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R-021-2018 - Annual Budget for the Fiscal Year commencing July 1, 2018 and ending June 30, 2019R 18-2 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. R-21-2018 2018-19 Annual Budget for the Redevelopment Agency of Salt Lake City RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ADOPTING THE ANNUAL BUDGET FOR THE FISCAL YEAR COMMENCING JULY 1, 2018 AND ENDING JUNE 30, 2019 WHEREAS, the Redevelopment Agency of Salt Lake City ("Agency") was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act. WHEREAS, the Redevelopment Agency of Salt Lake City has determined it is both necessary and desirable to adopt the 2018/2019 Annual Budget. WHEREAS, the Board of Directors has determined that the public improvements to be constructed with tax increment in each of the project areas will be of benefit to the project area which generated the tax increment. WHEREAS, the Agency has caused a Notice of Public Hearing to be published in a newspaper of general circulation on or before April 30, 2018, a period of at least one week in advance of the public hearing date. WHEREAS, on May 1, 2018, the Board of Directors adopted the tentative budget by Resolution R-14-2018. WHEREAS, the Agency held two public hearings to consider adopting the Agency's Annual Budget for the 2018/2019 fiscal year on May 15, 2018 and June 5, 2018. WHEREAS, the Agency caused a copy of the proposed 2018/2019 Annual Budget to be available for public inspection during regular business hours in the office of the Agency, in the City & County Building, 451 South State Street, Room 418, Salt Lake City, Utah 84111, for a period of at least three (3) days before the commencement of the public hearing. WHEREAS, the Agency's Board of Directors have considered all written and oral statements made at the public hearing objecting to or supporting the Agency's 2018/2019 Annual Budget. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that the 2018/2019 Annual Budget attached hereto is hereby adopted for the fiscal year commencing on July 1, 2018 and ending June 30, 2019. Passed by the Board of Directors of the Redeye of June, 2018. Approved as to form: y of Salt Lake City, this 12th day Dere ' itchen, Chairman Salt Lake City Attorney's Office Katherine N. Lewi Date: (0( 6(4. The Executive Director: X. does not request reconsideration requests reconsideration at the next regular Agency meeting. Jlcqueline M. Biskupski, Executive Director Attest: HB_ATTY-#69532-v2-RDA_Budget_Resolution_FY 18-19.docx REDEVELOPMENT AGENCY KEY CHANGES ISSUE Central Business District FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget Revenue and Other Sources Tax Increment Interest Income Total Revenues and Other Sources Budget 28,183,388 75,000 28,258,388 Expenses and Other Uses Transfer to Administration 1,709,148 Taxing Entity Payment 60% 17,238,383 Eccles Debt Service Block 70 2,640,284 TI Reimbursement 222 South Main 800,000 Gallivan/B57 Parking Ramp Lease Pmt 37,314 Gallivan/B57 - Maintenance 465,514 Gallivan/B57 - Transfer to Administration 321,986 TI Reimbursement Convention Center Solar 2,500 Miscellaneous Property Expense 500,000 Transfer to Revolving Loan Fund Utah Theater Payment 854,451 Commercial Development Loan Program 0 Residential Development Loan Program 0 Capital Expenditures 3,588,808 Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 28,158,388 (5,268,388) 22,915,000 622,000 697,000 (4,646,388) 23,612,000 582,352 2,291,500 (3,489,383) 13,749,000 (271,755) 2,368,529 (300,000) 500,000 1,493 38,807 18,525 484,039 12,283 334,269 (1,000) 1,500 0 500,000 (854,451) 0 2,000,000 2,000,000 1,000,000 1,000,000 (3,244,452) 344,356 (4,546,388) 23,612,000 0 West Capitol Hill Revenue and Other Sources Tax Increment Interest Income Total Revenues and Other Sources Budget Expenses and Other Uses Transfer to Administration Taxing Entity Payment CIP - 300 West Streetscape Improvements Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 566,369 7,140 573,509 (31,369) 535,000 860 8,000 (30,509) 543,000 8,496 0 8,496 141,592 (7,842) 133,750 423,421 (22,667) 400,754 573,509 (30,509) 543,000 0 REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget West Temple Gateway Revenue and Other Sources Tax Increment Interest Income Total Revenues and Other Sources Budget Expenses and Other Uses Transfer to Administration