R-025-2018 - State Street Community Reinvestment Area PlanR 18-2
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-25-2018
State Street Community Reinvestment Area Plan
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF SALT LAKE CITY ADOPTING THE STATE STREET COMMUNITY
REINVESTMENT AREA PLAN
WHEREAS, the Redevelopment Agency of Salt Lake City ("RDA") was created to
transact the business and exercise the powers provided for in Utah Code 17C, the
Community Reinvestment Agency Act (the "Act").
WHEREAS, on 4-12-2016 , the RDA Board of Directors ("RDA Board")
adopted Resolution No. 16 , designating a survey area ("Survey Area") to study whether
project area development is feasible within the Survey Area.
WHEREAS, the RDA has determined that project area development is feasible
within the Survey Area ("Project Area"), a boundary description of which is attached hereto
as Exhibit A.
WHEREAS, the RDA has prepared the State Street Community Reinvestment Area
Plan ("CRA Plan"), which is attached hereto as Exhibit B.
WHEREAS, the RDA's purpose and intent with respect to the Project Area is to
utilize tax increment funds derived from the Project Area to facilitate community
reinvestment activities as further described in the CRA Plan.
WHEREAS, the RDA Board of Directors desires to approve and adopt the CRA
Plan.
NOW, THEREFORE, BE IT RESOLVED, THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY MAKES THE FOLLOWING
FINDINGS AND DETERMINATIONS REGARDING THE CRA PLAN IN
ACCORDANCE WITH 17C-5-108 OF THE ACT:
The RDA Board approves the CRA Plan and finds that the creation of the Project Area:
1. Serves a public purpose;
2. Produces a public benefit as demonstrated by the analysis described in Subsection
17C-5-105(12);
3. Is economically sound and feasible;
4. Conforms to Salt Lake City's applicable general plan for the area; and
5. Promotes the public peace, health, safety, and welfare of Salt Lake City.
1
\P ssed by the oard of D'rectors of the Re
day of ,2018 • ev lop ent A �� cy of Salt Lake City, this
j
Derek itchen, airman
Transmitted to the Executive Director on A i, g i, s t 2 2 , 2018
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Approved as to form:
Salt Lake City Attorney's Office
Katherine N. Lewis
-71 Of
Date:
Attest:
City Recorder
HB ATTY-#71829-v1-RDA_Resolution_(State_Street Project_Area Plan).docx
2
EXHIBIT A
[Attach Boundary Description of Project Area]
3
State Street Community Reinvestment Area — Boundary Description
Beginning at the Southeast Corner of Block 59, Plat 'A', Salt Lake City Survey, and running thence
along the north line of 300 South Street S89°41'06"E 923.46 feet to the Southwest Corner of
Block 57, Plat 'A', Salt Lake City Survey; thence along the east line of Main Street S00°05'27"W
792.90 feet to the Southwest Corner of Block 52, Plat 'A', Salt Lake City Survey; thence along the
north line of 400 South Street S89°46'01"E 791.90 feet to the Southwest Corner of Block 53, Plat
'A', Salt Lake City Survey; thence along the east line of State Street S00°08'01"W 791.72 feet to
the Southwest Corner of Block 38, Plat 'A', Salt Lake City Survey; thence along the north line of
500 South Street S89°47'19"E 793.16 feet to the Southwest Corner of Block 37, Plat 'A', Salt Lake
City Survey; thence along the east line of 200 East Street S00°13'18"W 2377.67 feet to the
Southwest Corner of Block 18, Plat 'A', Salt Lake City Survey; thence along the north line of 800
South Street S89°47'44"E 793.80 feet to the Southwest Corner of Block 8, Plat 'B', Salt Lake City
Survey; thence along the east line of 300 East Street S00°12'38"W 792.42 feet to the Southwest
Corner of Block 7, Plat 'B', Salt Lake City Survey; thence S14°13'35"W 136.29 feet to the
Northwest Corner of Lot 11, Block 20, 5-Acre Plat 'A', Big Field Survey; thence along the south
line of 900 South Street N89°43'39"W 798.02 feet to the Northwest Corner of Block 1, Central
Place Subdivision, as recorded in Book 'G', Page '66' of Subdivisions in the Salt Lake County
Recorder's Office; thence along the east line of 200 East Street S00°13'27"W 4635.14 feet to the
Southwest Corner of Block 9, Capitol Avenue Addition, as recorded in Book 'B', Page '105' of
Subdivisions in the Salt Lake County Recorder's Office; thence S89°50'49"E 785.54 feet to the
east line of 300 East Street; thence along the east line of 300 East Street S00°12'42"W 272.16
feet; thence N89°50'24"W 388.43 feet to the Southwest Corner of Parcel # 16-18-178-008;
thence along the east line of Roberta Street N00°12'31"E 25.00 feet to the Northwest Corner of
Lot 4, Block 1, said Capitol Avenue Addition; thence N89°51'14"W 238.58 feet to the Southwest
Corner of Parcel # 16-18-177-009; thence S00°12'06"W 25.00 feet to the Southeast Corner of
Parcel # 16-18-177-007; thence N89°50'33"W 388.33 feet to the Southwest Corner of Parcel
# 16-18-176-009; thence N00°12'31"E 202.14 feet to the Northwest Corner of Parcel
# 16-18-176-005; thence along the south line of Kensington Avenue N89°50'08"W 352.90 feet to
the Northeast Corner of Parcel # 16-18-153-014; thence along said Parcel the following 5 courses;
1) S00°16'18"W 92.10 feet; 2) N89°43'42"W 7.00 feet; 3) S17°19'18"W 78.45 feet;
4) S00°19'23"W 85.03 feet; 5) N89°43'42"W 150.00 feet; thence along the east line of State
Street S00°13'14"W 868.24 feet to the Southwest Corner of Block 2, South Capitol Avenue
Addition as recorded in Book 'D', Page '62', of Subdivisions in the Salt Lake County Recorder's
Office; thence along the north line of 1700 South Street S89°44'30"E 387.73 feet to the
Southwest Corner of Parcel # 16-18-180-002; thence N00°12'31"E 133.35 feet to the Northwest
Corner of said Parcel; thence S89°44'30"E 299.00 feet to the Northeast Corner of Parcel
# 16-18-180-009; thence S00°12'31"W 133.35 feet to the Southeast Corner of Parcel
# 16-18-180-010; thence S89°45'07"E 180.10 feet to the Southwest Corner of Parcel
# 16-18-181-008; thence N00°14'40"E 170.10 feet to the Northwest Corner of Parcel
# 16-18-181-022; thence S89°44'59"E 467.50 feet to the Northeast Corner of Parcel
# 16-18-181-014; thence S00°13'36"W 26.10 feet to the Northwest Corner of Parcel
# 16-18-181-005; thence S89°46'24"E 218.67 feet to the east line of 300 East Street; thence along
the east line of 300 East Street S00°17'30"W 210.19 feet to the Northwest Corner of Lot 29, Block
1, Acadia Subdivision as recorded in Book 'C', Page '116' of Subdivisions in the Salt Lake County
Recorder's Office; thence along the south line of 1700 South Street N89°44'17"W 791.81 feet to
the Northwest Corner of Parcel # 16-18-185-001; thence along the east line of 200 East Street
the following 9 courses; 1) S00°30'11"W 818.84 feet; 2) S37°26'32"W 54.92 feet; 3) S00°30'18"W
118.57 feet; 4) S06°23'05"E 50.38 feet; 5) S00°26'15"W 118.23 feet; 6) S31°05'35"W 39.25 feet;
7) S00°19'31"W 508.53 feet; 8) S46°00'29"E 60.70 feet; 9) S00°19'31"W 24.08 feet; thence along
the south line of Westminster Avenue N89°46'41"W 752.39 feet to the Northwest Corner of Lot
5, Block 5, 5-Acre Plat A, Big Field Survey; thence along the east line of State Street S00°19'38"W
1192.05 feet to the south boundary of Salt Lake City; thence along said south boundary
N89°41'51"W 2430.07 feet to the projected east line of a UTA Railroad Line; thence along the
east line of said UTA Line N00°28'51"E 2934.41 feet to the south line of 1700 South Street; thence
along the south line of 1700 South Street N89°42'51"W 1931.59 feet to the easterly line of
Interstate 15; thence along said easterly line of Interstate 15 the following 20 courses;
1) N00°27'40"W 568.71 feet; 2) S54°31'26"W 61.90 feet; 3) NO2°54'07"E 808.21 feet;
4) N11°02'55"E 52.09 feet; 5) N07°24'27"E 481.58 feet; 6) N08°45'11"E 577.42 feet;
7) N09°10'54"E 499.19 feet; 8) N13°20'31"E 122.98 feet; 9) N00°47'27"W 589.96 feet;
10) N11°21'10"W 379.48 feet; 11) N18°53'51"W 487.65 feet; 12) N00°56'47"E 214.16 feet;
13) N25°18'15"E 132.79 feet; 14) N46°06'14"E 104.08 feet; 15) N55°05'39"E 91.45 feet; 16) East
21.23 feet; 17) N52°34'06"E 64.62 feet; 18) S89°49'32"E 605.97 feet; 19) N67°26'19"E 97.64 feet;
20) S89°47'41"E 6.04 feet to the westerly line of a UTA Railroad Line; thence along said westerly
line S38°32'18"E 160.27 feet to the southeasterly corner of Parcel # 15-12-401-006; thence
S89°47'41"E 3.66 feet to the west line of 300 West Street; thence along the west line of 300 West
Street N00°13'53"E 1011.63 feet to the south line of 900 South Street; thence N11°55'37"W
135.67 feet to the Southeast Corner of Lot 1, Block 7, 5-Acre Plat 'A', Salt Lake City Survey; thence
along the north line of 900 South Street S89°45'09"E 2375.42 feet to the Southeast Corner of Lot
5, Walker's Subdivision as recorded in Book 'E', Page '45', of subdivisions in the Salt Lake County
Recorder's Office; thence along the west line Main Street N00°21'12"E 2250.94 feet to the
Northeast Corner of Lot 8, Block 22, Plat '2', Salt Lake City Survey; thence along the south line of
600 South Street S89°59'22"W 795.49 feet to the point of beginning.
LESS AND EXCEPTING THE FOLLOWING:
Parcel # 15-12-478-019
Beginning 41.25 feet West from the Southwest Corner of Lot 2, Block 7, North Columbia
Subdivision as recorded in Book 'D', Page '75', of subdivisions in the Salt Lake County Recorder's
Office and running thence West 337.49 feet; thence N60°57'45"W 10.3 feet; thence North 536.2
feet; thence East 346.5 feet; thence South 541.2 feet to the point of beginning.
AND
Beginning at the Southwest Corner of Lot 18, Block 4, South Main Street Addition Plat 'A' as
recorded in Book 'C', Page '60', of subdivisions in the Salt Lake County Recorder's Office, and
running thence along the east line of West Temple Street the following 4 courses; 1) N00°19'56"E
276.32 feet; 2) N89°50'56"W 10.00 feet; 3) N00°19'12"E 425.31 feet; 4) N66°55'38"E 7.62 feet to
the south line of 1300 South Street; thence along said south line of 1300 South Street the
following 3 courses; 1) N89°36'40"E 441.52 feet; 2) S84°06'15"E 100.65 feet; 3) S89°50'28"E
144.65 feet to the west line of Main Street; thence along the west line of Main Street
SOO°20'50"W 472.58 feet to the southeasterly corner of Parcel #15-13-230-034; thence along
said Parcel the following 9 courses; 1) N89°56'04"W 95.79 feet; 2) S00°10'53"W 39.28 feet;
3) N89°49'07"W 62.69 feet; 4) SOO°20'39"W 160.90 feet; 5) N89°55'57"W 141.84 feet;
6) S89°45'25"W 82.46 feet; 7) N89°50'46"W 158.28 feet; 8) SOO°20'08"W 25.07 feet;
9) N89°50'45"W 142.10 feet to the point of beginning.
Contains 45,734,179 square feet, or 1,049.91 Acres, more or less.
