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Revised Transmittal - 10/17/2024 **.IV SALT LAKE CITY TRANSMITTAL To: Start Date: Date Sent to Council: Salt Lake City Council Chair 09/30/2024 09/30/2024 From: Employee Name: E-mail Stine,Robyn robyn.stine@slc.gov Department Redevelopment Agency Department Director Signature Chief Administrators Officer's Signature* �rN 1�T4'f� Vy [� IalrC'd Director Signed Date Chief Administrator Officer's Signed Date 09/30/2024 09/30/2024 Subject: 900 South HTRZ Interlocal Agreement New transmittal or * Revision Updates: Revision A few changes include: New transmittal Page 7 adding Allison Parks and Katie Lewis'names and the date signed by Allison. Pages 11 and 15,adding Allison's name under her signature. Revision Removed the DRAFT watermark on page 4. Additional Staff Contact: Presenters/Staff Table Kate Werrett kate.werrett@slc.gov Document Type* Budget Impact* Budget Impact: Resolution Yes No Recommendation: Recommend City Council approval of the interlocal agreement resolution. Background/Discussion(?) The state code requires the city and RDA to enter into an interlocal agreement as part of creating the project area for the 900 South HTRZ.The RDA Board was briefed on this needed step in November 2023.The approval conditions placed on the HTRZ have been met and we are ready to execute the interlocal agreement. Will the City Council need to hold a public hearing for this item?* Yes No Public Process Chief Administrator Officer's Comments „ass fell, MAYOR ERIN MENDENHALL = ~_ q_ DANNY WALZ Executive Director ° Director REDEVELOPMENT AGENCY of SALT LAKE CITY CITY COUNCIL TRANSMITTAL TO: Salt Lake City Council Victoria Petro, Chair DATE: September 20, 2024 PREPARED BY: Kate Werrett, RDA Project Manager RE: 900 South HTRZ Interlocal Agreement REQUESTED ACTION: Consider adoption of a resolution approving the 900 South HTRZ Interlocal Agreement between Salt Lake City and the Redevelopment Agency of Salt Lake City POLICY ITEM: Project Area Creation BUDGET IMPACTS: Future 900 South HTRZ Tax Increment Revenue EXECUTIVE SUMMARY: On November 8, 2023, the Housing and Transit Reinvestment Zone Committee ("HTRZ Committee”) conditionally approved the Redevelopment Agency of Salt Lake City's ("RDA's")and Salt Lake City's("City's")900 South HTRZ Application("HTRZ Plan"). The HTRZ Plan outlines the participating taxing entities, tax increment participation rates, the term of tax increment collection, and the planned utilization of tax increment funds in the project area. For the City and RDA to receive and use tax increment,Utah Code Section 63N-3-607 requires that the parties execute an interlocal agreement ("ILA") with terms that 1) are consistent with the approval of the Housing and Transit Reinvestment Zone Committee("HTRZ Committee");and 2)meet the requirements of Section 63N-3-603. The purpose of this memorandum is to: • Request the City Council("Council")to consider adopting a resolution authorizing the terms within the 900 South HTRZ Interlocal Agreement between the City and the RDA; and • Request the RDA Board of Directors (`Board") to consider adopting a resolution approving the 900 South HTRZ Interlocal Agreement between the City and the RDA. ANALYSIS: Per the Committee's conditions of approval, the RDA,Utah State Tax Commission, and Salt Lake County entered into a partnership agreement on August 14, 2024 (Attachment E) that clarifies details helpful for administering tax increment collection including modifications to the sales and use tax details,removal of the Multi County Assessing and Collecting and County Assessing and Collecting taxing entities from SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET,ROOM 118 WWW.SLC.GOV•WWW.SLCRDA.COM P.O.BOX 145518,SALT LAKE CITY,UTAH 84114-5518 TEL 801-535-7240•FAX 801-535-7245 1 conditions of the HTRZ approval. A summary of the HTRZ approved terms are described below: HTRZ Committee Approved Terms Base Year 2022 Base Year Taxable Value $212,262,833 Collection Period&Phasing One 15-year phase,or up to 17 years if allowed by statute Participation Rate 80% Contribution Cap Estimated at$357 million Salt Lake County Salt Lake City School District Salt Lake City Salt Lake City Library Salt Lake Metropolitan Water District Participating Taxing Entities Salt Lake City Mosquito Abatement District Central Utah Water Conservancy District Other notable terms included by the HTRZ Committee within the project area approval include: • Affordable Housing Requirement: Of the residential development,20%is to be affordable housing, averaging rents accessible to those making 60% of the area median income("AMI"). NEXT STEPS: Pursuant to Utah Code 63N-3-606(2),RDA staff will record with the County Recorder a description of the land in the HTRZ, a statement that the HTRZ has been approved,the date of adoption, and send a copy of the land description to the Utah Geospatial Resource Center. The RDA will also transmit a copy of the HTRZ plan,map,and description of land to the required entities. The RDA anticipates triggering the collection of tax increment within the HTRZ in 2026. Applicants seeking a tax increment reimbursement in the HTRZ must comply with the RDA's adopted HTRZ tax increment reimbursement policy. PREVIOUS BOARD ACTION: • November 2023: Staff provided an update on the HTRZ conditional approval, and the Board discussed the draft interlocal agreement. • October 2023: Staff provided an update on the submitted 900 S HTRZ application. • April 2023: Staff provided an update on the 900 S HTRZ application and project area plans. • August 2022: Staff provided an overview of HTRZs and potential locations throughout the City. ATTACHMENTS: A. 900 South HTRZ Interlocal Agreement with the City B. RDA Resolution with the City for the 900 S HTRZ C. City Resolution with the RDA for the 900 S HTRZ D. Governor's Office of Economic Opportunity 900 S HTRZ Approval Letter E. RDA, Salt Lake County, and Utah State Tax Commission Partnership Agreement Letter F. 900 South HTRZ Plan 2 ATTACHMENT A: 900 SOUTH HTRZ INTERLOCAL AGREEMENT WITH THE CITY 3 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 1 (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-party 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 party 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. 2 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. 3 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 4 EXHIBIT A HTRZ Plan 5 ATTACHMENT B: RDA RESOLUTION WITH THE CITY FOR THE 900 S HTRZ 9 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. of 2024 Interlocal Agreement Authorizing Use of a Portion of Tax Increment to Support the Implementation of the 900 South Housing Transit Reinvestment Zone RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING THE EXECUTION OF AN INTERLOCAL AGREEMENT FOR 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.The interlocal agreement does not create an interlocal entity. NOW THEREFORE,BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City: 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. 2. Erin Mendenhall, Executive Director of the Redevelopment Agency of Salt Lake City or her designee is hereby authorized to approve,execute,and deliver said agreement on behalf of the Redevelopment Agency of Salt Lake City, in substantially the same form as now before the Redevelopment Agency of Salt Lake City Board of Directors and attached hereto as Exhibit A, subject to such minor changes that do not materially affect the rights and obligations of the Redevelopment Agency thereunder and as shall be approved by the Executive Director, her execution thereof to constitute conclusive evidence of such approval. 