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HomeMy WebLinkAboutRevised Transmittal - 10/17/2024To: Salt Lake City Council Chair From: Employee Name: Stine, Robyn Department Redevelopment Agency Department Director Signature Director Signed Date 09/30/2024 Subject: 900 South HTRZ Interlocal Agreement Start Date: 09/30/2024 E-mail robyn.stine@slc.gov Date Sent to Council: 09/30/2024 Chief Administrator Officer's Signature* Chief Administrator Officer's Signed Date 09/30/2024 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 M 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 MAYOR ERIN MENDENHALL Executive Director TO: DATE: PREPARED BY: RE: REDEVELOPMENT AGENCY of SALT LAKE CITY CITY COUNCIL TRANSMITTAL Salt Lake City Council Victoria Petro, Chair September 20, 2024 Kate Werrett, RDA Project Manager 900 South HTRZ Interlocal Agreement DANNY WALZ Director 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 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. I W] LI 111WI: 17\.71Z�S_Y_[I35 • 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 ATTACHMENT A: 900 SOUTH HTRZ INTERLOCAL AGREEMENT WITH THE CITY INTERLOCAL COOPERATION AGREEMENT BETWEEN SALT LAKE CITY CORPORATION AND THE REDEVELOPMENT AGENCY OF SALT LAKE CITY 900 South Housing Transit Reinvestment Zone Tax Increment This interlocal cooperation agreement is executed between the Redevelopment Agency of Salt Lake City (the Agency) and Salt Lake City Corporation (the City). RECITALS A. On November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the Housing and Transit Reinvestment Zone Committee conditionally approved the Agency's and City's 900 South Housing Transit Reinvestment Zone Application (the HTRZ Plan), a copy of which is attached as Exhibit A and includes a parcel list and a map of the 900 South Housing Transit Reinvestment Zone area (the Project Area). B. Under the HTRZ Plan, the Agency and City support transit -oriented development in the Project Area with a high density of affordable housing and mixed uses, which will be accessible to a range of incomes. C. By submitting the HTRZ Plan for review and approval by the Housing and Transit Reinvestment Zone Committee, the Agency and City determined that it is in their best interests to provide certain financial assistance using tax increment (as defined in Utah Code Section 63N-3- 602(33), hereinafter, Tax Increment) from participating taxing entities. The taxing entities that are participating include the City, Salt Lake County, Salt Lake City School District, Salt Lake City Library, Salt Lake Metropolitan Water District, Salt Lake City Mosquito Abatement District, and Central Utah Water Conservancy District (individually, Taxing Entity, and collectively, Taxing Entities). D. On December 12, 2023, the Agency adopted a policy to guide the use and distribution of Tax Increment (HTRZ Policy). E. The Agency anticipates using Tax Increment created by development activities in the Project Area to assist in development as set forth in the HTRZ Plan and distributed consistent with the HTRZ Policy. F. For the City and Agency to receive and use the Tax Increment, Utah Code Section 63N- 3-607 requires that the parties execute this agreement to set forth the terms under which the City will convey the Tax Increment to the Agency consistent with the purposes set forth in the HTRZ Plan and state law. NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: 1. City's Agreement. The City hereby agrees that the Agency shall receive a maximum capture of eighty percent (80%) of the Tax Increment from the Project Area for a term of fifteen (15) years to use consistent with the HTRZ Policy, HTRZ Plan, and state law. The parties acknowledge that the Tax Increment collection period may be extended for a total of seventeen (17) years should state law be amended to allow for this longer collection period. Such an extension shall be reflected in a written amendment to this agreement. The collection period shall begin no later than 2030 and be triggered when the City provides notice of the commencement of the collection of Tax Increment to various third -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. FA 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. C 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 ATTACHMENT B: RDA RESOLUTION WITH THE CITY FOR THE 900 S HTRZ 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. 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. Approved as to form: Salt Lake City Attorney's Office Allison Parks, Senior City Attorney Attest: Salt Lake City Recorder Erin Mendenhall, Executive Director IT EXHIBIT A [Attach Form Intetlocal Agreemend 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. Attest: City Recorder Approved as to form: Salt Lake City Attorney's Office Allison Parks, Senior City Attorney SALT LAKE CITY COUNCIL Victoria Petro, Chairperson 15 EXHIBIT A [Attach Form Interlocal Agreement] 16 ATTACHMENT D: GOVERNOR'S OFFICE OF ECONOMIC OPPORTUNITY 900 S HTRZ APPROVAL LETTER 17 Spencer I Cox Deidre M. Henderson 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 Executive Director 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: DANNY WALZ Director 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: 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 P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 WWW.SLC-GOV WWW SLCRDA.COM 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 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 o 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 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 11 25 0 EitiiP L_��I��LI i��IIII Illr, !� �t�llll�li r �INI11 �:,�IIIIII — , turn NININ= � • 26 ATTACHMENT F: 900 SOUTH HTRZ PLAN 27 j�ypPMEYT,9" Wq J FZ s io ��TtAKf- SLCRDA SALT LAKE CITY HTRZ PROPOSAL July 2023 Ir TABLE OF CONTENTS: Executive Summary 3 Proposed HTRZ Location 4 Development Plan 5 HTRZ Tax Increment & Budget 6 Construction Gap Analysis 7 Private Development Support 8 Public Development Support 11 Sales Tax Analysis 14 State Code Alignment 15 Alternative Funding Sources 18 Exhibits 19 SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Executive Summary The proposed Housing and Transit Reinvestment Zone (HTRZ) is centered around the TRAX light rail station at approximately 200 West and 900 South. The area primarily covers Salt Lake City's Granary District, Central Ninth Neighborhood and a portion of Downtown that are comprised of a mix of land uses from multi -family residential to office and commercial. While each of these neighborhoods are experiencing growth, public support is critical to facilitate affordable housing opportunities that are so needed adjacent to the Central Business District that employs over 70,000 workers - the vast majority of which are commuters (Downtown Alliance, 2022). Much denser, transit -oriented development must occur to take full advantage of existing light rail that runs through the proposed HTRZ and to further the associated benefits of public transit such as reduced carbon emissions and improved air quality. Additional public support is needed to extend light rail further to connect these growing neighborhoods to 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. . •, � trr _ " 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. Many streets do not have pedestrian enhancements such as sidewalks, street