R-016-2019 - Authorizing the Issuance and sale of not more than $46,000,000 aggregate principal amount of its tax R 19-2
RESOLUTION NO. R-16-2019
Salt Lake City, Utah
October 8, 2019
The Board of Directors (the `Board") of the Redevelopment Agency of Salt Lake
City, Utah (the "Agency"), met in public session at the regular meeting place of the
Board in Salt Lake City, Utah, on October 8, 2019, at the hour of 2:00 p.m., with the
following members of the Board being present:
Amy Fowler Chair
Christopher Wharton Vice-Chair
Andrew Johnston Director
Charlie Luke Director
Erin Mendenhall Director
James Rogers Director
Analia Valdemoros Director
Also present:
David Litvack Deputy Chief of Staff
Daniel Walz Chief Operating Officer
Jill Wilkerson-Smith Deputy Chief Operating Officer
Absent:
Jacqueline M. Biskupski Executive Director
After the meeting had been duly called to order and after other matters not
pertinent to this Resolution had been discussed, the following Resolution was introduced
in written form along with a Certificate of Compliance with Open Meeting Law with
respect to this October 8, 2019, meeting, a copy of which is attached hereto as Exhibit A.
The following resolution was then introduced in writing, was fully discussed, and
pursuant to motion duly made by Director Mendenhall and seconded by Director Rogers,
was adopted by the following vote:
AYE: Amy Fowler
Christopher Wharton
Andrew Johnston
Charlie Luke
Erin Mendenhall
James Rogers
Analia Valdemoros'
NAY: None
The Resolution was then signed by the Chair and recorded in the official records
of the Agency. The Resolution is as follows:
4846-7200-9376,v.2
R 19-2
RESOLUTION NO. R-16-2019
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, UTAH,
AUTHORIZING THE ISSUANCE AND SALE OF NOT MORE THAN
$46,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS TAX
INCREMENT REVENUE REFUNDING BONDS, IN ONE OR MORE
SERIES AND WITH SUCH ADDITIONAL OR ALTERNATE
DESIGNATIONS AS MAY BE DETERMINED; FIXING THE
MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF THE BONDS,
THE MAXIMUM NUMBER OF YEARS OVER WHICH THE BONDS
MAY MATURE, THE MAXIMUM INTEREST RATE WHICH THE
BONDS MAY BEAR, AND THE MAXIMUM DISCOUNT FROM PAR
AT WHICH THE BONDS MAY BE SOLD; DELEGATING TO
CERTAIN OFFICERS OF THE AGENCY THE AUTHORITY TO
APPROVE THE FINAL TERMS AND PROVISIONS OF THE BONDS
WITHIN THE PARAMETERS SET FORTH HEREIN; PROVIDING
FOR THE PUBLICATION OF A NOTICE OF BONDS TO BE ISSUED;
AUTHORIZING AND APPROVING THE EXECUTION OF A
SUPPLEMENTAL INDENTURE, A BOND PURCHASE
AGREEMENT, AN ESCROW AGREEMENT, A PRELIMINARY
OFFICIAL STATEMENT, AN OFFICIAL STATEMENT, AN ANNUAL
CONTRIBUTION AGREEMENT, AND OTHER DOCUMENTS
REQUIRED IN CONNECTION THEREWITH; PROVIDING FOR THE
RUNNING OF A CONTEST PERIOD; AND RELATED MATTERS.
WHEREAS, the Redevelopment Agency of Salt Lake City, Utah (the "Agency"),
is a redevelopment agency (a public body, corporate and politic) duly created, established
and authorized to transact business and exercise its powers, all under and pursuant to the
Limited Purpose Local Government Entities—Community Reinvestment Agency Act,
Title 17C, Utah Code Annotated 1953, as amended (the "Redevelopment Act'); and
WHEREAS, redevelopment plans for the project areas known and designated as
(i) the Central Business District Redevelopment Project Area (the "CBD Project Area")
and (ii) the Block 70 Community Development Project Area (the "CDA Project Area"
and collectively with the CBD Project Area, the "Project Areas") have heretofore been
adopted and approved and all requirements of law for, and precedent to, the adoption and
approval of said plans have been duly complied with; and
WHEREAS, the Agency has previously issued its Taxable Tax Increment
Revenue Bonds (Performing Arts Center Project), Series 2013 (the "Series 2013 Bonds")
to finance the design, construction, acquisition, and related costs (including capitalized
interest and start-up costs) of a performing arts center located within the Project Areas (the
"Project") pursuant to a General Indenture of Trust, dated as of October 1, 2013, as
heretofore supplemented and amended (the "General Indenture") between the Agency
and U.S. Bank National Association (the"Trustee"); and
4846-7200-9376,v.2 2
WHEREAS, pursuant to the Redevelopment Act and the Utah Refunding Bond
Act, Title 11, Chapter 27 (the "Refunding Bond Act"), the Agency has determined that it
would be in furtherance of its public purposes to issue not more than $46,000,000
aggregate principal amount of Tax Increment Revenue Refunding Bonds (the "Bonds")
(to be issued in one or more series and with such additional or alternate designations as
appropriate officers of the Agency may determine) to provide funds to (i) refund all or a
portion of the Series 2013 Bonds (the "Refunded Bonds") in order to achieve a debt
service savings, (ii) fund any required deposit to a debt service reserve fund, and (iii) pay
issuance expenses to be incurred in connection with the issuance and sale of the Bonds;
and
WHEREAS, the Bonds are to be issued pursuant to the General Indenture and a
