HomeMy WebLinkAboutUpdated Resolution - 9/30/2024SALT LAKE CITY RESOLUTION
NO. OF 2024
(Authorizing the execution of an interlocal agreement with the Redevelopment Agency of Salt
Lake City for the use of a portion of tax increment to support the implementation of the
900 South Housing Transit Reinvestment Zone)
WHEREAS, on November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the
state's Housing and Transit Reinvestment Zone Committee conditionally approved the
Redevelopment Agency of Salt Lake City (Agency's) and Salt Lake City's (City's) 900 South
Housing Transit Reinvestment Zone application (the HTRZ Plan).
WHEREAS, under the HTRZ Plan, the Agency and City will receive tax increment from
a variety of taxing entities to support transit -oriented development with a high density of affordable
housing and mixed uses in the HTRZ Plan's project area.
WHEREAS, for the City and Agency to receive and use the tax increment generated in the
HTRZ Plan area, Utah Code 63N-3-607 requires that the parties execute an interlocal agreement
which sets forth the terms under which the City will convey the tax increment to the Agency to be
used consistent with the purposes set forth in the HTRZ Plan and state law.
WHEREAS, the parties desire to execute the attached interlocal agreement in which the
City consents to the Agency receiving the tax increment from the HTRZ Plan's area.
THEREFORE, BE IT RESOLVED, by the City Council of Salt Lake City, Utah:
1. It does hereby approve the execution and delivery of an interlocal cooperation agreement
between the Redevelopment Agency of Salt Lake City and Salt Lake City Corporation
regarding the use of tax increment from the 900 South Housing and Transit Reinvestment
Zone. Such agreement shall be effective upon both the City and Agency approving the
agreement. The interlocal agreement does not create an interlocal entity.
2. Erin Mendenhall, Mayor of Salt Lake City, Utah or her designee is hereby authorized to
approve, execute, and deliver said agreement on behalf of Salt Lake City Corporation, in
substantially the same form as now before the City Council and attached hereto as Exhibit
A, subject to such minor changes that do not materially affect the rights and obligations of
the City thereunder and as shall be approved by the Mayor, her execution thereof to
constitute conclusive evidence of such approval.
3. This resolution shall take effect upon adoption.
14
Passed by the City Council of Salt Lake City, Utah this day of 52024.
Attest:
City Recorder
Approved as to form:
Salt Lake City Attorney's Office
Allison Parks, Senior City Attorney
SALT LAKE CITY COUNCIL
Victoria Petro, Chairperson
15
EXHIBIT A
[Attach Form Interlocal Agreement]
16
INTERLOCAL COOPERATION AGREEMENT
BETWEEN SALT LAKE CITY CORPORATION AND
THE REDEVELOPMENT AGENCY OF SALT LAKE CITY
900 South Housing Transit Reinvestment Zone Tax Increment
This interlocal cooperation agreement is executed between the Redevelopment Agency of
Salt Lake City (the Agency) and Salt Lake City Corporation (the City).
RECITALS
A. On November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the Housing
and Transit Reinvestment Zone Committee conditionally approved the Agency's and City's 900
South Housing Transit Reinvestment Zone Application (the HTRZ Plan), a copy of which is
attached as Exhibit A and includes a parcel list and a map of the 900 South Housing Transit
Reinvestment Zone area (the Project Area).
B. Under the HTRZ Plan, the Agency and City support transit -oriented development in
the Project Area with a high density of affordable housing and mixed uses, which will be accessible
to a range of incomes.
C. By submitting the HTRZ Plan for review and approval by the Housing and Transit
Reinvestment Zone Committee, the Agency and City determined that it is in their best interests to
provide certain financial assistance using tax increment (as defined in Utah Code Section 63N-3-
602(33), hereinafter, Tax Increment) from participating taxing entities. The taxing entities that
are participating include the City, Salt Lake County, Salt Lake City School District, Salt Lake City
Library, Salt Lake Metropolitan Water District, Salt Lake City Mosquito Abatement District, and
Central Utah Water Conservancy District (individually, Taxing Entity, and collectively, Taxing
Entities).
D. On December 12, 2023, the Agency adopted a policy to guide the use and distribution
of Tax Increment (HTRZ Policy).
E. The Agency anticipates using Tax Increment created by development activities in the
Project Area to assist in development as set forth in the HTRZ Plan and distributed consistent with
the HTRZ Policy.
F. For the City and Agency to receive and use the Tax Increment, Utah Code Section 63N-
3-607 requires that the parties execute this agreement to set forth the terms under which the City
will convey the Tax Increment to the Agency consistent with the purposes set forth in the HTRZ
Plan and state law.
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1. City's Agreement. The City hereby agrees that the Agency shall receive a maximum
capture of eighty percent (80%) of the Tax Increment from the Project Area for a term of fifteen
(15) years to use consistent with the HTRZ Policy, HTRZ Plan, and state law. The parties
acknowledge that the Tax Increment collection period may be extended for a total of seventeen
(17) years should state law be amended to allow for this longer collection period. Such an
extension shall be reflected in a written amendment to this agreement. The collection period shall
begin no later than 2030 and be triggered when the City provides notice of the commencement of
the collection of Tax Increment to various third -parry entities as detailed in 63N-3-603. As
provided for in Utah Code Section 63N-3-602(33), the calculation of annual Tax Increment shall
be the difference between (a) the amount of property tax revenue generated by a Taxing Entity
from the Project Area using the current assessed value and each Taxing Entity's certified tax
rate, and (b) the amount of property tax revenue generated from the Project Area using the base
taxable value and each Taxing Entity's then current certified tax rate. The base taxable value
shall be calculated using 2022 as the base year.
2. Interlocal Cooperation Act. In satisfaction of the requirements of Utah Code
Chapter 11-13 (the Interlocal Cooperation Act) in connection with this agreement, the parties
agree as follows:
a. This agreement shall be authorized and adopted by resolution of the legislative
body of each party pursuant to and in accordance with the provisions of Section 11-13-202.5 of
the Interlocal Cooperation Act.
b. This agreement shall be reviewed as to proper form and compliance with applicable
law by a duly authorized attorney on behalf of each party pursuant to and in accordance with
Section 11-13-202.5(3) of the Interlocal Cooperation Act.
c. Except as otherwise specifically provided in this agreement, each party shall be
responsible for its own costs for any action taken pursuant to this agreement, and for any financing
of such costs.
d. A duly executed original counterpart of this agreement shall be filed immediately
with the keeper of records of each party pursuant to Section 11-13-209 of the Interlocal
Cooperation Act.
e. No separate legal entity is created by the terms of this agreement. The Executive
Director of the Agency is hereby designated the administrator for all purposes of the Interlocal
Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f. Following the execution of this agreement by each of the parties, each parry may
cause a notice regarding this agreement to be published in accordance with Section 11-13-219 of
the Interlocal Cooperation Act.
g. No real or personal property shall be acquired jointly by the parties because of this
agreement. To the extent a party acquires, holds, or disposes of any real or personal property for
use in the joint or cooperative undertaking contemplated by this agreement, such party shall do so
in the same manner that it deals with other property of such party.
NA
3. Modification and Amendment. Any modification of or amendment to any
provision of this agreement shall be effective only if the modification or amendment is in writing
and signed by each of the parties. Any oral representation or modification concerning this
agreement shall be of no force or effect.
4. Further Assurance. Each of the parties hereto agrees to cooperate in good faith
with the other, to execute and deliver such further documents, to adopt any resolutions, to take any
other official action, and to perform such other acts as may be reasonably necessary or appropriate
to consummate and carry into effect the transactions contemplated under this agreement.
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Executed to be effective as of the date this agreement is filed with the Salt Lake City
Recorder's Office.
REDEVELOPMENT AGENCY OF SALT LAKE CITY
Erin Mendenhall, Executive Director
Approved as to proper form and compliance with applicable law:
Salt Lake City Attorney's Office
Allison Parks
September 19, 2024
Attest:
Salt Lake City Recorder SALT LAKE CITY CORPORATION
Erin Mendenhall, Mayor
Approved as to proper form and compliance with applicable law:
Salt Lake City Attorney's Office
Katie Lewis
Attest:
Salt Lake City Recorder
El
EXHIBIT A
HTRZ Plan
/�'`O P M E/V,
QqWL AKE
SLCRDA
SALT LAKE CITY
HTRZ PROPOSAL
July 2023
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TABLE OF CONTENTS:
Executive Summary 3
Proposed HTRZ Location 4
Development Plan 5
HTRZ Tax Increment & Budget 6
Construction Gap Analysis 7
Private Development Support 8
Public Development Support 11
Sales Tax Analysis 14
State Code Alignment 15
Alternative Funding Sources 18
Exhibits 19
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Executive Summary
The proposed Housing and Transit Reinvestment Zone (HTRZ) is centered around the TRAX light rail
station at approximately 200 West and 900 South. The area primarily covers Salt Lake City's Granary
District, Central Ninth Neighborhood and a portion of Downtown that are comprised of a mix of land uses
from multi -family residential to office and commercial. While each of these neighborhoods are
experiencing growth, public support is critical to facilitate affordable housing opportunities that are so
needed adjacent to the Central Business District that employs over 70,000 workers - the vast majority of
which are commuters (Downtown Alliance, 2022). Much denser, transit -oriented development must occur
to take full advantage of existing light rail that runs through the proposed HTRZ and to further the
associated benefits of public transit such as reduced carbon emissions and improved air quality.
Additional public support is needed to extend light rail further to connect these growing neighborhoods to _
kr-the downtown, airport, University of Utah and the rest of the Wasatch Front via the TRAX and FrontRunner
system located within 1/2 mile of the proposed HTRZ. -
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The Granary District in particular continues to transition from primarily industrial uses and warehouse
buildings to Salt Lake City's center of creativity — with makerspaces for artists and tradespeople, culinary
and recreational experiences and local businesses of various types and sizes. Due to the industrial
history of this area, it developed without infrastructure that is commonly found in the rest of the city.
