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Council Provided Information - 3/8/2022CITY COUNCIL OF SALT LAKE CITY 451 SOUTH STATE STREET, ROOM 304 P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476 COUNCIL.SLCGOV.COM TEL 801-535-7600 FAX 801-535-7651 COUNCIL STAFF REPORT CITY COUNCIL of SALT LAKE CITY TO:RDA Board Members FROM: Ben Luedtke Budget and Policy Analyst DATE:March 8, 2022 RE: Redevelopment Agency (RDA) Budget Amendment Number Two FY2022 ________________________________________________________________________________ RDA Budget Amendment Number Two includes requested changes to 14 project areas and funds and two reallocations of past appropriations. Total expenditures are $13,762,458 for 53 items in this amendment. Most of the proposed items are true-up adjustments based on preliminary property tax increment numbers from Salt Lake County. Actual tax increment received could be adjusted up or down by the end of March. An updated transmittal will be sent later this month or next when the final numbers are available. The annual budget uses a conservative forecasting of property tax increment which results in an end of fiscal year amendment to recognize and adjust budgets based on actual tax increment revenues. Preliminary tax increment numbers significantly increased in all project areas except the Northwest Quadrant. This is the first fiscal year budgeting for Northwest Quadrant tax increment so the amount in the annual budget was an educated guess since there were no prior year revenues to use as a basis. The additional and background information section near the end of this staff report includes project area expiration dates and allowable uses of RDA funds per state law. LEGALLY REQUIRED ITEMS Many items in the budget amendment are legal requirements for the RDA which mostly fall into three categories: Taxing entity payments which are pass throughs from the RDA to the School District or Salt Lake County as required by interlocal agreements. Property tax increment reimbursements to property owners that have agreements with the RDA. If certain conditions are met, then a portion of their property taxes is reimbursed. This is called post-performance because the reimbursement is only provided after the property owner has met the conditions and the County Assessor confirms higher property values. State law affordable housing set aside which is required only for some project areas which mostly goes to the primary housing fund (can be used citywide for units with rent affordable to 80). DISCRETIONARY ITEMS The items below are not legal requirements of the RDA. If desired, the Board could decide to take additional time to consider some or all the items below and could decline to fund any of the items. The Board may wish to reference Attachment 1 – The RDA’s Guiding Framework for evaluating and prioritizing budget requests. Note that holding Project Timeline: Set Date & 1st Briefing: March 8, 2022 Public Hearing & 2nd Briefing: April 12, 2022 Potential Action: TBD Page | 2 accounts are typically for capital projects so the funding does not lapse to fund balance at the end of the fiscal year, and the Board would need to approve specific use of the funds in a future budget opening. Central Business District (CBD) A. $306,360 request for additional funding to the Storefront Revitalization Pilot Program holding account which has an existing budget of $83,832. If approved, then the new total budget would be $390,192. During the FY2022 annual budget, the program was described as facilitating visible improvements to properties, decreasing vacancy rates, providing missing retail or services, retaining, or creating jobs, and/or establishing new commercial space. The RDA staff will return to the Board with a draft program policy before the funds are available for use. Policy Questions: Pending Policy Feedback – The Board may wish to discuss preferences they would like incorporated into the pending program policy. Timeline – The Board may wish to ask the Administration for a timeline when the program would be implemented and how interested businesses would hear about it and how funds would be approved / disbursed. B. $400,000 request for Gallivan Center repairs including sewer lines and HVAC systems at several RDA-owned properties that are leased to restaurants. Note this holding account is separate from another Gallivan Center holding account for repairs to the underground parking structure and staircase. Policy Question: Total Cost and Funding Sources – The Board may wish to ask the Administration if this budget would fully fund the project and if other entities are contributing funding. See Additional Info section below for background on the Gallivan Center management structure. West Capitol Hill (note this project area no longer collects property tax increment) C. $150,000 for a construction cost overrun holding account and reduce an equivalent amount from the