Miscellaneous Property Expense CIP - 900 So Street Improvements Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 643,389 12,500 655,889 87,000 50,000 518,889 655,889 27,611 11,500 39,111 671,000 24,000 695,000 0 87,000 0 50,000 39,111 558,000 39,111 695,000 0 Depot District Revenue and Other Sources Tax Increment Interest Income Total Revenues and Other Sources Budget 3,800,000 74,000 3,874,000 (105,000) 3,695,000 20,000 94,000 (85,000) 3,789,000 Expenses and Other Uses Transfer to Administration 500,000 54,250 554,250 Miscellaneous Property Expense 95,000 0 95,000 City -Wide Housing 190,000 310,000 500,000 TI Reimbursement Cowboy Partners Liberty Gateway 100,000 (6,000) 94,000 TI Reimbursement Gateway 1,600,000 (400,000) 1,200,000 TI Reimbursement Alta Gateway 150,000 110,000 260,000 TI Reimbursement Homewood Suites 130,000 (20,000) 110,000 TI Reimbursement Cicero 2,000 8,000 10,000 Grant Tower Debt Service 279,624 70 279,694 Environmental Remediation Sites 3 Et 4 200,000 0 200,000 500 West Preliminary Design 86,000 0 86,000 Marketing and Sales 6,000 (6,000) 0 Capital Expenditures 435,376 (35,320) 400,056 Total Expenditures and Other Uses Budget 3,774,000 Budgeted revenues and other sources over (under) expenditures and other uses 15,000 3,789,000 0 REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget Granary District Revenue and Other Sources Tax Increment Interest Income Appropriation of Fund Balance Total Revenues and Other Sources Budget 419,505 10,000 285,000 714,505 88,495 508,000 10,000 20,000 (285,000) 0 (186,505) 528,000 Expenses and Other Uses Transfer to Administration 18,945 6,455 25,400 City -Wide Housing 41,950 59,650 101,600 TI Reimbursement Artspace Commons 68,250 (34,250) 34,000 Miscellaneous Property Expense 3,000 0 3,000 Adaptive Re -use program 297,360 (83,360) 214,000 Administration Requested - VOA Infrastructure Reimbursement 135,000 (135,000) 0 Temporary and Permanent Mural Pilot Project 150,000 0 150,000 Total Expenditures and Other Uses Budget 714,505 (186,505) 528,000 Budgeted revenues and other sources over (under) expenditures and other uses 0 REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget North Temple Revenue and Other Sources Tax Increment Interest Income Total Revenues and Other Sources Budget Expenses and Other Uses Transfer to Administration City -Wide Housing CIP - 10% School Construction Fund Commercial Development Loan Program State Fairpark Feasibility Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 197,262 1,200 198,462 4,250 39,452 19,727 35,033 100,000 198,462 120,738 3,400 124,138 318,000 4,600 3 22, 600 27,550 31,800 24,148 63,600 12,073 31,800 60,367 95,400 0 100,000 124,138 322,600 0 Block 70 Revenue and Other Sources Tax Increment Interest Income Transfer From CBD Taxing Entity Payments*** Transfer From RDA CBD Eccles Debt Service Private Fundraising Total Revenues and Other Sources Budget 1,280,637 0 4,487,405 2,640,284 4,400,000 12,808,326 Expenses and Other Uses Eccles Theater Debt Service 8,737,098 30% Payment to Taxing Entities 340,821 Regent Street Bond Debt Service 662,122 Eccles Theater- Operating Reserve for Ancillary Spaces 100,000 Fundraising Fulfillment 715,000 Property and Liability Insurance 200,000 Reserve for Eccles Debt Service 2,053,285 Total Expenditures and Other Uses Budget 12,808,326 Budgeted revenues and other sources over (under) expenditures and other uses 329,363 1,610,000 200,000 200,000 (826,287) 3,661,118 (271,755) 2,368,529 (1,150,000) 3,250,000 (1,718,679) 11,089,647 (59,477) 8,677,621 142,179 483,000 194,439 856,561 0 100,000 (186,875) 528,125 0 200,000 (1,808,945) 244,340 (1,718,679) 11,089,647 0 REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget North Temple Viaduct Revenue and Other Sources Tax Increment Interest Income Total Revenues and Other Sources Budget Expenses and Other Uses Transfer to Admin Debt Service Payment to Salt Lake City Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 410,762 0 410,762 127,238 1,300 128,538 538,000 1,300 539,300 6,161 0 6,161 404,601 128,538 533,139 410,762 128,538 539,300 0 Sugar House Revenue and Other Sources Appropriation of Fund Balance Total Revenues and Other Sources Budget Expenses and Other Uses Neighborhoods of Opportunity Affordable Housing Initiative Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 550,000 550,000 550,000 550,000 (550,000) (550,000) (550,000) (550,000) 