Many streets do not have pedestrian enhancements such as sidewalks, street trees, park strips, curbs
and gutters. Street surfaces are in disrepair and need to be rebuilt. Public investment is greatly needed
- - to support this neighborhood's growth and the innovation happening within it. Other transformative public
infrastructure projects that are anticipated to be supported through the creation of this HTRZ include ►
Grand Boulevard improvements, the Green Loop linear park and improvements to the old rail line running
down 400 West.
In summary, the area encompassed within the proposed HTRZ is growing, but if not for the support of this
proposed HTRZ, growth may be sporadic, unaffordable (for residents and local businesses alike) and at a '
lower density that doesn't support existing transit and leaves this area isolated from the rest of the
oftregion. The tax increment generated by this HTRZ will be used to benefit the neighborhood, and,'
ultimately the region is whole, as opposed to a single project. � ,*+_Ov;;
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Location Detail
Pursuant to State Code 63N-3-603(4)(b), the proposed HTRZ is located within a 1/2 mile of the light rail
(TRAX) stop at approximately 200 West and 900 South in Salt Lake City and also falls within an
Opportunity Zone (created pursuant to Section 1400Z-1, Internal Revenue Code). It incudes approximately
97.72 noncontiguous acres as highlighted in blue on the map above. The sales and use tax
boundary/parcels are the same as HTRZ boundary/parcels. See Exhibit A for a complete list of parcel ID
numbers included in the proposed HTRZ.
The proposed development area allows for a neighborhood -focused approach to supporting multi -modal
transportation infrastructure, affordable housing and transformative mixed -use development projects.
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Development Plan
Land Use
As diverse as the existing neighborhood is, so are the future land uses to be developed in the HTRZ
including small and large commercial spaces, spaces for artists and recreation, hotels, lab space, dense
office and housing development and much more. This HTRZ proposal and development model includes
parcels earmarked for specific development projects as well as parcels that are highly likely to develop over
the HTRZ's term. Highest and best use assumptions were used to determine the land uses on parcels most
likely to develop.
Based on the development model, approximately 54% of the developable acreage within the HTRZ will
incorporate residential uses for a total of 10,214 housing units averaging 104.5 dwelling units per acre. A
variety of residential unit types are anticipated to be built as a part of dense housing developments and
mixed -use projects alike. Unit sizes include micro units, studios, 1-bedroom, 2-bedroom, 3-bedroom and
townhomes with up to 4-bedrooms.
LAND USE
Commercial SF
SQUARE FOOTAGE (SF)
COUNT
1,147,263
Office SF
1,919,842
Hotel Rooms
441
Structured Parking Stalls
3,596
Housing Units
10,214
Affordable Housing Units (20%)
2,043
Phasing of Tax Increment Collection
177 parcels within the HTRZ are anticipated to be triggered for tax increment collection over three, 15-year
collection phases during the HTRZ's term. This phased approach recognizes the readiness of some
developers to begin construction while acknowledging that other parcels have not finalized development
details. Where development -specific information is available, those details have been included in the budget
calculations. However, for parcels where development details are yet to be finalized, the RDA modeled
development on parcels using zoning and the American Planning Association (APA) floor -to -area ratios to
determine the highest and best use. The first page of Exhibit F illustrates the estimated highest and best
use of developments too early in their planning process to have finalized numbers. The second page of
Exhibit F includes the absorption of development specific details for projects further along in the
development process and the combined assessed values expected. 5
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
HTRZ Tax Increment & Budget
PROPERTY TAX INCREMENT GENERATION:
Over the HTRZ term, it is projected that a total of $443,228,676 in property tax increment will be
generated. With an 80% taxing entity participation rate, $354,582,941 may be available to support
HTRZ development. Projected tax increment generation has been broken down by taxing entity below.
LTA7XI7NG7ENTITY I
Salt Lake County
TOTAL TAX INCREMENT
JdL---
$61,371,419
0'INCREMEN
A
$49,097,135
Multi County Assessing and Collecting
$630,960
$504,768
County Assessing and Collecting
$6,730,245
$5,384,196
Salt Lake City School District
$182,852,335
$146,281,868
Salt Lake City
$132,838,204
$106,270,563
Salt Lake City Library
$25,995,570
$20,796,456
Salt Lake Metropolitan Water District
$8,917,574
$7,134,059
Salt Lake City Mosquito Abatement District
$7,066,757
$5,653,406
Central Utah Water Conservancy District
$16,825,612
$13,460,489
TOTAL TAX INCREMENT
$443,228,671
$354,582,941
HTRZ BUDGET BREAKDOWN:
The RDA proposes to utilize 60% of the tax increment funds generated within the HTRZ to support
private development projects with high levels of public benefit, 39% of the funds for public projects that
are needed to support the neighborhood, and the remaining 1% to cover administrative costs associated
with the HTRZ. See Exhibit E for the detailed tax increment budget.
ErBUDGET ITEM-1=rTAX
INCREMENT AMOUNT a
Private Development Support (60%)
$212,749,764
Public Development Support (39%)
$138,287,347
RDA Administrative Costs (1%)
$3,545,829
TOTAL TAX INCREMENT
$354,582,941
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Construction Gap Analysis
For this area to be built out in the most impactful way that
significantly increases the region's housing stock, increases
public transit ridership, and connects individuals to work and
play, public subsidy is needed to fund a portion of the increased
construction costs associated with denser, transit -oriented
development (TOD). For example, the development of mid -
density buildings or the status quo with a commercial floor area
ratio (FAR) of 0.3; office FAR of 2.72; and 50 housing units per
acre (1,744 units total) equates to a total development cost of
$1,915,663,148 for the 97.72 acres included within the HTRZ.
Denser, more efficient, social impact development that benefits
the region with a commercial FAR 1-1.5; office FAR 3-4; and an
average of 104.5 housing units per acre (10,214 units total)
equates to a total development cost of $5,476,926,678. This
creates an estimated financial gap of $3.56 billion dollars for
increased construction costs associated with denser construction.
As discussed further in this application, public and private
development improvements such as the incorporation of
affordable housing, green space and other public benefits create
an even larger financial gap in addition to increased costs due to
denser construction. In this neighborhood in particular, public
infrastructure projects are not being completed at the rate
needed to support TOD due to limited funding.
Also of note, the analysis considers that without tax increment
support, at least 30% of the total land area within the HTRZ
would need to be reserved for right-of-way area and surface
parking, as opposed to only 15% if public funds were available to
support the increased costs associated with building more
efficient parking structures. Structured parking allows for more
efficient land use as well as increased green space.
Mid -Density (Status Quo) Development
rrr
DENSITY RANGE
Gross Density 10 — 40 du/acre
Lot Sizes vary
Non-residential Floor to 0.40 — 1.20,
Area Ratio (FAR) Range typical FAR of 1.0
High -Density TOD Development
DENSITY RANGE
Gross Density
Lot Sizes
Non-residential Floor to
Area Ratio (FAR) Range
50 —125+ du/acre
vary
1.0+, typical FAR in
excess of 2.0
Source: Oklahoma City Development Guide
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Private Development Support
ESTIMATED TAX INCREMENT CONTRIBUTION = $21297499764
The RDA anticipates funding private development projects within the HTRZ that incorporate high levels of
public benefit through tax increment reimbursement agreements (TIRA) or other forms of RDA support. In
addition to compliance with the RDA's TIRA policy and pursuant to RDA Board approval, RDA -funded
projects must generally:
. Meet all applicable HTRZ standards within Chapter 63N-3 of Utah State Code;
. Meet the RDA's Sustainable Development Policy;
. Include activated, ground floor space; and
. Include a high level of public benefit such as affordable housing
Examples of public benefits that the RDA may consider funding have been described in greater detail
below. In addition to the increased construction costs created as a result of denser, transit -oriented
development, the incorporation of these public benefits will also increase private development costs and
the total financial gap.
AFFORDABLE HOUSING
Supporting affordable housing is one of the RDA's top priorities. HTRZ
code requires that at least 10% of housing units within the HTRZ be
affordable to those earning 80% of the Area Median Income (AMI) or
below. The U.S. Department of Housing and Urban Development (HUD)
defines affordable housing as affordable to households earning 60% AMI
or less. To align with City and HUD definitions of affordability, the RDA
will target supporting projects with higher levels of affordability that
include at least 10% of units at 60% AMI or below. The RDA will work to
support an additional 10% of affordable units, through programs such as
the RDA's Housing Development Loan Program, for a total of 20%.
Reviewing the reduction in rental revenue alone, the incorporation of
affordable housing for 20% of the units anticipated to be built within the
HTRZ (2,043 units) at 60% AMI is approximately $430.5 million over
the HTRZ term. This does not consider the capitalized value differential,
which increases the financial gap further. In general, apartment units
subject to rent restrictions have less value relative to comparable market -
rate units. The RDA intends to support a portion of the rental revenue
difference and value for affordable housing projects.
Rental support was estimated by using the 2022 CBRE Salt Lake County
multifamily monthly average rent of $1,623 compared to the the 2022
NOVOGRADAC Salt Lake County 60% AMI monthly rent for a 1-bedroom
unit of $1,152. Assuming a 3.6% vacancy rate as used by CBRE in their
2022 Great Salt Lake Area Multifamily Market Report and a rental growth
rate of 3.0% over time, market rate units would generate approximately
$1.48 billion in revenue over the HTRZ term. Affordable units at 60%
AMI would generate approximately $1.05 billion in revenue over the
HTRZ term - a difference of $430.5 million. See Exhibit H for additional
affordable housing details. 35
The Aster - RDA Affordable Housing Project
. 168 affordable units at 20%-80% AMI
8
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
SUSTAINABLE BUILDING CONSTRUCTION
To be eligible for a TIRA, the RDA's Sustainable Development Policy (Exhibit B) requires that new
developments are highly efficient, all -electric and incorporate on -site renewables. A proposed
development within the HTRZ calculated that 2.33% of their construction costs will go to sustainable
building design. Applied to the $5.48 billion of estimated constructions costs in the HTRZ, this equates
to $127.8 million that the RDA may partially support as a means to reduce carbon emissions and improve
the region's air quality.
