Motion Sheet - 6/11/2024
MOTION SHEET
Redevelopment Agency Board of SALT LAKE CITY
TO: RDA Board Members
FROM: Jennifer Bruno, Ben Luedtke and Allison Rowland
Deputy Director and Senior Analysts
DATE: June 11, 2024
RE: MOTION SHEET – Redevelopment Agency (RDA) FY2024 Budget
– RED TEXT TO BE READ ALOUD BY BOARD MEMBERS –
MOTION 1 – TO ADOPT THE FY2025 RDA BUDGET
I move that the Board adopt a resolution approving the Fiscal Year 2025 RDA Budget reflected in the
attached Key Changes spreadsheet with the clarifications shown on the motion sheet.
RDA Capital Projects Holding Accounts – $24,595,942 in capital projects are approved which do not lapse to Fund
Balance with the understanding that these will return to the Board when specific project / program proposals are available as
follows:
A. Central Business District
- $2,540,597 in a Strategic Intervention Fund
B. Depot District
- $3,705,316 for Rio Grande District Infrastructure Improvements
- $500,000 for a Commercial Assistance Program
C. Granary District
- $1,263,697 for a Commercial Assistance Program
D. North Temple
- $100,344 in an account setting aside 10% of tax increment to benefit schools served in the area
- $861,812 in a Strategic Intervention Fund
E. Block 70
- $100,000 in a Regent Street Parking Structure Reserve
F. Northwest Quadrant
- $353,900 in a TBD Shared Costs Reserve
G. State Street
- $4,003,894 in a Strategic Intervention Fund
H. 9-Line
- $1,994,272 in a Strategic Intervention Fund
I. Primary Housing Fund
- $2,684,859 for housing development loans through an open and competitive Notice of Funding Availability
(NOFA) process
- $417,382 in an account setting aside tax increment from the School District for family-sized housing (three-
bedrooms or more)
J. Secondary Housing Fund
- $1,000,000 for housing development loans through an open and competitive Notice of Funding Availability
(NOFA) process
K. Westside Community Initiative
- $1,000,000 in a Strategic Intervention Fund
- $835,469 for Wealth Building Housing Opportunities
L. Housing Development Fund
- $902,000 for housing development loans through an open and competitive Notice of Funding Availability
(NOFA) process
- $2,000,000 for Wealth Building Housing Opportunities
M. Revolving Loan Fund
- $332,400 for Commercial Loans
Overall Budget Process Note: Unless the RDA Board expressly appropriates funds, they’re ineligible to be spent.