Supplemental Indenture (collectively, the "Indenture"), to be entered into by and between
the Agency and the Trustee, in substantially the form attached hereto as Exhibit B; and
WHEREAS, pursuant to the Indenture the Bonds will be secured by the tax
increment revenues allocated to the Agency under the Redevelopment Act from the
Project Areas and pledged to the payment of the Series 2013 Bonds (collectively, the
"Tax Increment Revenues"); and
WHEREAS, it is expected that the Tax Increment Revenues will be fully
sufficient to pay the Bonds, however, in order to enhance the marketability of the Bonds
and thereby achieve a lower cost of funds, the City Council of Salt Lake City, Utah (the
"City") has determined it to be advisable and in the best proprietary and business interests
of the City and its inhabitants to assist the Agency with the refinancing of the Project (as
contemplated in Section 17C-1-207 of the Redevelopment Act) and has approved or is
expected to approve the execution and delivery of an Annual Contribution Agreement
(the "Contribution Agreement") in substantially the form attached hereto as Exhibit C, by
and between the City and the Agency (similar to that executed in connection with the
issuance of the Series 2013 Bonds) whereby the City will agree to consider annual
appropriations to assist the Agency in having sufficient resources to repay the Bonds to
the extent Tax Increment Revenues are insufficient therefore (the "Annual Contribution
Revenues"); and
WHEREAS, pursuant to the Indenture, the Agency has pledged the Tax
Increment Revenues and Annual Contribution Revenues to the payment of the Series
2013 Bonds and will include the Bonds as Additional Bonds thereunder entitled to the
same pledge; and
WHEREAS, there has been presented to the Board at this meeting a form of a
bond purchase agreement (the "Bond Purchase Agreement") to be entered into between
the Agency and RBC Capital Markets, LLC (the "Underwriter), in substantially the form
attached hereto as Exhibit D and an Escrow Agreement to be entered into between the
Agency and the Trustee as escrow agent (the "Escrow Agreement") in substantially the
form attached hereto as Exhibit F; and
4846-7200-9376,v. 2 3
WHEREAS, the Refunding Bond Act provides for the publication of a Notice of
Bonds to be Issued thereby initiating the running of a contest period, and the Agency
desires to publish such notice at this time in compliance with the Refunding Bond Act
with respect to the Bonds; and
WHEREAS, the Agency desires to authorize the use and distribution of a
Preliminary Official Statement (the "Preliminary Official Statement"), and to approve a
final Official Statement (the "Official Statement") in substantially the form of the
Preliminary Official Statement attached hereto as Exhibit E, and other documents relating
thereto; and
WHEREAS, to allow the Agency flexibility in setting the pricing date of the
Bonds, the Board desires to grant to (i) the Executive Director (or her designee), and (ii)
the Chairperson or Vice Chairperson of the Board or, in the absence of the Chairperson
and Vice Chairperson, any other member of the Board (collectively, the "Designated
Officers"), the authority to approve the final interest rates, principal amounts, terms,
maturities, redemption provisions, and purchase price at which the Bonds shall be sold,
and to make any changes with respect thereto from those terms which were before the
Board at the time of adoption of this Resolution, provided such terms do not exceed the
parameters set forth for such terms in this Resolution (the "Parameters").
NOW, THEREFORE, it is hereby resolved by the Board of Directors of the
Redevelopment Agency of Salt Lake City, Utah, as follows:
Section 1. All terms defined in the foregoing recitals hereto shall have the
same meanings when used herein.
Section 2. All action heretofore taken (not inconsistent with the provisions of
this Resolution) by the Agency and by the officers of the Agency directed toward the
issuance of the Bonds and the refunding of the Refunded Bonds, are hereby ratified,
approved and confirmed.
Section 3. For the purpose of(a) refunding the Refunded Bonds, (b) funding
any required deposit to a debt service reserve fund, and(c) paying costs of issuance of the
Bonds,the Agency hereby authorizes the issuance of the Bonds which shall be designated
"Redevelopment Agency of Salt Lake City, Utah Tax Increment Revenue Refunding
Bonds" (to be issued from time to time as one or more series and with such other series or
title designation as may be determined by the Agency) in the initial aggregate principal
amount of not to exceed Forty-Six Million Dollars ($46,000,000). The Bonds shall
mature in not more than twelve (12) years from their date or dates, shall be sold at a price
not less than Ninety Eight percent (98%) of the total principal amount thereof, shall bear
interest at a rate or rates of not to exceed five percent(5.0%)per annum, and be subject to
redemption or be non-callable as shall be approved by the Designated Officers, all within
the Parameters set forth herein.
