056 of 2011 - Adoption of North Temple Urban Renewal Area Project Area Plan 0 11-1
T 11-4
Ordinance No.56 of 2011
(Adoption of North Temple Urban Renewal Area Project Area Plan)
An ordinance adopting the North Temple Project Area Plan for the North Temple Project Area,
as approved by the Redevelopment Agency of Salt Lake City, and designating the North Temple
Project Area Plan as the official Urban Renewal Plan for the North Temple Project Area.
WHEREAS,the Redevelopment Agency of Salt Lake City (the "Agency") was created to
transact the business and exercise the powers provided for in the Utah Community Development
and Renewal Agencies Act (the "Act"); and
WHEREAS, pursuant to Section 17C-2-101(1) of the Act, by Resolution No. 677.02 the
Agency adopted a survey resolution on April 20, 2010 with respect to the area along North
Temple Street referred to therein to commence the process of adopting an urban renewal project
area plan; and
WHEREAS, pursuant to Section 17C-2-102 and Section 17C-2-103 of the Act,the
Agency prepared a draft project area plan (the "Draft Project Area Plan") for the North Temple
Project Area; and
WHEREAS, on September 20, 2011,the Agency held a public hearing on the Draft
Project Area Plan, pursuant to all requirements in Section 17C-2-102(1)(a)(vi) of the Act; and
WHEREAS, on September 27,2011, the Agency approved the Draft Project Area Plan in
accordance with Section 17C-2-102(1)(a)(x) of the Act, and a copy of the approved Project Area
Plan is attached hereto as Exhibit A (the"North Temple Project Area Plan"); and
WHEREAS, the Act provides that the North Temple Project Area Plan may not take
effect until it has been adopted by the community legislative body that created the Agency,the
Salt Lake City Council, pursuant to Section 17C-2-107 of the Act.
1
NOW, THEREFORE, BE IT ORDAINED BY THE SALT LAKE CITY COUNCIL AS
FOLLOWS:
1. The Salt Lake City Council hereby adopts the North Temple Project Area Plan, as
approved by the Agency, as the official Project Area Plan for the North Temple
Project Area.
2. The City Staff is hereby authorized and directed to publish or cause to be published
the notice required by Section 17C-2-108(1) of the Act.
3. Pursuant to Section 17C-2-108(4) of the Act,the Agency may proceed to carry out
the official Project Area Plan.
4. This ordinance shall take effect immediately upon publication and recording.
Passed by the City Council of Salt Lake City, Utah this 27th day of September,2011.
CHAIRPERSON
ATTEST:
ITY RE ORDE
Transmitted to Mayor on September 27 , 2011.
Mayor's Action: Approved Vetoed
44
MA PR
ORD y�\,p1 '�f,'
'� App4O t)AS TO FORM
! r ge^s .r"+ s Salt Lake City tto ne;.'s Office
(SEAL)
k r=''"�j a 6'j r * Data 9 /9-/
BY �
Bill No. 56 of 2011 ' ''
Published:10-4-11 by RDA
2
north
tem leproject area
p
plan
REDEVELOPMENT AGENCY OF SALT LAKE CITY
PURPOSE STATEMENT
The Redevelopment Agency of Salt Lake City ("RDA") has determined that the North
Temple Project Area ("Project Area"), as designated in this plan, requires assistance from
the RDA to revitalize and improve the corridor along North Temple Street from the west
side of I-15 to Redwood Road, as more specifically defined in the boundary description
contained herein. Improvements to the Project Area, which largely consist of commercial,
residential, and institutional uses, can benefit by tax increment financing provided by the
RDA to fund property improvements. This plan shall serve as the guiding document for
redevelopment activities in the North Temple Project Area.
RECITALS
1 . Pursuant to the provisions of Section 17C of the Act, on August 10, 2010, Salt Lake
City ("City") adopted the North Temple Boulevard Plan as the "Community General Plan,"
which was approved by the Salt Lake City Planning Commission on April 14, 2010. The
elements of the Community General Plan are incorporated into this North Temple Project
Area Plan ("Project Area Plan"); and
2. Pursuant to the provisions of Section 17C of the Community and Renewal Agencies Act
("Act"), the governing body of the RDA designated by Resolution No. 677.03, dated April
20, 2010, the boundary of a blight survey area in which a blight study would be
conducted to determine whether or not one or more redevelopment project areas are
feasible; and
north temple project area plan
3. Pursuant to requirements set forth in the Act, the RDA performed a blight survey of
the survey area; and
4. Pursuant to Section 17C of the Act, the RDA held a blight hearing for the proposed
North Temple Project Area; and
5. Pursuant to Section 1 7C of the Act, the RDA adopted Resolution No. 687.03, dated
December 14, 2010, thereby approving a blight finding of the Proposed Project Area
within one (1) year from the date of the blight survey area boundary designation; and
6. Pursuant to Section 17C of the Act, the RDA adopted Resolution No. 687.04, dated
December 14, 2010, thereby approving the proposed Project Area boundaries; and
7. Pursuant to Section 1 7C of the Act, the RDA has conducted one or more public
hearings for the purpose of informing the public about the proposed Project Area Plan,
allowing public input into the RDA's deliberations and considerations regarding the
proposed Project Area Plan; and
8. Pursuant to Section 17C of the Act, the RDA has allowed opportunity for input on the
draft Project Area Plan from the State Board of Education and each taxing entity and has
made a draft Project Area Plan available to the public at the RDA's offices during normal
business hours, provided notice of the plan hearing and held a public hearing on the
draft Project Area Plan on September 20, 2011 .
DEFINITIONS
A. The term "Act" shall mean the "Limited Purpose Local Government Entities Community
Development and Renewal Agencies Act" as found in Title 17C, Utah Code Annotated
1953, as amended.
B. The term "Affordable Housing" shall mean housing to be owned or occupied by
persons and families of low or moderate income, as determined by resolution of the
Agency.
Page l
north temple project area plan
C. The term "Base Taxable Value" shall mean the taxable value of the property within the
Project Area from which tax increment will be collected, as shown upon the assessment
roll last equalized before the date of the Taxing Entity Committee's approval of the first
Project Area Budget.
D. The term "Blight" or "Blighted" shall mean the condition of an area that meets the
requirements of Subsection 1 7C-2-303(1).
E. The term "Board" shall mean the governing body of the Agency, as provided in Section
1 7C-1 -203 of the Act.
F. The term "City" shall mean the City of Salt Lake City.
G. The term "Housing Funds" shall mean the funds allocated in an urban renewal project
area budget under Section 17C-2-203 for the purposes provided in Subsection I 7C-1 -
412(1).