EXHIBIT B
[State Street Community Reinvestment Area Project Area Plan]
4
COMMUNITY
REINVESTMENT AREA
PLAN
SLCRDA
REDEVELOPMENT AGENCY OF SALT LAKE CITY 1 DEPARTMENT OF ECONOMIC DEVELOPMENT
FINAL
State Street
COMMUNITY REINVESTMENT AREA
PLAN
ACKNOWLEDGEMENTS:
MAYOR
RDA EXECUTIVE DIRECTOR
Jacqueline M. Biskupski
DEPARTMENT OF ECONOMIC DEVELOPMENT DIRECTOR
RDA CHIEF EXECUTIVE OFFICER
Lara Fritts
RDA CHIEF OPERATING OFFICER
Danny Walz
RDA BOARD OF DIRECTORS
James Rogers, District 1
Andrew Johnston, District 2
Chris Wharton, District 3
Derek Kitchen, District 4
Erin Mendenhall, District 5
Charlie Luke, District 6
Amy Fowler, District 7
ONTENTS
i) INTRODUCTION 4
1) COMMUNITY REINVESTMENT ANALYSIS (17C-5-105) 7
1(a): PROJECT AREA BOUNDARY DESCRIPTION 7
1(b): EXISTING LAND USES AND NEIGHBORHOOD CONTEXT 9
1(c): STANDARDS TO GUIDE PROJECT AREA DEVELOPMENT 12
1(d): FURTHERING PURPOSES OF UTAH TITLE 17C 13
1(e): GENERAL PLAN CONSISTENCY 17
1(f): ELIMINATION OR REDUCTION OF BLIGHT 18
1(g): SPECIFIC PROJECT AREA DEVELOPMENT 18
1(h): PROCESS OF SELECTING PARTICIPANTS 19
1(i): REASON FOR SELECTING THE PROJECT AREA 19
1(j): EXISTING PHYSICAL, SOCIAL, ECONOMIC CONDITIONS 20
1(k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS 25
1(1): PUBLIC BENEFIT ANALYSIS SUMMARY 26
1(m): HISTORIC PRESERVATION 30
1(n): INTERLOCAL AGREEMENT 30
1(o)(i): OTHER INFORMATION - GEOGRAPHIC FOCUS AREAS 31
1(o)(ii): OTHER INFORMATION - COMMUNITY OUTREACH 32
2) PROJECT AREA BUDGET (17C-5-303) 35
2.1(a): BASE TAXABLE VALUE 36
2.1(b): PROJECTED AMOUNT OF TIF 36
2.1(c): COLLECTION PERIOD 36
2.1(d): TIF PAID TO OTHER TAXING ENTITIES 36
2.1(e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY 36
2.1(f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE 37
2.1(g): MAXIMUM CUMULATIVE DOLLAR AMOUNT 37
2.2: SALES AND USE TAX REVENUE 37
2.3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN 37
2.4: RDA'S COMBINED INCREMENTAL VALUE 38
2.5: PROJECT AREA FUNDS USED FOR ADMINISTRATION 38
2.6: EXPECTED SALES PRICE FOR PROPERTY THE RDA OWNS 38
EXHIBIT A: STATE STREET CRIME 6/1/14 TO 5/31/15
EXHIBIT B: POTENTIAL PROJECT AREA RESEARCH REPORT
EXHIBIT C: PUBLIC BENEFIT ANALYSIS AND PROJECT AREA BUDGET
STATE STREET
COMMUNITY REINVESTMENT AREA PLAN
INTRODUCTION
Through this State Street Community Reinvestment Area Plan ("CRA Plan"), the Redevelopment
Agency of Salt Lake City ("RDA) contemplates the creation of a Community Reinvestment Area
("CRA") to facilitate the use of tax increment financing ("TIF") as a funding mechanism to
further the economic development goals of Salt Lake City. In addition, this CRA plan will help
facilitate the implementation of the community vision and land use plans established by the
Downtown Plan (Adopted May 2016) and the Central Community Master Plan (Adopted
November 2005).
BACKGROUND AND OPPORTUNITIES
The State Street Project Area covers a large expanse of Salt Lake City, and comprises a range of
districts and neighborhoods with differing land uses, urban design characteristics, and
transportation features. A key component of the State Street project area is State Street itself
(United States Highway 89), from 400 South to 2100 South. State Street was once the primary
north/south highway connecting Salt Lake City with adjacent cities prior to the construction of
Interstate-80 (1-80) and Interstate-15 (1-15), and it continues to be a critical gateway to Salt
Lake City. Its very name, and its terminus at the Utah State Capitol Building, indicate its
importance to the region.
State Street has long been an automobile -focused corridor, and was a commercial and social hub
for the Salt Lake Valley in the 1950s and 1960s. In more recent years, as evidenced by such
documents as the State Street Plan (1990), the Life on State Vision document (2010), and the
forthcoming Life on State Implementation Plan, there has been increased interest from the
community and City and regional planners to revitalize State Street in a way that respects the
corridor's auto -oriented focus while expanding its uses to include more pedestrian -friendly and
livable features.
Some community members believe that State Street's auto -centric focus, its excess commercial
capacity, and its auto -oriented infrastructure have given rise to crime, vacant buildings, and an
abundance of underutilized urban land in more recent decades. Certainly, there are areas of high
rates of criminal activity along State Street, as shown in the map in Exhibit A, which includes
such crimes as assault, larceny, drug use, and solicitation of commercial sex. In addition, Salt
Lake City has recently partnered with the University of Utah's Social Research Institute and the
District Attorney's office to perform a human trafficking risk assessment to align resources
related to victims and survivors of human trafficking (both labor and sex trafficking), which
include known populations along the State Street corridor. Many also believe that conditions on
Page 4 — State Street CRA Plan
State Street have negatively impacted economic development and public safety in the residential
neighborhoods throughout the Project Area, primarily the Ballpark and Liberty Wells
neighborhoods, but also portions of the Central City and Downtown communities.
Support for change in the Project Area is strong, and many entities see the potential for growth
and reinvestment in this area, and the opportunity to help reduce crime by improving the overall
livability of the area. The overarching vision of the State Street Project Area, therefore, is to
promote a livable urban community with a strong urban design identity that preserves and
enhances the integrity of its existing residential neighborhoods.
At the time of writing this CRA Plan, Salt Lake City is working towards construction of two new
Homeless Services Resource Centers (HRCs) within the boundaries of the State Street Project
Area. These HRCs will become emergency, short-term shelter for approximately 400 individuals
(200 in each HRC) and are estimated to be constructed and operational prior to closing the
existing Road Home Shelter in June 2019. Salt Lake City continues to conduct community
engagement efforts related to the integration of the HRCs into the surrounding communities, and
the RDA intends to support these efforts to align with the goals and objectives stated in this CRA
Plan.
A single plan cannot do everything, but the establishment of a CRA by the Salt Lake City RDA
will help the City play a major role in change for the community. By making RDA tools and
resources available to property owners within the Project Area, the RDA can help facilitate
reinvestment activities that support the vision for the area. Such activities may include
undertaking new development, renovating and rehabilitating existing buildings, and enhancing
existing and creating new infrastructure, as well as safe, welcoming public spaces.
This CRA Plan shall serve as the guiding document for reinvestment activities in the State Street
Project Area.
CRA Plan Requirements
This CRA Plan complies with the community reinvestment project area plan requirements of
Utah Code 17C Community Reinvestment Agency Act. The RDA does not anticipate using
eminent domain within the Project Area, and therefore is not conducting a blight study or a
blight determination. Thus, the Project Area is authorized through interlocal agreements with
individual taxing entities rather than through a taxing entity committee.
Prior to adoption of a board resolution, the RDA Board of Directors ("Board") has determined this
CRA Plan does the following:
• Contains a map and boundary description of the Project Area
• Contains the RDA's purposes and intent with respect to the Project Area
• Serves a public purpose
Page 5 —State Street CRA Plan
• Produces a public benefit per Utah Code 17C-5-105(2)
• Is economically sound and feasible
• Conforms to the community's general plan
• Promotes the public peace, health, safety, and welfare of the community
Plan and Policy Coordination
Salt Lake City has carried out various planning efforts both citywide and more specific to the
State Street CRA area. It is important that this CRA Plan draws from, builds upon, and integrates
these prior plans and studies.
Page 6 — State Street CRA Plan
SECTION 1: COMMUNITY REINVESTMENT ANALYSIS
Section 1 conforms to the requirements of Utah Code 17C-5-105(1), and includes the following
information:
a) Project Area Boundary Description
b) Existing Land Uses and Neighborhood Context
c) Standards to Guide Project Area Development
d) Furthering Purposes of Utah Title 17C
e) Consistency with Community General Plan(s)
f) Elimination or Reduction of Blight
g) Specific Project Area Development
h) Process for Selecting Participants
i) Reasons for Selecting the Project Area
j) Existing Physical, Social, and Economic Conditions
k) Financial Assistance to be Offered to Participants
I) Results of Public Benefits Analysis
m) Historic Preservation Requirements
n) Interlocal Agreement
o) Other Information
1 (a): PROJECT AREA BOUNDARY DESCRIPTION
The State Street CRA ("Project Area") boundaries are shown in the map presented in Figure 1,
and are generally defined on the south by 2100 South; on the west by Interstate 15, 200 West,
and West Temple; on the north by 300 South; and on the east by 200 East. The Project Area is
adjacent to three existing Salt Lake City RDA Project Areas: the West Temple Gateway, Central
City, and Central Business District project areas. The Baseball Stadium Project Area is located
within the perimeter of the State Street Project Area, and the land included in that project area
will not be included in the State Street Project Area.
Page 7 —State Street CRA Plan
Figure 1. Project Area Plan Boundary Map
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Page 8 — State Street CRA Plan
1 (b): EXISTING LAND USES AND NEIGHBORHOOD CONTEXT
This section includes a general statement of the existing land uses, layout of principal streets,
population densities, and building intensities of the Project Area and how each will be affected
the Project Area development.
Figure 2. Land Use Zoning Map
▪ Other
▪ Business Park
ME Community Business
▪ Commercial Corridor
▪ General Commercial
▪ Neighborhood Commercial
111.11 Central Business District
_ Downtown Support District
1111 Form Based Urban Neighborhood 2
BM Institutional
11111 Open Space
11111 Public Lands
▪ Single Family Residential
▪ Single and Two Family Residential
11111 Residential Mixed -Use
Residential Mixed -Use - 45
El Residential Business
® Low Density Multifamily Residential
Moderate Density Multifamily Residential
MI Moderate/High Density Multifamily Residential
IN High Density Multifamily Residential
▪ Residential Office
Special Development Pattern Residential
400 South
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Page 9 — State Street CRA Plan
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LAND USES
Existing: The project area consists of 729.53 acres of parcels that are currently primarily used
for commercial, retail, and residential uses. The dominant land use is large commercial, which
accounts for 53% of land use, followed by single-family residential uses (19%), multi -family
residential uses (11%), smaller -scale commercial (i.e., neighbourhood commercial and
residential office) accounts for 11% of land use, whereas institutional uses (i.e., schools and
government uses) account for 4% of land use. Approximately 17.32 acres of parcels, or
approximately 2.4%, are currently vacant in the Project Area. At the time of writing this CRA
plan, some properties within the Project Area are associated with criminal activities, as
evidenced by results of primary offenses recorded by the Salt Lake City Police Department.
These primary offenses include drugs, assault, larceny, and crimes of a sexual nature (see
Exhibit A for additional information).
Anticipated Changes: Through redevelopment and revitalization of the Project Area, it is
anticipated that underutilized and vacant land will be returned to productive use, thereby
helping to reduce crime and improving the physical environment of the neighborhood. This
CRA Plan envisions more people living, working, and shopping on State Street and in the State
Street Project Area, bringing new life to the area, and taking advantage of the close proximity
to the downtowns of both Salt Lake City and South Salt Lake. These changes will likely result
in an increase in the number of housing units in this area, and likely an increase in both the
housing and commercial density in the Project Area.
LAYOUT OF PRINCIPAL STREETS
Existing: The streets in the Project Area are set in the grid pattern that is common to much of
Salt Lake City. The principal streets in the Project Area are State Street and 2100 South. State
Street (Utah Highway 89) is owned by the Utah Department of Transportation (UDOT) and runs
the full length of the Project Area. It is a major north -south regional thoroughfare that connects
many cities along the corridor extending from Salt Lake City to the south. With a historical use
as the main north -south highway prior to the installation of 1-15, State Street is primarily an
auto -oriented corridor with few urban, walkable features, especially south of 900 South in Salt
Lake City. Main Street, West Temple, and 300 West are other large north -south streets in the
Project Area that also provide some access to 1-15 and 1-80.
2100 South is one of the primary east -west arterial streets that acts as a feeder street to both
1-15 and 1-80. To the north, 500 South, 600 South, 900 South, 1300 South, and 1700 South
are other major east -west arterial streets, most of which provide access to 1-15.
Anticipated Changes: Overall, the existing general grid layout of the principal streets will likely
remain the same, although smaller -scale, pedestrian -oriented blocks and/or walkways may be
introduced into the grid where needed and/or feasible, as detailed in the Downtown Plan
(2016). At the time of this writing, Salt Lake City, South Salt Lake, UDOT, and the Utah
Page 10 — State Street CRA Plan
Transit Authority (UTA) are in discussions regarding the feasibility of possible changes to the
State Street right-of-way. These discussions will be based on extensive traffic modeling and
analysis, and are not in any way guaranteed at this time.
POPULATION DENSITIES
Existing: Existing residential population densities for the Project Area have been calculated
based on ESRI forecasts generated using data from the 2010 Census Summary File 1.
Densities are calculated by taking the number of households in the Project Area (3006),
multiplied by the average household size (2.13 people), divided by the amount of residential
land use parcels (approximately 196.38) for a residential density of 32.6 people per acre. The
majority of residences are located in the Ballpark Neighborhood near 1300 South and Main
Street and the portion of the Liberty Wells Neighborhood that intersects the Project Area
(roughly between 900 South and 1900 South along State Street and 200 East).
Anticipated Changes: Population densities will likely increase in the Project Area, in part
because the Downtown Plan (2016) and the Standards to Guide Project Area Development
(Section 1(c)) envision this area as being developed for increased transit -supportive residential
density and land use and similarly scaled commercial development. Although it is anticipated
that current single-family land uses will be retained, it is likely that increases in building
intensities (discussed below) and development of underutilized/vacant land would result in
increased population densities.
BUILDING INTENSITIES
Existing: Because of the size of the State Street Project Area, it is necessary to generalize the
building intensities. In many places along the State Street corridor, buildings are primarily
single- or two-story office along with some three- to four-story buildings. The commercial
buildings along State Street and Main Street consist mainly of large automobile dealerships,
smaller motel/hotel buildings, restaurants, single -story retail and goods/service related
buildings and some strip -mall -type developments.
In addition, the State Street corridor is home to the Salt Lake Community College (SLCC)
South City Campus, the Salt Lake County Government Complex, and the OC Tanner corporate
headquarters. These buildings typically occupy the majority of one block, and can be generally
characterized as large buildings (one to several stories) with adjacent surface parking lots.
East and west of the commercial buildings along State Street, the majority of the buildings are
single- or two-story single-family residential structures, with scattered neighborhood scale two -
to three-story apartment buildings, as well as some condominiums, duplexes, four-plexes, and
multi-plexes.
