Proposed Resolution - 6/13/2023REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO 12 of 2023
(Adopting the Budget for the Redevelopment Agency of Salt Lake City, Utah
for Fiscal Year 2023-2024)
A resolution of the Board of Directors of the Redevelopment Agency of Salt Lake City,
Utah adopting the budget for the fiscal year beginning July 1, 2023 and ending June 30, 2024.
WHEREAS, the Redevelopment Agency of Salt Lake City (“Agency”) was created to
transact the business and exercise the powers provided for in the Community Reinvestment
Agency Act; and
WHEREAS, the Agency’s Board of Directors (“Board”) has determined it is both
necessary and desirable to adopt the 2023-2024 annual budget (“Budget”); and
WHEREAS, the Board has determined that the public improvements to be carried out
with tax increment in each of the project areas will be of benefit to the project area which
generated the tax increment; and
WHEREAS, on May 2, 2023 the Board of Directors adopted the tentative budget by
Resolution 9 of 2023 (“Tentative Budget”); and
WHEREAS, at its May 16, 2023, and June 6, 2023 meetings, the Board held public
hearings, at which interested persons in attendance or connected remotely were given an
opportunity to be heard on the estimates of revenues and expenditures or any item in the
Tentative Budget; and
WHEREAS, the Tentative Budget adopted by the Board and all supporting schedules and
data was a public record in the Office of the Salt Lake City Recorder, available for public
inspection before the adoption of the Budget; and
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WHEREAS, the Agency caused a copy of the Tentative Budget to be available before the
public hearing in accordance with state law.
NOW, THEREFORE, be it resolved by the Board of Directors of the Redevelopment
Agency of Salt Lake City, that the previously adopted Tentative Budget, as modified by the
“Key Changes” attached and made a part of this Resolution, is adopted as the Budget of the
Redevelopment Agency of Salt Lake City for the fiscal year commencing on July 1, 2023 and
ending June 30, 2024.
BE IT FURTHER RESOLVED, that the following budget contingencies are hereby
adopted with the Agency's 2023-2024 Budget:
A. A copy of the Budget shall be certified and filed in the Office of the Salt Lake City Recorder
whose permanent office is located at 451 South State Street, Room 415, Salt Lake City, Utah
84111 and be available to the public for inspection during regular business hours.
B. A copy of the Budget shall be certified and filed with the Salt Lake County Auditor, the State
Tax Commission, the State Auditor, the State Board of Education, and each taxing entity
from which the Agency receives project area funds as required by Utah Code Section 17C-1-
601.5(6) within 90 days after its adoption.
C. This Resolution shall take effect on July 1, 2023.
3
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
13th day of June, 2023.
________________________________
Alejandro Puy
Chair
Approved as to form: __________________________________
Katie Lewis
Salt Lake City Attorney
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
FUND
FY2023
Adopted
Budget
Full Time
Equivalent
Changes from
FY2023
Budget
FY2024
Recommended
Budget
Board Changes
Central Business District
Revenue and Other Sources
Tax Increment 27,573,150 (2,928,456)24,644,694
Interest Income 23,500 (23,500)0
Total Revenues and Other Sources Budget 27,596,650 (2,951,956)24,644,694
Expenses and Other Uses
Taxing Entity Payment (60%) 13,283,651 (3,661,944)9,621,707
Eccles Debt Service 3,260,239 1,904,870 5,165,109