H. The term "Income Targeted Housing" shall mean housing to be owned or occupied by a
family whose annual income is at or below 80% of the median annual income for Salt Lake
County.
I. The term "Loan Fund Board" shall mean the Olene Walker Housing Loan Fund Board,
established under Title 9, Chapter 4, Part 7, Olene Walker Housing Loan Fund.
J. The term "North Temple Boulevard Plan" shall mean the Community General Plan as
required by the Act, which acts as the master plan, adopted by Salt Lake City on August
10, 2010.
K. The term "Project Area" shall mean the area described in Exhibit A attached hereto.
L. The term "Project Area Budget" shall mean a multiyear projection of annual or
cumulative revenues and expenses and other fiscal matters pertaining to the Project Area
that includes:
(i) the Base Taxable Value of property in the Project Area;
(ii) the projected Tax Increment expected to be generated within the Project Area;
Page 2
north temple project area plan
(iii) the amount of Tax Increment expected to be shared with other taxing entities;
(iv) the amount of Tax Increment expected to be used to implement the.Project
Area Plan, including the estimated amount of Tax Increment to be used for land
acquisition, public improvements, infrastructure improvements, and loans, grants,
or other incentives to private and public entities;
(v) the Tax Increment expected to be used to cover the cost of administering the
Project Area Plan;
(vi) if the area from which Tax Increment is to be collected is less than the entire
Project Area:
(a) the tax identification numbers of the parcels from which Tax Increment
will be collected; or
(b) a legal description of the portion of the Project Area from which Tax
Increment will be collected;
(vii) for property that the RDA owns and expects to sell, the expected total cost of
the property to the RDA and the expected selling price; and
(viii) the following required information:
(a) the number of tax years for which the RDA will be allowed to receive Tax
Increment from the Project Area; and
(b) the percentage of Tax Increment or maximum cumulative dollar amount
of Tax Increment the RDA is entitled to receive from the Project Area under
the Project Area Budget.
M. The term "RDA" shall mean the Redevelopment Agency of Salt Lake City.
N. The term "Taxable Value" shall mean the value of property as shown on the last
equalized assessment roll as certified by the Salt Lake County Assessor.
O. The term "Tax Increment" shall mean the difference between:
Page 3
north temple project area plan
(i) the amount of property tax revenues generated each tax year by all taxing
entities from the area within a Project Area designated in the Project Area Plan as
the area from which Tax Increment is to be collected, using the current assessed
value of the property; and
(ii) the amount of property tax revenues that would be generated from that same
area using the Base Taxable Value of the property.
P. The term "Taxing Entity" shall mean a public entity that levies a tax on a parcel or
parcels of property located within the City.
Q. The term "Taxing Entity Committee" shall mean a committee representing the interests
of the Taxing Entities, created as provided in Section 17C-1 -402 of the Act.
1 (a) PROJECT AREA BOUNDARIES
The North Temple Project Area, hereinafter referred to as the "Project Area", is enclosed
within the boundaries described in Exhibit A attached hereto.
1 (b) PROJECT AREA PHYSICAL CHARACTERISTICS
GENERAL LAND USES:
The Project Area has a wide range of uses. The existing principal land uses in the area are
office, commercial, utility, state government related uses, and single family and multi-
family residential uses.
It is expected that the current uses in the Project Area will be affected as follows:
Through development, some existing structures may be demolished or renovated, new
buildings will be constructed and the reuse of existing buildings for new uses may occur.
It is likely that the permitted uses will generally remain the same, except that, as provided
in the North Temple Boulevard Plan, there will likely be transit oriented development that
will result in an increase in density and an expansion of mixed-uses.
Page 4
north temple project area plan
The land use changes are intended to support new transit oriented residential.
development served by the North Temple/Airport TRAX light rail line, running east west
through the Project Area. The land uses will have an increase in a diversity of mixed uses
to accommodate both residents and commuters during all times of the day. The
proximity to mass transit will result in pedestrian oriented design by allowing residents to
use public transportation or walking to service needs.
The vision of the North Temple Project Area is to promote transit oriented development in
this area. Over time, commercial and residential mixed use development will occupy an
increased share of the area's acreage. The future mix of uses and transit oriented
development will produce an increase in the number of housing units and will result in an
overall increase in activity within the proposed Project Area. All anticipated new uses will
be compatible with the North Temple Boulevard Plan and the goals and objectives of this
Project Area Plan.
LAYOUT OF PRINCIPAL STREETS:
The principal streets in the Project Area are North Temple Street and Redwood Road.
North Temple Street is the primary east-west arterial street with two lanes in both
directions and a center running light rail transit line (currently under construction) that
connects the Salt Lake City International Airport with the downtown Salt Lake City core.
Redwood Road is one of the primary north-south arterial streets and is a major state
highway that accesses 1-80. 900 West Street is another north-south arterial street that
handles a large volume of traffic because it, like Redwood Road, is one of the only streets
that connects south to the other side of 1-80.
The streets in the eastern portion of the Project Area are set in a grid-like pattern and
have a higher level of connectivity, similar to the street pattern found in a majority of Salt
Lake City. Moving to the western portion of the Project Area, there is little connectivity
because of the large lot sizes and configurations, and the absence of a strong grid street
Page 5
north temple project area plan
pattern. Overall, the existing general grid layout of the principal streets in the Project
Area will likely remain the same.
Development in the Project Area that adheres to the urban renewal standards in this
document and to the North Temple Boulevard Plan will result in:
(i) improved connectivity and pedestrian circulation, through the construction of
new public pathways. These improvements in connectivity will better address the
isolation between different uses and will improve pedestrian safety and orientation
to goods and services, and to natural open space amenities within the Project Area,
including the Jordan River and City Creek. Improvements will facilitate better access
to the Project Area by connecting the surrounding neighborhoods and increasing
accessibility for a diversity of users, including cyclists, pedestrians, and transit
riders.
(ii) improved pedestrian and transit oriented design, enhancing the pedestrian
experience through the use of scale, transparency and visual literacy, while
providing a fine-grained mix of uses for a variety of different users.
(iii) increased transportation options, through multi-modal enhanced design that
will allow streets to facilitate a variety of different types of users.
(iv) increased use of public transit and pedestrian activity, through pedestrian
enhancements that will encourage walkability and help to reduce automobile
dependency and vehicle miles traveled in the Project Area.
POPUL4 TION DENSITIES:
Existing residential population densities for the Project Area have been calculated based
on the 2010 U.S. Census and supplementary information from the Salt Lake County
Assessor. The numbers of residents occupying the different land areas are shown on the
population density map below.
Page 6
north temple project area plan
• 11 III = 1111= f_ Illlillllllll illllllllin
111
■ h 0 IIIIII iidi111h-a =1U!
