Transmittal - 4/7/2022
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
CITY COUNCIL TRANSMITTAL
___________________________________ Date Received: ________________
Rachel Otto, Chief of Staff Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City RDA Board DATE: April 7, 2022
Ana Valdemoros, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT: RDA Budget Amendment #2, FY2021-22 Revised
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 565-6461 or
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: Review and discuss the proposed Second Amendment to the Annual
RDA Budget for Fiscal Year 2022. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 13,966,072.00 $ 15,853,742.00
RDA CIP FUND 0.00 0.00
TOTAL $ 13,966,072.00 $ 15,853,742.00
rachel otto (Apr 7, 2022 18:03 MDT)
EXECUTIVE SUMMARY:
The purpose of the second amendment (“amendment”) is to addresses the following items:
1. True-up TI to be received in the current fiscal year and allocate to current year initiatives.
2. Transfer budget for HTF from HAND to RDA for current fiscal year use.
3. Record receipt of NT project area Overnighter Motel fire insurance proceeds and allocate
to cleanup of site.
4. True-up prior year UIPA housing allocation.
5. Reallocated RLF funding to Central Station Property Acquisition.
6. Reallocate PIF Arctic Court Infill Home funding to Marmalade Plaza.
7. Release of held UPAC subdivision cash bond in Block 70 for projects.
8. Use of fund balance for prior year tax increment in the Northwest Quadrant.
The revised transmittal includes updates for actual tax increment received.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the Board. The
budget opening is separated in eight different categories:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. Resolution
B. Budget Amendment #1 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Second Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY (“RDA”) AMENDING THE FINAL BUDGET OF THE RDA FOR
FISCAL YEAR 2021-2022
WHEREAS, on June 15, 2020, the RDA Board of Directors (“Board”) adopted the final
budget of the RDA, effective for the fiscal year beginning July 1, 2021 and ending June 30, 2022,
in accordance with the requirements of Section 17C-1-601.5 of the Utah Code.
WHEREAS, all conditions precedent to amend the RDA's budget have been accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this Resolution is to amend the final budget of the RDA,
as approved, ratified and finalized by the RDA Board on June 15, 2021.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2021, to be effective upon adoption.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
February 22, 2022
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: April 5, 2022
PREPARED BY: Erin Cunningham
RE: RDA Budget Amendment #2, FY 2021-2022
REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the
Annual RDA Budget for Fiscal Year 2022.
BUDGET IMPACTS: The Second Amendment identifies appropriations for Agency operations and
projects across multiple funds.
EXECUTIVE SUMMARY: The purpose of the briefing is to provide final budget proposals for the
Second Amendment (“Amendment”). The proposed budget changes fall into three main categories:
1. Changes to budgets based on the Property Tax Increment the Agency received from the County
on March 31, 2022. The proposals below are primarily driven by:
a. Fixed expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
i. Taxing Entity Payments
ii. Tax Increment Reimbursements
iii. Primary Housing Contributions
iv. Administrative Expenses
v. Operations and Maintenance Expenses
b. Discretionary expenses that fall into the following types:
i. Holding accounts for programs and projects previously approved by the Board
ii. Holding accounts for new programs and projects recommended by the Agency
iii. Other expenses specific to needs of the fund
2. Transfer of the Housing Trust Fund currently managed by the Department of Community and
Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund
(formerly Housing Development Trust Fund).
3. Reallocation of funds in holding accounts from previous years’ budgets.
ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within
the Agency budget for Fiscal Year 2022. The adjustments by fund are described below.
1. Tax Increment and Other Revenue Adjustments
Central Business District
As shown in the table below, increased Tax Increment revenue received in the Central Business District
will result in increased Taxing Entity Payments. The remainder of the prosed changes include:
Gallivan Retail Repairs – Sewer line and HVAC repair costs have increased.
Storefront Revitalization – After funding the Gallivan repairs, the Agency is proposing adding the
remainder of the funds to this Storefront Revitalization program. This program was funded
during the Fiscal Year 2022 budget to provide funding to businesses in CBD to complete building
renovation projects. The program will be established as part of an updated Commercial Loan
Program that will come before the Board for future consideration.
