Transmittal - 4/24/2023
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
RDA BOARD TRANSMITTAL
___________________________________ Date Received: ________________
Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City RDA Board DATE: April 24, 2023
Alejandro Puy, RDA Chair
FROM: Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Chief Operating Officer
SUBJECT: RDA Budget Amendment 3, FY2022-23-Retransmittal
SPONSOR: NA
STAFF CONTACT: 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 fourth amendment to the Annual
RDA Budget for Fiscal Year 2023. Accept public hearing date for adoption of the amendment.
BUDGET IMPACT:
REVENUE EXPENSE
RDA FUND $ 536,038.00 $ 536,038.00
RDA CAPITAL FUND 9,875,400.46 9,875,400.46
TOTAL $ 10,411,438.46 $ 10,411,438.46
EXECUTIVE SUMMARY:
The purpose of the third amendment (“amendment”) is to addresses the following items:
1. True up for tax increment received.
2. Other House Keeping items.
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 contains one item:
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 #3 Summary Spreadsheet
C. RDA Transmittal
PUBLIC PROCESS: Public Hearing
Initiative Number/Name Project Area Revenue Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or
One-time FTEs
1 Transfer In from General Fund for Housing Property
Acquisition Cap PIF 4,000,000.00 4,000,000.00
1 True-up of Tax Increment revenues for FY'23 CBD (1,141,957.00) (1,141,957.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap CBD (489,410.00) (489,410.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap BL-70 2,226.00 2,226.00 One-time -
1 True-up of Tax Increment revenues for FY'23 BL-70 954.00 954.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap DD 1,805,473.00 1,805,473.00 One-time -
1 True-up of Tax Increment revenues for FY'23 DD (514,215.00) (514,215.00) One-time -
1 True-up of Tax Increment revenues for FY'23 Cap GD 291,284.00 291,284.00 One-time -
1 True-up of Tax Increment revenues for FY'23 GD 156,845.00 156,845.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NTV 1,514,910.00 1,514,910.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap SS 1,364,709.00 1,364,709.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SS 341,178.00 341,178.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 9L 775,212.00 775,212.00 One-time -
1 True-up of Tax Increment revenues for FY'23 9L 348,807.00 348,807.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NT 381,418.00 381,418.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NT 163,465.00 163,465.00 One-time -
1 True-up of Tax Increment revenues for FY'23 SR 66,106.00 66,106.00 One-time -
1 True-up of Tax Increment revenues for FY'23 NWQ 421,224.00 421,224.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap NWQ 46,801.00 46,801.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap WCI 874,106.46 874,106.46 One-time -
1 True-up of Tax Increment revenues for FY'23 Cap 1P 798,313.00 798,313.00 One-time -
1 True-up of Tax Increment revenues for FY'23 Admin 560,721.00 560,721.00 One-time -
2 Adjust loan payment revenue (prin/int) forecast for
Housing Develoment Trust Fund HDT (1,382,000.00) (1,382,000.00) One-time -
4 Return RLF short-term property acquisition loan Cap DD 25,268.00 25,268.00 One-time -
-
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - -
Total by Fund, Budget Amendment #3:
Redevelopment Agency Cap CBD (489,410.00) (489,410.00)
Redevelopment Agency CBD (1,141,957.00) (1,141,957.00)
Redevelopment Agency Cap BL-70 2,226.00 2,226.00
Redevelopment Agency BL-70 954.00 954.00
Redevelopment Agency Cap DD 1,830,741.00 1,830,741.00
Redevelopment Agency DD (514,215.00) (514,215.00)
Redevelopment Agency Cap GD 291,284.00 291,284.00
Redevelopment Agency GD 156,845.00 156,845.00
Redevelopment Agency NTV 1,514,910.00 1,514,910.00
Redevelopment Agency Cap SS 1,364,709.00 1,364,709.00
Redevelopment Agency SS 341,178.00 341,178.00
Redevelopment Agency Cap 9L 775,212.00 775,212.00
Redevelopment Agency 9L 348,807.00 348,807.00
Redevelopment Agency Cap NT 381,418.00 381,418.00
Redevelopment Agency NT 163,465.00 163,465.00
Redevelopment Agency SR 66,106.00 66,106.00
Redevelopment Agency Cap NWQ 46,801.00 46,801.00
Redevelopment Agency NWQ 421,224.00 421,224.00
Redevelopment Agency Cap WCI 874,106.46 874,106.46
Redevelopment Agency Cap 1P 798,313.00 798,313.00
Redevelopment Agency Admin 560,721.00 560,721.00
Redevelopment Agency HDT (1,382,000.00) (1,382,000.00)
Redevelopment Agency Cap PIF 4,000,000.00 4,000,000.00
Total of Budget Amendment Items 10,411,438.46 10,411,438.46 - - -
Current Year Budget Summary, provided for information only
FY 2022-23 Budget, Including Budget Amendments 3
Adopted Budget RDA BA #1Total RDA BA #2 Total RDA BA #3 Total Total To-Date
Redevelopment Agency 50,172,718 - 2,546,805.00 - 52,719,523
Redevelopment Agency Cap 13,128,181 - (2,500,000.00) - 10,628,181
Total of Budget Amendment Items 63,300,899 - 46,805.00 - 63,347,704
Certification
Budget Director
Deputy Director, City Council/RDA Board
Contingent Appropriation and Notes
Fiscal Year 2022-23 RDA Budget Amendment #3
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Board ApprovedStaff Requested
1 of 1 5/1/2023 4:32 PM
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 22, 2023
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #3, FY 2022-2023
REQUESTED ACTION: Discuss and consider the adoption of the proposed Third Amendment to the
Annual RDA Budget for Fiscal Year 2023.
