056 of 2003 - Railyard SID. Q 99-11
0 03-1
ASSESSMENT ORDINANCE NO. 56
AN ASSESSMENT ORDINANCE CONFIRMING THE
ASSESSMENT ROLLS AND LEVYING AN ASSESSMENT AGAINST
CERTAIN PROPERTIES IN SALT LAKE CITY, UTAH RAILYARD
SPECIAL IMPROVEMENT DISTRICT ("THE DISTRICT"), FOR THE
PURPOSE OF PAYING THE COSTS OF IMPROVEMENTS ON
CERTAIN STREETS AND PUBLIC RIGHTS OF WAY IN SALT
LAKE CITY, UTAH, AND COMPLETING ANY MISCELLANEOUS
WORK NECESSARY TO COMPLETE THE IMPROVEMENTS IN A
PROPER AND WORKMANLIKE MANNER; ESTABLISHING THE
METHOD AND RATE OF ASSESSMENTS; PROVIDING FOR THE
PREPAYMENT OF ASSESSMENTS, DETERMINING THE
INTEREST PAYABLE ON ALL UNPAID ASSESSMENTS;
ESTABLISHING A DEBT SERVICE RESERVE FUND; PROVIDING
FOR CERTAIN REMEDIES UPON DEFAULT IN THE PAYMENT OF
ASSESSMENTS; ESTABLISHING THE EFFECTIVE DATE OF THIS
ASSESSMENT ORDINANCE; AND RELATED MATTERS.
BE IT ORDAINED by the City Council of Salt Lake City, Utah, (the "City") as
follows:
Section 1. Determination of Costs; Definition of Terms. All costs of
acquisition and construction of the completed Improvements within the District generally
described in Exhibit "B" attached hereto (the "Improvements") have been determined
including overhead costs and costs of funding a reserve fund. The City has prepared an
assessment list in which said total costs have been assessed to the properties within the
District benefited by said Improvements. All capitalized terms that are used but not
defined herein shall have the same meanings as set forth in the Indenture as hereinafter
defined.
Section 2. Approval of Assessment List; Findings. The City hereby confirms
the assessment list for the District, a copy of which is attached hereto as Exhibit "C" and
incorporated herein by reference (the "Assessment List"), and hereby finds and confirms
that the Assessment List is just and equitable; that in the aggregate the property to be
assessed within the District will be benefited in an amount not less than the total
assessment to be levied against said property; and that each separate parcel of property
listed in the Assessment Allocation Schedule described in Section 5 herein will not bear
more than its proportionate share of the cost of the Improvements as set forth in said
Assessment Allocation Schedule. Pursuant to an Acknowledgment Waiver and Consent
dated as of August 1, 2003, between the property owner of the property to be assessed
and the City (the "Acknowledgment Waiver and Consent") the property owner has,
among other things, acknowledged and agreed that in the aggregate the property
described in the Assessment List has been benefited by the Improvements in an amount
not less than the total assessment to be levied against said property, that it is fair and
equitable to assess all property benefited by means of a single assessment to be levied
against all of said property as further described herein, and that each separate parcel of
UT_DOCS_A#1130220 v7 3 8/12/2003
property listed in the Assessment Allocation Schedule will not bear more than its
proportionate share of the total assessment as set forth in said Assessment Allocation
Schedule.
Section 3. Levy of Assessments. The City does hereby levy an assessment to
be assessed upon the real property identified in the Assessment List. The assessments
levied upon said property therein described shall be in the amount set forth in the
Assessment List.
The assessment is hereby levied and assessed upon all of the real property
described in the Assessment List according to the extent it is specially benefited by the
Improvements acquired or constructed within the District.
Section 4. Cost of Improvements; Amount of Total Assessments. The total
cost of the Improvements in the District, including overhead costs and the costs of
funding a reserve fund is $19,147,223, of which $1,547,223 has been paid by the current
property owner with respect to those properties within the District that will be benefited
but not assessed (the "Nonassessed Properties"). The amount to be assessed against
property affected or benefited by the Improvements in the District is $17,600,000 which
amount does not exceed in the aggregate the sum of: (a) the total contract price or prices
for the Improvements, including the costs of engineering, designing, and inspection; (b)
the reasonable cost of utility services, maintenance, labor, materials or equipment
supplied by the City, if any; (c) the property price, if any; (d) connection fees, if any; (e)
overhead costs not to exceed fifteen percent (15%) of the sum of(a), (b), (c) and (d); and
(f) an amount sufficient to fund a reserve fund.