Section 4. The determination of the final interest rate or rates, the principal
amounts, redemption provisions and maturity dates for the Bonds by the Designated
4846-7200-9376,v.2 4
Officers shall be evidenced by the execution of a Terms Certificate specifying such
terms.
Section 5. The Indenture, the Bond Purchase Agreement, the Escrow
Agreement, and the Contribution Agreement, in substantially the forms presented to this
meeting and attached hereto as Exhibits, are hereby authorized, approved, and confirmed.
The Executive Director of the Agency and the City Recorder of the City are hereby
authorized to execute and deliver the Indenture, the Bond Purchase Agreement, the
Escrow Agreement, and the Contribution Agreement in substantially the forms and with
substantially the content as the forms presented at this meeting for and on behalf of the
Agency, with final terms as may be established by the Designated Officers, within the
Parameters set forth herein, and with such alterations, changes or additions as may be
necessary or as may be authorized by Section 7 hereof. The Designated Officers are each
hereby authorized to specify and agree as to the final principal amounts, terms, discounts,
maturities, interest rates, redemption provision (if any) and purchase price with respect to
the Bonds for and on behalf of the Agency, provided that such terms are within the
Parameters set by this Resolution. In addition, the Designated Officers may determine
whether any of the Bonds shall be issued on a federally tax-exempt basis.
Section 6. The Agency hereby authorizes the utilization of the Preliminary
Official Statement, in the form attached hereto as Exhibit E, in the marketing of the
Bonds and hereby approves the Official Statement in substantially the same form as the
Preliminary Official Statement, with the additional information established at the time of
marketing the Bonds. The Executive Director is hereby authorized to execute the Official
Statement evidencing its approval by the Agency.
Section 7. The appropriate officials of the Agency are authorized to make any
alterations, changes or additions to the Indenture, the Bonds, the Bond Purchase
Agreement, the Contribution Agreement, the Escrow Agreement, the Preliminary Official
Statement, the Official Statement, or any other document herein authorized and approved
which may be necessary to conform the same to the final terms of the Bonds (within the
Parameters set by this Resolution), to correct errors or omissions therein, to complete the
same, to remove ambiguities therefrom, or to conform the same to other provisions of
said instruments, to the provisions of this Resolution or any resolution adopted by the
Board or the provisions of the laws of the State of Utah or the United States.
Section 8. The form, terms, and provisions of the Bonds and the provisions
for the signatures, authentication, payment, registration, transfer, exchange, redemption,
and number shall be as set forth in the Indenture. The Executive Director of the Agency
and the City Recorder of the City are hereby authorized and directed to execute and seal
the Bonds and to deliver said Bonds to the Trustee for authentication. The signatures of
the Executive Director and City Recorder may be by facsimile or manual execution.
Section 9. The appropriate officials of the Agency are hereby authorized and
directed to execute and deliver to the Trustee the written order of the Agency for
authentication and delivery of the Bonds in accordance with the provisions of the
Indenture.
4846-7200-9376,v.2 5
Section 10. Upon their issuance, the Bonds will constitute special limited
obligations of the Agency payable solely from and to the extent of the sources set forth in
the Bonds and the Indenture. No provision of this Resolution, the Indenture, the
Contribution Agreement, the Bond Purchase Agreement, the Bonds, or any other
instrument, shall be construed as creating a general obligation of the Agency, or of
creating a general obligation of the State of Utah (the "State"), the City or any other
political subdivision of the State, or as incurring or creating a charge upon the general
credit of the State or the City or any other political subdivision of the State, or their
taxing powers.
Section 11. The appropriate officials of the Agency, and each of them, are
hereby authorized and directed to execute and deliver for and on behalf of the Agency
any or all additional certificates, documents and other papers and to perform all other acts
they may deem necessary or appropriate in order to implement and carry out the matters
authorized in this Resolution and the documents authorized and approved herein.
Section 12. After the Bonds are delivered by the Trustee to the Underwriter
and upon receipt of payment therefor, this Resolution shall be and remain irrepealable
until the principal of, premium, if any, and interest on the Bonds are deemed to have been
duly discharged in accordance with the terms and provisions of the Indenture.