BUDGET IMPACTS: The Third 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
Third Amendment (“Amendment”). The proposed budget expenditure changes fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or
contractual obligations or other consistent expenses, such as:
a. Taxing Entity Payments
b. Tax Increment Reimbursements
c. Primary Housing Contributions
d. Administrative Expenses
e. Operations and Maintenance Expenses
2. Discretionary expenses that fall into the following types:
a. Capital reserve accounts for programs and projects previously approved by the Board
b. Capital reserve accounts for new programs and projects recommended by the Agency
c. Other expenses specific to needs of the fund
ANALYSIS & ISSUES: This Budget Amendment provides for adjustments across multiple funds within
the Agency budget for Fiscal Year 2023. Since the preliminary briefing provided in April, the Agency
received the final tax increment distribution from the County, additional funds of $874,106 from the Utah
Inland Port Authority and recognized a $4,000,000 transfer from the City’s General Fund. Final revenue
and transfer amounts for each fund are in the 2023-BA3 column in the tables below, with variances from
the budgeted and forecasted revenue.
Revenue & Other Sources Adjustments
Project Area Funds - Tax Increment Revenue
The actual tax increment received was $620,681 less than the forecasted numbers the Agency received
from the County back in December. However, the final tax increment received was $5,560,298 more than
originally budgeted, at $46,422,496.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,573,150 26,029,306 (1,631,367) (87,523) 25,941,783
Block 70 1,922,323 1,926,029 3,180 (526) 1,925,503
Depot District 3,999,587 5,570,264 1,316,526 (254,151) 5,316,113
Granary District 633,546 1,087,324 448,129 (5,649) 1,081,675
North Temple 444,053 995,825 544,883 (6,889) 988,936
North Temple Viaduct 1,205,109 2,858,934 1,514,910 (138,915) 2,720,019
Northwest Quadrant 903,100 1,450,261 468,025 (79,136) 1,371,125
Stadler Rail 72,420 138,527 66,106 (1) 138,526
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
Total 40,862,198 47,043,177 5,560,298 (620,681) 46,422,496
Project Area Funds – Total Revenue
After reviewing the changes in tax increment revenue, the agency has calculated the total revenue changes
generated within each project area. This total includes tax increment, interest on investments, rental
income, and internal transfers.
Project Area Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Central Business District 27,596,650 26,052,806 (1,631,367) (87,523) 25,965,283
Block 70 10,915,154 10,918,860 3,180 (526) 10,918,334
Depot District 4,049,587 5,620,264 1,316,526 (254,151) 5,366,113
Granary District 648,546 1,102,324 448,129 (5,649) 1,096,675
North Temple 449,053 1,000,825 544,883 (6,889) 993,936
North Temple Viaduct 1,206,609 2,860,434 1,514,910 (138,915) 2,721,519
Northwest Quadrant 908,100 1,455,261 468,025 (79,136) 1,376,125
Stadler Rail 72,920 139,027 66,106 (1) 139,026
State Street 2,631,183 4,351,640 1,705,887 (14,570) 4,337,070
9-Line 1,477,727 2,635,067 1,124,019 (33,321) 2,601,746
West Temple Gateway 5,000 5,000 0 0 5,000
West Capitol Hill 100,000 100,000 0 0 100,000
Total 50,060,529 56,241,508 5,560,298 (620,681) 55,620,827
Housing Funds Revenue
The total tax increment decrease led to a $66,040 lower transfer from Project Area funds to the Primary
Housing Fund than predicted, but still $2,398,193 higher than the original budget. As previously reported,
the Housing Development Fund will drop by $1,382,000, due to lower loan payments from the Housing
Trust Fund than initially anticipated. Additionally, the Westside Community Initiative will receive an
extra $874,106 in affordable housing funds from the Utah Inland Port Authority.
Housing Funds 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Primary Housing Fund 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund Revenue
The City will transfer $4,000,000 from the City’s General Fund to the Agency’s Program Income Fund.