administration budget which mostly covers personnel expenses. The holding account is to help cover potential cost overruns for two construction projects in the area: Marmalade Library Plaza and 300 West streetscape improvements from North Temple to 1000 North. Policy Questions: Traffic Calming on 300 West – The Board may wish to discuss with the Administration to what extent the 300 West streetscape improvements include traffic calming improvements since the City’s prioritization of traffic calming efforts has increased since the project’s original designs, particularly in that area. Timeline – The Board may wish to ask the Administration for a timeline when the Marmalade Library Plaza and 300 West streetscape improvements will be constructed. D. $338,141 for a construction cost overrun holding account and reduce an equivalent amount from the Arctic Court infill home budget. If approved, then there would be no funding remaining for constructing a home on Arctic Court. This funding is for the same cost overruns mentioned in item C above. The Arctic Court infill home was originally funded from the Program Income Fund. Policy Question: Housing Type and Affordability – The Board may wish to discuss with the Administration what type of housing would be built on Arctic Court, if there’s an affordability level identified and what development options are available since the project was originally funded several years ago. Depot District E. $694,847 for a new Central Station property development holding account. These funds could be used for infrastructure improvements. The RDA owns several properties covering approximately four acres in the Page | 3 Central Station area between Dansie Drive, 600 West, 100 South and Interstate 15. (Staff note: this is a distinct project from the “Station Center” area which is west of the Rio Grande Depot) A request for proposals (RFP) may be issued asking interested parties to submit redevelopment proposals. Note that this RFP would be separate from a larger RFP which the RDA is coordinating with the Utah Transit Authority (UTA). Granary District F. $234,183 request for additional funding to the Community & Cultural Initiative Pilot Program holding account which has an existing budget of $443,731. If approved, then the new total budget would be $677,915. During the FY2022 annual budget, the program was described as supporting public arts and cultural programming to support community organizations in better carrying out their missions. Policy Questions: Pending Policy Feedback – The Board may wish to discuss if any movement was made towards implementing this project in FY 22, or if it is still in the planning phases. If not, the Board may wish to indicate preferences that could be included in the pending program policy. Timeline – The Board may wish to ask the Administration for a timeline when the program would be implemented, how interested organizations would hear about it, and how funds would be approved / disbursed. Fleet Block – The Board may wish to discuss with the Administration whether this pilot program could contribute to redevelopment of the Fleet Block. The Granary District stops collecting tax increment in 2025. The Administration recently released a Fleet Block Request for Information and will be evaluating the responses. North Temple G. $150,422 in additional funding for the North Temple Strategic Intervention Fund holding account. If approved, then the new total funding available would be $4,047,080. The Board created this holding account as part of the FY2022 annual budget. The funds were left intentionally flexible so the agency could take advantage of opportunities that arise in the project area. Note that the Board would need to approve release of the funds in a future budget opening once specific uses are identified. Block 70 H. $163,681 in additional funding for the Regent Street Parking Structure Capital Reserve holding account which has a current budget of $100,000. If approved, then the new total budget would be $263,681. Policy Question: Regent Street Parking Structure Responsibility – The Board may wish to ask the Administration to what extent is the RDA and other entities responsible for maintenance of the parking structure. Note that the agreement for maintenance is related to the guarantee of a certain number of parking spaces to serve the Eccles Theater. North Temple Viaduct I. $1,409,681 debt service payment to the General Fund. This is an ongoing annual payment to reimburse the General Fund for fronting annual bond payments when the property tax increment revenues were insufficient to cover the debt service. Note that the General Fund carries the responsibility to cover the debt service each year, but when the debt was issued, the understanding was that the RDA would eventually fully cover those payments. Policy Question: Fully Reimbursing the General Fund – The Board may wish to ask the Administration when is the