1 10 Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this day of , 2024. Alejandro Puy, Chair Transmitted to the Executive Director on The Executive Director: does not request reconsideration requests reconsideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Approved as to form: Salt Lake City Attorney's Office Allison Parks, Senior City Attorney Attest: Salt Lake City Recorder 2 11 EXHIBIT A [Attach Form Intetlocal Agreemend 3 12 ATTACHMENT C: CITY RESOLUTION WITH THE RDA FOR THE 900 S HTRZ 13 SALT 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 12024. SALT LAKE CITY COUNCIL Victoria Petro, Chairperson Attest: City Recorder Approved as to form: Salt Lake City Attorney's Office Allison Parks, Senior City Attorney 15 EXHIBIT A [Attach Form Interlocal Agreement] 16 ATTACHMENT D: GOVERNOR'S OFFICE OF ECONOMIC OPPORTUNITY 900 S HTRZ APPROVAL LETTER 17 Governor'sOffice of Spencer J. Cox Deidre M. Henderson i + Economic Opportunity Governor Lieutenant Governor Ryan G.Starks Executive Director September 18, 2024 Salt Lake City Redevelopment Agency 451 S State St, Room 118 Salt Lake City, UT 84111 Dear Salt Lake City Redevelopment Agency, On behalf of the Governor's Office of Economic Opportunity, I am pleased to inform you that on November 8, 2023 the Housing and Transit Reinvestment Zone (HTRZ) Committee convened and approved your application for the creation of a Housing and Transit Reinvestment Zone. This approval is for the project located within '/2 mile of the TRAX stop at 200 West and 900 South, as presented to the committee. The approved HTRZ will be in effect for a duration of 15 years, with the potential for an extension up to 17 years as allowed by statute. The project is authorized for a maximum capture of 80% of property, sales, and use tax increment, with a requirement that 20% of the housing developed will be affordable, averaging 60% of Area Median Income (AMI). The estimated total investment for this project is $357 million. This approval also acknowledges that you have met the condition outlined in the motion through your submission of the partnership agreement with the County Auditor and the Utah State Tax Commission to the Governor's Office of Economic Opportunity. This partnership agreement identifies a workable process for the collection and assessment of the tax increment, including the removal of the taxing levies of the increment of multi-county assessing and collecting, as well as county assessing and collecting. We look forward to the successful implementation of this project and its positive impact on the community through improved housing and transit options. If you have any questions or need further assistance in fulfilling the conditions of approval, please feel free to reach out. Congratulations on this significant milestone, and thank you for your continued efforts to enhance the economic and community development of Salt Lake City and Utah. Sincerely, Jim Grover HTRZ Chair Managing Director Governor's Office of Economic Opportunity ATTACHMENT E: RDA, SALT LAKE COUNTY, AND UTAH STATE TAX COMMISSION PARTNERSHIP AGREEMENT LETTER 19 MAYOR ERIN MENDENHALL DANNY WALZ Executive Director Director ' c REDEVELOPMENT AGENCY of SALT LAKE CITY August 14,2024 Housing and Transit Reinvestment Zone Committee Governor's Office of Economic Opportunity Attn: Jim Grover and Allison James-Garcia 60 East South Temple, Suite 300 Salt Lake City, Utah 84111 RE: Salt Lake City's Approved HTRZ—Final Condition Housing and Transit Reinvestment Zone Committee: On November 8,2023,the Housing and Transit Reinvestment Zone(HTRZ)Committee conditionally approved Salt Lake City's application for an HTRZ located within .5 mile of the TRAX stop at 200 west and 900 south in Salt Lake City. The project was conditionally approved for one collection period of 15 years or up to 17 years if the statute is amended to allow it. As stated in the motion,the HTRZ Committee's approval was contingent on"Salt Lake City working with the [Salt Lake] County Auditor, Utah State Tax Commission and other taxing partners to identify a workable collection and assessment process."A copy of the approved minutes detailing the full motion is attached to this letter for reference. Since the HTRZ Committee's directive on November 8, 2023,the City has met with taxing partners and identified a workable collection and assessment process as set forth below. In regard to the property tax increment,two taxing entities will not be participating in the HTRZ: Multi County Assessing and Collecting and County Assessing and Collecting.Additionally,the HTRZ Committee wished for the City to make clear that the City will not seek to collect property tax increment under the HTRZ unless and until the Redevelopment Agency of Salt Lake City's(RDA's)collection period for the existing and overlapping Granary Project Area is complete,despite the law's allowance to the contrary.I The collection period for the RDA's Granary Project Area is set to end in 2025.As such, the City will not trigger the HTRZ until the Granary Project Area collection period has ended. In regard to the sales and use tax increment,the State Tax Commission raised a few issues regarding the City's HTRZ application that have been resolved: l. Sales and Use Tax Boundary.The sales and use tax increment boundary for the City's HTRZ will align with existing sales and use tax collection areas.At the time when the sales and use tax increment base year becomes effective,the Tax Commission will examine existing USPS 9-digit zip code areas, which serve as the fundamental basis for sales and use tax collection areas. The State Tax Commission will overlay these 9-digit zip code areas over the identified HTRZ parcels to create the map. Please note that this map will be constrained by the fact that it is not Utah Code 63N-3-608. SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET,ROOM 118 VVVVW.SLC-GOV VWWV SLCRDA.COM P.O.BOX 145518,SALT LAKE CITY,UTAH 84114-5518 TEL 801-535-7240 FAX 801-535-7245 20 administratively feasible to subdivide a sales and use tax area into a unit that is smaller than what is represented by a 9-digit zip code. Consequently,in situations where HTRZ parcels form the dominant portion of a 9-digit zip code,the entirety of the area within the 9-digit zip code is included in the HTRZ sales and use tax area. In situations where an HTRZ parcel represents the minority of the 9 digit zip code,the entirety of the 9 digit zip code is excluded. 2. Sales and Use Tax Base Amount.The State Tax Commission requires one year of collection data to set the sales and use tax base amount within the defined boundary.To begin collecting the data necessary to determine the base amount,the State Tax Commission must establish the new boundary with impacted sellers and provide notice of modified reporting requirements.As a result, implementation of the sales and use tax base year boundary cannot take effect until the beginning of a calendar quarter after 90 days'notice from the HTRZ has elapsed.For Example: if the Tax Commission receives notice to begin the base year calculation on December 31,2024, the commencement date for sales and use tax base year will begin on April 1,2025 and therefore the revenue increment generation will begin one year later on April 1,2026. 3. Sales and Use Tax Collection Period. Because it is not practical for different sales and use tax collection periods to apply to different areas of the HTRZ,the entire HTRZ sales and use tax boundary will be subject to the same collection period beginning and ending date. Upon receipt of this letter,we ask that the HTRZ Committee,or their authorized representative,respond to this letter in writing to confirm that the HTRZ Committee considers the sales and use tax boundary appropriate,the City's condition met,and the HTRZ approval final. Thank you, Danny Walz Director, Redevelopment Agency of Salt Lake City _Ci— Catherine Kanter(Aug 19,202413:52 MDT) Catherine M. Kanter Deputy Mayor, Salt Lake County Regional Operations 9-9w Jason Gardner Director of Policy, Utah State Tax Commission Enclosures: Minutes of HTRZ Committee's November 8, 2023 meeting Sales and Use Tax Boundary 21 Minutes of HTRZ Committee's Novembe►• 8,2023 meeting Governor's Office of Economic Opportunity ,... PP Y Housing and Transit Reinvestment Zone Committee Salt Lake City (200 W 900 S) Proposal Utah State Capitol, 350 State St., Salt Lake City, UT 84103 Capitol Board Room, Room 240 November 8, 2023 a 10:00 AM — 11:15 AM MINUTES Committee Members Attending: Representative Schultz, Senator Harper, Jim Grover, Jim Evans, Danny Walz, Kirt Slaugh, Beth Holbrook, Kersten Swinyard, Alan Kearsley, Deborah Ehrman GOEO Staff Attending: Tanner Anderson, Allison James-Garcia, Hyrum Worth, Kori Ann Edwards Guests Attending: Susan Becker (ZPFI), Todd Jensen (Attorney General's Office), Jason Gardner (Utah State Tax Commission) Salt Lake City Representatives: Kate Werrett, Lauren Paisi, Marcus Lee, Rachel Otto, Amanda Greenland MPO representatives: Miranda Jones Cox (WFRC - remote) & Andrew Gruber (WFRC) Jonathan Hardy and other developer partner representatives 1. Welcome Jim Grover of the Governor's Office of Economic Opportunity welcomed all to the HTRZ meeting. This meeting is occurring because Salt Lake City submitted an application for the creation of an HTRZ. 2. Approval of Minutes The minutes from the last HTRZ Committee, which took place October 17, 2023, were approved. Senator Harper made the motion to approve the minutes and Jim Evans seconded the motion. Representative Schultz, Senator Harper, Jim Evans, and Jim Grover voted to approve the minutes. Beth Holbrook was not present at the October 17, 2023 meeting and did not vote on the minutes. New members, who were not in the October 17, 2023 meeting, abstained from voting. Abstaining votes included: Danny Walz, Kersten Swinyard, Alan Kearsley, and Deborah Ehrman. 