trees, park strips, curbs and gutters. Street surfaces are in disrepair and need to be rebuilt. Public investment is greatly needed _1 to support this neighborhood's growth and the innovation happening within it. Other transformative public I ; 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. p d 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 a� 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. l' IF r:�, Prnnnser Location Detail Pursuant to State Code 63N-3-603(4)(b), the proposed HTRZ is located within a 1/2 mile of the light rail (TRAX) stop at approximately 200 West and 900 South in Salt Lake City and also falls within an Opportunity Zone (created pursuant to Section 1400Z-1, Internal Revenue Code). It incudes approximately 97.72 noncontiguous acres as highlighted in blue on the map above. The sales and use tax boundary/parcels are the same as HTRZ boundary/parcels. See Exhibit A for a complete list of parcel ID numbers included in the proposed HTRZ. The proposed development area allows for a neighborhood -focused approach to supporting multi -modal transportation infrastructure, affordable housing and transformative mixed -use development projects. SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Development Plan Land Use As diverse as the existing neighborhood is, so are the future land uses to be developed in the HTRZ including small and large commercial spaces, spaces for artists and recreation, hotels, lab space, dense office and housing development and much more. This HTRZ proposal and development model includes parcels earmarked for specific development projects as well as parcels that are highly likely to develop over the HTRZ's term. Highest and best use assumptions were used to determine the land uses on parcels most likely to develop. Based on the development model, approximately 54% of the developable acreage within the HTRZ will incorporate residential uses for a total of 10,214 housing units averaging 104.5 dwelling units per acre. A variety of residential unit types are anticipated to be built as a part of dense housing developments and mixed -use projects alike. Unit sizes include micro units, studios, 1-bedroom, 2-bedroom, 3-bedroom and townhomes with up to 4-bedrooms. LAND USE Commercial SF SQUARE FOOTAGE (SF) COUNT 1,147,263 Office SF 1,919,842 Hotel Rooms 441 Structured Parking Stalls 3,596 Housing Units 10,214 Affordable Housing Units (20%) 2,043 Phasing of Tax Increment Collection 177 parcels within the HTRZ are anticipated to be triggered for tax increment collection over three, 15-year collection phases during the HTRZ's term. This phased approach recognizes the readiness of some developers to begin construction while acknowledging that other parcels have not finalized development details. Where development -specific information is available, those details have been included in the budget calculations. However, for parcels where development details are yet to be finalized, the RDA modeled development on parcels using zoning and the American Planning Association (APA) floor -to -area ratios to determine the highest and best use. The first page of Exhibit F illustrates the estimated highest and best use of developments too early in their planning process to have finalized numbers. The second page of Exhibit F includes the absorption of development specific details for projects further along in the development process and the combined assessed 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. L TAXING ENTIT Y% TOTAL TAX INCREMENT I ;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 ITEMJWVTAX INCREMENT AMOUNTI Private Development Support (60%) $212,749,764 Public Development Support (39%) $138,287,347 RDA Administrative Costs (1%) $3,545,829 TOTAL TAX INCREMENT $354,582,941 SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Construction Gap Analysis For this area to be built out in the most impactful way that significantly increases the region's housing stock, increases public transit ridership, and connects individuals to work and play, public subsidy is needed to fund a portion of the increased construction costs associated with denser, transit -oriented development (TOD). For example, the development of mid - density buildings or the status quo with a commercial floor area ratio (FAR) of 0.3; office FAR of 2.72; and 50 housing units per acre (1,744 units total) equates to a total development cost of $1,915,663,148 for the 97.72 acres included within the HTRZ. Denser, more efficient, social impact development that benefits the region with a commercial FAR 1-1.5; office FAR 3-4; and an average of 104.5 housing units per acre (10,214 units total) equates to a total development cost of $5,476,926,678. This creates an estimated financial gap of $3.56 billion dollars for increased construction costs associated with denser construction. As discussed further in this application, public and private development improvements such as the incorporation of affordable housing, green space and other public benefits create an even larger financial gap in addition to increased costs due to denser construction. In this neighborhood in particular, public infrastructure projects are not being completed at the rate needed to support TOD due to limited funding. Also of note, the analysis considers that without tax increment support, at least 30% of the total land area within the HTRZ would need to be reserved for right-of-way area and surface parking, as opposed to only 15% if public funds were available to support the increased costs associated with building more efficient parking structures. Structured parking allows for more efficient land use as well as increased green space. Mid -Density (Status Quo) Development DENSITY RANGE Gross Density 10 - 40 du/acre Lot Sizes vary Non-residential Floor to 0.40 — 1.20, Area Ratio (FAR) Range typical FAR of 1.0 High -Density TOD Development DENSITY RANGE Gross Density 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) defines affordable housing as affordable to households earning 60% AMI or less. To align with City and HUD definitions of affordability, the RDA will target supporting projects with higher levels of affordability that include at least 10% of units at 60% AMI or below. The RDA will work to support an additional 10% of affordable units, through programs such as the RDA's Housing Development Loan Program, for a total of 20%. Reviewing the reduction in rental revenue alone, the incorporation of affordable housing for 20% of the units anticipated to be built within the HTRZ (2,043 units) at 60% AMI is approximately $430.5 million over the HTRZ term. This does not consider the capitalized value differential, which increases the financial gap further. In general, apartment units subject to rent restrictions have less value relative to comparable market - rate units. The RDA intends to support a portion of the rental revenue difference and value for affordable housing projects. Rental support was estimated by using the 2022 CBRE Salt Lake County multifamily monthly average rent of $1,623 compared to the the 2022 NOVOGRADAC Salt Lake County 60% AMI monthly rent for a 1-bedroom unit of $1,152. Assuming a 3.6% vacancy rate as used by CBRE in their 2022 Great Salt Lake Area Multifamily Market Report and a rental growth rate of 3.0% over time, market rate units would generate approximately $1.48 billion in revenue over the HTRZ term. Affordable units at 60% AMI would generate approximately $1.05 billion in revenue over the HTRZ term - a difference of $430.5 million. See Exhibit H for additional affordable housing details. 