0 0 0 0 0 Revolving Loan Fund Revenue and Other Sources FY17 Beginning Balance Principal Payments Interest on Loans Interest on Investment Reimbursement for HRC Transfer from CBD (Utah Theater Payment) Appropriation of Fund Balance Total Revenues and Other Sources Budget Expenses and Other Uses Available to Lend Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 4,773,802 (4,773,802) 200,000 (2,422) 100,000 67,482 100,000 70,000 3,725,900 (3,725,900) 854,451 (854,451) 0 9,000,000 9,754,153 (219,093) 9,535,060 0 197,578 167,482 170,000 0 0 9,000,000 9,754,153 (219,093) 9,535,060 9,754,153 (219,093) 9,535,060 0 REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget Program Income Fund Revenue and Other Sources Parking Structure Income Temporary Property Income Loan Repayments Interest on Loans Interest Income Appropriation of Fund Balance Total Revenues and Other Sources Budget 1,242,335 315,000 185,000 0 111,000 592,992 2,446,327 Expenses and Other Uses Transfer to Administration 544,800 Miscellaneous Property Expense 250,000 Project Area Creation 200,000 Marketing and Sales 6,000 Professional Services 250,000 Commercial Development Loan Program 0 State Fairpark Feasibility Study 75,000 Capital Expenditures 602,535 Neighborhoods of Opportunity Affordable Housing Initiative 517,992 Total Expenditures and Other Uses Budget Budgeted revenues and other sources over (under) expenditures and other uses 2,446,327 0 1,242,335 0 315,000 (144,909) 40,091 12,789 12,789 189,000 300,000 (592,992) 0 (536,112) 1,910,215 (346,442) 198,358 0 250,000 0 200,000 19,000 25,000 100,000 350,000 811,857 811,857 0 75,000 (602,535) 0 (517,992) 0 (536,112) 1,910,215 0 Project Area Housing Revenue and Other Sources Interest Income Total Revenues and Other Sources Budget Expenses and Other Uses Transfer to Administration Residential Loan Program 12,000 12,000 12,000 0 16,000 16,000 28,000 28,000 (12,000) 0 28,000 28,000 Total Expenditures and Other Uses Budget 12,000 16,000 28,000 Budgeted revenues and other sources over (under) expenditures and other uses 0 REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget Citywide Housing Revenue and Other Sources Transfer from Depot Transfer from Granary Transfer from North Temple Interest Income Loan Repayments Interest on Loans Appropriation of Fund Balance Total Revenues and Other Sources Budget 190,000 41,950 39,452 175,000 25,000 0 3,432,008 3,903,410 310,000 500,000 59,650 101,600 24,148 63,600 25,000 200,000 (4,027) 20,973 4,973 4,973 (3,432,008) 0 (3,012,264) 891,146 Expenses and Other Uses Transfer to Administration 200,000 (100,000) 100,000 Residential Loan Program 0 395,573 395,573 Housing Trust Fund Allocation 0 395,573 395,573 CIP - Affordable Housing 271,402 (271,402) 0 Neighborhoods of Opportunity Affordable Housing Initiative 3,432,008 (3,432,008) 0 Transfer to General Fund for Homeless Services 0 1,221,000 1,221,000 Total Expenditures and Other Uses Budget 3,903,410 (1,791,264) 2,112,146 Budgeted revenues and other sources over (under) expenditures and other uses (1,221,000) REDEVELOPMENT AGENCY KEY CHANGES ISSUE FY 2017 Adopted Budget Full Time Equivalent Changes from FY 2017 Budget FY 2018 Budget Administration Revenue and Other Sources Transfer from Central Business District Transfer from West Capitol Hill Transfer from West Temple Gateway Transfer from Depot District Transfer from Granary District Transfer from North Temple Transfer From Program Income Fund Transfer from Project Area Housing Transfer from City Wide Housing Transfer from North Temple Viaduct Total Revenues and Other Sources Budget 1,709,148 8,496 87,000 500,000 18,945 4,250 544,800 12,000 200,000 6,161 3,090,800 582,352 2,291,500 0 8,496 0 87,000 54,250 554,250 6,455 25,400 27,550 31,800 (346,442) 198,358 (12,000) 0 (100,000) 100,000 0 6,161 212,165 3,302,965 FY17 Beginning Balance Personal Services 1,704,675 16 35,540 1,740,215 Operating & Maintenance 360,050 0 360,050 Charges and Services 202,700 0 202,700 Administrative Fees 800,000 0 800,000 Furniture, Fixtures and Equipment 23,375 176,625 200,000 Transfer to General Fund for personnel 0 196,707 196,707 Total Expenditures and Other Uses Budget 3,090,800 16 408,872 3,499,672 Budgeted revenues and other sources over (under) expenditures and other uses (196,707) TOTAL Revenue TOTAL Expense CIP 67,050,531 56,785,933 58,203,640 1,734,966