Transmittal - 1/27/2023
REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLCGOV.COM WWW.SLCRDA.COM WWW.SALTLAKEARTS.ORG
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: January 27, 2023
PREPARED BY: Lauren Parisi & Makena Hawley, RDA Project Managers
RE: State Street Community Reinvestment Area (“CRA”) Budget Amendment
REQUESTED ACTION: Briefing Regarding the State Street CRA Budget as Amended
BUDGET IMPACTS: State Street CRA 20-Year Consolidated Budget
EXECUTIVE SUMMARY: On August 21, 2018, the Redevelopment Agency Board of Directors
(“Board”) adopted the State Street Community Reinvestment Area (“State Street CRA”) plan and budget.
Before the Redevelopment Agency of Salt Lake City (“RDA”) can begin to collect tax increment within a
project area, an interlocal agreement must be approved by each contributing taxing entity detailing the terms
of their participation.
Interlocal agreements have now been finalized with all taxing entities contributing to the State Street CRA
including Salt Lake City, Salt Lake County and Salt Lake City School District. These agreements were also
reviewed and adopted by the Board. The purpose of this budget amendment is to align the State Street CRA
budget adopted by the Board in August of 2018 with the terms of the executed interlocal agreements.
ANALYSIS & ISSUES: Values within the State Street CRA budget as amended have been updated from
the previously adopted budget as noted in the tables below. More specifically, these values reflect a
reduced project area term from 25 to 20 years, fewer participating taxing entities (the Salt Lake Library,
Salt Lake Metropolitan Water District, Salt Lake Mosquito Abatement District and the Central Utah
Water Conservancy District are no longer participating), updated tax increment revenue projections to
reflect denser, transit-oriented development patterns and specific terms requested by Salt Lake County.
The complete State Street CRA budget as amended to be incorporated in the State Street CRA plan has
been included under Attachment A.
2
PROJECTED AMOUNT OF TIF
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED
Current Budget –
Incremental Tax Revenues - 100% Total - 25 Years
Salt Lake County $12,655,703
Salt Lake City School District $32,987,028
Salt Lake City $24,323,930
Salt Lake Library $3,763,083
Salt Lake Metropolitan Water District $1,862,860
Salt Lake City Mosquito Abatement District $912,748
Central Utah Water Conservancy District $2,135,083
TOTAL $78,640,435
Budget as Amended –
Incremental Tax Revenues - 100% Total – 20 Years
Salt Lake County $24,298,120
Salt Lake City School District $67,790,876
Salt Lake City $48,747,083
TOTAL $140,836,079
PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Current Budget –
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
3
Budget as Amended –
Taxing Entity Percentage Length
Salt Lake County* 100% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation payment of
25% and an administrative fee of 2% up to a maximum of $156,092. Accordingly, the percentage retained by the RDA
will be approximately 73% up to the contribution cap of $8,194,813 or the $8,350,905 including the County
Administrative fee as specified in the interlocal agreement.
MAXIMUM CUMULATIVE DOLLAR AMOUNT
TABLE 2.4: TAX INCREMENT REVENUES TO RDA
Current Budget –
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 Mosquito Abatement District $684,561
Salt Lake Utah Water Conservancy District $1,601,312
TOTAL $58,980,326
Budget as Amended –
Incremental Tax Revenues to RDA Total - 20 Years
Salt Lake County* $8,194,813
Salt Lake City School District $50,843,157
Salt Lake City $36,560,312
TOTAL $95,598,282
*Based upon the maximum contribution cap as specified in the County interlocal agreement.
NEXT STEPS:
Pursuant to State Code, the RDA Board must hold a public hearing before adopting the amended budget
by resolution and shall set the Public Hearing date accordingly. Public notices regarding the budget
amendment hearing will be sent to all property owners within the State Street project area boundaries and
posted on the Utah Public Notice website as well as Salt Lake City’s website. Notices will also be sent to
the State Tax Commission, Salt Lake County Assessor, Salt Lake County Auditor and all participating
taxing entities.
PREVIOUS BOARD ACTION:
4
• March 2015: The Board approved a list of several areas to be evaluated and adopted evaluation
criteria.
• April 2015: The Board shortlisted six potential project areas for further staff analysis.
• May 2015: Staff provided a recap of previous policy direction on the project area creation
process, including clarification of the potential project area boundaries and the short-list
evaluation criteria.