STRUCTURED PARKING
Based on developer parking estimates, the cost differential is $21,256 per stall for structured parking.
With an average structured parking stall expense of $24,256 versus $3,000 per stall for surface parking,
this creates a total gap of $76,437,031 for the 3,596 structured parking stalls anticipated to be built
within the HTRZ. The RDA may support structured parking costs as a means to facilitate denser, transit -
oriented development and a more efficient land use.
PUBLIC ART & ENHANCED BUILDING DESIGN
All projects receiving RDA funding are highly encouraged to incorporate public art and enhanced building
design. Projects receiving an RDA loan can reduce their interest rate by incorporating public art. Salt Lake
City zoning regulations may also require more durable building materials and enhanced glazing in the
HTRZ. It is estimated that at least 1.5% of the $5.48 billion in HTRZ construction costs will go to public
art and enhanced building design that the RDA intends to support.
ADDITIONAL PUBLIC BENEFITS
The RDA's mission is centered around strengthening communities by promoting economic opportunity,
equity and inclusion and neighborhood vibrancy. These pillars are facilitated through multiple livability
benchmarks (listed below) that can add significant cost to development such as the incorporation of
public green space, affordable commercial space or adaptively reusing historic structures. The RDA will
support the inclusion of these benchmarks.
We prioritize projects and programs that We cultivate distinct and livable built
demonstrate commitment to improving equity environments that are contextually sensitive,
and quality of life for residents and businesses. I resilient, connected, and sustainable.
ECONOMIC
GROWTH
We act as a responsible steward of public
funds, taking a long-term view of investment,
return, and property values.
PRIVATE PROJECT PROFILES
While numerous private development projects are in need of support to incorporate public
benefits within their projects and have been included in the tax increment analysis,
examples of two private projects likely to be supported with tax increment generated
within the HTRZ are highlighted below.
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SIXTH SOUTH
REDEVELOPMENT PROJECT ON THE SOUTHWEST
CORNER OF 600 SOUTH AND WEST TEMPLE
INCLUDING THE RENOVATION OF TWO EXISTING
BUILDINGS, A NEW LIFE SCIENCES BUILDING AND
A HIGH-RISE RESIDENTIAL TOWER
• Renovation of existing 13-story structure into 184
units
• Renovation of existing Red Lion Hotel into new hotel
tower with 204 rooms
• New 35-story residential tower with 325 housing
units, retail and structured parking
• New 600,000 sq. ft. life science building with office
and lab space
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GRANARY SQUARE
BLOCK REDEVELOPMENT PROJECT AT APPROXIMATELY
700 - 800 SOUTH & 400 - 500 WEST WITH A VARIETY
OF USES
• 595,000 sq. ft. of commercial space
• 1,420 multifamily housing units with a variety of
bedroom counts
• Structured parking with 1,424 stalls
• New hotel with 120 rooms
0 LEED v4 Platinum and WELL v2 Gold certifications
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Public Development Support
ESTIMATED TAX INCREMENT CONTRIBUTIOk - 13892879347
The RDA anticipates funding public development projects that support the rapid private development
currently taking place within the HTRZ and that have a wide -reaching, community impact such as the
City's Grand Boulevards and Green Loop projects. Significant public projects like these that support
neighborhood vitality will likely have associated costs incurred outside of the HTRZ boundaries.
Distribution of funds to public projects is subject to city department and RDA Board approval.
Examples of public project costs that the RDA may consider funding have been described below. As is
typical, large capital projects will be funded by multiple sources. Ultimately, the RDA may provide gap
funding for those capital projects with a quantifiable - and generally unforeseen - need.
PUBLIC PROPERTY ACQUISITION & ENVIRONMENTAL REMEDIATION
The RDA may acquire some distressed property within the proposed HTRZ to further activate the
neighborhood. With a conservative land value average of $65/SF or approximately $3 million/acre, acquisition
costs may range from $15,000,000-$20,000,000 for 5 acres dependent on market conditions at the time of
purchase. Additional funds will likely be needed for the environmental remediation within the HTRZ.
UTILITY IMPROVEMENTS
Because much of the HTRZ was built out to support industrial and manufacturing uses, existing infrastructure
including sewer, water, storm drains and roadways is not sufficient to support new development at the rate it
is occurring. Salt Lake City's Granary District Infrastructure Study (2016) specifically identified poor roadway
conditions and water mains under 6" in diameter as factors limiting new development (Exhibit C). Significant
public investment in utility improvements is also needed to complete the City's Grand Boulevards project -
aimed at improving the 500 & 600 South thoroughfares that serve as the grand entryway and exit to Utah's
state capitol. The burial of electrical lines along 600 South alone is estimated to cost $50 million. The RDA
may provide a portion of funding for these large capital projects.
STREETSCAPE & SAFETY IMPROVEMENTS
Improving existing streetscape conditions to increase walkability and general safety within the HTRZ is one of
the community's top priorities. The Granary District Alliance reported the lack of continuous and safe
sidewalks and bike lanes as a pressing issue for pedestrians. Numerous auto accidents are caused by vehicles
circumventing old rail tracks. Businesses have also commented that limited accessibility has made it difficult
for them to succeed in the area. At least 25,700 feet of streetscape improvements are needed to support
development in the HTRZ (Exhibit D) that include remedies to the aforementioned issues.
Additionally, streetscape improvements would be inclusive of the city's Green Loop project - a linear park
system connected by pedestrian and bike paths through the HTRZ and beyond. Similar linear park projects
like Chicago's 606 Trail cost $95 million for 2.7 miles and Miami's Underline cost $120 million for 4 miles.
Salt Lake City's Green Loop has the potential to create 60 acres of forest integrated into 5.5 miles of city
streets. The RDA may provide a portion of funding fo3these large capital projects. �,�
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
PUBLIC TRANSIT SUPPORT
Connecting this neighborhood to the rest of the Wasatch Front is of the utmost importance, especially as a
means to get people to jobs, educational and recreational opportunities. Utah Transit Authority's (UTA)
Future of Light Rail Study (2022) explores the expansion of light rail through the HTRZ, expanding the
network along the Ballpark Spur to 400 West and extending the University Line west of Main Street along
400 South for a total cost of $123,940,000. Given that many higher education institutions such as the
University of Utah, Westminster College, Brigham Young University and Salt Lake Community College offer
free UTA transit passes to students and faculty, the importance of integrated and expanded public transit
will only further the ability of HTRZs to reduce vehicle trips, air pollution and fuel consumption, thereby
improving overall air quality. The transit network will provide residents increased access to employment
opportunities. Multiple funding sources will be needed to implement such a significant capital project in
addition to promoting other forms of public transit.
PUBLIC PROJECT PROFILES
Multiple, large public projects are in need of funding to support growth and well-being of
residents in this area. Two examples of these monumental projects are described in more
detail below. See Exhibit D for a map of infrastructure improvements included in the
proposed HTRZ public benefits.
Green Loop
LINEAR PARK SYSTEM CONCEPT CONNECTING
GREENSPACES THROUGH AND TO THE WEST OF
SALT LAKE CITY'S DOWNTOWN
• Running along 500 West and 900 South in the
proposed HTRZ
• Featuring a walking path, bike path and spaces for
recreation and ecological services
• Promotes economic development and decreased
carbon emissions
• Significant public investment - similar project in
Chicago cost $95 million for 2.7 miles of trail
IOR 2012
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Grand Boulevards
IMPROVEMENTS TO TWO MAJOR BOULEVARDS
ALONG 500 SOUTH AND 600 SOUTH IN THE
PROPOSED HTRZ TO CREATE GRAND ENTRIES INTO
THE CENTRAL BUSINESS DISTRICT
• Create a memorable and inspiring experience for
locals and international visitors entering and
exiting the capital city, particularly by automobile.
• Bury the electrical transmission and distribution
lines on 600 South
• Address the numerous billboards located along
each corridor
• Significant public investment - burial of power lines
on 600 South estimated to be $50 million
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
Sales Tax Analysis
SALES & USE TAX BASE YEAR VALUE:
The sales and use tax boundary is the same as HTRZ boundary and includes the HTRZ parcels (Exhibit A).
The 2022 sales tax base year value was calculated using the $12,335,303,681 total taxable sales revenue
for Salt Lake City. Using the City's taxable sales and total acreage, a proportion was created to determine an
approximate base year taxable sales value for the HTRZ. The HTRZ represents 0.14% of Salt Lake City
acreage and was assumed to account for 0.14% of taxable sales, providing a taxable sales base year value of
$16,997,325.
SALES TAX GENERATION:
The Salt Lake City commercial gross taxable sales were divided by the City's estimated commercial square
footage to calculate an average commercial sales per square foot value of $251. Online sales per resident
are estimated to be $2,301 per year. Using the projected absorption of residential and commercial
development, taxable sales were projected for the HTRZ term. A 3% annual growth rate was applied to
taxable sales. The total incremental taxable sales during the HTRZ term is projected to be $5,493,025,953,
or an average of $323,119,174 per year. The total sales tax generated for the Transit Transportation
Investment Fund (TTIF) is estimated at $46,402,249. Exhibit G includes additional details regarding the
estimated sales tax generation.
SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE
HTRZ State Code Alignment
Utah Code .0Applicability, requirements and limitations
i Zone.
Objectives ' Housing and Transit Reinvestment Zone proposal created under this part shall promote the
ollowing objectives:
SECTION DESCRIPTION HTRZ APPLICABILITY
The proposed HTRZ is located just southwest of Salt Lake City's downtown
and centered around the TRAX stop at approximately 200 West and 900
South within a half mile of two additional stops to the north and south. The
9 Line Trail, which the City is currently working to improve for pedestrians
and cyclists alike, runs east to west directly through the center of the
proposed HTRZ making it a very connected, transit -oriented location. The
current scale of development in the area doesn't take full advantage of the
(1)(a) Higher utilization of public existing public transit and associated public benefits. Additionally, UTA
transit. plans to extend TRAX within the HTRZ.