Section 13. In accordance with the provisions of the Refunding Bond Act, the
Agency shall cause the following "Notice of Bonds to be Issued" to be (i) published one
(1) time in The Salt Lake Tribune and the Deseret News, newspapers of general
circulation in Salt Lake City, Utah, (ii) published on the Utah Public Notice Website
created under Section 63F-1-701 Utah Code Annotated 1953, as amended, and (iii)
posted on the Utah Legal Notices website (www.utahlegals.com) created under Section
45-1-101, Utah Code Annotated 1953, as amended, and shall cause a copy of this
Resolution (together with all exhibits hereto) to be kept on file in the office of the
Agency, for public examination during the regular business hours of the Agency until at
least thirty (30) days from and after the date of publication thereof. The "Notice of
Bonds to be Issued" shall be in substantially the following form:
4846-720M376,v.2 6
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Limited Purpose
Local Government Entities—Community Reinvestment Agency Act, Title 17C, Utah
Code Annotated 1953, as amended and the Utah Refunding Bond Act, Title 11, Chapter
27, Utah Code Annotated 1953, as amended, that on October 8, 2019, the Board of
Directors (the "Board") of the Redevelopment Agency of Salt Lake City, Utah (the
"Agency") adopted a resolution (the "Resolution") authorizing the issuance of the
Agency's Tax Increment Revenue Refunding Bonds (the "Bonds") (to be issued in one or
more series and with such additional or alternate designations as may be determined) in
the aggregate principal amount of not to exceed Forty-Six Million Dollars ($46,000,000),
to bear interest at a rate of not to exceed five percent (5.0%) per annum, to mature in not
more than twelve (12) years from their date or dates, and to be sold at a price not less
than Ninety Eight percent (98.0%) of the par amount of the Bonds. The Resolution
delegates to certain officers of the Agency the authority to approve the final terms of the
Bonds within the parameters set forth above.
The Bonds are to be issued pursuant to the Resolution, and a General Indenture of
Trust previously entered into and a Supplemental Indenture (collectively, the
"Indenture") for the purpose of(i) refunding all or a portion of the Agency's outstanding
bonds issued to finance the costs of a performing arts center located in downtown Salt Lake
City, (ii) funding any required deposit to a debt service reserve fund; and (iii) paying
expenses to be incurred in connection with the issuance and sale of the Bonds.
The Bonds shall be payable from tax increment revenues (the "Tax Increment
Revenues") from the Agency's Central Business District Redevelopment Project Area
and the Block 70 Community Development Project Area as provided in the Indenture.
It is anticipated that the Tax Increment Revenues will be fully sufficient to pay the
Bonds. However, in order to enhance the marketability of the Bonds and thereby achieve
a lower cost of funding, in connection with the issuance of the Bonds, the Resolution also
authorizes an Annual Contribution Agreement (the "Annual Contribution Agreement")
under which Salt Lake City, Utah is expected to agree to annually consider an
appropriation to the Agency in the event that Tax Increment Revenues are insufficient to
pay principal and interest on the Bonds in any year. The Annual Contribution Agreement
does not obligate the City to make any such appropriation.
The Bonds are to be issued and sold by the Agency pursuant to the Resolution,
including as part of said Resolution, a form of the Indenture which was before the Board
at the time of the adoption of the Resolution. The Bonds shall constitute special limited
obligations of the Agency, secured by the sources identified above and in the Indenture.
A copy of the Resolution and the Indenture and the Annual Contribution
Agreement are on file in the office of the Agency, at 451 South State Street, Room 418,
Salt Lake City, Utah, where they may be examined during regular business hours of the
Agency from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after
the date of publication of this notice.
4846-7200-9376,v.2 7
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after
the date of the publication of this notice is provided by law during which any person in
interest shall have the right to contest the legality of the Resolution, the Indenture (but
only as it relates to the Bonds), or the Bonds, or any provision made for the security and
payment of the Bonds, and that after such time, no one shall have any cause of action to
contest the regularity, formality or legality thereof for any cause whatsoever.
DATED this October 8, 2019.
REDEVELOPMENT AGENCY OF SALT
LAKE CITY, UTAH
4846-7200-9376,v.2 8
Section 14. The appropriate officers of the Agency are authorized to take all
action necessary or reasonably required by the parties to carry out, give effect to and
consummate the transactions as contemplated hereby and are authorized to take all action
necessary in conformity with the Refunding Bond Act to accomplish the refunding of the
Refunded Bonds, as herein described.
Section 15. If any provisions of this Resolution should be held invalid, the
invalidity of such provisions shall not affect the validity of any of the other provisions of
this Resolution.
Section 16. All resolutions of the Agency or parts thereof inconsistent
herewith, are hereby repealed to the extent only of such inconsistency. This repealer
shall not be construed as reviving any bylaw, order, resolution or ordinance or part
thereof.
Section 17. Any action to be taken by the Executive Director or City Recorder
may be taken by their respective duly authorized deputy or acting officer.
Section 18. This Resolution shall become effective immediately upon its
adoption.
4846-7200-9376, v. 2 9
APPROVED AND ADOPTED this October 8, 2019.
,i••�"''••• REDEVELOPMENT AGEN Y OF SALT
�06 0'VMENTgC% LAKE CITY, UTAH
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City Recorder
Transmitted to the Executive Director on 10-9-2019 The Executive Director:
t/'-does not request reconsideration
requests reconsideration at the next regular Agency meeting
E cecutive Director
APPROVED AS TO FORM:
4846-7200-9376,v.2 10
(Other business not pertinent to the foregoing appears in the minutes of the
meeting.)