35 The Aster - RDA Affordable Housing Project • 168 affordable units at 20%-80% AMI 8 SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE SUSTAINABLE BUILDING CONSTRUCTION To be eligible for a TIRA, the RDA's Sustainable Development Policy (Exhibit B) requires that new developments are highly efficient, all -electric and incorporate on -site renewables. A proposed development within the HTRZ calculated that 2.33% of their construction costs will go to sustainable building design. Applied to the $5.48 billion of estimated constructions costs in the HTRZ, this equates to $127.8 million that the RDA may partially support as a means to reduce carbon emissions and improve the region's air quality. STRUCTURED PARKING Based on developer parking estimates, the cost differential is $21,256 per stall for structured parking. With an average structured parking stall expense of $24,256 versus $3,000 per stall for surface parking, this creates a total gap of $76,437,031 for the 3,596 structured parking stalls anticipated to be built within the HTRZ. The RDA may support structured parking costs as a means to facilitate denser, transit - oriented development and a more efficient land use. PUBLIC ART & ENHANCED BUILDING DESIGN All projects receiving RDA funding are highly encouraged to incorporate public art and enhanced building design. Projects receiving an RDA loan can reduce their interest rate by incorporating public art. Salt Lake City zoning regulations may also require more durable building materials and enhanced glazing in the HTRZ. It is estimated that at least 1.5% of the $5.48 billion in HTRZ construction costs will go to public art and enhanced building design that the RDA intends to support. ADDITIONAL PUBLIC BENEFITS The RDA's mission is centered around strengthening communities by promoting economic opportunity, equity and inclusion and neighborhood vibrancy. These pillars are facilitated through multiple livability benchmarks (listed below) that can add significant cost to development such as the incorporation of public green space, affordable commercial space or adaptively reusing historic structures. The RDA will support the inclusion of these benchmarks. We prioritize projects and programs that We cultivate distinct and livable built demonstrate commitment to improving equity environments that are contextually sensitive, and quality of life for residents and businesses. I resilient. connected, and sustainable. 1 1low r 1 We act as a responsible steward of public funds, taking a long-term view of investment, return, and property values. PRIVATE PROJECT PROFILES While numerous private development projects are in need of support to incorporate public benefits within their projects and have been included in the tax increment analysis, examples of two private projects likely to be supported with tax increment generated within the HTRZ are highlighted below. t loll I I r i � WW1 q SIXTH SOUTH 5i REDEVELOPMENT PROJECT ON THE SOUTHWEST CORNER OF 600 SOUTH AND WEST TEMPLE INCLUDING THE RENOVATION OF TWO EXISTING BUILDINGS, A NEW LIFE SCIENCES BUILDING AND A HIGH-RISE RESIDENTIAL TOWER • Renovation of existing 13-story structure into 184 units • Renovation of existing Red Lion Hotel into new hotel tower with 204 rooms • New 35-story residential tower with 325 housing units, retail and structured parking • New 600,000 sq. ft. life science building with office and lab space BLOCK REDEVELOPMENT PROJECT AT APPROXIMATELY 700 - 800 SOUTH & 400 - 500 WEST WITH A VARIETY OF USES • 595,000 sq. ft. of commercial space • 1,420 multifamily housing units with a variety of bedroom counts • Structured parking with 1,424 stalls • New hotel with 120 rooms 0 LEED v4 Platinum and WELL v2 Gold certifications SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Public Development Support ESTIMATED TAX INCRENVic-NT CONTRIBUTIw= $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. 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. ° I OR 2012 Milk ♦♦ �� ��.�fir•. 1 c�Xowlrw.0 l q1 pop in, U [ FIT e� Green Loop LINEAR PARK SYSTEM CONCEPT CONNECTING GREENSPACES THROUGH AND TO THE WEST OF SALT LAKE CITY'S DOWNTOWN • Running along 500 West and 900 South in the proposed HTRZ • Featuring a walking path, bike path and spaces for recreation and ecological services • Promotes economic development and decreased carbon emissions • Significant public investment - similar project in Chicago cost $95 million for 2.7 miles of trail ��� •� � � ice`-�.. Grand Boulevards IMPROVEMENTS TO TWO MAJOR BOULEVARDS ALONG 500 SOUTH AND 600 SOUTH IN THE PROPOSED HTRZ TO CREATE GRAND ENTRIES INTO THE CENTRAL BUSINESS DISTRICT • Create a memorable and inspiring experience for locals and international visitors entering and exiting the capital city, particularly by automobile. • Bury the electrical transmission and distribution lines on 600 South • Address the numerous billboards located along each corridor • Significant public investment - burial of power lines on 600 South estimated to be $50 million SALT LAKE CITY - HOUSING AND TRANSIT REINVESTMENT ZONE Sales Tax Analysis ITEM MW"VALUE Sales Tax Base Year TY 2022 Taxable Sales Base Year Value ($) $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 Objectives — A Housing and Transit Reinvestment Zone proposal created under this part shall promote the followingUtah Code - 63N-3-603. Applicability, requirements and limitations on a Housing and Transit Reinvestment 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 Code .1 pi irequirements,i limitations on i and transit reinvest Objectives — A housing and transit reinvestment zone proposal created under this part shall promote th following ii SECTION DESCRIPTION HTRZ APPLICABILITY Denser, more efficient development so close to multiple forms of transit, jobs and urban amenities will significantly reduce the number of motor vehicle trips per household. Improving air quality by (1)(d) reducing fuel consumption Additionally, the RDA's Sustainable Development Policy requires projects and motor vehicle trips. receiving funding to earn an ENERGY STAR score of at least 90 and be all - electric. Projects that receive a tax increment reimbursement must utilize on -site renewable energy to supply at least 50% of the building's annual energy consumption to reduce use of fossil fuels and improve air quality. The proposed HTRZ covers much of the Granary District, which once housed most of the city's manufacturing, processing and storage businesses. This neighborhood and the historic warehouse buildings within it are now being adaptively reused to support a mix of land uses including Encouraging transformative housing, hotels, entertainment venues, local businesses and much more. mixed -use development The former sprawling warehouse district will see transformative new growth and investment in with its life science and technology focused employment opportunities, (1)(e) transportation and public entertainment and housing. transit infrastructure in Investment in public transit expansion that this HTRZ would support is strategic areas. needed to connect people to the new development in the neighborhood and further connect commuters to