General Fund projected to be fully reimbursed for earlier bond payments? The Board may also wish to have a discussion with the Administration about policy goals for these funds. In the FY2022 annual budget the Council transferred $1 million from that year’s reimbursement to the General Fund to the North Temple Strategic Intervention Fund, as it was more than what was needed to cover the General Fund’s bond obligation. Page | 4 Northwest Quadrant (note this is the first year of property tax increment collection) J. $-296,900 reduction in the shared costs holding account because of property tax increment revenues being less than budgeted. The shared costs holding account is intended to be used for projects that benefit multiple properties. No specific projects are currently identified for use. Note this is the first year the RDA budgeted revenues from the Northwest Quadrant so the $1.5 million budget was a best guess without having prior year actuals as a reference. State Street (note this is the first year of property tax increment collection; also note that negotiations are ongoing for the County to participate, so as of now increment only includes the City and School District portions) K. $500,000 for a new public infrastructure improvements holding account. The funds could be used for capital improvement projects in the public right of way such as traffic calming, street lighting or utilities. L. $500,000 for a new Commercial Loan Program holding account. Policy Questions: Pending Policy Feedback – The Board may wish to discuss preferences for this program that the Administration could add to the pending program policy. Difference from Revolving Loan Fund – The Board may wish to ask the Administration how is the Commercial Loan Program different than the RDA’s Revolving Loan Fund? M. $1,631,183 for a new Ballpark Strategic Development holding account. Specific projects are to be determined and may be informed by the Ballpark Station Area Plan recommendations. The Administration is currently evaluating public input on the draft plan and it will then be presented to the Planning Commission. The City Council would ultimately review and adopt the plan. Note that the Ballpark and adjacent parking lot are not included in the State Street project area but are part of a separate and inactive project area. State law does allow project area funds to be spent outside of the boundaries if it will benefit the contributing project area and is approved by the RDA Board and City Council. Policy Question: Ballpark Not in State Street Project Area – The Board may wish to discuss with the Administration whether the Ballpark should be moved into the State Street project area. Council Review of Draft Plan – The Board may wish to ask the Administration if the Council will have opportunity to review/comment before it is sent to the Planning Commission, consistent with the “midpoint check in” process outlined in the Council’s resolution on master plans. 9-Line (note this is the first year of property tax increment collection) N. $962,708 for a new property acquisition holding account. The funds are proposed to be left intentionally flexible so the agency could take advantage of opportunities for property acquisition that arise in the project area. Policy Question: Property Acquisition Guidance – The Board may wish to provide the Administration policy guidance about which properties might be preferable to acquire (example – properties for the community land trust/westside community initiative, commercial properties to guarantee rent affordability, business districts / nodes identified in the Westside Master Plan). The Board may also wish to consider how this funding could be leveraged to implement aspects of the pending gentrification study. O. $300,000 for a new Accessory Dwelling Unit (ADU) Pilot Program holding account. Note that an ADU assistance program in the 9-Line is an identified performance benchmark in the interlocal agreement with the County. If the RDA successfully implements this program, then it’s one of the conditions needed to increase the County’s level of participation, that is, increase the percentage of tax increment available for use in the 9-Line. Page | 5 Program Income Fund P. $100,000 for an increase to the Miscellaneous Property Expenses line item. Note that $50,000 is coming from an insurance reimbursement for fire damage at the Overniter Motel on North Temple. The other $50,000 is coming from fund balance to cover the insurance deductible. Administration Budget Q. $436,402 increase to the Charges and Services line item. Proposed uses include: $155,000 for a second round of construction mitigation grants to businesses in Central Ninth. Note that the first round of grants was provided by the General Fund through the Economic Development Department. The construction schedule has been extended by six months or longer because of electrical undergrounding delays. $100,000 