Central Business District Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 27,573,150 1,637,213 🔺 29,210,363
Interest Income 350,000 - 350,000
Total Revenue and Other Sources 27,923,150 1,637,213 🔺 29,560,363
Expenses and Other Uses -
Taxing Entity Payments 16,543,890 982,327 🔺 17,526,218
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
Capital Expenditures {Holding Accounts} - -
Storefront Revitalization {Reserved} 83,832 254,885 🔺 338,717
Gallivan Repairs {Appropriated} - 400,000 🔺 400,000
Total Expenses and Other Uses 27,923,150 1,637,213 🔺 29,560,363
Total Over / (Under) - - -
West Capitol Hill
While the West Capitol Hill Project Area is no longer receiving Tax Increment, interest income is
expected. During the Fiscal Year 2022 budget, the funds were directed towards Administration.
However, given the volatile nature of construction cost during this time, the Agency is proposing setting
those funds aside in a holding account specific to projects that are currently underway in the project area.
These projects include the 300 West streetscape improvements and construction of the plaza incorporated
into the Marmalade library and adjacent housing development.
West Capitol Hill Current
Budget Change Proposed
Budget
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 {Reserved} - 150,000 🔺 150,000
Total Expenses and Other Uses 150,000 - 150,000
Total Over / (Under) - - -
West Temple Gateway
The RDA is requesting $40,000 of West Temple Gateway funds received from Interest Income for
construction mitigation related to the 900 South streetscape project. Funds will be used to assist small
businesses adjacent to the on-going construction. The project has experienced delays due to supply-chain
issues and coordination with Rocky Mountain Power, who is burying the electrical lines as part of the
project. The RDA will coordinate with Economic Development in the deployment of these funds.
West Temple Gateway Current
Budget Change Proposed
Budget
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 {Appropriated} - 40,000 🔺 40,000
Total Expenses and Other Uses 50,000 - 50,000
Total Over / (Under) - - -
Depot District
The increased Tax Increment revenue received in the Depot District Project Area will result in increased
Tax Increment Reimbursement payments, as well as increased contributions to the Primary Housing Fund
and Administration. After fulfilling those obligations, the Agency is recommending the creation of a new
holding account for Central Station property development on 100 South and adding the remainder of the
funds to it.
Depot District Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 3,921,164 1,244,229 🔺 5,165,393
Interest Income 200,000 - 200,000
Total Revenue and Other Sources 4,121,164 1,244,229 🔺 5,365,393
Expenses and Other Uses - -
TI Reimbursements 1,820,977 144,628 🔺 1,965,606
Transfer to Primary Housing Fund 784,233 248,845 🔺 1,033,079
Miscellaneous Property Expenses 120,000 - 120,000
Debt Service - -
Grant Tower Debt Service 275,600 - 275,600
Transfer to Administration 588,175 186,634 🔺 774,809
Capital Expenditures {Holding Accounts} - -
Station Center Infrastructure {Reserved} 332,179 - 332,179
Environmental Remediation {Reserved} 200,000 - 200,000
Central Station (100 S) {Reserved} - 664,121 🔺 664,121
Total Expenses and Other Uses 4,121,163 1,244,229 🔺 5,365,393
Total Over / (Under) - - -
Granary District
The increased Tax Increment revenue received in the Granary District Project Area will result in
increased contributions to the Primary Housing Fund and Administration. The Community/Cultural
Initiative is the recommended recipient of the remainder of the funds. This program was funded during
the Fiscal Year 2022 budget to support public arts and cultural programming. Agency staff will bring the
proposed Community/Cultural Initiative program to the Board for future consideration.
Granary District Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 621,124 354,151 🔺 975,276
Interest Income 45,000 - 45,000
Total Revenue and Other Sources 666,124 354,151 🔺 1,020,276
Expenses and Other Uses - -
Transfer to Primary Housing Fund 124,225 70,830 🔺 195,055
Miscellaneous Property Expenses 5,000 - 5,000
Transfer to Administration 93,169 53,122 🔺 146,291
Capital Expenditures {Holding Accounts} - -
Community/Cultural Initiative {Reserved} 443,731 230,198 🔺 673,929
Total Expenses and Other Uses 666,124 354,151 🔺 1,020,276
Total Over / (Under) - - -
North Temple
The increased Tax Increment revenue received in the North Temple Project Area will result in increased
contributions to the Primary Housing Fund, Administration, and the 10% School Construction Fund. The
remaining funds are proposed to go to the North Temple Strategic Intervention Fund.