Program Income 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Program Income Fund 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Total 1,556,835 1,556,835 4,000,000 4,000,000 5,556,835
Agency Operations Fund Revenue
Despite a decrease of $87,950 in tax increment received compared to the forecast, there is still an increase
of $560,721 compared to the budget.
Agency Operations Fund 2023-B
2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Redevelopment Agency
Operations 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Total 3,998,655 4,647,326 560,721 (87,950) 4,559,376
Obligated Expense & Other Uses Adjustments
The increase in tax increment revenue, as compared to the budget, will lead to higher obligated expenses
such as transfers to the Primary Housing and Administration Funds, Debt Service to Salt Lake City,
School Construction Fund, and Administrative Fees payable to Salt Lake County. Inflation is expected to
increase Miscellaneous Property Expenses, and it is recommended to allocate the remaining tax increment
received in Block 70 to Regent Street Parking Structure reserves. However, expense reductions are
expected due to the expiration of a tax increment reimbursement agreement in the Depot District and a
decrease in taxing entity payments in the Central Business District.
To segregate the funds for family and workforce housing, a new line description has been added,
"Transfer to Primary Housing - School District Family & Workforce Housing," as per interlocal
agreements with the Salt Lake City School District for the 9 Line and State Street project areas.
The Agency's overall changes are summarized in the table below, totaling $1,370,689 more than the
original budget. However, this is approximately $432,901 less than the forecasted amount. Further details
regarding the changes by fund are available at the end of the document.
Project Area Funds
2023-B
2023-BA3
Forecast
Variance
to
Budget
Variance
to
Forecast 2023-BA3
Taxing Entity Payments 14,085,314 13,277,106 (900,229) (92,022) 13,185,085
County Administration Fee 26,996 35,374 (10,185) (18,563) 16,811
TI Reimbursements 4,090,606 3,532,931 (613,071) (55,396) 3,477,535
Transfer to Primary Housing
Fund 1,523,880 2,012,286 416,966 (71,440) 1,940,846
Transfer to Administration 3,612,319 3,896,489 225,760 (58,410) 3,838,079
Transfer to Administration- City
& SD Funds 381,336 698,671 312,546 (4,789) 693,882
Debt Service Payment to Salt
Lake City 1,188,532 2,817,550 1,492,187 (136,831) 2,680,719
Miscellaneous Property Expense 1,130,000 1,155,000 25,000 0 1,155,000
Transfer to Primary Housing -
School District Family &
Workforce Housing
0 375,947 381,347 5,400 381,347
Capital Reserves - Regent Street
Parking Structure 100,000 102,594 2,226 (368) 102,226
Capital Reserves - School
Construction Fund (10%) 31,084 69,708 38,142 (482) 69,226
Total 26,170,067 27,973,655 1,370,689 (432,901) 27,540,755
Project Area Funds Discretionary Expense & Other Uses Adjustments
After assessing the obligatory expenses, the Agency has identified an additional $4,189,611 in project
area funds available for discretionary spending, as compared to the budget.
To comply with state laws, it is crucial to maintain the separation of project area funds, and the Agency
must ensure that each project area fund is used only for its designated purpose. It's worth noting that a
program may receive support from multiple funds and is not limited to a specific project area fund. With
this in mind, the program summaries provided below outline how the proposed budget amendments differ
from the original budget.
Housing Property Acquisition
To comply with regulatory and administrative requirements for reporting, staff has recognized the need to
specify the purpose of each property acquisition, instead of having a generic "Property Acquisition"
program. This will enable the Agency to report accurately on how much was spent on Housing,
Commercial, Infrastructure, and other categories. By standardizing programs in this manner, the Agency
can ensure more efficient and automated reporting in the Workday system, enabling more effective
management and oversight of its financial resources.
• Budget Impact: The original FY23 budget for the 9 Line project area allocated $959,774 for
Property Acquisition. The proposed amendment seeks to reclassify this budget specifically for
Housing Property Acquisition, which is described in the 9 Line Property Acquisition section
below.
Strategic Intervention
The Agency may not always have a specific property identified for acquisition at the time of budgeting, as
it depends on what becomes available in the market. Rather than creating a generic Property Acquisition
program, the staff is recommending using the Strategic Intervention program. The purpose of using this
program is to set aside funds that are not yet allocated to a specific type of property acquisition, with the
intention of returning to the Board when the use is better defined. This change is also being
recommended to align with the new reporting structure in Workday, as the current budget structure needs
to be converted into the new system.
It is worth noting that the Strategic Intervention program has already been approved for use in the North
Temple and Granary District project areas for uses that include property acquisition, site development
costs, and community benefits. Therefore, the Agency is proposing to use this already established
program for the general purpose of property acquisition because the intent of the Strategic Intervention
program aligns with that of a generic property acquisition program.
• Budget Impact: The original budget for FY23 allocated $2,104,947 for Property Acquisition in
the State Street project area with a generic purpose. However, the staff is proposing to reclassify
this amount to the Strategic Intervention program. As stated above, when a property is identified
and the use is determined, staff will return to the Board to request a reclassification to the
appropriate property acquisition program.