• June 2015: Staff provided a written status update on the project area creation process.
• August 2015: Staff presented its research on seven short-listed potential project areas to the RDA
Board. The Board requested staff return with a matrix to assist in an informed discussion and
project area selection prioritization in September.
• September 2015: The Board selected the State Street, Ball Park, and 9-Line areas as the top
ranked potential project areas. Staff commenced meeting with the Salt Lake City School District
and Salt Lake County taxing entities to discuss the three areas and collect feedback on the
potential terms of new project areas.
• November 2015: The Board amended the State Street project area boundaries to include portions
of the Ball Park project area. The Board approved the State Street and 9 Line project areas to
move forward in the Community Development Area creation process.
• December 2015: The Board authorized staff to proceed with the draft community development
area plans for the 9 Line and State Street Project Areas.
• April 2016: The Board authorized staff to proceed with the draft community reinvestment area
plans for the 9 Line and State Street Project Areas as redefined in Utah Title 17C.
• November 2016: Staff presented an update to the Board regarding the State Street and 9 Line
proposed project areas, including schedule and scope of work; results of a community outreach
campaign; and draft project area redevelopment activities and geographic target areas.
• January 2017: Staff presented to the Board regarding the following: the Board’s roles and
opportunities for input during the project area creation process, including drafting the project area
plan; the basis and components of the project area plans, including the purpose and components
of the public benefits analysis; and an updated proposed timeline for next steps in the project area
creation process.
• February 2017: Staff presented to the Board plan components, including a statement of existing
conditions and reasons for selecting the project area.
• October 2017: Staff presented to the Board regarding the updated timeline for creating the 9 Line
and State Street project areas.
• November 2017: Staff provided an update on the Public Benefit Analyses for the proposed 9 Line
and State Street Community Reinvestment Areas.
• February 2018: The Board adopted a resolution authorizing the expansion of the Community
Reinvestment Area boundary for the proposed State Street Project Area.
• May 2018: The Board gave preliminary approval of the draft State Street and 9 Line Community
Reinvestment Area (CRA) plans, allowing RDA staff to draft legal descriptions of the CRA,
provide public notice of 30-day comment period and public hearing, and conduct a second round
of community outreach on the draft CRA Plans.
• August 2018: The Board approved resolutions adopting the State Street and 9 Line CRA Plans
• August 2018: The City Council approved ordinances adopting the State Street and 9 Line CRA
Plans.
5
• September 2020: City Council approved resolutions authorizing the terms of the interlocal
agreements between the City and the RDA for the State Street and 9 Line CRAs
• October 2020: RDA Board approved resolutions adopting the interlocal agreements between the
School District and the RDA as well as the City and the RDA for the State Street and 9 Line
CRAs
• January 2021: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the 9 Line CRA
• March 2021: RDA Board approved resolution to amend the 9 Line CRA budget
• January 2023: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the State Street CRA
ATTACHMENTS:
Attachment A: State Street CRA Budget as Amended
Attachment B: State Street CRA Incremental Budget Analysis
STATE STREET PROJECT AREA
BUDGET
1
State Street
PROJECT AREA BUDGET
AS
AMENDED
Section 2 of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following
information:
1) Receipt of Tax Increment
a. Base taxable value;
b. Projected amount of tax increment to be generated within the CRA;
c. Each project area 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 community
reinvestment project area:
i. a boundary description of the portion or portions of the community
reinvestment project area 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 community
reinvestment project area; and
g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive from
the community reinvestment project area.
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
STATE STREET PROJECT AREA
BUDGET
2
2.1: RECEIPT OF TAX INCREMENT
2.1(a): BASE TAXABLE VALUE
• The base year for Salt Lake City and Salt Lake City School District is 2016, with a base taxable value of
$889,305,536.
• The base year for the Salt Lake County is 2021, with a base taxable value of $1,420,601,199.
2.1(b): PROJECTED AMOUNT OF TIF
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED - 20 YEARS
Incremental Tax Revenues - 100% Total – 20 Years
Salt Lake County $24,298,120
Salt Lake City School District $67,790,876
Salt Lake City $48,747,083
TOTAL $140,836,079
2.1(c): COLLECTION PERIOD
The collection period shall be 20 years.
