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06 of 2023 - State Street Community Reinvestment Area Budget Amendment1 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO__________ State Street Community Reinvestment Area Budget Amendment RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AMENDING THE STATE STREET COMMUNITY REINVESTMENT AREA BUDGET WHEREAS, on August 21, 2018, the Redevelopment Agency of Salt Lake City Board of Directors (“Board”) adopted the State Street Community Reinvestment Area (“State Street CRA”) budget, effective at the beginning of the CRA’s funds collection period, in accordance with the requirements of Section 17C-5-302 of the Utah Code. WHEREAS, after the State Street CRA budget was adopted, Salt Lake City, Salt Lake County, and Salt Lake City School District each negotiated and executed interlocal agreements with the Redevelopment Agency of Salt Lake City (“RDA”) in accordance with the requirements of Section 17-5-204 of the Utah Code, which allows the RDA to receive a portion of the taxing entities’ tax increment within the project area for the term of the collection period. WHEREAS, the State Street CRA budget must now be amended to reflect the same terms in the executed interlocal agreements with Salt Lake City, Salt Lake County and Salt Lake City School District. WHEREAS, all conditions precedent to amend the CRA 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 State Street CRA budget, as approved by the RDA Board on August 21, 2018. 2. Adoption of Amended State Street CRA Budget. The amended State Street CRA budget attached as Exhibit A is hereby adopted as the State Street CRA budget and shall be incorporated into the State Street CRA project area plan. 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. Pursuant to Section 17C-5- 305 of the Utah Code, the RDA shall cause a copy of the budget amendments to be filed with the State Tax Commission, the State Board of Education, the state auditor, the Salt Lake County Auditor, and the taxing entities party to the State Street CRA interlocal agreements. 06 of 2023 Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah, this_ day of ______ , 2023, to be effective upon adoption. Alejandro Puy, Chair Approved as to form: .:..;:t::,.,,,,__�"'---.i.,,,:::_----------­Salt Lake City Attorney's Office Allison Parks Date: January 26, 2023 The Executive Director: __ does not request reconsideration. __ requests reconsideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Attest: City Recorder 2 14th March Allison Parks (Mar 14, 2023 15:09 MDT) Mar 14, 2023 Alejandro Puy (Mar 14, 2023 14:23 PDT) Erin Mendenhall (Mar 15, 2023 11:25 MDT) 3 EXHIBIT A TO RESOLUTION Attach Budget Amendment] 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 Salt Lake County is 2021, with a base taxable value of $1,420,601,199. 2.1(b): PROJECTED AMOUNT OF TAX INCREMENT 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): TAX INCREMENT 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 $16,103,307 Salt Lake City School District $16,947,719 Salt Lake City $12,186,771 TOTAL $45,237,797 2.1(e ): IF TAX INCREMENT COLLECTION AREA IS LESS THAN CRA BOUNDARY Not applicable; the Tax Increment collection area is the entire CRA boundary. STATE STREET PROJECT AREA BUDGET 3 2.1(f ): PERCENTAGE OF TAX INCREMENT 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 contribution 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 Income Targeted Housing – Citywide 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 Income Targeted Housing – Citywide 23% $1,901,286 Income Targeted Housing – State Street CRA 70% $5,700,258 Environmental Remediation 2% $203,040 Total 100% $8,194,813 Note: The amount of funds designated to each budget activity shall not exceed the maximum allocation over STATE STREET PROJECT AREA BUDGET 4 the course of the project area term as specified in the interlocal agreement. Per section 4(a) of the interlocal agreement with the Agency, the County has agreed to provide "the lesser of: a) 18% of the Agency's total expenditures for income targeted housing projects in the Project Area; and b) $5,700,258." For example, for this amount to equal $5,700,258, the RDA must spend at least $31,668,199 on income targeted housing projects within the State Street Project Area. If the RDA cannot document expenses of at least $31,668,199 for income targeted housing projects within the State Street Project Area, then the total amount of County tax increment that the RDA may use in the Project Area on income targeted housing may be less than $5,700,258 and will be dictated by the terms of the interlocal agreement. If there are any income targeted housing funds remaining after 2044, the RDA must return those funds to the County as provided in the interlocal agreement. County funds may not be used by the RDA in a revolving loan fund or for 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. INCOME TARGETED HOUSING – CITYWIDE: The tax increment allocation required to be used for housing activities pursuant to Utah Code Section 17C- 2-203, 17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412. INCOME TARGETED HOUSING – STATE STREET CRA: The tax increment expected to be used for income targeted housing projects within the State Street Project Area pursuant to Utah Code 17C-1-412. 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. STATE STREET PROJECT AREA BUDGET 5 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 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. RDA Resolution 6 of 2023 State Street Community Reinvestment Area Budget Amendment Final Audit Report 2023-03-20 Created:2023-03-14 By:Thais Stewart (thais.stewart@slcgov.com) Status:Signed Transaction ID:CBJCHBCAABAARXWjYTKzsuU5_EPn70SJG4V7k5rM4Cv_ "RDA Resolution 6 of 2023 State Street Community Reinvestme nt Area Budget Amendment" History Document created by Thais Stewart (thais.stewart@slcgov.com) 2023-03-14 - 9:05:40 PM GMT Document emailed to Allison Parks (allison.parks@slcgov.com) for signature 2023-03-14 - 9:07:27 PM GMT Email viewed by Allison Parks (allison.parks@slcgov.com) 2023-03-14 - 9:08:52 PM GMT Document e-signed by Allison Parks (allison.parks@slcgov.com) Signature Date: 2023-03-14 - 9:09:02 PM GMT - Time Source: server Document emailed to alejandro.puy@slcgov.com for signature 2023-03-14 - 9:09:03 PM GMT Email viewed by alejandro.puy@slcgov.com 2023-03-14 - 9:21:58 PM GMT Signer alejandro.puy@slcgov.com entered name at signing as Alejandro Puy 2023-03-14 - 9:23:49 PM GMT Document e-signed by Alejandro Puy (alejandro.puy@slcgov.com) Signature Date: 2023-03-14 - 9:23:51 PM GMT - Time Source: server Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature 2023-03-14 - 9:23:53 PM GMT Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2023-03-15 - 4:07:27 AM GMT Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com) Signature Date: 2023-03-15 - 5:25:13 PM GMT - Time Source: server Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature 2023-03-15 - 5:25:15 PM GMT Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com) Signature Date: 2023-03-20 - 4:29:24 PM GMT - Time Source: server Agreement completed. 2023-03-20 - 4:29:24 PM GMT Names and email addresses are entered into the Acrobat Sign service by Acrobat Sign users and are unverified unless otherwise noted.