the FrontRunner commuter rail. Additional public transit access to education and employment centers like the University of Utah and Salt Lake Community College would further enhance the integration of the HTRZ into the greater Wasatch Front. Strategic land use and The proposed HTRZ intersects three light rail stations and is within a mile municipal planning in of the FrontRunner Station at approximately 300 South and 500 West. (1)(f) major transit investment UTA's Future of Light Rail study proposes the extension of TRAX within corridors as described in this HTRZ area. The area is within 3/4 mile of 1-15 interchanges and encompasses 600 South, or the "grand entryway" into Utah's capital city Subsection 10-9a-403(2). from 1-15 and the Salt Lake City International Airport. Numerous jobs will be created as a result of development within the Increasing access to proposed HTRZ. The University of Utah has also partnered with the Stena (1)(g) employment and Center for Financial Technology to establish an entrepreneur center in the educational opportunities. HTRZ boundary with a focus on industry -sponsored labs, a start-up incubator and fintech-focused degrees and certifications. 43 16 SECTION DESCRIPTION HTRZ APPLICABILITY At least 10% of the proposed It's estimated that at least 20% or 2,043 of the 10,214 dwelling units dwelling units within the projected to be constructed within the HTRZ will be affordable. The (2)(a) Housing and Transit RDA will target supporting affordable housing projects with 10% of Reinvestment Zone are units at 60% AMI and typically support mixed -income projects with affordable housing units. even higher percentages of affordable units. At least 51% of the developable area within the Housing and Transit Reinvestment Zone includes 52.89 acres of the 97.72 developable acres, or 54.1% of the (2)(b) developable land, is planned for residential development. Across the residential uses, except as HTRZ, the proposed density is 104.5 residential units/acre. provided in subsection (4)(c), with an average of 50 dwelling units per acre or greater. The HTRZ incorporates mixed -use development with active ground floor uses. Preliminary project proposals have indicated that ground floor (2)(c) Mixed -use development. uses are planned. Additionally, the RDA will encourage the support of local, women and minority -owned businesses as part of mixed -use development projects. The HTRZ incorporates a mix of studios, 1-bedroom, 2-bedroom, 3- A mix of dwelling units to bedroom and townhomes with up to 4-bedrooms. The currently proposed ensure that a reasonable (2)(d) percentage of the dwelling developments within the HTRZ incorporate this mixture of bedroom counts. The mix of dwelling unit sizes will be reviewed by the RDA to units has more than one ensure compliance with State Code at the time a funding request is bedroom. received. 44 17 Additional incentives, grants and sources of revenue to reduce the finance gap Annual HTRZ tax increment revenues will be leveraged with various other funds and tools administered by the RDA, SLC Department of Community and Neighborhoods, SLC Department of Economic Development and the State and Federal Governments. Leveraging funds and tools will allow the RDA to maximize the reach and impact of HTRZ development activities by focusing resources in a coordinated manner. Resources available to leverage include: Low -Income Housing Tax Credit Program (LIHTC): The LIHTC program supported by the federal government provides a tax incentive to construct or rehabilitate affordable rental housing for low- income households. Salt Lake City Economic Development Loan Fund: The Economic Development Loan Fund (EDLF) provides loans to small businesses located in the City for the purpose of stimulating economic development by enhancing business opportunities, providing employment and promoting neighborhood revitalization. Salt Lake City Neighborhood Building Improvement Program: The Neighborhood Building Improvement Program (NBIP) provides grants up to $25,000 for 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 15-01-451-013-0000 5.02 25,579,821 13 0.010537 12,797,990 15-12-130-018-0000 0.42 1,346,000 02A 0.010537 639,600 15-12-130-019-0000 0.2 545,800 02A 0.010537 114,800 15-12-130-020-0000 0.31 853,400 02A 0.010537 178,000 15-12-130-023-0000 0.61 394,000 02A 0.010537 345,000 15-12-131-005-0000 0.25 735,600 02A 0.010537 261,400 15-12-204-008-0000 0.12 210,300 02A 0.010537 208,200 15-12-204-025-0000 0.03 60,800 02A 0.010537 55,800 15-12-204-024-0000 0.08 97,600 02A 0.010537 97,600 15-12-204-006-0000 0.08 97,600 02A 0.010537 97,600 15-12-131-001-0000 0.33 355,600 02A 0.010537 345,000 15-12-130-011-0000 0.05 44,600 02A 0.010537 39,600 15-12-204-005-0000 0.1 263,900 02A 0.010537 95,000 15-12-130-010-0000 0.05 184,100 02A 0,010537 120,600 15-12-204-028-0000 0.07 88,000 02A 0.010537 85,400 15-12-130-011-0000 0.05 44,600 02A 0.010537 39,600 15-12-130-009-0000 0.05 28,300 02A 0.010537 28,300 15-12-204-029-0000 0.0902 88,000 02A 0.010537 85,400 15-12-252-031-0000 0.12 249,800 01K 0.010537 239,000 15-12-252-030-0000 0.08 198,800 01K 0.010537 160,300 15-12-252-029-0000 0.1 153,700 01K 0.010537 151,300 15-12-252-028-0000 0.1 195,200 01K 0.010537 158,400 15-12-204-017-0000 0.48 1,240,400 02A 0.010537 831,600 15-12-181-001-0000 0.22 1,115,700 02A 0.010537 156,200 15-12-181-002-0000 0.14 233,500 02A 0.010537 228,500 1 J'1L'10 V-VVI-VVVV 15-12-180-017-0000 V.LL 0.5 .J JOJ,000 $866,100 VLH 02AI V.VIVJJ/ .]JVJ,VVV 0.010537 $846,500 15-12-251-001-0000 8.75 $0 02AI 0.010537 $14,950,000 15-12-177-007-0000 1.26 $3,009,200 02A 0.010537 $2,494,500 15-01-379-017-0000 1.19 $1,002,700 02A 0.0105371 $633,200 15-12-127-007-0000 1.63 $4,800,700 02A 0.010537 $1,562,100 0.010537 $399,800 15-12-130-016-0000 0.7 $433,700 02A 15-12-130-013-0000 0.16 $145,500 02A 0.010537 $145,500 15-12-130-014-0000 0.08 $49,200 02AI 0.010537 $44,200 15-12-130-026-0000 0.57 $551,200 02A 0.010537 $531,900 15-01-478-018-0000 4.4 $20,238,200 13 0.010537 $9,530,600 15-01-478-009-0000 0.32 $547,400 13 0.010537 $455,700 15-12-127-014-0000 02A 15-01-379-023-0000 15-12-108-007-0000 0.73 15-12-108-003-0000 1.51 $2,116,800 15-12-129-012-0000 1.411 $3,592,300 02A 13 0.010537 $2,045,200 02A 0.010537 $2,462,800 15-12-129-011-0000 2.38 $6,217,300 02A 0.010537 $3,197,000 15-12-129-009-0000 0.82 $1,169,000 02A 0.010537 $1,169,000 15-12-129-006-0000 0.87 $3,086,700 02A 0.010537 $1,172,200 15-12-129-005-0000 0.19 $446,500 02AI 0.010537 $296,100 15-12-129-003-0000 0.09 $155,200 02AI 0.010537 $155,200 15-12-129-004-0000 0.22 $328,900 02A 0.010537 $328,900 15-12-129-002-0000 0.13 $859,000 02A 0.010537 $227,400 15-01-476-006-0000 1.34 $3,873,100 13 0.010537 $3,619,500 15-12-129-015-0000 0.61 $1,737,700 02A 0.010537 $345,400 15-12-129-014-0000 0.3 $183,900 02A 0.010537 $169,900 15-12-129-007-0000 0.31 $293,300 02AI 0.010537 $293,300 15-12-210-002-0000 0.44 $850,300 01K 0.010537 $850,300 15-01-454-009-0000 0.16 $440,500 02A 0.010537 $361,900 15-01-454-014-0000 0.47 $1,505,000 02A 0.010537 $1,094,700 15-12-201-010-0000 1.42 $4,980,100 02A 0.0105371 $1,979,400 15-01-380-017-0000 4.941 $9,561,300 02A 0.0105371 $9,561,300 15-12-228-020-0000 0.841 $2,367,9001 OIKI 0.0105371 $1,170,900 Residential Acreage 100.0% 5.02 76.0% 0.32 76.0% 0.15 76.0% 0.24 76.0% 0.46 76.0% 0.19 76.0% 0.09 76.0% 0.02 76.0% 0.06 76.0% 0.06 76.0% 0.25 76.0% 0.04 76.0% 0.08 