Council Provided Information - 4/26/2024MAYOR ERIN MENDENHALL
Executive Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DANNY WALZ
Director
DATE: April 26, 2024
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #4, FY 2023-2024
REQUESTED ACTION: Discuss and consider the adoption of the proposed Fourth Amendment to the Annual
RDA Budget for Fiscal Year 2024.
BUDGET IMPACTS: The Fourth 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 Fourth
Amendment (“Amendment”). Mostly driven by a $7.7 million revenue increase in tax increment received over
budget, the proposed budget expenditure changes are fall into two categories:
1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractual
obligations or other expenses related to Agency operations:
a. Taxing Entity Payments increased by $1,588,111.
b. Tax Increment Reimbursements increased by $1,019,916.
c. Primary Housing Contributions (not including School District Family & Workforce Housing
Requirements) increased by $589,124.
d. Agency Operations Fund Contributions increased by $790,676.
e. Debt Service and Other Contractual Obligations increased by $530,435.
f. Agency Operations Expenses increased by $228,117.
2. Discretionary expenses that may fall into the following types:
a. Transition Holding Account program funds to be allocated to the next fiscal year’s budget would
total $3,056,265.
b. Appropriations for programs and projects recommended by the Agency:
i. State Street Fund | Infrastructure and Studies Program
1. Ballpark NEXT Redevelopment Strategy project would increase by $415,000.
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ANALYSIS & ISSUES: This Budget Amendment outlines changes to multiple funds within the Agency's budget
for Fiscal Year 2024. The final tax increment distribution from the County totaled $53,093,492, surpassing our
initial budget by $7,693,255. As a result, adjustments are necessary for legally mandated expenses, including
payments to taxing entities and contributions from Project Area funds to the Primary Housing and Agency
Operations funds, as well as other contractual obligations. While Agency Operations expenses are not legally
mandated, they are necessary to maintain Agency operations.
Beyond these obligated expenses, Staff is proposing discretionary appropriations. If this budget amendment is
approved, it would allocate $3,056,265 across various funds to the Transition Holding Account program for use in
the Fiscal Year 2025 Budget. Additionally, Staff recommends adding $415,000 to the Infrastructure Studies and
Planning program, within the State Street project area fund for the Ballpark NEXT Redevelopment Strategy
project.
Revenue & Other Sources Adjustments
Revenue & Other Source Changes by Project Area Funds
All project areas have experienced higher than anticipated tax increment revenues. Notably, the Central Business
District, State Street, and Northwest Quadrant have led this increase. The Central Business District alone saw an
increase of $2,621,013 over the projected budget, signaling a rebound from the decline experienced over the past
few years. State Street and Northwest Quadrant also contributed significant amounts with increases of $1,329,972
and $1,052,539 respectively. Collectively, these three areas have driven a substantial portion of the overall
increase, contributing to the total tax increment rise of $7,693,255, which represents about 65% of the increase.
In prior years, funds were transferred from the Central Business District Fund to the Block 70 Fund to serve as
reserves for debt service. With the tax increment revenue for Block 70 above the budgeted amount, there is less
need to draw upon these reserves for debt payments.
Revenue Description Fund FY24 Budget Change FY24 BA4
Tax Increment Central Business District 24,644,694 2,621,013 27,265,707
Block 70 1,829,228 304,764 2,133,992
Depot District 5,422,435 649,230 6,071,665
Granary District 1,103,309 253,977 1,357,286
North Temple 1,008,715 504,760 1,513,475
North Temple Viaduct 2,774,419 284,199 3,058,618
Stadler Rail 141,297 16,694 157,991
9 Line 2,653,781 317,508 2,971,289
State Street 4,423,811 1,329,972 5,753,783
Northwest Quadrant 1,398,548 1,052,539 2,451,087
Block 67 North 0 358,599 358,599
Tax Increment Total 45,400,237 7,693,255 53,093,492
Transfer from CBD Eccles
Debt Service Reserve Block 70 747,501 (292,852)454,649
Account
Total 46,147,738 7,400,403 53,548,141
Revenue & Other Source Changes by Housing & Agency Operations Funds
The Primary Housing and Agency Operations funds are supported by revenue from project area funds. The
Primary Housing Fund is used to manage the Agency's legally required affordable housing contributions.
Contributions to the Agency Operations Fund are largely determined by set percentages in agreements with taxing
entities. Due to the increase in tax increment received from the project areas, there have been increased
allocations to these two funds. The Primary Housing Fund revenue budget will increase by $589,124, bringing the
new total to $2,957,760. Similarly, the Agency Operations Fund experienced an addition of $790,676, resulting in
a revised revenue budget of $5,219,338.