Shared Costs
The Northwest Quadrant project area has a budget for a Shared Costs reserve account, which is set aside
to fund redevelopment activities that benefit the entire Project Area, are system-wide, or benefit multiple
property owners or parcels.
• Budget Impact: Staff proposes allocating the additional funds received in the project area to this
reserve, increasing the budget from $95,310 to $ 142,112.
Transition Holding Account
The Transition Holding Account program serves to identify any additional funds that were received
during the current fiscal year, beyond any obligated spending. The purpose of this program is to pull these
amounts into the next fiscal year budget, so that the Board can see the impact of these funds alongside the
new fiscal year budget, as the budget amendment happens near the same time as the new fiscal year
budget.
• Budget Impact: Project areas funds contributing to the Transition Holding Account program
include Depot District, Granary District, North Temple, State Street, and 9 Line. Dollar amounts
by project area fund are included in the table below.
Revolving Loan Fund Repayment: The Board had previously approved the reallocation of $550,000 from
the Revolving Loan Fund for a Central Station property acquisition in the Depot District project area
through Budget Amendment #2 of Fiscal Year 2022. In the Fiscal Year 2023 budget, a repayment of
$524,732 to the Revolving Loan Fund was approved. With the additional tax increment received, the staff
is requesting to fully repay the $550,000.
• Budget Impact: $550,000 will transfer from Depot District to the Revolving Loan Fund.
The proposed changes for each fund and applicable program are summarized in the table below.
Project Area Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to
Forecast
2023-BA3
1
Central Business District 1,384,061 920,908 (489,410) (26,257) 894,651
Capital Reserves - Housing
Property Acquisition 734,061 270,908 (489,410) (26,257) 244,651
3
Depot District 524,732 2,520,671 1,830,741 (165,198) 2,355,473
Capital Reserves - Transition
Holding Account 0 1,970,671 1,805,473 (165,198) 1,805,473
Revolving Loan Fund
Repayment 524,732 550,000 25,268 0 550,000
4
Granary District 421,805 716,760 291,284 (3,671) 713,089
Capital Reserves - Strategic
Intervention 421,805 421,805 0 0 421,805
Capital Reserves - Transition
Holding Account 0 294,955 291,284 (3,671) 291,284
5
North Temple 0 347,616 343,277 (4,340) 343,277
Capital Reserves - Transition
Holding Account 0 347,616 343,277 (4,340) 343,277
7
Northwest Quadrant 95,310 150,026 46,802 (7,915) 142,112
Capital Reserves - Shared Costs 95,310 150,026 46,802 (7,915) 142,112
9
State Street 2,104,947 3,481,312 1,364,709 (11,656) 3,469,656
Capital Reserves - Strategic
Intervention [Formerly Property
Acquisition]
2,104,947 2,104,947 0 0 2,104,947
Capital Reserves - Transition
Holding Account 0 1,376,365 1,364,709 (11,656) 1,364,709
10
9-Line 959,774 1,730,726 802,208 31,256 1,761,982
Capital Reserves - Property
Acquisition 959,774 0 (959,774) 0 0
Capital Reserves - Housing
Property Acquisition 0 959,774 959,774 0 959,774
Capital Reserves - Transition
Holding Account 0 770,952 802,208 31,256 802,208
Total 5,775,382 10,152,773 4,189,611 (187,780) 9,964,993
Housing Funds Discretionary Expense & Other Uses Adjustments
Primary Housing Fund
The Agency will realize an increase of $798,313 in contributions to the Primary Housing Fund. However,
due to the reallocation of $1.5 million to the Spark project in Budget Amendment #2, the remaining
budget for housing-related property acquisition stands at $99,880. In light of this, the staff has
recommended adding the additional funds back into the Housing Property Acquisition program, for a total
of $516,846. The remainder of the Primary Housing funds will need to be set aside for Family and
Workforce Housing, per the interlocal agreements with the County for the State Street and 9 Line Project
Areas.
Housing Development Fund
To account for the decrease of $1,382,000 in budget revenue from loan principal and interest payments in
the Housing Development Fund, a reduction in the contribution to the Housing Development Loan
Program will be necessary. It is important to note that this is the first year of receiving payments from the
Housing Trust Fund loans, and therefore, staff factored in the uncertainty of receiving these payments in
the 2023 Notice of Funding Availability.
Westside Community Initiative
The Utah Inland Port Authority affordable housing payment provided an additional $874,106, for a total
of $1,374,106 in revenue to the Westside Community Initiative. Staff is proposing to allocate $440,226 to
the Housing Property Acquisition program, specifically to supplement the $4,000,000 in funding received
from the City’s General Fund for a property acquisition in the 9 Line project area. The details of this
project are provided later in the memo.