76.0% 0.04 76.0% 0.05 76.0% 0.04 76.0% 0.04 176.0% 0.16 76.0% 0.09 76.0% 0.06 76.0% 0.08 76.0% 0.08 76.0% 0.36 76.0% 0.17 76.0% 0.11 100.0% 0.22 100.0% 0.50 62.0% 5.43 50.0% 0.63 0.0% 0.00 0.0% 0.00 50.0% 0.35 50.0% 0.08 50.0% 0.04 50.0% 0.29 27.3% 1.20 27.3% 0.09 75.0% 0.00 75.0% 0.00 100.0% 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 100.0% 1.34 93.0% 0.57 93.0% 0.28 93.0% 0.29 100.0% 0.44 100.0% 0.16 100.0% 0.47 100.0% 1.42 60.0% 2.96 93.0%1 0.78 47 20 `lot Size Taxable Value (2022) 15-12-228-019-0000 0.93 0.07 $1,980,400 $294,400 15-12-228-014-0000 15-01-479-022-0000 3.127 $8,172,000 15-12-203-006-0000 0.16 $361,900 15-12-203-007-0000 0.14 $394,200 15-12-203-012-0000 0.08 $213,000 15-12-277-014-0000 0.4 $468,800 15-12-277-021-0000 1 0.79 $10,214,930 15-12-278-001-0000 0.62 $2,119,500 16-07-151-001-0000 15-12-204-033-0000 0.39 3,051,400 15-12-204-018-0000 0.46 1,439,200 15-12-204-026-0000 0.08 81,700 15-12-255-012-0000 0.11 241,900 Tax Area 01K+ 01K O1K Rate (2022) 2022 Land Value 0.010537 $1,969,400 0.010537 $164,600 %Residential 0.010537 $7,288,400 01K 01K OIKI 0.010537 $361,900 0.010537 $339,500 0.010537 $213,000 01KI 0.010537 $460,100 01KI 0.0105371 $1,069,700 01K 0.010537 02A 1,018, 600 02A 479,200 02A 81,700 02A 241,900 15-12-255-026-0000 15-12-278-002-0000 0.34 737,500 02A 0.35 $616,000 01K 0.421 $1,020,700 01K 684,90 0.010537 $616,000 15-12-278-019-0000 0.010537 $1,017,700 15-12-278-021-0000 0.41 $603,000 01K 0.010537 $603,000 15-12-278-026-0000 0.53 $2,481,100 01K 0.010537 0.010537 $816,900 $58,500 15-12-278-028-0000 0.08 0.19 $58,500 01K $348,90001KI 15-12-278-031-0000 0.010537 $348,900 15-12-276-015-0000 0.2 $125,785 01K 0.010537 $213,800 15-12-206-013-2000 0.1 $0 01K 0.010537 $154,700 15-12-206-013-6000 0.1 $433,452 01K 0.010537 $192,290 15-12-206-015-2000 0.09 $0 01K 0.010537 $78,400 15-12-206-015-6000 0.09 $78,000 01K 0.010537 $78,000 15-12-206-016-2000 0.09 $0 01KI 0.010537 $78,400 15-12-206-016-6000 0.09 $243,900 01K 0.010537 $78,400 15-12-206-017-0000 0.1 $0 01K 0.010537 $87,100 15-12-207-001-0000 0.34 $0 01K 0.010537 $486,900 15-12-207-002-0000 0.22 $0 01K 0.010537 $321,000 15-12-207-012-0000 0.1 $0 01K 0.010537 $97,100 15-12-207-013-0000 0.84 $0 01KI 0.010537 $1,178,400 15-12-209-010-0000 0.2 $526,300 01K 0.010537 $284,700 15-12-253-014-0000 0.2 $604,600 01K 0.010537 $408,900 15-12-254-010-0000 0.1 $203,390 01K 0.010537 $142,600 15-12-254-011-0000 0.1 $278,190 01K 0.010537 $142,600 15-12-276-016-0000 0.11 $149,820 01K 0.010537 $147,200 15-12-276-018-0000 0.09 $155,000 01KI 0.010537 $151,200 15-12-276-034-0000 0.42 $896,100 OIKI 0.010537 $896,100 15-01-454-018-0000 0.63 $1,849,000 02A 0.010537 $1,841,900 15-12-129-010-0000 1.25 $1,555,500 02A 0.010537 $1,010,400 15-12-129-013-0000 1.09 $1,505,600 02A 0.010537 $1,180,300 15-12-130-002-0000 0.83 $471,000 02A 0.010537 $470,000 15-12-130-024-0000 0.51 $1,968,200 02A 0.010537 $288,900 15-12-130-027-0000 0.2 $340,500 02AI 0.010537 $176,700 15-12-130-028-0000 0.01 $6,600 02A 0.010537 $6,600 15-12-156-001-0000 0.12 $85,200 02A 0.010537 $85,200 15-12-157-001-0000 0.14 $95,300 02A 0.010537 $95,300 15-12-157-002-0000 0.18 $117,000 02A 0.010537 $117,000 15-12-176-002-0000 0.63 $1,227,200 02A 0.010537 $571,700 15-12-176-005-0000 1.3 $2,954,700 02AI 0.010537 $1,189,200 15-12-176-007-0000 1.12 $2,347,800 02A 0.010537 $1,024,500 15-12-176-011-0000 1.25 $1,449,100 02A 0.010537 $1,143,500 15-12-179-009-0000 1.05 $1,704,600 02A 0.010537 $1,646,600 15-12-181-005-0000 0.21 $220,500 02A 0.010537 $215,500 15-12-182-003-0000 0.2 $198,220 02A 0.010537 $93,100 15-12-182-004-0000 0.11 $178,6951 02AI 0.010537 $76,300 15-12-182-005-0000 0.12 $182,2001 02AI 0.010537 $182,200 15-12-182-006-0000 3.151 $4,977,5001 02AI 0.0105371 $4,939,700 Residential Acreage 93.0% 0.86 93.0% 0.07 65.0% 2.03 75.0% 0.12 75.0% 0.1:1 75.0% 0.06 75.0% 0.30 75.0% 0.59 75.0% 0.47 75.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0 0.0% 0 75.0% 0.26 75.0% 0.32 75.0% 0.31 75.0% 0.40 75.0% 0.06 75.0% 0.14 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 0.0% 0.00 60.0% 0.38 60.0% 0.75 60.0% 0.65 60.0% 0.50 60.0% 0.31 60.0% 0.12 60.0% 0.01 60.0% 0.07 60.0% 0.08 60.0% 0.11 60.0% 0.38 60.0% 0.78 60.0% 0.67 60.0% 0.75 69.0% 0.72 60.0% 0.13 69.0% 0.14 69.0% 0.08 69.0% 0.08 69.0%1 2.17 48 21 15-12-183-008-0000 Taxable Value (2022) Tax Area Rate (2022) 2022 Land Value 0.39 $386,600 02A 0.010537 $375,500 0.14 $126,900 02AI 0.010537 $126,900 0.23 $207,900 02AI 0.010537 $207,900 15-12-183-009-0000 15-12-326-001-0000 15-12-326-002-0000 0.04 $36,600 02AI 0.010537 $36,600 15-12-326-003-0000 0.44 $813,400 02A 0.010537 $399,100 15-12-326-004-0000 0.24 $1,345,300 02A 0.010537 $219,500 15-12-326-005-0000 0.86 $789,000 02A 0.010537 $789,000 15-12-326-007-0000 0.71 $705,200 02A 0.010537 $649,500 15-12-326-008-0000 0.23 $350,000 02A 0.010537 $210,400 15-12-327-001-0000 0.49 $449,300 02AI 0.010537 $448,200 15-01-454-019-0000 0.01 $23,500 02A 0.010537 $23,500 15-12-201-007-0000 0.11 $245,900 02A 0.010537 $245,900 15-12-255-002-0000 0.1 $202,840 02A 0.0105371 $82,600 15-12-255-007-0000 0.18 $764,300 02A 0.010537 $188,200 15-12-255-011-0000 0.08 $133,300 02A 0.010537 $133,300 15-12-255-020-0000 0.08 $198,800 02A 0.010537 $198,800 15-12-255-024-0000 0.26 $271,800 02A 0.010537 $271,800 15-12-255-025-0000 0.06 $233,700 02A 0.010537 $62,700 15-12-255-027-0000 0.01 $1,210 02AI 0.010537 $2,200 15-12-255-028-0000 0.07 $199,265 02A 0.010537 $69,500 15-12-255-029-0000 0.45 $2,342,600 02A 0.010537 $784,100 15-12-255-030-0000 0.1 $104,500 02A 0.010537 $104,500 15-12-255-031-0000 0.34 $1,259,800 02A 0.010537 $610,300 0.010537 $573,200 15-12-255-032-0000 0.54 $653,9001 02A 15-01-478-003-0000 1 0.15 811,200 13 734,300 15-01-478-001-0000 0.12 396,100 13 396,100 15-01-478-002-0000 0.04 137,200 13 137,200 15-01-478-017-0000 0.16 447,400 13JI]II361,900 15-01-478-019-0000 0.2 $509,100 131 0.010537 $509,100 15-12-303-001-0000 0.12 $94,400 02A 0.010537 $94,400 15-12-303-002-0000 0.21 $205,300 02A 0.010537 $165,200 15-12-303-003-0000 0.08 $62,900 02A 0.010537 $62,900 15-12-303-004-0000 0.09 $70,800 02A 0.010537 $70,800 15-12-207-004-0000 0.24 $574,800 01K 0.010537 $550,200 15-12--207-003-0000 0.05 $76,600 01KI 0.010537 $76,600 15-12-207-016-0000 15-12-254-086-0000 0.2 $932,635 01K 0.010537 $447,200 15-12-254-003-0000 0.2 $485,400 01K 0.010537 $447,200 15-12-157-003-0000 0.21 $310,200 02A 15-12-130-025-0000 2,075,900 15-12-227-009-0000 0.661 $1,456,900 131 15-12-227-004-0000 0.19' $602,635 131 15-12-478-019-0000 4.3 0 13H 15-12-228-015-0000 0.0564 $326,100 011< 0.0105371 $310,200 0.010537 $1,417,600 0.010537 $707,400 0.010537 $155,600 15-12-252-035-0000 0.8 $1,358,100 01KI 0.010537 $1,130,700 15-12-153-004-0000 5 $11,166,700 02A 0.010537 $4,573,800 15-12-253-029-0000 1.3 $2,423,300 01K 0.010537 $1,752,600 15-01-378-031-0000 0.42 $1,066,100 13 0.010537 $1,064,100 15-01-453-005-0000 0.12 $167,300 13 0.010537 $167,300 15-01-453-006-0000 0.14 $195,100 13 0.010537 $195,100 15-01-453-007-0000 0.11 $704,300 13 0.010537 $704,300 15-12-263-001-0000 0.2 $141,845 OIKI 0.010537 $213,800 15-12-263-006-0000 01K 0.010537 15-12-263-005-0000 01K 15-12-263-002-0000 01K 15-12-263-003-0000 01K 0.010537 0.010537 0.010537 TOTALS: 97.72 S212.262.833 2211 1 Y. Residential Residential Acreage 60.0% 0.23 60.0% 0.08 60.0% 0.14 60.0% 0.02 60.0% 0.26 60.0% 0.14 60.0% 0.52 60.0% 0.43 60.0% 0.14 60.0% 0.29 75.0% 0.01 75.0% 0.08 75.0% 