Section 5. Method and Rate. The total assessment for the District is levied as
a single assessment against all of the property described in the assessment list to the
extent said property is specially benefited by the Improvements. For purposes of
releasing property from the lien of the assessment, however, the City has prepared, and
does hereby approve, an Assessment Allocation Schedule attached hereto as Exhibit "D"
(the "Assessment Allocation Schedule") wherein certain parcels of the assessed property
have been assigned an assessment allocation amount (the "Allocated Principal
Assessment Amount") which must be paid in full (less any principal assessment
payments attributed to said parcel) together with any interest and Swap termination
payments due in conjunction with the prepayment to release said parcel from the lien of
the assessment as more particularly described in Section 9 herein. The Allocated
Principal Assessment Amount assigned to each parcel is based on area (retail square
footage and vacant land square footage) adjusted for undeveloped land which will not
receive an immediate benefit from the Improvements and for proximity to the
Improvements as calculated in the Assessment Allocation Schedule.
Section 6. Payment of Assessments. Payments toward the cost of acquisition
and construction of the Improvements in the amount of $1,547,223 have already been
paid by the property owner with respect to the Nonassessed Properties. The property
owner of the remaining benefited properties within the District, less the Nonassessed
Properties, has, pursuant to the Acknowledgment Waiver and Consent, waived, among
UT_DOCS_A#1130220 v7 4 8/12/2003
other things, a board of equalization hearing and the right to pay the assessments during a
cash prepayment period. The remaining assessments shall be payable over a period of
twenty (20) years in semi-annual principal payments beginning February 25, 2004, and
on each February 25 and August 25 thereafter until paid in full, and monthly interest
payments beginning September 25, 2003, and on the twenty-fifth day of each month
thereafter until paid in full. The City hereby finds that the Improvements in the aggregate
have a useful life of not less than twenty (20) years based upon a certificate prepared and
submitted to the City by the City Engineer. Semi-annual principal assessment payments
shall be due and payable in accordance with the Principal Assessment Payment Schedule
attached hereto as Exhibit"E".
Section 7. Interest Payable on Assessments. To permanently finance the
costs of the Improvements, the City anticipates issuing its Adjustable Rate Demand
Assessment Bonds (Gateway Project) Series 2003 (the "Bonds") under a Trust Indenture
dated as of August 1, 2003 (the "Indenture"), by and between the City and U.S. Bank
National Association, as trustee(the "Trustee"), which Bonds will be secured by a pledge
of the assessments levied hereunder and other security described in the Indenture. The
Bonds shall initially be issued as variable rate bonds bearing interest at a weekly rate, but
may be converted to fixed rate Bonds as provided in the Indenture. The City anticipates
arranging for an irrevocable direct pay letter of credit (the "Credit Facility") to secure
payment of the Bonds when bearing a variable rate of interest against which may be
drawn sufficient moneys to pay debt service on the Bonds as the same come due, and the
purchase price of the Bonds delivered for purchase as provided in the Indenture. In
addition, the City anticipates entering into an interest rate swap (the "Swap") pursuant to
which the Swap Provider (the "Counterparty") will pay the City a variable rate
approximately equal to the interest rate on the Bonds and the City will pay the
Counterparty a fixed rate. The Trustee shall calculate the interest payable monthly on all
unpaid assessments hereunder beginning August 15, 2003, and on the fifteenth day of
each month thereafter until the assessments have been paid in full, which shall equal:
(a) (i) if the Bonds are variable rate bonds, the amount of unpaid
interest on the Bonds accrued as of the calculation date plus interest at the rate of
10% per annum for the remaining period from the calculation date to the next
succeeding interest payment date, less all amounts on deposit with the Trustee in
the Bond Fund and the Stabilization Account herein described which are available
to pay interest on the Bonds or (ii) if the Bonds are fixed rate Bonds, an amount
equal to one-sixth of the interest payable on the Bonds on the next interest
payment date of the Bonds, less all amounts on deposit with the Trustee in the
Bond Fund and the Stabilization Account which are available to pay interest on
the Bonds; plus
(b) the total monthly Transaction Costs as defined in the Indenture;
plus
(c) any other payment obligations of the City due under the
Reimbursement Agreement as defined in the Indenture,plus
UT_DOCS_A#1130220 v7 5 8/12/2003
(d) the amount necessary to replenish the Stabilization Account to the
Stabilization Account Requirement herein described; plus
(e) any estimated Swap payments, if any, payable to the swap
counterparty, including any Swap termination fees;
provided, however, that in no event shall the interest rate payable on outstanding
assessments exceed ten percent(10%)per annum.