Additionally, staff is proposing to add the remaining $433,880 to the Transition Holding Account
program, to be allocated with the rest of the funds recommended to be added to this program in the FY24
budget, as described with the project area funds above.
Housing Funds 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
15
Primary Housing 1,599,880 2,464,233 798,313 (66,040) 2,398,193
Capital Reserves - Housing
Property Acquisition 1,599,880 588,286 (1,083,034) (71,440) 516,846
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,500,000 1,500,000 0 1,500,000
School District Family &
Workforce Housing 0 375,947 381,347 5,400 381,347
16
Housing Development Fund 5,230,000 3,848,000 (1,382,000) 0 3,848,000
Capital Reserves - Housing
Acquisition Program 1,000,000 1,000,000 0 0 1,000,000
Capital Reserves - Housing
Development Loan Program
(HDLP-Competitive) - Spark!
0 1,000,000 1,000,000 0 1,000,000
Housing Development Loan
Program NOFA 4,230,000 1,848,000 (2,382,000) 0 1,848,000
18
Westside Community Initiative 500,000 500,000 874,106 874,106 1,374,106
Capital Reserves - Housing
Development Loan Program 500,000 500,000 0 0 500,000
Capital Reserves - Housing
Property Acquisition 0 0 440,226 440,226 440,226
Capital Reserves - Transition
Holding Account 0 0 433,880 433,880 433,880
Total 7,329,880 6,812,233 290,419 808,066 7,620,299
Program Income Fund
As described above, the City will be transferring $4,000,000 from its General Fund to the Agency’s
Program Income Fund. Staff is proposing the use of the full amount for Housing Property Acquisition,
specifically for a property acquisition in the 9 Line project area. Details regarding this property
acquisition are provided in a separate section below.
Program Income 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
19
Program Income Fund 0 0 4,000,000 4,000,000 4,000,000
Capital Reserves - Housing
Property Acquisition 0 0 4,000,000 4,000,000 4,000,000
Total 0 0 4,000,000 4,000,000 4,000,000
Administration Fund Expense & Other Uses Adjustments
The contributions to the Administration Fund will increase by $560,721. To accommodate the expected
rise in operating expenses, the Agency proposes to augment the Operating & Maintenance and Charges &
Services line items. These increases will account for the costs associated with inflation, including
property maintenance and management, computer software and hardware, office supplies, and travel
expenses.
In addition to the increased operating expenses, the Agency has been sharing office space with the
Economic Development department. Both departments have identified a need to reconfigure their
workspace for more effective operations. The projected cost of this remodel is $200,000.
Agency Operations Fund 2023-B 2023-BA3
Forecast
Variance
to Budget
Variance
to Forecast 2023-BA3
Charges and Services 218,560 507,231 200,721 (87,950) 419,281
Operating & Maintenance 300,000 660,000 360,000 0 660,000
Total 518,560 1,167,231 560,721 (87,950) 1,079,281
9 Line Property Acquisition
Staff is requesting a total of $5,400,000 to complete the acquisition of properties at the intersection of 900
West and 400 South. Staff has been negotiating with the owner in accordance with the First Right to
Offer agreement and previously closed on the first property acquisition on the southeast corner. The
owner recently accepted the conditional offer to acquire the remaining parcels, subject to final approval
from the respective Boards on both sides. This intersection is identified as a target area within the 9-Line
Project Area Plan and the assemblage provides a unique opportunity to bring commercial and support
services to the community along with residential within a mixed-use development.
The proposed funding sources for the property acquisition are outlined in the recommendations for the
Housing Property Acquisition program appropriations in the 9 Line, Program Income, and Westside
Community Initiative above.
Fund Program Amount
Program Income Fund Housing Property Acquisition 4,000,000
9 Line Housing Property Acquisition 959,774
West Side Community Initiative Housing Property Acquisition 440,226
Total 5,400,000
Transition Holding Accounts by Fund
The table presented below provides a summary of the allocations for the Transition Holding Account
program, as described earlier. This summary aims to facilitate the reconciliation of these amounts with the
FY24 budget. These allocations will be included in the relevant funds within the budget.
Fund Line Description 2023-BA3
Depot District Capital Reserves - Transition Holding Account 1,805,473
Granary District Capital Reserves - Transition Holding Account 291,284
North Temple Capital Reserves - Transition Holding Account 343,277
State Street Capital Reserves - Transition Holding Account 1,364,709
9-Line Capital Reserves - Transition Holding Account 802,208
Westside Community
Initiative Capital Reserves - Transition Holding Account 433,880
5,040,831
Amended Budget Totals by Fund
The following tables present the proposed amendments to the revenue and expense budgets, organized by
fund. These tables encompass all changes that have been made to the budget and provide a thorough
overview of the amended budget by fund.