3. Oath of Office Tanner Anderson, GOEO staff, administered the oath of office to new members, including: Danny Walz, Kersten Swinyard, Alan Kearsley, and Deborah Ehrman. All four were present in-person in order to receive the oath of office. 22 Representative Mike Schultz,Jim Grover, Senator Wayne Harper,Jim Evans, Beth Holbrook, and Kirt Slaugh all performed their oath of office at an earlier date. Because of this, they did not need to be sworn in again. 4. Overview of Proposal Rachel Otto, Chief of Staff to SLC Mayor Erin Mendenhall, introduced SLC's HTRZ proposal and SLC's housing and transit environment and priorities.Then Lauren Paisi, Senior Project Manager at SLC RDA, provided an in-depth summary of the proposal: • Project Site Overview o Located at 200 W 900 S—South of SLC Central Business District o High Connectivity o Covers Granary District o Underutilized Transit Infrastructure 0 98 acres • SLC is using a Neighborhood approach that includes numerous developments, public infrastructure and community benefits (urban trails, parks, public art). • Projected impact: o $442 million in tax increment generated o $2.8 billion increase in taxable value 0 1.1 million square ft commercial 0 1.9 million square ft office 0 440 hotel rooms 0 3,600 structured parking stalls 0 10,200 housing units 0 2,000+affordable units (deed restricted) • Affordable housing is the upmost importance to SLC—Estimate 20%of housing (2,034 units) at 60%AMI o Target affordable housing: at least 10% at 60%AMI and below o Support additional 10%through RDA Housing Development Loan Program o $430.5 million gap for decreased rental revenue at 60%AMI • To make impact as described, support in needed. Showed comparison of mid- density development that includes a large percentage of area taken up by surface parking and 10 to 40 units/acre (status quo) vs.TOD development with structured parking and average of 104 units/acre (with HTRZ funds). • Reviewed budget including 60%for private development support. • Provided information about some of the potential private projects (Granary Square, Sixth South, and Pickle &Hide) and public projects (Green Loop and Grand Boulevards) in the HTRZ area. HTRZ may fund a portion of the public projects (e.g., burial of power lines on 600 South estimated to be $50 million). 5. Review of Zions Public Finance Gap Analysis Susan Becker of Zions Public Finance, Inc. (ZPFI) provided a review of ZPFI's gap analysis. The gap included in this proposal result from affordable housing units, higher density 2 23 construction types, parking structures, and public infrastructure. Susan indicated the increment generated outlined in the proposal is similar to the numbers ZPFI found as well: 80% increment: Applicant=$354 million over 17 years; ZPFI = $357 million over 17 years. Susan reviewed the projections provided by the applicant for various line items. ZFPI found the applicant projections for structured parking and higher-density construction costs as reasonable and in range;for affordable housing, ZFPI calculated slightly lower at $406 million.The analysis calculated the gap for affordable housing at $406 million, higher-density construction at$3.5 billion, and structured parking at$76 million equaling $4 billion.This number does not include costs outlined in the proposal for sustainable building construction ($127.8 million), public art (1.5%of the $5.48 billion in construction costs), acquisition of property for public uses ($15-20 million), environmental remediation (no amount provided), utility improvements ($50 million), streetscape and safety improvements (no amount provided), and public transit support ($124 million). 6. Deliberation on a Motion Rep. Schultz gave credit to SLC for addressing the issues for which HTRZ was created for— affordable housing, density, strategic location, water conservation, etc. Senator Harper asked about transit supported initiatives. Lauren talked about the Trax extension along 400 West and the Green Loop which could use some HTRZ funds for these projects. Kate emphasized that this area has more alternate modes of transportation (bike,Trax)than pedestrian traffic. Senator Harper asked how many units will be for sale. Lauren indicated that is still to be determined but that home ownership is of great importance to the RDA and SLC and they are looking at many ways/programs to increase home ownership. Discussion included the intended benefit and impact to parcels within the HTRZ boundary but not identified as an HTRZ parcel. Kate indicated that in particular the infrastructure improvements will be a benefit to the whole community not just the parcels listed. The all-electric requirement was extensively discussed. Senator Harper asked for clarification if it was a policy or ordinance or goal. Lauren indicated it is an RDA policy for new residential construction project and most projects are meeting this policy. Senator Harper and Rep. Schultz both indicated concerns about this policy as energy is a concern in Utah as it grows. Jim Grover clarified that the 2,000 affordable housing units will be deed-restricted. Lauren also indicated that they provide low-interest loans that can be applied these projects as well. Additional discussion included on when affordable housing will be online (available) and how the committee can make sure that the affordable housing is indeed reaching the statute. 3 24 Beth Holbrook (UTA) indicated a tech link corridor study is currently underway looking at the viability of this area. She also asked about walkability, connectivity to transit, and unit size. There was extensive discussion on how tax will be collected based on the HTRZ boundary being noncongruent. The Utah State Tax Commission and Salt Lake County has concerns on how this can be achieved. Base year, boundary for sales and property tax, how increment can be collected per parcel (workload concerns), noncontiguous nature of the parcels, trigger dates, etc. were all discussed by the committee. The committee discussed how to have fewer than three trigger dates. The committee discussed if a longer duration could be provided, up to 17 years, if one trigger date would occur. A motion was drafted to consider this request if future legislation allow more than 15 years. The committee discussed how the approval could proceed if the technical issues as discussed by the Utah State Tax Commission could be addressed. Funding Request: 80%tax increment over 15-year phases over 30-year term Draft Motion: The Housing and Transit Reinvestment Zone Committee approves the project, as presented to the committee, located within %2 mile of the TRAX stop at 200 West and 900 South for the duration of 15 years or up to 17 years as allowed by statute for a maximum capture of 80% property, sales and use tax increment with the requirement of 20% of affordable housing, averaging 60%of AMI, estimated at$357 million. Contingent on Salt Lake City will work with County Auditors, Utah State Tax Commission and other taxing partners to identify a workable collection and assessment process and submits a partnership agreement to the Governor's Office of Economic Opportunity. Includes the removal of taxing levies of the increment of multi county assessing and collecting and county assessing and collecting. The motion was made by Senator Harper and seconded by Kersten Swinyard. The motion passed with 9 yeas and one no (Alan Kearsley). 7. Adjourn 4 25 -d L' —I' Sales use'r: L. Lal ET tii�i —0 L LI -7- EE= F 14�B LL, LEI ry LEHI 19F --ID Hu F--] [9 15 26 ATTACHMENT F: 900 SOUTH HTRZ PLAN 27 r,.0 �4 FZ 2 10SLCRDA f f ^ f• $ SALT LAKE CITY HTRZ PROPOSAL a } July 2023 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. - �L Additional public support is needed to extend light rail further to connect these growing neighborhoods to - - 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. ldL r��ia •� •, ter " The Granary District in particular continues to transition from primarily industrial uses and warehouse Ibuildings 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. streets do not have pedestrian enhancements such as sidewalks, street trees, ark strips, curbs +�_ " Many p p p 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. i r P 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 as lower density that doesn't support existing transit and leaves this area isolated from the rest of the region. The tax increment generated by this HTRZ will be used to benefit the neighborhood, and ' ultimately the region as a whole, as opposed to a single project. HTRZ SNAPSHOT PROPOSED TERMS PROJECTED IMPACT LIGHT RAIL STOP: 200 West & 900 South TOTAL TAX INCREMENT GENERATED: $443,228,676 ACREAGE: 97.72 • I 1 ,324 BASE YEAR: 1 1 1 DEVELOPMENT: 3,067,105 BASE YEAR VALUE: $212,262,833 HOUSING UNITS. 