North Temple Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 435,346 239,498 🔺 674,845
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
Total Revenue and Other Sources 2,119,484 239,498 🔺 2,358,983
Expenses and Other Uses
Transfer to Primary Housing Fund 87,069 47,899 🔺 134,969
Transfer to Administration 43,535 23,949 🔺 67,485
Capital Expenditures {Holding Accounts}
10% School Construction Fund
{Appropriated} 30,474 16,764 🔺 47,239
North Temple Strategic Intervention
Fund {Reserved} 1,958,406 150,884 🔺 2,109,290
Total Expenses and Other Uses 2,119,484 239,498 🔺 2,358,983
Total Over / (Under) - - -
Block 70
The increased Tax Increment revenue received in the Block 70 Project Area will result in increased
Taxing Entity Payments. After the fulfilling that obligation, the Agency recommends adding the
remainder of the funds to Regent Street Parking Structure Capital Reserves. This reserve was established
to meet potential obligations in the future that are required under the contract with PRI which provides
parking for the Eccles Theater. Under the agreement, the Agency is required to contribute towards the
maintenance and long-term capital repairs of the parking structure.
As part of the Eccles Theater project in Fiscal Year 2016, the Agency deposited a subdivision bond with
the City, which was released in March 2022. Related to this project, the Agency entered into an
agreement to relocate Bennion Jewelers, for which $100,000 is remaining to be disbursed. The remaining
funds from the release of the bond funds are recommended to be set aside for Eccles Theater Site
Improvements.
Block 70 Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 1,922,323 234,207 🔺 2,156,531
Interest Income - - -
Release of Cash Bond - Eccles Theater - 719,778 🔺 719,778
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 10,939,263 953,985 🔺 11,893,249
Expenses and Other Uses
Taxing Entity Payments 576,697 70,262 🔺 646,959
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 {Reserved} 100,000 163,681 🔺 263,682
Bennion Jewelers Relocation Agreement
{Appropriated} 100,000 🔺 100,000
Eccles Theater Site Improvements
{Reserved} 620,041 🔺 620,042
Total Expenses and Other Uses 10,939,263 953,985 🔺 11,893,249
Total Over / (Under) - - -
North Temple Viaduct
The increased Tax Increment revenue received in the North Temple Viaduct Project Area will result in an
increased contribution to Administration. The remainder of the funds are proposed to go the Debt Service
Payment to the City.
North Temple Viaduct Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 1,181,479 1,392,515 🔺 2,573,995
Interest Income 7,500 - 7,500
Total Revenue and Other Sources 1,188,979 1,392,515 🔺 2,581,495
Expenses and Other Uses
Debt Service Payment to Salt Lake City 1,171,257 1,371,627 🔺 2,542,885
Transfer to Administration 17,722 20,887 🔺 38,610
Total Expenses and Other Uses 1,188,979 1,392,515 🔺 2,581,495
Total Over / (Under) - - -
Northwest Quadrant
The Tax Increment revenue received was lower than originally budgeted in the Northwest Quadrant,
which results in a decrease of contributions to the Primary Housing Fund, the Secondary Housing Fund,
and Administration. The remainder of the decrease will reduce the Shared Costs reserve account to zero.
This account was established to set aside a portion of the tax increment expected to be used for
redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple
property owners or parcels.
The Participation and Reimbursement Agreement between NWQ, LLC and the Agency requires the
recipient of the reimbursement to submit documentation to satisfy the Conditions of Repayment, as
described in the Agreement. As recipient is near completing the requirement for its first reimbursement,
the Agency is recommending the use $1,179,247 of fund balance, which as been set aside from previous
years’ budgets. The expected reimbursement for Fiscal Year 2022 is $724,744, which brings the total
budget for TI Reimbursement NWQ Phase I to $1,903,991.
