lire of said Block 67; thence
West 247.50 feet; thence North 16.5C feet; thence West
82.50 feet; thence North 82.50 feet; thence West 132 00
feet; thence South 165.00 feet; therce West '98.00 feet
to the west line of said Block 67: thence North 330.00 L+
feet to the point of beginning, $$
Contains 172,879 square feet or 3.969 acres, more or less. +
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3 1 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
1(b): Existing Land Uses and Neighborhood Context
This section includes a general statement of the existing land uses, layout of principle streets, population
densities,and building intensities of Block 67 and how each will be affected by the Project Area and overall
Development.
Figure 2: Land Use Zoning Map
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41 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
D-4: Secondary Central
Business District
Land Uses
The Block 67 North Project Area consists of roughly 172,879 square feet, or roughly 3.969 acres of land
which falls within the map above and is zoned D-4 Secondary Central Business District.The purpose of the
Secondary Central Business District is to foster an environment consistent with the area's function as a
housing, entertainment, cultural, convention, business, and retail section of the City that supports the
Central Business District. Development is intended to support the regional venues in the district, such as
the Salt Palace Convention Center, and to be less intense than in the Central Business District. Permitted
land uses in D-4 include, but are not limited to, multi-family housing, hotels, mixed-use development,
office space, retail, parking, places of worship, and parks.
Of note, the Salt Lake City Planning Department granted a zoning map amendment for the property
located at 230 West 200 South, which does not fall in the Project Area, but is part of the overall
Development, and allows building height up to 375 feet with design review, making 32 stories possible.
No other zoning changes were made to properties in the D-4 area, which remains with a building height
up to 75 feet allowed as-of-right and up to 120 feet with design review.
Figure 3:Additional Permitted Height Map
100 SOUTH
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sE3�'3'E 120
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ADDITIONAL EERMITTEIJ
HEIGHT LOCATION
5 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
Land Uses Anticipated Changes
Through redevelopment and revitalization of the Project Area, infrastructure upgrades, streetscape
improvements, and public space enhancements may occur. It is anticipated that underutilized and vacant
land will be transformed, per the goals of the Downtown Master Plan, into the core of the sports and
entertainment area in downtown Salt Lake City. There will be an addition of a residential tower, hotel,
ground floor restaurant and retail space, and underground parking.
Property owners and businesses within Block 67 can apply to utilize RDA tools for financial assistance for
development of their property as they are included within an RDA project area. Overall, the uses on the
block will generally remain the same and will not be specifically changed by the Development including
the Salt Lake Buddhist Temple, Multi-Ethnic Senior Housing, Louis B. Hills House Antique Gallery,Jackson
Apartments, the Asian Association of Utah Refugee and Immigrant Center, and the parcels owned by the
Salt Lake Buddhist Temple and Japanese Church of Christ that serve as parking lots.
Layout of Principle Streets
Block 67 is bound by 100 South to 200 South and 200 West to 300 West.
Layout of Principle Streets Anticipated Changes
The Downtown Master Plan principle of walkability calls for the incorporation of mid-block walkways
throughout downtown to optimize downtown's large blocks for pedestrian movement, and for the RDA
to incorporate mid-block walkways in RDA funded projects. The Development will construct a mid-block
walkway from the northwest corner of the block on 300 West to the center of the block on 200 South that
also connects through to 200 West. A portion of this right-of-way will be built in the Project Area.
Population Densities
Per 2010 Census data, the total population of Block 67 is roughly 240 people, with an estimate of 220
housing units. The majority of residential units are within the Multi-Ethnic Senior Housing and Jackson
Apartments.
Population Densities Anticipated Changes
The Project Area anticipates at least 240 residential units.As such, population densities are anticipated to
increase in the Project Area which aligns with the Downtown Master Plan call for an increase in housing
stock and density. As national trends point to an increased interest in downtown living, the City can
benefit financially and socially from a larger residential community. Additionally, the D-4 Secondary
Central Business District Zoning is in line with the purpose of the area's function as a housing section of
the city that supports the Central Business District.
In addition to residential units, Phase I will include ground floor restaurant, retail space, and a hotel and
anticipates the creation of at least 224 jobs. As the overall Development is completed, it is anticipated
6 1 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
that there will be a substantial increase in the day and night time populations of Block 67 including
residents, retail patrons, hotel guests, and workers.
Building Intensities
Block 67 is occupied by seven buildings including:Salt Lake Buddhist Temple, Multi-Ethnic Senior Housing,
Louis B. Hills House Antique Gallery, U.S. Post Office, Jackson Apartments, and the Asian Association of
Utah Refugee and Immigrant Center. The tallest building on the block is the Multi-Ethnic Senior Housing
at 137 feet.General uses include places of worship, retail, housing, parking,and community services(non-
profit association and U.S. Post Office).