Fund Revenue Description FY24 Budget Change FY24 BA4
Primary Housing Transfer In from Depot District 1,084,487 129,846 1,214,333
Transfer In from Granary District 220,662 50,795 271,457
Transfer In from North Temple 201,743 100,952 302,695
Transfer In from Stadler Rail 14,130 1,669 15,799
Transfer In from 9-Line 265,378 31,751 297,129
Transfer In from Block 67 North 0 35,860 35,860
Transfer In from State Street 442,381 132,997 575,378
Transfer In from Northwest Quadrant 139,855 105,254 245,109
Primary Housing Total 2,368,636 589,124 2,957,760
Agency Operations Transfer In from Central Business District 2,464,469 262,102 2,726,571
Transfer In from Depot District 813,365 97,385 910,750
Transfer In from Granary District 165,496 38,096 203,592
Transfer In from North Temple 100,872 126,150 227,022
Transfer In from North Temple Viaduct 41,616 4,263 45,879
Transfer In from Stadler Rail 7,065 835 7,900
Transfer In from 9-Line 253,543 5,663 259,206
Transfer In from State Street 442,381 132,998 575,379
Transfer In from Northwest Quadrant 139,855 105,254 245,109
Transfer In from Block 67 North 0 17,930 17,930
Agency Operations Total 4,428,662 790,676 5,219,338
Total 6,797,298 1,379,800 8,177,098
Obligated Expenses & Other Uses Adjustments
Taxing Entity Payments
The Agency receives 100% of the tax increment from certain project areas and is obligated to reimburse specific
percentages back to the taxing entities based on interlocal agreements or initial project setups. Reflecting these
requirements, the budget amendment for Fiscal Year 2024 shows a combined increase of $1,588,111, which
adjusts the total appropriations for tax entity payments from the initial $10,501,863 to $12,089,974.
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Central
Business RDA-FY24-CBD-Taxing Entity Payments-CBD 9,621,707 1,572,608 11,194,315
District
Block 70 RDA-FY24-B70-Taxing Entity Payments-B70 548,768 11,912 560,680
9 Line RDA-FY24-9L-Taxing Entity Payments-9L 331,388 3,591 334,979
Total 10,501,863 1,588,111 12,089,974
Tax Increment Reimbursement Agreements
The Agency has entered into tax increment reimbursement agreements in some project areas, wherein developers
are reimbursed for certain improvement costs through the tax increment resulting from increased property values
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
tied to their projects. The budget adjustments in the table result in a total change of $1,019,916, updating the
combined budget for tax increment reimbursements to $2,119,002 across the listed project areas.
Quadrant
North
Primary Housing Fund Contributions
In compliance with Utah Code 17C, the Agency sets aside a minimum of 10% of the tax increment from most
project area funds specifically for affordable housing. Furthermore, for the 9 Line and State Street project areas,
the interlocal agreements with the School District stipulate that these contributions must be directed specifically
towards family and workforce housing. The required budget for these allocations has changed, as shown in the
provided image, with an increase of $589,124, adjusting the total budget to $2,957,760.
District Fund-DD
District Fund-GD
Temple Fund-NT
Fund-SR
Fund-9L
Required Family & Workforce Housing-9L
Fund-SS
Required Family & Workforce Housing-SS
Quadrant Fund-NWQ
North Fund-B67N
Agency Operations Expenses
The Agency Operations Fund receives a specified percentage of the tax increment from each project area,
determined by interlocal agreements with the taxing entities involved. This year, the fund has seen an increase in
contributions totaling $790,676. However, the Staff recommends increasing expenses by only $228,117 to address
rising operating costs. The surplus of $562,559 would be added to the fund balance to act as a financial buffer to
help bridge the gap between the expiration of the Depot District and Granary District project areas and the ramp-
up of tax increment collection in newer project areas. The Depot District will expire after Fiscal Year 2025 (Tax
Year 2024), and the Granary District will follow a year later.