2.1(d): TIF PAID TO OTHER TAXING ENTITIES
TABLE 2.2: INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES - 20 YEARS
Incremental Tax Revenues to Taxing Entities Total – 20 Years
Salt Lake County $6,074,530
Salt Lake City School District $16,947,719
Salt Lake City $12,186,771
TOTAL $44,573,789
2.1(e ): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable; the TIF collection area is the entire CRA boundary.
STATE STREET PROJECT AREA
BUDGET
3
2.1(f ): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Taxing Entity Percentage Length
Salt Lake County* 100% 20 Years
Salt Lake City School District 75% 20 Years
Salt Lake City 75% 20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation
payment of 25% and an administrative fee of 2% up to a maximum of $156,092. Accordingly, the percentage
retained by the RDA will be approximately 73% up to the contributio n cap of $8,194,813 or $8,350,905
including the County’s Administrative Fee as specified in the interlocal agreement.
2.1(g): MA XIMUM CUMUL ATIVE A MOUNT RECEIVED B Y THE RDA
The maximum cumulative amount to be received and retained by the RDA is as follows:
TABLE 2.4: TAX INCREMENT REVENUES RETAINED BY RDA - 20-YEARS
Incremental Tax Revenues to RDA Total – 20 Years
Salt Lake County* $8,194,813
Salt Lake City School District $50,843,157
Salt Lake City $36,560,312
TOTAL $95,598,282
*Based upon the maximum contribution cap as specified in the County interlocal agreement.
2.2: SALES AND USE TAX REVENUE:
Not applicable .
2.3: PROJEC T AREA FUNDS T O IMPLEMENT THIS CRA PLA N
TABLE 2.5.1: BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE CITY AND SALT LAKE CITY SCHOOL DISTRICT TO RDA - 20-YEARS
Activity Percentage Amount
RDA Administration & Operations 10% $8,740,347
Citywide Housing 10% $8,740,347
Redevelopment Activities 80% $69,922,775
Total 100% $87,403,469
TABLE 2.5.2: BUDGET FOR TAX INCREMENT REVENUES FROM SALT LAKE COUNTY TO RDA - 20-YEARS
Activity Percentage Amount*
RDA Administration & Operations 5% $390,229
Citywide Housing 23% $1,901,286
State Street CRA Housing 70% $5,700,258
Environmental Remediation 2% $203,040
Total 100% $8,194,813
*Note: The amount of funds designated to RDA administration and operations, Stat e Street CRA housing and
STATE STREET PROJECT AREA
BUDGET
4
environmental remediation shall not exceed the maximum allocation over the course of the project area term as
specified in the interlocal agreement. The amount of funds designated to citywide housing shall not exceed
10% of generated increment per fiscal year until the County’s participation cap has been reached. County
funds may not be used by the RDA in a revolving loan fund or any other loan product.
The RDA shall implement this plan through the following activities:
• REDEVELOPMENT ACTIVITIES:
The tax increment expected to be used to carry out project development activities as further
described in this CRA Plan. Activities may include, but not be limited to, land acquisition, public
improvements, infrastructure improvements, loans, grants, and other incentives to public and
private entities.
• RDA ADMINISTRATION & OPERATIONS:
The tax increment expected to be used to cover the operating costs of administering and implementing
the CRA Plan.
• CITYWIDE HOUSING:
The tax increment allocation required to be used for housing activities pursuant to Section 17C-2-203,
17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412.
• STATE STREET CRA HOUSING:
The tax increment expected to be used for housing projects within the State Street Project Area.
• ENVIRONMENTAL REMEDIATION:
The tax increment expected to be used to pay the costs of environmental assessment and
remediation that do not qualify for EPA assistance through Salt Lake Brownfields Coalition Grant
program or Wasatch Brownfields Coalition Revolving Loan Fund.
2.4: RDA’S C OMBINED INCREMEN TAL VAL UE
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 2,630,997,631 136,894,100 2,494,103,531
Depot District 586,694,437 27,476,425 559,218,012
Granary 126,292,575 48,813,397 77,479,178
North Temple Viaduct 175,640,215 36,499,680 139,140,535
North Temple 139,375,192 84,073,572 55,301,620
Block 70 262,153,766 58,757,937 203,395,829
Stadler Rail 20,357,600 3,710 20,353,890
State Street CRA 1,158,719,413 889,305,536 269,413,877
9 Line CRA 321,647,261 228,048,136 93,599,125
Northwest Quadrant CRA 230,643,587 735,791 229,907,796
COMBINED VALUE $5,652,521,677 $1,510,608,284 $4,141,913,393
STATE STREET PROJECT AREA
BUDGET
5
2.5: PROJEC T AREA FUNDS USED FOR ADMINISTR ATION
The RDA anticipates utilizing between 5-10 percent of the funds captured and retained by the RDA,
which is estimated to be $9,130,576.