Anticipated development supported by the HTRZ includes approximately
10,214 residential units, 1,147,263 square feet of commercial space,
1,919,842 square feet of office space and 441 hotel rooms. These projects
will greatly increase the population, employment and visitors within a
walkable distance of light rail, bus stops and bike trails in the area and thus
should result in a much higher utilization of public transit.
State Code requires that at least 10% of the proposed dwelling units within
Increasing availability of an HTRZ are affordable at 80% AMI. The RDA will target supporting projects
(1)(b) housing, including with a higher level of affordability at 60% AMI. This equates to
affordable housing. approximately 1,021 affordable units with rent estimated at $1,152 per
month based on the NOVOGRADAC's 2022 60% AMI for a Salt Lake County
1-bedroom rent limit.
The creation of this HTRZ will promote denser and therefore more water wise
and efficient urban development. The lack of individual lawns and gardens
Conservation of water as compared to single family housing lots will reduce the amount of water
(1)(c) resources through efficient necessary to maintain green spaces. The RDA's Sustainable Development
Policy also requires projects receiving funding to earn an ENERGY STAR
land use. score of at least 90, significantly reducing water consumption through the
use of water efficient appliances like washing machines and dishwashers.
See Exhibit B for additional policy details.
42 15
Utah Code -
63N-3-603. Applicability, requirements, and limitations on a housing and transit reinvestment
Objectives —
A housing and transit reinvestment zone proposali under this i.rt shall promi
following objectives:
SECTION
DESCRIPTION HTRZ APPLICABILITY
Denser, more efficient development so close to multiple forms of transit,
jobs and urban amenities will significantly reduce the number of motor
vehicle trips per household.
Improving air quality by
(1)(d)
reducing fuel consumption
Additionally, the RDA's Sustainable Development Policy requires projects
and motor vehicle trips.
receiving funding to earn an ENERGY STAR score of at least 90 and be all -
electric. Projects that receive a tax increment reimbursement must utilize
on -site renewable energy to supply at least 50% of the building's annual
energy consumption to reduce use of fossil fuels and improve air quality.
The proposed HTRZ covers much of the Granary District, which once
housed most of the city's manufacturing, processing and storage
businesses. This neighborhood and the historic warehouse buildings within
it are now being adaptively reused to support a mix of land uses including
Encouraging transformative
housing, hotels, entertainment venues, local businesses and much more.
mixed -use development
The former sprawling warehouse district will see transformative new growth
and investment in
with its life science and technology focused employment opportunities,
(1)(e)
transportation and public
entertainment and housing.
transit infrastructure in
Investment in public transit expansion that this HTRZ would support is
strategic areas.
needed to connect people to the new development in the neighborhood and
further connect commuters to the FrontRunner commuter rail. Additional
public transit access to education and employment centers like the
University of Utah and Salt Lake Community College would further
enhance the integration of the HTRZ into the greater Wasatch Front.
Strategic land use and
The proposed HTRZ intersects three light rail stations and is within a mile
municipal planning in
of the FrontRunner Station at approximately 300 South and 500 West.
(1)(f)
major transit investment
UTA's Future of Light Rail study proposes the extension of TRAX within
corridors as described in
this HTRZ area. The area is within 3/4 mile of 1-15 interchanges and
encompasses 600 South, or the "grand entryway" into Utah's capital city
Subsection 10-9a-403(2).
from 1-15 and the Salt Lake City International Airport.
Numerous jobs will be created as a result of development within the
Increasing access to
proposed HTRZ. The University of Utah has also partnered with the Stena
(1)(g)
employment and
Center for Financial Technology to establish an entrepreneur center in the
educational opportunities.
HTRZ boundary with a focus on industry -sponsored labs, a start-up
incubator and fintech-focused degrees and certifications.
43 16
SECTION
DESCRIPTION
HTRZ APPLICABILITY
At least 10% of the proposed
It's estimated that at least 20% or 2,043 of the 10,214 dwelling units
dwelling units within the
projected to be constructed within the HTRZ will be affordable. The
(2)(a)
Housing and Transit
RDA will target supporting affordable housing projects with 10% of
Reinvestment Zone are
units at 60% AMI and typically support mixed -income projects with
affordable housing units.
even higher percentages of affordable units.
At least 51% of the
developable area within the
Housing and Transit
Reinvestment Zone includes
52.89 acres of the 97.72 developable acres, or 54.1% of the
(2)(b)
developable land, is planned for residential development. Across the
residential uses, except as
HTRZ, the proposed density is 104.5 residential units/acre.
provided in subsection (4)(c),
with an average of 50 dwelling
units per acre or greater.
The HTRZ incorporates mixed -use development with active ground floor
uses. Preliminary project proposals have indicated that ground floor
(2)(c)
Mixed -use development.
uses are planned. Additionally, the RDA will encourage the support of
local, women and minority -owned businesses as part of mixed -use
development projects.
The HTRZ incorporates a mix of studios, 1-bedroom, 2-bedroom, 3-
A mix of dwelling units to
bedroom and townhomes with up to 4-bedrooms. The currently proposed
ensure that a reasonable
(2)(d)
percentage of the dwelling
developments within the HTRZ incorporate this mixture of bedroom
counts. The mix of dwelling unit sizes will be reviewed by the RDA to
units has more than one
ensure compliance with State Code at the time a funding request is
bedroom.
received.
44 17
Additional incentives, grants and sources of revenue to reduce
the finance gap
Annual HTRZ tax increment revenues will be leveraged with various other funds and tools
administered by the RDA, SLC Department of Community and Neighborhoods, SLC Department of
Economic Development and the State and Federal Governments. Leveraging funds and tools will
allow the RDA to maximize the reach and impact of HTRZ development activities by focusing
resources in a coordinated manner. Resources available to leverage include:
Low -Income Housing Tax Credit Program (LIHTC)_ The LIHTC program supported by the federal
government provides a tax incentive to construct or rehabilitate affordable rental housing for low-
income households.
Salt Lake City Economic Development Loan Fund: The Economic Development Loan Fund (EDLF)
provides loans to small businesses located in the City for the purpose of stimulating economic
development by enhancing business opportunities, providing employment and promoting
neighborhood revitalization.
Salt Lake City Neighborhood Building Improvement Program: The Neighborhood Building
Improvement Program (NBIP) provides grants up to $25,000 for fagade improvement projects to
revitalize neighborhood commercial areas, enhance the livability of adjacent communities and
support local businesses.
EPA Brownfields Revolving Loan Fund: Salt Lake County's EPA Revolving Loan Fund offers loans
from $10,000 to $500,000 to entities redeveloping qualified brownfield sites.
Commercial Property Assessed Clean Energy (C-PACE): The C-PACE program supported by the
State makes full financing options available to businesses and multi -family rental properties that
have long-term repayment options. This program was designed to help businesses afford the
upgrades needed for energy efficiency, install renewable energy systems and help improve Utah's
air quality while reducing their carbon footprint.
Redevelopment Agency of Salt Lake City Housing Development Loan Program: Salt Lake City's
Housing Development Loan Program addresses the health, safety and welfare of the City's citizens
by providing below -market financing for affordable and special needs housing within municipal
boundaries. The program provides a centrally located and uniform application process across all
funding sources, providing a one -stop -shop to apply for funds for the development, rehabilitation
and preservation of affordable housing.