Page 11— State Street CRA Plan
Anticipated Changes: While a majority of lower density residential structures will likely retain
their existing building intensities, it is anticipated that there will be an increase in new, mixed -
use infill developments that will increase building intensities overall in the Project Area.
Buildings with multiple uses, such as ground floor retail with housing above, will increase the
use and activity of the buildings and bring additional people to the Project Area overall. It is
anticipated that much of the project area will support mid -rise (rather than high-rise)
development since much of the area can be considered accessory and supportive of downtown
Salt Lake City.
1 (c): STANDARDS TO GUIDE PROJECT AREA DEVELOPMENT
As standards to guide development, the RDA proposes to use the following goals developed, in
part, through review of applicable master plans and through a public input process:
Encourage transit -oriented development along the State Street and Main Street corridors that
benefits from and complements the light rail transit line on 200 West, as well as a potential
future bus rapid transit (BRT) route on State Street. The type and scale of the development
shall be consistent with the Community General Plan.
Support development that encourages a pedestrian -oriented, walkable environment with
connections to transit stops, destinations within the project area, and surrounding
neighborhoods.
Encourage residential and commercial development on and near the State Street corridor
that is beneficial to the community, and includes neighborhood and locally -owned retail while
maintaining the historic character of existing single-family residential neighborhoods in
areas just east and west of State Street.
Acquire properties for strategic redevelopment projects and/or provide assistance to
redevelop key parcels in the project area. Focus on parcels where such reinvestment would
help to decrease criminal activity and would provide a community benefit to the surrounding
area.
Encourage placemaking and a vibrant destination area by identifying and implementing key
elements of a desirable, pedestrian -oriented public realm that can contribute to the unique
character of the area and enhance connections between activity in buildings and life on the
street.
Encourage and promote sustainable practices in all reinvestment activities, including the
development of a wide range of housing options that increase density while maintaining
neighborhood character.
Page 12 — State Street CRA Plan
Encourage the highest aesthetic standards possible using durable materials while at the
same time providing the greatest possible public value that meets current and future needs.
Support population growth and stability by providing opportunities for housing, mixed -use
development, and appropriately -scaled commercial developments while stabilizing existing
neighborhoods, and by supporting the proposed Homeless Resource Centers (HRCs) on 700
South and High/Paramount Avenue, as well as the surrounding neighborhoods.
Coordinate with other City Departments and Divisions on planning, design, and
implementation of projects and initiatives. Specifically:
1) Work with Salt Lake City Planning Division to review existing zoning codes in the
project area and potentially make changes to zoning and allowable land use to
promote walkable places and to allow development to evolve with the changing
market; and
2) Work with SLC Transportation Division to support all modal elements in the Project
Area and to support recommendations of current and future SLC
Transportation/Transit master plans.
Work with UDOT to support any potential changes to the State Street right-of-way that also
support the City's master plans and the RDA's Project Area goals and objectives.
Work with neighboring jurisdictions, including South Salt Lake, where adjacent
redevelopment areas will serve and be served by overlapping catchment areas.
1 (d): FURTHERING PURPOSES OF UTAH TITLE 17C
By implementing this CRA Plan, the RDA shall leverage private investment with tax increment
financing to provide redevelopment opportunities, create and preserve affordable housing, and
enhance neighborhood livability. Implementation shall be carried out through the following
objectives and tactics:
OBJECTIVE 1: NEIGHBORHOOD REVITALIZATION
UNDERUTILIZED LAND IS RETURNED TO A PRODUCTIVE USE THROUGH A REDUCTION IN
THE NUMBER OF BLIGHTED BUILDINGS AND VACANT LOTS TO REDUCE CRIME AND
IMPROVE THE PHYSICAL ENVIRONMENT OF THE PROJECT AREA.
Tactics:
• Develop and maintain an inventory of vacant, blighted, and underutilized properties to
strategically prioritize for RDA programs and tools.
Page 13 — State Street CRA Plan
• Assist with maintaining and preserving historic/contributing structures, including historic
business buildings. Support adaptive reuse of older structures and preserve historic urban
fabric of the area, possibly through a specific RDA program.
• Acquire key properties and/or assist others with the acquisition of key properties that
might currently be associated with criminal activities; the goal of acquisition would be for
reuse of property(ies) to decrease criminal activity and provide a community benefit to
the surrounding area.
• Wherever possible, prioritize acquisition of vacant or for -sale properties, and/or the
following property types:
o So-called "nuisance properties" that involve increased police response to calls
when compared to surrounding properties.
o Properties that require a relatively high level of City support and/or social services.
• Work with the Salt Lake City Police Department, Planning Division, and other resources to
determine best practices for crime reduction beginning in the early planning stages of
RDA projects so that Crime Prevention Through Environmental Design (CPTED) principles
(or similar) are used to reduce hiding places for criminals, while creating welcoming and
safe environments.
• Explore options for conducting a lighting infrastructure needs assessment within the first
few years of project area establishment to understand lighting needs as they relate to
safety, security, and encouraging a pedestrian -friendly project area.
• Encourage connectivity in the project area both as a means of implementing the
Downtown Plan and as a mechanism for crime reduction.
• Encourage appropriate transition between higher -density and lower -density buildings and
residences. Work with Salt Lake City Planning Division to determine if zoning changes are
appropriate in the project area.
• Ensure that RDA activities support high quality, enduring projects and promote sound
architectural and urban design principles to encourage safe, sustainable, and livable
neighborhoods.
OBJECTIVE 2: COMMERCIAL CORRIDORS
NEW AND REVITALIZED COMMERCIAL SPACE THAT SUPPORTS THRIVING STORES AND
RESTAURANTS ALONG PEDESTRIAN -FRIENDLY COMMERCIAL CORRIDORS. LOCAL AND
REGIONAL NEEDS ARE SERVED THROUGH THE RETENTION OF EXISTING BUSINESSES,
WITH THE ADDITION OF NEW RETAIL, OFFICES, AND SERVICES TO THE AREA.
Tactics:
• On State Street, encourage street trees that are installed at appropriate times (see
Section 1(g)), thematic streetlights, and signature monuments/public art as an entrance
to the City and to showcase the area as a key commercial corridor; collaborate with Salt
Page 14 — State Street CRA Plan
Lake City Arts Council to identify and plan any public art opportunities at early
conceptual stage of projects.
• Target RDA programs and tools to leverage private investment for the revitalization of
existing commercial and retail space while avoiding the displacement of established,
locally -owned businesses.
• Consider developing project -area -specific programs that incentivize locally -owned
businesses to purchase and rehabilitate commercial space to operate their businesses
from.
• Encourage more neighborhood shopping nodes and local business presence, and support
retention of existing small and local businesses. Support development of small
neighborhood service nodes, and support diverse and ethnically/culturally-rich businesses
(restaurants, grocers, bars, shops).
• Support Main Street as a residential and commercial mid -rise area with a mix of uses to
include corner shops, small markets, and housing.
• Target RDA programs and tools to revitalize distressed commercial space by offsetting the
cost of code compliance and facade improvements.
OBJECTIVE 3: EMPLOYMENT CENTERS
ACTIVE AND VITAL EMPLOYMENT CENTERS TO SUPPORT THE RECRUITMENT, RETENTION,
AND EXPANSION OF BUSINESSES TO BUILD LOCAL ECONOMIC AND EMPLOYMENT
PROSPERITY.
Tactics:
• Ensure appropriate levels of office, commercial, and retail spaces are integrated into
redevelopment projects to create synergies between uses and encourage a critical mass of
people.
• Work with Salt Lake City's Business Development team to retain, recruit, and expand
businesses within the Project Area, especially through the redevelopment of prime parcels
along State Street or other corridors.
• Consider creating project -area -specific RDA programs over the lifetime of the Project Area
to promote economic development, prosperity, and a high quality of life along State
Street and in the surrounding community.
• Use resources available through the Main Streets USA program since State Street from
600 South to 1300 South is designated as a National Main Street by the organization.
Resources can be used to assist with many revitalization factors, including design of
physical environment, economic vitality, promotion and identity of place, and
organization of business and other stakeholders.
• Work with existing major employment centers, such Salt Lake Community College, OC
Tanner, and Salt Lake County to identify opportunities for potential partnership and
collaboration on projects.
Page 15 — State Street CRA Plan
OBJECTIVE 4: HOUSING
HIGH -QUALITY HOUSING OPTIONS TO PROVIDE HOUSING STABILITY FOR EXISTING
RESIDENTS AND ESTABLISH THE AREA AS AN OPTION FOR INCREASED RESIDENTIAL
CAPACITY AND LIVE -WORK OPPORTUNITIES.
Tactics:
• Collaborate with Salt Lake City's Division of Housing and Neighborhood Development to
stabilize and improve the existing single-family housing stock, including currently
affordable housing stock.
• Explore options for using a third -party consultant to conduct a gentrification and
displacement risk assessment within the first few years of project area establishment to
identify populations that may be at particular risk for displacement due to redevelopment.
• Many parts of this project area are currently places of immediately available affordable
housing. The RDA plans to be intentional about providing continuity of housing for
individuals using this type of housing as the area redevelops. As such, the RDA plans to
create (or contract with others to create) written relocation plans for any properties
acquired by the RDA that are actively used for affordable housing at the time of
acquisition.
• Provide resources to support housing and social services within the area, such as those
that target the needs of human trafficking survivors and other vulnerable populations.
• Support housing options for families near schools, open space, and community centers.
• Target RDA resources to promote new construction, rehabilitation, and adaptive reuse for
a diverse range of housing options, from affordable to market rate, to accommodate a
range of household incomes.
Consider using the Salt Lake City's Community Land Trust and deed restrictions to
capture the value of public investment to preserve long-term affordability.
• Look for opportunities to partner with local non-profit(s) for neighborhood and/or block -
by -block revitalization and stabilization efforts.
• Utilize RDA programs and tools to support the implementation of mixed -income, mixed -
use, and multifamily residential targeted to appropriate locations that are compatible with
existing development.
OBJECTIVE 5: PUBLIC SPACES & TRANSPORTATION
A HEALTHY AND SUSTAINABLE NEIGHBORHOOD WITH A UNIQUE IDENTITY, COMMUNITY
ACCESS TO OPEN SPACE, SAFE STREETS, CONNECTIVITY TO ADJACENT NEIGHBORHOODS,
AND MULTIMODAL TRANSPORTATION.
Page 16 — State Street CRA Plan
Tactics:
• Coordinate with SLC Parks and Public Lands Division to explore options for new park(s),
public open space(s), recreation/community center(s), and/or athletic fields. As
population density increases, support commensurate and adequate access to open spaces
that use urban design principles to promote safe use throughout the day and evening.
• Work with Utah Department of Transportation to help improve pedestrian and bicycle
movement, experience, and safety, including pedestrian and bicycle crossings on State
and Main Streets.
• Coordinate with Transportation and Planning Divisions to support development of
walkable corridors, including mid -block pedestrian walkways, landscaping, wide
sidewalks, and large windows on ground level retail space.
• Capitalize on the rich transit opportunities of existing light rail and bus service to
encourage mixed -use residential and commercial transit -oriented development to
maximize access to existing and future public transit; work with Utah Transit Authority
and SLC Transportation Division to understand future transit plans for the area when
considering new development/project opportunities; support and explore option for 1700
South TRAX stop with Transportation Division, UTA, SLCC, and others as appropriate.
• Integrate sustainable design features and green infrastructure into projects to mitigate
impacts of new development and promote a resilient urban environment.
• Support efforts to improve access to healthy, affordable food options in the project area,
including community gardens and other methods for such access.
• Work with developers and property owners to integrate publicly -accessible space into
privately owned and managed developments.
• Collaborate with the Salt Lake City Arts Council at early stages of projects to identify
opportunities to integrate public art into community spaces.
1 (e): GENERAL PLAN CONSISTENCY
The Downtown Plan (Adopted May 2016) and the Central Community Master Plan (Adopted
November 2005) together serve as the Community General Plan for the State Street Project Area.
The construction of buildings and improvements and the rehabilitation of any existing buildings
or improvements in the Project Area will be carried out in accordance with the standards set
forth in the Community General Plan, as well as other applicable plans and policies. Building
permits will be issued by the City in order to assure that Project Area development is consistent
with the Community General Plan and City ordinances.
This CRA plan aligns with future land use framework and goals established through the
Community General Plan, including:
• Enhancing connectivity
• Creating walkability
• Increasing transit -oriented development
• Increasing density and housing options
Page 17 — State Street CRA Plan
• Promoting long term economic stability
• Improving and promoting the identity of the State Street area as a unique destination
• Beautifying State Street with improved streetscape and visual amenities
• Identifying opportunities for new parks and/or open space available to the public
In addition to the Downtown Plan (2016) and the Central Community Master Plan (2005), this
CRA Plan also relies on insights and recommendations made through the non -adopted State
Street Plan (dated June 1990, Salt Lake Planning Commission) and the Life on State Vision
(prepared in 2010 as a regional partnership through the Wasatch Front Regional Council), and
the Life on State Implementation Plan that is currently in draft format as of this writing. Moving
forward, all construction and/or rehabilitation of buildings/improvements with be done in
accordance with the standards set forth in other citywide plans, including, but not limited to, the
Growing SLC Housing Plan, the Transit Master Plan, the Transportation Master Plan, the
Pedestrian and Bicycle Master Plan, Sustainable Salt Lake Plan, and Plan Salt Lake.
1 (f): ELIMINATION OR REDUCTION OF BLIGHT
The RDA is not conducting a blight study to make a determination of blight. However, Project
Area development activities are anticipated to revitalize neglected buildings and infrastructure,
and put vacant and underutilized land into a more productive use.
