076 of 1998 - Depot District Redevelopment Project Area Plano qq-f
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ORDINANCE NO. 76 of 1998
AN ORDINANCE OF THE CITY OF SALT LAKE CITY, UTAH ADOPTING THE
DEPOT DISTRICT REDEVELOPMENT PROJECT AREA PLAN, DATED OCTOBER 15,
1998
BE IT ORDAINED BY THE CITY COUNCIL OF SALT LAKE CITY. UTAH AS
FOLLOWS:
SECTION I. This Ordinance pertaining to the "Depot District Redevelopment Project Area
Plan" is hereby enacted to read as follows:
DEPOT DISTRICT REDEVELOPMENT PROJECT AREA PLAN
Sections:
1. Redevelopment Plan.
2. Project Boundaries.
3. Purposes of the Redevelopment Plan.
4. Plan Incorporated by Reference.
5. Plan Officially Designated.
6. Council Findings.
7. Housing Facilities.
8. Tax Increment Financing.
9. Housing Element.
Section 1. Redevelopment Plan. It has become necessary and desirable to adopt a
Redevelopment Plan entitled, "Depot District Redevelopment Project Area Plan," dated
October 15, 1998 (the "Redevelopment Plan").
Section 2. Project Boundaries. The legal description of the boundaries of the project area
(the "Project Area") covered by the Redevelopment Plan is as follows, to -wit:
Beginning at the southwest corner of the Intersection of 400 South Street and
400 West Street, Salt Lake City, Utah; thence north along the west right of way
line of 400 West Street to the northwest Corner of the Intersection of North
Temple Street and 400 West Street; thence west along the north right of way
line of North Temple Street to a point where the north right of way line of
North Temple Street intersects with the east right of way line of the Interstate
Highway I-15; thence southwesterly along an irregular course following the east
right of way line of Interstate Highway I-15 to a point where the east right of
way line of Interstate Highway I-15 intersects with the south right of way line of
400 South Street; thence east along the south right of way line of 400 South
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Street to the point of beginning.
Included within the Project Area are all of Blocks 46, 47, 62, 63, 64, 65, 80, 81, 82,
and 83 of Plat "A", Salt Lake City Survey; all of Blocks 35, 36, 37, 48, and 49 of Plat
"C", Salt Lake City Survey; and part of Blocks 38, 47, 50, and 60 of Plat "C", Salt
Lake City Survey as shown in the official records.
Section 3. Purposes of the Redevelopment Plan. The purpose and intent of the City Council of
Salt Lake City with respect to the Project Area is to accomplish the following purposes by
adoption of the Redevelopment Plan:
A. Removal or rehabilitation of structurally substandard buildings to permit the return of
the Project Area land to economic use and new construction.
B. Removal of impediments to land disposition and development through assembly of land
into reasonably sized and shaped parcels serviced by improved public utilities and new
community facilities.
C. Rehabilitation of buildings to assure sound long-term economic activity in this
neighborhood of the City of Salt Lake.
D. Elimination of environmental deficiencies, including among others, small and irregular
lot subdivisions, overcrowding of the land and inadequate off-street parking.
E. Achievement of an environmental reflecting a high level of concern for architectural
and urban design principles, developed through encouragement, guidance, appropriate
controls and professional assistance to owner participants and redevelopers.
F. Implementation of the tax increment financing provisions of the Utah Neighborhood
Development Act, Utah Code Annotated, Section 17A-2-1200, et seq., (the "Act")
which is incorporated herein by reference and made a part of this Ordinance.
G. Strengthening of the tax base and economic health of the entire community and of the
State of Utah.
H. Provisions for improvements to public streets, curbs and sidewalks, other public rights -
of -way, street lights, landscaped areas, public parking, and other public improvements.
Section 4. Redevelopment Plan Incorporated by Reference. The Redevelopment Plan,
together with supporting documents, is incorporated herein by reference and made a part of
this Ordinance. Copies of the Redevelopment Plan shall be filed and maintained in the office
of the City Recorder for public inspection.
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Section 5. Redevelopment Plan Officially Designated. The Redevelopment Plan is hereby
designated as the official Redevelopment Plan for the Project Area.
Section 6. City Council Findings. The City Council of Salt Lake City hereby determines and
finds as follows:
A. The Project Area, as above described, is a "blighted area" as defined in Section 17A-2-
1202 of the Act.
B. The redevelopment of the Project Area is needed to effectuate a public purpose.
C. Pursuant to the provisions of Section 17A-2-1220 of the Act, the adoption of the
Redevelopment Plan is necessary to reduce or to eliminate blight.
D. The Redevelopment Plan would redevelop the Project Area in conformity with the Act
and is in the best interests of the public peace, health, safety, and welfare of the area
and the community.
E. The adoption and carrying out of the Redevelopment Plan is economically sound and
feasible.
F. The Redevelopment Plan conforms to the master plan or general plan of Salt Lake City.
G. The carrying out of the Redevelopment Plan will promote the public peace, health,
safety, and welfare of the community.
H. The acquisition of real property by the power of eminent domain or condemnation is
provided for in the Plan and is needed to execute the Plan and adequate provisions have
been made for payment for property to be acquired as provided by law.