Exhibit A
Parcel ID List
46 19
Parcel number
Lot Size
Taxable Value (2022)
Tax Area
Rate (2022)
15-01-451-013-0000
5.02
25,579,821
13
0.010537
15-12-130-018-0000
0.42
1,346,000
02A
0.010537
15-12-130-019-0000
0.2
545,800
02A
0.010537
15-12-130-020-0000
0.31
853,400
02A
0.010537
15-12-130-023-0000
0.61
394,000
02A
0.010537
15-12-131-005-0000
0.25
735,600
02A
0.010537
15-12-204-008-0000
0.12
210,300
02A
0.010537
15-12-204-025-0000
0.03
60,800
02A
0.010537
15-12-204-024-0000
0.08
97,600
02A
0.010537
15-12-204-006-0000
0.08
97,600
02A
0.010537
15-12-131-001-0000
0.33
355,600
02A
0.010537
15-12-130-011-0000
0.05
44,600
02A
0.010537
15-12-204-005-0000
0.1
263,900
02A
0.010537
15-12-130-010-0000
0.05
184,100
02A
0.010537
15-12-204-028-0000
0.07
88,000
02A
0.010537
15-12-130-011-0000
0.05
44,600
02A
0.010537
15-12-130-009-0000
0.05
28,300
02A
0.010537
15-12-204-029-0000
0.0902
88,000
02A
0.010537
15-12-252-031-0000
0.12
249,800
01K
0.010537
15-12-252-030-0000
0.08
198,800
01K
0.010537
15-12-252-029-0000
0.1
153,700
01K
0.010537
15-12-252-028-0000
0.1
195,200
01K
0.010537
15-12-204-017-0000
0.48
1,240,400
02A
0.010537
15-12-181-001-0000
0.22
1,115,700
02A
0.010537
1 S-1,)-1
szi -nm-nnnn
n 1 A
),A:i snn
mn
n nl nl;'47
2022 Land Value % Residential "Resial Acre
12,797,990 100.0% ;50
I
15-12-180-001-0000
0.22
$363,800
02A
0.010537
15-12-180-017-0000
0.5
$866,100
02A
0.010537
15-12-251-001-0000
8.75
$0
02A
0.010537
15-12-177-007-0000
1.26
$3,009,200
02A
0.010537
15-01-379-017-0000
1.19
$1,002,700
02A
0.010537
15-12-127-007-0000
1.63
$4,800,700
02A
0.010537
15-12-130-016-0000
0.7
$433,700
02A
0.010537
15-12-130-013-0000
0.16
$145,500
02A
0.010537
15-12-130-014-0000
0.08
$49,200
02A
0.010537
15-12-130-026-0000
0.57
$551,200
02A
0.010537
15-01-478-018-0000
4.4
$20,238,200
13
0.010537
15-01-478-009-0000
0.32
$547,400
13
0.010537
15-12-127-014-0000
02A
1 c ni �-7a n-)� nnnn
M A
15-12-108-007-0000 0.73 1,413,300 +13 0.010537
15-12-108-003-0000 1.51 $2,116,800, 13. 0.010537
15-12-129-012-0000
1.41
$3,592,300
02A
0.010537
$2,462,800
15-12-129-011-0000
2.38
$6,217,300
02A
0.010537
$3,197,000
15-12-129-009-0000
0.82
$1,169,000
02A
0.010537
$1,169,000
15-12-129-006-0000
0.87
$3,086,700
02A
0.010537
$1,172,200
15-12-129-005-0000
0.19
$446,500
02A
0.010537
$296,100
15-12-129-003-0000
0.09
$155,200
02A
0.010537
$155,200
15-12-129-004-0000
0.22
$328,900
02A
0.010537
$328,900
15-12-129-002-0000
0.13
$859,000
02A
0.010537
$227,400
15-01-476-006-0000
1.34
$3,873,100
13
0.010537
$3,619,500
15-12-129-015-0000
0.61
$1,737,700
02A
0.010537
$345,400
15-12-129-014-0000
0.3
$183,900
02A
0.010537
$169,900
15-12-129-007-0000
0.31
$293,300
02A
0.010537
$293,300
15-12-210-002-0000
0.44
$850,300
01K
0.010537
$850,300
15-01-454-009-0000
0.16
$440,500
02A
0.010537
$361,900
15-01-454-014-0000
0.47
$1,505,000
02A
0.010537
$1,094,700
15-12-201-010-0000
1.42
$4,980,100
02A
0.010537
$1,979,400
15-01-380-017-0000
4.941
$9,561,3001
02AI
0.0105371
$9,561,300
15-12-228-020-0000
0.841
$2,367,9001
01KI
0.0105371
$1,170,900
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
100.0%
93.0%
93.0%
93.0%
100.0%
100.0%
100.0%
100.0%
60.0%
93.0%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.34
0.57
0.28
0.29
0.44
0.16
0.47
1.42
2.96
0.78
47 20
rcel number Lot ize
15-12-228-019-0000 0.93
axable Value (2022) Tax Area Rate (2022) 2022 Land Value
$1,980,400 01K 0.010537 $1,969,400
$294,400 01K 0.010537 $164,600
$8,172,000 01K 0.010537 $7,288,400
15-12-228-014-0000
0.07
15-01-479-022-0000
3.127
15-12-203-006-0000
0.16
$361,900
01K
0.010537
$361,900
15-12-203-007-0000
0.14
$394,200
01K
0.010537
$339,500
15-12-203-012-0000
0.08
$213,000
01K
0.010537
$213,000
15-12-277-014-0000
0.4
$468,800
01K
0.010537
$460,100
15-12-277-021-0000
0.79
$10,214,930
$2,119,5001
01K
01K
0.010537
0.010537
0.010537
$1,732,200
$1,069,700
15-12-278-001-0000
0.62
16-07-151-001-0000
1 01K
15-12-204-033-0000
0.39
3,051,400
02A
1,018,600
15-12-204-018-0000
0.46
1,439,200
02A
479,200
15-12-204-026-0000
0.08
81,700
02A
81,700
15-12-255-012-0000
0.11
241,900
02A
_ 241,900
15-12-255-026-0000
0.34 AIIIIIIIIIIIIIi
737,500
02A
684,900
17-1L-L/O-UUL-000U
U.ID
0.42
;)OlO,000
Ulll
U.UlUD.5/
,)OlO,UuU
15-12-278-019-0000
$1,020,700
01K
0.010537
$1,017,700
15-12-278-021-0000
0.41
$603,000
01K
0.010537
$603,000
15-12-278-026-0000
0.53
$2,481,100
01K
0.010537
$816,900
15-12-278-028-0000
0.08
$58,500
01K
0.010537
$58,500
15-12-278-031-0000
0.19
$348,900
01K
0.010537
$348,900
15-12-276-015-0000
0.2
$125,785
01K
0.010537
$213,800
15-12-206-013-2000
0.1
$0
01K
0.010537
$154,700
15-12-206-013-6000
0.1
$433,452
01K
0.010537
$192,290
15-12-206-015-2000
0.09
$0
01K
0.010537
$78,400
15-12-206-015-6000
0.09
$78,000
01K
0.010537
$78,000
15-12-206-016-2000
0.09
$0
01K
0.010537
$78,400
15-12-206-016-6000
0.09
$243,900
01K
0.010537
$78,400
15-12-206-017-0000
0.1
$0
01K
0.010537
$87,100
15-12-207-001-0000
0.34
$0
01K
0.010537
$486,900
15-12-207-002-0000
0.22
$0
01K
0.010537
$321,000
15-12-207-012-0000
0.1
$0
01K
0.010537
$97,100
15-12-207-013-0000
0.84
$0
01K
0.010537
$1,178,400
15-12-209-010-0000
0.2
$526,300
01K
0.010537
$284,700
15-12-253-014-0000
0.2
$604,600
01K
0.010537
$408,900
15-12-254-010-0000
0.1
$203,390
01K
0.010537
$142,600
15-12-254-011-0000
0.1
$278,190
01K
0.010537
$142,600
15-12-276-016-0000
0.11
$149,820
01K
0.010537
$147,200
15-12-276-018-0000
0.09
$155,000
01K
0.010537
$151,200
15-12-276-034-0000
0.42
$896,100
01K
0.010537
$896,100
15-01-454-018-0000
0.63
$1,849,000
02A
0.010537
$1,841,900
15-12-129-010-0000
1.25
$1,555,500
02A
0.010537
$1,010,400
15-12-129-013-0000
1.09
$1,505,600
02A
0.010537
$1,180,300
15-12-130-002-0000
0.83
$471,000
02A
0.010537
$470,000
15-12-130-024-0000
0.51
$1,968,200
02A
0.010537
$288,900
15-12-130-027-0000
0.2
$340,500
02A
0.010537
$176,700
15-12-130-028-0000
0.01
$6,600
02A
0.010537
$6,600
15-12-156-001-0000
0.12
$85,200
02A
0.010537
$85,200
15-12-157-001-0000
0.14
$95,300
02A
0.010537
$95,300
15-12-157-002-0000
0.18
$117,000
02A
0.010537
$117,000
15-12-176-002-0000
0.63
$1,227,200
02A
0.010537
$571,700
15-12-176-005-0000
1.3
$2,954,700
02A
0.010537
$1,189,200
15-12-176-007-0000
1.12
$2,347,800
02A
0.010537
$1,024,500
15-12-176-011-0000
1.25
$1,449,100
02A
0.010537
$1,143,500
15-12-179-009-0000
1.05
$1,704,600
02A
0.010537
$1,646,600
15-12-181-005-0000
0.21
$220,500
02A
0.010537
$215,500
15-12-182-003-0000
0.2
$198,220
02A
0.010537
$93,100
15-12-182-004-0000
0.11
$178,69
002A
0.010537
$76,300
15-12-182-005-0000
0.12
$182,200
02A
0.010537
$182,200
15-12-182-006-0000
3.15
$4,977,500
02A
0.0105371
$4,939,700
% Residentia��Residential Acreage
93.0%
93.0%
65.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
0.0%
0.0%
0.0%
0.0%
0.0%-
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
69.0%
60.0%
69.0%
69.0%
69.0%
69.0%
_ 0.86
0.07
2.03
0.12
0.11
0.06
0.30
0.59
0.47
0.00
0.00
0.00
0.00
0
0
0.26
0.32
0.31
0.40
0.06
0.14
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.38
0.75
0.65
0.50
0.31
0.12
0.01
0.07
0.08
0.11
0.38
0.78
0.67
0.75
0.72
0.13
0.14
0.08
0.08
2.17
48 21
15-12-183-008-0000
15-12-183-009-0000
15-12-326-001-0000
15-12-326-002-0000
15-12-326-003-0000
15-12-326-004-0000
15-12-326-005-0000
15-12-326-007-0000
15-12-326-008-0000
15-12-327-001-0000
15-01-454-019-0000
15-12-201-007-0000
15-12-255-002-0000
15-12-255-007-0000
15-12-255-011-0000
15-12-255-020-0000
15-12-255-024-0000
15-12-255-025-0000
15-12-255-027-0000
15-12-255-028-0000
15-12-255-029-0000
15-12-255-030-0000
15-12-255-031-0000
15-12-255-032-0000
15-01-478-003-0000
15-01-478-001-0000
15-01-478-002-0000
15-01-478-017-0000
15-01-478-019-0000
15-12-303-001-0000
15-12-303-002-0000
15-12-303-003-0000
15-12-303-004-0000
15-12-207-004-0000
15-12-207-003-0000
15-12-207-016-0000
15-12-254-086-0000
15-12-254-003-0000
15-12-157-003-0000
15-12-130-025-0000
15-12-227-009-0000
15-12-227-004-0000
15-12-478-019-0000
15-12-228-015-0000
15-12-252-035-0000
15-12-153-004-0000
15-12-253-029-0000
15-01-378-031-0000
15-01-453-005-0000
15-01-453-006-0000
15-01-453-007-0000
15-12-263-001-0000
15-12-263-006-0000
15-12-263-005-0000
15-12-263-002-0000
15-12-263-003-0000
TOE TALS:
0.39
0.14
0.23
0.04
0.44
0.24
0.86
0.71
0.23
0.49
0.01
0.11
0.1
0.18
0.08
0.08
0.26
0.06
0.01
0.07
0.45
0.1
0.34
0.54
0.15
0.12
0.04
0.16
0.2
0.12
0.21
0.08
0.09
0.24
0.05
0.2
0.2
0.21
0.73
0.66
0.19
4.3
0.0564
0.8
5
1.3
0.42
0.12
0.14
0.11
0.2
Value (2022)
$386,61
$207
$1,345,300
$789,000
$705,200
$271,
$233,
$199,265
$2,342,600
$1,259,800
$653,900
811,200
396,100
137,200
447,400
$509,100
$94,400
$205,300
$5
Ta, x Area Rate (202
02A 0.010537
02A 0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A 0.010537
13
13
13
13
13 0.010537
02A
0.010537
02A
0.010537
02A
0.010537
02A
0.010537
01KI
0.010537
01KI
0.010537
$932,6351
01K
0.010537
$485,4001
01K
0.010537
$310.200
02A
0.010537
2,075,900
$1,456,900
$602,635
$1,358,100
$11,166,700
$2,423,300
$1,066,100
$167,300
97.72 $2
131 0.010537
131 0.010537
01K
01K
02A
01K
13
13
13
13
01K
01K
01K
01K
01K
221
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
0.010537
202and Value % Residential
$375,500
$126,900
$207,900
$36,600
$399,100
$219,500
$789,000
$649,500
$210,400
$448,200
$23,500
$245,900
$82,600
$188,200
$133,300
$198,800
$271,800
$62,700
$2,200
$69,500
$784,100
$104,500
$610,300
$573,200
734,300
396,100
137,200
361,900
$509,100
$94,400
$165,200
$62,900
$70,800
$550,200
$76,600
$447,200
$447,200
$310,200
$1,417,600
$707,400
5155,600
$1,130,700
$4,573,800
$1,752,600
$1,064,100
$167,300
$195,100
$704,300
% Residential:
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
60.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
75.0%
65.0%
65.0%
65.0%
65.0%
65.0%
60.0%
60.0%
60.0%
60.0%
75.0%
75.0%
0.0%
75.0%
60.0%
0.0%
75.0%
65.0%
0.0%
75.0%
75.0%
60.0%
75.0%
100.0%
75.0%
75.0%
75.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Residential
0.23
0.08
0.14
0.02
0.26
0.14
0.52
0.43
0.14
0.29
0.01
0.08
0.08
0.14
0.06
0.06
0.20
0.05
0.01
0.05
0.34
0.08
0.26
0.41
0.10
0.08
0.03
0.10
0.13
0.07
0.13
0.05
0.05
0.18
0.04
0.00
0.15
0.13
0.00
0.50
0.12
MIj!