The Trustee shall calculate the interest payable on the unpaid assessments and
shall give immediate written notice to the property owners, the City and the Credit
Facility Provider of the total monthly assessment payment which shall be due and
payable on the next succeeding twenty-fifth day of the month.
Section 8. Allocation of Assessment. In the event the property owner of a
parcel now being assessed (the "Assessed Parcel") desires to allocate the assessment
levied against the Assessed Parcel to one or more smaller parcels (each a "Development
Parcel"), said owner may request that the City make such allocation upon compliance
with the following:
(a) The property owner shall submit to the City the legal description
and tax identification number of the Development Parcel or Parcels, together with
the Allocated Principal Assessment Amount assigned to said parcel in accordance
with the Assessment Allocation Schedule.
(b) Based upon the information provided in (a), the City shall adopt a
supplemental assessment ordinance to allocate the assessment between the
Development Parcel or Parcels and the remaining Assessed Parcel or Parcels,
which supplemental assessment ordinance shall be filed of record in the office of
the Salt Lake City Recorder. The total assessment assessed against the
Development Parcel or Parcels and the remaining Assessed Parcel shall equal the
original assessment assessed against the Assessed Parcel, less any regularly
scheduled principal payments previously paid with respect to said Assessed
Parcel.
Section 9. Prepayments of Assessments.
(A) To reduce the administrative costs of the District, the City hereby
determines that in the event legal title to a portion of an assessed property is
transferred to another person or entity, the seller of said assessed property shall be
required to prepay in full the assessment applicable to said property prior to the
transfer of legal title. The prepayment_price shall be determined as follows:
(i) The property owner shall submit to the City the legal
description and tax identification number of said parcel, together with the
Allocated Principal Assessment Amount assigned to said parcel in
accordance with the Assessment Allocation Schedule. The prepayment
price for the parcel shall equal 115% of the difference between the
UT_DOCS_A#1130220 v7 6 8/12/2003
Allocated Principal Assessment Amount and any regularly scheduled
principal payments previously paid with respect to said parcel,plus
(ii) (1) an additional amount equal to the interest which would
accrue on the prepaid principal assessment to the next succeeding date on
which interest is payable on any Bonds; (2) such additional amount as the
Trustee on behalf of the City shall determine is necessary to assure the
availability of money to pay interest on the Bonds corresponding to the
prepaid principal assessment as interest becomes due and payable; (3) any
premiums which may be charged and become payable on the Bonds
corresponding to the prepaid principal assessment which may be called on
a redemption date in order to utilize the assessments paid in advance and
(4) any termination fees or penalties payable by the City under the Swap,
less Swap termination fees payable to the City under the Swap.
The Trustee, on behalf of the City, shall calculate and deliver written notice of the
total prepayment price to the property owner upon the property owner's written request.
(B) Upon payment of the prepayment price of a parcel of property in
accordance with this Section 9, the City shall file a release of lien with the Salt
Lake County Recorder releasing the lien of assessment on said parcel.
(C) The remaining assessed property of a property owner who makes a
prepayment as described in(A)(i) above shall be given a credit for the 15% excess
prepayment amount paid by said property owner such that the assessment of said
remaining assessed property shall be reduced by such 15% principal prepayment
amount.