Eccles Debt Service Block 70 RDA Match 3,260,239 51,682 3,311,921
Transfer to Administration (10%) 2,757,315 (292,846)2,464,469
TI Reimbursements (Jazz Arena, 222 Main) 1,400,000 (100,000)1,300,000
Miscellaneous Property Expense 1,000,000 0 1,000,000
Gallivan Maintenance 566,822 7,153 573,975
Capital Project - Gallivan Master Planning 100,000 409,738 509,738
Gallivan Administration 365,323 7,452 372,775
Gallivan Programming 250,000 0 250,000
Parking Ramp Leases 69,000 6,000 75,000
Capital Project - Japantown 250,000 (250,000)0
Capital Project - Main Street Closure Design 150,000 (150,000)0
Capital Project - Open Streets Initiative Main Street 150,000 (150,000)0
Capital Reserve - Property Acquisition
-{Holding Account}-734,061 (734,061)0
Total Expenditures and Other Uses Budget 27,596,650 (2,951,956)24,644,694
Budgeted revenues and other sources over
(under) expenditures and other uses 0
West Capitol Hill
Revenue and Other Sources
Interest Income 100,000 (100,000)0
Total Revenues and Other Sources Budget 100,000 (100,000)0
REDEVELOPMENT AGENCY KEY CHANGES
Expenses and Other Uses
Capital Reserve - Discretionary Project Funding
-{Holding Account}-100,000 (100,000)0
Total Expenditures and Other Uses Budget 100,000 (100,000)0
Budgeted revenues and other sources over
(under) expenditures and other uses 0
West Temple Gateway
Revenue and Other Sources
Interest Income 5,000 (5,000)0
Total Revenues and Other Sources Budget 5,000 (5,000)0
Expenses and Other Uses
Transfer to Administration 5,000 (5,000)0
Total Expenditures and Other Uses Budget 5,000 (5,000)0
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Depot District
Revenue and Other Sources
Tax Increment 3,999,587 1,422,848 5,422,435
FY'23 Transition Appropriation 0 1,805,473 1,805,473
Interest Income 50,000 (50,000)0
Total Revenues and Other Sources Budget 4,049,587 3,178,321 7,227,908
Expenses and Other Uses
Capital Reserve - Infrastructure Improvements
-{Holding Account}-0 3,680,056 3,680,056
Primary Housing Fund (20%) 799,917 284,570 1,084,487
Transfer to Administration (15%) 599,938 213,427 813,365
TI Reimbursement Gateway 2,000,000 (2,000,000)0
Transfer to Secondary Housing 0 1,000,000 1,000,000
Capital Reserve - Commercial Assistance Program
-{Holding Account}-0 500,000 500,000
Miscellaneous Property Expense 125,000 25,000 150,000
Revolving Loan Fund Repayment 524,732 (524,732)0
Total Expenditures and Other Uses Budget 4,049,587 3,178,321 7,227,908
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Granary District
Revenue and Other Sources
Tax Increment 633,546 469,763 1,103,309
FY'23 Transition Appropriation 0 291,284 291,284
Interest Income 15,000 (15,000)0
Total Revenues and Other Sources Budget 648,546 746,047 1,394,593
Expenses and Other Uses
Capital Reserve - Commercial Assistance Program
-{Holding Account}-0 1,003,435 1,003,435
Primary Housing Fund (20%) 126,709 93,953 220,662
Transfer to Administration (15%) 95,032 70,464 165,496
Miscellaneous Property Expense 5,000 0 5,000
Capital Reserve - Strategic Intervention
-{Holding Account}-421,805 (421,805)0
Total Expenditures and Other Uses Budget 648,546 746,047 1,394,593
Budgeted revenues and other sources over
(under) expenditures and other uses 0
North Temple
Revenue and Other Sources
Tax Increment 444,053 564,662 1,008,715
FY'23 Transition Appropriation 0 343,277 343,277
Interest Income 5,000 (5,000)0
Total Revenues and Other Sources Budget 449,053 902,939 1,351,992
Expenses and Other Uses
Capital Reserve - Strategic Intervention
-{Holding Account}-0 285,490 285,490
Primary Housing Fund (20%) 88,811 112,932 201,743
Capital Reserve - Commercial Assistance Program