199
236 125E. . 200
' 0 79 77 : 11
46
I Milridri
• 60 35 -
ati �11h.i �1�1�il� :MI MI
I: i■ 111111 li1n•IU1 a's �� D
NORTH TEMPLE PROJECT AREA
POPULATION BY BLOCK GROUPS
Densities for the Project Area are calculated by taking the number residents occupying
residential land use parcels only, including the manufactured home park and apartment
complexes. Of the 319 acres that make up the Project Area there are approximately 54
acres of residential land use and 1 1 12 people', equating to a residential density of 20.59
people per acre (total population divided by the number of residential acres in the Project
Area.)
The residential uses and are located primarily in the eastern portion of the project area
with the exception of the manufactured home park and large apartment complex located
in the western portion of the Project Area.
The densities in the Project Area may be affected as follows:
The North Temple Boulevard Plan and the goals and objectives of this Project Area Plan
provide that the Project Area should be developed for increased walkability, density, and
U.S. Census Bureau, 2010 Census Summary File P1. http://factfinder2.census.gov/, accessed July 14,
2011 and Salt Lake County Assessor Real and Personal Property Assessment, http://assessor.slco.org/,
accessed July 14, 2011.
Page 7
north temple project area plan
transit oriented development. It is anticipated that some of the current uses along North
Temple could transition into medium and high density mixed use, including residential,
while the area North and South of North Temple would maintain the existing low to
medium density residential character. Overall, the increases in building densities and
development of underutilized land will result in increased population densities.
BUILDING INTENSITIES.•
Buildings in the area are generally single or two-story office, commercial, utility, and
residential structures. There are a number of large utility related and government offices
located in the Project Area. These can be generally characterized as office park type
development with larger buildings surrounded by parking and having little relationship to
the street.
The commercial buildings in the area consist mainly of smaller, motel/hotel buildings,
automobile service related buildings, restaurants with drive through facilities, single story
retail and goods service related buildings with parking located in the front and some strip
mall type developments.
There is a mix of housing types, with a majority of the residential structures classified as
detached single-family dwelling units, which include manufactured and mobile homes. In
addition to the single-family dwellings, the remainder of the housing stock is made up of
attached dwelling structures including multi-family dwelling units, condominiums, four-
plexes, duplexes, and multi-plexes.
The Project Area also contains some significant open space including the Utah State
Fairpark, sections of the Jordan River Parkway, several properties housing utility related
equipment and facilities, and some vacant parcels.
It is expected that the building intensities within the Project Area will be affected in the
following ways.-
New increased intensity, mixed-use projects built along North Temple will increase
building uses and intensities in the Project Area. Buildings with multiple uses, such as
Page 8
north temple project area plan
•
ground floor retail with higher density residential above, will increase the use and activity
of the buildings and Project.Area'overall.
While a majority of the existing lower density residential structures will maintain their
current building intensity, there will likely be an increase in new multi-family dwellings
and higher density residential structures along North Temple.
1 (c) STANDARDS TO GUIDE URBAN RENEWAL
All future urban renewal shall also be guided by this Project Area Plan, as well as
requirements of Salt Lake City, including but not limited to planning, zoning, building
code, and historic preservation ordinances.
Property improvement proposals shall be considered by the RDA for assistance as set
forth in its Programs, outlined in Section 1 (k).
The general standards that will guide urban renewal in the Project Area are as follows:
i. Encourage Transit-Oriented Development: Encourage transit-oriented
development along the North Temple Boulevard corridor that benefits by and
complements new light rail transit line. The type and scale of the development
shall be consistent with the North Temple Boulevard Plan.
ii. ' Participate in Creating a Walkable Community: Help create developments that
encourage a walkable environment with connections to and from transit stops,
and surrounding neighborhoods.
iii. Create Extension of City Creek Corridor: In partnership with Salt Lake City,
establish a City Creek Corridor extension originating from 800 West to be
carried along Folsom Avenue and connect to the Jordan River Trail. Provide
opportunities for new development that surrounds public bike and pedestrian
trail.
iv. Preserve Existing Residential Neighborhoods and Encourage Positive
Connections: Encourage development on and near the North Temple corridor
Page 9
north temple project area plan
that is beneficial to the community, while maintaining the historic character of
existing single-family residential neighborhoods.
v. Redevelop State of Utah's State Fairpark: Provide assistance to the State of Utah
to redevelop the State Fairpark in a manner that maintains the historic integrity
while increasing active uses of the site, providing a community benefit and
increasing connectivity to the surrounding area.
vi. Assist in Improving Environmental Conditions along North Temple Boulevard:
Encourage new development on environmentally-challenged properties that
simultaneously creates active uses and promotes a healthy environment.
vii. Create and Renovate Open Spaces for the Community: Encourage the creation
and renovation of open spaces for the community that complement neighboring
developments.
viii. Promote Sustainable Practices: Encourage and promote sustainable practices in
all redevelopment activities.
ix. Design for Excellence and Cost Effectiveness: Encourage the highest aesthetic
standards possible using durable materials while at the same time providing the
greatest possible public value that meets current and future needs.
x. Create Safe, Vibrant and Useful Public Spaces: Encourage placemaking by
identifying key elements of desirable public spaces that can contribute to the
unique character of the area and enhance connections between developments
and the street.
xi. Promote Population Growth and Stability: Encourage population growth and
stability by providing opportunities for commercial, housing, and mixed use
development while stabilizing existing neighborhoods.
1 (d) HOW PURPOSE OF THE ACT WILL BE ATTAINED BY THE URBAN RENEWAL PROCESS
The RDA will partner with property owners, developers, and community stakeholders,
with the use of Tax Increment derived from the Project Area, to facilitate urban renewal
activities. Such activities may include undertaking new development, renovating and
Page 10
north temple project area plan
rehabilitating existing buildings, and enhancing existing and creating new public works
and open spaces.
To facilitate these development opportunities, the RDA will offer a variety of loan
programs that provide financial incentives to applicants. Such loans are bound by
requirements that reflect the goals of urban renewal as defined in this Project Area Plan,
as well as goals established by the RDA that work in concert with the Project Area Plan.
The RDA will seek opportunities to acquire property to market it for redevelopment. Such
property will be marketed with requirements of the developer to redevelop it in a manner
consistent with Project Area Plan.
1 (e) DEMONSTRATE CONFORMANCE OF URBAN RENEWAL WITH COMMUNITY'S GENERAL
PLAN
The North Temple Boulevard Plan is the current master plan for the Project Area. The
Project Area Plan is consistent with the North Temple Boulevard Plan's goals and
objectives of enhancing connectivity, creating walkable, transit-oriented development,
increasing density and housing options and creating long term economic stability in the
area.