Central Business District
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 23,500 23,500 0
Tax Increment 27,573,150 25,941,783 (1,631,367)
Total 27,596,650 25,965,283 (1,631,367)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 13,283,651 12,304,831 (978,820)
TI Reimbursements 1,400,000 1,400,000 0
Transfer to Administration 2,757,315 2,594,178 (163,137)
Eccles Debt Service 3,260,239 3,260,239 0
Eccles Debt Service Block 70 RDA Match 3,260,239 3,260,239 0
Gallivan Administration 365,323 365,323 0
Gallivan Maintenance 566,822 566,822 0
Gallivan Programming 250,000 250,000 0
Miscellaneous Property Expense 1,000,000 1,000,000 0
Parking Ramp Leases 69,000 69,000 0
Open Streets Initiative on Main Street 150,000 150,000 0
Capital Reserves - Japantown 250,000 250,000 0
Capital Reserves - Main Street Closure Study and
Design 150,000 150,000 0
Capital Reserves - Housing Property Acquisition 734,061 244,651 (489,410)
Capital Reserves - Gallivan Plaza Planning 100,000 100,000 0
Total 27,596,650 25,965,283 (1,631,367)
Block 70
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 2,500 2,500 0
Reserves for Eccles Debt 2,469,853 2,469,853 0
Tax Increment 1,922,323 1,925,503 3,180
Transfer From B70 Eccles Debt Service RDA match 3,260,239 3,260,239 0
Transfer From B70 Taxing Entity Payments 3,260,239 3,260,239 0
Total 10,915,154 10,918,334 3,180
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 576,697 577,651 954
Eccles Theater Debt Service 8,069,529 8,069,529 0
Fundraising Fulfillment 125,000 125,000 0
Regent Street Bond Debt Service 1,488,928 1,488,928 0
Regent Street Maintenance 80,000 80,000 0
Capital Reserves - Eccles Theater- Operating Reserve
for Ancillary Spaces 475,000 475,000 0
Capital Reserves - Regent Street Parking Structure 100,000 102,226 2,226
Total 10,915,154 10,918,334 3,180
Depot District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 50,000 50,000 0
Tax Increment 3,999,587 5,316,113 1,316,526
Total 4,049,587 5,366,113 1,316,526
Expenses & Other Uses
Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 2,000,000 1,000,000 (1,000,000)
Transfer to Administration 599,938 797,417 197,479
Miscellaneous Property Expense 125,000 150,000 25,000
Revolving Loan Fund Repayment 524,732 550,000 25,268
Transfer to Primary Housing Fund 799,917 1,063,223 263,306
Capital Reserves - Transition Holding Account 0 1,805,473 1,805,473
Total 4,049,587 5,366,113 1,316,526
Granary District
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 15,000 15,000 0
Tax Increment 633,546 1,081,675 448,129
Total 648,546 1,096,675 448,129
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration 95,032 162,251 67,219
Miscellaneous Property Expense 5,000 5,000 0
Transfer to Primary Housing Fund 126,709 216,335 89,626
Capital Reserves - Strategic Intervention 421,805 421,805 0
Capital Reserves - Transition Holding Account 291,284 291,284
Total 648,546 1,096,675 448,129
North Temple
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 444,053 988,936 544,883
Total 449,053 993,936 544,883
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Folsom Corridor Prop Acq &
Remediation 284,753 284,753 0
Transfer to Administration 44,405 98,894 54,489
Transfer to Primary Housing Fund 88,811 197,787 108,976
Capital Reserves - Transition Holding Account 0 343,277 343,277
Capital Reserves - School Construction Fund (10%) 31,084 69,226 38,142
Total 449,053 993,936 544,883
North Temple Viaduct
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 1,500 1,500 0
Tax Increment 1,205,109 2,720,019 1,514,910
Total 1,206,609 2,721,519 1,514,910
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Debt Service Payment to Salt Lake City 1,188,532 2,680,719 1,492,187
Transfer to Administration 18,077 40,800 22,723
Total 1,206,609 2,721,519 1,514,910
Northwest Quadrant
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest from Investments 5,000 5,000 0
Tax Increment 903,100 1,371,125 468,025
Total 908,100 1,376,125 468,025
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 632,170 959,788 327,618
Capital Reserves - Shared Costs 95,310 142,112 46,802
Transfer to Administration 90,310 137,113 46,803
Transfer to Primary Housing Fund 90,310 137,113 46,803
Total 908,100 1,376,125 468,025
Stadler Rail
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Interest from Investments 500 500 0
Tax Increment 72,420 138,526 66,106
Total 72,920 139,026 66,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
TI Reimbursements 58,436 117,747 59,311
Transfer to Administration 7,242 7,426 184
Transfer to Primary Housing Fund 7,242 13,853 6,611
Total 72,920 139,026 66,106
State Street
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 2,631,183 4,337,070 1,705,887