Agency
Operations RDA-FY24-OPS-Administrative Fees-NPA 1,000,000 0 1,000,000
RDA-FY24-OPS-Charges & Services-NPA 296,883 153,117 450,000
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Stadler Rail RDA-FY24-SR-TI Reimbursements-SR 120,102 14,190 134,292
Northwest RDA-FY24-NWQ-TI Reimbursements-NWQ 978,984 736,777 1,715,761
Block 67 RDA-FY24-B67N-TI Reimbursements-B67N 0 268,949 268,949
Total 1,099,086 1,019,916 2,119,002
Depot RDA-FY24-DD-Internal Transfers - Primary Housing 1,084,487 129,846 1,214,333
Granary RDA-FY24-GD-Internal Transfers - Primary Housing 220,662 50,795 271,457
North RDA-FY24-NT-Internal Transfers - Primary Housing 201,743 100,952 302,695
Stadler Rail RDA-FY24-SR-Internal Transfers - Primary Housing 14,130 1,669 15,799
9 Line RDA-FY24-9L-Internal Transfers - Primary Housing 144,592 18,642 163,234
RDA-FY24-9L-Internal Transfers - School District 120,786 13,109 133,895
State Street RDA-FY24-SS-Internal Transfers - Primary Housing 182,405 64,487 246,892
RDA-FY24-SS-Internal Transfers - School District 259,976 68,510 328,486
Northwest RDA-FY24-NWQ-Internal Transfers - Primary Housing 139,855 105,254 245,109
Block 67 RDA-FY24-B67N-Internal Transfers - Primary Housing 0 35,860 35,860
Total 2,368,636 589,124 2,957,760
Fund FY24 Appropriation Project FY24 Budget Change FY24 BA4
RDA-FY24-OPS-Operating & Maintenance-NPA 375,000 75,000 450,000
RDA-FY24-OPS-RDA Personnel-NPA 2,756,779 0 2,756,779
Total 4,428,662 228,117 4,656,779
Debt Service and Other Contractual Obligations
In addition to the obligated expenses above, the Agency has debt service and other contractual obligations that are
impacted by the increased tax increment revenue as follows:
North Temple School Construction Reserves: A project has been established as a reserve fund per an
interlocal agreement with the School District, mandating the Agency to earmark portions of tax increment
for the construction of a prospective school. The total change of $27,766 will result in an amended budget
of $98,376.
North Temple Viaduct Debt Service: The Agency created the North Temple Viaduct project area to
mitigate the debt incurred by the City from bond issuance for infrastructure improvements in 2012.
Initially, the tax increment wasn't enough to cover debt service, requiring General Fund assistance. Apart
from a small percentage of increment transferred to the Agency Operations Fund, the remainder of the
increment is transferred to the City’s General Fund to facilitate debt service payments. The total change
of $279,936 will result in an amended budget of $3,012,739.
Northwest Quadrant Shared Costs Reserve: A project has been established as a reserve fund per the
interlocal agreement with the City to cover shared costs. This project will utilize tax increment financing
for redevelopment activities that benefit the entire project area, are system-wide, or that advantage
multiple property owners or parcels. The increase of $105,254 will result in a total of $245,108 added to
the reserve this fiscal year.
Japantown & the Block 67 North Interlocal Agreement: Per the interlocal agreement with the City, the
Agency is obliged to direct 10% of the tax increment toward the Japantown neighborhood. Although the
agreement mandates support for Japantown, it does not require a specific project. Agency staff
recommends these funds be designated to the RDA Arts & Culture Program, earmarking $35,860 for a
new Japantown Art project. The Agency also expects to request additional funding for this project in the
coming budget cycle.
School District Required Family & Workforce Housing: As previously mentioned, the funds from the 9
Line and State Street contributions are transferred into the Primary Housing Fund and expended from
there. These funds can be used with other allocations, such as the Housing Development Loan Program's
Notice of Funding Availability (NOFA) but are tracked separately to comply with the interlocal
agreement with the School District. The recent increase in contributions from these project area funds
totals $81,619, bringing the overall amount to $462,381.
Improvements-NT Construction Reserves
Improvements-NWQ
B67N
North RDA-FY24-NT- PRJ-000086 North
Temple Infrastructure Temple School 70,610 27,766 98,376
North RDA-FY24-NTV-Salt
Temple Lake City Debt Service- 2,732,803
Viaduct NTV
279,936 3,012,739
Northwest RDA-FY24-NWQ-PRJ-000087 NWQ
Quadrant Infrastructure Shared Costs Reserve 139,854 105,254 245,108
Block 67 RDA-FY24-B67N-RDA New Project: Japantown
North Arts & Culture Program-Art 0 35,860 35,860
Fund FY24 Appropriation FY24 Budget Change FY24 BA4
Primary
Housing
RDA-FY24-1H-School
District Required Family &
Workforce Housing-NPA
380,762 81,619 462,381
Discretionary Expenses & Other Uses Adjustments
Transition Holding Accounts
During the last fiscal year, the Agency established the Transition Holding Account program to manage surplus
revenue not earmarked for obligated expenses. Rather than allocating these funds within this amendment, the
Agency carries them over to the next fiscal year’s budget for simpler reconciliation by the Board. This timing
aligns with the simultaneous presentation of the Fiscal Year 2025 budget and the final amendment for the current
year. Staff recommends appropriating the additional $3,056,265 expected in the following funds in the next fiscal
year.