2.6: EXPEC TED SALE PRICE FOR PROPER TY THE RDA OWNS
The RDA does not own property within the Project Area.
ASSUMPTIONS:
Discount Rate 4.0%
Scenario
Redevelopment Agency of Salt Lake City
State Street Project Area
Increment and Budget Analysis
Growth Rate 2.0%
Payment Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Tax Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Tax District 13
Commercial $6,287,261 $14,963,682 $26,036,806 $41,823,063 $58,014,006 $76,842,649 $96,094,143 $115,730,667 $135,759,921 $156,189,761 $182,137,621 $213,918,240 $246,438,703 $251,367,477 $256,394,827 $261,522,724 $266,753,178 $272,088,242 $277,530,006 $283,080,607
Office $10,479,930 $24,942,235 $43,399,488 $69,712,833 $96,700,730 $128,085,281 $160,174,662 $192,905,830 $226,291,621 $260,345,128 $303,596,357 $356,569,927 $410,776,708 $418,992,243 $427,372,087 $435,919,529 $444,637,920 $453,530,678 $462,601,292 $471,853,318
Industiral $1,266,322 $3,013,846 $5,244,091 $8,423,612 $11,684,641 $15,476,931 $19,354,388 $23,309,394 $27,343,500 $31,458,288 $36,684,465 $43,085,422 $49,635,391 $50,628,099 $51,640,660 $52,673,474 $53,726,943 $54,801,482 $55,897,512 $57,015,462
Residential $6,366,773 $15,152,920 $26,366,081 $42,351,978 $58,747,680 $77,814,440 $97,309,398 $117,194,255 $137,476,810 $158,165,015 $184,441,025 $216,623,558 $249,555,291 $254,546,397 $259,637,325 $264,830,071 $270,126,673 $275,529,206 $281,039,790 $286,660,586
Total Assessed Value:$24,400,286 $58,072,682 $101,046,466 $162,311,486 $225,147,057 $298,219,302 $372,932,591 $449,140,146 $526,871,852 $606,158,192 $706,859,468 $830,197,146 $956,406,094 $975,534,215 $995,044,900 $1,014,945,798 $1,035,244,714 $1,055,949,608 $1,077,068,600 $1,098,609,972
Value of Current Property $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536 $889,305,536
Less Base Year Value ($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)($889,305,536)
$24,400,286 $58,072,682 $101,046,466 $162,311,486 $225,147,057 $298,219,302 $372,932,591 $449,140,146 $526,871,852 $606,158,192 $706,859,468 $830,197,146 $956,406,094 $975,534,215 $995,044,900 $1,014,945,798 $1,035,244,714 $1,055,949,608 $1,077,068,600 $1,098,609,972
TAX RATE & INCREMENT ANALYSIS:2019 Rates
Salt Lake County 0.001933 47,166 112,254 195,323 313,748 435,209 576,458 720,879 868,188 1,018,443 1,171,704 1,366,359 1,604,771 1,848,733 1,885,708 1,923,422 1,961,890 2,001,128 2,041,151 2,081,974 2,123,613 24,298,120 14,290,457
Salt Lake City School District 0.005393 131,591 313,186 544,944 875,346 1,214,218 1,608,297 2,011,225 2,422,213 2,841,420 3,269,011 3,812,093 4,477,253 5,157,898 5,261,056 5,366,277 5,473,603 5,583,075 5,694,736 5,808,631 5,924,804 67,790,876 39,869,857
Salt Lake City 0.003878 94,624 225,206 391,858 629,444 873,120 1,156,494 1,446,233 1,741,765 2,043,209 2,350,681 2,741,201 3,219,505 3,708,943 3,783,122 3,858,784 3,935,960 4,014,679 4,094,973 4,176,872 4,260,409 48,747,083 28,669,628
Salt Lake City Library 0.000745 18,178 43,264 75,280 120,922 167,735 222,173 277,835 334,609 392,520 451,588 526,610 618,497 712,523 726,773 741,308 756,135 771,257 786,682 802,416 818,464 9,364,770 5,507,703