for Ballpark redevelopment efforts which are TBD $25,000 for a RAISE grant contribution to study potential TRAX extensions. The total grant application is requesting $950,000. The Rebuilding American Infrastructure with Sustainability and Equity grant is funded by the recently passed bipartisan infrastructure law. $156,402 for other expenses Policy Questions: Construction Mitigation Grants – The Board may wish to ask the Administration if any funding remains from the $200,000 from the General Fund for construction mitigation that could be used for a second round of grants at Central Ninth. The Board may also wish to ask how are businesses allowed to use the grant funds and how are funds approved / disbursed? Other Expenses – The Board may wish to ask the Administration what the remaining $156,402 would be used for. Transfer of Housing Trust Fund from the Community and Neighborhoods Development Department to the RDA R. $2 million from the Housing Trust Fund to be used in the Housing Development Loan Program. This step continues implementation of the Council’s direction to create a one-stop shop for housing development in the City. Note this step will transfer the Fund Balance and make it available for use. Additional steps to transfer the Housing Trust Fund are expected to include a resolution to the RDA Board, an ordinance amendment to the Council and the administrative transfer of all related records. Policy Question: Details of Housing Trust Fund Portfolio – The Board may wish to ask the Administration for details on the funds’ portfolio such as how many loans exist, what is the total future repayments, is an aging report being developed so the agency knows how much revenue to budget each year from repayments, etc. Revolving Loan Fund S. $550,000 reappropriation for previously discussed property acquisition. The Revolving Loan Fund would be reimbursed for fronting this cost from the property sale or ground lease revenues in future years. The Revolving Loan Fund would have $4,853,577 available to lend. ADDITIONAL & BACKGROUND INFORMATION Gallivan Utah Center Owners Association (GUCOA) GUCOA is the managing agency for the entire block through Covenants, Conditions & Restrictions (CCRs) and is responsible for maintenance and programming. The RDA is the majority owner (over 51%). The CCRs originally contemplated a contractor to provide maintenance and programming which has been provided by the Public Services Department after an RFP process. An assessment is levied on the first floor of adjacent commercial properties to contribute funding to administration, programming, and events. The programming contract has requirements for a set number of events that must be open to the public annually. Gallivan also provides many free events to activate the space consistent with the Council/Board’s public policy goals for downtown. Page | 6 Project Area Expiration Dates Project areas have a designated expiration (aka sunset) date. State law allows RDAs to continue spending tax increment already collected in expired project areas such as Sugar House. Sometimes project areas can be extended/renewed for a longer length which happened to the Central Business District. The table below summarizes project area timeframes from creation to expiration. Project Area Initial Collection Year Last Collection Year Central Business District*†1983 2042 West Capitol Hill**1998 2022 Depot District†1999 2024 Granary District†2000 2025 North Temple†2012 2039 North Temple Viaduct CDA 2012 2037 Northwest Quadrant 2019 2038 Block 70 CDA 2016 2040 Stadler Rail 2019 2038 Block 67 2021 2040 9-Line 2021 2040 State Street 2021 2040 NOTE: Only project areas that generate tax increment are listed in the table *The RDA Board extended the CBD from the original expiration year of 2007 ** The RDA Board extended the original expiration year to focus on 300 West streetscape improvements †In October 2021 the Board approved two-year extensions for these project areas. State law was changed to allow extensions for projects areas negatively impacted by the COVID-19 pandemic Statutory Definition of Project Area Development (Utah Code 17C-1-102(48)) The section of Utah Code below is a key list of allowable uses of RDA funds. The Utah Legislature updated this statute in the 2016 General Session. (47)"Project area development" means activity within a project area that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of implementing a project area plan, including: (a)promoting, creating, or retaining public or private jobs within the state or a community; (b)providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements; (c)planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues; (d)providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces; (e)altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures; (f)providing open space, including streets or other public grounds or space around buildings; (g)providing public