Central
District
District
Temple
Housing
Ballpark NEXT Redevelopment Strategy Project
Following the 2024 baseball season, the Salt Lake Bees baseball team will be moving to a new park in South
Jordan. This has created an opportunity for the Ballpark site and adjacent parking lot, located at 1300 South and
West Temple (approx. 13.5 acres) to be re-envisioned and potentially redeveloped. The Agency facilitated the
Ballpark NEXT Design Competition and followed up with a Community Visioning Process which elevated a set
of Guiding Principles to integrate into the next steps.
With the Fiscal Year 2024 Budget, the Board approved $300,000 for Ballpark Planning within the Ballpark
NEXT Redevelopment Strategy project. An initial $150,000 was used to hire a consultant to create a Design
Framework, leaving $150,000 remaining in the project budget.
Upon the approval of a straw poll in the December 2023 Board meeting, the Agency released a Request for
Proposals (RFP) for a specialized Ballpark NEXT Design Consultant Team to develop preferred concepts and an
overall implementation plan for the Ballpark Site. The consultant's proposed total for the scope of work was
$537,150, prompting the Agency to request an additional $415,000 to cover the scope and maintain a contingency
of $27,850 for potential change orders. Initially, funds were to come from the Strategic Intervention program, but
given the increase in tax increment received in the State Street project area, Staff is now recommending
appropriating $415,000 of those funds to add to the Infrastructure Studies and Planning program to fund this
project. Note that that the Ballpark Site is located outside the State Street Project Area however any activity
outside a project area determined by the board to benefit the State Street Project Area is an allowable use of
agency funds per Sections: 17C-1-409 and 17C-1-102.
Total 3,324,029 530,435 3,854,464
Business RDA-FY24-CBD-Transition Holding Account-CBD
District
0 786,303 786,303
Depot RDA-FY24-DD-Transition Holding Account-DD 0 421,999 421,999
Granary RDA-FY24-GD-Transition Holding Account-GD 0 165,086 165,086
North RDA-FY24-NT-Transition Holding Account-NT 0 249,892 249,892
9 Line RDA-FY24-9L-Transition Holding Account-9L 0 276,503 276,503
State Street RDA-FY24-SS-Transition Holding Account-SS 0 648,977 648,977
Primary RDA-FY24-1H-Transition Holding Account-NPA 0 507,505 507,505
Total 0 3,056,265 3,056,265
Deliverables will include a comprehensive site plan that identifies recommended right-of-way alignments,
development pads, building massing and scale, land use mix, and programming to support residents (“Design
Framework”). Primary goals of the Design Consultant RFP are to:
Ensure that the community’s Ballpark NEXT Guiding Principles are incorporated as a foundational
element of the Design Framework.
Utilize a team of specialists to advise the Agency on the implementation of human centered design and
programming, impact investment opportunities available through the Legacy Fund, and how to best
incorporate these opportunities into the Project.
Incorporate additional community representative input checkpoints along the way to inform key design
and programming decisions.
Incorporate the multiple moving pieces of the Project into a thoughtful Design Framework that includes
existing conditions, neighborhood opportunities, and aligns with existing engagement efforts.
Create a collaborative concept to inform the future RFP for a development team (or teams) to implement
the project.
Approval of this request will result in a total project budget of $715,000, as outlined in the table below. Should
the Board not approve the additional appropriation to this project, Staff recommends increasing the Transition
Holding Account program appropriation.
Fund FY24 Appropriation Project
FY24
Budget Change FY24 BA4
State Street
RDA-FY24-SS-
Infrastructure Studies and
PRJ-000051 RDA -
Ballpark Next 300,000 415,000 715,000
Planning-SS Redevelopment Strategy
300,000 415,000 715,000
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
2. Approval of the Fiscal Year 2023-2024 Budget Amendment #1.
3. Approval of the Fiscal Year 2023-2024 Budget Amendment #2.
4. *Pending* Approval of the Fiscal Year 2023-2024 Budget Amendment #3.