I .1
11
1
11•
11:
1 1
1 11
1 11
1 II
1 11
52.89
54.1%
49
22
Exhibit B
Sustainable Development Policy Infographic
SUSTAINABLE DEVELOPMENT POLICY
- _A
REQUIREMENTS FOR PROJECTS REQUESTING RDA FUNDS
'EHABILIIAiION I'ROJECIS
$200,000 to $899,999
Designed to earn ENERGY STAR
score of 90+
Participation in SLC's Energy
Benchmarking Program
$900,000+
Designed to earn ENERGY STAR
score of 90+
Participation in SLC's Energy
Benchmarking Program
100% electric (no on -site fossil
fuel consumption)
i NEW CONSTRUCTION ---- 4
ALL NEW CONSTRUCTION
PROJECTS
Designed to earn ENERGY STAR
score of 90+
Participation in SLC's Energy
Benchmarking Program
100% electric (no on -site fossil
fuel consumption)
Additional Net Zero requirements and incentives
for projects utilizing specific RDA programs:
OFF -SITE Must participate in a program that supports ON -SITE Must use as much on -site
NET ZERO renewable energy sources (i_e. Rocky Mountain NET ZERO renewable energy (i.e. solar) as
BUILDINGS Power's Subscriber Solar and Blue Sky Programs) BUILDINGS possible to source energy needs
TAX INCREMENT REIMBURSEMENT
PROGRAM (OVER $50OK)
LAND DISPOSITIONS
RDA LOAN PROGRAMS
On -Site Net Zero building status REQUIRED
Off -Site Net Zero REQUIRED
On -Site Net Zero will receive higher rankings for
competitively marketed projects
• Off -Site Net Zero will be eligible to receive interest rate
reduction of 1
• On -Site Net Zero will be eligible to receive interest rate
reduction of 2%
PLEASE CLICK HERE TO SEE FULL POLICY A
UTAH L16:
UTAH
. SLCRDACLEAN �R I CLEAN AIR
ENERGY SLC
Link to full Sustainable Development Policy:
https://slcrda.com/wp-content/uploads/2022/10/Final-Sustainable-Development-Policy-
Resolutior�,NOFA.pdf 23
DISTRICTS
THE GRANARY
Exhibit C
Granary Infrastructure Improvements
T � �
LEGEND
Study Area
—Very Poor to Marginal Pavement
Condition
Water Mains 6' or Less
Overhead Transmission Lines
NOME
MMMM
non■
r■OE■
SALT LAKE CITY I DOWNTOWN COMMUNITY PLAN RM
Link to The Downtown Plan:
http://www.slcdocs.com/Planning/MasterPlansMaps/Downtown.pdf
62
24
5 600 S `' 1 n :••• - ` f (;tif) 01.
in
VY E u u .S
•i �Ow
o`
~ W rinn 5 ■ --.I F—, - . I t E 301) • Of
.�lFw
_ A ■ 6
Eno
WA;Q
n _�� .7z
_, 1
sSmb-_ -
Qy iIIV,
'I E 500 S
U ars
•
F 60l
}
ic...(n,dhWWMW& W tou s _... F- F.00 s ■ n_
tl ' •�
W9005 — 44-9
r
.�� 3
_VA
"Mot -
ail
IM
as-
W E 1300 s
s - . i A
L
I
Exhibit E
Tax Increment Budget
54 27
REDEVELOPMENT AGENCY OF SALT LAKE CITY
HTRZ Project Area: 900 South 200 West
Multi -year Tax Increment and Cash Flow Analysis (HTRZ Mixed -Use Development)
INCREMENTAL PROPERTY TAX ANALYSIS:
YR 1 YR 2 YR 3 0 YR A'71'71111JL YR 10 YR 11 = YR 12 YR 13 YR 14 JEW YR 1 YR 16 JL YR 17
Value
468,768,698
(212,262,833)1(212,262,833)
1,806,236,775 3,044,833,157 3,044,833,157 3,044,833,157 30
3,04,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 3,044,833,157 2,576,064,459 1,238,596,383Assessed
(212,262,833) (212,262,833 (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833) (212,262,833)
(Less Base Year Value)
TOTAL INCREMENTAL VALUE:
256,505,865 1,593,973,942 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,363,801,626 1,026,333,550
CDA PROJECT AREA BUDGET
INCREMENTAL TAX BY TAXING ENTITY
2022
TOTALS
NPV
Salt Lake County
0.001459
374,242
2,325,608
4,132,720
4,132,720
4,132,720 4,132,720
4,132,720
4,132,720 4,132,720
4,132,720
42,489
4,132,720
42,489
4,132,720
42,489
4,132,720
42,489
4,132,720
42,489
4,132,720
42,489
3,448,787 1,497,421
35,457 15,395
61,371,419
41,610,150
Multi County Assessing and Collecting
0.000015
3,848
23,910
42,489
42,489
42,489 42,489
42,489
42,489 42,489
630,960
427,795
County Assessing and Collecting
Salt Lake City School District
Salt Lake City
Salt Lake City Library
0.000160
41,041
255,036
453,211
453,211
453,211 453,211
12,313,183 12,313,183
8,945,257 8,945,257
453,211
453,211 453,211
453,211
453,211
453,211
453,211
453,211
453,211
378,208 164,213
6,730,245
4,563,142
0.004347
1,115,031
6,929,005
12,313,183
12,313,183
12,313,183
12,313,183 12,313,183
12,313,183
12,313,183
12,313,183
12,313,183
12,313,183
12,313,183
10,275,446 4,461,472
182,852,335
132,838,204
123,974,862
90,065,014
0.003158
810,046
1 5,033,770
8,945,257
1 8,945,257
8,945,257
8,945,257 8,945,257
8,945,257
1,750,528
600,505
475,872
1,133,028
8,945,257
1,750,528
600,505
475,872
1,133,028
1 8,945,257
1,750,528
600,505
475,872
1,133,028
8,945,257
1,750,528
600,505
475,872
8,945,257 8,945,257
1,750,528 1,750,528
600,505 600,505
475,872 475,872
1,133,028 1,133,028
7,464,886 3,241,161
1,460,829 634,274
501,126 217,583
397,119 172,424
945,521 410,533
0.000618
158,521
985,076
1,750,528
1,750,528
1,750,528 1,750,528 1,750,528
600,505 600,505 600,505
475,872 475,872 475,872
1,133,028 1,133,028 1,133,028
1,750,528 1,750,528
25,995,570
8,917,574
7,066,757
17,625,136
6,046,163
4,791,299
Salt Lake Metropolitan Water District
0.000212
54,379
337,922
600,505
600,505
600,505 600,505
Salt Lake City Mosquito Abatement District
Central Utah Water Conservancy District
0.000168
43,093 267,788
102,602 637,590
475,872 475,872
1,133,028 1,133,028
475,872 475,872
1,133,028 1,133,028
0.000400
1,133,028
16,825,612
11,407,855
Totals:
0.010537
2,702,802 16:795,703 29,846,794 29,846,794 29,846,794 29,846,794 29,846,794
29,846,794 29,846,794 29,846,794
1 29,846,794 29,846,794
1 29,846,794
1 29,846,794 29,846,794 24,907,378 10,814,477
443,228,676
300,511,415
Property Tax Participation Rate for Budget
Salt Lake County
Multi County Assessing and Collecting
County Assessing and Collecting
Salt Lake City School District
Salt Lake City
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
Salt Lake City Library
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
°
0
°
80 0
°
80 0
°
80 0
°
80 /o
Salt Lake Metropolitan Water District
Salt Lake City Mosquito Abatement District
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
Central Utah Water Conservancy District
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
Property Tax Increment Participation by Taxing Entity
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
TOTALS
I NPV
Salt Lake County
299,394
1 1,860,486
3,306,176
1 3,306,176
3,306,176
3,306,176
3,306,176
1 3,306,176
3,306,176
3,306,176
3,306,176
1 3,306,176
3,306,176
3,306,176 3,306,176
2,759,029
1,197,937
49,097,135
33,288,120
Multi County Assessing and Collecting
3,078
19,128
33,991
33,991
33,991
33,991
33,991
33,991
33,991
33,991
33,991
1 33,991
33,991
33,991 33,991
28,366
12,316
504,768
342,236
County Assessing and Collecting
Salt Lake City School District
Salt Lake City
Salt Lake CRy Library
32,833 204,029
892,025 5,543,204
648,036 4,027,016
126,816 788,061
43,503 270,338
362,569
362,569
362,569
362,569
362,569
362,569
362,569
362,569
362,569
362,569
362,569
362,569 362,569
302,567
131,371
5,384,196
3,650,514
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547
9,850,547 9,850,547 9,850,547
7,156,206 7,156,206 7,156,206
1,400,423 1,400,423 1,400,423
480,404 480,404 480,404
380,697 380,697 380,697
906,423 906,423 906,423
8,220,357
3,569,178
146,281,868
99,179,890
7,156,206
7,156,206
7,156,206
7,156,206
7,156,206
7,156,206
7,156,206
7,156,206
7,156,206
7,156,206
5,971,908
2,592,929
106,270,563
72,052,011
1,400,423
1,400,423
1,400,423
1,400,423
1,400,423
1,400,423
1,400,423
1,400,423
1,400,423
1,400,423
1,168,664
507,419
20,796,456
14,100,109
Salt Lake Metropolitan Water District
480,404
480,404
480,404
480,404
480,404
480,404
480,404
480,404
480,404
480,404