or private buildings, infrastructure, structures, or improvements; (h)relocating a business; (i)improving public or private recreation areas or other public grounds; (j)eliminating blight or the causes of blight; (k)redevelopment as defined under the law in effect before May 1, 2006; or (l)any activity described in Subsections (48)(a) through (k) outside of a project area that the board determines to be a benefit to the project area. ATTACHMENTS 1. RDA Guiding Framework Page | 7 ACRONYMS CBD – Central Business District FY – Fiscal Year HVAC – Heating, Ventilation, and Air Conditioning PIF – Program Income Fund RDA – Redevelopment Agency RFP – Request for Proposals TBD – To Be Determined UTA – Utah Transit Authority 11.24.21 Guiding Framework This Guiding Framework is a strategic operational document outlining the methodology for evaluating and prioritizing projects requesting RDA financial assistance. The RDA’s Mission and Values form the foundation of the Guiding Framework, declaring the RDA’s purpose and the intended economic, social, and physical outcomes expected of RDA projects and partnerships. MISSION: The Redevelopment Agency of Salt Lake City strengthens neighborhoods and business districts to improve livability, create economic opportunity and foster authentic, equitable communities, serving as a catalyst for strategic development projects that enhance the City’s housing opportunities, commercial vitality, public spaces, and environmental sustainability. VALUES: Economic Opportunity- We invest in the long-term prosperity and growth of our local economy. Equity & Inclusion- We prioritize people-focused projects and programs that encourage everyone to participate in and benefit from development decisions that shape their communities. Neighborhood Vibrancy- We cultivate distinct and livable places that are contextually sensitive, durable, connected, and sustainable. PROJECT EVALUATION PROCESS: The RDA prioritizes projects that demonstrate a commitment to the Mission and Values, evaluating projects via three steps, which answer the following questions: 1.) Does the project meet the minimum THRESHOLDS required for RDA participation? 2.) To what degree does the project benefit the public by achieving defined LIVABILITY BENCHMARKS, thereby warranting RDA assistance? 3.) Does the project meet the CRITERIA outlined in existing RDA programs and policies, such as the RDA Loan Program or Tax Increment Reimbursement Program? *Spanning a 1-3 year time frame, Project Area Work Plans identify redevelopment objectives and strategic redevelopment projects for each project area, along with a corresponding schedule & budget for each project. The Project Area Work Plans will be based on relevant City policies and plans and the Project Area Plans that were adopted when the project area was created and will provide direction for the annual RDA budget process. Step 1: THRESHOLDS Alignment with adopted City policies & plans Alignment with RDA Project Area Work Plans* Financial viability with a demonstrated and reasonable need for public assistance Step 2: LIVABILITY BENCHMARKS Economic Opportunity Leveraging Timeliness Return of Investment Permanent Job Creation & Retention Affordable Commercial Spaces Ownership Equity & Inclusion Transit Opportunities Mixed-Income Neighborhoods Neighborhood Safety Community Engagement & Support Housing for Everyone Displacement Mitigation Affordable Housing Preservation Neighborhood Vibrancy Public Space Public Art Architecture & Urban Design Sustainability Walkability Building Preservation, rehabilitation, or adaptive reuse Missing Middle & Unique Building Types Step 3: PROGRAM CRITERIA Evaluation of project according to respective RDA policies, programs and procedures Exhibit A to the Resolution Preliminary Budget Amendment #2 March 8, 2022 Update to Original Recommendations **Preliminary** West Temple Gateway Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment --- Interest Income 50,000 -50,000 Total Revenue and Other Sources 50,000 -50,000 Expenses and Other Uses -- Transfer to Administration 50,000 (40,000)🔻🔻10,000 Capital Expenditures {Holding Accounts}-- West Temple Gateway Construction Mitigation -40,000 🔺🔺40,000 New holding account. Total Expenses and Other Uses 50,000 (40,000)🔻🔻10,000 Total Over / (Under)-40,000 🔺🔺40,000 Update to Original Recommendations **Preliminary** Block 70 Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources -- Tax Increment 1,922,323 233,830 🔺🔺2,156,154 Interest Income --- Release of Cash Bond -Eccles Theater -700,000 🔺🔺700,000 Internal Transfers In -- CBD Taxing Entity Payments 4,109,200 -4,109,200 CBD Eccles Debt Service RDA match 3,107,740 -3,107,740 CBD Eccles Debt Service Reserve Account 1,800,000 -1,800,000 Total Revenue and Other Sources 10,939,263 933,831 🔺🔺11,873,094 Expenses and Other Uses Taxing Entity Payments 576,697 70,149 🔺🔺646,846 Eccles Theater Debt Service 8,068,209 -8,068,209 Reserve for