ATTACHMENTS:
1. Supplemental Slides of Expenditures Key Changes by Fund
R E D E V E L O P M E N T A G E N C Y
F I S C A L Y E A R 2 0 2 3 - 2 0 2 4
B U D G E T A M E N D M E N T # 4
Total Increase in Tax Increment Revenue
$7,693,255
Central Business District 2,621,013
State Street 1,329,972
Northwest Quadrant 1,052,539
Depot District 649,230
North Temple 504,760
Block 67 North 358,599
9 Line 317,508
Block 70 304,764
North Temple Viaduct 284,199
Granary District 253,977
Stadler Rail 16,694
Tax Increment Revenue Changes
Summary of Expense Changes
Total Project Area Funds Changes
292,852
415,000
Tax Incrment Increase Eccles Bond Debt Service Reserves
Reduction
Remaining Tax Increment Revenue Obligated Project Area Expenses Ballpark NEXT Redevelopment Strategy Transition Holding Accounts
Agency Operations Fund Changes
790,676 16 53 37 ,,15 15 79 57652,,050509 562,559
Incoming Transfers Charges & Services Operating &
Maintenance
Fund Balance
Note: Obligated Internal Transfers are the required transfers from Project Area Funds to Primary Housing and Agency Operations, which are based on a percentage of tax increment.
Obligated Internal Transfers
Transition Holding
Account
School District Required
Family & Workforce
Housing
Incoming Transfers
507,50581,619589,124
Primary Housing Fund Changes
2,548,760
7,400,4037,693,255
4,436,643
Central Business District
State Street
Primary Housing
Depot District
9 Line
North Temple
Granary District
Transition Holding Account Program
Total Transition Holding Account Funds Included in Fiscal Year 2025 Budget
$3,056,265
786,303
648,977
507,505
421,999
276,503
249,892
165,086
Project: Ballpark NEXT Redevelopment Strategy
Total Increase in Tax Increment Revenue in the State Street Project Area
$1,329,972
Remaining to Transition Holding Account
$648,977
Additional Project Funding Request
$415,000
Changes in Obligated Expenses
$265,995
E x p e n s e k e y c h a n g e s b y F u n d
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Programs Administration Assessment-CBD
Programming-CBD
Administration Fund-CBD
Debt Service-CBD
Payments-CBD
CBD
Project CBD Planning
Programs Account-CBD
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Central Business District
Obligation RDA Operations RDA-FY24-CBD-Gallivan -372,775 0 0 0 0 372,775
RDA-FY24-CBD-Gallivan - Management
& Maintenance Assessment-CBD 573,975 0 0 0 0 573,975
RDA-FY24-CBD-Gallivan -250,000 0 0 0 0 250,000
RDA-FY24-CBD-Internal Transfers -2,464,469 0 0 0 262,102 2,726,571
RDA-FY24-CBD-Internal Transfers -8,477,030 0 0 0 0 8,477,030
RDA-FY24-CBD-Property Management
and Maintenance-CBD 1,075,000 0 0 0 0 1,075,000
RDA-FY24-CBD-Taxing Entity 9,621,707 0 0 0 1,572,608 11,194,315
RDA-FY24-CBD-TI Reimbursements-1,300,000 0 0 0 0 1,300,000
Discretionary Capital Reserves RDA-FY24-CBD-Gallivan - Planning-PRJ-000061 RDA - Gallivan Plaza 509,738 0 0 0 0 509,738
RDA Operations RDA-FY24-CBD-Transition Holding 0 0 0 0 786,303 786,303
24,644,694 0 0 0 2,621,013 27,265,707
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves
Project
RDA-FY24-B70-Commercial
Relocation-B70
PRJ-000080 Bennion Jewelers
Relocation 100,000 0 0 0 0 100,000
RDA-FY24-B70-Eccles - Maintenance & PRJ-000084 Regent Street
Repairs-B70 Parking Structure Reserves 100,000 0 0 0 0 100,000
PRJ-000085 Regent Street
Maintenance 80,000 0 0 0 0 80,000
RDA-FY24-B70-RDA Arts & Culture
Program-B70
PRJ-000082 Eccles Fundraising
Fulfillment 125,000 0 0 0 0 125,000
PRJ-000083 Eccles Theater-
Operating Reserve for Ancillary
Spaces 475,000 0 0 0 0 475,000
RDA Operations
Programs
RDA-FY24-B70-Eccles Debt Service-
B70 9,599,991 0 0 0 0 9,599,991
RDA-FY24-B70-Taxing Entity Payments-
B70 548,768 0 0 0 11,912 560,680
Discretionary Capital Reserves
Project
RDA-FY24-B70-RDA Arts & Culture
Program-B70
PRJ-000081 Regent Street Event