Total 2,631,183 4,337,070 1,705,887
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Transfer to Administration- City & SD Funds 263,118 433,707 170,589
Transfer to Primary Housing - School District Family
& Workforce Housing 0 259,327 259,327
Transfer to Primary Housing Fund 263,118 174,380 (88,738)
Capital Reserves - Property Acquisition 2,104,947 2,104,947 0
Capital Reserves - Transition Holding Account 0 1,364,709 1,364,709
Total 2,631,183 4,337,070 1,705,887
9-Line
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Tax Increment 1,477,727 2,601,746 1,124,019
Total 1,477,727 2,601,746 1,124,019
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Taxing Entity Payments 224,966 280,188 55,222
County Administration Fee 26,996 16,811 (10,185)
Transfer to Administration- City & SD Funds 118,218 260,175 141,957
Transfer to Administration- County Funds 0 22,415 22,415
Transfer to Primary Housing - School District Family
& Workforce Housing 0 122,020 122,020
Transfer to Primary Housing Fund 147,773 138,155 (9,618)
Capital Reserves - Property Acquisition 959,774 0 (959,774)
Capital Reserves - Transition Holding Account 0 802,208 802,208
Capital Reserves - Housing Property Acquisition 0 959,774 959,774
Total 1,477,727 2,601,746 1,124,019
Program Income Fund
Revenue & Other Sources
Line Description 2023-B 2023-BA3 Variance
Transfer from the City’s General Fund 0 4,000,000 4,000,000
Interest Income 50,000 50,000 0
Interest on Loans 8,800 8,800 0
Loan Repayments 39,000 39,000 0
Parking Structure Income 1,243,335 1,243,335 0
Rents 215,700 215,700 0
Total 1,556,835 5,556,835 4,000,000
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Commercial Loan Program 931,835 931,835 4,000,000
Marketing and Sales 25,000 25,000 0
Miscellaneous Property Expense 300,000 300,000 0
Professional Services 300,000 300,000 0
Capital Reserves - Housing Property Acquisition 4,000,000 4,000,000 0
Total 1,556,835 5,556,835 0
Primary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 50,000 50,000 0
Interest on Loans 3,000 3,000 0
Loan Repayments 23,000 23,000 0
Transfer In from 9-Line 147,773 260,175 112,402
Transfer In from Block 70 0 0 0
Transfer In from Central Business District 0 0 0
Transfer In from Depot District 799,917 1,063,223 263,306
Transfer In from Granary District 126,709 216,335 89,626
Transfer In from North Temple 88,811 197,787 108,976
Transfer In from North Temple Viaduct 0 0 0
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 13,853 6,611
Transfer In from State Street 263,118 433,707 170,589
Total 1,599,880 2,398,193 798,313
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Housing Development Loan Program 0 1,500,000 1,500,000
School District Family & Workforce Housing 0 381,347 381,347
Capital Reserves - Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Total 1,599,880 2,398,193 798,313
Secondary Housing
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Interest Income 10,000 10,000 0
Total 10,000 10,000 0
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Accessory Dwelling Unit 9-Line
Pilot Program 10,000 10,000 0
Total 10,000 10,000 0
Housing Development Fund
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Funding Our Future Land Discounts and Financing 2,590,000 2,590,000 0
Interest on Investment 15,000 15,000 0
Interest on Loans 255,000 83,000 (172,000)
Loan Repayments 1,370,000 160,000 (1,210,000)
Mayor's request for additional affordable housing 1,000,000 1,000,000 0
Total 5,230,000 3,848,000 (1,382,000)
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Affordable Housing Acquisition Program 1,000,000 1,000,000 0
HDLP-Competitive for Spark! 0 1,000,000 1,000,000
Housing Development Loan Program NOFA 4,230,000 1,848,000 (2,382,000)
Total 5,230,000 3,848,000 (1,382,000)
Westside Community Initiative
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
UIPA Housing Allocation 500,000 1,374,106 874,106
Total 500,000 1,374,106 874,106
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
Capital Reserves - Housing Development Loan
Program 500,000 500,000 0
Capital Reserves - Transition Holding Account 0 433,880 433,880
Capital Reserves - Housing Property Acquisition 0 440,226 440,226
Total 500,000 1,374,106 874,106
Redevelopment Agency Operations
Revenue & Other Sources Line Description 2023-B 2023-BA3 Variance
Transfer In from 9-Line 118,218 282,590 164,372
Transfer In from Central Business District 2,757,315 2,594,178 (163,137)
Transfer In from Depot District 599,938 797,417 197,479
Transfer In from Granary District 95,032 162,251 67,219
Transfer In from North Temple 44,405 98,894 54,489
Transfer In from North Temple Viaduct 18,077 40,800 22,723
Transfer In from Northwest Quadrant 90,310 137,113 46,803
Transfer In from Stadler Rail 7,242 7,426 184