Eccles Debt Service 90,617 -90,617 Regent Street Bond Debt Service 1,448,740 -1,448,740 Fundraising Fulfillment 100,000 -100,000 Eccles Theater-Operating Reserve for Ancillary Spaces 475,000 -475,000 Regent Street Maintenance 80,000 -80,000 Capital Expenditures {Holding Accounts}--- Regent Street Parking Structure Capital Reserves 100,000 163,681 🔺🔺263,682 Bennion Jewelers Relocation Agreement 100,000 🔺🔺100,000 Eccles Theater/Site Improvements 600,000 🔺🔺600,000 Total Expenses and Other Uses 10,939,263 933,831 🔺🔺11,873,094 -- Total Over / (Under)--- Fund FY22 Amended Budget Projected Amount Variance Central Business District 27,573,150 29,339,051 1,765,901 West Capitol Hill - - - West Temple Gateway - - - Depot District 3,921,164 5,212,664 1,291,500 Granary District 621,124 981,407 360,282 North Temple 435,346 674,112 238,765 Block 70 1,922,323 2,156,154 233,830 North Temple Viaduct 1,181,479 2,612,628 1,431,148 Northwest Quadrant 1,500,000 1,128,875 (371,125) Stadler Rail 71,000 108,327 37,327 State Street - 3,288,979 3,288,979 9-Line - 1,847,159 1,847,159 Total 37,225,586 47,349,356 10,123,766 Revenue projections provided by the County are not final. Actual revenue will be received in March 2022 and may vary from the projected amounts given above. Tax Increment Revenue Projections Key Changes **Preliminary** Central Business District Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment 27,573,150 1,765,901 🔺🔺29,339,051 Interest Income 350,000 -350,000 Total Revenue and Other Sources 27,923,150 1,765,901 🔺🔺29,689,051 Expenses and Other Uses - Taxing Entity Payments 16,543,890 1,059,540 🔺🔺17,603,431 TI Reimbursements 1,477,398 -1,477,398 Transfer to Block 70 Debt Service - Eccles Debt Service Block 70 RDA Match 3,107,740 -3,107,740 Eccles Debt Service Reserve 1,800,000 -1,800,000 Miscellaneous Property Expenses 975,000 -975,000 Parking Ramp Leases 64,355 -64,355 Gallivan Maintenance 523,138 -523,138 Gallivan Programming 250,000 -250,000 Gallivan Administration 340,482 -340,482 Transfer to Administration 2,757,315 -2,757,315 Hold flat to budget. Capital Expenditures {Holding Accounts}-- Storefront Revitalization 83,832 306,360 🔺🔺390,192 Remainder of funds added to this program. Gallivan Repairs -400,000 🔺🔺400,000 New holding account. Total Expenses and Other Uses 27,923,150 1,765,901 🔺🔺29,689,051 Total Over / (Under)--- Key Changes **Preliminary** West Capitol Hill Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment --- Interest Income 150,000 -150,000 Total Revenue and Other Sources 150,000 -150,000 Expenses and Other Uses - Transfer to Administration 150,000 (150,000)🔻🔻 Capital Expenditures {Holding Accounts}-- West Capitol Hill Projects -150,000 🔺🔺150,000 New holding account. Total Expenses and Other Uses 150,000 -150,000 Total Over / (Under)--- Key Changes **Preliminary** West Temple Gateway Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment --- Interest Income 50,000 -50,000 Total Revenue and Other Sources 50,000 -50,000 Expenses and Other Uses -- Transfer to Administration 50,000 -50,000 Total Expenses and Other Uses 50,000 -50,000 Total Over / (Under)--- Key Changes **Preliminary** Depot District Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment 3,921,164 1,291,500 🔺🔺5,212,664 Interest Income 200,000 -200,000 Total Revenue and Other Sources 4,121,164 1,291,500 🔺🔺5,412,664 Expenses and Other Uses -- TI Reimbursements 1,820,977 144,628 🔺🔺1,965,606 Transfer to Primary Housing Fund 784,233 258,300 🔺🔺1,042,533 Miscellaneous Property Expenses 120,000 -120,000 Debt Service -- Grant Tower Debt Service 275,600 -275,600 Transfer to Administration 588,175 193,725 🔺🔺781,900 Capital Expenditures {Holding Accounts}-- Station Center Infrastructure 332,179 -332,179 Environmental Remediation 200,000 -200,000 Central Station (100 S)-694,847 🔺🔺694,847 Remaining funds go to this program. Total Expenses and Other Uses 4,121,163 1,291,500 🔺🔺5,412,664 Total Over / (Under)--- Key Changes **Preliminary** Granary District Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment 621,124 360,282 🔺🔺981,407 Interest Income 45,000 -45,000 Total Revenue and Other Sources 666,124 360,282 🔺🔺1,026,407 -- Expenses and Other Uses -- Transfer to Primary Housing Fund 124,225 72,056 🔺🔺196,281 Miscellaneous Property Expenses 5,000 -5,000 Transfer to Administration 93,169 54,042 🔺🔺147,211 Capital Expenditures {Holding Accounts}-- Community/Cultural Initiative 443,731 234,183 🔺🔺677,915 Remaining funds go to this program. Total Expenses and Other Uses 666,124 360,282 🔺🔺1,026,407 -- Total Over / (Under)--- Key Changes **Preliminary** North Temple Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment 435,346 238,765 🔺🔺674,112 Interest Income 15,000 -15,000 External Transfers In Debt Service Fund Class 81 North Temple Viaduct Bond RDA Reimbursement (One-time)1,000,000 -1,000,000 General Fund Investments in Underserved Neighborhoods Holding Account (One-time)669,138 -669,138 Internal