10,214 TERM: 15-year phases over 30 year term AFFORDABLE14 I 1 1 1 T 1 ► —' W :+ Vi 'd i t --t ° E ELI TR9Q t5 -t. it W 900 5, Or . ---- 1 -Q ■� it amp Ali ad tit - L� ' 1B t It ;n Mok =E 1 3Cfii S .a- 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 SQUARE FOOTAGE (SF) COUNT Commercial SF 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 valuj�s 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. &TAXING ENTITY ]J TOTAL TAX INCREMEN] ;0• TAX INCREMENT Salt Lake County $61,371,419 $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 iTAL TAX INCREMENT $443,228,676 $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 ITEMJErTAX INCREMENT AMOUNT 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 GapAnalysis For this area to be built out in the most impactful way that Mid-Density (Status Quo) Development 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 �, 7 construction costs associated with denser, transit-oriented i j 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 perk. 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 DENSITY RANGE the region with a commercial FAR 1-1.5; office FAR 3-4; and an Gross Density 10-40 du/acre average of 104.5 housing units per acre (10,214 units total) Lot Sizes vary equates to a total development cost of $5,476,926,678. This Non-residential Floor to 0.40- 1.20, creates an estimated financial gap of $3.56 billion dollars for Area Ratio(FAR)Range iypical FAR of 1.0 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 High-Density TOD Development an even larger financial gap in addition to increased costs due to denser construction. In this neighborhood in particular, public l , infrastructure projects are not being completed at the rate e - 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. DENSITY RANGE Gross Density 50-125+dulacre Lot Sizes vary Non-residential Floor to 1.0+,typical FAR in Area Ratio(FAR)Range excess of 2.0 Source: Oklahoma City Development Guide SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Private Development Support ESTIMATED TAX INCREMENT CONTRIBUTION = $212,7497764 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) The Aster- RDA Affordable Housing Project defines affordable housing as affordable to households earning 60% AMI 168 affordable units at 20%-80%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 » 1--= 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 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. COMMUNITY NEIGHBORHOOD 1 1 PACT VIBRANCY rRA r l We prioritize projects and programs that We cultivate distinct and livable built We act as a responsible steward of public demonstrate commitment to improving equity environments that are contextually sensitive, funds,taking a long-term view of investment, and quality of life for residents and businesses. resilient.connected,and sustainable. return,and property values. QUALITYPUBLIC SPACE TRANSIT••••• DESIGN LOCALOPPORTUNITIES BUILDINGOF MIXED-INCOME NEIGHBORHOODS NEIGHBORHOOD SAFETY WALKABILITY TARGETED RESOURCES HISTORICPUBLIC ART • •: CREATION RETENTION COMMUNITY •• ADAPTIVE SALT LAKE CITY - HOUSING 1 TRANSIT REINVESTMENT ZONE 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. rI ioeFIR I 1! q W ► w os� ' f t. K ,yam a' SIXTH SOUTH GRANARY SQUARE 1 REDEVELOPMENT PROJECT ON THE SOUTHWEST BLOCK REDEVELOPMENT PROJECT AT APPROXIMATELY CORNER OF 600 SOUTH AND WEST TEMPLE 700 - 800 SOUTH &400 - 500 WEST WITH A VARIETY INCLUDING THE RENOVATION OF TWO EXISTING OF USES BUILDINGS, A NEW LIFE SCIENCES BUILDING AND A HIGH-RISE RESIDENTIAL TOWER • Renovation of existing 13-story structure into 184 • 595,000 sq.ft. of commercial space units • 1,420 multifamily housing units with a variety of • Renovation of existing Red Lion Hotel into new hotel bedroom counts tower with 204 rooms • Structured parking with 1,424 stalls • New 35-story residential tower with 325 housing units, retail and structured parking • New hotel with 120 rooms • New 600,000 sq.ft. life science building with office and lab space • LEED v4 Platinum and WELL v2 Gold certifications SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Public Development Support ESTIMATED TAX INCRENVii-NT CONTRIBUT16i = $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 fo38these 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. SALT LAKE CITY - HOUSING 1 TRANSIT REINVESTMENT ZONE 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. ir„ ti oo No.r wnrT , {p}c- 1 I w. a Green Loop Grand Boulevards LINEAR PARK SYSTEM CONCEPT CONNECTING IMPROVEMENTS TO TWO MAJOR BOULEVARDS GREENSPACES THROUGH AND TO THE WEST OF ALONG 500 SOUTH AND 600 SOUTH IN THE SALT LAKE CITY'S DOWNTOWN PROPOSED HTRZ TO CREATE GRAND ENTRIES INTO THE CENTRAL BUSINESS DISTRICT • Running along 500 West and 900 South in the • Create a memorable and inspiring experience for proposed HTRZ locals and international visitors entering and exiting the capital city, particularly by automobile. • Featuring a walking path, bike path and spaces for recreation and ecological services • Bury the electrical transmission and distribution lines on 600 South • Promotes economic development and decreased carbon emissions • Address the numerous billboards located along each corridor • Significant public investment - similar project in Chicago cost$95 million for 2.7 miles of trail • Significant public investment - burial of power lines on 600 South estimated to be $50 million SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Sales Tax Analysis NER Sales Tax Base Year TY 2022 Taxable Sales Base Year Value ($) $16,997,325 Total Incremental Taxable Sales $5,493,025,953 Total Sales Tax to TTIF $46,402,249 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 .0 Applicability, Housing followingObjectives —A Housing and Transit Reinvestment Zone proposal created under this part shall promote the 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 approximately 1,021 affordable units with rent estimated at $1,152 per affordable housing. 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 11 63N-3-603. Applicability, I 1 limitationson a housingI transit reinvest Objectiveshousing1 transit reinvestment zoneproposal 1 underpart shall promote 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 this HTRZ area. The area is within 3/4 mile of 1-15 interchanges and corridors as described in 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 52.89 acres of the 97.72 developable acres, or 54.1% of the Reinvestment Zone includes (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 units has more than one counts. The mix of dwelling unit sizes will be reviewed by the RDA to bedroom. ensure compliance with State Code at the time a funding request is received. 44 17 SALT LAKE CITY - HOUSING 1 TRANSIT REINVESTMENT ZONE 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 facade 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) 2022 Land Value %Residential Residential Acreage 15-01-451-013-0000 5.02 25,579,821 13 0.010537 12,797,990 100.0% 5.02 15-12-130-018-0000 0.42 1,346,000 02A 0.010537 639,600 76.0% 0.32 1S-12-130-019-0000 0.2 545,800 02A 0.010537 114,800 76.0% 0.1S 1S-12-130-020-0000 0.31 853,400 02A 0.010537 178,000 76.0% 0.24 15-12-130-023-0000 0.61 394,000 02A 0.010537 345,000 76.0% 0.46 15-12-131-005-0000 0.25 735,600 02A 0.010537 261,400 76.0% 0.19 1S-12-204-008-0000 0.12 210,300 02A 0.010537 208,200 76.0% 0.09 15-12-204-025-0000 0.03 60,800 02A 0.010537 55,800 76.0% 0.02 1S-12-204-024-0000 0.08 97,600 02A 0.010537 97,600 76.0% 0.06 15-12-204-006-0000 0.08 97,600 02A 0.010537 97,600 76.0% 0.06 15-12-131-001-0000 0.33 355,600 02A 0.010537 345,000 76.0% 0.25 15-12-130-011-0000 0.05 44,600 02A 0.010537 39,600 76.0% 0.04 15-12-204-005-0000 0.1 263,900 02A 0.010537 95,000 76.0% 0.08 15-12-130-010-0000 0.05 184,100 02A 0,010537 120,600 76.0% 0.04 1S-12-204-028-0000 0.07 88,000 02A 0.010S37 85,400 76.0% 0.05 15-12-130-011-0000 0.05 44,600 02A 0.010537 39,600 76.0% 0.04 1S-12-130-009-0000 0.05 28,300 02A 0.010537 28,300 76.0% 0.04 15-12-204-029-0000 0.0902 88,000 02A 0.010537 85,400 176.0% 0.16 1S-12-252-031-0000 0.12 249,800 01K 0.010537 239,000 76.0% 0.09 15-12-2S2-030-0000 0.08 198,800 01K 0.010537 160,300 76.0% 0.06 1S-12-252-029-0000 0.1 153,700 01K 0.010537 151,300 76.0% 0.08 15-12-252-028-0000 0.1 195,200 01K 0.010537 158,400 76.0% 0.08 15-12-204-017-0000 0.48 1,240,400 02A 0.010S37 831,600 76.0% 0.36 15-12-181-001-0000 0.22 1,115,700 02A 0.010537 156,200 76.0% 0.17 15-12-181-002-0000 0.14 233,500 02A 0.010537 228,500 76.0% 0.11 15-12-180-001-0000 0.22 $363,800 02A 0.010537 $345,000 100.0% 0.22 15-12-180-017-0000 0.5 $866,100 