R-007-2018 - Real Property Disposition Proceeds PolicyF: 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-7-2018
Real Property Disposition Proceeds Policy
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF SALT LAKE CITY ADOPTING A REAL PROPERTY DISPOSITION
PROCEEDS POLICY
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(the "Board") desires to formalize policies with respect to the Redevelopment Agency of
Salt Lake City's ("RDA") real property disposition proceeds.
WHEREAS, the Utah Community Reinvestment Agency Act grants the RDA
powers to sell, convey, grant, gift, or otherwise dispose of any interest in real property; and
provide for project area development.
WHEREAS, the RDA utilizes real property disposition to implement citywide
affordable housing, RDA project area plans, and Salt Lake City master plans.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, AS FOLLOWS:
1. Scope. This policy shall apply to proceeds generated from the disposition of
all RDA -owned real property regardless of the original purchase price, sales price, current
fair market value, method of acquisition, or method of disposition.
2. Purpose. To ensure that proceeds from the sale of RDA -owned real property
are subsequently prioritized for activities that meet the goals and objectives of the RDA.
3. Disposition of Proceeds. Proceeds from the sale of any RDA -owned real
property shall be deposited into a holding account until the proceeds are re -appropriated by
the Board. The RDA shall establish a holding account for the Citywide Housing Fund and
for each project area fund. The holding account in which funds are deposited shall be
determined as follows:
a. If the RDA initially acquired the real property using funds from the RDA's
Citywide Housing Fund, upon disposition of that real property, the proceeds shall be
deposited into a holding account for the Citywide Housing Fund.
b. If the RDA initially acquired the real property using funds other than the
Citywide Housing Fund, disposition proceeds shall be deposited into the holding account for
the project area in which the real property is located.
c. If the RDA initially acquired the real property with a combination of funds
including funds from the Citywide Housing Fund, a pro rata portion of disposition proceeds
shall be deposited into the holding account for the Citywide Housing Fund and the remaining
portion will be deposited into the holding account for the project area in which the property
is located.
Approved as to form:
Salt Lake City Attorney's Office
N iv
Katherine N. Lewis
Date: 2`(I(g
2. Proceeds Guiding Principles. Once deposited in a holding account, RDA shall
seek to utilize the proceeds, subject to the budget appropriation process, as follows:
a. Citywide Housing Fund Holding Account: Real property disposition
proceeds deposited into the Citywide Housing Fund holding account shall be considered for
budget appropriation to further citywide affordable housing goals and objectives.
b. Project Area Fund Holding Accounts: To continue to leverage private
investment, the generation of tax increment within RDA project areas, and the
implementation of the project area plan, real property disposition proceeds deposited into a
project area fund holding account shall be considered for budget appropriation with the
following guiding principles in order of priority:
i. To implement the goals and objectives of the applicable project area
plan.
ii. To implement a priority project located within another project area;
or to provide seed funds for a recently or soon -to -be established project area.
iii. To provide funds to the Revolving Loan Fund.
Passed by the Board of Directors of
this 13th day of February , 2018
elopment Agency of Salt Lake City,
Derek Kitchen, Chairman
Transmitted to the Executive Director on
The Executive Director:
February 14,• 2018
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
J cqueiine M. Biskupski, Executive Director fi4,4 QORAT 2%
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1.j'QCr LP''l,
Attest:
HB ATTY-#67160-v1-Resolution_Rea1_Property_Disposition_Proceeds_Final.docx
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