Transfers In Total Revenue and Other Sources 2,119,484 238,765 🔺🔺2,358,250 Expenses and Other Uses -- Transfer to Primary Housing Fund 87,069 47,753 🔺🔺134,822 Transfer to Administration 43,535 23,876 🔺🔺67,411 Capital Expenditures {Holding Accounts}-- 10% School Construction Fund 30,474 16,713 🔺🔺47,188 North Temple Strategic Intervention Fund 1,958,406 150,422 🔺🔺2,108,829 Remaining funds go to this program. Total Expenses and Other Uses 2,119,484 238,765 🔺🔺2,358,250 -- Total Over / (Under)--- Key Changes **Preliminary** Block 70 Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources -- Tax Increment 1,922,323 233,830 🔺🔺2,156,154 Interest Income --- Internal Transfers In -- CBD Taxing Entity Payments 4,109,200 -4,109,200 CBD Eccles Debt Service RDA match 3,107,740 -3,107,740 CBD Eccles Debt Service Reserve Account 1,800,000 -1,800,000 Total Revenue and Other Sources 10,939,263 233,831 🔺🔺11,173,094 Expenses and Other Uses Taxing Entity Payments 576,697 70,149 🔺🔺646,846 Eccles Theater Debt Service 8,068,209 -8,068,209 Reserve for Eccles Debt Service 90,617 -90,617 Regent Street Bond Debt Service 1,448,740 -1,448,740 Fundraising Fulfillment 100,000 -100,000 Eccles Theater-Operating Reserve for Ancillary Spaces 475,000 -475,000 Regent Street Maintenance 80,000 -80,000 Capital Expenditures {Holding Accounts}--- Regent Street Parking Structure Capital Reserves 100,000 163,681 🔺🔺263,682 Remaining funds go to this program. Total Expenses and Other Uses 10,939,263 233,831 🔺🔺11,173,094 -- Total Over / (Under)--- Key Changes **Preliminary** North Temple Viaduct Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources -- Tax Increment 1,181,479 1,431,148 🔺🔺2,612,628 Interest Income 7,500 -7,500 Total Revenue and Other Sources 1,188,979 1,431,148 🔺🔺2,620,128 -- Expenses and Other Uses -- Debt Service Payment to Salt Lake City 1,171,257 1,409,681 🔺🔺2,580,939 Remaining funds to this debt service. Transfer to Administration 17,722 21,467 🔺🔺39,189 Total Expenses and Other Uses 1,188,979 1,431,148 🔺🔺2,620,128 Total Over / (Under)--- Key Changes **Preliminary** Northwest Quadrant Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment 1,500,000 (371,125)🔻🔻1,128,875 Less increment projected than budgeted. Interest Income -- Total Revenue and Other Sources 1,500,000 (371,125)🔻🔻1,128,875 Expenses and Other Uses TI Reimbursement NWQ Phase I 500,000 -500,000 Transfer to Secondary Housing Fund 350,000 -350,000 Transfer to Primary Housing Fund 150,000 (37,112)🔻🔻112,888 Transfer to Administration 150,000 (37,112)🔻🔻112,888 Capital Expenditures {Holding Accounts} Shared Costs 350,000 (296,900)🔻🔻53,100 Total Expenses and Other Uses 1,500,000 (371,125)🔻🔻1,128,875 -- Total Over / (Under)--- Key Changes **Preliminary** Stadler Rail Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources -- Tax Increment 71,000 37,327 🔺🔺108,327 Interest Income -- Total Revenue and Other Sources 71,000 37,327 🔺🔺108,327 Expenses and Other Uses TI Reimbursements 56,800 29,861 🔺🔺86,662 Transfer to Primary Housing Fund 7,100 3,732 🔺🔺10,833 Transfer to Administration 7,100 3,732 🔺🔺10,833 Total Expenses and Other Uses 71,000 37,327 🔺🔺108,327 Total Over / (Under)--- Key Changes **Preliminary** State Street Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Tax Increment -3,288,979 🔺🔺3,288,979 Interest Income --- Total Revenue and Other Sources -3,288,979 🔺🔺3,288,979 Expenses and Other Uses Transfer to Primary Housing Fund -328,897 🔺🔺328,898 School District contribution must go to family and workforce housing. Transfer to Administration -328,897 🔺🔺328,898 Capital Expenditures {Holding Accounts} Infrastructure Improvements -500,000 🔺🔺500,000 Commercial Loan Program -500,000 🔺🔺500,000 Ballpark Strategic Development -1,631,183 🔺🔺1,631,183 Remainder of funds to this program. Total Expenses and Other Uses -3,288,979 🔺🔺3,288,979 Total Over / (Under)--- Key Changes **Preliminary** 9 Line Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources -- Tax Increment -1,847,159 🔺🔺1,847,159 Interest Income --- Total Revenue and Other Sources -1,847,159 🔺🔺1,847,159 Expenses and Other Uses Taxing Entity Payments -224,966 🔺🔺224,966 Annual Mitigation payment to County. County Administration and Operations -26,995 🔺🔺26,996 6% of the County TI contribution. Transfer to Primary Housing Fund -184,715 🔺🔺184,716 School District contribution must go to family and workforce housing. Transfer to Administration -147,772 🔺🔺147,773 Capital Expenditures {Holding Accounts} Property Acquisition -962,708 🔺🔺962,708 Accessory Dwelling Unit Program -300,000 🔺🔺300,000 Total Expenses and Other Uses -1,847,159 🔺🔺1,847,159 Total Over / (Under)--- Key Changes **Preliminary** Revolving Loan Fund Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Interest on Investment 470,000 -470,000 Principal Payments 55,000 -55,000 Interest on Loans 25,000 25,000 Total Revenue and Other Sources 550,000 -550,000 Expenses and Other Uses Available to Lend 434,000 -434,000 Utah Theater