-{Holding Account}-0 543,277 543,277
Transfer to Administration (10%) 44,405 56,467 100,872
Capital Reserve - Infrastructure Improvements
-{Holding Account}-284,753 (184,753)100,000
Capital Project - School Construction Fund (10%)*31,084 39,526 70,610
Capital Project - City Creek Daylighting 0 50,000 50,000
Total Expenditures and Other Uses Budget 449,053 902,939 1,351,992
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Block 70
Revenue and Other Sources
Transfer From CBD Taxing Entity Payments 3,260,239 1,904,870 5,165,109
Transfer From CBD Eccles Debt Service RDA match 3,260,239 51,682 3,311,921
Tax Increment 1,922,323 (93,095)1,829,228
Reserve for Eccles Debt 2,469,853 (1,722,352)747,501
Interest Income 2,500 (2,500)0
Total Revenues and Other Sources Budget 10,915,154 138,605 11,053,759
Expenses and Other Uses
Regent Street Bond Debt Service 1,488,928 6,582,096 8,071,024
Eccles Theater Debt Service 8,069,529 (6,540,562)1,528,967
Taxing Entity Payments (30%) 576,697 (27,929)548,768
Eccles Theater- Operating Reserve for Ancillary Spaces 475,000 0 475,000
Fundraising Fulfillment 125,000 0 125,000
Capital Project - Bennion Jewlers Relocation 0 100,000 100,000
Capital Reserve - Regent Street Parking Structure
-{Holding Account}-100,000 0 100,000
Regent Street Maintenance 80,000 0 80,000
Regent Street Event Programming 0 25,000 25,000
Total Expenditures and Other Uses Budget 10,915,154 138,605 11,053,759
Budgeted revenues and other sources over
(under) expenditures and other uses 0
North Temple Viaduct
Revenue and Other Sources
Tax Increment 1,205,109 1,569,310 2,774,419
Interest Income 1,500 (1,500)0
Total Revenues and Other Sources Budget 1,206,609 1,567,810 2,774,419
Expenses and Other Uses
Debt Service Payment to Salt Lake City 1,188,532 1,544,271 2,732,803
Transfer to Admin (1.5%) 18,077 23,539 41,616
Total Expenditures and Other Uses Budget 1,206,609 1,567,810 2,774,419
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Northwest Quadrant
Revenue and Other Sources
Tax Increment 903,100 495,448 1,398,548
Interest Income 5,000 (5,000)0
Total Revenues and Other Sources Budget 908,100 490,448 1,398,548
Expenses and Other Uses
TI Reimbursement NWQ Phase I 632,170 346,814 978,984
Capital Reserve - Shared Costs
-{Holding Account}-95,310 44,544 139,854
Transfer to Primary Housing (10%) 90,310 49,545 139,855
Transfer to Admin (10%) 90,310 49,545 139,855
Total Expenditures and Other Uses Budget 908,100 490,448 1,398,548
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Stadler Rail
Revenue and Other Sources
Tax Increment 72,420 68,877 141,297
Interest Income 500 (500)0
Total Revenues and Other Sources Budget 72,920 68,377 141,297
Expenses and Other Uses
TI Reimbursement 58,436 61,666 120,102
Transfer to Primary Housing (10%) 7,242 6,888 14,130
Transfer to Admin (5%) 7,242 (177)7,065
Total Expenditures and Other Uses Budget 72,920 68,377 141,297
Budgeted revenues and other sources over
(under) expenditures and other uses 0
State Street
Revenue and Other Sources
Tax Increment 2,631,183 1,792,628 4,423,811
FY'23 Transition Appropriation 0 1,364,709 1,364,709
Interest Income 0 0 0
Total Revenues and Other Sources Budget 2,631,183 3,157,337 5,788,520
Expenses and Other Uses
Capital Reserve - Strategic Intervention
-{Holding Account}-0 3,364,709 3,364,709
Capital Reserve - Commercial Assistance Programs
-{Holding Account}-0 1,239,049 1,239,049
Transfer to Admin (10%) 263,118 179,263 442,381
Capital Project - Ballpark Planning 0 300,000 300,000
Transfer to Primary Housing - SLCSD HSG (10%) 0 259,976 259,976
Transfer to Primary Housing (10%) 263,118 (80,713)182,405