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 North Temple Boulevard Plan and the accompanying Urban
Design Manual for the North Temple Boulevard/Transit Corridor. Building permits for
construction or rehabilitation will be issued by the City in order to assure that new
development or redevelopment is consistent with the North Temple Boulevard Plan and
City ordinances.
1 (f) DEMONSTRATE HOW URBAN RENEWAL WILL REDUCE OR ELIMINATE BLIGHT IN THE
PROJECT AREA
Page 1 1
north temple project area plan
The RDA made a finding of five blight factors of blight within the Project Area boundaries.
Those blight factors are as follows:
i. Substantial physical dilapidation, deterioration, or defective construction of
buildings or infrastructure;
ii. Significant non-compliance with current building code, safety code, health code, or
fire code requirements or local ordinances;
iii. Unsanitary or unsafe conditions in the proposed Project Area that threaten the
health, safety or welfare of the community;
iv. Environmental hazards, as defined in state or federal law, that require remediation
as a condition for current or future use and development; and
v. Criminal activity higher than that of comparable non-blighted areas in the
municipality.
Undertaking urban renewal in the North Temple Project Area can reduce or eliminate
these existing blight factors using Tax Increment to repair or replace dilapidated
buildings, bring existing buildings and properties into compliance with current building
code, remove unsanitary and environmentally compromised conditions and replace with
safe, useable properties, and create developments that promote safety for the
community.
1(g) DESCRIBE ANY SPECIFIC PROJECT(S) THAT ARE THE OBJECT OF THE PROPOSED URBAN
RENEWAL
The North Temple Boulevard Plan identifies the extension of the City Creek Corridor to
the Jordan River as one of Salt Lake City's goals. The RDA will encourage private
development along Folsom Avenue between 800 West and 1000 West to complement the
daylighting of the creek and a new pedestrian/bike path. New development along the
corridor will provide an active and safe environment for the community.
1 (h) PROCESS OF SELECTING PRIVATE DEVELOPERS
Page 12
north temple project area plan
All developers shall be selected through a public bid process in accordance with Salt Lake
City's Procurement Policies and Procedures.
1 (i) REASONS FOR SELECTION OF THE PROTECT AREA
In 2009, Salt Lake City undertook a planning effort along the North Temple Boulevard to
address planning issues for new development along the North Temple/Airport TRAX light
rail extension to the Salt Lake City International Airport. During the preliminary planning
process, the RDA recognized the opportunity to assist in the redevelopment of the area
by implementing the North Temple Boulevard Plan. Due to its link to downtown and the
Salt Lake City International Airport, the RDA believes that proper redevelopment of the
North Temple Project Area is critical.
1 (j) DESCRIPTION OF PHYSICAL, SOCIAL, AND ECONOMIC CONDITIONS EXISTING IN THE
PROJECT AREA
Physical Conditions:The Project Area consists of 319 acres comprised of commercial,
residential, institutional, and utility uses. The Jordan River runs in a north/south
configuration through the Project Area at approximately 1200 West Street. The geography
of the area is relatively flat, with landscaped areas in the residential district north of North
Temple, as well as the commercial district along the North Temple Boulevard. According
to the blight study, some properties contain areas of environmental contamination. The
Folsom corridor between South Temple, 100 South, 800 West and 1000 West contains
numerous car repair and light industrial uses whose structures are dilapidated.
Social Conditions:Social connection is limited to the residential neighborhoods and the
RV Park located at 1400 West North Temple. The North Temple Boulevard consists of
institutional uses that have little relationship to their surroundings, and commercial uses
that encourage automobile use instead of pedestrian use. The Project Area includes the
Utah State Fairpark, which is self-contained and underutilized. A City-owned park,
Page 13
north temple project area plan
located at 14 North 1000 West is underutilized and attracts unwanted activity for the
neighborhood.
Economic Conditions:While no formal economic analysis of the area has been performed
(other than the Blight Study), it is obvious from the lack of reinvestment and property
underutilization that the Project Area requires an economic catalyst. Infrastructure
improvements currently being installed by Salt Lake City will improve conditions along the
North Temple Boulevard, but privately-owned property requires assistance to make a
substantial positive impact in the area.
1 (k) IDENTIFY TAX INCENTIVES OFFERED TO PRIVATE ENTITIES FOR FACILITIES WITHIN THE
PROJECT AREA
Once the Project Area is created, the RDA can offer several existing programs to assist
property owners with property improvements. These programs include:
New Construction Loans: Developers can use the funds to finance the construction of new
residential, mixed-use, or commercial buildings.
Building Renovation Loans: Building owners and developers can receive funding for up to
50% of building renovation costs including restoring the facade of the building to its
original appearance.
High Performance Building Renovation Loans:Property owners or developers can receive
financing for 50% of building renovation costs at 0% interest for buildings that achieve a
LEED certification level or an ENERGY STAR rating.
High Performance Building Construction Loans:The RDA provides grants and loans to
developers who construct new residential, mixed-use or commercial buildings to a LEED-
certified level.
Environmental Assessment& Remediation Loans:The RDA provides loans for 50% of the
costs associated with assessment and remediation work for environmentally
contaminated properties.
Housing Property Acquisition Loans:Short-term loans are available to non-profit and for-
profit developers who acquire property for mixed-income housing projects.
Page 14
north temple project area plan
Tax Increment Reimbursement Program:The RDA can reimburse property owners or
developers for open-air and public space improvements, renovating a historic building to
a vanilla shell status, and constructing underground or structured parking as part of a
housing development.
The RDA may create additional redevelopment programs in the future. Current programs
are subject to change based on RDA Board direction and approval.
1 (I) BENEFIT OF ANY FINANCIAL ASSISTANCE OR SUBSIDY PROPOSED TO BE PROVIDED BY
RDA
(i) Evaluation of reasonableness of the costs of the urban renewal:As the Project
Area meets the statutory requirements for a designation of blight, the
conclusion is that the Project Area is at a disadvantage for redevelopment
opportunities. Poor infrastructure, environmental issues, and inappropriate land
uses create additional challenges and limited opportunities for urban renewal.
Such urban renewal activities will require substantial funding, as indicated in the
attached Project Area Budget (see Exhibit'C), the costs for which the RDA deems
reasonable.
(ii) Efforts RDA/Developer will make to maximize private investment: In order to
induce quality developments in the Project Area, private investment from the
development community is essential. In cases where the RDA can provide
assistance, it will use Tax Increment to leverage private investment dollars. The
RDA will partner with developers such that funds will be leveraged to provide a
successful project for the community. All projects involving RDA-owned
property will be subject to the City's Procurement Policy for bid acceptance and
award.