Upon the conclusion of all business on the Agenda, the meeting was adjourned.
(SEAL) 'rrrfOpMENr
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ATTEST: =qI tT LAKE s r r
By:
City Recorder
4846-7200-9376,v. 2 1 1
STATE OF UTAH )
ss.
COUNTY OF SALT LAKE )
I, Cindi Mansell, the duly appointed and qualified Salt Lake City Recorder do
hereby certify on behalf of the Redevelopment Agency of Salt Lake City("Agency"):
(a) The foregoing pages are a true, correct and complete copy of a
resolution duly adopted by the Board of Directors of the Agency had and taken at
a lawful meeting of said Agency held at the regular meeting place of said Board
in Salt Lake City, Utah on October 8, 2019 (the"Resolution"), commencing at the
hour of 2:00 p.m., as recorded in the regular official book of the proceedings of
the Agency kept in my office, and said proceedings were duly had and taken as
therein shown, and the meeting therein shown was duly held, and the persons
therein were present at said meeting as therein shown.
(b) All members of said Board of Directors of said Agency were duly
notified of said meeting, pursuant to law.
(c) The Resolution, with all exhibits attached, was deposited in my
office on October 8, 2019, and that pursuant to the Resolution, a Notice of Bonds
To Be Issued will be published:
(i) in The Salt Lake Tribune and the Deseret News, newspapers
having general circulation within the geographic jurisdiction of the
Agency, with the affidavit of said publication, when available, attached
hereto; and
(ii) on the Utah Public Notice Website created under Section
63F-1-701, Utah Code Annotated 1953, as amended; and
(iii) on the Utah Legal Notices website (www.utahlegals.com)
created under Section 45-1-101, Utah Code Annotated 1953, as amended.
IN WITNESS WHEREOF, I have hereunto subscribed my signature and
impressed hereon the official seal of said Agency, this October 8, 2019.
Er""pMENT
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4846-7200-9376,v.2 12
EXHIBIT A
CERTIFICATE OF COMPLIANCE WITH
OPEN MEETING LAW
1, Cindi Mansell, the undersigned Salt Lake City Recorder do hereby certify on
behalf of the Redevelopment Agency of Salt Lake City, Utah (the "Agency"), do hereby
certify, according to the records of the Agency in my official possession, and upon my
own knowledge and belief, that in accordance with the requirements of Section 52-4-202,
Utah Code Annotated, 1953, as amended, there was given not less than twenty-four (24)
hours public notice of the agenda, date, time, and place of the October 8, 2019, public
meeting held by the Board of Directors of the Agency (the "Board"), as follows:
(a) By causing a Notice, in the form attached hereto as Schedule 1, to
be posted at the Agency's principal offices on/0-3, 2019, 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;
(b) By causing a copy of such Notice, in the form attached hereto as
Schedule 1, to be delivered to The Salt Lake Tribune and the Deseret News on
10,,3 , 2019, at least twenty-four (24) hours prior to the convening of the meeting;
and
(c) By causing a copy of such Notice, in the form attached hereto as
Schedule 1, to be published on the Utah Public Notice Website
(http://pmn.utah.gov) at least twenty-four (24) hours prior to the convening of the
meeting.
In addition, the 2019 Notice of Annual Meeting Schedule for the Agency
(attached hereto as Schedule 2) was given specifying the date, time and place of the
regular meetings f t e A ency to eld during the year, by causing said Notice to be
(i) posted on ' at the principal office of the Agency, (ii)
provided to at least one n of general }rculation within the geographic
jurisdiction of the Agency on 77i0 ( and (iii) published on the Utah
Public Notice Website (http://I)mn.utah.gov) during the current calendar year.
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•«SALT LA'�E' yr
4846-7200-9376,v. 2 A-1
SCHEDULE 1
NOTICE OF MEETING
4846-7200-9376,v.2 A-2
8 its
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
AGENDA
October 8, 2019 Tuesday 2:00 PM
Council Work Room
451 South State Street Room 326
Salt Lake City,UT 84111
SLCRDA.com
In accordance with State Statute,City Ordinance and Salt Lake City Council Policy,one or more RDA Board Members may
be connected aria speakerphone.After 5:oo p.m.,please enter the City&County Building through the main east entrance.
This is a discussion among RDA Board Directors and select presenters.The public is welcome to listen,unless otherwise
specified as a public comment period.Items scheduled maybe moved and/or discussed during a different portion of the
Meeting based on circumstance or availability of speakers.
Generated:101312019 4:17.24 PM
A. Comments:
1. General Comments to the Board —2:oo p.m.
5 min
The RDA Board of Directors will receive public comments regarding Redevelopment Agency business in the
following formats:
1. Written comments submitted to RDA offices,451 South State Suite 118,Salt Lake City,UT.
2. Comments to the RDA Board of Directors.(Comments are taken on any item not scheduledfor a
public Hearing,as well as on any other RDA Business.Comments are limited to two minutes.)