Programming 25,000 0 0 0 0 25,000
11,053,759 0 0 0 11,912 11,065,671
Key Changes: Block 70
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-DD-Internal Transfers -
Administration Fund-DD 813,365 0 0 0 97,385 910,750
RDA-FY24-DD-Internal Transfers -
Primary Housing Fund-DD 1,084,487 0 0 0 129,846 1,214,333
RDA-FY24-DD-Property Management
and Maintenance-DD 150,000 0 0 0 0 150,000
Discretionary RDA Capital Reserves
Programs
RDA-FY24-DD-Commercial Assistance
Reserves-DD 500,000 0 0 0 0 500,000
RDA-FY24-DD-Infrastructure
Improvements-DD 3,680,056 0 (3,680,056)0 (3,680,056)0
Capital Reserves
Project
RDA-FY24-DD-Infrastructure
Improvements-DD
New Project: Depot District
Infrastructure, Design,
Construction, & Site Work 0 0 3,680,056 0 3,680,056 3,680,056
RDA Operations
Programs
RDA-FY24-DD-Internal Transfers -
Secondary Housing Fund-DD 1,000,000 0 0 0 0 1,000,000
RDA-FY24-DD-Transition Holding
Account-DD 0 0 0 0 421,999 421,999
7,227,908 0 0 0 649,230 7,877,138
Key Changes: Depot District
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-GD-Internal Transfers -
Administration Fund-GD 165,496 0 0 0 38,096 203,592
RDA-FY24-GD-Internal Transfers -
Primary Housing Fund-GD 220,662 0 0 0 50,795 271,457
RDA-FY24-GD-Property Management
and Maintenance-GD 5,000 0 0 0 0 5,000
Discretionary RDA Capital Reserves
Programs
RDA-FY24-GD-Commercial Assistance
Reserves-GD 1,003,435 0 0 0 0 1,003,435
RDA Operations
Programs
RDA-FY24-GD-Transition Holding
Account-GD 0 0 0 0 165,086 165,086
1,394,593 0 0 0 253,977 1,648,570
Key Changes: Granary District
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves RDA-FY24-NT-Infrastructure PRJ-000086 North Temple
Project Improvements-NT School Construction Reserves 70,610 0 0 0 27,766 98,376
RDA Operations RDA-FY24-NT-Internal Transfers -
Programs Administration Fund-NT 100,872 0 0 0 126,150 227,022
RDA-FY24-NT-Internal Transfers -
Primary Housing Fund-NT 201,743 0 0 0 100,952 302,695
Discretionary RDA Capital Reserves RDA-FY24-NT-Commercial Assistance
Programs Reserves-NT 543,277 0 0 (325,959)(325,959)217,318
RDA-FY24-NT-Infrastructure
Improvements-NT 100,000 0 0 0 0 100,000
RDA-FY24-NT-Strategic Intervention-NT
285,490 0 0 (285,490)(285,490)0
Capital Reserves RDA-FY24-NT-Infrastructure PRJ-000022 RDA - City Creek
Project Improvements-NT Daylighting Design Plan Budget 50,000 0 0 0 0 50,000
RDA-FY24-NT-Strategic Intervention-NT New Project: Whipple Property
Acquisition 0 0 0 611,449 611,449 611,449
RDA Operations RDA-FY24-NT-Transition Holding
Programs Account-NT 0 0 0 0 249,892 249,892
1,351,992 0 0 0 504,760 1,856,752
Key Changes: North Temple
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-NTV-Internal Transfers -
Administration Fund-NTV 41,616 0 0 0 4,263 45,879
RDA-FY24-NTV-Salt Lake City Debt
Service-NTV 2,732,803 0 0 0 279,936 3,012,739
2,774,419 0 0 0 284,199 3,058,618
Key Changes: North Temple Viaduct
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-SR-Internal Transfers -
Administration Fund-SR 7,065 0 0 0 835 7,900
RDA-FY24-SR-Internal Transfers -
Primary Housing Fund-SR 14,130 0 0 0 1,669 15,799
RDA-FY24-SR-TI Reimbursements-SR
120,102 0 0 0 14,190 134,292
141,297 0 0 0 16,694 157,991
Key Changes: Stadler Rail
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-9L-Internal Transfers -
Administration Fund-9L 253,543 0 0 0 5,663 259,206
RDA-FY24-9L-Internal Transfers -
Primary Housing Fund-9L 144,592 0 0 0 18,642 163,234
RDA-FY24-9L-Internal Transfers -
School District Required Family &
Workforce Housing-9L 120,786 0 0 0 13,109 133,895
RDA-FY24-9L-Taxing Entity Payments-
9L 331,388 0 0 0 3,591 334,979
Discretionary Capital Reserves
Project
RDA-FY24-9L-RDA Arts & Culture
Program-9L
New Project: 9-Line Public Art
Project 150,000 0 0 0 0 150,000
RDA Capital Reserves
Programs