(iii) Rationale for use of Tax Increment:Tax Increment will help stimulate
development in the community by establishing improvements in the Project
Area that would not otherwise occur without public assistance. The North
Page 15
north temple project area plan
Temple Blight Study states that, "The North Temple Corridor and its residents
and businesses will benefit from the addition of public and private investment
in the proposed Project Area which will increase the local tax base." While
Taxing Entities will participate by forgoing a percentage of the growth over the
life of the Project Area, the RDA's role of stimulating economic growth and
eliminating blight will benefit the community and, in time, all of the Taxing
Entities, as a result of increased assessed values. Private investment alone
cannot be reasonably expected to achieve substantial economic growth in the
near future because many property owners will not undertake significant
investments in their property without assurance that other property owners will
make similar investments in their properties. The RDA's programs are necessary
to catalyze economic development in the Project Area. Without the RDA's
incentives, substantial development in the future is not reasonably expected.
(iv) Estimate of total tax increment and timeframe for which it will be expended:
The RDA believes a 25-year tax increment collection period will be adequate to
address urban renewal activities in the North Temple Project Area. The
estimated total tax increment for this time frame is $75,080,783.
1 (m) ANTICIPATED PUBLIC BENEFIT TO BE DERIVED FROM THE URBAN RENEWAL
(i) Beneficial influences upon the tax base of the community:
Through the redevelopment of underutilized properties, the Project Area Plan
will produce a substantial increase in the property tax base and will promote
private development and economic growth in the Project Area. New RDA-
assisted developments will spur new job creation, as well as provide additional
housing opportunities for the community. The extension of the light rail line
along North Temple will provide an additional incentive for developers to focus
their efforts in the Project Area. The result will be that new and refurbished
Page 16
north temple project area plan
retail and commercial business will be concentrated around rail stops, providing
increased density and an increase in tax revenue. The RDA will assist existing
business owners and new developers with loans and other financial incentives
to improve the overall development of the Project Area.
(ii) Associated business and economic activity likely to be stimulated:
The RDA anticipates business and economic activity will be primarily stimulated
near the light rail stations along North Temple. Additional development activity
will most likely arise in specific RDA-targeted locations, such as the Folsom
Corridor. Retail businesses are more likely to improve in the short term, but
large developments could also arise in Project Area's formative years.
In 2010, Salt Lake City adopted a new type of zoning designation along the
North Temple Corridor called the "Transit Station Area District." With the
emergence of the new North Temple/Airport TRAX light rail line, this zoning
designation will attract transit-oriented developments up to 90 feet high. Under
the. pre-existing Commercial Shopping Zoning designation, buildings were
limited to 30 feet in. height. Denser developments will provide additional tax
base from the Project Area.
(iii) Whether adoption of Project Area plan is necessary and appropriate to reduce or
eliminate blight:
The North Temple Project Area is challenged with blighted conditions that have
not attracted any significant development for a number of years. The North
Temple Corridor contains underutilized land uses and environmentally
challenged properties. While the new light rail line installation along North
Temple may stimulate some new development in the next five years, the RDA
believes its involvement will not only expedite development, but ensure that the
area is developed in a manner that maximizes an overall benefit for the
community, while stimulating economic growth. RDA-induced development
Page 17
north temple project area plan
along the North Temple corridor will have a positive impact on the surrounding
area, and spur additional development that will compliment the neighborhood.
1 (n) IDENTIFY BUILDINGS IN PROJECT AREA THAT ARE ON NATIONAL REGISTER OF
HISTORIC PLACES
The Utah State Fairpark, registered on the National Register of Historic Places, contains a
number of historic structures and are the primary historical resource in the Project Area.
Another historically significant building in the Project Area listed on the National Register
of Historic Places is the Hepworth House located at 725 West 200 North.
Also within the Project Area is the Salt Lake City Northwest Historic District, roughly
bounded by 1 100 West, 600 North, 500 West, and North Temple. This area is recognized
for its late Victorian and mid 19th century revival architecture.
Page 18
north temple project area plan
EXHIBIT A
PROJECT AREA BOUNDARIES
Beginning at a point that is N74°03'53"W 114.40 feet from the North Quarter Corner
of Section 3, Township 1 South, Range 1 West, Salt Lake Base and Meridian to a point
on the west line of Redwood Road; thence along the west line of Redwood Road the
following eight courses, N00°58'43"W 1 59.08 feet; thence NO3°33'49"E 75.76 feet;
thence N00°57'51 "W 93.09 feet; thence N00°59'20"W 312.30 feet; thence N01°59'12"E
164.71 feet; thence N00°04''15"E 610.39 feet; thence NOO°39'31 "W 582.15 feet; thence
N01°23'18"W 222.51 feet; thence N73°57'17"E 109.56 feet to a point on the east line
of Redwood Road; thence along the south line of parcel tax number 08-34-401 -017
the following five courses S45°39'15"E 523.83 feet; thence along a tangent curve to
the left, length 593.94 feet, radius 2831 .90 feet, chord bearing S51°39'45"E chord
592.85 feet, central angle 12°01 '00"; thence S57°40'15"E 288.58 feet; thence
S89°59'15"E 39.51feet; thence S00°00'10"E 3I .55 feet to a point on the north line of
Sumner Avenue; thence along said line N89°59'l 8"E 267.03 feet to a point on the east
line of Cornell Street; thence along said line N00°02'04"W 137.50 feet to a point on
the center line of a vacated alley of Block Four, Agricultural Park Plat 'B'; thence along
said center line N89°58'37"E 320.10 feet to a point on the east line of 1460 West