Northwest Quadrant Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 1,500,000 (464,652) 🔺 1,035,348
Interest Income - -
Total Revenue and Other Sources 1,500,000 (464,652) 🔺 1,035,348
Expenses and Other Uses
TI Reimbursement NWQ Phase I 500,000 1,403,990 🔺 1,903,991
Transfer to Secondary Housing Fund 350,000 (246,465) 🔺 103,535
Transfer to Primary Housing Fund 150,000 (46,465) 🔺 103,535
Transfer to Administration 150,000 (46,465) 🔺 103,535
Capital Expenditures {Holding Accounts}
Shared Costs {Reserved} 350,000 (350,000) 🔺 -
Total Expenses and Other Uses 1,500,000 714,595 🔺 2,214,595
Total Over / (Under) - (1,179,247) (1,179,247)
Stadler Rail
The increased Tax Increment revenue in the Stadler Rail Project Area will result in increased Tax
Increment Reimbursements expenses, as well as increased contributions to the Primary Housing Fund and
Administration.
Stadler Rail Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment 71,000 37,334 🔺 108,334
Interest Income - -
Total Revenue and Other Sources 71,000 37,334 🔺 108,334
Expenses and Other Uses
TI Reimbursements 56,800 29,867 🔺 86,667
Transfer to Primary Housing Fund 7,100 3,733 🔺 10,833
Transfer to Administration 7,100 3,733 🔺 10,833
Total Expenses and Other Uses 71,000 37,334 🔺 108,334
Total Over / (Under) - - -
State Street
As seen in the table below, while not budgeted in Fiscal Year 2022, the Agency received a significant
amount of Tax Increment from the State Street Project Area. The current obligations for this fund include
contributions to the Primary Housing Fund and Administration. The Agency is proposing splitting the
rest of the funds into holding accounts for Infrastructure Improvements ($500K), a Commercial Loan
Program ($500K), and Ballpark Strategic Development (remaining funds not allocated).
State Street Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment - 3,289,619 🔺 3,289,619
Interest Income - - -
Total Revenue and Other Sources - 3,289,619 🔺 3,289,619
Expenses and Other Uses
Transfer to Primary Housing Fund
(Note: School District contribution must be set aside for
family and workforce housing)
- 328,961 🔺 328,962
Transfer to Administration - 328,961 🔺 328,962
Capital Expenditures {Holding Accounts}
Infrastructure Improvements {Reserved} - 500,000 🔺 500,000
Commercial Loan Program {Reserved} - 500,000 🔺 500,000
Ballpark Strategic Development
{Reserved} - 1,631,695 🔺 1,631,695
Total Expenses and Other Uses - 3,289,619 🔺 3,289,619
Total Over / (Under) - - -
9 Line
Also not in the Fiscal Year 2022 budget, the Agency received following Tax Increment revenue in the 9
Line Project Area. According to the Interlocal Agreement, the Agency shall reimburse 50% of the
County’s Tax Increment contribution, as well as 6% of their contribution for County Administration and
Operations expenses. The other obligations for this fund include contributions to the Primary Housing
Fund and Administration. The Agency is proposing splitting the rest of the funds into holding accounts
for the Accessory Dwelling Unit Program ($300K), and Property Acquisition (remaining funds not
allocated).
9 Line Current
Budget Change Proposed
Budget
Revenue and Other Sources
Tax Increment - 1,871,603 🔺 1,871,603
Interest Income - - -
Total Revenue and Other Sources - 1,871,603 🔺 1,871,603
Expenses and Other Uses
Taxing Entity Payments - 224,966 🔺 224,966
County Administration and Operations - 26,995 🔺 26,996
Transfer to Primary Housing Fund
(Note: School District contribution must be set aside for
family and workforce housing)
- 187,160 🔺 187,160
Transfer to Administration - 149,728 🔺 149,728
Capital Expenditures {Holding Accounts}
Property Acquisition {Reserved} - 982,752 🔺 982,752
Accessory Dwelling Unit Program
{Reserved} - 300,000 🔺 300,000
Total Expenses and Other Uses - 1,871,603 🔺 1,871,603
Total Over / (Under) - - -
Program Income Fund
A fire during the demolition of the Overnighter Motel resulted in $100K of remediation expenses not
budgeted in the Program Income Fund during the Fiscal Year 2022 Budget. An insurance claim was filed
but has a $50K deductible. The resulting impact to the fund’s budget is the receipt of the $50K insurance
claim reimbursement, and the use fund balance to cover the other $50K of the total remediation expense.
