Proposed Resolution - 12/15/20211
RESOLUTION NO. ____ OF 2022
(Amending Resolution No. 31 of 2021 that Authorized a Utah State Infrastructure Bank Loan for
a Neighborhood Parking Structure Located between 400 West and 500 West and 600 South and
700 South)
WHEREAS, Utah Code section 72-2-202 created a revolving fund called the Utah State
Infrastructure Bank Fund (the “SIB Fund”) and authorized the Utah Department of Transportation
(UDOT) to use moneys in the SIB Fund to make infrastructure loans to cities for transportation
projects, including the construction or improvement of parking facilities; and
WHEREAS, Salt Lake City, Utah (the “City) applied for a $7,000,000 infrastructure loan
to finance a portion of the cost of a neighborhood parking structure, a 926-stall garage, located
between 400 West and 500 West and 600 South and 700 South in Salt Lake City, Utah (the
“Project”) and on November 19, 2021, the State Transportation Commission approved that
$7,000,000 loan (the “SIB Loan”) to the City for the Project; and
WHEREAS, in Resolution No. 31 of 2021 the City Council of Salt Lake City, Utah (the
“City Council”), authorized the City to accept the SIB Loan and approved of the City entering into
a loan agreement (the “Loan Agreement”) with UDOT with respect to the SIB Loan; and
WHEREAS, on December 6, 2021, the City and UDOT entered into the Loan Agreement;
and
WHEREAS, in the Loan Agreement the City pledged to the repayment of the SIB Loan
the funds allocated to it by H.B. 244 (2021), consisting of (1) a one-time distribution to the City
of $1,100,000 for fiscal year 2020-2021 and (2) an annual distribution to the City of $1,100,000
for the next 15 years, beginning on or after July 1, 2021; and
WHEREAS, Utah Code section 72-2-204 requires that the City also pledge to the
repayment of the SIB Loan a revenue course controlled by the City, and in Resolution No. 31 of
2021 a recital said that the City was also pledging its sales tax revenue; and
WHEREAS, the City has determined that it is better that the City pledge its Innkeepers Tax
as a revenue source to repay the SIB loan rather than its sales tax revenue, and UDOT agreed in
the Loan Agreement to the City pledging its Municipal Transient Room Tax under Utah Code Title
59, Chapter 12, Part 3A (the “Innkeepers Tax”) rather than its sales tax revenue as a revenue source
to repay the SIB loan; and
WHEREAS, the City Council desires to amend Resolution No. 31 of 2021 to state and
clarify that the City is pledging its Innkeepers Tax rather than its sales tax revenue as a revenue
source to repay the SIB loan;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, as
follows:
2
Section 1. Resolution No. 31 of 2021 is hereby amended to delete any pledge of sales tax
revenue as a revenue source to repay the SIB loan and instead to pledge the City’s Innkeepers Tax
as a revenue source to repay the SIB loan.
Section 2. This Resolution shall take effect immediately upon its adoption.
Passed by the City Council of Salt Lake City, Utah on__________, 2022.
SALT LAKE CITY COUNCIL
By _______________________________
Chairperson
ATTEST:
______________________________
City Recorder
Salt Lake City Attorney’s Office
Approved As To Form
___________________________
Boyd Ferguson
Signature:
Email:Garrett.Danielson@slcgov.com