Section 10. Default in Payment of Assessment. If a default occurs in the
payment of any installment of principal or interest on the assessment, when due, the
Trustee, on behalf of the City, shall immediately give written notice of such default to the
City and the Credit Facility provider, should the Credit Facility then be in effect, and
shall accelerate payment of the total unpaid balance of the assessment and declare the
whole of the unpaid principal and interest to be immediately due and payable and subject
to collection as provided herein. Interest shall accrue and be paid on all accelerated
amounts and shall accrue from the date of acceleration at the same rate or rates of interest
as are applied to delinquent real property taxes for the year in which the assessment
payment became delinquent (the "Delinquent Rate"). In addition to interest charges at
the Delinquent Rate, costs of collection, as approved by the City Treasurer on behalf of
the City and the Trustee, including, without limitation, Transaction Costs as defined in
the Indenture, attorneys' fees, trustee's fees and court costs, incurred by the City and the
Trustee or required by law shall be charged and paid on all amounts declared to be
accelerated and immediately due and payable.
The Trustee, on behalf of the City, shall then give immediate notice in writing of
the default to the owner of the property in default, as shown by the last available
equalized assessment rolls of Salt Lake County. Notice shall be effective upon deposit of
UT_DOCS_A#1130220 v7 7 8/12/2003
the notice in the U.S. mail, postage prepaid, and addressed to the owner as shown on the
last equalized assessment rolls of Salt Lake County. The notice shall provide for a period
of thirty (30) days in which the owner shall pay the installments then due and owing,
after which, if the amounts have not been paid in full, and the Credit Facility has,not been
reinstated in accordance with the terms thereof, the Trustee, at the direction of the City,
shall immediately initiate a sale of the property as provided in Title 59, Chapter 2, Part
13, Utah Code Annotated 1953, as amended or a summary sale pursuant to Section 17A-
3-324(2) and related pertinent provisions of the Act, in the manner provided for actions to
foreclose mortgages or trust deeds. The City hereby designates the Trustee to carry out
such foreclosure, and the Trustee shall be deemed to have a power of sale and all other
rights, power and authority necessary to legally and lawfully foreclose the lien for
delinquent assessments. If for any reason, the Trustee cannot perform the powers and
responsibilities herein provided, it may appoint, with the consent of the City, a qualified
trustee to serve as trustee. If at the sale no person or entity shall bid and pay the City the
amount due on the assessment plus interest and costs, including Transaction Costs, the
property shall be deemed sold to the City for these amounts. The City shall be permitted
to bid at the sale. So long as the City retains ownership of the property, it shall pay all
delinquent assessment installments and all assessment installments that become due,
including the interest on them. So long as a Credit Facility is in effect, the City may at its
discretion, elect to transfer ownership of the property to the Credit Facility provider in
full satisfaction of all outstanding assessment obligations hereunder and any payment
obligations of the City to the Credit Facility provider under the Reimbursement
Agreement.
The remedies provided herein for the collection of assessments and the
enforcement of liens shall be deemed and construed to be cumulative and the use of any
one method or means or remedy of collection or enforcement available at law or in equity
shall not deprive the City or the Trustee on behalf of the City, of the use of any other
method or means. The amounts of accrued interest and all costs of collection, including
Transaction Costs, trustee's fees, attorneys' fees and costs, shall be added to the amount
of the assessment up to, and including, the date of foreclosure sale.
Section 11. Remedy of Default. If prior to the final date upon which payment
may be legally made under a final sale or foreclosure of property to collect delinquent
assessment installments, the property owner pays the full amount of all unpaid
installments of principal and interest which are past due and delinquent with interest on
such installments at the rate or rates set forth in Section 10 herein to the payment date,
plus all Transaction Costs, trustee's fees, attorneys' fees and other costs of collection, the
assessment of said owner shall be restored and the default removed, and thereafter the
owner shall have the right to make the payments in installments as if the default had not
occurred. Any payment made to cure a default shall be applied, first, to the payment of
trustee's fees, attorneys' fees and other costs incurred as a result of such default; second,
to interest charged on past due installments, as set forth above; third, to the interest
portion of all past due assessments; and last, to the principal portion of all past due
assessments.