0.08 75.0% 0.14 75.0% 0.06 75.0% 0.06 75.0% 0.20 75.0% 0.05 75.0%1 0.01 75.0% 0.05 7S.0% 0.34 75.0% 0.08 75.0% 0.26 75.0% 0.41 6S.0% 0.10 65.0% 0.08 6S.0% 0.03 65.0% 0.10 65.0% 0.13 60.0% 0.07 60.0% 0.13 60.0% 0.05 60.0% 0.05 75.0% 0.18 75.0% 0.04 % Residential: 0.0% 0.00 75.0% 0.15 60.0% 0.13 0.0% 0.00 75.0% 0.50 65.0% 0.12 0.0% 0 75.0% 0.04 75.0% 0.60 60.0% 3.00 75.0% 0.98 100.0% 0.42 75.0% 0.09 75.0% 0.11 75.0% 0.08 100.0% 0.20 100.0% 0.00 100.0% 0.00 100.0% 0.00 100.0% 0.00 52.89 54.1% 49 22 Exhibit B Sustainable Development Policy Infographic SUSTAINABLE DEVELOPMENT POLICY REQUIREMENTS FOR PROJECTS REQUESTING RDA FUNDS NEHABILIIAIIUN PRO-IECTS $200,000 to $899,999 Designed to earn ENERGY STAR score of 90+ Participation in SLC's Energy Benchmarking Program $900,000+ Designed to earn ENERGY STAR score of 90+ Participation in SLC's Energy Benchmarking Program 100 ' electric (no on -site fossil fuel consumption) i NEW CONSTRUCTION —� ALL NEW CONSTRUCTION PROJECTS Designed to earn ENERGY STAR score of 90+ Participation in SLC's Energy Benchmarking Program 100 ro electric (no on -site fossil fuel consumption) Additional Net Zero requirements and incentives for projects utilizing specific RDA programs: OFF -SITE Must participate in a program that supports ON -SITE Must use as much on -site NET ZERO renewable energy sources (i.e. Rocky Mountain NET ZERO renewable energy (i.e. solar) as BUILDINGS Power's Subscriber Solar and Blue Sky Programs) BUILDINGS possible to source energ-v needs TAX INCREMENT REIMBURSEMENT PROGRAM (OVER $500K) LAND DISPOSITIONS RDA LOAN PROGRAMS • On -Site Net Zero building status REQUIRED • Off -Site Net Zero REQUIRED • On -Site Net Zero will receive higher rankings for competitively marketed projects • Off -Site Net Zero will be eligible to receive interest rate reduction of 1 °b • On -Site Net Zero will be eligible to receive interest rate reduction of 2% PLEASE CLICK HERE TO SEE FULL POLICY SLCRDA U TA H :ECLEAN NERGY l �I '-`�� ar; SLC Link to full Sustainable Development Policy: https:Hslcrda.com/wp-content/uploads/2022/10/Final-Sustainable-Development-Policy- Resolutior,N0FA.pdf 23 DISTRICTS Exhibit C Granary Infrastructure Improvements LEGEND I I Study Area I _ I very Poor to Marginal Pavement Condition I Water Mains b' or Less N. .00 THE GRANARY Overhead Transmission Lines INFRASTRUCII)REMES F10Uj© 013©© v ow SALT LAKE CITY i DOWNTOWN COMMUNITY PLAN Link to The Downtown Plan: http://www.slcdocs.com/Planning/MasterPlansMaps/Downtown.pdf 51 24 F5 rl 3'- MLJ" A 711 Ll E 80 �;AE 9'CO 900-S It ats ;u :ad iw 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 menl) INCREMENTALPROPERTYTAX ANALYSIS: YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR 10 YR17 YR72 YR13 YR 14 YR 15 YR76 YR17 A-... Valle 468, 768,698 (212262,833) I SU6136.775 (212212.B:i3) 3044 B33.157 (212.262833) 3,044,833,157 (212,262833) 3,044.833. 157 (212262,833) 3.044833, 157 (212,262,833) 3,041833,131 (212,262,933) 3.044, 833, 157 (212.262.833) 3044.533, 157 (M 262,833) 3, 044,833, 151 (212262,R33) 3.044,833,157 (212,262833) 3044,833.1SI (212262,RD) 3,044,833, 157 (212,262,833) 3,C44.533, 157 (212.26T811) 3,044,833.157 (212,262,833) 2,576, 064 �59 (212,262833) 1238,596.383 (212.262833) (L s ba, 1,, ar Velt,,) TOTAL INCREMENTAL VALUE: 256,505865 1,593,973,942 2,832,570,324 2,832,570,324 2,832,570, 324 2.832,570,324 2,832, 570,324 2,832,570,324 2,832,570, 324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570,324 2,832,570, 324 2,832,570,324 2,363,801,626 1,026, 333,550 CDA PROJECT AREA BUDGET INCREMENTAL TAX BY TAXING ENTITY 2022 TALS OT NPV Sall Lake County M II CouIYYAsmss ngard Colletlin 0.001459 0.000015 374,242 3,848 41,041 1,115,031 810,046 158,521 54.379 43,093 102,602 2, 325,608 23.910 255,036 6,929,005 5,033,770 985,076 337.922 2677. 637590 4,132,720 42489 453,211 12,313,183 8345,257 1,75D,528 600,505 475,872 1,133,028 4,132, 720 42489 453,211 12,313,183 8,945,257 1750,528 600,505 4754872 1,133,028 4.132, 720 42489 453,211 12,313,183 8,945,257 1.750,528 600,505 475,872 1,133,028 4, 132, 720 42,489 453,2ll 12,313,183 8,945,257 1,750528 600,505 475,872 1131028 4,132.720 42489 453.211 12,313183 8,915.257 1,750528 bD0505 475.872 1, 133,028 4,132, 120 42489 453211 12,313,183 8, 945,257 1,750,528 600,505 475,872 1,133,028 4.132, 120 42,489 453,211 12,313,183 8,945,257 1750,528 600,505 475,872 1,133,028 4, 132, 720 42489 453,211 12,313,183 81945,257 1,750,528 600,505 475,972 1,133,028 4, 132,720 42,489 453,211 12313,183 8,945,257 1750,528 _.. 600,505 475,872 1,133,028 4, 132,720 92,489 453,2ll 12,313,183 8,945,257 1,750,528 600,505 475,872 1,133,028 4132, 720 42489 45,211 12.313,183 8,945,257 1,750,528 600,505 475,872 1,133r028 4,132, 720 42,489 453,211 12,313,183 9,945,257 1,750,528 600,505 475,872 1133,028 4,132, 720 42,489 453,211 12,313,183 8,945,257 1,750,528 600,505 475, B72 1,133,028 3, 448,781 35,457 378,200 102775,446 7,464,886 1,460,829 501,126 397,119 945,521 1,497,421 15,395 164,213 4,461,472 3,241161 634274 217.583 172.424 410,533 613/1,419 630,960 41.610150 427,795 County Ass ento'and Collecling Sall Lake City Schod Dlslrlcl Sall Lake City Sall Lake City Library Sall Lake Melmpolllan Water Dislrlcl Sall Ink, City M oilAblement Dlslrlcl Central MlWater Corservan' Dlslrlcl 0,000160 0.004347 6,730,245 4,563,142 182,852,335 132,838,204 123.974,862 90,065,014 0.003158 0,000618 25,995,570 8,917,574 17,625,136 6,046,163 0-000212 0.000168 0.000400 7066,757 16,825,612 4,791,299 11,407,855 Totals 0,010537 1 2,702,802 16,795,703 29,846,794 29,846,794 29.846,794 29,846,794 29,846.794 29,846,794 29.846,794 29,846,794 29,846,794 29,B46,794 29,846394 29,846,794 29,846,794 24,907,378 10,814,477 443,228,676 300,511,415 PeopertyloxParta, affan Rate for Budget s IL k ty M 'b ny Nsex' J- OCalkx W hesesslnq antl CollealilgBnH. Sal Lake Cly scaool nKhhLake JryBa% W.i,Sal Lke Clry M6squiN Pbaie NDl it aa% W* dUte W% BU% AU'u BU% BUSY 0U% OOR du% un% BO% BUk Au% %19eEll. BU"k All% NO% s0.% BU% 91l% U11% H01A H11% U11%aunty BflLloary ea%Ba% all% so"fUs,opolln 009AM% eOYb 809EItaaOA NY%, BUh UU% a(}x, flIM4. OON. BO'G amG r BU% BO"a OOi BaK Property Taxlmxement Participationb Taxin Entity YR1 YR2 YR3 YR4 YR5 YR6 YR7 YRB YR9 YR 10 YR 11 VR 12 YR 13 YR 14 YR 15 R16 YR'17 TOTALS NPV Sall Lake Coonry MuIII Caunty Asses sing and Collecling County Assessing and Collecling Sall Lake City School Dlslrlcl Salt Lake City Sall Lake City Library Sall Lake Metropolitan Water DisVlcl Sall Lako City Mosquito Abatement Dlslrlcl Central Weh Water Conservenc Dislrlcl 299,394 3,076 32,833 892,025 MUM 126,816 43,503 14,474 82082 1,860.486 19,128 204,029 5,543,204 1M()l6 788.061 270.338 214E(l 510.072 3,306,176 33,991 362,569 9,850,541 7,156,206 1,400,423 480,AOA 380,697 906,423 3,306,176 33,991 362,569 9,150,547 7,156,20fi 1400,423 480,404 380,697 906423 3.306,176 33,991 362,569 9,850,547 7156,206 1a00,423 480,A04 380,697 906423 3,306,176 33,991 362,569 9,850,547 7, 156,206 1,400423 480,A04 1"r"7 906.A23 3,306.176 33,991 362569 9,850.54' 7,156206 1,400.4" 480,A04 1",697 906423 3,3W,176 33,9" 362,169 9,850,547 7,156,206 74.423 480,40d 380,697 906,423 3.306�76 33,991 361,569 9,850,54, 715121 1.400,423 480,404 380,697 906,423 3306,176 33,991 362,569 9,850,547 7,156,206 1,400,423 480,404 380,697 906,423 3,306,1976 33,991 362,569 9,850,547 7,156,206 1,-01423 480,404 380,697 906,423 3,306,176 33'991 362,569 9,850,547 7,156206 