022 of 2018 - Interlocal Cooperation Agreement with the RDA for Stadler Rail Community Reinvestment Area Plan R 18-1
T 18-2
RESOLUTION 22 OF 2018
Authorizing approval of an Interlocal Cooperation Agreement between Salt Lake City Corporation
and the Redevelopment Agency of Salt Lake City Authorizing Use of a Portion of Tax Increment
to Support the Implementation of the Stadler Rail Community Reinvestment Area Plan
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City (the
"RDA") has approved the Stadler Rail Community Reinvestment Area ("Project Area") to
facilitate the capture of tax increment within the boundaries of the Project Area which is further
depicted in Exhibit A.
WHEREAS, tax increment will be utilized to carry out community reinvestment activity
that will catalyze private development within the Project Area.
WHEREAS, tax increment funds and private development will generate economic growth
and create employment opportunities.
WHEREAS, Salt Lake City Corporation (the "City") desires to approve the use of its tax
increment from the Project Area to support the community revitalization activities in accordance
with the Act.
WHEREAS, the City desires to execute an interlocal agreement with the RDA in which
the City will consent to the RDA being paid its share of the tax increment from the Project Area.
THEREFORE,BE IT RESOLVED,by the City Council of Salt Lake City,Utah as follows:
1. It does hereby approve the execution and delivery of the following:
AN INTERLOCAL COOPERATION AGREEMENT BETWEEN SALT LAKE CITY
CORPORATION AND THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
[STADLER RAIL PROJECT AREA TAX INCREMENT],EFFECTIVE ON THE DATE
IT IS SIGNED BY ALL PARTIES.
2. Jacqueline M. Biskupski, Mayor of Salt Lake City, Utah or her designee is hereby
authorized to approve, execute, and deliver said agreement on behalf of Salt Lake City
Corporation, in substantially the same form as now before the City Council and attached
hereto as Exhibit B, subject to such minor changes that do not materially affect the rights
and obligations of the City thereunder and as shall be approved by the Mayor,her execution
thereof to constitute conclusive evidence of such approval.
1
PASSED by the City Council of Salt Lake City this 1 St day of May , 2018.
SALT LAKE CITY COUNCIL
Erin Mendenhall, Chairwoman
T S :
TY RECO ER 1*-..�ti �1j, 44
� v G •
co
APPROVED AS TO FORM: ` * ,• ; . s , .
Salt Lake City Attorney's Office �#,no
vY
hAORATE$tip;
rr- vy4r� yaa+a+��
Katherine N. Lewis
Date: �.-1(g
HB ATTY-#68708-v1-City_Resolution_(Stadler Rail_CRA_Interlocal).docx
2
EXHIBIT A
[Attach Depiction of Project Area]
3
Stadler Rail CRA: Project Area Map and Boundary Description
A parcel of land located in Lots 1, 2 and 3 of Section 2, Township 1 South, Range 2 West, Salt Lake Base
and Meridian, Salt Lake County, Utah, described as follows:
BEGINNING at a point on the west line of 5600 West Street, said point being North 89°49'53" West
191.96 feet along the south line of the South Half of the Northeast Quarter of Section 2, Township 1
South, Range 2 West, Salt Lake Base and Meridian and North 00°02'27" West 1,418.02 feet from the
East Quarter Corner of said Section 2, and thence North 89°50'27" West 2,328.76 feet; thence North
00°O1'23" West 981.50 feet; thence North 82°53'00" West 747.21 feet; thence South 89°57'48" West
706.21 feet to the west line of Lot 3 of said Section 2; thence along said line North 00°00'19" East
103.50 feet; to the south line of the Salt Lake Garfield and Western Railway right-of-way; thence along
said line the following seven courses: 1) North 89°57'48" East 1,320.19 feet to the west line of the East
Half of said Section 2, 2) North 89°57'19" East 1,377.43 feet to a point on the arc of a 1,115.92 foot
non-tangent curve to the right, 3) Easterly 38.28 feet along the arc of said curve through a central angle of
01°57'56" and a long chord of South 74°32'35" East 38.28 feet, 4) South 71°53'17" East 98.68 feet, 5)
South 71°03'37" East 150.67 feet, 6) South 71°23'40" East 100.52 feet to a point on the arc of a
2,894.79 foot non-tangent curve to the left and 7) Easterly 670.18 feet along the arc of said curve
through a central angle of 13°15'53" and a long chord of South 78°41'34" East 668.69 feet to the west
line of the 5600 West Street right-of-way; thence along said line the following three courses: 1) South
00°14'08" East 499.01 feet, 2) South 09°33'56" East 203.34 feet and 3) South 04°41'58" East 233.81
feet to the POINT OF BEGINNING. Said parcel contains 2,733,413 square feet or 62.75 acres, more or
less.
*�.* is 0016,.
. :- � !r
INTERSTATE 8. -
�...� '~
. . .