UT_DOCS_A#1130220 v7 8 8/12/2003
•
Section 12. Lien of Assessment. An assessment or any part or installment of
it, any interest accruing and the penalties, trustee's fees, attorneys' fees and other costs of
collection shall constitute a lien against the property upon which the assessment is levied
on the effective date of this Assessment Ordinance. As provided in Section 17A-3-323 of
the Act, said lien shall be superior to the lien of any trust deed, mortgage, mechanic's or
materialman's lien or other encumbrance and shall be equal to and on a parity with the
lien for general property taxes and the lien of any other assessments on the property. The
lien shall continue until the assessment and any interest, penalties and costs on it are paid,
notwithstanding any sale of the property for or on account of a delinquent general
property tax, special tax or other assessment or the issuance of tax deed, an assignment of
interest by the governing entity or a sheriff's certificate of sale or deed.
Section 13. Reserve Fund. The City does hereby establish a reserve fund (the
"Reserve Fund") in lieu of funding a special improvement guaranty fund, as additional
security for payment of the Bonds. The Reserve Fund shall consist of a debt service
reserve account (the "Debt Service Reserve Account") and a stabilization account (the
"Stabilization Account"). The Debt Service Reserve Account shall be initially funded
from proceeds of the Bonds in an amount equal to $1,320,000 (the"Debt Service Reserve
Requirement"). The Stabilization Account shall be initially funded from proceeds of the
Bonds in an amount equal to $120,000 (the "Stabilization Account Requirement"). The
cost of initially funding the Reserve Fund is included in the assessments of the property
owners. The moneys on deposit in the Debt Service Reserve Account and the
Stabilization Account shall, upon the final payment of the Bonds, be applied to the final
assessment payment obligation of the assessed properties. If the amounts on deposit in
the Debt Service Reserve Account and the Stabilization Account exceed the final
assessment obligation, any excess amounts shall be paid by the Trustee, at the written
direction of the City, to the owners whose properties were subject to the final assessment
payment obligation, as the return of an excess assessment payment.
In the event insufficient assessments are collected by the City to make the debt
service payments on the Bonds, or to reimburse the Credit Facility provider, the Trustee
shall draw on the Debt Service Reserve Account as provided in the Indenture to make up
such deficiency. In the event the amount on deposit in the Debt Service Reserve Account
is less than the Debt Service Reserve Requirement, the City will replenish the Debt
Service Reserve Account as provided in the Indenture. If the amount on deposit in the
Debt Service Reserve Account exceeds the Debt Service Reserve Requirement, excess
moneys shall be transferred by the Trustee first to the City to reimburse the City for any
costs incurred by the City in administering the District and second to the Assessment
Account within the Bond Fund established under the Indenture to be applied as a credit
toward the next assessment payment obligation coming due.
Moneys on deposit in the Stabilization Account shall be used to make up any
deficiency in the Assessment Account, all as provided in the Indenture. The Stabilization
Account shall thereafter be replenished from the next succeeding assessment payment
received by the Trustee as provided in the Indenture.
UT_DOCS_A#1130220 v7 9 8/12/2003
Section 14. Contestability. No assessment shall be declared void or set aside
in whole or in part in consequence of any error or irregularity which does not go to the
equity or justice of the assessment or proceeding. Any party who has not waived his
objections to same as provided by statute may commence a civil action against the City to
enjoin the levy or collection of the assessment or to set aside and declare unlawful this
Assessment Ordinance.
As provided by Section 17A-3-330 of the Act, such action must be commenced
and summons must be served on the City not later than 30 days after the effective date of
this Assessment Ordinance. This action shall be the exclusive remedy of any aggrieved
party. No court shall entertain any complaint which the party was authorized to make by
statute but did not timely make or any complaint that does not go to the equity or justice
of the assessment or proceeding.
After the expiration of the 30-day period provided in this section:
(A) The Bonds to be issued with respect to the District and the
assessments levied in the District shall become incontestable as to all persons who
have not commenced the action provided for in this section; and
(B) No suit to enjoin the issuance or payment of the Bonds, the levy,
collection or enforcement of the assessment, or in any other manner attacking or
questioning the legality of the Bonds or assessments may be instituted in this
state, and no court shall have authority to inquire into these matters.