Salt Lake Metropolitan Water District 0.000289 7,052 16,783 29,202 46,908 65,067 86,185 107,778 129,802 152,266 175,180 204,282 239,927 276,401 281,929 287,568 293,319 299,186 305,169 311,273 317,498 3,632,776 2,136,545
Salt Lake City Mosquito Abatement District 0.000133 3,245 7,724 13,439 21,587 29,945 39,663 49,600 59,736 70,074 80,619 94,012 110,416 127,202 129,746 132,341 134,988 137,688 140,441 143,250 146,115 1,671,831 983,254
Central Utah Water Conservancy District 0.000400 9,760 23,229 40,419 64,925 90,059 119,288 149,173 179,656 210,749 242,463 282,744 332,079 382,562 390,214 398,018 405,978 414,098 422,380 430,827 439,444 5,028,064 2,957,156
Totals:0.012771 311,616 741,646 1,290,464 2,072,880 2,875,353 3,808,559 4,762,722 5,735,969 6,728,680 7,741,246 9,027,302 10,602,448 12,214,262 12,458,547 12,707,718 12,961,873 13,221,110 13,485,532 13,755,243 14,030,348 160,533,521 94,414,601
TOTAL INCREMENTAL REVENUE IN PROJECT AREA:$311,616 $741,646 $1,290,464 $2,072,880 $2,875,353 $3,808,559 $4,762,722 $5,735,969 $6,728,680 $7,741,246 $9,027,302 $10,602,448 $12,214,262 $12,458,547 $12,707,718 $12,961,873 $13,221,110 $13,485,532 $13,755,243 $14,030,348 $160,533,521 $94,414,601
PROJECT AREA BUDGET 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Sources of Funds:2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Property Tax Participation Rate for Budget
Salt Lake County 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City School District 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City Library 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake Metropolitan Water District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake City Mosquito Abatement District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Central Utah Water Conservancy District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Property Tax Increment for Budget
Salt Lake County*$35,374 $84,191 $146,492 $235,311 $326,407 $432,343 $540,659 $651,141 $763,832 $878,778 $1,024,770 $1,203,578 $1,386,550 $1,414,281 $1,442,566 $1,471,418 $1,500,846 $1,530,863 $1,561,480 $1,592,710 $18,223,590 $10,717,843
Salt Lake City School District $98,693 $234,889 $408,708 $656,509 $910,664 $1,206,223 $1,508,419 $1,816,660 $2,131,065 $2,451,758 $2,859,070 $3,357,940 $3,868,424 $3,945,792 $4,024,708 $4,105,202 $4,187,306 $4,271,052 $4,356,473 $4,443,603 $50,843,157 $29,902,393
Salt Lake City $70,968 $168,904 $293,894 $472,083 $654,840 $867,371 $1,084,674 $1,306,324 $1,532,407 $1,763,011 $2,055,901 $2,414,628 $2,781,707 $2,837,341 $2,894,088 $2,951,970 $3,011,009 $3,071,229 $3,132,654 $3,195,307 $36,560,312 $21,502,221
Salt Lake City Library - - - - - - - - - - - - - - - - - - - - - -
Salt Lake Metropolitan Water District - - - - - - - - - - - - - - - - - - - - - -
Salt Lake City Mosquito Abatement District - - - - - - - - - - - - - - - - - - - - - -
Central Utah Water Conservancy District - - - - - - - - - - - - - - - - - - - - - -
Total Property Tax Increment for Budget:$205,036 $487,985 $849,093 $1,363,903 $1,891,911 $2,505,937 $3,133,753 $3,774,125 $4,427,304 $5,093,547 $5,939,740 $6,976,147 $8,036,680 $8,197,414 $8,361,362 $8,528,590 $8,699,161 $8,873,145 $9,050,607 $9,231,620 $105,627,059 $62,122,456
Uses of Tax Increment Funds**:2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV
Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.)80.0%$164,028 $390,388 $679,275 $1,091,123 $1,513,529 $2,004,749 $2,507,002 $3,019,300 $3,541,843 $4,074,838 $4,751,792 $5,580,917 $6,429,344 $6,557,931 $6,689,090 $6,822,872 $6,959,329 $7,098,516 $7,240,486 $7,385,296 $84,501,647 $49,697,965
CRA Housing 10.0%$20,504 $48,798 $84,909 $136,390 $189,191 $250,594 $313,375 $377,412 $442,730 $509,355 $593,974 $697,615 $803,668 $819,741 $836,136 $852,859 $869,916 $887,314 $905,061 $923,162 $10,562,706 $6,212,246
RDA Administration 10.0%$20,504 $48,798 $84,909 $136,390 $189,191 $250,594 $313,375 $377,412 $442,730 $509,355 $593,974 $697,615 $803,668 $819,741 $836,136 $852,859 $869,916 $887,314 $905,061 $923,162 $10,562,706 $6,212,246
Total Uses $205,036 $487,985 $849,093 $1,363,903 $1,891,911 $2,505,937 $3,133,753 $3,774,125 $4,427,304 $5,093,547 $5,939,740 $6,976,147 $8,036,680 $8,197,414 $8,361,362 $8,528,590 $8,699,161 $8,873,145 $9,050,607 $9,231,620 $105,627,059 $62,122,456
REMAINING TAX INCREMENT FOR TAXING ENTITIES 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV
Salt Lake County $11,791 $28,064 $48,831 $78,437 $108,802 $144,114 $180,220 $217,047 $254,611 $292,926 $341,590 $401,193 $462,183 $471,427 $480,855 $490,473 $500,282 $510,288 $520,493 $530,903 $6,074,530 $3,572,614
Salt Lake City School District $32,898 $78,296 $136,236 $218,836 $303,555 $402,074 $502,806 $605,553 $710,355 $817,253 $953,023 $1,119,313 $1,289,475 $1,315,264 $1,341,569 $1,368,401 $1,395,769 $1,423,684 $1,452,158 $1,481,201 $16,947,719 $9,967,464
Salt Lake City $23,656 $56,301 $97,965 $157,361 $218,280 $289,124 $361,558 $435,441 $510,802 $587,670 $685,300 $804,876 $927,236 $945,780 $964,696 $983,990 $1,003,670 $1,023,743 $1,044,218 $1,065,102 $12,186,771 $7,167,407
Salt Lake City Library $18,178 $43,264 $75,280 $120,922 $167,735 $222,173 $277,835 $334,609 $392,520 $451,588 $526,610 $618,497 $712,523 $726,773 $741,308 $756,135 $771,257 $786,682 $802,416 $818,464 $9,364,770 $5,507,703
Salt Lake Metropolitan Water District $7,052 $16,783 $29,202 $46,908 $65,067 $86,185 $107,778 $129,802 $152,266 $175,180 $204,282 $239,927 $276,401 $281,929 $287,568 $293,319 $299,186 $305,169 $311,273 $317,498 $3,632,776 $2,136,545
Salt Lake City Mosquito Abatement District $3,245 $7,724 $13,439 $21,587 $29,945 $39,663 $49,600 $59,736 $70,074 $80,619 $94,012 $110,416 $127,202 $129,746 $132,341 $134,988 $137,688 $140,441 $143,250 $146,115 $1,671,831 $983,254
Central Utah Water Conservancy District $9,760 $23,229 $40,419 $64,925 $90,059 $119,288 $149,173 $179,656 $210,749 $242,463 $282,744 $332,079 $382,562 $390,214 $398,018 $405,978 $414,098 $422,380 $430,827 $439,444 $5,028,064 $2,957,156
Total $106,580 $253,661 $441,371 $708,977 $983,442 $1,302,622 $1,628,970 $1,961,844 $2,301,376 $2,647,699 $3,087,562 $3,626,301 $4,177,582 $4,261,133 $4,346,356 $4,433,283 $4,521,949 $4,612,388 $4,704,636 $4,798,728 $54,906,461 $32,292,144
TOTAL INCREMENTAL VALUE:
INCREMENTAL TAX ANALYSIS:
TaxInc Budget
State Street CRA Budget_FINAL
*Salt Lake County’s maximum contribution to property tax increment budget is $8,194,813 subject to terms of interlocal agreement with Salt Lake County.
**Use of Salt Lake County generated increment subject to terms of interlocal agreement with Salt Lake County.