Transmittal - 9/22/2023
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
REDEVELOPMENT AGENCY STAFF MEMO
DATE: September 22, 2023
PREPARED BY: Erin Cunningham
RE: Status Report on RDA Commercial Loan Portfolio
REQUESTED ACTION: Written Briefing
RECOMMENDATION: N/A
BUDGET IMPACTS: None
EXECUTIVE SUMMARY: Semiannually, the RDA provides an update to the Board on the status of
the RDA’s commercial loan portfolio. This report identifies the following:
• New loans approved between July 1, 2022 and June 30, 2023
• Remaining amount in the existing portfolio
• Outstanding principal for the Revolving Loan Fund
• Any delinquencies
ANALYSIS & ISSUES:
No new loans have been approved during the current fiscal year.
New Loans Approved
July 1, 2022 – June 30, 2023
Fund Borrower Resolution Date Approved Amount
Revolving Loan Fund None
Total New Loans
Funds Available to Lend
Funds Available to Lend June 30, 2023 August 31, 2023
Revolving Loan Fund 4,835,008.61 5,061,758.61
Outstanding Loan Principal Balances
Fund Type Number of Loans June 30, 2023 August 31, 2023
Revolving Loan Fund – Outstanding Balance 13 15,952,391.83 16,286,087.64
Loan Closed – Disbursements Not Started 1 7,000,000.00 7,000,000.00
Seller Financed Loans 2 5,000,000.00 5,000,000.00
Total 16 27,952,391.83 28,286,087.64
PREVIOUS BOARD ACTION: N/A
ATTACHMENTS: None