Tenant Relocation 116,000 -116,000 Total Expenses and Other Uses 550,000 -550,000 Total Over / (Under)--- Key Changes **Preliminary** Program Income Fund Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Parking Structure Income 1,242,335 -1,242,335 Rents 215,700 -215,700 Interest Income 250,000 -250,000 Loan Repayments 28,000 -28,000 Interest on Loans 6,500 -6,500 Insurance Reimbursement -50,000 🔺🔺50,000 Overnighter insurance claim. Internal Transfers In --- Use of North Temple Catalytic Project Holding Account (One-time)--- Total Revenue and Other Sources 1,742,535 50,000 🔺🔺1,792,535 Expenses and Other Uses Professional Services 300,000 -300,000 Miscellaneous Property Expense 300,000 100,000 🔺🔺400,000 +$100K Overnighter expense due to fire. Marketing and Sales 25,000 -25,000 Transfer Out to North Temple Project Area (One-time)--- Capital Expenditures {Holding Accounts} Gallivan Repairs 250,000 -250,000 Commercial Revitalization Program 667,535 -667,535 Sustainability Technical Assistance Program 200,000 -200,000 Total Expenses and Other Uses 1,742,535 100,000 🔺🔺1,842,535 Total Over / (Under)-(50,000)🔻🔻(50,000) Key Changes **Preliminary** Secondary Housing Fund Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Interest Income 44,000 -44,000 Internal Transfers In Northwest Quadrant 350,000 -350,000 Total Revenue and Other Sources 394,000 -394,000 Expenses and Other Uses Capital Expenditures {Holding Accounts} Accessory Dwelling Unit Program 394,000 -394,000 Total Expenses and Other Uses 394,000 -394,000 Total Over / (Under)--- Key Changes **Preliminary** Primary Housing Fund Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Interest Income 225,000 -225,000 Loan Repayments 51,000 -51,000 Interest on Loans 70,000 -70,000 Internal Transfers In --- Depot District 784,233 258,300 🔺🔺1,042,533 Granary District 124,225 72,056 🔺🔺196,281 North Temple 87,069 47,753 🔺🔺134,822 Northwest Quadrant 150,000 (37,112)🔻🔻112,888 State Street -328,897 🔺🔺328,898 9 Line -184,715 🔺🔺184,716 Total Revenue and Other Sources 1,491,527 854,610 🔺🔺2,346,138 Expenses and Other Uses Transfer Out to North Temple Project Area (One-time)--- Capital Expenditures {Holding Accounts} Housing Development Loan Program 491,527 854,610 🔺🔺1,346,138 Remaining funds to this program. North Temple Strategic Intervention Fund 1,000,000 -1,000,000 Total Expenses and Other Uses 1,491,527 854,610 🔺🔺2,346,138 Total Over / (Under)--- Key Changes **Preliminary** Westside Community Initiative Fund (Northwest Quadrant Housing Fund)Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources UIPA Housing Allocation 250,000 159,031 🔺🔺409,031 Interest Income --- Total Revenue and Other Sources 250,000 159,031 🔺🔺409,031 Expenses and Other Uses Capital Expenditures {Holding Accounts}-- West Side Urban Land Fund 250,000 (250,000)🔻🔻- Housing Development Loan Program 347,676 🔺🔺347,676 Move all funds to the HDLP. Total Expenses and Other Uses 250,000 97,676 🔺🔺347,676 -- Total Over / (Under)-61,354 🔺🔺61,355 Retain 15% in fund balance. Key Changes **Preliminary** Housing Development Fund Approved BA #1 Change Recommended BA #2 Notes Funding Our Future Land Discounts and Financing 2,590,000 -2,590,000 Transfer from Housing Trust Fund -2,000,000 🔺🔺2,000,000 Estimated funds available to lend. Total Revenue and Other Sources 2,590,000 2,000,000 🔺🔺4,590,000 Expenses and Other Uses -- Capital Expenditures {Holding Accounts}-- Housing Development Loan Program 2,590,000 2,000,000 🔺🔺4,590,000 Total Expenses and Other Uses 2,590,000 2,000,000 🔺🔺4,590,000 Total Over / (Under)--- Key Changes **Preliminary** Administration Approved BA #1 Change Recommended BA #2 Notes Revenue and Other Sources Internal Transfers In Revenue and Other Sources 2,757,315 -2,757,315 West Capitol Hill 150,000 (150,000)🔻🔻- West Temple Gateway 50,000 -50,000 Depot District 588,175 193,725 🔺🔺781,900 Granary District 93,169 54,042 🔺🔺147,211 North Temple 43,535 23,876 🔺🔺67,411 Block 70 --- North Temple Viaduct 17,722 21,467 🔺🔺39,189 Northwest Quadrant 150,000 (37,112)🔻🔻112,888 Stadler Rail 7,100 3,732 🔺🔺10,833 State Street -328,897 🔺🔺328,898 9 Line -147,772 🔺🔺147,773 Program Income Fund --- Total Revenue and Other Sources 3,857,015 586,402 🔺🔺4,443,417 Expenses and Other Uses RDA Personnel 2,254,632 -2,254,632 Administrative Fees 939,683 150,000 🔺🔺1,089,683 Operating & Maintenance 360,000 -360,000 Charges and Services 202,700 436,402 🔺🔺639,102 RAISE Grant, 900 S Improvements Shortfall, Ballpark Legacy Project Visioning. Furniture, Fixtures and Equipment 100,000 -100,000 Total Expenses and Other Uses 3,857,015 586,402 🔺🔺4,443,417 Total Over / (Under)--- Budget Reallocations Request Source of Funds*Amount Central Station Property Acquisition Revolving Loan Fund set aside from previous years.$550,000 West Capitol Hill Projects Arctic Court Infill Home funds in the Program Income Fund $338,141 *The sources are from holding accounts the Board approved in previous years’ budgets.