RDA-FY24-9L-Accessory Dwelling Unit
Program-9L 1,455,680 0 0 0 0 1,455,680
RDA-FY24-9L-Commercial Assistance
Reserves-9L 500,000 0 0 0 0 500,000
RDA-FY24-9L-Strategic Intervention-9L
500,000 0 0 0 0 500,000
RDA Operations
Programs
RDA-FY24-9L-Transition Holding
Account-9L 0 0 0 0 276,503 276,503
3,455,989 0 0 0 317,508 3,773,497
Key Changes: 9 Line
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-SS-Internal Transfers -
Administration Fund-SS 442,381 0 0 0 132,998 575,379
RDA-FY24-SS-Internal Transfers -
Primary Housing Fund-SS 182,405 0 0 0 64,487 246,892
RDA-FY24-SS-Internal Transfers -
School District Required Family &
Workforce Housing-SS 259,976 0 0 0 68,510 328,486
Discretionary Capital Reserves
Project
RDA-FY24-SS-Infrastructure Studies
and Planning-SS
PRJ-000051 RDA - Ballpark Next
Redevelopment Strategy 300,000 0 0 0 415,000 715,000
RDA Capital Reserves
Programs
RDA-FY24-SS-Commercial Assistance
Reserves-SS 1,239,049 0 0 0 0 1,239,049
RDA-FY24-SS-Strategic Intervention-SS
3,364,709 0 0 0 0 3,364,709
RDA Operations
Programs
RDA-FY24-SS-Transition Holding
Account-SS 0 0 0 0 648,977 648,977
5,788,520 0 0 0 1,329,972 7,118,492
Key Changes: State Street
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation Capital Reserves
Project
RDA-FY24-NWQ-Infrastructure
Improvements-NWQ
PRJ-000087 NWQ Shared Costs
Reserve 139,854 0 0 0 105,254 245,108
RDA Operations
Programs
RDA-FY24-NWQ-Internal Transfers -
Administration Fund-NWQ 139,855 0 0 0 105,254 245,109
RDA-FY24-NWQ-Internal Transfers -
Primary Housing Fund-NWQ 139,855 0 0 0 105,254 245,109
RDA-FY24-NWQ-TI Reimbursements-
NWQ 978,984 0 0 0 736,777 1,715,761
1,398,548 0 0 0 1,052,539 2,451,087
Key Changes: Northwest Quadrant
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Program-B67N
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Block 67 North
Obligation Capital Reserves
Project
RDA-FY24-B67N-RDA Arts & Culture New Project: Japantown Art 0 0 0 0 35,860 35,860
RDA Operations
Programs
RDA-FY24-B67N-Internal Transfers -
Administration Fund-B67N 0 0 0 0 17,930 17,930
RDA-FY24-B67N-Internal Transfers -
Primary Housing Fund-B67N 0 0 0 0 35,860 35,860
RDA-FY24-B67N-TI Reimbursements-
B67N 0 0 0 0 268,949 268,949
0 0 0 0 358,599 358,599
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Capital Reserves
Programs
RDA-FY24-1H-School District Required
Family & Workforce Housing-NPA
380,762 0 0 0 81,619 462,381
Discretionary Capital Reserves
Project
RDA-FY24-1H-Other Housing-NPA PRJ-000088 Sunday-Anderson
Senior Center - SLCO
Partnership 1,013,820 0 0 0 0 1,013,820
RDA Capital Reserves
Programs
RDA-FY24-1H-HDLP - Competitive-NPA
1,000,000 0 0 0 0 1,000,000
RDA Operations
Programs
RDA-FY24-1H-Transition Holding
Account-NPA 0 0 0 0 507,505 507,505
2,394,582 0 0 0 589,124 2,983,706
Key Changes: Primary Housing Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Discretionary Capital Reserves
Project
RDA-FY24-2H-Other Housing-NPA PRJ-000088 Sunday-Anderson
Senior Center - SLCO
Partnership 1,000,000 0 0 0 0 1,000,000
1,000,000 0 0 0 0 1,000,000
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Secondary Housing Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Discretionary Capital Reserves
Project
RDA-FY24-HDF-Shared Equity Housing-
NPA
PRJ-000089 Neighborworks for
Shared Equity Workforce 1,400,000 0 0 0 0 1,400,000
RDA Capital Reserves
Programs
RDA-FY24-HDF-Accessory Dwelling
Unit Program-NPA 1,000,000 0 0 0 0 1,000,000
RDA-FY24-HDF-HDLP - Competitive-
NPA 7,836,967 (6,476,014)0 0 (6,476,014)1,360,953
10,236,967 (6,476,014)0 0 (6,476,014)3,760,953
Key Changes: Housing Development Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Discretionary Capital Reserves
Project
RDA-FY24-WCI-Shared Equity Housing-
NPA
PRJ-000089 Neighborworks for
Shared Equity Workforce 700,000 0 0 0 0 700,000