02AI 0.010537 $846,500 100.0% 0.50 15-12-251-001-0000 8.75 $0 02AI 0.010537 $14,950,000 62.0% 5.43 15-12-177-007-0000 1.26 $3,009,200 02A 0.010537 $2,494,500 50.0% 0.63 15-01-379-017-0000 1.19 $1,002,700 02A 0.010537� $633,200 0.0% 0.00 15-12-127-007-0000 1.63 $4,800,700 02A 0.010537 $1,562,100 0.0% 0.00 15-12-130-016-0000 0.7 $433,700 02A 0.010537 $399,800 50.0% 0.35 15-12-130-013-0000 0.16 $145,500 02A 0.010537 $145,500 50.0% 0.08 15-12-130-014-0000 0.08 $49,200 02AI 0.010537 $44,200 50.0% 0.04 15-12-130-026-0000 0.57 $551,200 02A 0.010537 $531,900 50.0% 0.29 15-01-478-018-0000 4.4 $20,238,200 13 0.010537 $9,530,600 27.3% 1.20 15-01-478-009-0000 0.32 $547,400 13 0.010537 $455,700 27.3% 0.09 15-12-127-014-0000 02A 75.00 0.00 15-01-379-023-0000 02A 75.0% 0.00 15-12-108-007-0000 100.0% 15-12-108-003-0000 1.51 $2,116,800 13 0.010537 $2,045,200 0.0% 0.00 15-12-129-012-0000 1.41 $3,592,300 02A 0.010537 $2,462,800 0.0% 0.00 15-12-129-011-0000 2.38 $6,217,300 02A 0.010537 $3,197,000 0.0% 0.00 15-12-129-009-0000 0.82 $1,169,000 02A 0.010537 $1,169,000 0.0% 0.00 15-12-129-006-0000 0.87 $3,086,700 02AI 0.010537 $1,172,200 0.0% 0.00 15-12-129-005-0000 0.19 $446,500 02A 0.010537 $296,100 0.0% 0.00 15-12-129-003-0000 0.09 $155,200 02A 0.010537 $155,200 0.0% 0.00 15-12-129-004-0000 0.22 $328,900 02A 0.010537 $328,900 0.0% 0.00 15-12-129-002-0000 0.13 $859,000 02A 0.010537 $227,400 0.0% 0.00 15-01-476-006-0000 1.34 $3,873,100 13 0.010537 $3,619,500 100.0% 1.34 15-12-129-015-0000 0.61 $1,737,700 02A 0.010537 $345,400 93.0% 0.57 15-12-129-014-0000 0.3 $183,900 02A 0.010537 $169,900 93.0% 0.28 15-12-129-007-0000 0.31 $293,300 02A 0.010537 $293,300 93.0% 0.29 15-12-210-002-0000 0.44 $850,300 01K 0.010537 $850,300 100.0% 0.44 15-01-454-009-0000 0.16 $440,500 02A 0.010537 $361,900 100.0% 0.16 15-01-454-014-0000 0.47 $1,505,000 02A 0.010537 $1,094,700 100.0% 0.47 15-12-201-010-0000 1.421 $4,980,100 02A 0.0105371 $1,979,400 100.0% 1.42 15-01-380-017-0000 4.941 $9,561,300 02A 0.0105371 $9,561,300 60.0%1 2.96 15-12-228-020-0000 0.841 $2,367,900 01K 0.0105371 $1,170,900 93.0%1 0.78 47 20 Taxable Value(2022) Tax Area Rate(2022) 2022 Land Value %Residential Residential Acreage 15-12-228-019-0000 0.93 $1,980,400 01K+ 0.010537 $1,969,400 93.0% 0.86 15-12-228-014-0000 0.07 $294,400 01K 0.010537 $164,600 93.0% 0.07 15-01-479-022-0000 3.127 $8,172,000 O1K 0.010537 $7,288,400 65.0% 2.03 15-12-203-006-0000 0.16 $361,900 01K 0.010537 $361,900 75.0% 0.12 15-12-203-007-0000 0.14 $394,200 01K 0.010537 $339,500 75.0% 0.11 15-12-203-012-0000 0.08 $213,000' 01K 0.010537 $213,000 75.0% 0.06 15-12-277-014-0000 0.4 $468,8001 01K 0.0105371 $460,100 75.0% 0.30 15-12-277-021-0000 0.79 $10,214,9301 01K 0.010537 $1,732,200 75.0% 0.59 15-12-278-001-0000 0.62 $2,119,500 01K 0.0105371 $1,069,700 75.0% 0.47 16-07-151-001-0000 01K 0.010537 75.0% 0.00 15-12-204-033-0000 0.39 3,051,400 02A 1,018,600 0.0% 0.00 15-12-204-018-0000 0.46 1,439,200 02A 479,200 0.0% 0.00 15-12-204-026-0000 0.08 81,700 02A 81,700 0.0% 0.00 15-12-255-012-0000 0.11 _ 241,900 02A 241,900 0.0% 0 15-12-255-025-0000 0.34 ' 737,500 02A 684,900 0.0% 0 15-12-278-002-0000 0.35 $616,000 01K 0.010537 $616,000 75.0% 0.26 15-12-278-019-0000 0.42 $1,020,700 01K 0.010537 $1,017,700 75.0% 0.32 15-12-278-021-0000 0.41 $603,000 01K 0.010537 $603,000 75.0% 0.31 15-12-278-026-0000 0.53 $2,481,100 01K 0.010537 $816,900 75.0% 0.40 15-12-278-028-0000 0.08 $58,500 01K 0.010537 $58,500 75.0% 0.06 15-12-278-031-0000 0.19 $348,900 01KI 0.010537 $348,900 75.0% 0.14 15-12-276-015-0000 0.2 $125,785 01K 0.010537 $213,800 0.0% 0.00 15-12-206-013-2000 0.1 $0 01K 0.010537 $154,700 0.0% 0.00 15-12-206-013-6000 0.1 $433,452 01K 0.010537 $192,290 0.0% 0.00 15-12-206-015-2000 0.09 $0 01K 0.010537 $78,400 0.0% 0.00 15-12-206-015-6000 0.09 $78,000 01K 0.010537 $78,000 0.0% 0.00 15-12-206-016-2000 0.09 $0 01KI 0.010537 $78,400 0.0% 0.00 15-12-206-016-6000 0.09 $243,900 01K 0.010537 $78,400 0.0% 0.00 15-12-206-017-0000 0.1 $0 01K 0.010537 $87,100 0.0% 0.00 15-12-207-001-0000 0.34 $0 01K 0.010537 $486,900 0.0% 0.00 15-12-207-002-0000 0.22 $0 01K 0.010537 $321,000 0.0% 0.00 15-12-207-012-0000 0.1 $0 01K 0.010537 $97,100 0.0% 0.00 15-12-207-013-0000 0.84 $0 01KI 0.010537 $1,178,400 0.0% 0.00 15-12-209-010-0000 0.2 $526,300 01K 0.010537 $284,700 0.0% 0.00 15-12-253-014-0000 0.2 $604,600 01K 0.010537 $408,900 0.0% 0.00 15-12-254-010-0000 0.1 $203,390 01K 0.010537 $142,600 0.0% 0.00 15-12-254-011-0000 0.1 $278,190 01K 0.010537 $142,600 0.0% 0.00 15-12-276-016-0000 0.11 $149,820 01K 0.010537 $147,200 0.0% 0.00 15-12-276-018-0000 0.09 $155,000 01KI 0.010537 $151,200 0.0% 0.00 15-12-276-034-0000 0.42 $896,100 01K 0.010537 $896,100 0.0% 0.00 15-01-454-018-0000 0.63 $1,849,000 02A 0.010537 $1,841,900 60.0% 0.38 15-12-129-010-0000 1.25 $1,555,500 02A 0.010537 $1,010,400 60.0% 0.75 15-12-129-013-0000 1.09 $1,505,600 02A 0.010537 $1,180,300 60.0% 0.65 15-12-130-002-0000 0.83 $471,000 02A 0.010537 $470,000 60.0% 0.50 15-12-130-024-0000 0.51 $1,968,200 02AI 0.010537 $288,900 60.0% 0.31 15-12-130-027-0000 0.2 $340,500 02A 0.010537 $176,700 60.0% 0.12 15-12-130-028-0000 0.01 $6,600 02A 0.010537 $6,600 60.0% 0.01 15-12-156-001-0000 0.12 $85,200 02A 0.010537 $85,200 60.0% 0.07 15-12-157-001-0000 0.14 $95,300 02A 0.010537 $95,300 60.0% 0.08 15-12-157-002-0000 0.18 $117,000 02A 0.010537 $117,000 60.0% 0.11 15-12-176-002-0000 0.63 $1,227,200 02A 0.010537 $571,700 60.0% 0.38 15-12-176-005-0000 1.3 $2,954,700 02A 0.010537 $1,189,200 60.0% 0.78 15-12-176-007-0000 1.12 $2,347,800 02A 0.010537 $1,024,500 60.0% 0.67 15-12-176-011-0000 1.25 $1,449,100 02A 0.010537 $1,143,500 60.0% 0.75 15-12-179-009-0000 1.05 $1,704,600 02A 0.010537 $1,646,600 69.0% 0.72 15-12-181-005-0000 0.21 $220,500 02AI 0.010537 $215,500 60.0% 0.13 15-12-182-003-0000 0.2 $198,220 02A 0.010537 $93,100 69.0% 0.14 15-12-182-004-0000 0.11 $178,695 02A 0.010537 $76,300 69.0% 0.08 15-12-182-005-0000 0.12 $182,200 02A 0.010537 $182,200 69.0% 0.08 15-12-182-006-0000 3.151 $4,977,500 02A 0.010537 $4,939,700 69.0% 2.17 48 21 Lot Size Taxable Value(2022) Tax Area Rate(2022) 2022 Land Value_ %Residential Residential Acreage 15-12-183-008-0000 0.39 $386,600 02A 0.010537 $375,500, 60.0% 0.23 15-12-183-009-0000 0.14 $126,900 02AI 0.010537 $126,900 60.0% 0.08 15-12-326-001-0000 0.23 $207,900 02AI 0.010537 $207,900 60.0% 0.14 15-12-326-002-0000 0.04 $36,600 02A 0.010537 $36,600 60.0% 0.02 15-12-326-003-0000 0.44 $813,400 02A 0.010537 $399,100 60.0% 0.26 15-12-326-004-0000 0.24 $1,345,300 02A 0.010537 $219,500 60.0% 0.14 15-12-326-005-0000 0.86 $789,000 02A 0.010537 $789,000 60.0% 0.52 15-12-326-007-0000 0.71 $705,200 02A 0.010537 $649,500 60.0% 0.43 15-12-326-008-0000 0.23 $350,000 02AI 0.010537 $210,400 60.0% 0.14 15-12-327-001-0000 0.49 $449,300 02A 0.010537 $448,200 60.0% 0.29 15-01-454-019-0000 0.01 $23,500 02A 0.010537 $23,500 75.0% 0.01 15-12-201-007-0000 0.11 $245,900 02A 0.010537 $245,900 75.0% 0.08 15-12-255-002-0000 0.1 $202,840 02A 0.010537 $82,600 7S.0% 0.08 15-12-255-007-0000 0.18 $764,300 02A 0.010537 $188,200 75.0% 0.14 15-12-255-011-0000 0.08 $133,300 02AI 0.010537 $133,300 75.0% 0.06 15-12-255-020-0000 0.08 $198,800 02A 0.010537 $198,800 75.0% 0.06 15-12-255-024-0000 0.26 $271,800 02A 0.010537 $271,800 75.0% 0.20 15-12-255-025-0000 0.06 $233,700 02A 0.010537 $62,700 75.0% 0.05 15-12-255-027-0000 0.01 $1,210 02A 0.010537 $2,200 75.0%1 0.01 15-12-255-028-0000 0.07 $199,265 02A 0.010537 $69,500 75.0% 0.05 15-12-255-029-0000 0.45 $2,342,600 02AI 0.010537 $784,100 7S.0% 0.34 15-12-255-030-0000 0.1 $104,500 02A 0.010537 $104,500 75.0% 0.08 15-12-255-031-0000 0.34 $1,259,800 02A 0.0105371 $610,300 75.0% 0.26 15-12-255-032-0000 0.54 $653,900 02A 0.010S37 $573,200 75.0% 0.41. 