Street; thence along the east line of said street N00°00'12"W 333.89 feet to the
northwest corner of parcel tax number 08-34-428-012 a part of block 10, Jordan
Plat 'A' thence along the north line of said parcel N89°58'37"E 188.75 feet to the west
line of parcel tax number 08-34-428-011 ; thence along the west line of said parcel
N00°00'39"E 501 .00 feet to the southwest corner of Salt Lake City Corporation Open
Space Parcel tax number 08-34-428-003; thence along the south line of said parcel
S61°29'54"E 303.99 feet; thence S76°01 '08"E 80.54 feet to the southeast corner of
said parcel; thence along the east line of said parcel N00°03'44"W 17.58 feet to the
southwest corner of Salt Lake City Corporation Jordan River Trail Parcel tax number
08-35-301 -011 ; thence along the south line of said parcel S76°01 '07"E 166.83 feet;
thence along a tangent curve to the right, length 162.00 feet, radius 355.00 feet,
Page 19
north temple project area plan
chord bearing S62°56'44"E chord 160.60 feet, central angle 26°08'46"; thence
S49°52'21 "E 541 .68 feet; thence S50°22'18"E 377.82 feet to the point on the south
line of said parcel; thence along the south line of said parcel N89°58'21 "E 55.67 feet
to the southeast corner of said parcel; thence along the east line of said parcel
N00°16'08"E 147.34 feet to a point on the east line of Salt Lake County Parcel tax
number 08-35-301 -009 ; thence along the east line of said parcel the following three
courses; N49°52'43W 107.02 feet; thence N40°07'1 7"E 140.02 feet; thence
N48°37'17"E 180.03 feet; thence along a tangent curve to the left, length 359.85 feet,
radius 375.06, chord bearing N21°08'08"E, chord 346.21 feet and central angle
54°58'19" to a point on the south line of 300 North Street; thence N00°00'54"W
128.54 to a point on the north line of 300 West; thence N89°56'58"E 1441 .28 feet
along the north line of 300 West to a point on the east line of Marion Street; thence
S00°02'50"W 328.92 feet along the west line of Salt Lake City Parcel tax number 08-
35-329-002 to a point on the southwest corner of said parcel; thence S89°59'44"E
431 .34 feet along the south line of said property to the east line of 1000 West Street;
thence S00°19'51 "W 456.89 feet along the east line of 1000 West to a point on the
north line of 200 North; thence S89°44'35"E 2337.36 feet to a point on the west N/A
line of the I-15 Freeway; thence along the West N/A line of the I-15 Freeway the
following thirteen courses S03°54'09"W 291 .85 feet; thence SO4°08'35" W 496.98
feet; thence S27°33'29"W 149.12 feet; thence S19°05'16"W 663.46 feet; thence
S39°25'52"E 43.68 feet; thence S23°36'12"W 144.46 feet; thence S00°00'41"E 155.23
feet; thence S17°23'42"W 132.76 feet; thence S59°23'59"W 94.76 feet; thence
S15°57'30"W 171 .49 feet; thence S89°58'22'W 45.99 feet; thence S00°00'41 "E 165.08
feet; thence S14°52'25"W 136.57 feet to the south line of First South Street; thence
along the south line of 100 South Street S89°58'34'W 2638.96 feet to a point on the
west line of vacated 1100 West Street; thence N00°01 '12"W 566.21 feet along the
vacated line of 1 100 West Street to a point on the north right of way fence of Union
Pacific Rail Road as located in a Utah Power & Light Co. Boundary Survey number S93-
08-0458 Salt Lake County Surveyors Office; thence along the said Union Pacific Rail
Road Boundary fence the following four courses S75°35'30"W 272.37 feet; thence
Page 20
north temple project area plan
S76°13'42"W 34.26 feet; thence S79°01 '10"W 302.28 feet; S82°08'56"W 322.68 feet to
a point on the east bank of the:Jordan River; thence N88°31 '15"W 119.31 feet to a
point on the west bank of the Jordan River corridor as depicted on Salt Lake City Atlas
Plat 31 ; thence along the west bank of the Jordan River corridor the following six
courses, a non-tangent curve to the right, length 150.77 feet, radius .1184.96 feet,
chord bearing N05°07'27"E chord 150.67 feet, central angle 07°17'24"; thence
S81 °13'52"E 5.00.feet; thence N08°46'09"E 140.50 feet; thence along a tangent curve
to the right, length 204.78 feet, radius :2259.97 feet, chord bearing Ni 1 °21 '54"E
chord 204.71. feet, central angle 05°11 '30"; thence N13°57'39"E 266.97 feet; thence
along a non-tangent curve to the left, length 116.59 feet, radius 349.38 feet, chord
bearing N04°34'30"E chord 116.05 feet, central angle 19°07'12" to a point on the
north line of parcel tax number 08-35-353-006; thence S89°56'25:"W 406.97 feet
along the north line of said parcel; thence SOO°03'34"E 396.78 feet along the west line
of said parcel to a point on the south line of vacated South Temple Street; thence
S89°58'07"W 2167.88 feet along the south line of vacated South Temple Street to a
point on the northeast corner of parcel tax number 15-03-201 -001 ; thence
S00°05'15"W 520.00 feet to the southeast corner of said parcel; thence S89°58'07"W
1001 .68 feet along the south line of said parcel to a point on the east line of
Redwood Road; thence S45°33'23"W 264.74 feet to a point on the west line of
Redwood Road; thence along the west line of Redwood Road the following four
courses NO2°30'30"E 728.79.feet; thence N30°41 '11 "W 31 .45 feet; thence
NOO°58'43"W 38.37 feet; thence N44°01 '17"E 13.54 feet to the point of beginning.
Contains ± 18,272,466.48 sq. ft. or 419.478 acres, or approximately 319 acres of
publicly and privately owned property, excluding public streets.
Page 21
north temple project area plan
.__ .._ .. . .. .
EXHIBIT B
PROJECT AREA MAP
...,_ • .---... .. •.•,,,-z ••:-..:-. •• • .. •••• -
, . . ., .•••
i.• . ..,,,,.., - ,,, ....- • 1. i cc
- ••-•.---• --...- •-e,vter,',
;.•••• i..,,,,•-.:,,..:. •,•-•,,„---. -;,..-..• . ,• .......-..,..-. ..... — %-t-E. I'...-_,-•••• " ,'•, '.....4,74;:•;>,,,*S i_...
r.. ::-'.•';" '-''''..;;:',-,'''-'..,- • .' ,;', i.: -'...-.; L.'4''' ..',;' • -•I;;;F::::.:.,;' ‘,: . %• • '14 ',...,. ''-** -f,
LiK. -. ',4; 4_::-: ::',„.. ...... :.' •• .....• „;,y-,-,,,,,;.,•:.......:.. ..1., I. ,.1,;:,. ..:.:: i .• . .:. 4,,,. • - . •
..:. ;,•,-5^..t. ..:.: :0..,,....... v.,,,,, • ....: ., -7..:';;21,:.:, ,'41:.. 1..,. .; i.-.
r.. ... ... ..... ,._ .
...,,,,,,:,-....2 :, -.,..,;..„ ,,,,,,,..,..,..c..4: ,i;.' ,::, .i...— ' ;•';'-',.',,'.". 1-1,. ''),'''',.t:' A,''. ', • :,F,4$.-,".:.4.,',1. ...s, cC
,,..,.. ,-,,:,,,‘:-..,,,,.....:: z.,-,,,..,.;,,, ..-1A....;., .. . . --..--,• `.7 ' '''''''L.‘e'lt,7 i • ' ,••• •.•,-,', , '•-•"; ^••''•-.e''. ' 0 r„.. 1'1.Z.::;' '‘.,Z.......1',',":4t:it.41."..:..-"••; . !'2---' ••• .. ..'-'.7:..''.'..1'," . "-.`'.- .'''.\,',. . '‘4-72.44'. '.;.'-ti.