Capital Reserve - Property Acquisition
-{Holding Account}-2,104,947 (2,104,947)0
Total Expenditures and Other Uses Budget 2,631,183 3,157,337 5,788,520
Budgeted revenues and other sources over
(under) expenditures and other uses 0
9 Line
Revenue and Other Sources
Tax Increment 1,477,727 1,176,054 2,653,781
FY'23 Transition Appropriation 802,208 802,208
Interest Income 0 0 0
Total Revenues and Other Sources Budget 1,477,727 1,978,262 3,455,989
Expenses and Other Uses
Capital Program - Accessory Dwelling Units
-{Holding Account}-0 1,455,680 1,455,680
Capital Reserve - Commercial Assistance Programs
-{Holding Account}-0 500,000 500,000
Capital Reserve - Strategic Intervention
-{Holding Account}-0 500,000 500,000
Taxing Entity Payment (50% of County tax) 224,966 70,916 295,882
Transfer to Admin (10% City % SLCSD only) 118,218 135,325 253,543
RDA Arts & Culture Program 0 150,000 150,000
Transfer to Primary Housing (10%) 147,773 (3,181)144,592
Transfer to Primary Housing - SLCSD HSG (10%) 0 120,786 120,786
County Administration 26,996 8,510 35,506
Capital Reserve - Property Acquisition
-{Holding Account}-959,774 (959,774)0
Total Expenditures and Other Uses Budget 1,477,727 1,978,262 3,455,989
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Revolving Loan Fund
Revenue and Other Sources
FY17 Beginning Balance
Principal Payments 65,000 131,750 196,750
Interest on Loans 30,000 0 30,000
Interest on Investment 250,000 (250,000)0
Total Revenues and Other Sources Budget 345,000 (118,250)226,750
Expenses and Other Uses
Available to Lend 345,000 (118,250)226,750
Total Expenditures and Other Uses Budget 345,000 (118,250)226,750
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Program Income Fund
Revenue and Other Sources
Parking Structure Income 1,243,335 (999)1,242,336
Rents 215,700 (54,436)161,264
Loan Repayments 39,000 (360)38,640
Interest on Loans 8,800 (1,348)7,452
Interest Income 50,000 (50,000)0
Total Revenues and Other Sources Budget 1,556,835 (107,143)1,449,692
Expenses and Other Uses
Capital Project - Sugarhouse DI Demo 0 550,000 550,000
Professional Services 300,000 30,000 330,000
Miscellaneous Property Expense 300,000 30,000 330,000
Gallivan Maintenance 0 214,692 214,692
Marketing and Sales 25,000 0 25,000
Capital Reserve - Commercial Loans
-{Holding Account}-931,835 (931,835)0
Total Expenditures and Other Uses Budget 1,556,835 (107,143)1,449,692
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Secondary Housing Fund (formerly Project Area Housing Fund)
Revenue and Other Sources
Transfer from DD 0 1,000,000 1,000,000
Interest Income 10,000 (10,000)0
Total Revenues and Other Sources Budget 10,000 990,000 1,000,000
Expenses and Other Uses
Capital Reserve - Partnership with Salt Lake County to Add Housing to Sunday-
Anderson Senior Center [One-time]1,000,000 1,000,000
Capital Reserves - Accessory Dwelling Unit 9Line Pilot Program
-{Holding Account}-10,000 (10,000)0
Total Expenditures and Other Uses Budget 10,000 990,000 1,000,000
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Primary Housing Fund (formerly Citywide Housing Fund)
Revenue and Other Sources
Transfer from Depot 799,917 284,570 1,084,487
Transfer from State street 263,118 179,263 442,381
Transfer from 9 Line 147,773 117,605 265,378
Transfer from Granary 126,709 93,953 220,662
Transfer from North Temple 88,811 112,932 201,743
Transfer from NWQ 90,310 49,545 139,855
Loan Repayments 23,000 567 23,567
Transfer from Stadler Rail 7,242 6,888 14,130
Interest on Loans 3,000 (621)2,379
Interest Income 50,000 (50,000)0
Total Revenues and Other Sources Budget 1,599,880 794,702 2,394,582