15-01-478-003-0000 0.15 811,200 13 734,300 6S.0% 0.10 15-01-478-001-0000 0.12 396,100 13 396,100 65.0% 0.08 15-01-478-002-0000 0.04 137,200 13 137,200 6S.0% 0.03 15-01-478-017-0000 447,400 13 361,900 65.0% 0.10 15-01-478-019-0000 0.2 $509,100 13 0.010537 $509,100 65.0% 0.13 15-12-303-001-0000 0.12 $94,400 02A 0.010537 $94,400 60.0% 0.07 15-12-303-002-0000 0.21 $205,300 02A 0.010537 $165,200 60.0% 0.13 15-12-303-003-0000 0.08 $62,900 02A 0.010537 $62,900 60.0% 0.05 15-12-303-004-0000 0.09 $70,800 02A 0.010537 $70,800 60.0% 0.05 15-12-207-004-0000 0.24 $574,800 01K 0.010537 $550,200 75.0% 0.18 15-12--207-003-0000 0.05 $76,600 01K 0.010537 $76,600 75.0% 0.04 15-12-207-016-0000 15-12-254-086-0000 0.2 $932,635 01K 0.010537 $447,200 0.0% 0.00 15-12-254-003-0000 0.2 $485,400 01K 0.010537 $447,200 75.0% 0.15 15-12-157-003-0000 0.21 $310,2001 02A 1 0.010537 $310,200 60,0%1 0.13 15-12-130-025-0000 0.0% 15-12-227-009-0000 0.66 $1,456,900 13 0.010537 $1,417,600 75.0% 0.50 15-12-227-004-0000 0.19 $602,635 13 0.010537 $707,400 65.0% 0.12 15-12-478-019-0000 j m 0 0.0% 15-12-228-015-0000 0.0564 $326,100 01K 0.010537 $155,600 75.0% 0.04 15-12-252-035-0000 0.8 $1,358,100 01K 0.010537 $1,130,700 75.0% 0.60 15-12-153-004-0000 5 $11,166,700 02A 0.010537 $4,573,800 60.0% 3.00 15-12-253-029-0000 1.3 $2,423,300 01K 0.010537 $1,752,600 75.0% 0.98 15-01-378-031-0000 0.42 $1,066,100 13 0.010537 $1,064,100 100.0% 0.42 15-01-453-005-0000 0.12 $167,300 13 0.010537 $167,300 75.0% 0.09 15-01-453-006-0000 0.14 $195,100 13 0.010537 $195,100 75.0% 0.11 15-01-453-007-0000 0.11 $704,300 13 0.010537 $704,300 75.0% 0.08 15-12-263-001-0000 0.2 $141,845 01K 0.010537 $213,800 100.0% 0.20 15-12-263-006-0000 01K 0.010537 100.0% 0.00 15-12-263-005-0000 01K 0.010537 100.0% 0.00 15-12-263-002-0000 L 01K 0.010537 100.0% 0.00 15-12-263-003-0000 01K 0.0105371 100.0% 0.00 TOTALS: 97.72 $212,262,833 2211 I 52.89 %Residential: 54.1% 49 22 Exhibit B Sustainable Development Policy Infographic REDEVELOPMENT AGENCY OF SALT LAKE CITY SUSTAINABLE DEVELOPMENT POLICY REQUIREMENTS FOR PROJECTS REQUESTING RDA FUNDS NEHABILIIAf IUN PROJECTS NEW CONSTRUCTION—� $200,000 to $899,999 $900,000+ ALL NEW CONSTRUCTION PROJECTS Designed to earn ENERGY STAR Designed to earn ENERGY STAR Designed to earn ENERGY STAR scare of 90+ score of 90+ score of 90+ Participation in SLC's Energy Participation in SLC's Energy Participation in SLC's Energy Benchmarking Program Benchmarking Program Benchmarking Program 100 b electric(no on-site fossil 100 ro electric(no on-site fossil fuel consumption) 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 possibie to source energ-v needs TAX INCREMENT REIMBURSEMENT • On-Site Net Zero building status REQUIRED PROGRAM (OVER $500K) LAND DISPOSITIONS • Off-Site Net Zero REQUIRED On-Site Net Zero will receive higher rankings for competitively marketed projects RDA LOAN PROGRAMS • 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 redaction of 2% PLEASE CLICK HERE TO SEE FULL POLICY �' UTAH -� i,. CLEAN i SLCRDA ENERGY SLC Link to full Sustainable Development Policy: https:Hslcrda.com/wp-content/uploads/2022/10/Final-Sustainable-Development-Policy- Resolutioq ,NOFA.pdf 23 Exhibit C Granary Infrastructure Improvements LEGEND FIF t Study Area I I - very Poor to Marginal Pavement Condition / I Water Mains b'or Less I IOverhead Transmission Lines r I r , Y \ w-.-j OWL I INFRASIRUCIURERMES 41 � I I L7i7i.�© ° [JIIF3© ©110 F] DISTRICTS THE GRANARY SALT LAKE CITY i DOWNTOWN 00MM1INITY PLAN Link to The Downtown Plan: http://www.slcdocs.com/Planning/MasterPlansMaps/Downtown.pdf 51 24 Exhibit 1 Public iPublic Legend Electrical Improvements .- i Road Improvements .... r E ao_o•s. •__ yysoo' _ E sooGreen Loop y� k I li.ii•.ar- A, i.ve 1 0.1 0.2mi _W Son E 500�S or - - Lr WIN a. Hi � t r g70pis Wj7,00 5 y r. ev. l dww °� - GUO 5 _ .-F�.gno�5- cp n cn L o - � •• Via! ...W-9p0,-S ....._..ej==--•-.. E 900 S II .LI - fey t� a.0 wa 1 1 IN W-' 1) , TRAX-ballF'aiK w 13n ; E 1,n ii ; Exhibit E Tax Increment Budget 54 27 REDEVELOPMENT AGENCY OF SALT LAKE CITY HTRZ Project Area:900 South 200 West Multi-ear Tax Increment and Cash Flow Analysis(HTRZ Mixed-Use Develo meni) INCREMENTAL PROPERTY TAX ANALYSIS: YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR 10 YR 17 YR 72 YR 73 YR 14 YR 75 YR16 YR 17 AssesseI Vale A68,768,698 180613fi.1/5 30A4533.IS/ 3,O11,833,57 3,044.833.157 i0A4833,157 3,044.833,157 3,044,833,157 3,044.833,157 3044,813,157 3.0AA,833,157 "J OA4,833.IS/ 3,044,833,157 3,C49.633,157 3,044,833.157 2,576.064�89 1238,596.383 (L >[1zsr��:a Velu�) _ (212262fl33) 12122G2A:i3) (2122b2A33) 2722G2N33) (2!2262 H33) (27 Z262H:i3) (212262,933) (212262.A33) (2t2262,831) (212262,R33) (212,262A33) (2122628i3) (2722ti2ft37) (212252,fl:i3) (212262,833) (2122G2,H33) i2122G2A33) TOTAL INCRLME NTAL VALUE: 256,5058A, 1,593,973,942 2832570,324 2832,570,324 2832570,324 2.8Us-,111 2,.3111U24 283257I324 2,832570,324 2,832570,324 2832510,324 2832,570,324 2,832570,324 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 AN Sall Lake County 0.001459 374,242 2,325,608 4,132,720 4,132720 4.'32720 4,131111 1131 Ou 4,132,12-0 1132720 4,1412,12-0 4,132,120 4,112,720 4132,120 4,111121) 4,132,720 3,448,787 1,497421 .11,119 41.G10150 Multi CountyAssessing and Colletlin 0.000015 3,8 48 23.910 42489 42,dH9 42489 42489 42,4H9 42489 42489 42489 42,489 92,489 42489 42489 42,489 35,457 15,395 630,960 427,795 County Assessng and Collecting 0.000160 41,041 255036 463,211 453,21i 453,217 453,211 4""1 453211 453,217 463,211 453,171 453,271 459,211 463.211 453,217 378,206 164213 6,730,246 4,563,142 Sall Lake City SChod Dlstricl 0.004347 1,115,031 6,129,005 11111'183 12,313,183 12313,183 11313,183 12,111111 12313,183 113111.1 12.313,183 12813,111 12313,183 12.313,183 12,313,183 12,313,183 10,275,446 4,461,472 182,852,335 123.974,862 Sall Lake City 0.003158 810,046 5,033,770 8,945,257 8,945257 H,9A5,267 8,9A5,257 8,945257 8,945257 8,945,257 8,945,257 8,945,257 8,9"257 1911,217 1/941217 8,94,1217 7,464886 3,241161 132838,204 90,065.014 Soil Lake Cpy Library 0.000618 158,521 986,076 1,750,628 1750,528 1.760,628 1,750,628 1,760528 1,750,528 1150,628 1,760,628 1750,628 1,,60,528 1,760,628 1,760,628 1,150,528 1,460,829 68427-0 25,995,670 17,626,136 _.. Sall Lake Melmpoll[an Water CA1111cl 0-000212 54,179 331122 110,111 600,505 6.105 .0,505 .0505 600505 600,505 600,505 600:505 600,505 600,505 600,505 600,505 501,126 217.583 8,917,574 6,046,163 Sall Lake City M q il Ab lement Olst i,l 0.000168 43,093 267788 475,A72 '75,872 475,872 475,872 475.172 171172 475,872 411 B72 475,172 475,872 475,872 475,872 171 V2 111,111 172.121 7066,757 4,791,299 Central Ulah Water Corservan'Dlslrlcl 0.000400 102.602 637,590 1,133,028 1,133,028 1,133,028 1,133,028 1,133,028 1,133,02t 1,1"028 1,133,02E 1133,028 1,133,028 1,133,028 1133,028 1,133,028 945,521 410,533 16,825,612 11,407,855 Tolals. 0,010537 2,707.,802 16,796,703 29,A46,794 29,846,794 29.846,794 29,846,794 29,846.794 29,846,794 29.846,794 29,846,794 29.84b,794 29,846,794 29,846,794 29,846.794 29,846,794 24,907,378 10,814,477 443,228,676 300,511,415 P T Part torn Rate for Bud of 5 IL k ty 80% WY dUk - 80Y Bo% AU'u ea% Bart Oo% e0R du"bM�aei % n ad% Mar,C ny Asex'J-OCalkx W - BMe Ba"k All% BO% er% 6a% eo% I'll ltll% :1 Htl% m�aunty-1,1lnq antl Collealitg .1 BPX� - m 6YlM. 00% B0M - aa% 00% BOY .1 %Sal Lake Cty Sabool nK. �% Ua1t ib% BO'% 80% 00% BIT% BMS 00% BP% Bp% EO% % 00%Lake aty �% �% BIWh B0% B0% tax BO% Boxy Be, 80% BO% a0% % BOW, on'.CllyLl"Y aa% Ba% a0% 00% Bh% Sow, Bo% Boo BP6 EO% %M,e,opofln Weer nal't 80% 8J% 80% a0% 80% 60% 80% 80% MI. 80% 80% 80% % 80% 80% Sal Lake Clry M,quiN Abatement Dlt,¢ m96 Btl% MY BOYb 80% 80% BOY 80% 80% 80% say 80% % 80% 80% re'N, INIX. oOA� a(Yb fie, a0% 1. o". "r, 00'Y, BRG Nn% "a .1 a. T.-a T Han by Taxing Entity YR1 R2 VR3 YR4 YR5 YR6 YR7 YR8 YR9 YR16 YR'17 TOTALS NPV Sall Lake County 299,394 1,860.486 3,306,176 3,306.176 3.306,176 3,306,176 1306.176 1,11176 3.101�76 3306,171 1116,176 3,306,176 3,306,176 3.306,176 3.306,176 2,759,029 1,197,937 49,097135 33,288,120 Mlulli County Assessing and Callecting _ 9,078 19,128 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 33,991 28,366 12,316 504368 342,236 County Assessing antl Collecting 32,833 204,029 362,569 362,569 162,169 312,5169 362569 362,169 362,569 362,569 362,569 .2,169 362,169 362,569 362,569 302567 131371 5,384,19b 3,650,514 Sall Lake Cily SChod OlslrlCl 892,025 5,543,204 9,850,541 9,850,541 9,850,547 9,850,547 9,850.54' 9,850,547 9,550,547 9,850,147 9,850:541 71350,547 9,850.547 9,850,547 9,850,547 A,220,357 3,569,178 146,201,868 99,179,890 Salt Lake Ciiy - 648,036 1027,016 7,156,206 7,156,206 71506206 7,156,206 7,156206 7,156,206 7156,206 7,156,206 7,156,206 7,156,206 7,156,206 7156,206 7,156,206 5,971,908 2,592.929 106,2704563 72,052,011 Sall Lake C%Library _ 126,816 788.061 1,400,423 1411,423 1400,423 1,411421 1,400421 7400,423 1.400,423 1,400,4236 1,400,423 1,400,423 1,400,423 1,400,423 1,4W,423 11168,664 507,419 20,796,456 14,1D0,109 Sall Lake Metropolitan Water DisOtcl 43,503 270,338 480,404 480,404 480404 480,A04 480,A04 480,40d 480,404 480,404 480,404 480.404 480.404 480,404 480A04 400901 174,066 7,134,D59 4,836,930 Sall take City Mosquito Abalemant Dlslrlcl 34,474 214,230 380,697 111617 380,697 380,697 31',697 380,697 3111 380,697 111,697 38g697 380,697 380,697 310,697 117,195 111919 5,653,406 3,833,039 Central Utah Water Conservenc Dlslrlcl 82082 510.072 906,423 906A23 906423 906.A23 906A23 906,423 906,423 906,423 906,423 906,423 906,423 906423 906,423 156,417 328427 13,460,489 9,126,284 Combined Phases Total: 2,162,242 13,436.563 23,877,435 23,877,435 23.877.435 23.87"1,435 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; 2,162242 13,436,563 23,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,87T435 