[...r:-Atr.':..:,.',....f,;;;7:7'... , s; . ' - '• ...:. , ... 'LJ.,, !. ' .. , .'' .i.,,,.,` k.;; ;,, • VI
:•; ''''2 '. ';' '',...."' it;t'::,•:, `:.-L-r ' .,.'-'g ',4' '.4....- ' ' ' -77:: -1'
L. ' c'•': ..i.1:•"„*;;',;:,.. ';,t;.,;•.',.,,';..',':•:::.?';',":::: ..:4:',--,!.:7;ii":',Z:',:,..'''' 4.."- '.'''; •::•,i ,,N,'. .,.•,,, :Irtt,',1•74.•'••,•'N'td,...,,,.7.: CI.
.1.-7, i-•....",..,.'at,':-,z..;d:'''..; ........ ., ,'`f: ';... . ...!...,..-• i:.:-',..;i Ill• i. : '• ,,•:-i.. ,•t....2.-J.,• cl; ti.;,-;„; ,,4:;-•,,,,S.;:4 0
r_ ;: •, ,.......:.,...„,...,;, ,.4,..... .4,. ....,..,.,, ..,•._'4 '''' ..1-, '', :','..;:a14.;::.ITZ:7--•';'7"."'•::::: i ..',.4. .''!''M c•'••.•:•••!,-'1,'::'' cc'7•Sli.4,,,,...1•-k- +4.,4 .• ,::7§#,:,: "...: ,' . :,-, l.r,..,..;.4, ...,,,'::• ..,-;':,_ .-4...,,,X.t.''..•-4....;,!,'4"-to'
'Of; 'F.f4'..-.-:%.;;:;';':!.•1.7443 -;17;!!4;';'''tf.''?F',,f;-•;',:i, •7.,,.:T,7;. - ••=,..7: .,..1..,-.,2•..-5•;;..!':.?
I, 0 : 4, .:.•'E-01-•,,',.* '• ., •- •:,
I-U
,:----06,,a At , - .....0.-_,•,,.-ft.:!!:,atio. „,! i.Fif, ,k''1.5:2'. .-,. .,.., • - - tIV.1 1-17:-.•-;-,I
r.t':; .3......z!„.„-•:,54 ,...:z....,•4 j ,, ,...ve. ,,,;., ,,:•,J- 4 :-.: 4.-1: 4),,,.-..:i., .,..
.-c ,i,v4,:::,:-..-7-u,.4 8-1....4 Ad' ..Y.71:',:`-.....N,. ''''...., -IF,J.,',,,;',-.-,.•'•3•.,-....:1•.:';4. 1:.1,' ''..,?...-'1.'• '7i '. "7-4..-.4,..4'47'ir•'•,,i, --',.;`,.' I-I-1
.-.•„:0:,L,,,„.......t.4,..-.„:..-:-::,. -•
. .. •,-,•;m. J,. -.I.: .....„ ,.,-„,,,,,,-,•-•._•!,-...,,,, v...-:••••••.•-,,.. ..... ....;•,,,..--::: 4.,.,,,..,,,,:;. 1—r ...-1:::::,:tic-,:„.---,- • - ,-- '•,..4,r-4,-• .,,-,1 ,:.• I
r.- _-:„..,,,,..,.,•„:...,,, ,-0.,„ . . ...ii::...,,:,„-.t...,, .... . 1
.1.. ' ,.; - '2'.i 1..4'.•-•*: •^ '.-".•,'•- 1....
[;•'-i'..,..'..f..!..-,',cio,1 4.-•,?•1
•''' '''
- .l'•:,•• r'A'',':, •I'‘. '-''--* 4 2 '•:. •*,•••,,,t' • • . : ^•..';,i77-' 0
[:•5:40,1:::;.._....4',',"!;i:•6iTi,,,,:::. •: .1..-z- 4.,,,1 -::•,,,-1.1-:-.•,;_•. 'i,'.,,,,,,•,•••,..,,,, ,, ':•,.:• .:- -,f, ... _. .
,-. :-,,,,:,:t,:k,.--.7.......„.:„;;E-:„4.::,, ' -1'''--i-,' '''''`4'-...;a*. :..---..` . •-.PA,,,::::.. ".,,. ,L--•.1t.0.--'--'=---''.". Z
1::. 'j?.?:`,,',IF.:,-71.t.f,r4'i:Zr •..,,,5,..,.. ,..,1 . ..r ,.....,,,‘•:- 1,,, t :, :;, 4.'ft 0.41.. '
•il. '!.'",,e'' :'Z'rtI•41,:,.• '••.' - ''•.•-.•is '..;'' •,-`,..'` - ', •,..••••-, . .• • ,..•-,,.. a',••,. - ' ....' •••
••
'r:•..f‘,...,;,I.'"l'!.-•',?,:;,:•:,, ..'--,:z.. ,,.-- ..• !•'-::,:.S.:'.,).` 0 k•'•' ',5-..,. • i,.•.;'1:..f I. ..,, ;:.• ....• ;
I- '''...,..'2'.'.:.-- '77..*44.•>- i4-...--- ..'1,... , . .:;''''4',C.:1:. ., f; '":• • - :..:::..',, .,: -_:',:.,-,„,;:?.,''. .;"-- :', -, ',
?. ;.-:-•';74,4 -- "S. ..r. '"----•- '':.1.''..i.'!"..,:!'„,,,,1,-?;. ;',_-i4.;i0' .4r.'7,4;.44:s5 '':. . ,.-....44::', -..r,i..... ..,',1-'4. ;
.,:...-,•)7.,...7,7›-F,s5.51.5., -..Nr.. ,
t
....„...,ke.;;;;"4..c.i-;5;v:414 .,,,, ... - -chmit.m.r.,-:..„- ,f,!.k;„-..:NIti...,*v.p.-p,....:.7.1k-•••• ,I
...:„.. • ..,. ...:, .:,......,..,,,,.,,,,......:.„,!..,,,,k,,,:,:•. ,.,,,..,..„,. ., ...,,..,„:•, ,..„,,,,:„...........:,,,,,...„.„ ,
,,. ..,. .....„...,,,.. ,. .,„...,,,„ ... .: .„,:,•:,, . .. ,..,,,,..;.• ,„„",,. . ..,.:...,, .,. ....,...„.....,• .4. '1-* .•..,,---,4 1
, "'' !. !'",'..... (• ...,...' •-''..;•-r.1 - '.,,...'.:774c,)
.:, .`'',-;''''''•?.. ..' . ., ''.,., '',Y,'.i.,.,,,,..,,.'-'-' ..'t:4:.