B.Public Hearing-individuals may speak to the Board once per public hearing topic for two
minutes,however written comments are always accepted:
NONE.
C. Redevelopment Agency Business-The RDA Board of Directors will receive information
and/or hold discussions and/or take action on:
1. Informational:Utah Theater Redevelopment Follow-up —2:05p.m.
15 min.
The Board will receive a follow-up briefing about the potential redevelopment of the Utah Theater,located
at 144 South Main Street,and adjacent retail property.
2. Resolutions:RDA Tax Increment Revenue Refunding Bonds,Series 2019,and
Updated Debt Service Schedule in interlocal agreement related to Sales and —2:20 p.m.
Excise Revenue Bonds,Series Zoo 7A
10 min.
The Board will have a follow-up discussion and will consider adopting two related resolutions regarding RDA bonds:
1. a resolution that would authorize the issuance and sale of not more than$46,000,00o aggregate principal amount
of its Tax Increment Revenue Refunding Bonds Series 2019 for the purpose of refunding a portion of its
outstanding tax increment revenue bonds;and related matters;and,
2. a resolution that would approve an updated debt service schedule in an interlocal agreement between the City and
RDA related to the RDA's contribution to debt service payments for 2oo7A bonds issued by Salt Lake City for the
construction of the Westside Railroad Realignment Project(Grant Tower).
3. Resolution:RDA Budget Amendment No.1 for Fiscal Year 2019-20 -2:30 p.m.
40 min.
The Board will be briefed about a resolution amending the final budget of the Redevelopment Agency of
Salt Lake City for Fiscal Year 2019-20.Budget amendments happen several times each year to reflect
adjustments in the RedevelopmentAgency's budget,including proposed project additions and
modifications.This proposed amendment includes allocating funding to the new 650 South Main TRAX
Station,and reallocating funds for the Station Centerproject,among other changes.
4. Resolution:North Temple Urban Renewal Area Interlocal Agreementwith Salt ~3:10
Lake City School District Follow-up p.m.
10 min.
The Board will receive a follow-up briefing about,and will consider adopting,a resolution that would
amend an interlocal agreement between the RDA and Salt Lake City School District.The current
agreement states that up to S2 million in tax increment generated by the North Temple Urban Renewal
Area would be set aside for the construction of a new school in the area.However,the School District no
longer anticipates a need for an additional school in the area and is requesting the funds be used for
infrastructure related to safe school crossings.
5. Resolution:Loan to West End LLC for Project at'740 West goo South ~3:20 P.M.
20 min.
The Board will be briefed about,and will consider adopting,a resolution that would authorize a loan of up
to$3.1 million to West End LLC.If approved,the five-year loan would assist with an adaptive reuse project
of two warehouses at 740 West goo South.The project would contain approximately 12,500
square feet of commercial space,as well as pedestrian and road improvements to an existing alley.
6. Informational:North Temple ProjectArea Catalytic Development Strategies ~3:40p.m.
30 min.
The Board will receive an update about recent and current development activities,tax increment growth
to-date,and potential projects and programs to catalyze further development inthe North Temple Project
Area.
7, Resolution:Policies for Project Areas not Collecting Tax Increment ~4:10 p.m.
20 min.
The Board will be briefed about,and A ill consider adopting,a resolution that would establish policies for
spending RDA funds within project areas before and after the tax increment collection period and for
dissolving expired project areas.
8. Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director,including a review of information items,announcements,and
scheduling items.The Board of Directors may give feedback or policy input.
9. Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements.The Board may give feedback on any item
related to City business,including but not limited to:
• Announcing Ashley Scarff RDA New Project Manager;
• Project Area Creation Status;and
• Scheduling Items.
lo. Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
D.Written Briefings—the following briefings are informational in nature and require no action of
the Board.Additional information can be provided to the Board upon request:
NONE.
E.Consent—the following items are listed for consideration by the Board and canbe discussed
individually upon request. A motion to approve the consent agenda is approving all of the
followingitems:
1. Resolution:RDA Budget Amendment No.i for Fiscal Year 2019-20
The Board will set the date of Tuesday,November 12,2oig at 2 P.M.to accept public comment,discuss
and consider adopting a resolution amending the final budget of the Redevelopment Agency of Salt Lake
City for Fiscal Year 2019-2o.Budget amendments happen several times each year to reflect adjustments in
the RedevelopmentAgency's budget,including proposed project additions and modifications.This
proposed amendment includes allocating funding to the new 650 South Main TRAX Station,and
reallocating funds for the Station Center project,among other changes.