23,877435 23,877,435 23,877,435 23877,435 211177,435 23,87T435 23,877A35 19,925902 8,651,581 1 354,582941 1 240,409,132 Uses of Tax Increment Funds YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR 10 YR 11 YR 12 YR 13 VR 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 23,8774435 23,877435 23,077,435 23877,435 23,877,435 23,877,435 23.877,435 23,877,435 19,925,902 8,651,581 354,582,941 240,4D9,132 Aston Fee 1% 21,622 114,366 238,774 238,774 238,714 23tl,774 238,774 238,174 238,714 238,774 238,714 238,174 238,774 238,774 238,774 1994259 86.516 3,545,829 2404,091 Public Development Project Support 39% 843,274 5240219 9,312200 9,312,200 9,312200 9,12,200 9312,200 9,312,200 9312200 9372,200 9312,200 9312,T00 9312,2D0 9,312200 9,312200 7,771,102 3,374117 138,287347 93,759,561 Private Development Support 60% 1,297,345 8,061,938 14,326,461 14,326,461 113.326,461 14,326,461 14,326.461 14326/461 14,326,461 14,326,461 14,326,461 14326,461 144326,461 14,326,461 14,326,461 11,955,541 5,190.949 212349364 144,245,479 Total: t00% 2,162,242 t3,436,563 23,871,435 23,877,435 23,877,435 23,W7,435 27,877,435 33,877,435 23,877,435 23,877,435 23,877,435 23,877,435 23,077,435 23,077435 23,877,435 19,925,902 8,651,581 354,582,941 240,409,132 as 28 Exhibit F Absorption Schedule 56 29 HTRZ pI1A51 III Phase III Onvelnpmem Pin lolmm F-drapllans Asse 1Veluo per Laid Vaide Tolel I'diaM16d land Baal,Y¢ar wo BUIWmg Value Assump0uns WIN or BUIWIng SF SFIPer Unit Casl Tula)Assessed Valid,Tulal Cumslrucddm Cusls -rap.. Acmage Pw SF I4M U. Val Pollan exclel 372,069 E"l $1,1,11,]3] $ ],568,A2=tTrtmell:lnl ]50 $42 $13,66B,171 7,011,290 OWca 130<12L $315 1410171.128 111.91,110 Ofiice 14.1li $]8 348,112,710 1b,181.225 Resltlenllal Mld Rise b31AW9 f1023,391,229 E1,860,711,111 Resltlentlal Mid Rlse 3620 Y39 b61,690,137 33,841.159 Halel 6] b104,349 $6,991,371 58,73921411o1H - $76 �I-,4,a 186,968 puAlr,U APark 1(e0 80 b0 1,611,59H Base Year tams Value 608$$ 934.83865 S 56,838,190 56.838,1% Primary Resldenllal Value Redel on ", T1111111-emlal Tala6W Land Value f 6J,193,184 Personal Pmpery Rate �.,... Long Term Im aliom Rale Ills a6wrplion) 11'J04, Feel pet ale A3,_fi0 Comdlarclal 696 U% 100% 0% 0% 0% o% 0°h o% 0% 0% 0% 0% 0% U31 a 0% orcice o% n% 100% o% n% a% o% o% o% o% 0% 0% o% o% o% o% u% ReSldeMill Mid RI1a 0% 0% 101% % 0% 0% 0% 0% 0% 0% 0% 0% a 0% 0% 0% 0% Ralel 0% 0% loll% (A 0% 0% 0% o% 0% )% 0% o% 0% 01 0% 0% 011 111 Ill 11 YR 17 C.-,1aI 0% 0% 10U% 10090 10090 100% 100% l00% Mo% 100% on 100% 100% 100% Im" 100% 10P% A1fice d°b % 100% 10UR� 10U% 100% 100% 1W°r. 1110% 1U0% 100% t00% 10111 1001� 100% 100% Rasld.ol Mid Rlle 0% 0% 10(I% 100% 100% 100% 100% 101A, 1U0% irlll% 1011°,y. l00% 1131% 11109: PX1% lull% 1gWb HoM R% 0% 100% 100% 100% 100% 100% 1W9, 1110% 100% 1R396 100% 1WA' 1f10% 100°, IOIIM IOMA Commercial - - 172,069 - - - - - - - - - - - - - - Ofllce - Resldemiial Mitl Rkc - - 3,238 - - - - - - - - - - - - - - Ho1W 61 Cmmmarclal - - 372.069 312,069 372,069 312,064 372,069 371,06Y 372.Wv r312,ob9 172,069 112,069 372,069 372069 372069 172,W4 372U69 Office - - 1304,111 I,lU4,121 I,lU4,121 1,l04,112 1,304,112 1,30A.1)2 1,]04,111 i,lU4,t11 1,304,111 I'llI1 1,306,112 11304,in 1,3 In 1,304,1Y1 1,306,112 Res Ill tlanlIll Mid Rlse - - 3,238 3138 3138 ]239 3,1J9 3,d38 3,23tl 1,238 3tltl 3238 5238 3,238 3.238 1,138 3738 Hul+l 67 67 61 fi7 fi7 67 67 61 67 fit 67 67 67 fit 67 l assed Vid.by Wdtke Office YRT YR2 YR3 YR'4 YR6 YR6 YR7 YRb YR9 YR 10 YR 11 YR12 YR 13 YR 14 YR46 YR16.. YR17 _ olal BullJlry Value - - $41U,411,12b $'410413,110 $419,01,115 541047'311a 8d10,473318 1110,d13.1t8 141U,111 1. 1A19,413,11ll 14101 73,123 1A10,413,t28 541U,413,118 $910,413,128 f410,173,128 5410,473.129 $410,473,128 Una Vnlue - - $A8,11271U $98,112,110 $98,112,110 fiAU311,110 Sdll,112,71U $48,112,110 fA8,11271U $98,111,110 548,112,110 4A8,112,11U E48,112.11U $48,112;110 $48,111,i1U 54U,112,110 548,112,710 TOlal P"ll Values �8458,585,838 f158565.838 $d58565.838 Y150535938 "51585,81, $458585838 158 515 83,3 S15,i 54 838 $458385838 8458,535818 $458,585838 5458,585,838 $458,535838 5458585.838 1458,585,38 Commercla1 YRi YR2 YR4 1'RB YR'.6. YR7 VRB YR9 YR 10 YRF3 YR 12 YR 13 �A,. ��:� YR16 mail Taldl HUlHU jV- - 1139.134.731 $134134T37 $134141 /111111711 /111131711 $13A.134131 �1111114717 S-$134134T37 9134:134131 1134 134.T37 1134 134131 E139134.131 1134139131 �1139.13A.737 $13A.13A 131 LmValw - - 113p68,613 113b68.673 $13b6d 67U 513668.678 813668678 'b1'.f.66867, 513668.671 513 Ill.670 Si'3.668618 $1'3b68,611 $13.660619 $13668.678 913,668678 %13668.b79 YI366811 I9mlFmpemy Values 4117,803,416 1117003.415 1117 a.411 1117.1111 E147803,415 $147,W13415 1111,BU3,415 $IA7,803,115 V47,W13,415 8141.tl03,415 b141,W33A15 $147803,415 $147,803415 $1178U9,A15 S1478U3,115 RealJenfial Mid Rlle YRi YR2` 'YRw 'YRd YR6i YRI YRB YR9 YR10 YR it 'YR,12 YR 13 YR 14 VR1fr n16 VR17 1'olel HUllJluy Vallll f1,023,391,124 $1,023391,224 $1.023391,224 $1,023,391V4l 51,023,391,224 0113,391,211 YI,023391124 11.1 91224 11,023,11,124 11,121391,1 11,113,11,124 11,023,391224 $1,023,391224 $1,021311,1. $1,023,291,224 PiupeJy Exeii�plium. - (46),516,061) (4fi0,52h,061) (460,51b,061) (960,526,061) (960,52b,0611 (4fi0,626,051) (460,516,061) (460,51b,051) (460.626,051) (460,526,051) (4fi0.626351) (4fi0,516,061) (460,626,051) (969,51b,061) 1460,626,051) Land Value - g61;fi90,131 $bi,fi90,131 $61,690i13] $fi1,ll 17 g61,690,137 Sfi1,fi90.i11 161,fi90i13] $61,690i13] $fi1,690,131 %1,fi90,131 $fi1,G90,131 161,fi90,137 $fi1,690,i11 561690i137 SGI,69p,131 Tuul".,I,y VA., 5624,555,311 5624,555311 $624,555,311 Y624,S 311 $614,111 Ill $624,665311 5624555,311 SIM 555,311 $624,566311 S04555.311 'U24,656311 $624,511 Ill $u24,555311 $624 555 311 $621656311 Holv4 YR1 YR2 YRi YR4 n1i _ YR9 YR7 YR8 W4 -,.W YR11 nu YR:13 YR 14 nib Y916 YR12 1'olal HUIWIIxJ Valle $6,991,371 $6,191,171 $6,991,371 $6,991,371 16,991171 $6,991,371 $6,911,Ill $6,191,171 $6,991371 16991,371 $6,991371 $6991371 $6991371 W991371 $6.991,371 LaiW Value E660,448 $660,498 $660,448 b660448 $660,441 Wii,448 E660,448 Efi65448 $660,448 E6%- Sal bfifi0,- 3660,44d 4661- $660,448 Total Pupa ly Values $7,651,819 $7.651.819 $7,651,819 $],651,all $1,651,111 $7,651,819 $7,651819 $1,651,819 $7,651,819 $7,651,819 $7,651,819 Y2,651,.11 E],661,819 E2,661.819 $7,661,819 P.. .Values 5uadley Summary YR1 YR2 BUIWIng Velun YR R4. YR'.6, Y.R6:: , . YR 4, R9 . , , Y . YR12 , _ M, . YR..14, , YR la , YR 17 t 157]"90 $1,614,990. 0 $1,574,990.460 E1674, RY 990 6 1,57BM,460 $1,574,990,6 E16714990.4(l $IR714%,460 $1,114i6 $1574 ,460 514,99iA. $T74,%,460 $R514990,4 11,574,460 xntl Value 1114 131,6 112,131,974 $12.131 $124 131974 1124,131,976 $12131,974 $IAA 31974 24131974 $114,131914 $14131974 124131974 $142194) $124 131,974 $124 131,94 LI'drery idmllalFBmpmn 56,0il 051) (46516,Wil (460,62651 (4W,526,051)1 (4N52"511 (460,526051)6. 6 . U . . 0 63 id $1238;56.83 E1,138.5%.33 f1,13,96;33 f1.1W T-ble Pmpmy Vae Y11 .3 E118.1%383 $128.596 M3 $1,238,596,383 $1238,596 $1.238,596393 $128;596383 $128.596 M3 $1,238,5%,383 . . 3.5383 $1,238,596,383 5 30 TV Z Man it n Ey ...........— IF i EW -Z Sp ---q-- to j f W ME ISE is ME MS" 0 Aw py A =M 15 W-5bzs !�m 04 ......... fM A V f YEE 0 NINE EE m ilia mil m! m;j, 58 31 Exhibit G Sales Tax Analysis 59 32 City Efavull, County Efferadw Slid,Eflecdvo 900 S HTRZ Sales Tax Rates(Nei Rate) Rate Rate Rat Sales Tax Analysis Senn A85U15 uu0U1K "Dan 4.850% _nuny U251& 0011& a250% -09, Assumptions Relall Sales Tax Rates Mel Mass Transit Own 11.0110% 0.300% 0,win Commxlcll Sales per SF i51 r1 Slave 4-850% Additional Macs Traits U.2511% T)con 0250% aDoms Bu8lout Commerclel SF I i-.- County Orden Trans 0.25A 0.MA 0.250% 0.0011% On�naSales per Rasitlenl _ Be iczl Cuilurzl Zw 11.10A 0.0011% 0.100% O,I1 n Taxable Saks Bese Year V.I.(2022) 1699],325 City 1.000% 0,50A 0.000% own Annual Inflation 1.0% Overall City Sales Tax Revenue Cfly Acreage Correctional Facility 11.EA 11.5eN% Average Household Slie' 1.93 a 12,335,303,MI 70,920 Total 7.500% 1,000% 1,150% 4.850% Resitlentlal Vacangy Ralc(CBRE ',.61% HTRZ[Indication o12022 Taxabl¢s Sales HTRZ Acreage Source:Rates In effe of ct zs October 1,2021 Olsceim Rote I 0.14% 9772 New Sales to Stale BO.U% New Sale,IO County Ned Sales to City Noie.1:This Is the annual commercial gross taxable sales compared In the estimated commercial square footage.for Salt lake City.2022 taxable sales data was obtained from the State Tax Commission wegsiie, Note 2:Ceni 2021 ACS 1 YR Estimate Sales MtV Bace"Bat 'Yi1 Yr Yr9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Commemial(hack&moazrl Sales 251 254 251 259 111 2. 