Building Intensities Anticipated Changes
The Project Area is anticipated to be a mixed-use project including residential, hotel, retail space, and
underground parking, in addition to existing building intensities, and is anticipated to begin in 2019 and
be completed by the end of 2021. Phase II is anticipated to begin immediately after the completion of
Phase I and is estimated to be completed in 3-4 years.
1(c): Standards to Guide Project Area Development
This project references the Downtown Master Plan and Salt Lake City Zoning as the standard to guide
Project Area development.
1(d): Furthering Purposes of Utah Code Title 17C
By implementing this Plan, the RDA anticipates leveraging private investment with Tax Increment
Financing to provide a redevelopment opportunity that will stimulate economic activity in the area.
1(e): Consistency with the Community General Plan
The Downtown Master Plan is the current community general plan for the Project Area.The Project
Area Plan is consistent with the Downtown Master Plan's goals and objectives of:
• Increased density and housing stock downtown
• The incorporation of mid-block walkways into the downtown streetscape and RDA funded
projects
• The encouragement of mixed-use development and retail spill out onto sidewalks, particularly on
festival and event days
• The creation of a sports and entertainment area
• Parking for the Vivint Smart Home Arena, Utah Jazz, Salt Palace, and the general area
• Partnering with Salt Lake County to ensure the long term viability of convention space at the Salt
Palace
• Providing access to good jobs
7 1 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
1(f): ELIMINATION OR REDUCTION OF BLIGHT
Project Area development activities are anticipated to redevelop vacant properties and enhance the
current underutilization of the block situated in the downtown Central Business District.
1(g):SPECIFIC PROJECT AREA DEVELOPMENT
The developer has proposed a large scale Development on Block 67 that is bounded by 100 South, 200
South, 200 West, and 300 West.The Project Area consists of the north half of the block and will include a
mixed-use urban project with the following:
• One residential tower with 240 units
• 20,000 square feet of commercial (up to three restaurants and a rooftop bar)
• One dual-branded hotel with 272 keys
• 354 total stalls with 308 stalls being committed to residential and hotel programming, and 46
stalls of public parking
1(h): PROCESS OF SELECTING PARTICIPANTS
The RDA may enter into a participation agreement (also known as tax increment reimbursement
agreement) with certain property owners or developers within the Project Area, for the purpose of
providing assistance in the form of tax increment to redevelop the property. Program participants shall
be selected through an evaluation process as per the RDA's Tax Increment Reimbursement Policy.
Potential participants must provide sufficient evidence that tax increment funding is necessary for the
proposed project to succeed. In addition, the proposed project must align with Project Area objectives
and involve significant private investment so as to ensure adequate yield of tax increment.
1(i): REASON FOR SELECTING THE PROJECT AREA
The selection of the Block 67 North Project Area is the result of reviewing a request from the developer
to create the CRA for the purpose of a mixed-use,entertainment,and retail development.The RDA Board
of Directors adopted a resolution on July 10, 2018 authorizing the preparation of a draft CRA Plan.
Additionally,the Development includes participation by Salt Lake County in the amount of$15 million for
the purpose of constructing a regionally significant underground parking structure as part of the mixed-
use Development.
Opportunities Include:
• Opportunity to implement some of the specific and well-established goals of the Downtown
Master Plan including increased density, the implementation of a mid-block walkway,
encouragement of mixed-use development and retail,the creation of a sports and entertainment
area downtown, the creation of jobs, and increased parking for the Vivint Smart Home Arena,
Utah Jazz, and the Salt Palace.
8 1 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
• Opportunity for infrastructure improvements to attract commercial, retail, and mixed-use
development.
• Opportunity for large-scale commercial development in an underutilized block of the downtown
area.
1(j): EXISTING PHYSICAL,SOCIAL,AND ECONOMIC CONDITIONS
The following is a summary of the physical, social, and economic conditions in regard to Block 67.
• Physical: Block 67 has several well established uses and/or services it provides for the City,
including places of worship, affordable multi-ethnic senior housing, parking, and community
services including a post office and nonprofit organization.