F.Tentative Closed Session
The Board will consider a motion to enterinto rosd Session.A closed meeting described under
Section 52-4-205 may be held for specific purposes including,but not limited to:
1. discussion of the character,professional competence,or physical or mental health of an individual;
2. strategy sessions to discuss pending or reasonably imminent litigation;
3. strategy sessions to discuss the purchase,exchange,or lease of real property:
(i) disclose the appraisal or estimated value of the property under consideration;or
(ii) prevent the public body from completingthe transaction on the best possible terms;
4. strategy sessions to discuss the sale of real property,including any form of a water right or
water shares,if-
(i) public discussion of the transaction would:
(A) disclose the appraisal or estimated value of the property under consideration;or
(B) prevent the public body from completing the transaction on the best possible terms;
(ii) the public body previously gave public notice that the property would be offered for sale;and<
(iii) the terms of the sale are publicly disclosed before the public body approves the sale
5. discussion regarding deployment of security personnel,devices,or systems;and
6. investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah Code
§78B-1-137,and for other lawful purposes that satisfy the pertinent requirements of the Utah Open and
Public MeetingsAct.
G.Adjournment
CERTIFICATE OF POSTING
On or before 6:oo p.m.on Thursday,October 03,2o1g,the undersigned,duly appointed City Recorder,does
hereby certify that the above notice and agenda was(1)posted on the Utah Public Notice Website created under
Utah Code Section 6317-1-701,and(2)a copy of the foregoing provided to The Salt Lake Tribune and/or the
Deseret News and to a local media correspondent and any others who have indicated interest.
CINDI L.MANSELL,MMC/CRM
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda,including but not
limited to adoption, rejection, amendment, addition of conditions and variations of
options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation,which may include alternate formats,interpreters,and other auxiliary aids and
services.Please make requests at least two business days in advance. To make a request,please contact the
City Council Office at council.comments@slcgov.com,801-535-7600,or relay service 711.
SCHEDULE 2
NOTICE OF ANNUAL MEETING SCHEDULE
4846-7200-9376,v.2 A-3
2019 MEETING SCHEDULE FOR SALT LAKE CITY 9/11/2019
COUNCIL & REDEVELOPMENT AGENCY
Public Notice is hereby given that the 2019 Annual Meeting Schedule of the City Council of Salt Lake City,
Utah,shall be as follows:
Council Meetings are held in the City and County Building,451 South State Street,Salt Lake City, Utah.Council
Meetings usually include a 2 P.M.WORK SESSION(Room 326) and a 7 p.m.FORMAL SESSION(Room 315).
All meetings of the City Council are open to the public unless closed pursuant to Sections 52-4-204,52-4-205
and 78B-1-137, Utah Code Annotated. Notice of each meeting is given at least 24 hours in advance of the
meeting as required by State law.An agenda of each meeting is posted at:
• Salt Lake City Council website www.slccouncil.com
• State of Utah Public Notice website www.utah.gov/pmn/index.html
Meetings in addition to those listed below may be held or canceled as circumstances may require,subject to
applicable public notice requirements.
Notice:
• The City&County Building is an accessible facility with a street-level entrance located on the east side
of the building.People with disabilities may make requests for reasonable accommodation,which may
include alternate formats,interpreters,and other auxiliary aids,and services.Please make requests at
least two business days in advance.To make a request,please contact the City Council Office
at council.comments@slcgov.com, 801-535-7600,or relay service 711.
• In accordance with State statute, City ordinance,and Council policy,one or more Council Members may
be connected via speakerphone.
January Meetings February Meetings
• Tuesday,January 1 • Tuesday,February 5
New Year's Day-Holiday Council Work Session&Formal Meeting
• Tuesday,January 8 • Tuesday,February 12
Council Work Session&Formal Meeting RDA Meeting&Council Work Session,Limited
Formal Meeting
• Tuesday,January 15
RDA Meeting&Council Work Session • Monday, February 18
Presidents'Day-Holiday
• Monday,January 21
Martin Luther King,Jr.Day-Holiday • Tuesday,February i9
Council Work Session&Formal Meeting
• Tuesday,January 22
Council Work Session&Formal Meeting • Tuesday,February 26 -No Meeting