RDA Capital Reserves
Programs
RDA-FY24-WCI-Wealth Building
Housing Opportunities-NPA 1,135,469 0 0 0 0 1,135,469
1,835,469 0 0 0 0 1,835,469
Key Changes: Westside Community Initiative
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Obligation RDA Operations
Programs
RDA-FY24-PIF-Operating &
Maintenance-NPA 330,000 0 0 0 0 330,000
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Program Income Fund
Discretionary Capital Reserves
Project
RDA-FY24-PIF-Gallivan - Maintenance
& Repairs-NPA PRJ-000057 Gallivan Repairs 214,692 0 0 0 0 214,692
RDA-FY24-PIF-Infrastructure
Improvements-NPA
PRJ-000078 Sugar House DI
Demolition 550,000 0 0 0 0 550,000
RDA Operations
Programs
RDA-FY24-PIF-Charges & Services-NPA
355,000 0 0 0 0 355,000
1,449,692 0 0 0 0 1,449,692
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Discretionary RDA Capital Reserves RDA-FY24-RLF-Commercial Revolving
Programs Loans-NPA 226,750 0 0 0 0 226,750
226,750 0 0 0 0 226,750
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Key Changes: Revolving Loan Fund
Note: The "Change" column totals all amendments, and the "BA 4" column shows the overall amended budget. If BA 3 is not approved, its changes will not be included in BA 4.
Expense Type Appropriation Type FY24 Appropriation Project Adopted Budget BA 1 BA 2 BA 3 Change BA 4
Obligation RDA Operations
Programs
RDA-FY24-OPS-Administrative Fees-
NPA 1,000,000 0 0 0 0 1,000,000
RDA-FY24-OPS-Charges & Services-
NPA 296,883 0 0 0 153,117 450,000
RDA-FY24-OPS-Operating &
Maintenance-NPA 375,000 0 0 0 75,000 450,000
RDA-FY24-OPS-RDA Personnel-NPA
2,756,779 0 0 0 0 2,756,779
4,428,662 0 0 0 228,117 4,656,779
Key Changes: Agency Operations Fund
A d d i t i o n a l i n f o r m a t i o n
Appropriation
Cost Center Fiscal Year Fund Program Region
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments,
projects, or geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and
compliance. The RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be
monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal,
policy, or Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing,
Commercial, Infrastructure, and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which
means this Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Workday Worktags & the RDA Budget
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project
budgets may have multiple appropriations.
Project Budgets
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval
to use these funds for specific loan
projects. Funds not awarded to projects
roll forward to the next year, unless
reappropriated by the Board.
Capital Reserves Appropriations
Annual appropriations for operational
expenses. Considered approved to
spend when appropriated. If not spent
or encumbered by the end of the fiscal
year, drops to fund balance. Typically,
these would be for RDA operating
expenses. Occasionally may be
associated with a project budget (for
example, an office remodel).
Operations Appropriations
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Appropriations & Project Budgets
Project Area Funds
Must be used within the boundaries of the project area, except for
money transferred to Primary Housing (legally required),
Secondary Housing (supplemental), Agency Operations (defined
by interlocal agreements), or other legally obligated reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
•West Capitol Hill (WCH)
Note: Region acronyms are the same as project area acronyms. If
there is “NPA” noted in an appropriation, it stands for “Non-Project
Area.”
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide),
unless otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Received transfers in from other funds to fund the Agency’s
operational expenses.
Redevelopment Agency Funds