1 (g): SPECIFIC PROJECT AREA DEVELOPMENT
Specific projects and project sites have not been identified at this time. Rather, project area
development activities will facilitate community revitalization efforts as further described in
Section 1(d), above. The following is a list of possible projects/areas of the project area where the
RDA anticipates the possible use of RDA resources:
• Proposed Homeless Resource Center (HRC) on 700 South.
• Proposed HRC on High Ave/Paramount Ave.
• Block 16 (Sears Block).
• Live -work -play developments
• Infrastructure changes/upgrades to State Street in partnership with UDOT and Salt Lake
City Transportation Division.
• 1-15 Freeway Off -Ramp at 900 South — area redevelopment in the future, if changes were
made to the orientation of the existing freeway off -ramp.
• Appropriately -timed infrastructure changes to streetscape amenities as described in the
Downtown Plan. These may include wider sidewalks, street trees, other plantings,
decorative street lighting, and street furniture. The goal is to install infrastructure that
makes the area more pedestrian -friendly, but using appropriate timing to reduce the
likelihood of streetscape amenities harboring criminal activity. Prior to any installation, a
timing and installation plan would be created to minimize any negative activity associated
with the streetscape amenities.
Page 18 — State Street CRA Plan
• Supporting any future transit changes that align with the RDA goals outlined in Section
1(c), above. Future transit changes may include BRT and/or the addition of a light rail
stop at 1700 South, and/or other future transit changes as planned by UTA.
• Safe, well -designed open space, park, and/or athletic/recreation/aquatic facility, in
partnership with the Salt Lake City Parks and Public Lands Division.
• Re -purposing of current nuisance properties and/or those associated with high rates of
criminal activity to promote economic development, livability, and a community benefit.
• Potential RDA Programs targeted to populations/public sector that align with the project
area goals outlined in Section 1(c), including the following:
o Retain existing small and local businesses in the project area.
o Attract large employers and encourage large-scale economic development
opportunities.
o Incentivize locally -owned businesses to purchase and rehabilitate commercial
space from which to operate their businesses.
o Revitalize distressed commercial space by offsetting the cost of code compliance
and facade improvements.
o Encourage adaptive reuse of older structures to preserve historic urban fabric of
the area.
o Partner with an organization to conduct/incentivize block -by -block neighborhood
revitalization.
1 (h): PROCESS OF SELECTING PARTICIPANTS
The RDA may enter into participation agreements (also known as tax increment reimbursement
agreements) for the purpose of providing incentives in the form of tax increment for Project Area
development. Program participants shall be selected through an evaluation process in
accordance with the RDA's tax increment reimbursement program and policies. Potential
participants must provide sufficient evidence that tax increment funding is necessary for the
proposed project to succeed. In addition, the proposed project must align with CRA objectives
and involve significant private investment in order to assure adequate yield of tax increment.
1 (i): REASON FOR SELECTING THE PROJECT AREA
The selection of the State Street Project Area is the result of a multiple -year process initiated by
the RDA Board. An initial policy discussion for project area creation was conducted in December
2014, followed by the Board's adoption of 13 evaluation criteria and approval of a relatively long
list of potential project areas to be evaluated by those criteria. The long list of potential project
areas was narrowed down to seven, and relatively extensive research into each of the 13
evaluation criteria was conducted and presented to the Board in August 2015. Refer to Exhibit B
for the full State Street Potential Project Area Research Report from the August 2015 Board
meeting. The 13 evaluation criteria are shown below:
Evaluation Criteria and Summarized Research Findings:
Page 19 — State Street CRA Plan
1. Master Plans/zoning (Plan SLC)
2. Private/Public partnership opportunities
3. Crime statistics
4. Tax increment projections
5. Affordable housing opportunities/needs
6. Infrastructure opportunities/needs
7. Employment/commercial center
8. Public transit
9. City funding objectives
10. Wasatch Choice 2040
11. Salt Lake County Project Area Creation Policy
12. Major Strategies (Master Plan implementation, blight removal, infrastructure
improvement, housing, economic development)
13. City and RDA tools
After conducting research into each of the above evaluation criteria, it was determined by the
Board that the State Street Project Area met the selection criteria and was selected as a
proposed project area by vote of the Board members. Some of the reasons for this selection
included the following:
• High rates of criminal activity, with a high density of crimes occurring in several localized
areas along the corridor.
• Some existing major employment centers within or adjacent to the Project Area (i.e., OC
Tanner, Salt Lake Community College, and Salt Lake County Complex), and the potential
to add additional employment/commercial centers, especially at specific to -be -
determined intersections (commercial nodes) in the Project Area.
• High ridership of public transit (UTA bus route 200), as well as the potential for
additional public transit with proposed bus rapid transit (BRT) on State Street, and
potential for increased development around the 1300 South TRAX station.
• Numerous retail/commercial vacancies, indicating underutilized properties that could
benefit from redevelopment incentives.
• Housing opportunities, and housing objectives stated in the relevant master
plans/community plans.
• Conformance with the Salt Lake County Project Area Creation Policy.
1 (j): EXISTING PHYSICAL, SOCIAL, AND ECONOMIC CONDITIONS
The following is a demographic profile of the proposed State Street Project Area, including a
snapshot of social, economic, and physical conditions. The data used for this existing conditions
analysis are primarily U.S. Census Bureau, 2011-2015 American Community Survey 5-year
estimate data, taken from all the Census tract block groups that most closely align with the State
Street project area boundaries. Although these block group boundaries are close to the project
Page 20 — State Street CRA Plan
area boundaries, they do not fall exactly within them, so some of the data displayed in this
section might reflect properties and conditions just outside of the State Street project area.
Residents living in the State Street Project Area and surrounding neighborhood are older than the
population of the city asa whole, as shown in Figure 3. An older population can be partially
explained by the area's low-income housing projects targeted to seniors, including the Wasatch
Manor located at 535 South 200 East and the County High Rise/City Plaza Apartments located
at 1966/1992 South 200 East.
Figure 3:
AGE STRUCTURE: SALT LAKE CITY & STATE STREET PROJECT AREA
SALT LAKE CITY
1.5%85+
75 to 84
60 to 74
45 to 59
30 to 44
18 to 29
5 to 17
Under 5
2.9%
10.3 %
15.7%
23.2%
24.9%
14.4°b
7.2%
STATE STREET PROJECT AREA
=1"11
50,000 40,000 30,000 20,000 10,000 0 0 500 1,000 1,500 2,000 2,500 3,000 3,500
Source: U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Estimates
Note: State Street Project Area study boundaries include Census Tract 1023, Block Group 2; Census Tract 1029; Census Tract 1030, Block Group 2; Census Tract 1031,
Block Group 3, Census Tract 1032, Block Group 3
Diversity within the area is similar to that of the city. According to U.S. Census Bureau, 2015
ACS Estimates, 19% of the population is Hispanic or Latino, compared to 21% for the city as a
whole, as shown in Figure 4. The percentage of Black or African American residents residing
within the Project Area is higher than the citywide average, at 6.5% of the population as
compared to 2.7% for the city, as shown in Figure 5.
Figure 4:
HISPANIC & LATINO POPULATION:
STATE STREET PROJECT AREA & SALT
LAKE CITY
Salt Lake City
State Street Project Area
21
0% 20% 40% 60% 80% 100%
IN Hispanic or Latino ■ Not Hispanic or Latino
Source: U.S. Census Bureau, 2011-2015 Am Com Survey 5-Year Est.
Note: State Street Project Area study boundaries include Census Tract
1023, Block Group 2; Census Tract 1029; Census Tract 1030, Block Group
2; Census Tract 1031, Block Group 3, Census Tract 1032, Block Group 3
Figure 5:
RACE: STATE STREET PROJECT AREA
& SALT LAKE CITY
Other/ Two or More Races 1 10.5%
Native Hawaiian/ Pacific Islander 2.4%
2.2%
Asian111
5.5%
4.7%
American Indian / Alaska Native 1.3%
1.2%
Black or African American `21`
6.5%
73.4%
White ra.v%
0% 50% 100%
• Salt Lake City all State Strret Project Area
Source: U.S. Census Bureau, 2011-2015 Am Com Survey 5-Year Est.
Note: State Street Project Area study boundaries Include Census Tract 1023, Block
Group 2; Census Tract 1029; Census Tract 1030, Block Group 2; Census Tract 1031,
Block Group 3, Census Tract 1032, Block Group 3
Elementary -age youth within the area are more diverse than Salt Lake City as a whole, with Salt
Lake City School District reporting that racial and ethnic minorities comprise between 59% to
75% of elementary school enrollment, which is higher than the 55% average for all Salt Lake
City elementary schools, as shown in Figure 6. The three elementary schools shown in Figure 6
are not all physically located within the Project Area, but their school district boundaries all
intersect with the Project Area.
Figure 6:
80%
70%
60%
50%
40%
30%
20%
10%
0%
STATE STREET PROJECT AREA -
2016 SCHOOL ENROLLMENT:
HISPANIC & MINORITY
75%
Lincoln Elementary
Washington Whittier
Elementary Elementary
■ % Hispanic • — — • SLC Elem. Schools Average Hispanic Rate
■ % Minority SLC Elem. Schools Average Minority Rate
Source: Salt Lake City School District
The majority (79%-93%) of elementary -age children who attend schools that draw from the State
Street Project Area are eligible for free or reduced lunch, as shown in Figure 7. The federal
poverty level income for a family of four is $24,300. A student from a household with an income
of up to 130% of the federal poverty level ($31,590 for a family of four) is eligible for free
lunch. A student from a household with an income between 130% and up to 185% of the
federal poverty level ($44,955 for a family of four) is eligible for reduced lunch.
Figure 7:
STATE STREET PROJECT AREA - 2016 SCHOOL ENROLLMENT:
% OF STUDENTS QUALIFYING FOR FREE OR REDUCED LUNCH
Whittier Elementary
Washington Elementary
Lincoln Elementary
80%
79%
93%
0 % 20% 40% 60% 80% 100%
SLC Elementary Schools Average
Source: Salt Lake City School District
Note: A student from a household with an income at or below 130% of the poverty threshold is
eligible for free lunch. A student from a household with an income between 130% and up to
185% of the poverty threshold is eligible for reduced price lunch.
Page 22 — State Street CRA Plan
As shown in Figure 8, over 34% of individuals and 30% of families residing in the
greater State Street Project Area are living in poverty according to U.S. Census 2015
ACS Estimates. This is significantly higher than the citywide and countywide
percentages, also shown in Figure 8.
Figure 8:
POVERTY RATES- INDIVIDUALS & FAMILIES:
STATE STREET PROJECT AREA, SALT LAKE CITY, SALT LAKE COUNTY
9.2%
Salt Lake County
12.4%
Salt Lake City
State Street
0%
13.9%
20.3%
30.3%
34.1%
5% 10% 15% 20% 25% 30% 35%
• Families II Individuals
Source: U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Estimates
Note: State Street Project Area study boundaries Include Census Tract 1023, Block Group 2; Census Tract 1029; Census Tract 1030,
Block Group 2; Census Tract 1031, Block Group 3, Census Tract 1032, Block Group 3 _
The median household income for the State Street Project Area and surrounding neighborhood
($22,881) is only 48% of the citywide median ($47,243), as shown in Figure 9. The low median
household income may be partially explained by the low average household size, which is 1.98
for the State Street Project Area as compared to 2.47 for Salt Lake City as a whole, as shown in
Figure 10. This could indicate that there are more single -person head -of -households residing in
the area. In addition, the low median income may reflect the prevalence of public and subsidized
housing within the area.
Figure 9:
STATE STREET PROJECT AREA - MEDIAN HOUSEHOLD INCOME
$50,000
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$-
$47,243
$22,881
State Street Project Area Salt Lake City
Source: U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Estimates
Note: State Street Project Area study boundaries include Census Tract 1023, Block Group 2;
Census Tract 1029; Census Tract 1030, Block Group 2; Census Tract 1031, Block Group 3,
Census Tract 1032, Block Group 3
Page 23 — State Street CRA Plan
Figure 10:
STATE STREET PROJECT AREA - AVERAGE HOUSEHOLD SIZE
3.0
2.5
2.0 .
1.5
1.0
0.5
0.0
2.47
2 67
228
2 02 1.91
II II
All Households Owner Households Renter Households
9 Line Project Area • Salt Lake City
Source: U.S. Census Bureau, 2011-2015 American Community Survey 5-Year Estimates
Note: State Street Project Area study boundaries include Census Tract 1023, Block Group 2;
Census Tract 1029; Census Tract 1030, Block Group 2; Census Tract 1031, Block Group 3,
Census Tract 1032, Block Group 3
The dominant land use within the area is large commercial, which occupies over half (53(Y0) of
the land area, as demonstrated in Figure 11. The remaining land area consists of small
commercial (12%), single-family residential (19%), multifamily residential (12%), and
institutional (4%).
The Project Area has a nearly even split of renters versus homeowners, with 48% of households
being homeowners, and 52% being renters; this split mirrors the citywide average. As shown in
Figure 12, the majority of residential units are either single-family units or units located in high -
density multifamily buildings that contain 50 or more units.
Figure 11:
STATE STREET PROJECT AREA:
LAND USE
Large commercial (53%) Small commercial (12%)
Single-family residential (19%)
Multi -family residential (12%) Institutional (4%)
Figure 12:
STATE STREET PROJECT AREA - % OF HOUSING UNITS
BY THE NUMBER OF UNITS IN THE STRUCTURE
■Single Unit
■ Duplex
■ 3 or 4 Units
■ 5 to 19 Units
■ 20 to 49
■ 50 or more
6%
38%
Source: U.S. Census Bureau, 2011-2015 American Community Survey S-Year Estimates
Note: State Street Project Area study boundaries include Census Tract 1023, Block
Group 2; Census Tract 1029; Census Tract 1030, Block Group 2; Census Tract 1031,
Block Group 3, Census Tract 1032, Block Group 3
According to a 2014 Fair Housing Equity Assessment completed by the Bureau of Economic and
Business Research at the University of Utah, the majority of the area comprising the State Street
Project Area, is considered a low or moderately -low opportunity area (see Figure 13). The index
measures school proficiency, poverty, labor market, housing stability, and job access. The
general area of the State Street Project Area is shown in the black box in Figure 13.