7i
.•, -.:._....,,,_, ... . . -_,_,.,;,,,..„..afi.„,.... ,,,,....-,,,,.. , .,,,-!,,1
-..„....,,4...,...-.Av,:. .--,.,:::,,:„...,:,, c-„.:.:: :._..; .:,. . . ,,, .,14-.„.::.,,..,-'... 2„.-..''''4•44:;;..... L.::-.:A''I' •
1.•:''':'..' ':,..J4::''',:',..,./:-.: '...f..:'...*'if4;':'!;-4A''':,.'1•41':-".'r:..;':72• . '''l 'P'.. .. .g 4 Atk,'-''', .7: 'A. '?"..t.:.-..'ilyt
fr
iv '1' 't....;;.-' • : ...'".....4'.e..' .s! 'if-‘.;7:1,,t-7.,t“.1..-44,7•.,- ;1_, :,- '.• 1..50'nSz .•.t.,.:.10:,••••.i.5..-*....!' 1.4.,,
1 3....,. ,...,.--Lif!*•,•,,-„,•I.:12,1',.. -- 4. .• •;,;,.4...f.4:44-...t,p•.t-I 4
t.-•- .1-
,..i4.•,..t.. .•:-. - :'''",.;•'.,,... ..,... ;-- . •. •-
c,-.;','•;,F .,-.--:.'""•:':'''•;*,!4.1.44.,:st':::-t '• .-,-.---•''',....'''.:':...''''.;7.'4-,.''.,. -. . '7:;'.".',. - 4: :•,- -, : -•. -J.,,, ..1-•,,T.--.,.•.-,A. -;
':.,•.'•- .Lir,- '.,...1.—..:,..r..,•_-,.....,.-. • -.- -, ,,,-,.• ,., ...„..-- • „; - , • .... . ., .:•,.....0•,,..-..„...- ,.,..r. .,
...'..,',:t.;.:*•*:..T1,:,;.I.....-4j.4".-.':-.;...,"':':•.....-'7,,?:,.',,..'''''';:.V,-"'L..,"-,...".: ' :.'...i , .---.!•':, , ,. - . -. .. -;:,, •:,.•I ';;•,:-.•,.i. ..1
. .-',-;• •-•-•,c-,•-•:,-,,-';,.c.,. ,.! • ,., ;1'7::.7.'r,..-•::,"-7:-1••••:' .. • - " * ' (- ''', '" ,•-•:,"F Jr* 1 4,-.!,•;•:::., .-,...••••••,-
''';',.• ,,-,-,- •••••• -,/•. - :.,. - '7-'4:-.-.;,:„,.. ,- . ..'. ,c• •,•:,--,. •
•,...: ...,:•'•,••• ,,...,-.-.., - ,J...-•..• ,:,..,0-•„,, . .„ ;,..1'.•.'"'"1 ':: ; ''-',.. : . '-'.' . i I.' " •• • , ':: :" .
' .• ,' ',' • •. 3-,f-tt-"?::,.,,,,fi• !„,.,,,. ..A"..; .44 •C,, •,, 11 ,. " i • • ' ' 0 .7, *-- !...f\ . ,of p
..4: ic. .! „„7,',;-.4.-..--,,,-.0,"-i-4.. . '..."=",-• 'i- • , -'• s'-'..'s,' ••••• ' 1:3 I
- : •si."'-:-.-.:'...1G-,..-s.,...,,,,,,,-...,;'.'•• ..' .- --- ,. •-.. 4„,,i• .. ..,.,,,,„- :,.-.. , c . • . • .•. •.... ,
. . ..
,i;!,.••,,.. -...',,‘ :- •1 1. •SI C...)
• . , • . , - . , ,
- .-..,,,,.....!...., . — ,— :,..2.,..... ,,• tok.,.•!.
I'-, • •,.•-•;.;:: • ..-•-•:1:-::::---',--' ' . _ . . '__(:; ....., ?,..ik Cf.)
i. - •• ;•.'3. f? ;, '7-','. ".....:'-'...- • '••• '::,"-r-,•---'• ''. • '-- -
• t ' -•• i •,,1. •• , ••,..,'-:-. ..• . i,!'..'l•i -'•i —••••• ..c '. -,.. '..'.,•-;
I. ,• ligil.
. „
.0 . . .
... . . ..
i ... .? : ' :••:i - . • . .
Page 22
north temple project area plan
EXHIBIT C
PROJECT AREA BUDGET
NORTH TEMPLE URBAN RENEWAL DRAFT PROJECT AREA BUDGET
(a)the base taxable value ofproperty in the project area: 121,481,871 1
(b)the projected tax in...cment expected to be generated within the project area(2011-2036)2: 75,080,783 1'3
(c)the amount of tax increment expected to be shared with other taxing entities(25%of total): 18,770,196 3
(d)the amount of tax increment expected to be used to implement the project area plan,
including the estimated amount of tax increment to be used for land acquisition public improvements
infrastructure improvements,loans,grants,and other incentives to private and public entities3:
Housing Funds(20%) 11,262,117 11,262,117
Redevelopment Activities(70%-75%) 39,417,411 up to 42,232,940
Administrative Expenses(10%-5%) 5,631,059 down to 2,815,529
56,310,587 56,310,587
(e)the tax increment expected to be used to cover the cost of administering the project area plan: up to 10%ofbudget
(fl if the area from which tax increment is to be collected is less than the entire project area: n/a
(i)the tax identification numbers of the parcels from which tax increment will be collected;or
(it)a legal description of the portion of the project area from which tax increment will be collected: n/a
(g)for property that the agency owns and expects to sell,the expected total cost of the property to the agency
and the expected selling price;and n/a
(h)(i)for an urban renewal project area,the information required under Subsection.l7C-2-201(1)(b)
Project area budget—Requirements for adopting—Contesting the budget or procedure—Time limit.
(b)An urban renewal project area budget adopted on or after March 30,2009 shall specify:
(i)the number of tax years for which the agency will be allowed to receive tax increment from the project
area;and 25 years
(n)the percentage of tax increment or maximum cumulative dollar amount of tax
increment the agency is entitled to receive from the project area under the project area budget: 75%
Based on 2011 taxable value data provided by Salt Lake County.Actual base taxable value for the
Project Area will be based on filly adjusted 2011 taxable values when released in September 2011 by
Salt Lake County.
2 Tax Increment will be collected over a period of 25 years commencing with tax year 2012 and ending
with tax year 2036,unless the RDA defers the first year unti12013, in which case the period will end in
•
tax year 2037.
3 Based on the assumption that the Project Area will generate$75,080,783 of Tax Increment for the
duration of the Project Area Life.
Page 2 3