I. The Redevelopment Agency of Salt Lake City has a feasible method or plan for the
relocation of families and persons displaced from the Project Area, if the
Redevelopment Plan may result in the temporary or permanent displacement of any
occupants in the Project Area.
J. There are or are being provided in the Project Area or in other areas not generally less
desirable in regard to public utilities and public and commercial facilities, and at rents
or prices within the financial means of the families and persons displaced from the
Project Area, decent, safe, and sanitary dwellings equal in number and available to
such displaced families and persons and reasonably accessible to their places of
employment.
Section 7. Housing Facilities. In the event that there are displaced families or persons, the
City Council is satisfied that permanent housing facilities will be available within three years
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from the time occupants of the Project Area are displaced, and that pending the development of
these housing facilities, there will be available to the displaced occupants adequate temporary
housing facilities at rents comparable to those in the community at the time of their
displacements.
Section 8. Tax Increment Financing.
A. This Ordinance adopting the Redevelopment Plan specifically incorporates the
provisions of tax increment financing permitted by Section 17A-2-1247.5 of the Act set forth
as follows:
"(4)(a) An agency may collect tax increment from all or part of a project area. The tax
increment shall be paid to the agency in the same manner and at the same time as
payments of taxes to other taxing agencies to pay the principal of and interest on loans,
moneys advanced to, or indebtedness, whether funded, refunded, assumed, or
otherwise, to finance or refinance, in whole or in part, the redevelopment or economic
development project and the housing projects and programs under Section 17A-2-1263
and 17A-2-1264."
B. The Redevelopment Agency has elected the tax increment alternative of 75 % of annual
tax increment for a period not to exceed 24 years authorized by Section 17A-2-1247.5(3)(a)(ii)
of the Act.
C. The Redevelopment Agency has also elected to allocate 20% of the Project Area Budget
for housing authorized by Section 17A-2-1264 of the Act.
D. The Redevelopment Plan incorporates the provisions of Section 1247.5(5)(a) of the Act
whereby the Agency shall not be entitled to "that the portion of taxes, if any, due to an
increase in the tax rate by a taxing agency after the date of the Project Area Budget is
approved." Since approval of the inclusion of the increase in the tax rate is not obtained, the
portion of the taxes attributable to the increase in the rate shall be distributed by the county to
the taxing agency imposing the tax rate increase in the same manner as other property taxes.
E. The Redevelopment Plan specifically incorporates the provisions of Section 1247.5(5)
of the Act as follows:
"(5)(b) The amount of the tax rate to be used in determining tax increment shall be
increased or decreased by the amount of an increase or decrease as a result of:
(i) a statute enacted by the Legislature, a judicial decision, or an order from the
State Tax Commission to a county to adjust or factor its assessment rate
pursuant to Subsection 59-704(2), Utah Code Annotated 1953, as amended;
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(ii) a change in exemption provided in the Utah Constitution, Article XIII,
Section 2, or Section 59-2-103;
(iii) any increase or decrease in the percentage of fair market value, as defined
under Section 59-2-102, Utah Code Annotated 1953, as amended; or
(iv) a decrease in the certified tax rate under Subsection 59-2-924(2)(c) or
(2)(d)(i), the amount of money allocated to, and when collected paid to the
Agency each year for payment of bonds or other indebtedness may not be less
than would have been allocated to and when collected paid to the Agency each
year if there had been no increase or decrease.
(c) (i) Notwithstanding the increase or decrease resulting from Subsection
1247.5(5)(b) of the Act, the amount of money allocated to, and when collected
paid to the Agency each year for payment of bonds or other indebtedness may
not be less than would have been allocated to and when collected paid to the
agency each year if there had been no increase or decrease under Subsection
(5)(b).
(ii) For a decrease resulting from Subsection (5)(b)(iv), the taxable value for the
base year under Subsection 17A-2-1247(2)(a) or 17A-2-1202(2), as the case may
be, shall be reduced for any year to the extent necessary, including below zero,
to provide an agency with approximately the same amount of money the agency
would have received without a reduction in the county's certified tax rate if:
(A) in that year there is a decrease in the certified tax rate under
Subsection 59-2-924(2)(c) or (2)(d)(i);
(B) the amount of the decrease is more than 20% of the county's
certified tax rate of the previous year; and
(iii) the decrease results in a reduction of the amount to be paid to the agency
under Section 17A-2-1247 or 17A-2-1247.5.
Section 9. Housing Element. The Project Area Budget for the Redevelopment Plan anticipates
that the Redevelopment Agency shall receive $125,000,000 as the total amount of tax
increment payable to the Redevelopment Agency over the life of the Redevelopment Plan and
20% of that amount is $25,000,000, which amount if the entire $125,000,000 is paid to the
Agency or 20 % of whichever amount is paid to the Agency shall be used for uses as provided
in Section 17A-2-1264(3)(a) or (b) of the Act.
Section II. This Ordinance shall take effect upon its first publication or posting.
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1998.
PASSED by the City Council of the City of Salt Lake City, this 15th day of October,
T:
Chief Deputy Recorder
Bryce Jo11 , Chairperson
Transmitted to the Mayor on October
hief Deputy Recorder
BILL NO, 76 Or /9Y8
Approved to Form:
, 199., ayor's action
Approve
ayor Deedee Corridini
)4./B2/5/p 1) OCTOBEifs .24 / 99g-
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Vetoed