266 269 272 21, 217 28, 283 281 289 291 291 297 On�na Sala 2MI 2324 2.347 2,370 2,394 2418 2,442 2,417 2,491 2,516 2,541 2561 2,'i93 2,118 2641 261 2698 2.125 on Projections Yr1 Yr2 _ Yr7 Yr:B" Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Vrlb Yr17 PH III Residential Unit, - - - 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3,238 3238 3,238 3,238 3238 3,238 3238 3,239 400lher Residential Units 2,104 6,976 6,976 6,976 6,976 6,976 6,976 6,976 6,976 1116 6-916 6.976 6,976 6916 6,976 6916 6,976 Tnial Residential Units - 2,704 6,976 10214 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 HT New dvma - 5.031 12,979 19,004 19,004 19,004 19,004 19,004 19,004 19,004 19,nor 19,004 19,004 19,1104 19CM 19,004 19,004 19,004 PH III Commerclel Square Feet 372069 372,069 372,069 372,069 312,069 312,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 372,069 All Other Camad ial Square Feet - 31.194 775,194 175,194 775194 775194 775,194 775,1944 775,194 175,194 775,194 775,194 175,194 775,194 775194 775.194 775194 775,194 Commercial SF Expired Removal' (31,194) (775,194) Commercial Square Fact 31,194 775,194 1,147.263 1.147263 1.147263 1,147,263 1,147,263 1,147,263 1,147.263 1,147,263 1,147,20 1,147.263 1,147,20 1147263 1,147,263 1,116,069 372,059 o al Commercial Gross Tsxatle Sales - I,908,306 198492633 296,700,273 299,667,276 302,93,949 305,690588 3➢8,747,494 311,834,969 314,953,319 318,102112 3211283,881 324,496,719 327,741,687 331,019,103 334,32%294 328,491191 110,605,au" 4,742.729,178 Online.Gross Taxabla Sales - 11,690492 30,461,686 45.048,557 45,499.043 45,954033 46413,51,1 46,877709 47.346,487 47.819,111 48,298,151 48,781,132 49,268,944 49.761,633 50,259.250 50,761,842 51,269.460 51.782155 ]57296100 lass Set.Tax Base Year (16,49/,3p5) (ifi,99],325) (16,997,325) (oar",,325) "1'WZ,325) (ik997,325) (16,997,325) (16,997,325) (16,997,325) (16,997,325) (1694/,325) (16,997,325) (11 1325) (16,997,325) (16,997,325) (16,997,325) (16,99],325) (16,991,121 (16,997,325) ------------- Slate Sales Tax Genemlicn - 126,171 11,279,91 15,711,11 1191.1,111 16,OB3.fi02 11212,61 11423,462 1111,1930 11770,133 1'6,94l078 17,123783 17.303,211 1.484,111 17,66I.630 17,852550 17,59402fi 7,Ob1,438 253,2 111 Cuunly Saks iex Geneielien 14 9 70 1,2a 732 106],321 1,006972 1,906.Bt9 1926,864 1947,11tl 191 111 1900,212 20d9071 2,o30139 1.'i1,4i0 972,909 2.094 htb 2.116,539 2,00'v BPo 035,99& 30,021145 City Set.Tan Generation 13007 1,059.784 1,623,758 1,640.845 1,658,103 1,675,534 1,693,139 1,710,921 1,728,880 1,7474018 1,765,338 1,7634&42 1,802,530 1,821,405 1840,469 1,813,817 726,952 26,105,344 Percentage to TTIF 15% 15% 15% iS: 13%� 13%� 15', I`,4 I`,4 1:'� ISt, 15"n I", Ir. 15', 15'. Total Sales Tax to TTIF 23,121 1,88 09 3,767 2,886,229 2,916,602 2,947,279 2,978,262 3,0555 3,041,161 3,073,084 3,105.325 3,137,889 3,170,779 3,203,997 3237,548 3,271,434 3,224,060 1,192,158 96,1,2,249 5u-,Ulan Calendar Year Gross.Taxable Sales and Purchases 2022 Prepared by the Economics and Statlstical Unit of the Ulah Slate Tax Commission Assumes[hat sales In cdlection Is triggered at the same lime as the p eery tax farsfusi parcels.After parcels expire,[heir corner ial square footage is removed from the sales lax collection. 5O 33 Exhibit H Affordable Housing Gap Analysis 61 34 900 5 HTRZ AOortlabk Hwsing Gap Analysis -_:N2wlt. ManlM1ly Renl IA111am11,A9,'Ren1(CBRE.11INul111amlly Repn10 319.41I 20215LCaunly(A%AIN1,18cdmom Rebl Hall(NOVOGRADAC) f13,82a RenlRduelbnlGapbeMreen Markel A-AIA 11) 11'I'll olel RKltlentlal UN. 10E14 %Rfizle De.9rgp1renl AOwtlageGomponew 19.0% #AifoNaUk PMale OeVelopmenl Unlls 1,021 %Pu Benelll W.rdbk Componenl 10.0'R, f AllnNabk Publlc-.1 VOla 1.021 Togl AllarbableUnit,Wlate 0e9blonalla W Publlc Bereft) 2,043 - w'-Hofect Resltlenlial VaranryRalx(CBRE2011J 3.60%MTaM Years Average Annual Afiortlabk Renl Gap(PMale Only) $B.h10626 11�5,165646 Average Mnual Ni9rtlabk Renl Gap(bolhPMale&PubOr4 811,111152 $430,531,292 AOatlade H9using Renl R duclun Rent Growth(HDW Subm4ssbns 2022) 01 Average Hpusehok She(Census,2.1 ACS 1 YR What,) Dlarounl Rale Tlmeln4e�M Sales(t)f5F 6M0u%11 1amIy A""g`Hl 211 ,10 10 ,12 15112 26 26,959 11,"1 13A1 29all r4, 11, 11.8191 3 61 _a I 38,243 11,59 AINI I -1 155 b 1762 IB,081 n,'- "I 13 11111) 20,301 ZI," I<"I a 14 Ill 71 18i 40.]1B 42,002 dt,162 38,JI 18,444 19,N13 30,1111 Gap per UnR 3,446 (,ill 111 1,112 1,141 6,951 1,160 1,171 1,596 7,824 8,058 0,1. 8,594 81. 9,010 9}42 10h14 10,830 11,15h 11,489 11 IA 12,ia9 11"1 Abawplian Pfgxlians PH III Resbenlial U,, 3,238 3238 3238 3238 3238 3,23E 3258 5,238 3238 3,23E 3,238 3238 3,25E 5,23E 3238 3238 3,238 323E 3,238 1.21 3,111 3,238 9238 At Oiler R,aaaalal Un" - 2.104 6976 6,916 6,9]6 6,916 1,9]6 6916 6,976 6.976 6.976 6,976 1,916 6.111 6,976 6,916 6,976 6.976 6,976 6,,76 6,976 6,176 6,971 6,111 6,976 6.916 Tohl Resitlenual Unih 2,704 6,9]6 10214 10,219 1R214 1029 I0114 10,214 104214. 10214 10214 10214 10214 10214 10214 10.214 I11214 10,214 10214 10,214 10,214 10214 10.2H 10,214 10,214 V-q Retluiilun 11 (251) (960) (368) (36A) (368) 3368) (368) (36A) (368) (3A9) (368) (368) (368) 1363) (368) (368) (368) (368) (368) (368) (368) 1368) (368) (2a) TOtaIOGGopid ReiitlenBalBnih 2p07 6,1. '9,847 9,841 9,841 9,841 9,847 9,847 9,847 9,84] 1.- 9,84, 9,841 1,141 9,841 9,847 9,847 9,847 9,947 9,847 9,841 9,841 9,841 9,847 9847 Togl Resitlentlal Rent(hall A4arkel Rate) 55,474,725 147,4 q,]]3 222,318,119 2?8,9A1,]24 235,851,336 242,933,077 250211,069 15],121,]01 265,959,532 273,423.318 281,626.018 290.014,798 298,]]],092 307,740,353 316,9]2,564 326;481,741 336276,193 346,364,479 356,755,413 367,459,,076 37A,481,818 389,936,273 401,531,361 413,511,302 4259844621 d PRuale O9v.ARortlabk Resltlen11a1 Unit - 110 698 1,0?1 1,111 1.121 1,011 1,011 1,121 1,021 1.021 1,021 1.021 1,021 1,021 1.1 1:011 1,021 1A11 1,U21 1.021 1.021 1,011 1,021 1.021 1,021 X Publlc-51 AOarbable Component 270 h9B 1,021 1,021 1A21 1,021 1,021 1,021 101 1,021 1.C21 1,021 1,021 1,021 11021 1F21 11921 1,021 Ip21 1,021 1A21 1,021 1,021 1,021 1,021 T-Aftnable Units - 141 1,311 2,043 2,043 2,043 2,043 2.043 2,043 2,043 2,043 2043 2,043 2,043 2,043 2943 2,043 2,043 2,043 2.043 2,043 2,043 2,043 2.043 2,043 ZDC Vacancy-a a (19) (50) (74) (14) (74) (74) (14) (14) (74) (74). (14) (4) (14) (14) (74) (74) (74) (74) (74) 174) (74) (74) (14) (14) (74) Total OccuDletl Allartlable Units 521 1,345 1,w 1,969 1.969 1,969 1,969 1,969 1,969 1,969 1,969 11969 I,969 1,969 1,111 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 1,969 Total Aflortleble Unit Renl(ilMarkel Raie) - 11,094,gAh 29,482,355 44,463,63b 95,747,545 4],1]1,4]1 48,586,615 50,049214 51,545540 83,091,9W 54,684,6h4 56,325,20A SB,O14,960 59,755,408 61,548,0I1 63,394,Ill 65,296,348 61255,239 692)2,896 71,351,OB3 ]3,491,h15 7569h,364 7).96]255 80,3062)2 82715960 85,196,91A tA83,560,5% Total Allartlable Unit Renl(n160%AMB 1,8]5155 20,926AT/ 31,5MJ41 32506;945 13A821,13 34486,618 35b11,216 36,186,853 31b84459 38AK992 39.919A42 4,1182615 42A14190 43686,616 44,997214 46,341,131 41,]37,545 4916%671 50,644161 52,164104 53.729,027 55,340898 57.MM25 58,711.159 60A72493 1,053,019210 ARardab,11-19 Ranl Gap - 3.219,T90 8.555,817 12,103,4. 13,290,600 13;6A9,31B 144 199' 1412ZM 14,958,687 15401,448 15,869;671 16,345,161 16;836,134 17,341,218 17,861,455 18,391,299 18,949,217 19,17,694 20,103,225 20,106,322 21,321,511 21,967,137 22626,357 23,305,147 24,004,302 24,724,431 430,531,N2 N-11 nolkrpmenl AOrvtlaMe Rani Gap 1.609,B95 9,D7,A39 6,951,148 h,645,300 6,849,654 7,049,999 7261,4% ],479,394 1,703,724 1,994,83h B,i72881 8,418,Oh7 B,h]O,60B 8,930,]2] 9,198,649 9,479,609 9,258,84] 10,051,612 10,353,161 10,663,75h 10,983,66A 11,313,n8 11,652,514 t2,002,t51 12,362115 215,2M,646 PubR Bene01ARONabk Renl Gap 116.91691 4277,939 6,451348 1.641/300 5,844659 7;049,999 1261,499 1,479,344 1,103,124 7,934,B3h B,172§BI %41B4O67 a,6106Fl9 8,930,]27 9,198,649 1,414,1. 9,758,647 10..1,112 10,358,161 10,W,,75d 10,983668 11,3131179 T1,h52574 12,W2,150 12,362211 215-446 b2 35 Exhibit Base Year Value 63 36 900 S HTRZ Base Yea,vame mwpt- value Iodation Ral< 0.0% 02A $ 103,624,53000 13 $ 60261956.00 I $ 43,376,34700 otal Base Year Property Value $ 212,262,933 INCREMENTAL PROPERTY TA-XAA4YNA: Cumulative Taxable Value��M Year I Year 2 Year 3 Year 4 Year 5 Year 6 Year7 Year 8 Year 9 Year 70 Year I I Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 TOTAL BASE YEAR VALUE: 212,262,833 212,262,833 212,262±L3j 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 Sources of Fundst Tax Year HTRZ PROJECT AREA BUDGET INCREMENTAL TAX RATE&ANALYSIS 2022 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 3,1 B4 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 Sall 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 B4,905 84,905 84,905 84,905 B4,905 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 This page has intentionally been left blank