The difference will be absorbed by fund balance.
Program Income Fund Current
Budget Change Proposed
Budget
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
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
Marketing and Sales 25,000 - 25,000
Transfer Out to North Temple Project Area
(One-time) - - -
Capital Expenditures {Holding Accounts}
Gallivan Repairs {Appropriated} 250,000 - 250,000
Commercial Revitalization Program
{Reserved} 667,535 - 667,535
Sustainability Technical Assistance
Program {Reserved} 200,000 - 200,000
Total Expenses and Other Uses 1,742,535 100,000 🔺 1,842,535
Total Over / (Under) - (50,000) 🔺 (50,000)
Secondary Housing Fund
Impacted by the decrease of the contribution from the Northwest Quadrant Project Area, the Secondary
Housing Fund will need to decrease the funding originally budgeted for the Accessory Dwelling Unit
Program.
Secondary Housing Fund Current Budget Change Proposed
Budget
Revenue and Other Sources
Interest Income 44,000 - 44,000
Internal Transfers In
Northwest Quadrant 350,000 (246,465) 🔺 103,535
Total Revenue and Other Sources
394,000 (246,465) 🔺
147,535
Expenses and Other Uses
Capital Expenditures {Holding Accounts}
Accessory Dwelling Unit Program
{Reserved} 394,000 - 394,000
Total Expenses and Other Uses 394,000 - 394,000
Total Over / (Under) - (246,465) 🔺 (246,465)
Primary Housing Fund
The changes to the Primary Housing Fund contributions from each project area are in the table below.
The Agency is recommending the remainder of the funds be added to the Housing Development Loan
Program, a permanent and annually renewable program that consolidates and centralizes resources for the
development and preservation of affordable housing. Loans provided through the HDLP shall be funded
directly from an individual fund source, with revenues, expenditures, interest, payments and repayments
accounted for from the fund source to comply with applicable State and Local statutes.
Primary Housing Fund Current
Budget Change Proposed
Budget
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 784,233 248,845 🔺 1,033,079
Granary District 124,225 70,830 🔺 195,055
North Temple 87,069 47,899 🔺 134,969
Northwest Quadrant 150,000 (46,465) 🔺 103,535
State Street - 328,961 🔺 328,962
9 Line - 187,160 🔺 187,160
Total Revenue and Other Sources 1,491,527 837,232 🔺 2,328,760
Expenses and Other Uses
Transfer Out to North Temple Project Area
(One-time) - - -
Capital Expenditures {Holding Accounts}
Housing Development Loan Program
{Reserved} 491,527 837,232 🔺 1,328,760
North Temple Strategic Intervention
Fund {Reserved} 1,000,000 - 1,000,000
Total Expenses and Other Uses 1,491,527 837,232 🔺 2,328,760
Total Over / (Under) - - -
Westside Community Initiative Fund
The UIPA Housing Allocation was deposited in the Westside Community Initiative Fund in June 2021,
after the adoption of the Fiscal Year 2022 budget. The Agency is proposing to shift the funds from the
Westside Urban Land Fund into the Housing Development Loan Program, as well as retain 15% in fund
balance. This shift aligns with the newly amended Housing Allocation Funds Policy and will still be
utilized as part of the Westside Community Initiative priorities.
Westside Community Initiative Fund
(Northwest Quadrant Housing Fund)
Current
Budget Change Proposed
Budget
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
{Reserved}
347,676 🔺 347,676
Total Expenses and Other Uses 250,000 97,676 🔺 347,676
Total Over / (Under) - 61,354 🔺 61,355
Administration
The impact of the Tax Increment and other revenue adjustments to the Administration Fund detailed
above can be seen in the table below, under Internal Transfers In. Expenses have been adjusted to include
an expected increase in Administrative Fees the Agency will receive from the City. In addition, the
Charges and Services line description has been adjusted for increased expenses that include a $25K
RAISE Grant Contribution, a 900 S Improvements project shortfall of $155K, and $100K for Ballpark
development efforts.