Page 24— State Street CRA Plan
Figure 13:
STANDARDIZED OPPORTUNITY INDEX BY CENSUS TRACT
Opportunity Index
ti 1 tot
WI 3to4
Sto6
ai 7to8
A9to10
Q Salt Lake City
Census Tract
Source: Bureau of Economic and Business Research, University of Utah, Salt Lake City:
Fair Housing Equity Assessment, 2014
Data notes for Section 1 (j):
For the purposes of analyzing U.S. Census Bureau geography, the State Street Project Area study
boundaries include census tract 1023, block group 2; census tract 1029, block groups 1, 2, and
3; census tract 1030, block group 2; census tract 1031, block group 3; and 1032, block group 3.
While this geography does not exactly align with the proposed project area boundaries, data from
the study area boundaries is likely representational of neighborhood conditions. Salt Lake City
School District data has also been utilized by identifying school district boundaries contained
within the proposed State Street Project Area.
1 (k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS
To promote investment in real property and consequent increases in property values, the RDA
has established programs to assist property owners and businesses within RDA project areas. The
most widely used forms of RDA assistance are loans, tax increment reimbursements, and the
property acquisition/disposition process. However, the RDA may also develop project area -
specific programs strategically targeted to promote the goals and objectives of the Project Area.
An overview of existing programs is as follows:
TAX INCREMENT REIMBURSEMENT PROGRAM
The RDA Tax Increment Reimbursement Program may provide project developers a tax increment
reimbursement for the development of improvements that meet the goals and objectives of this
Page 25 — State Street CRA Plan
CRA Plan and provide significant public benefit. Tax increment reimbursements shall be based
upon the difference between the initial taxable value of a property prior to improvements and the
increased taxable value resulting from said improvements. The developer will receive a
percentage of the tax increment generated from its project for a specified time frame, and the
RDA will receive the residual tax increment generated by the project.
LOAN PROGRAM
The RDA Loan Program may provide financing to facilitate various development projects,
including new construction, building rehabilitation, and energy efficiency upgrades. Funding is
made available for construction costs or hard costs. Loan funds may also be used for site
improvements associated with a development project. Use of funds for environmental
remediation or demolition shall be considered on a case -by -case basis.
PROPERTY ACQUISITION/DISPOSITION
In addition to programs, the RDA may implement this CRA Plan by acquiring property to market
for strategic redevelopment, particularly to stimulate private investment, improve conditions, and
increase economic development with the area. As per the Utah Code 17C Community
Reinvestment Agency Act, the RDA may sell, convey, grant, gift, or otherwise dispose of any
interest in real property to provide for project area development. Disposition of all RDA -owned
real property, including land write -downs, shall abide by the RDA's real property disposition
policy, all applicable laws, and be conducted in a competitive and transparent manner as
deemed appropriate and effective.
1 (I): PUBLIC BENEFITS ANALYSIS SUMMARY
According to the Utah Code 17C Community Reinvestment Agency Act, the RDA shall conduct
an analysis to determine whether this CRA Plan will provide a public benefit. The RDA
contracted with Lewis, Young, Robertson, Burningham (LYRB) to carry out this effort. A summary
of the resulting analysis, as completed by LYRB, is as follows. Refer to Exhibit C for the complete
State Street Community Reinvestment Area Public Benefits Analysis.
a. An evaluation of the reasonableness of the costs of the proposed project area
development
An evaluation of the reasonableness of the costs of the proposed project area development is
based on a comparison of the costs of the development compared to the revenues and benefits it
will generate for the various taxing entities. For the purposes of this public benefits analysis,
LYRB assumed a 25-year lifespan for the Project Area, with participation from the taxing entities
at 75% (meaning the taxing entities assign 75% of their tax increment to the RDA during the
lifetime of the project area; the taxing entities would maintain 25% of their tax increment during
that same time frame).
Page 26 — State Street CRA Plan
The Analysis assumes that 2016 is the project area base year and, as such, utilizes 2016 parcel
data as the baseline tax values. In 2016, the total assessed value of the Project Area was
$889,305,536. In 25 years, the estimated total assessed value is $1,212,128,055, assuming
the use of tax increment in the Project Area. This equates to $322,822,737 in incremental
assessed value. Other assumptions used in the public benefits analysis over the 25-year
collection period include the following:
General Assumptions:
• Timeframe: First tax increment receipt is assumed to be 2021
• 13 Year Absorption Schedule
• Estimated Base Year Tax Value: $889,305,536
• Incremental Assessed Value in 25 years: $322,822,737
• Total Assessed Value in 25 years: $1,212,128,055
Land Use Assumptions for New Development:
Develop-
ment
Vacant
Acres
Under-
utilized
Acres
Vacant
plus
Under-
utilized
Acres
Percent of
New
Development
New
Development
Acres
Floor Area
Ratio (FAR)
or Units Per
Acre
Square Feet
(SF) or
Units
Commercial
17.32
61.68
204.31
14%
33.71
0.3
440,538
600,733
Office
0.16
22.49
19%
45.97
0.3
Residential
1.93
59.15
61%
104.20
18
1,876
Tax Exempt
1.50
6.13
-
-
-
-
Industrial
8.32
25.62
6%
20.43
0.2
177,995
Total
29.24
175.07
204.31
To calculate the underutilized acres, L YRB reviewed the current zoning ordinances, goals of the Life on
State Vision Document, and conducted an in-depth site analysis to derive the assumption that 25% of the
Project Area is currently underutilized.
Development Assumptions & Tax Base:
Develop-
meet
Square
Feet (SF)
or Units
Si
Square Feet
Total Building Value
Incremental
Land Value
Personal
Property Value
Assessed Value (1)
Commercial
440,558
$113.11
$49,831,147
$187,241
$7,474,672
$64,784,619
Office
600,F
75�
$141.28
$84,873,432
$375,045
$12,731,015
$110,405,743
Residential
1,876
Units
$114.15
$117,748,843
$464,203
-
$133,205,419
Industrial
177'9S5
F
$62.16
$11,063,390
$80,098
$1,659,509
$14,426,737
Total
$263,516,813
$1,106,587
$21,865,195
$322,822,519
1. 25 year assessed value includes a 1.0% growth rate
Page 27 — State Street CRA Plan
b. Efforts that have been, or will be made to capitalize private investment
Private investment has occurred in the Project Area, but not at the rate or magnitude that one
might expect for an area so close to downtown Salt Lake City. This is due, in part, to a lack of
reinvestment in the area over the last several decades. In an effort to increase private investment
in the area, the RDA is proposing the creation of a CRA to assist with removing obstacles and
impediments to development that currently negatively impact the attractiveness of the area to
developers. The RDA proposes to use its financial tools to help incentivize private development in
the following ways:
• The RDA Loan Program provides gap financing that leverages private investment and
secured financing.
• The Tax Increment Reimbursement Program incentivizes private investment by providing
a reimbursement only after a project has been implemented and is generating sufficient
tax increment.
• The RDA's disposition process leverages private investment through competitive
marketing of property for development, thereby incentivizing private equity and financing.
c. Rationale for use of project area funds ("but for" analysis)
The State Street corridor and the Project Area as a whole have suffered from a lack of
reinvestment over the previous decades. New commercial and entertainment districts opening in
other parts of the Salt Lake valley have drawn businesses and consumers away from State Street.
This has led to high vacancies, blighted properties, underutilized land uses, and low -rent
tenants. State Street and its surrounding area suffers from a lack of character and cohesiveness,
and lack of walkability, thematic elements, site remediation, and small lot sizes are a few of the
obstacles that are currently deterring redevelopment within the Project Area.
The Life on State Vision (2010) identified principles that should be followed to help State Street
and its surrounding communities to regain character and identity. These principles include
improving the walkability of the corridor, and adding state trees, thematic lighting, and signature
monuments/public art. "But -for" the creation of the CRA, and the use of public funds, State
Street and its surrounding community will continue to remain in its underutilized state.
d. An estimate of total amount of funds and the length of time during which funds will be
spent
Because of the high costs associated with comprehensive community revitalization, the RDA
anticipates the need for 75 percent of tax increment from the taxing entity partners for a period
of 25 years. Assuming a 25-year timeframe, with 75 percent of increment flowing to the RDA,
the RDA would receive a total of approximately $58.5 million.
e. The beneficial influences on the community's tax base
The public benefits analysis shows that the creation of the Project Area and the use of tax
increment by the RDA will increase the assessed value of the area. Yet the analysis also takes
Page 28 — State Street CRA Plan
into account the costs associated with the Project Area. The following tables and calculations
show that at the end of the 25-year period, the total net benefit to the taxing entities is
approximately $36.8 million, whereas the total benefit to Salt Lake City itself is approximately
$9.6 million.
Total Revenues:
Entity
Property Tax
Sales Tax
Franchise
Tax
Total Incremental
Revenues
Salt Lake County
$12,655,703
$21,587,214
-
$34,242,917
Salt Lake City School
32,987,028
-
-
$32,987,028
Salt Lake City
24,323,930
9,385,745
8,335,502
$42,045,177
Salt Lake Library
3,763,083
-
-
$3,763,083
Salt Lake Metropolitan
1,862,860
-
-
$1,862,860
Salt Lake City Mosquito
912,748
-
-
$912,748
Central Utah Water
2,135,083
-
-
$2,135,083
Total Revenue
$78,640,435
$30,972,959
$8,335,502
$117,948,896
Total Expenditures:
Entity
CRA Budget
General
Government
Public Works
Public Safety
Total
Incremental
Expenditures
Salt Lake County
$9,491,777
$523,245
-
-
$10,015,022
Salt Lake City School
24,740,271
6,277,495
-
-
31,017,766
Salt Lake City
18,242,948
506,485
4,824,397
8.390,558
31,964,388
Salt Lake Library
2,822,312
-
-
2,822,312
Salt Lake Metropolitan
1,397,145
154,211
-
-
1,551,356
Salt Lake City
684,561
17,063
-
-
701,624
Central UT Water
1,601,312
39,067
-
-
1,640,379
Total Expenditures
$58,980,326
$7,517,565
$4,783,177
$8,318,831
$79,712,847
Total net benefit to the taxing entities of participating in the project area:
• Total Incremental Revenues
• Total Incremental Expenditures
• Total net benefit
$117,948,896
- $79,712,847
$38,236,049
Total net benefit to Salt Lake City:
• SLC Incremental Revenues (including Library)
• SLC Incremental Expenditures (including Library)
• Total net benefit to City
$45,808,261
- $34,786,700
$11,021,561
f. The associated business and economic activity the proposed project area development
will likely stimulate
It is anticipated that, given the ability to incentivize development through the use of tax
increment financing, the State Street Project Area will become a highly attractive area for
businesses and organizations to locate (or relocate). Much of the Project Area is well -served by
public transit, especially along the State Street corridor and in the vicinity of 1300 South and
Main Street, near the Ballpark light rail station. As more housing is constructed in downtown Salt
Page 29 — State Street CRA Plan
Lake City, the proximity of the Project Area to downtown and its connection by public transit will
likely become increasingly attractive to businesses whose employees might live downtown.
Similarly, as reinvestment occurs in the Project Area, it is likely that many areas, including the
State Street corridor, could become ideal locations for live -work and mixed -use development
opportunities.
g. Whether adoption of the proposed community reinvestment Project Area plan is
necessary and appropriate to undertake the proposed project area development
As stated in Section 1(I)(c), the State Street corridor and the Project Area as a whole have
suffered from a lack of reinvestment for many decades, causing the area to be characterized by
high vacancies, underutilized land uses, and the inability to attract high -rent tenants. "But -for"
the creation of the CRA, and the use of public funds, State Street and its surrounding
community will continue to remain in its underutilized state.
1 (m): HISTORIC PRESERVATION
If any of the existing buildings or uses in the Project Area are included in or eligible for inclusion
in the National Register of Historic Places of the State Register, the RDA shall comply with Utah
Code Section 9-8-404 as though the agency were a state agency.
1 (n): INTERLOCAL AGREEMENT
Per the requirements listed in Utah Code 17C, the State Street Project Area is subject to an
interlocal agreement with taxing entities, rather than a taxing entity committee, because the RDA
does not plan to use eminent domain to acquire property within the project area.
Page 30 — State Street CRA Plan
1 (0)(i): OTHER INFORMATION - GEOGRAPHIC FOCUS AREAS
The following geographic focus areas were developed through master plan priorities, public
outreach, input from the RDA Board, and identification of opportunities to leverage other
resources. Strategic geographic locations that may prove vital to the revitalization of the Project
Area shown on the included map:
1. HRC — 131 East 700 South:
To promote the seamless
integration of the proposed
homeless resource center
(HRC) into the surrounding
neighborhood and to support
development that may occur
around the HRC.
2. Block 16: To promote
improvements to urban land
use and support opportunity
for increased economic
development within the Main
Streets USA designated area.
3. Ballpark TRAX Station Area:
To promote high quality
transit -oriented development
near a key transit stop
location.
4. HRC — 275 W High Ave: To
promote the seamless
integration of the proposed
homeless resource center
(HRC) into the surrounding
neighborhood and to support
development that may occur
around the HRC.
5. General Area Central State
Corridor: To encourage
economic development and
neighborhood shopping
opportunities at key
commercial nodes and surrounding areas.