400,901
174,066
7,134,059
4,836,930
Salt Lake City Mosquito Abatement District
Central Utah Water Conservancy District
34,474 214,230
82,082 510,072
380,697 380,697
906,423 906,423
380,697
380,697 380,697
906,423 906,423
380,697
380,697 380,697
906,423 906,423
380,697 380,697
906,423 906,423
317,695 137,939
756,417 328,427
5,653,406
3,833,039
906,423
906,423
13,460,489
9,126,284
Combined Phases Total:
2,162,242 13,436,563
23,877,435 23,877,435
23,877,435 23,877,435 23,877,435
23,877,435 23,877,435 23,877,435
23,877,435 23,877,435 23,877,435
23,877,435 23,877,435
19,925,902 8,651,581
354,582,941
240,409,132
Total Property Tax Increment for Budget:
1 2,162,242 13,436,563 23,877,435 23,877,435
23,877,435 23,877,435 23,877,435
1 23,877,435 23,877,435 23,877,435
23,877,435 23,877,435 23,877,435 23,877,435 23,877,435
19,925,902 8,651,581
354,582,941
240,409,132
Uses of Tax Increment Funds
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17
Totals
NPV
HTRZ Allowable Costs
2,162,242 13,436,563 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 19,925,902 8,651,581
354,582,941
240,409,132
Admin Fee
1%
21,622
134,366
238,774
238,774
1 238,774
238,774
238,774
238,774
238,774
238,774
238,774
238,774
238,774
238,774
238,774
199,259
86,516
3,545,829
2,404,091
Public Development Project Support
39%
843,274
5,240,259
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
9,312,200
7,771,102
3,374,117
138,287,347
93,759,561
Private Development Support
60%1
11297,345
8,061,938
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
14,326,461
11,955,541
5,190,949
212,749,764
144,245,479
Total:
100%1
2,162,242
13,436,563
23,877,435
23,877,435 23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
23,877,435
19,925,902
8,651,581
354,582,941
240,409,132
55 28
Exhibit F
Absorption Schedule
56 29
HTRZ
PHASE III
Phase III Development Pro Forma
Assumptions
Assessed Value Per
Land Value
Total Finished Land
Base Year Valu
Building Value Assumptions
Units or Building SF
SF/Per Unit Cost
Total Assessed Value Total
Construction Costs Assumptions Acreage
Per SF Land Value
Value
Portion
Commercial
372,069
$361
$134,134,737
$167,668,421 Commercial
7.50
$42
$13,668,678
7,011,290
Office
1,304,122
$315
$410,473,128
$513,091,410 Office
14.10
$78
$48,112,710
13,181,225
Residential Mid Rise
3,238
$316,019
$1,023,391,224
$1,860,711,317 Residential Mid Rise
36.20
$39
$61,690,137
33,841,159
Hotel
67
$104,349
$6,991,371
$8,739,214 Hotel
0.20
$76
$660,448
186,968
..
i
i i Public Use/Park
2.80
$0
$0
2,617,548
Additional
Base Year Land Value
.l:�
60.80
934,838.65
$ 56,838,190
56,838,190
Primary Residential Value Reduction
45.00%
Total Incremental Taxable Land Value
$ 67,293,784
Personal Property Rate
0.00%
Long Term Inflation Rate (post absorption)
0.00%
Feet per acre
43,560
Commercial
0%
0%
100%
0% 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Office
0%
0%
100%
0% 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Residential Mid Rise
0%
0%
100%
0% 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Hotel
0%
0%
100%
0% 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Commercial
0%
0%
100%
100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Office
0%
0%
100%
100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Residential Mid Rise
0%
0%
100%
100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Hotel
0%
0%
100%
100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Commercial
372,069
Office
1,304,122
Residential Mid Rise
3,238
Hotel
67
-
-
-
-
-
-
-
-
-
-
-
-
-
Commercial
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
Office
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
1,304,122
Residential Mid Rise
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
Hotel
67
67
67
67
67
67
67
67
67
67
67
67
67
67
67
Assessed Value by Land Use
Office
YR 1 YR 2 Y111-:3
YR 4
YR 5
YAR 6
YR 7
YR 8
Total Building Value
$410,473,128
$410,473,128
$410,473,128
$410,473,128
$410,473,128
$410,473,128
Land Value
$48,112,710
$48,112,710
$48,112,710
$48,112,710
$48,112,710
$48,112,710
Total Property Values
$458,585,838
$458,585,838
$458,585,838
$458,585,838
$458,585,838
$458,585,838
YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15
$410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128 $410,473,128
$48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710 $48,112,710
$458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838 $458,585,838
YR 16 YR 17
$410,473,128 $410,473,128
$48,112,710 $48,112,710
$458,585,838 $458,585,838
Commercial
YR 1 YR 2
YR 5
1111111ILr
YR 8
YR 9
YR 10 T
YR 11
YR 12W
YR 13
YR 14
YR 15
YR 16
YR 17
Total Building Value
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
$134,134,737
Land Value
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
$13,668,678
Total Property Values
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
$147,803,415
Residential Mid Rise
YR 1 YR 2 YR 3
YR 4 '
YR 5
YR 6
YR 7
YR 8
YR 9
YR 10 Ir
YR 11 W
YR 12
YR 13
YR 14
YR 15 W
YR 16
YR 17
Total Building Value
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
$1,023,391,224
Property Exemptions
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
Land Value
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
$61,690,137
Total Property Values
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
$624,555,311
Hotel
YR 1' YR YR 3
YR 4
YR 5
YR 6
YR 7
YR 8
YR 9
YR 70
YR 41
YR 12
YR 13 _
YR 14
YR 15
YR 16
YR 17
Total Building Value
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
$6,991,371
Land Value
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
$660,448
Total Property Values
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
$7,651,819
,.r....1 . ...y
Summary
YR 1 YR 2
YR 3
YR 4
YR 5
YR 6
YR 9
YR 10
YR 11
YR 13
YR 14
YR 15
YR 16
YR 17
YR 7
YR 8
YR 12
Building Value
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
$1,574,990,460
Land Value
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
$124,131,974
Less Primary Residential Exemption
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
(460,526,051)
Total Taxable Property Values
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
$1,238,596,383
57 30
58
31
Exhibit G
Sales Tax Analysis
59 32
900 S HTRZ
Sales Tax Analysis
Assumptions Retail
Commerical Sales per SF
$ 251.01
Builtout Commercial SF
1,147,263
Online Sales per Resident
$2,301
Annual Inflation
1.0%
Average Household Size
1.93
Residential Vacancy Rate (CBRE 2022)
3.60%
Discount Rate
4.0%
New Sales to State
30.0%
New Sales to County
50.0%
New Sales to City
50.0%
Sales Tax Rates (Net Rate)
State 4.850%
Taxable Sales Base Year Value (2022) 16,997,325
Overall City Sales Tax Revenue City Acreage
$ 12,335,303,681 70,920
HTRZ Propotion of 2022 Taxables Sales HTRZ Acreage
0.14% 97.72
Sales Tax Rates (Net Rate)
City Effective County Effective State Effective
Rate Rate Rate
State 4.850%
0.000%
0.000%
4.850%
County 0.250%
0.000%
0.250%
0.000%
Mass Transit 0.300%
0.000%
0.300%
0.000%
Additional Mass Trans 0.250%
0.000%
0.250%
0.000%
County Option Trans 0.250%
0.000%
0.250%
0.000%
Botanical, Cultural, Zoi 0.100%
0.000%
0.100%
0.000%
City 1.000%
0.500%
0.000%
0.000%
Correctional Facility 0.500%
0.500%
I otal 7.511JU% 1.UuU% 1.15U% 4.85U%
Source: Rates in effect as of October 1, 2021
Note 1: This is the annual commercial gross taxable sales compared to the estimated commercial square footage for Salt Lake City. 2022 taxable sales data was obtained from the State Tax Commission website.