Administration Current
Budget Change Proposed
Budget
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 (40,000) 🔺 10,000
Depot District 588,175 186,634 🔺 774,809
Granary District 93,169 53,122 🔺 146,291
North Temple 43,535 23,949 🔺 67,485
Block 70 - - -
North Temple Viaduct 17,722 20,887 🔺 38,610
Northwest Quadrant 150,000 (46,465) 🔺 103,535
Stadler Rail 7,100 3,733 🔺 10,833
State Street - 328,961 🔺 328,962
9 Line - 149,728 🔺 149,728
Program Income Fund - - -
Total Revenue and Other Sources 3,857,015 530,553 🔺 4,387,568
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 202,700 380,553 🔺 583,253
Furniture, Fixtures and Equipment 100,000 - 100,000
Total Expenses and Other Uses 3,857,015 530,553 🔺 4,387,568
Total Over / (Under) - - -
2. Transfer of Housing Trust Fund
Housing Development Fund
The Housing Development Fund (formerly known as the Housing Development Trust Fund) was
established in the Fiscal Year 2020. The intent of establishing this fund was to evaluate further codifying
the consolidation of housing development loan programs by ordinance, to confirm that all the City's
housing development loan funds, regardless of funding source and regardless of which entity
administered the program, are deployed in a transparent manner. Funding Our Future Land Discounts and
Finance funds have been transferred into this fund each fiscal year since its establishment, with the intent
of transferring the Housing Trust Fund currently managed by the Department of Community and
Neighborhoods' Housing Stability Division into the Agency’s Housing Development Fund.
Finance has recently finished reconciling the loans in the Housing Trust Fund in preparation of the
transfer and will prepare a Budget Amendment Ordinance to move all assets and liabilities to the Agency.
The expected fund balance available to lend is approximately $2.8 million, and it is proposed to add the
full amount to the Housing Development Loan Program, as referenced in the table below.
When the final Second Amendment is presented, the corresponding Budget Resolution will be presented
for approval. Once the Ordinance and Amendments are approved, the administrative tasks of transferring
the management of the loans may proceed.
Housing Development Fund Current
Budget Change Proposed
Budget
Revenue and Other Sources - -
Funding Our Future Land Discounts and
Financing 2,590,000 - 2,590,000
Transfer from Housing Trust Fund - 2,800,000 🔺 2,800,000
Total Revenue and Other Sources 2,590,000 2,800,000 🔺 5,390,000
-
Expenses and Other Uses - -
Capital Expenditures {Holding Accounts} - -
Housing Development Loan Program
{Reserved} 2,590,000 2,800,000 🔺 5,390,000
Total Expenses and Other Uses 2,590,000 2,800,000 🔺 5,390,000
- -
Total Over / (Under) - - -
3. Reallocation
Central Station Property Acquisition
The Agency currently owns approximately 4 acres of land in what is referred to as Central Station located
at approximately 600 West and 100 South. As previously directed by the Board, RDA staff is working to
acquire additional property for future development. This budget amendment would reallocate $550,000
from the RDA’s Revolving Loan Fund to purchase this property. The intention would be to repay this
contribution from the proceeds or lease payments as part of the future project.
Budget Impact: The proposed change would reduce the Revolving Loan Fund’s current available to lend
balance from $5,403,577.35 to 4,853,577.35.
West Capitol Hill Projects
In addition to the budget reallocation requests in the West Capitol Hill Project Area above, the Agency is
requesting to reallocate $338,141of funds previously set aside in the Program Income Fund for the Arctic
Court Infill Home project to projects in West Capitol Hill, as a contingency for expected increases in
construction costs.
Budget Impact: The Program Income Fund for the Arctic Court Infill Home project would be reduced to
zero. It is anticipated the Agency would request the use of housing funds in the future to finish the infill
housing project.