1,400,423 480.404 380,697 90fi,423 3,306,176 33,991 362,569 9,...14, 7,156,206 1,400,423 480.404 31',197 906,423 3.306,176 33,991 362569 9850,54, 7156,206 1,400,423 ABO,A04 380b97 906,423 3.306,176 33,991 362569 9,850,547 7,156,206 1,4W,423 A80,404 310,697 906,423 2,759,029 28,366 302567 8,220,357 5,971,908 1,1068,664 400,901 317,695 156,417 1197,937 12,316 131371 3,569,171 2592.929 507,419 174066 137,939 328427 49,097,135 504768 33,288,120 342,236 5,384,19b 146201,868 3,660,614 99,179,890 106,270,563 20,796,456 72,052011 14,1D0,109 _ 7,134,059 5,653,406 13,460,489 4,836,930 3,833,039 9,126,284 Combined Phases Total: 2,162,242 13,436.563 23,877,435 23,877,435 23.877.435 23.877,435 23.877.435 23,877,435 23.877,435 23,877,435 23,877,435 23,877,435 23,877,435 23.877,435 23,877.435 19,925,G. 1611.581 354,582941 24D,4-J32 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 23,877,435 23,877,435 23,877,435 23,877,435 23877,435 21877,435 23,877435 23,877A35 19,925,902 8,651,581 354,582,941 240,409,132 Uses of Tax Increment Funds YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR10 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 23877435 23,877,435 23,877,435 23,877,435 23,877,435 23.877,435 23,877,435 19,925,902 8,651581 354,,582,941 240,409,,05139612 Fee 21,622 13406 2 7 238, 19969 86516 3,545,0 04 t mPSup r 9% 259 20 20 9200 9312 932,2774 20 200 932 90 90 9 12200 9,31200 7,771,102 3:17417 38287347P 9Admn PUmo I'll14,36461 14,326,46 14326 4 2 14326,4 54 5Q94 17 224,9-[- 45 4405479 Total: 6 23, 435 38745 2 53 2335 77,435 387435 25,902 8,b51581 ,9 342 55 2t0% 44321 D,49,13 Exhibit F Absorption Schedule 56 29 41IR1 V3as� III fxvnlnnrrN RFn anna Awdroptluns Asses$md Valuo Per Lantl Value TO(eI Finl-d Land Base Year V9lda Bulldlog Value A-pbolls WIN or BUIWIng SF SFIPer Jolt Cdsl Td Assessed VaWe TOlal Con.l-,Costs Asu P.. Acmage Pw SF Land Value Va10e -Uio exclel 312,n69 $36i $1.U, 114737 $11,663,A2-tTomell:lnl ]50 $42 S1l,fifiB,171 1,Oil ,2W1 OYca 130t 122 $315 $4101]1.128 $513,091,410 Ofiice 14.10 $]a 598,1121710 13,181.115 1 '10nllal M10 Rlse b316,019 f1023,391,2T9 61,3W,711,317 Resldentlal Mld Rlse 3620 Y39 b61,690,137 33,.41.1. Halel 61 b104.349 $6,991,371 58,73921411oIH - $76 Y660,443 18M1,963 Pudr,U 1patk 2(W W b0 2611,518 Base Ynattand Value 60W 934.83865 S 56,838190 56.838,1% PYlmary Resldenlial ValueRJllcl0n 4�$,0 Total Incremental T11W Land Valle b 67293134 Personal Pmpmly Rate 0.W% Long Term Hal& Rale (post a6wtplion) 0W% Feel pet acte A3,560 COmmamlal 0% U% 100% 0% 0% 0% 0% p% 0% 0% 0% U% a 0% 06 0% % Olfice 0% 0% 10a% 0% ➢% 0% 0% os6 0% 0% 0% 0% 0% 0% 0% 0% 0% R.JdeMid Mid Rka 0% 0% 101% p% o% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1136 0% 0% Hotel 0% J% t00% 0% 0% 0% 0% 0% o% 0% I'll 0% 11% 0$$ 0% 0% 01 0% C9m the 0% 0% 10U% 101190 105s$ 100% 100% 1W4 M0% 100% 100% 1UU% IW% 100% 100% iDO% 100% W. 0% 0% 100% 10UR� 100% 100% Inn% llMiM� tun% 1U0% 1W% 1"I", 11MW6 100% lam 100% 100% Rasldemial Mid Rlse 0% 0% 100% inn% 10U% tan% Inn% 1W% ton% 10U% 1"I 1Un%� u31% 100% 1D)% 100% 1W% Hod 0% 0% 100% 1010, 100% t00% 100% IIIO°.., 1110% 110, 10]% 100% iW$2 t00% 100% 100% 1008E COmmetclal - - 172,069 - - - - - - - - - - - - - - Ofllce - - 1,304,121 - - - - - - - - - - - - - - Resldenlial Mld Ri, - - 3,233 - - - - - - - - - - - - - - Holtl 61 - - Cnmmo"I'l - - 372.069 112,06v 112069 '312,o6v 31109 372,069 372,09 112,0bv 372,06 112,069 372A69 112,064 372,069 31L.W4 372.069 Olfice - - 1.304,1a 1l04,122 1,304,122 1, 304122 1,304,122 I'm,i 2 1,304,122 1,lu4,t21 1,30A,122 1,30A,122 1,801,122 1,l04,112 1,3W.122 1,304.1Y2 1,Wa,122 Resldalaial Mid Rlse - - 3,238 3,238 3,238 3,230 3211 3,238 3,23tl 3,238 3.I3tl 3238 5238 3,238 3.238 $'38 J238 Jol+l 67 67 67 fi] 6] 61 61 61 67 67 fit fi] 67 67 67 VR1 YR2 YR3 YR4 YR5 YR6 YR7 YRII YRY YR 10 YR 11 YR 12 YR13 YR 114 YR16 YR16, YR17 Boll0, Value P --�$410Ai3, 128 $'11U,41328 $110413, 120 S410,A1'31 [8 $410471J18 $410,473,128 $41U,A73128 $110413,U $910,973,121 $410.413,t28 1410,E13,128 5910,413,128 S41u473,128 S410473129 $410,473,128 Value --848112,110 $98, 112,111 YA8, 112,111 fiAU312,110 $48, 112,710 S48112, 710 Sd8112,110 $48, 112110 548,112,110 4A8, 112,11O $48, 112.710 $98,112110 $48112,71u 548,112710 $48, 112710 al Pm 'r, Values �5d58,585,838 '158505.838 fi458505.838 5458 U5838 SA58585,81, $458585838 �$111515.838 %158,54838 $4585W,838 '58,585,8'38 $458,585838 M58,585,838 $458,585831, 5958585838 1458,585,38 CommemlaI YRi YR2 -.. YRk YR6 YR'.6 YR7 R9 YR 10 A 3 YR 12. YR 13. % YRU YR1136 Y17 IUBUIHIIW U, S39134.2 134 Y . 1111111711 /111131717 1134f.61616131 81114717 1139134T 5S134134131 :118618 $134134.]3] $134 134131 $5393134.61]381 $Y13461331 $%9.63A $33A.1631 Lantl Valw 3011: $b67U S68678 3613 840 7, 56 1 8'1101d,618 813668618 1668. 136868 , .b7 6136a 8 oplopelry Val 0A1 A06 0 Y91045 E 3. 1,tl03, $5IA3668.671 ,34 V47,W3415 , 4183415 , b141,W3A15 $147803,415 $147,803A15 $1178063,115 S147W3,A15hl RealdenBal Mid RISe Y11 YR2` 'Yl YR YR6: YRI YRB Y19 YR1U, YR 11 'Y. Will YR 14 YR`1fr YR 16 nil1'01el"'I'd, Vxllxl $1,023, 391224 $1.023391224 $1,023,391224 $1,023.391,22d 0023,391,224 S1,023,391224 $1.023391224 $1,02I.391124 $1,023,391,224 0-2 91,224 $1,023,391224 %U23,391224 $1023,391224 $1,013,211,114 Piu9eiry Exeii�plium. - (4W,526,061) (4W,52h,061) (460,52b,061) (9W,526,061) (960,526,0511 (460,626,051) (4W,516,061) (4W,52b,051) (460,526,051) (4W,526,051) (460.526351) (9W,526,061) (460,626,051) (969,52b,061) 1460,626,051) Lantl Value - .1;b95137 $61,690,137 $61,690i137 $61690i137 $61,690, 13] 86,,1W.il1 .1,691)137 $61,690i137 S61,-9 103 561,110,137 $11690,137 561,690,13] Yfi1,690,131 $61,690H3) SGI,-,137 Tidal".,I,y VA., 5624555,311 5624,555311 $624555,311 Y624,-ill $614,11111 $624,565311 $624,555,311 5624555,311 $624,555311 S04555.311 'U24,556311 $624555311 $624,555311 M24 555 311 $624,555311 Holvi YR1 YR2 YR3 YRi YHS _ YR, YR1 ma% -,.m YR 11 YR'12 YR:13 YR 14 nib Y916 YR12 1'OlaI HUlHIIy Valle $6,991,371 $6,991,371 $6,991,371 $6,991,371 $6,991371 $6,991,371 $6,911,311 $6,19, Pi $6,W1371 16991,371 $bW1371 $6991371 $6991371 W991371 $6.991,371 LaiW Value $660,443 1660.498 1661,448 b660,448 5660.44H $665448 $660,443 $660,443 $460,443 '6"13 $6W,448 b660,443 $6W,443 $66d.443 $6W,448 Total Pupuly Values $7,651,a19 $1.651319 $1,651..19 $7,651,819 $1,651319 E],661,919 $7,651,BI9 $7651.619 $7.651,$19 $7,651,819 S],651819 $1,651,811 $1,651.tl11 $1,651.819 b],651,819 P.. .Values Summary Summary YR YR2 YR3 VR4 YRb YR6:: YR3 YR3 YR9 YR 1a YR 11 YRU NR t3 VR.14 YR15. YR ih': YR 17 _ Bu18111g Vella E1,674,191),A60 11614,990,dW 11Kl,990,dW b1.614,990.4W b1.614,990,4W $I,5]4.490,460 $1,614,990,460 51.6]4,9S- $1,5]4,990,460 $1,514990,460 $1,574.Wq,4fi0 E1.614,990.4W $I,-,990,460 11614990,. 11,514,99,4 Lantl Value $124,131914 5124,131,9]d $124,131,9]d $1Zd,131,914 $124,131,9]d $114, 111,974 S124,131,914 $124,131,174 $12A,131974 $114,131,914 ail.Ji1914 $124, 131,974 $124, 131914 $129, 131,974 $124, 131,974 Ixssi'dm ReAW,11lal FBamplion (440,526,U51) (4W,526,051) (4W.526,051) (460,526,051) (4W526,0511 (460,5)6351) (460,U6,051) (4W,526,051) (460,526051) (4W.526,051) (460,526p51) (460,526,051) (460,526.051) (4W,526,051) (460,526051) TUWI T-ble PropWy Values $1.238,596383 S1238,596383 Y1238.596 M3 $1,238,596,383 $1,239,596.383. $1.238,596.383 $1238,5961 $1238.596 M3 $1,238,5%,383 $1238;596.383 $1,238.5%,,383 $1,238,W,U $1.238.596383 $1.238,596383 1 $1,238.596,383 ri 41 T r wow T r T ortM1a %frR<w fsv ss�fssr obo� ue e nra z s f3 e m c=: — R S ✓ urtxm nansrroeParw wn�nu r zs siis�sws� s 34 m m m sv zo m sn sn m zo so so n n s m 3n >o m 5n zo so 5n so 5v so so szs sri.ssn —su— 5o zo 5v so zv zo -m So so 5a b ssn, $a 58 31 Exhibit G Sales Tax Analysis 59 32 900 S HTRZ Sales Tax Analysis Recall Commerical Sales per IF: 8u110ur Commerclal.SF 7 Onto, Salk, par Resiaenl Annual "falcon 1.0% Average Household Slze' 1.q3 ResrtlentleI Yerangy Ralo (CBRC :;I _a 3.M1% Oscnuot Rate 40 N. Sales to Stale New Sales to County Ned Sales to City Sales Tax Rates Mel Rate) 51- 4.850% Taxable Sales Base Year V.I.