6. 900 South Off -Ramp Area: To improve connectivity and encourage
_,,,..-K'
GEOGRAPHIC FOCUS AREAS
400 Booth
C't
as a -- $
s00 South
1.HRC -131E,`
700 S
600 Squ tir
•
1► _
2. Block 16
700 South
8-00 sou 6. 900 South
Off -Ramp Area
v
900 5,11.h
x
3. Ballpark Traz
Stop Area '.
�4.HRC -275W
High Ave Area
N
5. General Area Central ,'•
1- State Corridor
2100 South 2100 South
i.
•
700 South
S00 South
0,Sput
tt
1300 South
1700 South
2100' South. —
revitalization if future
changes are made to the existing orientation of the 900 South freeway off -ramp.
Page 31— State Street CRA Plan
1 (o)(ii): OTHER INFORMATION — COMMUNITY OUTREACH
To develop a Plan that reflects community values and priorities, the RDA used a variety of public
engagement methods between January and August 2016 as part of the initial community
outreach process. A summary is as follows:
OUTLETS FOR PUBLIC OUTREACH
• Two public open houses: the first held at Horizonte Instruction and Training Center on
March 30, 2016; and the second held at the Salt Lake County Government Complex
(South Building) on May 3, 2016
• Community Council (CC) meetings
o Downtown CC
o Liberty Wells CC
o Central City CC
o Ballpark CC
• School community council meetings (Lincoln Elementary and Whittier Elementary)
• Stakeholder interviews with housing, community development, transportation, planning,
local business, economic development, and governmental stakeholders
• The project team canvassed the entire State Street and Main Street corridors (from 500
South to 2100 South), hand -delivering flyers prior to the first public open house and
speaking with many business/property owners during that time.
MODES OF COLLECTING INPUT
• A community preferences questionnaire was distributed at the two open houses. The RDA
received responses to a total of 131 questionnaires, all of which were English-speaking
responses.
• The open houses were well -attended, with approximately 200 stakeholders attending the
first open house and approximately 45 attending the second. Participants provided input
by filling out questionnaires and comment cards; leaving comments on neighborhood
visioning boards; and ranking project and geographic target areas on priority boards.
• RDA staff documented input received through interviews with key stakeholders.
• Stakeholders were also able to submit written comment to RDA staff via email.
• RDA staff met with representatives from every City department and division to review
Project Area goals and objectives and receive input on any revisions/suggestions, as well
as information about how best to work with each department/division once the Project
Area is created.
KEY TAKEAWAYS
• Crime
1. Residents and business/property owners consider crime reduction to be the biggest
need in the project area, especially along State Street and Major Street, as well as
some parts of Main Street, 1300 South, and 1700 South.
2. Residents and business/property owners cited drug use/abuse, prostitution,
aggressive/erratic behavior, and squatting/camping/damage to private property as
primary reasons they fear for their safety and that of their family members.
Page 32 — State Street CRA Plan
3. Most of the individual business/property owners we met with considered specific
properties/parcels to be the root cause of criminal activity in their area, especially
low-cost motel and apartment buildings.
4. Residents and business/property owners expressed an understanding for the need for
low-income housing, but also expressed a strong desire for acquisition and
redevelopment/repurposing (by the City or others) of the "root cause" properties and
parcels (discussed above) to eliminate the criminal activity associated with those
properties.
5. Many of the stakeholders who provide social services for at -risk populations expressed
the extreme need for both affordable housing andsupportive services (drug
rehabilitation, budget management, nutrition, childcare, job training, basic life skills
training), as well as a need to stabilize child/student populations to improve
educational and social prospects and outcomes.
• Main Street Corridor
1. Residents and business/property owners expressed a desire to support Main Street as
a residential and commercial mid -rise area with a mix of uses to include corner shops,
small markets, and housing.
2. Residents expressed desire for a loan program to help make improvements to aging
homes, including those used as rental properties.
3. Residents and business/property owners expressed concern about crime and "problem
properties" on Main Street and intersecting east -west streets (especially between
approximately 1300 South and Layton Ave), and limited foot traffic to local
businesses due to safety concerns.
4. Residents and business/property owners think that Main Street is a great, walkable
street with a lot of potential if crime is reduced and reinvestment occurs, especially
for vacant/under-used properties.
• Neighborhood Commercial
1. Residents and business/property owners expressed a desire to encourage more
neighborhood shopping and local business presence.
2. Many local/small business owners expressed concern about the large numbers of
vacant buildings and unoccupied commercial spaces surrounding them.
3. Business/property owners desire the following:
a. Housing (condos, apartments, townhouses) to bring more people to State
Street
b. Courtyard housing and neighborhood feel on Main Street
c. Local business district/identity
d. Restaurants and bars to activate the corridors
e. "Good" neighbors and tenants with reputable businesses to bring increased
patrons to the area.
4. Business/property owners desire loans and programs to help retain, promote, and
encourage small/local business and entrepreneur presence.
5. Business/property owners are concerned about the condition of streets and alleys in
the area, stating that flooding is a problem due to poor stormwater drainage, and that
street sweepers are rare/non-existent in the area.
Page 33 — State Street CRA Plan
6. Property owners expressed concern that it is difficult to find reputable commercial
renters due to safety/crime concerns in the project area.
7. Residents and business/property owners expressed a need for an improved
neighborhood identity.
• Walkability
1. Residents and business/property owners expressed a desire for improved pedestrian
movement, experience, and safety, including safe crossings, walkable corridors,
landscaping, wide sidewalks, and street amenities (benches, trees, garbage cans).
2. Business/property owners desire walking traffic, high quality pedestrian walkways, and
local patrons for businesses.
• Transit -Oriented Development (TOD)
1. Residents and business/property owners support mixed -use residential and
commercial development close to public transit to maximize the access and benefits
of that transit.
2. Residents and business/property owners believe the 1300 South TRAX stop is a good
opportunity for additional TOD that is currently lacking.
3. Some residents and business/property owners expressed desire for new TRAX stop at
1700 South, especially for students and staff accessing Salt Lake Community College
South City Campus at 1575 South State Street.
4. Residents express a need for an improved neighborhood identity.
• Geographic Targeting
Using a large map board at each of the public open houses, residents and
business/property owners prioritized the following top three areas:
1. State Street and Major Street between Kelsey Ave (approximately 1250 South)
and Cleveland Ave (approximately 1500 South)
2. State Street between 1700 South and Westminster Ave (approximately 1900
South)
3. West Temple between 1400 South and Harris Ave
Page 34 — State Street CRA Plan
SECTION 2: PROJECT AREA BUDGET
Section 2 of this CRA Plan conforms to the requirements of 17C-5-303, and includes the
following information:
1) Receipt of Tax Increment
a. Base taxable value;
b. Project amount of tax increment to be generated within the CRA;
c. Funds collection period;
d. Projected amount of tax increment to be paid to other taxing entities in
accordance with Section 17C-1-410 (if applicable);
e. If the area from which tax increment is collected is less than the entire CRA:
i. A boundary description of the portion or portions of the CRA from which
the agency receives tax increment; and
ii. For each portion described in Subsection 1(e)(i), the period of time during
which tax increment is collected;
f. Percentage of tax increment the agency is authorized to receive from the CRA;
and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to
receive from the CRA.
2) Receipt of Sales and Use Tax Revenue
3) Project Area Funds to Implement this CRA Plan
4) RDA's Combined Incremental Value
5) Amount for Administration
6) Property Owned and Expected to Sell
Page 35 — State Street CRA Plan
2.1: RECEIPT OF TAX INCREMENT
2.1 (a): BASE TAXABLE VALUE
The base year is anticipated to be 2016, with a base year taxable value of $866,291,403.
2.1 (b): PROJECTED AMOUNT OF TIF
Table 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED — 25 YEARS
Incremental Tax Revenues — 100%
Total — 25 Years
Salt Lake County
$12,655,703
32,987,028
24,323,930
3,763,083
1,862,860
912,748
Salt Lake City School District
Salt Lake City
Salt Lake Library
Salt Lake Metropolitan Water District
Salt Lake City Mosquito Abatement District
Central Utah Water Conservancy District
2,135,083
$78,640,435
Total
2.1 (c): COLLECTION PERIOD
The collection period shall be 25 years.
2.1 (d): TIF PAID TO OTHER TAXING ENTITIES
TABLE 2.2: INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES — 25 YEARS
Incremental Tax Revenues To Taxing Entities
Total — 25 Years
Salt Lake County
3,163,926
Salt Lake City School District
8,246,757
Salt Lake City
6,080,983
Salt Lake Library
940,771
Salt Lake Metropolitan Water District
465,715
Salt Lake City Mosquito Abatement District
228,187
Central Utah Water Conservancy District
533,771
Total
19,660,109
2.1 (e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable; the TIF collection area is the entire CRA boundary.
Page 36 — State Street CRA Plan
2.1 (f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: REQUESTED PARTICIPATION FROM TAXING ENTITIES
Taxing Entity
Percentage
Length
Salt Lake County
75%
25 Years
Salt Lake City School District
75%
25 Years
Salt Lake City
75%
25 Years
Salt Lake Library
75%
25 Years
Salt Lake Metropolitan Water District
75%
25 Years
Salt Lake City Mosquito Abatement District
75%
25 Years
Central Utah Water Conservancy District
75%
25 Years
2.1 (g): MAXIMUM CUMULATIVE DOLLAR AMOUNT
Based on a conservative projection of tax increment generation, the RDA estimates receiving
approximately $59,661,771 in tax increment revenues over a 25-year period. Actual receipt of
tax increment may be higher depending on absorption rates, market conditions, and taxing entity
participation terms. As such, tax increment budget estimates and maximums, if applicable, will
be established through an interlocal agreement with each of the participating taxing entities.
Estimated tax increment revenues are as follows:
TABLE 2.4: TAX INCREMENT REVENUES TO RDA AT 75% PARTICIPATION RATE FOR 25 YEARS
Incremental Tax Revenues To RDA
Total — 25 Years
Salt Lake County
$9,491,777
Salt Lake City School District
24,740,271
Salt Lake City
18,242,948
Salt Lake Library
2,822,312
Salt Lake Metropolitan Water District
1,397,145
Salt Lake City Mosquito Abatement District
684,561
Central Utah Water Conservancy District
1,601,312
Total
$58,980,326
2.2: SALES AND USE TAX REVENUE
Not applicable.
2.3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN
TABLE 2.5: BUDGET FOR TAX INCREMENT REVENUES TO RDA — 25 YEARS
Activity
Percentage
Amount
Administration & Operations
10%
$5,898,033
Housing
10%
$5,898,033
Redevelopment Activities
80%
$47,184,261
Total
100%
$58,980,326
The RDA shall implement this plan through the following activities:
• ADMINISTRATION AND OPERATIONS:
Page 37 — State Street CRA Plan
The tax increment expected to be used to cover the operating costs or administering and
implementing the CRA Plan.
• HOUSING:
The tax increment allocation required to be used for housing activities pursuant to
Sections 17C-2-203, 17C-3-202, 17C-5-307 for the purposes described in 17C-1-412.
• REDEVELOPMENT ACTIVITIES:
The tax increment expected to be used to carry out project development activities as
described in this CRA Plan. Activities may include, but are not limited to, land
acquisition, public improvements, infrastructure improvements, loans, grants, and other
incentives to public and private entities.
2.4: RDA'S COMBINED INCREMENTAL VALUE
TABLE 2.6: RDA'S COMBINED INCREMENTAL VALUE AS OF DATE OF THIS CRA PLAN
PROJECT AREA
ASSESSED
PROPERTY VALUE
BASE TAXABLE
VALUE
INCREMENTAL
VALUE
SLC CBD In
$2,253,069,110
$136,894,100
$2,116,175,010
SLC CBD Out
$468,564,069
$0
S468,564,069
West Temple
$131,625,455
$50,234,090
$81,391,365
Baseball
$2,994,111
$0
$2,994,111
$55,148,749
$392,134,544
West Capitol Hill
$83,471,701
$419,610,969
$28,322,952
S27,476,425
Depot District
Depot District Non -Collection
$17,069,143
$0
$17,069,143
Granary
$90,443,298
$48,813,397
S41,629,901
North Temple Viaduct
$64,730,133
S36,499,680
$28,230,453
North Temple
$106,098,060
$84,073,572
$22,024,488
Block 70
$158,846,344
$58,757,937
$100,088,407
COMBINED VALUE
$4,155,314,802
$524,473,352
$3,630,841,450
2.5: PROJECT AREA FUNDS USED FOR ADMINISTRATION
The RDA anticipates using up to 10 percent of the funds captured and retained by the agency for
administrative purposes; this total is estimated to be $5,898,033.
2.6: EXPECTED SALES PRICE FOR PROPERTY THE RDA OWNS
The RDA does not own property within the Project Area.
