Loading...
12 of 2023 - Budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24REDEVELOPMENT 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 2 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 Katherine Lewis (Jun 17, 2023 09:53 MDT) Jun 17, 2023 Alejandro Puy (Jun 17, 2023 10:12 MDT) Erin Mendenhall (Jun 21, 2023 13:56 MDT) 4 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 RDA Resolution 12 of 2023 Budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24 Final Audit Report 2023-06-21 Created:2023-06-16 By:Thais Stewart (thais.stewart@slcgov.com) Status:Signed Transaction ID:CBJCHBCAABAAOfsixte7EJkJRFDH60qPaGxUYRGI-C6m "RDA Resolution 12 of 2023 Budget for the Redevelopment Age ncy of Salt Lake City for Fiscal Year 2023-24" History Document created by Thais Stewart (thais.stewart@slcgov.com) 2023-06-16 - 3:36:52 PM GMT Document emailed to Katherine Lewis (katherine.lewis@slcgov.com) for signature 2023-06-16 - 3:40:50 PM GMT Email viewed by Katherine Lewis (katherine.lewis@slcgov.com) 2023-06-16 - 11:19:11 PM GMT Email viewed by Katherine Lewis (katherine.lewis@slcgov.com) 2023-06-17 - 3:53:23 PM GMT Document e-signed by Katherine Lewis (katherine.lewis@slcgov.com) Signature Date: 2023-06-17 - 3:53:41 PM GMT - Time Source: server Document emailed to alejandro.puy@slcgov.com for signature 2023-06-17 - 3:53:43 PM GMT Email viewed by alejandro.puy@slcgov.com 2023-06-17 - 4:12:31 PM GMT Signer alejandro.puy@slcgov.com entered name at signing as Alejandro Puy 2023-06-17 - 4:12:52 PM GMT Document e-signed by Alejandro Puy (alejandro.puy@slcgov.com) Signature Date: 2023-06-17 - 4:12:54 PM GMT - Time Source: server Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature 2023-06-17 - 4:12:55 PM GMT Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2023-06-18 - 9:56:43 PM GMT Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2023-06-19 - 2:58:31 AM GMT Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2023-06-21 - 5:28:57 AM GMT Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com) Signature Date: 2023-06-21 - 7:56:27 PM GMT - Time Source: server Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature 2023-06-21 - 7:56:28 PM GMT Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com) Signature Date: 2023-06-21 - 9:25:36 PM GMT - Time Source: server Agreement completed. 2023-06-21 - 9:25:36 PM GMT