•
•
• •t x ` 300 SOUT
I ty 't
Project Area Boundary
EXHIBIT B
[Attach Form Interlocal Agreement]
S
4
INTERLOCAL COOPERATION AGREEMENT
[Stadler Rail Project Area Tax Increment]
THIS INTERLOCAL COOPERATION AGREEMENT("Agreement")is executed as of
, 2018 ("Effective Date"), by and between the Redevelopment Agency of Salt Lake
City,a public entity("Agency"),and Salt Lake City Corporation,a Utah municipal corporation(the
"City") (collectively, the "Parties").
RECITALS
A. The Agency and City commenced the process under Utah Code 17C to create the Stadler
Rail Project Area(the"Project Area"),which includes a community reinvestment project area plan
for the Project Area, a copy of which is attached hereto as Exhibit A (the "Project Area Plan,"
which includes the legal description and a map of the Project Area).
B. Under the Project Area Plan, the Agency desires to support the development of the
Project Area as set forth in the Project Area Plan.
C. The City has determined that it is in its best interests to provide certain financial
assistance through the use of Tax Increment (as defined below) to Agency for development as set
forth in the Project Area Plan.
D. The Agency anticipates using tax increment(as defined in Utah Code § 17C-1-102(60)
("Tax Increment")created by development activities in the Project Area to assist in development as
set forth in the Project Area Plan.
E. Utah Code § 17C-5-204 authorizes the City to consent to the payment to the Agency of a
portion of its share of Tax Increment generated from the Project Area for the purposes set forth in the
Project Area Plan.
NOW, THEREFORE, for good and valuable consideration, the Parties agree as follows:
1. City's Consent. Pursuant to Utah Code § 17C-5-204, the City hereby agrees and
consents that the Agency shall be entitled to retain ninety percent(90%) of the City's portion of the
Tax Increment from the Project Area for twenty (20) years from the Effective Date of this
Agreement. The calculation of annual Tax Increment shall be made using (a) Salt Lake County's
then current tax levy rate for the City, and (b) the 2017 base year taxable value of$
, which taxable value is subject to adjustment as required by law.
2. Budget. Pursuant to Utah Code § 17C-5-204(6)(c), a copy of the Project Area budget is
attached hereto as Exhibit B.
1
3. Interlocal Cooperation Act. In satisfaction of the requirements of Utah Code § 11-13,
et seq. (the"Interlocal Cooperation Act") in connection with this Agreement,the Parties agree as
follows:
a. This Agreement shall be authorized and adopted by resolution of the legislative body
of each Party pursuant to and in accordance with the provisions of Section 11-13-202.5 of the
Interlocal Cooperation Act.
b. This Agreement shall be reviewed as to proper form and compliance with applicable
law by a duly authorized attorney on behalf of each Party pursuant to and in accordance with the
Section 11-13-202.5(3) of the Interlocal Cooperation Act.
c. Except as otherwise specifically provided herein, each Party shall be responsible for
its own costs of any action taken pursuant to this Agreement, and for any financing of such costs.
d. A duly executed original counterpart of this Agreement shall be filed immediately
with the keeper of records of each Party pursuant to Section 11-13-209 of the Interlocal Cooperation
Act.
e. No separate legal entity is created by the terms of this Agreement. The Executive
Director of the Agency is hereby designated the administrator for all purposes of the Interlocal
Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f. Following the execution of this Agreement by each of the Parties, each Party shall
cause a notice regarding this Agreement to be published in accordance with Section 11-13-219 of the
Interlocal Cooperation Act.
g. No real or personal property shall be acquired jointly by the Parties as a result of this
Agreement. To the extent a Party acquires,holds,or disposes of any real or personal property for use
in the joint or cooperative undertaking contemplated by this Agreement,such Party shall do so in the
same manner that it deals with other property of such Party.
h. No separate legal entity is created by the terms of this Agreement.
4. Modification and Amendment. Any modification of or amendment to any provision
of this Agreement shall be effective only if the modification or amendment is in writing and signed
by each of the Parties. Any oral representation or modification concerning this Agreement shall be
of no force or effect.
5. Further Assurance. Each of the Parties hereto agrees to cooperate in good faith with
the other, to execute and deliver such further documents,to adopt any resolutions,to take any other
official action, and to perform such other acts as may be reasonably necessary or appropriate to
consummate and carry into effect the transactions contemplated under this Agreement.
2
6. Governing Law. This Agreement shall be governed by, and construed and
interpreted in accordance with, the laws of the State of Utah.
7. Authorization. Each of the Parties hereto represents and warrants to the other that
the warranting Party has taken all steps, including the publication of public notice where necessary,
in order to authorize the execution,delivery,and performance of this Agreement by each such Party.
Executed to be effective as of the Effective Date.
REDEVELOPMENT AGENCY OF SALT LAKE
CITY
Jacqueline M. Biskupski, Executive Director
Approved as to form:
Salt Lake City Attorney's Office
Katherine N. Lewis
SALT LAKE CITY CORPORATION
Mayor Jacqueline M. Biskupski
ATTEST AND COUNTERSIGN:
City Recorder
Approved as to form:
Salt Lake City Attorney's Office
E. Russell Vetter
3
EXHIBIT A
[Attach Project Area Plan]
4
EXHIBIT B
[Attach Project Area Budget]
5