Transfer In from State Street 263,118 433,707 170,589
Transfer in from West Temple Gateway 5,000 5,000 0
Total 3,998,655 4,559,376 560,721
Expenses & Other Uses Line Description 2023-B 2023-BA3 Variance
RDA Personnel 2,480,095 2,480,095 0
Administrative Fees 1,000,000 1,000,000 0
Charges and Services 218,560 419,281 200,721
Operating & Maintenance 300,000 660,000 360,000
Total 3,998,655 4,559,376 560,721
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2022/2023 Budget
2. Approval of the Fiscal Year 2022/2023 Budget Amendment #1
3. Approval of the Fiscal Year 2022/2023 Budget Amendment #2
4. Resolution – Year 2022/2023 Third Budget Amendment
ATTACHMENTS: Fiscal Year 2022/2023 Budget Amendment #3 Slides
Redevelopment Agency FY22-23
Budget Amendment #3
BB
Project Area Revenue Changes
46,422,496 40,862,198 5,560,298
Budget BA #3 Variance
Tax Increment Revenue Change
1,477,727
2,631,183
72,420
903,100
1,205,109
444,053
633,546
3,999,587
1,922,323
27,573,150
2,601,746
4,337,070
138,526
1,371,125
2,720,019
988,936
1,081,675
5,316,113
1,925,503
25,941,783
9L
SS
SR
NWQ
NTV
NT
GD
DD
B70
CBD
1
0
9
8
7
6
5
4
3
2
1
Tax Increment Revenue Changes by Project Area
Project Area & Funds Expense Changes
1,370,6885,560,298 4,189,611
Ti Revenue Increase Obligations Discretionary
Total Project Area Fund Changes
Total Obligations Total Discretionary
=+
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Transfer to Primary Housing Fund 1,523,880 1,940,846 416,966
Transfer to Primary Housing -School
District Family & Workforce
Housing
0 381,347 381,347
Transfer to Administration 3,993,655 4,554,376 560,721
TI Reimbursements 4,090,606 3,477,535 (613,071)
Taxing Entity Payments 14,085,314 13,162,670 (922,644)
Miscellaneous Property Expense 1,130,000 1,155,000 25,000
Debt Service Payment to Salt Lake
City 1,188,532 2,680,719 1,492,187
County Administration Fee 26,996 16,811 (10,185)
Capital Reserves -School
Construction Fund (10%)31,084 69,226 38,142
Capital Reserves -Regent Street
Parking Structure 100,000 102,226 2,226
Total 26,170,067 27,540,755 1,370,688
Project Area Funds 2023-B 2023-BA3
Variance to
Budget
Capital Reserves -Property
Acquisition 3,064,721 2,104,947 (959,774)
Revolving Loan Fund Repayment 524,732 550,000 25,268
Capital Reserves -Shared Costs 95,310 142,112 46,802
Capital Reserves -Housing Property
Acquisition 734,061 1,204,425 470,364
Capital Reserves -Transition
Holding Account 0 4,606,951 4,606,951
Total 4,418,824 8,608,435 4,189,611
Housing Funds Changes
Discretionary Expenses by Housing Fund
7,630,2997,339,880 290,419
Budget BA #3 Variance
Housing Funds Revenue Change
Fund Line Description 2023-B 2023-BA3 Variance to Budget
Primary Housing Dev/Loan Fund Capital Reserves -Housing Property Acquisition 1,599,880 516,846 (1,083,034)
Capital Reserves -Housing Development Loan Program 0 1,500,000 1,500,000
Capital Reserves -School District Family & Workforce Housing 0 381,347 381,347
Housing Development Fund Capital Reserves -Housing Development Loan Program 4,230,000 2,848,000 (1,382,000)
Westside Community Initiative Capital Reserves -Housing Property Acquisition 0 440,226 440,226
Capital Reserves -Transition Holding Account 0 433,880 433,880
Total 5,829,880 6,120,299 290,419
500,000
5,230,000
1,599,880
1,374,106
3,848,000
2,398,193
Westside Community Initiative
Housing Development Fund
Primary Housing
1
8
1
7
1
5
Revenue Changes by Housing Funds
1,599,880
0
4,230,000
0
957,072
433,880
4,348,000
381,347
Housing Property Acquisition
Transition Holding Account
Housing Development Loan Program
School District Family & Workforce Housing
Expense Changes by Description
Administration Fund Changes
Administration Fund Expense Changes
Line Description Budget BA #3 Variance
Operating & Maintenance 300,000 660,000 360,000
Charges and Services 218,560 419,281 200,721
518,560 1,079,281 560,721
4,559,3763,998,655 560,721
Budget BA #3 Variance
Administration Fund Revenue Change
218,560
300,000
419,281
660,000
Charges and Services
Operating & Maintenance
Administration Fund Expense Changes
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Third Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2022-2023
WHEREAS, on June 14, 2022, the Redevelopment Agency (“RDA”) Board of Directors
(“Board”) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2022,
and ending June 30, 2023, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final 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 Board on June 14, 2022.
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 ______________, 2023, to be effective upon adoption.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
March 23, 2023
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]