• Social:The area bound by South Temple, State Street, 300 South, and 700 West was the core of
the Japanese American community in Salt Lake City beginning in the early 1900's, including a
flourishing Japantown, much of which was dismantled for the construction of the Salt Palace in
the 1960's. Since then, the City and Salt Lake County have worked with the Japanese American
community to support the revitalization of the area, including officially recognizing 100 South
between 200 West and 300 West as Japantown Street in 2007.Japantown Street is the north side
of Block 67, and the remaining heart of the Japanese American community that resides there is
comprised of the Japanese Church of Christ and Salt Lake Buddhist Temple.The churches sponsor
festivals throughout the year and are passionate about creating a renaissance for Japantown as a
cultural and economic asset for the City in partnership with the Japanese Community Preservation
Committee. The Salt Lake City RDA Board adopted a resolution on December 11, 2018 as a
commitment to the importance of the preservation of Japantown and in support of placemaking
for the area. Recognizing Japantown as a cultural asset for the City and supporting the community
so that it may continue to flourish is a significant aspect of the Block 67 North Project Area and
overall Development. As such, the RDA may utilize a portion of tax increment from the Project
Area to fund street improvements of City owned infrastructure surrounding the CRA that provides
benefit to the Project Area.
• Economic: Block 67 is of locational importance within the downtown core, has seen limited to no
new development for several decades, and has a significant amount of underutilized and vacant
land. As part of the Downtown Master Plan and as it is zoned D-4, Block 67 is slated to play a
significant role in supporting regional venues in the area and as a staple block in the development
of a continuous fabric for the downtown core.
1(k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS
9 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
To promote investment in real property and consequent increases in property values, the RDA has
established programs to assist property owners and businesses within RDA Project Areas. An overview of
existing programs utilized for this CRA Project Area is as follows:
• Tax Increment Reimbursement Program
The RDA Tax Increment Reimbursement Program may provide project developers a tax increment
reimbursement for the development of improvements that meet the goals and objectives of this
Plan and provide significant public benefit. Tax increment reimbursements shall be based upon
the difference between the initial taxable value of a property prior to improvements and the
increased taxable value resulting from said improvements. Participants may receive a percentage
of the tax increment generated from their project for a specified time frame, and the RDA will
receive the residual tax increment generated by the project.
• Loan Program
The RDA Loan Program may provide financing to facilitate various development projects,including
new construction, building rehabilitation, and energy efficiency upgrades. Funding is made
available for construction costs or hard costs. Loan funds may also be used for site improvements
associated with a development project and short-term land acquisition for affordable housing
development. Use of funds for environmental remediation or demolition shall be considered on
a case-by-case basis.
• Property Acquisition/Disposition
In addition to programs, the RDA may implement this Plan by acquiring property to market for
strategic redevelopment, particularly to stimulate private investment, improve community
conditions, and increase economic development within the area. As per the Utah Code Title 17C
Community Reinvestment Agency Act, the RDA may sell, convey,grant,gift,or otherwise dispose
of any interest in real property to provide for Project Area development. Disposition of all RDA-
owned real property, including land write-downs, shall abide by the RDA's real property
disposition policy,all applicable laws, and be conducted in a competitive and transparent manner
as deemed appropriate and effective.
1(I): RESULTS OF PUBLIC BENEFITS ANALYSIS
According to the Utah Code Title 17C Community Reinvestment Agency Act, the RDA shall conduct an
analysis to determine whether this CRA Plan will provide a public benefit commensurate to the incentive
requested to be approved by the RDA Board of Directors. The RDA contracted with Zions Public Finance,
Inc. to carry out this effort.The resulting analysis is attached as Exhibit A.
1(m): HISTORIC PRESERVATION
10 Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
If any of the existing buildings or uses in the Project Area are included in or eligible for inclusion in the
National Register of Historic Places or the State Register,the RDA shall comply with Utah Code Section 9-
8-404 as though the agency were a state agency.
1(n): INTERLOCAL AGREEMENT
Per the requirements listed in Utah Code Title 17C Community Reinvestment Agency Act,the Project Area
is subject to one or more interlocal agreement(s)with taxing entities.
1(o): OTHER INFORMATION
No other information is necessary or advisable.
11 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
SECTION TWO: PROJECT AREA BUDGET
Section Two of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following
information:
2.1) Receipt of Tax Increment
a. Base taxable value;
b. Project amount of tax increment to be generated within the CRA;
c. 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 CRA:
i. A boundary description of the portion or portions of the CRA 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 CRA; and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive
from the CRA.
2.2) Receipt of Sales and Use Tax Revenue
2.3) Project Area Funds to Implement this CRA Plan
2.4) RDA's Combined Incremental Value
2.5) Amount for Administration
2.6) Property Owned and Expected to Sell
12 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
2.1: RECEIPT OF TAX INCREMENT
2.1(a): BASE TAXABLE VALUE
The base year is anticipated to be 2019, with a base year taxable value of$11,309,600.
2.1(b): PROJECTED AMOUNT OF TIF
Table 1: Incremental Property Tax Revenues Generated—20 Years
Incremental Tax Revenues—100% Total—20 Years
Salt Lake County $2,188,656
Salt Lake City School District $5,944,499
Salt Lake City $4,298,413
Salt Lake Library $827,907
Salt Lake Metropolitan Water District $326,407
Salt Lake City Mosquito Abatement District $152,395
Central Utah Water Conservancy District $432,327
Total $14,170,604
2.1(c): COLLECTION PERIOD
The collection period shall be 20 years.