• Tuesday,January 29 -No Meeting
1
2019 MEETING SCHEDULE FOR SALT LAKE CITY 9/11/2019
COUNCIL & REDEVELOPMENT AGENCY
March Meetings May Meetings
• Tuesday,March 5
Council Work Session&Formal Meeting • Wed., May 1— Fri.,May 3
Sun.,March to—Wed.,March 13wntown Alliance Urban Exploration,Austin,
• TX
NLC Congressional City Conference,
Washington,D.C. • Tuesday,May 7
Council Work Session&Formal Meeting
• Tuesday,March 12—No Meeting
• TENTATIVE-Thursday, May 9
• Tuesday,March 19 Council Work Session(as needed for budget)
RDA Meeting Council Work Session Only
• Tuesday,May 14
• Tuesday,March 26 RDA Meeting&Council Work Session
RDA Meeting, Council Work Session&
Formal Meeting • TENTATIVE-Thursday, May 16
Council Work Session(as needed for budget)
• Tuesday,May 21
April Meetings Council Work Session&Formal Meeting
• Tuesday,April 2 • TENTATIVE-Thursday, May 2
Council Work Session&Formal Meeting Council Work Session(as needed for budget)
• Sun.,April 7—Tues.,April 9
NAHRO Conference,Arlington,VA • Monday,May 2
Memorial Day-Holiday
• Tuesday,April 9 . Tuesday,May 28
RDA Meetiftg-&Council Work Session Only Council Work Session Only
• ', ril to ., pil • TENTATIVE-Thursday,May 30
oy, ,,,X Council Work Session(as needed for budget)
Ails n,T
• Sat.,April 13 —Tues.,April 16
June Meetings
APA National Planning Conference • Tuesday,June 4
(American Planning Association), Council Work Session&Formal Meeting
San Francisco,CA
• Thursday,June 6
• Tuesday,April 16 — No Meeting Council Work Session Only
• Tuesday,June 11
• Tuesday,April 23 No Aleeting RDA Meeting,Council Work Session&Formal
RDA Meeting, Council Work Session& Meeting
Formal Meeting
• TENTATIVE-Thursday,June 13
• Wed.,April 24— Fri.,April 26 Council Work Session(as needed for budget)
Utah Leagues of Cities and Towns Mid-Year • Tuesday,June 18
Conference,St.George,UT Council Work Session&Formal Meeting
• Tuesday,April 30— No Meeting Tentative—based upon Budget adoption
• Tuesday,June 25 -No Meeting
2
2019 MEETING SCHEDULE FOR SALT LAKE CITY 9/11/2019
COUNCIL & REDEVELOPMENT AGENCY
July Meetings September Meetings Continued
• Tuesday,July 2- No Meeting
• Wed.,Sept. 11- Fri., Sept. 13
Utah Leagues of Cities and Towns Annual
• Thursday,July 4 Conference,Salt Lake City,UT
Independence Day-Holiday
• Tuesday,September 17
• Tuesday,July 9 Council Work Session&Formal Meeting
RDA Meeting,Council Work Session&Formal
Meeting . Tuesday,September 24
RDA Meeting&Council Work Session
• Tuesday,July 16
Council Work Session&Formal Meeting October Meetings
• Tuesday, October 1-No Meeting
• Tuesday,July 23-No Meeting Coupeil W E)4E S ssie.&Fer-mal* eefin
• Wednesday,July 24 . Tuesday, October 8
Pioneer Day- Holiday RDA Meeting,Council Work Session&Formal
Meeting
• Tuesday,July 30-No Meeting
• Tuesday, October 15
August Meetings Council Work Session&Formal Meeting
• Tuesday,August 6 • Tuesday, October 22— No Meeting
Council Work Session Only
NIGHT OUT AGAINST CRIME Tuesday, October 29— No Meeting
• Tuesday,August 13-No Meeting November Meetings
Municipal Primary Election • Tuesday,November 5-No Meeting
Election Day
• Tuesday,August 20
RDA Meeting, Council Work Session&Formal • Monday,November 11
Meeting-Truth in Taxation Hearing y�
Veteran's Day-Observed- Holiday
• Tuesday,August 27 • Tuesday,November 12
Council Work Session&Formal Meeting, RDA Meeting,Council Work Session&Formal
Board of Canvassers Meeting Meeting
September Meetings • Tuesday, November 19
• Monday, September 2 Council Work Session&Formal Meeting,Board
Labor Day-Holiday of Canvassers
• Tuesday,September 3 • Wed.,Nov. 20— Sat.,Nov. 23
Council Work Session&Formal Meeting National League of Cities Conference,San
Antonio,TX
• Sun.,Sept. 8 —Wed., Sept. ii
Rail~Volution,Vancouver,British • Tuesday,November 26— No Meeting
Columbia,Canada
• Thursday— Friday,November 28-29
• Tuesday,September 10-No Meeting ThanksgMng-Holiday
3
2019 MEETING SCHEDULE FOR SALT LAKE CITY 9n1/2019
COUNCIL & REDEVELOPMENT AGENCY
December Meetings
• Tuesday, December 3
Council Work Session&Formal Meeting
• Tuesday, December io
RDA Meeting,Council Work Session&Formal
Meeting
• Tuesday, December 17—No Meeting
• Tuesday,December 24-No Meeting
• Wednesday, December 25
Christmas Day-Holiday
4
(attach Proof of Publication of
Notice of Bonds to be Issued)
4846-7200-9376,v.2 A-4
EXHIBIT B
INDENTURE
4846-7200-9376,v.2 B-1
EXHIBIT C
ANNUAL CONTRIBUTION AGREEMENT
4846-7200-9376, v. 2 C-1
EXHIBIT D
BOND PURCHASE AGREEMENT
4846-7200-9376, v. 2 D-1
EXHIBIT E
FORM OF PRELIMINARY OFFICIAL STATEMENT
4846-7200-9376,v.2 E-1
EXHIBIT F
FORM OF ESCROW AGREEMENT
4846-7200-9376,v.2 F-1