Page 38 — State Street CRA Plan
Exhibit A
State Street Crime in the Past Year
(6/1/14-5/31/15)
0 250 500 1,000
INCEINEMM Feet
1630,Si
w
1/4s
w
Wilson Ave
Downington Avi
•Garfield Ave
N
0
w
Westminster Ave
State Street
Crime in the Past Year
Legend
Crime Density
- High
Low
Primary offenses recorded
by SLC Police Department
6/1/14 - 5/31/15
Type Count
ALCOHOL IN VEH 2
ARSON 2
ASSAULT 253
BURGLARY 83
COMMERCIAL SEX 34
COUNTERFEITING 3
DAMAGED PROP 88
DRUGS 140
DUI - CLS A 1
DUI ALCOHOL 33
DUI DRUGS 4
EMBEZZLEMENT 2
ESCAPE 272
FAMILY OFFENSES 31
FLEEING 5
FORGERY 46
FRAUD 78
HIT AND RUN 41
INV OF PRIVACY 56
KIDNAP 4
LARCENY 560
LIQUOR 14
MORALS -DECENCY 6
OBST JUDICIAL 6
OBST POLICE 35
PUBLIC ORDER 70
PUBLIC PEACE 34
ROBBERY 38
SEX OFFENSES 1
SEXUAL ASSAULT 16
SEXUAL OFFENSE 11
STOLEN PROP 28
STOLEN VEHICLE 88
TA-INJ/ALCOHOL 1
TRAFFIC 8
WEAPON OFFENSE 10
Drawn By: K. Bell
Salt Lake City Corporation
Information Management Services
July 2015
Exhibit B
Potential Project Area Research Report:
State Street
Potential Project Area Research Report:
State Street
Introduction:
State Street is a major gateway into downtown, but it currently aesthetically misrepresents
our city. The proposed State Street project area is located between 500 South and 2100
South from Main Street to 200 East. This project area will be a major tax increment
generator focused on revitalizing underused structures and creating opportunities for
redevelopment along the State Street corridor, while improving the overall look and feel of
the corridor. The S-Line Streetcar crosses State Street just south of the project area, which
is outside of Salt Lake City's municipal boundary, but could possibly provide a starting
point for activity generation and a major impetus for development of commercial and
mixed -use including housing within the corridor.
Relevant Data:
Area Acreage: -314 acres
Zoning Designations/Area Percentage:
Zoning Type
Acreage
% of Total
Commercial
134.10
43%
Downtown
81.58
26%
Institutional and Public Land
35.25
11%
Single Family Residential
53.05
17%
Multi -Family Residential
10.14
3%
TOTAL
314.12
100%
As shown in the attached "State Street, Zoning" map, the majority of the parcels within the
project area boundaries are designated for commercial and business uses, with a smaller
number designated for residential uses. There are also two properties (Salt Lake
Community College and the Salt Lake County Government Center) that are designated as
institutional/public land.
Crime Data: The attached map of "State Street, Crime in the Past Year" shows a list and hot
spot map of all primary offenses recorded by the Salt Lake City Police Department during
the time period of June 1, 2014 to May 31, 2015. As shown in the map, there are multiple
areas with high density crime, with the highest areas near the northeast corner of State
Street and 900 South, and on the east side of State Street, between 800 South and 700
South.
State Street - 1
Current Public Transit Availability: As shown in the attached map of "State Street,
Employment and Mass Transit," the proposed State Street project area has one main bus
route, the 200, running north and south along State Street. In addition to this primary bus
route, the 21, 17, 9, and 451 cross State Street within the project area boundaries at 2100
South, 1700 South, 900 South, and 600 South, respectively. In terms of weekday bus
frequency, the 200 and 21 run every 15 minutes, the 9 and 17 run every 30 minutes, and
the 451 is the Tooele Express, which runs three times in the morning and three times in the
evening. The S-line streetcar crosses State Street just south of the project area, and outside
of Salt Lake City's municipal boundary, (between Wentworth Ave and Truman Ave, just
south of 2100 S), and the 400 South light rail line is located one block north of the project
area.
Major Employment and Commercial Centers: The number of businesses within the
proposed State Street project area, and the number of employees at each business, is
shown in the attached map of "State Street, Employment and Mass Transit." As shown in
the map, there are many businesses located within the project area, the majority of which
are relatively small (1-40 employees), and a few that are relatively large (111-304
employees, and 305-613 employees). Some types of existing businesses within the subject
area include motels, pawn shops, small retail clothing/boutiques, ethnic grocers,
restaurants, bars, and automobile dealerships.
City/County/Institutional Plans
Master Plan Goals: The proposed State Street project area falls within the Central
Community Master Plan, as well as the neighborhood planning areas of Downtown, Liberty,
and People's Freeway. In general, the Central Community Master Plan emphasizes the need
for livable communities and neighborhoods, vital and sustainable commerce, unique and
active places, and pedestrian mobility and accessibility. This area is also included in the
Draft Downtown Community Plan (May 2015).
The following is a list of applicable elements of the Master Plan and Draft Downtown
Community Plan goals and visions that could be accomplished through redevelopment of
the State Street potential project area:
• Create an enhanced built environment to encourage employees to work and live in
the Central Community and support the creation of smaller locally owned
businesses.
• Maintain a variety of residential land uses, including preservation of housing stock
that improves neighborhood character.
• Appropriately transition between multi -family housing and mixed land uses in
designated areas to support sustainable development.
• Improve pedestrian movement along arterials and collectors to ensure pedestrian
safety, and develop ways to address the isolation between major roadways and
improve pedestrian orientation.
State Street - 2
• Locate higher density residential land uses are near commercial areas, light rail
stations, and open space.
• Eliminate problems associated with pawnshops, prostitution, and undesirable
activities on State Street.
• Preserve historic structures that contribute to the culture of the community, and use
design guidelines and review processes to ensure that new construction is compatible
with the surrounding areas and established land use patterns.
• Maintain a variety of park sites and open spaces so residents can enjoy active and passive
recreation space.
• Increase pedestrian accessibility and cultural activities to encourage more housing that
supports the employment center of the downtown area.
Recent or Planned Changes to Zoning: The current Draft Downtown Community Plan
(May 2015) includes a section on State Street and the zoning framework for the corridor.
The Planning Division is considering rezoning the corridor along State Street to encourage
midrise mixed -use development to help promote short-term redevelopment.
Wasatch 2040: There are ten strategies for local governments to implement the Wasatch
Choice for 2040 (WC2040) vision. Strategy I is the most applicable to the work of the RDA,
and it includes seven characteristics to be used to identify priority reuse areas. The table
below identifies which of these seven characteristics applies to the State Street project
area. WC2040 states that reuse efforts should focus on areas that have at least three of the
seven characteristics.
Characteristics Identified for Priority Reuse Areas
State Street
The area has underutilized infrastructure.
The location includes pedestrian -friendly physical characteristics or the potential for
such.
•
Reuse would further other neighborhood revitalization objectives.
•
The area is located close to frequent transit service and has adequate automobile
access.
•
An analysis indicates raw financial potential for reuse.
•
An unmet demand for workforce housing or compact housing develops in the
community.
•
The area has "character" - a strong identity or sense of place.
•
Of the remaining nine strategies in WC2040, the following were identified as relevant to the
State Street project area:
• Strategy II: Provide Incentives for Contiguous Growth and Infill
• Strategy IV: Create Walkable Commercial and Mixed -Use Districts
• Strategy VII: Create a Plan for Workforce Housing
State Street - 3
Plan Salt Lake: Plan Salt Lake comprises the following thirteen guiding principles:
1) Neighborhoods, 2) Growth, 3) Housing, 4) Transportation & Mobility, 5) Air Quality,
6) Natural Environment, 7) Parks & Recreation, 8) Beautiful City, 9) Preservation, 10)
Arts & Culture, 11) Equity, 12) Economy, and 13) Government. Although all of these
principles apply, in some way, to the work of the RDA, we focused on a subset of them
(shown in bold and green text above) to highlight specific initiatives that could apply to
Master Plan goals in the project area. The initiatives that apply most specifically to the State
Street project area are listed below:
• Create a safe and convenient place for people to carry out their daily lives.
• Encourage and support local businesses and neighborhood business districts.
• Provide opportunities for and promotion of social interaction.
• Locate new development in areas with existing infrastructure and amenities, such as
transit and transportation corridors.
• Encourage a mix of land uses.
• Ensure access to affordable citywide housing, including rental and very low income.
• Enable moderate density increases within existing neighborhoods where appropriate.
• Make walking and cycling viable, and safe and convenient transportation options in all
areas of the City.
• Incorporate pedestrian oriented elements... into our rights -of -way and transportation
networks.
• Reinforce downtown as the visually dominant center of the City through the use of design
standards and guidelines.
• Identify and establish standards for key gateways into the City.
• Balance preservation with flexibility for change and growth.
• Foster and support growth of the creative economy sector.
Salt Lake County CDA Policy Conformance: The attached table of "State Street Potential
Project Area - Salt Lake County CDA Project Considerations" shows that this project area
would likely be considered a favorable project area.
Project Area Strategies:
Infrastructure Improvement: Both the UTA Transit Network Plan and Utah's Unified
Transit Plan identify a Bus Rapid Transit line on State Street. Safer east -west pedestrian
crossings at State Street are needed. SLC Engineering identified the need to standardize the
street beautification elements along State Street, as well as current drainage challenges.
Note: The City is responsible for the sidewalk and park strip while UDOT is responsible for
the street.
Housing: The State Street corridor contains a mix of commercial interspersed with small
single family residential neighborhoods. The RDA can assist by stabilizing existing
neighborhoods while creating new quality mixed use and commercial developments.
State Street - 4
Economic Development: The SLC Economic Development Division strongly recommends
State Street as a new project area, as well as including both sides of Main Street in the
redevelopment area. The redevelopment of this portion of State Street provides significant
opportunities to revitalize older buildings and create new leasable spaces to help establish
more commercial and mixed use along the corridor.
Blight Mitigation: If this project area is considered for an Urban Renewal Area, a blight
study will need to be conducted as part of the project area creation process.
RDA -City Financing/Program Tools
RDA Tax Increment: Tax increment over a 25-year project area period was estimated for
each potential project area, using 2014 tax revenue as the base value and an annual growth
rate of 2%. The net present value of the total annual tax increment was calculated using a
5% discount rate.
Estimated Tax Increment Projections, 2016-2041:
Project Area
25-Year
Projected Tax Increment*
State Street
$18,583,426
*Based on 100% TI Capture by RDA
City Funding Objectives/Financing Tools: Below are RDA and City programs that may be
utilized in this project area. The City has numerous programs to leverage Tax Increment
Funding, however, consideration of specific programs beyond those listed below can be made
in the next phase of the New Project Area Creation Process.
RDA Loan Programs: The RDA can assist property owners with building renovation and
new construction. It offers the following assistance programs:
• New Construction Loan Program
• Building Renovation Loan Program
• Environmental Assessment and Remediation Loan Program
• Property Acquisition Loan Program
• Tax Increment Reimbursement Program
City Assistance Programs: Salt Lake City can partner with the RDA and/or property owners
in the project area using the following programs:
• Capital Improvement Program
• Community Improvement & Outreach Grants
• Small Business Revolving Loan Fund
• Community Development Block Grant (may only apply to certain parts of this area)
• HAND Housing Programs (HOME, First Time Home Buyer, Housing Trust Fund)
• Class C Road Funds
State Street - 5
potential project area
State Street
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0 250 500 1,000
Feet
Drawn By: K. Bell
Salt Lake City Corporation
Information Management Services
July 2015
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State Street
Crime in the Past Year
Legend
Crime Density
- High
Low
Primary offenses recorded
by SLC Police Department
6/1/14 - 5/31/15
Type Count
ALCOHOL IN VEH 2
ARSON 2
ASSAULT 253
BURGLARY 83
COMMERCIAL SEX 34
COUNTERFEITING 3
DAMAGED PROP 88
DRUGS 140
DUI - CLS A 1
DUI ALCOHOL 33
DUI DRUGS 4
EMBEZZLEMENT 2
ESCAPE 272
FAMILY OFFENSES 31
FLEEING 5
FORGERY 46
FRAUD 78
HIT AND RUN 41
INV OF PRIVACY 56
KIDNAP 4
LARCENY 560
LIQUOR 14
MORALS -DECENCY 6
OBST JUDICIAL 6
OBST POLICE 35
PUBLIC ORDER 70
PUBLIC PEACE 34
ROBBERY 38
SEX OFFENSES 1
SEXUAL ASSAULT 16
SEXUAL OFFENSE 11
STOLEN PROP 28
STOLEN VEHICLE 88
TA-INJ/ALCOHOL 1
TRAFFIC 8
WEAPON OFFENSE 10
Drawn By: K. Bell
Salt Lake City Corporation
Information Management Services
July 2015
700 S
800 S
N
900 S
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Herbert Ave
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a
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-
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Legend
Parcel Value Percent Change
2009 - 2014
< -90%
90% to -11 %
-10% to 10%
State Street
Parcel Value Change
11% to 200%
>200%
y. °a
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Drawn By: K. Bell
Salt Lake City Corporation
Information Management Services
July 2015
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Employment & Mass Transit
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Drawn By: K. Bell
Salt Lake City Corporation
Information Management Services
July 2015
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Drawn By: K. Bell
Salt Lake City Corporation
Information Management Services
July 2015
71
State Street Potential Project Area - Salt Lake County Community Development Area (CDA) Project Considerations1
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Project would not happen in a reasonable timeframe, or at proposed amenity level, but for the
creation of the CDA and use of tax increment financing.
Project is transit -supported, mixed -use development with significant employment potential.
Project is•located in strategic growth area as defined in the Wasatch Choice for 2040 and/or the
regional transportation plan.
Project will complement regionally significant community planning efforts.
Project will create long-term, high -paying jobs,
Project Area is predominantly retail (if yes, material justification for CDA will be evaluated on a case -
by -case basis).
Project Area is predominantly standalone single-family dwellings.
Project will merely cause a relocation of jobs or retail sales from one area in the County to another
area in the County.
Project will involve development on sensitive land designated as open space, foothill, canyon, or
other County -designated priority area.
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Exhibit C
Public Benefit Analysis and Project Area Budget
State Street Community Reinvestment Area (DRAFT)
PUBLIC BENEFIT ANALYSIS AND
PROJECT AREA BUDGET
STATE STREET COMMUNITY REINVESTMENT AREA
(CRA)
REDEVELOPMENT AGENCY OF
SALT LAKE CITY, UTAH
APRIL 2018
LEWIS I(((('II YOUNG
ROBERTSON & BURNINGHAM, INC.