2.1(d):TIF PAID TO OTHER TAXING ENTITIES
Table 2: Incremental Property Tax Revenues to Taxing Entities—20 Years
Incremental Tax Revenues To Taxing Entities Total—20 Years
Salt Lake County $547,164
Salt Lake City School District $1,486,125
Salt Lake City $1,074,603
Salt Lake Library $206,977
Salt Lake Metropolitan Water District $81,602
Salt Lake City Mosquito Abatement District $38,099
Central Utah Water Conservancy District $108,082
Total $3,542,652
2.1(e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable, the TIF collection area is the entire CRA boundary.
2.1(f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
Table 3: Requested Participation from Taxing Entities
Taxing Entity Percentage Length
Salt Lake County 75% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
Salt Lake Library 75% 20 Years
Salt Lake Metropolitan Water District 75% 20 Years
13 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
Salt Lake City Mosquito Abatement District 75% 20 Years
Central Utah Water Conservancy District 75% 20 Years
2.1(g): MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA
Based on a conservative projection of tax increment generation, the RDA estimates receiving
approximately $10,627,953 in tax increment revenues over a 20-year period. Actual receipt of tax
increment may be higher depending on absorption rates, market conditions, and taxing entity
participation terms. As such, tax increment budget estimates and maximums, if applicable, will be
established through an interlocal agreement with each of the participating taxing entities. Estimated tax
increment revenues are as follows:
Table 4:Tax Increment Revenues to RDA at 75% Participation Rate—20 Years
Incremental Tax Revenues To RDA Total—20 Years
Salt Lake County $1,641,492
Salt Lake City School District $4,458,374
Salt Lake City $3,223,810
Salt Lake Library $620,930
Salt Lake Metropolitan Water District $244,805
Salt Lake City Mosquito Abatement District $114,296
Central Utah Water Conservancy District $324,245
Total $10,627,953
2.2: RECEIPT OF SALES AND USE TAX REVENUE
The RDA does not intend to use sales tax as part of the Project Area.
2.3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN
Table 5: Budget for Tax Increment Revenues to RDA—20 Years
Activity Percentage Amount
Administration &Operations 5% $531,398
Housing 10% $1,062,795
Surrounding Area Infrastructure Improvements 10% $1,062,795
Redevelopment Activities 75% $7,970,965
Total 100% $10,627,953
The RDA shall implement this plan through the following activities:
• Administration and Operations:
The tax increment expected to be used to cover the operating costs or administering and
implementing the CRA Plan.
• Housing:
The tax increment allocation required to be used for housing activities pursuant to Section 17C-
5-307(2).
14 I Block 67 North CRA Plan : Approved by City Council on 9/ 24/ 19
• Surrounding Area Infrastructure Improvements:
The RDA may utilize a portion of tax increment from the Project Area to fund street improvements
of City owned infrastructure surrounding the Project Area that provides benefit to the Project
Area.
• Redevelopment Activities:
The tax increment expected to be used to carry out project development activities as described
in this CRA Plan. Activities may include, but are not limited to, land acquisition, public
improvements, infrastructure improvements, loans, grants, and other incentives to public and
private entities.
2.4: RDA'S COMBINED INCREMENTAL VALUE
Table 6: RDA's Combined Incremental Value as of Date of this CRA Plan
PROJECT AREA ASSESSED PROPERTY BASE INCREMENTAL
VALUE VALUE
SLC CBD In 2,180,072,098 $136,894,100 2,043,177,998
SLC CBD Out 500,955,704 $0 -
West Temple 144,722,271 $50,234,090 94,488,181
Baseball 2,930,430 $0 -
West Capitol Hill 90,343,208 $28,322,952 67,020,256
Depot District 461,683,825 $27,476,425 434,207,400
Depot District Non-Collection 18,258,814 $0 -
Granary 104,390,375 $48,813,397 55,576,478
North Temple Viaduct 84,646,228 $36,499,680 48,146,548
North Temple 117,857,474 $84,073,572 33,783,902
Block 70 206,219,194 $58,757,937 147,461,257
2.5:AMOUNT FOR ADMINISTRATION
The RDA anticipates using up to five percent of the funds captured and retained by the agency for
administrative purposes; this total is estimated to be$531,398.
2.6: PROPERTY OWNED AND EXPECTED TO SELL
The RDA does not own property within the Project Area.
15 I Block 67 North CRA Plan : Approved by City Council on 9/ 2 4/ 1 9