Expenses and Other Uses
Capital Reserve - Partnership with Salt Lake County to Add Housing to Sunday-
Anderson Senior Center [One-time]0 1,013,820 1,013,820
Capital Reserve - Housing Development Loans
-{Holding Account}-0 1,000,000 1,000,000
Capital Reserve - SLCSD Housing
-{Holding Account}-0 380,762 380,762
Capital Reserve - Housing Property Acquistion
-{Holding Account}-1,599,880 (1,599,880)0
Total Expenditures and Other Uses Budget 1,599,880 794,702 2,394,582
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Westside Community Initiative (NWQ Housing)
Revenue and Other Sources
UIPA Housing Allocation 500,000 901,589 1,401,589
FY'23 Transition Appropriation 433,880 433,880
Total Revenues and Other Sources Budget 500,000 1,335,469 1,835,469
Expenses and Other Uses
Capital Reserve - Shared Equity Housing
-{Holding Account}-0 1,835,469 1,835,469 (700,000)
Capital Reserve - Partnership with NeighborWorks for Shared Equity Workforce
Housing Development (One-time)700,000
Capital Programs - Housing Development Loan Program
-{Holding Account}-500,000 (500,000)0
Total Expenditures and Other Uses Budget 500,000 1,335,469 1,835,469
Budgeted revenues and other sources over
(under) expenditures and other uses 0
Housing Development Fund
Revenue and Other Sources
Funding Our Future Land Discounts and Financing
(One-time reduction in GF transfer to fund Switchpointe and Sanctioned Camping Grant
Program)
2,590,000 0 2,590,000 1,840,000
Transfer In from North Temple Viaduct 1,000,000 700,000 1,700,000 1,700,000
Transfer In HOME Dormant Program Income Funds 6,476,014
Loan Repayments 1,370,000 (1,225,610)144,390 144,390
Interest on Loans 255,000 (178,437)76,563 76,563
Interest on Investment 15,000 (15,000)0
Total Revenues and Other Sources Budget 5,230,000 (719,047)4,510,953 10,236,967
Expenses and Other Uses
Capital Program - Housing Development Loans
-{Holding Account}-4,230,000 280,953 4,510,953 1,360,953
Capital Reserve - Partnership with NeighborWorks for Shared Equity Workforce
Housing Development (One-time)1,400,000
Citywide ADU Incentives Program [One-time]1,000,000
Capital Program - Housing Property Acquisition
-{Holding Account}-1,000,000 (1,000,000)0
HOME Dormant Program Income Funds - Capital Program - Housing Development
NOFA -{Holding Account}-6,476,014
Balance of housing funding from General Fund Sources - to be added to NOFA
Total Expenditures and Other Uses Budget 5,230,000 (719,047)4,510,953 10,236,967
Budgeted revenues and other sources over
(under) expenditures and other uses 0 0
Administration
Revenue and Other Sources
Transfer from Central Business District 2,757,315 (292,846)2,464,469
Transfer from Depot District 599,938 213,427 813,365
Transfer from State Street 263,118 179,263 442,381
Transfer from 9 Line 118,218 135,325 253,543
Transfer from Granary District 95,032 70,464 165,496
Transfer from Northwest Quadrant 90,310 49,545 139,855
Transfer from North Temple 44,405 56,467 100,872
Transfer from North Temple Viaduct 18,077 23,539 41,616
Transfer from Stadler Rail 7,242 (177)7,065
Transfer from West Temple Gateway 5,000 (5,000)0
Total Revenues and Other Sources Budget 3,998,655 430,007 4,428,662
Expenses and Other Uses
RDA Personnel 2,480,095 21 276,684 2,756,779
Administrative Fees 1,000,000 0 1,000,000
Operating & Maintenance 300,000 75,000 375,000
Charges and Services 218,560 78,323 296,883
Total Expenditures and Other Uses Budget 3,998,655 21 430,007 4,428,662
Budgeted revenues and other sources over
(under) expenditures and other uses 0
TOTAL Revenue 63,300,899 75,077,827
TOTAL Expense 63,300,899 75,077,827
GRAND TOTALS