Section 15. Notice to Property Owners. The Trustee, on behalf of the City, is
hereby authorized and directed to give notice of assessment by mail to the property
owners in the District. Said notice shall, among other things, state the amount of the
assessment and the terms of payment. A copy of the form of notice of assessment is
available for examination upon request at the office of the City Recorder.
Section 16. All Necessary Action Approved. The officials of the City are
hereby authorized and directed to take all action necessary and appropriate to effectuate
the provisions of this Assessment Ordinance.
Section 17. Repeal of Conflicting Provisions. All ordinances or parts thereof
in conflict with this Assessment Ordinance are hereby repealed.
Section 18. Publication of Ordinances. Immediately after its adoption, this
Assessment Ordinance shall be signed by the Mayor and Deputy City Recorder and shall
be recorded in the ordinance book kept for that purpose. This Assessment Ordinance
shall be published once in the Deseret Morning News, a newspaper having general
circulation within the boundaries of the City, and shall take effect immediately upon its
passage and approval and publication as required by law.
Section 19. Notice of Assessment Interest. The City Treasurer is hereby
authorized and directed to file with the office of the Salt Lake County Recorder, a"notice
of assessment interest" in substantially the form as attached hereto as Exhibit "F" for the
UT_DOCS_A#1130220 v7 10 8/12/2003
•
purpose of giving notice to any interested party of the lien of the assessment levied
pursuant to this Assessment Ordinance on the properties described in the Assessment
List.
UT_DOCS_A#1130220 v7 11 8/12/2003
PASSED AND APPROVED by the City Council of Salt Lake City, Utah, this
August 12, 2003.
r
air
ATTEST:
/
CP014, ,44,1
_ .. ( ty R rder.
Gl, .,
Qrpool APPROVED AS TO FORM
"I ]� ; Salt Lake City Attorney's Offtce
'i a. Date `l Z— 3
UT_DOCS_A#1130220 v7 12 8/12/2003
After the transaction of other business not pertinent to the foregoing matter, the
meeting was on motion duly made, seconded and carried, adjourned.
air
ATT T:
,,..
Depu City ecorder
•
crrp
..„,: ...‘,
: .
. ‘,„
.,.. . : .
t:
`tilt i 1.1)RA'� /
UT DOCS_A#1130220 v7 13 8/12/2003
•
PRESENTATION TO THE MAYOR
The foregoing ordinance was presented to the Mayor for his approval or
disapproval on , 2003.
hair
MAYOR'S APPROVAL OR DISAPPROVAL
The foregoing ordinance is hereby approved , 2003.
Ross C. Anderson
Mayor
UT_DOCS_A#1130220 v7 14 8/12/2003
STATE OF UTAH )
. ss.
COUNTY OF SALT LAKE )
I, Pam Johnson, the duly appointed and qualified Deputy City Recorder of Salt
Lake City, Salt Lake County, Utah, do hereby certify that the above and foregoing is a
full, true and correct copy of the record of proceedings had by the City Council of Salt
Lake, Salt Lake County, Utah, at its meeting held on August 12, 2003, insofar as the
same relates to or concerns Salt Lake City, Utah Railyard Special Improvement District
as the same appears of record in my office.
I further certify that the Ordinance levying the special assessments was recorded
by me in the official records of Salt Lake City on S- 1Z. , 2003.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate
seal of Salt Lake City this $' 12. , 2003.
�...0CIT
e 4,ty C. Recorder
.}.• •. ,,, sPiewt Ad l
rPORt
UT_DOCS_A#1130220 v7 . 15 8/12/2003
PROOF OF PUBLICATION
Attached to this page is the Proof of Publication, indicating by the affidavit of the
publisher that the said Ordinance levying the special assessments which was contained in
the Ordinance adopted by the City Council on August 12, 2003, was published one time
in the Deseret Morning News on August 26, 2003.