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2021-2022 Budget.
2. Approval of the Fiscal Year 2021-2022 Budget Amendment #1.
ATTACHMENTS: N/A
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 RDA Budget Amendment - True Tax Received 9-Line 1,871,603.00 1,871,603.00 One-time -
1 RDA Budget Amendment - True Tax Received SS 3,289,619.00 3,289,619.00 One-time -
1 RDA Budget Amendment - True Tax Received WCH - - One-time -
1 RDA Budget Amendment - True Tax Received PHF 837,232.00 837,232.00 One-time -
1 RDA Budget Amendment - True Tax Received DD 1,244,229.00 1,244,229.00 One-time -
1 RDA Budget Amendment - True Tax Received GD 354,152.00 354,152.00 One-time -
1 RDA Budget Amendment - True Tax Received CBD 1,637,213.00 1,637,213.00 One-time -
1 RDA Budget Amendment - True Tax Received NTV 1,392,516.00 1,392,516.00 One-time -
1 RDA Budget Amendment - True Tax Received Block 70 234,208.00 233,944.00 One-time -
1 RDA Budget Amendment - True Tax Received NTA 239,499.00 239,499.00 One-time -
1 RDA Budget Amendment - True Tax Received SRCRA 37,334.00 37,334.00 One-time -
1 RDA Budget Amendment - True Tax Received NWQ-Op (464,652.00) (464,652.00) One-time -
1 RDA Budget Amendment - True Tax Received Admin 530,553.00 530,553.00 One-time -
1 RDA Budget Amendment - True Tax Received SHF (246,465.00) (246,465.00)
2
RDA Budget Amendment - Transfer to HDF from Hand
HDF 2,800,000.00 2,800,000.00 One-time -
3 RDA Budget Amendment - Fire clean up PIF 50,000.00 100,000.00 One-time -
4
RDA Budget Amendment - UIPA Housing Allocation
WCI 159,031.00 97,676.00 One-time -
5 RDA Budget Amendment - Reallocate RLF funding to
Central Station Property Acquisition
CS-PA - 550,000.00 One-time -
5 RDA Budget Amendment - Reallocate RLF funding to
Central Station Property Acquisition
RLF-CL - (550,000.00) One-time -
6 RDA Budget Amendment - Reallocate PIF Arctic Court
Infill Home funding to Marmalade Plaza
PIF - (338,141.00) One-time -
6 RDA Budget Amendment - Reallocate PIF Arctic Court
Infill Home funding to Marmalade Plaza
MP - 338,141.00 One-time -
7 Relase of UPAC cash bond Block 70 - 720,042.00
8 FY2021 TI Reimbursement NWQ-Op - 1,179,247.00
1 Transfer from Admin to CE Marmalade Plaza PHF - (150,000.00)
1 Transfer from Admin to CE Marmalade Plaza PHF - 150,000.00
2 Transfer from Admin to West Temple Construction
Mitigation
WCH - (40,000.00)
2 Transfer from Admin to West Temple Construction
Mitigation
WCH - 40,000.00
Fiscal Year 2021-22 RDA Budget Amendment #2
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2021-22 RDA Budget Amendment #2
Board ApprovedAdministration Proposed
-
Total of Budget Amendment Items 13,966,072.00 15,853,742.00 - -
Total by Fund, Budget Amendment #1:
Redevelopment Agency RDA 13,966,072.00 15,853,742.00 - -
Total of Budget Amendment Items 13,966,072.00 15,853,742.00 - - -
Current Year Budget Summary, provided for information only
FY 2019-20 Budget, Including Budget Amendments
FY 2021-22
Adopted Budget RDA BA #1 Total RDA BA #2 Total Total To-Date
Redevelopment Agency 61,909,808 (1,298,467) 15,853,742.00 76,465,083
Redevelopment Agency CIP - -
Total of Budget Amendment Items 61,909,808 (1,298,467) 60,611,341
Adopted __/__/____
Certification
Budget Manager
Deputy Director, City Council/RDA Board
Contingent Appropriation
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section E: Grants Requiring No New Staff Resources
Section F: Donations
2