GATEWAY PLAZA BUILDING - 41 N. RIO GRANDE. STE 101 - SALT LAKE CITY, UT 84101
IP1801.596-0700 - ITF1 800-581-1100 - (Fi 801-596-2800 - WWW.LEWISYOUNG.COM
LYRB
Table of Contents
TABLE OF CONTENTS 2
SECTION I: INTRODUCTION 3
SECTION 2: DESCRIPTION OF COMMUNITY DEVELOPMENT PROJECT AREA 3
SECTION 3: GENERAL OVERVIEW OF PROJECT AREA BUDGET 4
SECTION 4: PROPERTY TAX INCREMENT 5
SECTION 5: COST/BENEFIT ANALYSIS 8
EXHIBIT A: PROJECT AREA MAP 9
EXHIBIT B: MULTI -YEAR BUDGET I I
Page 12
WE PROVIDE SOLUTIONS
LYRB
Section 1: Introduction
The Redevelopment Agency of Salt Lake City (the "Agency"), following thorough consideration of the
needs and desires of the City of Salt Lake (the "City") and its residents, as well as understanding the City's
capacity for new development, has carefully crafted the Project Area Plan (the "Plan") for the State Street
Community Reinvestment Project Area (the "Project Area"). The Plan is the end result of a
comprehensive evaluation of the types of appropriate land -uses and economic development opportunities
for the land encompassed by the Project Area which lies south of 300 South, north of 2100 South, between
Interstate-15 (1-15) and 300 East.
The Plan is envisioned to define the method and means of development for the Project Area from its
current state to a higher and better use. The City has determined it is in the best interest of its citizens
to assist in the development of the Project Area. This Project Area Budget document (the "Budget")
is predicated upon certain elements, objectives and conditions outlined in the Plan and intended to be
used as a financing tool to assist the Agency in meeting Plan objectives discussed herein and more
specifically referenced and identified in the Plan.
The creation of the Project Area is being undertaken as a community reinvestment project pursuant to
certain provisions of Chapters I and 5 of the Utah Community Reinvestment Agency Act (the "Act", Utah
Code Annotated ("UCA") Title I7C). The requirements of the Act, including notice and hearing
obligations, have been observed at all times throughout the establishment of the Project Area.
Section 2: Description of Community Development Project
Area
The Project Area lies south of 300 South, north of 2100 South, between 1-15 and 300 East, and is located
within the City's south central boundaries. This area in particular serves as the main alternative transit
corridor throughout the Salt Lake Valley. The Project Area has a long history as an economic and social
center to the City and surrounding community. The property encompasses approximately 729 acres of
land.
A map of the Project Area is attached hereto in EXHIBIT A.
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Section 3: General Overview of Project Area Budget
The purpose of the Project Area Budget is to provide the financial framework necessary to implement
the Project Area Plan vision and objectives. The Project Area Plan has identified that tax increment
financing is essential in order to meet the objectives of the CRA Project Area. The following information
will detail the sources and uses of tax increment and other necessary details needed for public officials,
interested parties, and the public in general to understand the mechanics of the Project Area Budget.
Base Year Value
The Agency has determined that the base year property tax value for the Project Area will be the total
taxable value for the 2016 tax year which is estimated to be $889,305,536. Using the tax rates established
within the Project Area the property taxes levied equate to $13,102,138 annually. Accordingly, this
amount will continue to flow through to each taxing entity proportional to the amount of their respective
tax rates being levied.
Payment Trigger
This Budget will have a twenty-five year (25) duration from the date of the first tax increment received
by the Agency. The collection of tax increment will be triggered at the discretion of the Agency prior to
March I of the tax year in which they intend to begin the collection of increment. The following year in
which this increment will be remitted to the Agency will be Year I, e.g., if requested prior to March I,
2018, Year I of increment will be 2019. The Agency anticipates it will trigger the tax increment by March
I, 2020 but in no case will the Agency trigger the first tax increment collection after March I, 2022.
Projected Tax Increment Revenue — Total Generation
Development within the Project Area will commence upon favorable market conditions which will include
both horizontal and vertical infrastructure and development. The Agency anticipates that new
development will begin in the Project Area in 2018 or 2019. The contemplated development will generate
significant additional property tax revenue as well as incremental sales and use tax above what is currently
generated within the Project Area.
Property Tax Increment will begin to be generated in the tax year (ending Dec 1st) following construction
completion and Tax Increment will actually be paid to the Agency in March or April after collection. It is
projected that property Tax Increment generation within the Project Area could begin as early as 2020
or as late as 2022. It is currently estimated that during the 25-year life of the Project Area Budget,
property Tax Increment could be generated within the Project Area in the approximate amount of $78.64
million or at a net present value (NPV)' of $42.32 million. This amount is over and above the $327.55
million of base taxes that the property would generate over 25 years at the $13,102,138 annual amount
it currently generates as shown in Table 4.1 below.
Net Present Value of future cash flows assumes a 4% discount rate. The same 4% discount rate is used in all
remaining NPV calculations. This total is prior to accounting for the flow -through of tax increment to the
respective taxing entities.
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Section 4: Property Tax Increment
Base Year Property Tax Revenue
The taxing entities are currently receiving - and will continue to receive - property tax revenue from the
current assessed value of the property within the Project Area ("Base Taxes"). The current assessed
value is estimated to be $889,305,536. Based upon the tax rates in the area, the collective taxing entities
are receiving $13,102,138 in property tax annually from this Project Area. This equates to approximately
$327,553,462 over the twenty-five year life of the Project Area.
Site and building demolition will need to occur in order to facilitate the envisioned development as outlined
in the Plan. This demolition will initially lower the assessed value of the Project Area to a level below the
base year value, however it is anticipated that the assessed value within the Project Area will be above the
$889,305,536 base year value by year I of the Project Area life.
TABLE 4.1: TOTAL BASE YEAR TO TAXING ENTITIES OVER 25 YEARS
Entity
Salt Lake County
Total
$52,713,586
NPV at 4%
$32,939,834
Salt Lake City School District
137,397,705
85,857,517
Salt Lake City
101,314,133
63,309,500
Salt Lake City Library
15,674,010
9,794,426
Salt Lake Metropolitan Water District
7,759,191
4,848,588
Salt Lake City Mosquito Abatement District
3,801,781
2,375,669
Central Utah Water Conservancy District
8,893,055
5,557,121
Total Revenue $327,553,462
$204,682,655
Property Tax Increment Shared with RDA (75% Participation Rate for 25 Years)
All taxing entities that receive property tax generated within the Project Area, as detailed above, will share
at least a portion of that increment generation with the Agency. All taxing entities will contribute 75% of
their respective tax increment for 25 years. The County and the State will not contribute any portion of
their incremental sales tax to implement the Project Area Plan. Table 4.2 shows the amount of Tax
Increment shared with the Agency assuming the participation levels discussed above.
TABLE 4.2: SOURCES OF TAX INCREMENT FUNDS
Entity
Percentage
Length
Total
NPV at 4%
Salt Lake County
75%
25 Years
$9,491,777
$5,107,450
Salt Lake City School District
75%
25 Years
24,740,271
13,312,544
Salt Lake City
75%
25 Years
18,242,948
9,816,386
Salt Lake City Library
75%
25 Years
2,822,312
1,518,664
Salt Lake Metropolitan Water District
75%
25 Years
1,397,145
751,793
Salt Lake City Mosquito Abatement District
75%
25 Years
684,561
368,357
Central Utah Water Conservancy District
75%
25 Years
1,601,312
861,653
$58,980,326
$31,736,847
Total Sources of Tax Increment Funds
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Uses of Tax Increment
The State Street corridor, has suffered from a lack of reinvestment over the previous decades. New
commercial and entertainment districts opening around the valley have drawn businesses and consumers
away from State Street. This has led to high vacancies, blighted properties, underutilized land uses, and
low rent tenants. State Street and its surrounding area suffers from a lack of character and cohesiveness.
The Life on State Study identified principles that should be followed to help State Street and its surrounding
communities regain character and identity. These principles include improving the walkability of the
corridor, and adding state trees, thematic lighting, and signature monuments/public art. "But -for" the
creation of the CRA, and use of public funds, State Street and its surrounding community will continue to
remain in its underutilized state. Improving walkability, adding thematic elements, site remediation, and
small lot sizes are a few of the obstacles that are currently deterring redevelopment within the Project
Area.
The majority of the Tax Increment collected by the Agency (80%) will be used to overcome these
obstacles. Including: enhancing the walkability of the corridor, assisting current ethnically diverse and
culturally -rich business owners with improving their businesses, encouraging a mix of housing types along
the State Street and Main Street corridors — including appropriately scaled multifamily rental and owner -
occupied housing, preservation of historic buildings and the historic urban fabric of the corridor, offsetting
certain on -site public infrastructure costs, land assemblage Agency requested improvements and upgrades,
desirable Project Area improvements, and other redevelopment activities as approved by the Agency.
10% will go towards affordable housing, as outlined the Act. The remaining 10% will be used to offset the
administration and operating costs of the Agency.
TABLE 4.3: USES OF TAX INCREMENT
Uses
Total
NPV at 4%
Redevelopment Activities @ 80%
CRA Housing Requirement @ 10%
Project Area Administration @ 10%
$47, 184,261
5,898,033
5,898,033
$25,389,478
3,173,685
3,173,685
Total Uses of Tax Increment Funds
$58,980,326
$31,736,847
A multi -year projection of tax increment is including in EXHIBIT B.
Total Annual Property Tax Revenue for Taxing Entities at Conclusion of Project
As described above, the collective taxing entities are currently receiving approximately $13,102,138 in
property taxes annually from this Project Area. At the end of the life of the project area, the taxing
entities will receive all of their respective tax increment thereafter. At the end of 25 years an additional
$4,756,144 in property taxes annually is anticipated, totaling approximately $17,858,283 in property taxes
annually for the area. "But for" the assistance provided by the RDA through tax increment revenues, this
increase of approximately 36 percent in property taxes generated for the taxing entities would not be
possible.
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TABLE 4.4: TOTAL BASE YEAR AND END OF PROJECT LIFE ANNUAL PROPERTY TAXES
Entity
Salt Lake County
Annual Base
Year Property
Taxes
$2,108,543
Annual Property
Tax Increment at
Conclusion of
Project
$765,412
Total Annual
Property Taxes
$2,873,956
Salt Lake City School District
5,495,908
1,995,043
7,490,951
Salt Lake City
4,052,565
1,471,102
5,523,668
Salt Lake City Library
626,960
227,590
854,550
Salt Lake Metropolitan Water District
310,368
1 12,665
423,033
Salt Lake City Mosquito Abatement District
152,071
55,203
207,274
Central Utah Water Conservancy District
355,722
129,129
484,851
Total Revenue
$13,102,138
$4,756,144
$17,858,283
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Section 5: Cost/Benefit Analysis
Additional Revenues
Other Tax Revenues
The development within the Project Area will also generate sales taxes, energy sales and use taxes for
natural gas and electric.
Table 5.1 shows the total revenues generated by the Project Area. This total includes the anticipated
property tax increment, sales tax, and energy sales and use tax.
TABLE 5.1: TOTAL REVENUES
Entity
Property
Tax
Sales Tax
Franchise
Tax
Total
Incremental
Revenues
I $34 242 917
Salt Lake City School District
32,987,028
-
-
32,987,028
Salt Lake City (including Library)
28,087,013
9,385,745
8,335,502
45,808,261
Salt Lake Metropolitan Water District
1,862,860
-
-
1,862,860
Salt Lake City Mosquito Abatement District
912,748
-
-
912,748
Central Utah Water Conservancy District
2,135,083
-
-
2,135,083
Total Revenue $78,640,435
$30,972,959
$8,335,502
$1 17,948,896
Additional Costs
The development anticipated within the Project Area will also likely result in additional general
government, public works, and public safety costs. These costs, along with the estimated budget to
implement the Project Area Plan, are identified below.
TABLE 5.2: TOTAL CITY EXPENDITURES
Entity
Salt Lake County
CRA Budget
General
Government
$523,245
Public
Works
-
Public
SafetyIncremental
-
Total
Expenditures
$10,015,022
$9,491,777
Salt Lake City School District
24,740,271
6,277,495
-
-
31,017,766
Salt Lake City (Including Library)
21,065,260
506,485
4,824,397
8,390,558
34,786,700
Salt Lake Metropolitan Water
District
1,397,145
154,211
1,551,356
Salt Lake City Mosquito
Abatement District
684,561
17,063
701,624
Central Utah Water
Conservancy District
1,601,312
39,067
-
-
1,640,379
Total Expenditures
$58,980,326
$7,5I7,565
$4,824,397
$8,390,558
$79,712,847
The total net benefit to the taxing entities of participating in the Project Area is $38,236,049, with the
City's net benefit being $I 1,021,561.
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TABLE 5.3: TOTAL CITY REVENUES (INCLUDING
Property Tax Increment
Sales Tax
Telecom Tax
Energy Sales & Use Tax (Natural Gas)
Energy Sales & Use Tax (Electricity)
LIBRARY)
Total
$28,087,013
NPV at 4%
$15,1 13,400
9,385,745
5,092,482
1,377,127
737,507
1,231,228
646,986
5,727,147
3,009,503
Total City Revenue
$45,808,261
$2.4,599,878
TABLE 5.4: TOTAL CITY EXPENDITURES INCLUDING LIBRARY
CRA Budget
General Government
Public Works
Public Safety
$21,065,260
$1 1,335,050
506,485
266,221
4,824,397
2,535,827
Total City Expenditures
8,390,558
$34,786,700
4,408,307
$18,545,405
Total City Benefit
$ 11,021,561
$6,054,473
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Exhibit A: Project Area Map
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Exhibit B: Multi -Year Budget
Pagel 11
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