UT_DOCS_A#1130220 v7 16 8/12/2003
EXHIBIT"A"
CERTIFICATE OF COMPLIANCE WITH OPEN MEETING LAW
I, Pam Johnson, the undersigned Deputy City Recorder of Salt Lake City, Salt
Lake County, Utah (the "City"), do hereby certify, according to the records of the City in
my official possession, and upon my own knowledge and belief, that in accordance with
the requirements of Section 52-4-6(2), Utah Code Annotated 1953, as amended, I gave
not less than twenty-four (24) hours public notice of the agenda, date, time and place of
the August 12, 2003, public meeting held by the City as follows:
(a) By causing a Notice, in the form attached hereto as Schedule"A",
to be posted at the City's offices at 451 South State Street, Salt Lake City, Utah on
August 8, 2003, at least twenty-four (24) hours prior to the convening of the
meeting, said Notice having continuously remained so posted and available for
public inspection until the completion of the meeting; and
(b) By causing a copy of such Notice, in the form attached hereto as
Schedule"A", to be delivered to the Deseret Morning News on August 8, 2003, at
least twenty-four(24)hours prior to the convening of the meeting.
IN WITNESS WHEREOF, I have hereunto subscribed my official signature this
August 12, 2003.
,...tea...,,,*
CIT "�'+ .
,� 5DrYit
Y � '+, Depu y y Re rder
L
UT_DOCS_A#1130220 v7 A-1 8/12/2003
SCHEDULE"1"
NOTICE OF MEETING
UT_DOCS_A#1130220 v7 A-2 8/12/2003
EXHIBIT"B"
DESCRIPTION OF IMPROVEMENTS
The Improvements consist of various infrastructure improvements constructed and
installed within the Gateway Project, including sidewalks, crosswalks, storm drainage
systems, landscaping,beautification of recreation and public area facilities, curb and
gutter, irrigation systems, utility lines,paving of roads and other miscellaneous work
necessary to complete the aforementioned Improvements.
UT_DOCS_A#1130220 v7 B-1 8/12/2003
EXHIBIT"C"
ASSESSMENT LIST
LEGAL DESCRIPTION AND TAX I.D. NUMBER
BLOCK A
15-01-177-002 RETAIL UNIT 1, GATEWAY BLOCK A CONDO.
15-01-177-003 RETAIL UNIT 2, GATEWAY BLOCK A CONDO.
15-01-177-010 RETAIL UNIT 3, GATEWAY PLANETARIUM
AMENDMENT TO GATEWAY BLOCK A,
CONDOMINIUM.
BLOCK B
15-01-131-001 RETAIL UNIT 1, GATEWAY BLOCK B CONDO.
15-01-131-002 RETAIL UNIT 2, GATEWAY BLOCK B CONDO.
15-01-131-003 RETAIL UNIT 3, GATEWAY BLOCK B CONDO.
BLOCK Cl
15-01-185-001 RETAIL UNIT, GATEWAY BLOCK C-1 CONDO.
BLOCK C2
15-01-130-001 RETAIL UNIT 1, GATEWAY BLOCK C-2 CONDO.
BLOCK F
08-36-376-016 LOT 3, BOYER GATEWAY SUB.
BLOCK F2
08-36-376-015 LOT 4, BOYER GATEWAY SUB.