Note 2: Census, 2021 ACS 1 YR Estimate
Time Indexed Sales ($)ISF
Yr 7
Yr 8
Yr 9
Yr 10
Yr 11
Yr 12
Yr 13
Yr 14
Commercial (brick & mortar) Sales
251
254
256
259
261
264
266
269
272
275
277
280
283
286
289
291
294
297
Online Sales
2,301
2,324
2,347
2,370
2,394
2,418
2,442
2,467
2,491
2,516
2,541
2,567
2,593
2,618
2,645
2,671
2,698
2,725
Yr 2
Yr 4
Yr 8
Yr 9
Yr 10
Yr 11
Yr 12
Yr 13
Yr 14
PH III Residential Units
-
-
-
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
All Other Residential Units
2,704
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
Total Residential Units
2,704
6,976
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
Vacant Units
-
97
251
368
368
368
368
368
368
368
368
368
368
368
368
368
368
368
HTRZ New Residents
5,031
12,979
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
19,004
PH III Commercial Square Feet
-
-
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
372,069
All Other Commercial Square Feet
31,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
775,194
Commercial SF Expired Removal'
(31,194)
(775,194)
Commercial Square Feet
-
31,194
775,194
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,147,263
1,116,069
372,069
Total
Commercial Gross Taxable Sales
-
7,908,306
198,492,533
296,700,273
299,667,276
302,663,949
305,690,588
308,747,494
311,834,969
314,953,319
318,102,852
321,283,881
324,496,719
327,741,687
331,019,103
334,329,294
328,491,290
110,605,645
4,742,729,178
Online Gross Taxable Sales
11,690,492
30,461,686
45,048,557
45,499,043
45,954,033
46,413,574
46,877,709
47,346,487
47,819,951
48,298,151
48,781,132
49,268,944
49,761,633
50,259,250
50,761,842
51,269,460
51,782,155
767,294,100
Less Sales Tax Base Year
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
(16,997,325)
State Sales Tax Generation
126,171
10,279,909
15,750,448
15,916,196
16,083,602
16,252,682
16,423,452
16,595,930
16,770,133
16,946,078
17,123,783
17,303,264
17,484,541
17,667,630
17,852,550
17,594,026
7,051,438
253,221,835
County Sales Tax Generation
14,958
1,218,752
1,867,321
1,886,972
1,906,819
1,926,864
1,947,110
1,967,559
1,988,212
2,009,071
2,030,139
2,051,418
2,072,909
2,094,616
2,116,539
2,085,890
835,995
30,021,145
City Sales Tax Generation
13,007
1,059,784
1,623,758
1,640,845
1,658,103
1,675,534
1,693,139
1,710,921
1,728,880
1,747,018
1,765,338
1,783,842
1,802,530
1,821,405
1,840,469
1,813,817
726,952
26,105,344
Percentage to TTIF
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
Total Sales Tax to TTIF
-
23,121
1,883,767
2,886,229
2,916,602
2,947,279
2,978,262
3,009,555
3,041,161
3,073,084
3,105,325
3,137,889
3,170,779
3,203,997
3,237,548
3,271,434
3,224,060
1,292,158
46,402,249
Source: Utah Calendar Year Gross Taxable Sales and Purchases - 2022 Prepared by the Economics and Statistical Unit of the Utah State Tax Commission
': Assumes that sales tax collection is triggered at the same time as the property tax for specific parcels. After parcels expire, their commercial square footage is removed from the sales tax collection.
60 33
Exhibit H
Affordable Housing Gap Analysis
61 34
900 S HTRZ
Affordable Housing Gap Analysis
Assumptions
Multifamily Average Rent (CBRE 2022 Multifamily Report)
2022 SL County 60% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)
Rent Reduction/Gap between Market & 60% AMI (%)
Total Residential Units
% Private Development Affordable Component
# Affordable Private Development Units
% Public Benefit Affordable Component
# Affordable Public Benefit Units
Total Affordable Units (Private Development & Public Benefit)
Residential Vacancy Rate (CBRE 2022)
Average Annual Affordable Rent Gap (Private Only)
Average Annual Affordable Rent Gap (both Private & Public)
Affordable Housing Rent Reduction (%)
Additional Assumptions 'dook-
Rent Growth (HDLP Submissions 2022)
Average Household Size (Census, 2021 ACS 1 YR Estimate)
Discount Rate
Time Indexed Sales ($)ISF
Monthly Rent
$19,476
$176
$13,824
$1,1
29.02%
10,214
10.0%
1,021
10.0%
1,021
Total over Project
2,043
3.60%
Term Years
$8,610,626
$215,265,6
$17,221,252
$430,531,2
29.02%
3.0%
1.93
4.0%
•' 1 _ 1
Multifamily Average Rent 20,662 21,282 21,920 22,578 23,255 23,953 24,672 25,412 26,174 26,959 27,768 28,601 29,459 30,343 31,253 32,191 33,157 34,151 35,176 36,231 37,318 38,438 39,591 40,778 42,002 43,262
60% AMI, 1 Bedroom Rent Limit 14,666 15,106 15,559 16,026 16,507 17,002 17,512 18,037 18,578 19,136 19,710 20,301 20,910 21,537 22,183 22,849 23,534 24,240 24,968 25,717 26,488 27,283 28,101 28,944 29,813 30,707
Gap per Unit
5,996 6,176
6,361
6,552
6,749
6,951
7,160
7,375
7,596
7,824
8,058
8,300
8,549
8,806
9,070
9,342
9,622
9,911
10,208
10,514
10,830
11,155
11,489
11,834
12,189
12,555
Absorption Projections
PH III Residential Units
-
-
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
3,238
All Other Residential Units
2,704
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
6,976
Total Residential Units
2,704
6,976
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
10,214
Vacancy Reduction
(97)
(251)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
(368)
Total Occupied Residential Units
2,607
6,725
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
9,847
Total Residential Rent (if all Market Rate)
55,474,725
147,411,773
222,318,179
228,987,724
235,857,356
242,933,077
250,221,069
257,727,701
265,459,532
273,423,318
281,626,018
290,074,798
298,777,042
307,740,353
316,972,564
326,481,741
336,276,193
346,364,479
356,755,413
367,458,076
378,481,818
389,836,273
401,531,361
413,577,302
425,984,621
# Private Dev. Affordable Residential Units
270
698
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
# Public Benefit Affordable Component
270
698
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
1,021
Total Affordable Units
- 541
1,395
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
2,043
Vacancy Reduction
(19)
(50)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
(74)
Total Occupied Affordable Units
521
1,345
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
1,969
'
Total Affordable Unit Rent (if Market Rate)
11,094,945
29,482,355
44,463,636
45,797,545
47,171,471
48,586,615
50,044,214
51,545,540
53,091,906
54,684,664
56,325,204
58,014,960
59,755,408
61,548,071
63,394,513
65,296,348
67,255,239
69,272,896
71,351,083
73,491,615
75,696,364
77,967,255
80,306,272
82,715,460
85,196,924
1,483,550,501
Total Affordable Unit Rent (at 60% AMI)
7,875,155
20,926,477
31,560,141
32,506,945
33,482,153
34,486,618
35,521,216
36,586,853
37,684,459
38,814,992
39,979,442
41,178,825
42,414,190
43,686,616
44,997,214
46,347,131
47,737,545
49,169,671
50,644,761
52,164,104
53,729,027
55,340,898
57,001,125
58,711,159
60,472,493
1,053,019,210
Affordable Housing Rent Gap
3,219,790
8,555,877
12,903,495
13,290,600
13,689,318
14,099,997
14,522,997
14,958,687
15,407,448
15,869,671
16,345,761
16,836,134
17,341,218
17,861,455
18,397,299
18,949,217
19,517,694
20,103,225
20,706,322
21,327,511
21,967,337
22,626,357
23,305,147
24,004,302
24,724,431
430,531,292
Private Development Affordable Rent Gap
1,609,895
4,277,939
6,451,748
6,645,300
6,844,659
7,049,999
7,261,499
7,479,344
7,703,724
7,934,836
8,172,881
8,418,067
8,670,609
8,930,727
9,198,649
9,474,609
9,758,847
10,051,612
10,353,161
10,663,756
10,983,668
11,313,178
11,652,574
12,002,151
12,362,215
215,265,646
Public Benefit Affordable Rent Gap
1,609,895
4,277,939
6,451,748
6,645,300
6,844,659
7,049,999
7,261,499
7,479,344
7,703,724
7,934,836
8,172,881
8,418,067
8,670,609
8,930,727
9,198,649
9,474,609
9,758,847
10,051,612
10,353,161
10,663,756
10,983,668
11,313,178
11,652,574
12,002,151
12,362,215
215,265,646
62 35
Exhibit I
Base Year Value
63 36
900 S HTRZ
Base Year Value
Assumptions
Value
Inflation Rate
0.0%
Base Year Value by Tax Area
02A
$ 108,624,530.00
13
$ 60,261,956.00
01K
$ 43,376,347.00
Total Base Year Property Value
$ 212,262,833
TOTAL BASE YEAR VALUE:
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
EmuP
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
212,262,833
s
212,262,833
212,262,833
HTRZ PROJECT AREA BUDGET
AL
Salt Lake County
0.001459
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
309,691
Multi County Assessing and Collecting
0.000015
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
3,184
County Assessing and Collecting
0.000160
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
33,962
Salt Lake City School District
0.004347
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
922,707
Salt Lake City
0.003158
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
670,326
Salt Lake City Library
0.000618
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
131,178
Salt Lake Metropolitan Water District
0.000212
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
45,000
Salt Lake City Mosquito Abatement District
0.000168
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
35,660
Central Utah Water Conservancy District
0.000400
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
84,905
Totals:
0.010537
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
2,236,613
64 37
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