TOTAL ASSESSMENT ON ALL ABOVE-DESCRIBED
PROPERTIES $17,600,000
UT_DOCS_A#1130220 v7 C-1 8/12/2003
EXHIBIT"D"
ASSESSMENT ALLOCATION SCHEDULE
UT_DOCS_A#1130220 v7 D-1 8/12/2003
The Boyer Company
Gateway Tax Parcels
Amount to
Release
Parcel# Assessment
Block A
Retail Unit 1 15-01-177-002 $1,030,097
Retail Unit 2 15-01-177-003 $1,943,836
Retail Unit 3 15-01-177-010 $1,954,563
Block B
Retail Unit 1 15-01-131-001 $436,508
Retail Unit 2 15-01-131-002 $2,703,566
Retail Unit 3 15-01-131-003 $666,128
Block C1
Retail Unit 15-01-185-001 $2,610,589
Block C2
Retail Unit 1 15-01-130-001 $4,184,389
Block F
Retail Space 08-36-376-016 $816,074
Block F2
Retail Space 08-36-376-015 $1,254,249
Total Assessment: $17,600,000
The following parcels are in the District but will prepay:
Block A
Retail Unit 4(Planetarium) 15-01-177-005
Office Unit 1 15-01-177-006
Block B
Retail Unit 4(Children's Museum) 15-01-131-004
Office Unit 1 15-01-131-005
Office Unit 2 15-01-131-006
Lot 5
Vacant Ground 08-36-376-014
Lot 6
Vacant Ground 08-36-376-013
Lot 7
Vacant Ground 08-36-376-012
EXHIBIT"B"
PRINCIPAL ASSESSMENT PAYMENT SCHEDULE
Date Principal Payment
2/25/04 $250,000
8/25/04 250,000
2/25/05 275,000
8/25/05 275,000
2/25/06 275,000
8/25/06 300,000
2/25/07 300,000
8/25/07 300,000
2/25/08 325,000
8/25/08 325,000
2/25/09 325,000
8/25/09 350,000
2/25/10 350,000
8/25/10 350,000
2/25/11 375,000
8/25/11 375,000
2/25/12 375,000
8/25/12 400,000
2/25/13 400,000
8/25/13 425,000
2/25/14 425,000
8/25/14 450,000
2/25/15 450,000
8/25/15 450,000
2/25/16 475,000
8/25/16 475,000
2/25/17 500,000
8/25/17 500,000
2/25/18 525,000
8/25/18 550,000
2/25/19 550,000
8/25/19 575,000
2/25/20 575,000
8/25/20 600,000
2/25/21 600,000
8/25/21 625,000
2/25/22 650,000
8/25/22 650,000
2/25/23 675,000
8/25/23 700,000
UT_DOCS_A#1130220 v7 E-1 8/12/2003
EXHIBIT"F"
NOTICE OF ASSESSMENT INTEREST
When Recorded Return To:
NOTICE OF ASSESSMENT INTEREST
Parcel No.
Notice is hereby given that Salt Lake City, a Utah municipal corporation, claims
an interest in the property described on Exhibit 1 arising out of the requirements of Salt
Lake City, Utah, Railyard Special Improvement District (the "District") and the terms
and provisions of Assessment Ordinance of Salt Lake City, an ordinance levying
an assessment against certain properties in the District. For information call the office of
the City Treasurer of Salt Lake City(801-535-6411).
Dated this day of , 2003.
City Treasurer for Salt Lake City,
a municipal corporation of the
State of Utah
STATE OF UTAH )
ss.
COUNTY OF SALT LAKE )
On the of , 2003, personally appeared before me,
who duly acknowledged to me that he executed the foregoing instrument on behalf of
Salt Lake City in his capacity as Treasurer for Salt Lake City.
My Commission Expires:
Notary Public
Residing at:
•
Salt Lake City, Utah
August 12, 2003
A regular meeting of the City Council of Salt Lake City, Salt Lake County, Utah,
was held on August 12, 2003, at the hour of 7:00 p.m. at the offices of the City Council at
451 South State Street, Salt Lake City, Utah, at which meeting there were present and
answering to roll call the following members who constituted a quorum:
Carlton Christensen Chair
Jill Remington Love Vice Chair
Nancy Saxton Councilmember
Van Blair Turner Councilmember
Eric Jergensen Councilmember
David L. Buhler Councilmember
Dale Lambert Councilmember
Also present:
Ross C. Anderson Mayor
Edwin P. Rutan, II City Attorney
Pam Johnson Deputy City Recorder
Absent: /A 1t)
After the meeting had been duly called to order and after other matters not
pertinent to this resolution had been discussed, the Deputy City Recorder presented to the
City Council a Certificate of Compliance With Open Meeting Law with respect to this
August 12, 2003, meeting, a copy of which is attached hereto as Exhibit"A".
The following assessment ordinance (the "Assessment Ordinance") was then
introduced in writing, was fully discussed, and pursuant to motio duly made by
Councilmember and seconded by Councilmember r was
adopted by the follo ng vote:
YEA: 116 I
NAY: NW/
UT_DOCS_A#1130220 v7 8/12/2003
The Assessment Ordinance was then signed by the Mayor in open meeting and
recorded by the Deputy City Recorder in the official records of Salt Lake City, Utah. The
Assessment Ordinance is as follows:
UT_DOCS_A#1130220 v7 2 8/12/2003