(2022) 16,997, US Overall City Sales Tax Revenue City Acreage Sales Tax Rates (Nei Rate) City M.N. County Effee w State Effective Rate Rate go* a8501K 1111110'K oMn 4.850% _Cunty 0.250% 0011% 0250M a.W1195 Mass Transit Own 11.con 0.300% 0,WA Additional Mass Traits r1.2511% O.MA 0250% a.0a0% County Option Trans a.25A a.MA 0.250% C.n BoNnlcal Culture', Ztr o.10A 0.hours a.ion own City 1.MA a,50A own own Carrectlonal F.dity 11 EA 11 EA S 12,335, 303,MI 70,92a Total 7.500% 1,000% 1,150% 4.850% HTRZ Pmpoiion o12022 Texsbles Sales HTRZ Acreage Source: Rarer In effect as of Ocleber i, 2021 0.14% 9772 Note 1: This Is the annual commemal gross taxaUk sales compared In the estimated commercial square footage. for Salt take City. 2022 taxable sales data was di from the State Tax Commisslon wegslle Note 2: Census. 2021 ACS 1 YR Esttmare 11ILMMe lowered Sake, MMF 'BaerrYel, 'Yrl Yf YFL: Y Vr9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 ' Commercial (CnuG^IORar)Sal:=s 211 214 211 259. 211 264 266 269 272 215 2i1 2" 283 2or 289 291 291 297 On�ne Sales 2.MI 232E 2.347 2,370 2394 2418 2,442 2,467 2,491 2,516 �< 2161 2,'513 2,618 2645 21, 2698 2.125 _ on Projecllons Yr1 Yrt Yf4 Yf5 Yr6 Yr Vr:B" Yr9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 PH III Reside1111el Unit,- - - 3,238 3238 3238 3, 238 3, 238 3, 238 3,238 3,238 3238 3,238 3,238 3238 3,238 3238 3,23E 400lher Residential Units 2,704 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 Total Rest& tal Units - 2,704 6,976 l(i 10,214 10,214 10,214 10,214 10,214 10,214 10,214 T0,214 10214 10,214 10,214 10,214 10,214 10,214 Vacant Units - 97 251 368 368 368 368 368 368 368 368 368 368 368 368 368 368 368 HTRZ New Residents - 5.031 12,979 19,004 19,004 19.004 1"d 19,M4 19004 19,004 19,004 19,004 19,So4 19,11a4 19,004 19,004 19,004 19,004 PH III C'merclel Square Feet 372069 372,069 312,069 372,Ofi9 312,069 312,069 372,069 372,069 372,069 372,069 112,069 372,069 372,069 372,069 372,069 All OtherCammercial Square Feet - 31.194 775,194 175, 194 775194 775194 775,194 775, 1944 775, 194 175,194 775, 194 775,194 175, 194 TI6, 194 775194 71b.194 775194 775,194 Commercial SF Expired Rem-P (31,194) (775,194 Commercial Square Feet 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 1,147263 1,147,263 1,116,069 372,059 Commer a1G ss Toxell Sales - 1%8,3o6 198492533 296,700,273 299,667,276 302,93,949 305,690588 3➢8,741494 311,814,161 314,953,119 318,102,112 321,283,881 324,496,719 327,741,687 311,6,0159,103 334,32%294 328,491,290 110,605645 Online Gross T xabla Sales I - 11,690,492 30,461,686 45.048,557 45,499043 45,954033 46,413S74 46,87I,709 47.346,487 47.8,951 19 482 ,% 4151 484781132 49,268,944 4976133 50 159.250 50,761,842 514269.460 51.782155 767;294100 C-,ly sales Tex Gelieiullen 1 - 1 14980 1,11.- 1867,321 1,M.- 1,906,019 1121- 1947, 110 1967509 Iles112 1dow.71 2,030139 20.51,418 2072,9n9 2,09461. 2.116, 539 2,005 SW 0359961 30,021141 Assumes[hat sales In collection Is triggered at the same time as the propsy lax for sgeclflc percale. After percale expire, lhelr comern ial square footage is removed from the sales lax collection. 8O 33 Exhibit H Affordable Housing Gap Analysis 61 34 900 5 HTRZ AOortlabk Hwsing Gap Analysis fin-1,11-1kk Ivlukllamly Avera9n Renl(CBRE.11INnllliamlly ReDn10 20228L Caun1y 60%AI01, I BCHrwm Re61 LIn111(NOVOGRADA(:) Rent RetluelknlGap I -I Markel&NNM Al. Id) 319,414 $1 29.(IZ'N. Manthly Rml 1. okl Resltlen11a1Unik 10,214 % Rfizle Demgplrenl AOwtlageGomponml 10.Oq Y Ai.Ml I-U,,AAopmenl inn" 1,021 %P- Benelll Mr- 8 AllnNabk Publlc -. 1 Un is 1.U2i Toml AlfurbableUnit, Wlatl Oevbbpmenl W Poblla-fit) 2,043 -Total ovtt Nofer Resltlenlial VaranryRaix (CBRE2021J 3.h0% -N1'.m Years Average Annual MorMink Rem""(PMale Ony) 3a.61,626 82 �52b5, Average Mnual Niortllbk Renl Gap (both Prrvale6PubOr) 811,111152 $430,531, Househok Sze (Census, 2.1 ACR 1 YR Emlmale) I I 60%AIRI 1&J wmH Gap per Unl 14,"1 5,446 bill 16,559 116, 16U26 1,112 16501 b.]19 II'- 6,11l 11,611 7,1111 18,031 1,315 1tl51a 1,116 19, 136 1,814 11111) 8,058 20,301 B1. 20,910 8,599 ZI,"i 1, 11, 9,010 2,849 9}42 2953a 1612 L4.24U 911, 24,Y6N Il 15,111 10614 16,ABN 1(, 21,283 ll.lbb 11. l 11,Ill 21,944 11,834 29,811 12, 189 30,1111 11"1 AOswplian Pfgmlians In I' -Omni- I PH III Reskenliq Ull I 3,238 321E 3. 5,[3B 3238 3,23E I- 3238 3238 3,23E 3,138 3238 3,238 3,23E 3,238 3,211 1,231 3238 3,238 3,238 3,238 3,238 9238 At OUer R,I-Ilal Unas - 2, 104 6916 6,916 6,916 6,916 1,916 6916 6,976 6.976 6.976 6,976 6,916 1,111 1,916 6,111 6,916 6.111 6,976 6,116 6,9]6 6.171 b,916 6,976 6,976 6.111 Toml Resitlenual Units 2.J04 6,9)6 10214 10,219 1R214 10214 10114 10,214 10,214. 10214 1,214 10214 10214 10214 10214 10.214 111214 10,214 10214 10,214 10,214 10214 10.214 10,214 104214 V-q Reddim (91) (25H OR (368) ON) (368) (36E) (368) (368) (368) (3A9) (368) (368) (368) (363) (368) (36A) (368) (368) (368) (363) (368) Pal (368) (36M TOtaI QGGoNl Resitlential Unit 2,601 6,125 '9,841 9.947 9,841 9,841 9,847 9,89) 9,847 9.011 9.847 9,Bd1 4,841 9,841 9,842 9,841 9,841 9,8A] 9,B41 9.947 9,841 9,841 9,Bp1 9,897 9,847 Toml Resitlenllal Renl(Ilall Markel Rate) - 55,474,725 1474411,773 222,318,179 228,9B1,724 235,85],356 242,933,071 250,221A69 257,722]01 265459,532 273,423,318 281.626.018 290014,798 298171,092 301,140,353 316,9]2,564 326,481,741 336,276,193 346,364,4]9 356,755,413 357,458.p16 318,481,E1a 389,936,213 4P1,531,361 413,511,302 425984,b21 d PRual9 Oev. ARortlabk Realtlenllal Until - 110 69R 1,021 1,111 1.121 1,011 1,011 1.021 1,021 1.021 1,.1 1.021 1,021 1,011 1.1 1:011 1,021 1A21 1,U21 1.021 1.02I 1,011 1,021 1.021 1,021 1 Publlc-51 ADad-Component 210 69B 1,021 1,021 1A21 1,021 1,021 1,021 1,021 1,021 1.C21 1,021 1,021 1,021 1,021 1F21 1,021 1,021 Ip21 1,021 1A21 1,021 I,O2l 1,021 1,021 T-Aftni le Units - 541 1,395 2,043 2,043 2,041 2,043 Z., 2,043 2,043 2,043 2043 2,043 2,043 2,043 2043 2,043 2,043 2,043 2,043 2,043 2,043 2,043 2.043 2,043 2,043 Vacancy Retlaatlon (19) (50) (74) (14) (74) (74) (14) (14) (74) (74). (14) (74) (14) (74) (74) (74) (74) (74) (74) 174) (74) (74) (14) (14) (74) Total OccuDletl Allartlable Units - 521 1,345 1,9b9 1,169 1.969 1,969 1,969 1,969 1,969 1,969 1,969 11969 1,969 1,969 1,969 1,969 1,969 1,969 1,9b9 1,969 1,969 1,969 1,969 1,969 1,969 Total AOartlable Unit Rent (ilMarkel Raie) - 11,094,945 29,482,355 44,463,63b 95,141,545 4],1]1,4]1 48,586,615 50,049214 51,545540 53,091,9W 54,6a4,664 56,325,20A 58,014,960 59,756A08 11,548,0I1 63,399,513 15,296,348 61255,239 692)2,896 11,351,083 ]3,491,615 15696,364 7).962255 80,3062)2 82115960 85,196,92A72152.,14 TotalAllartlable Unit Renl(a160%AMB 1,8]5155 20,926ATI 31,5MA41 32506945 13.121,13 34A86,618 35M1,216 36586,853 3704459 3B,E14A92 39.979,442 4, 1182625 42A14190 43686,616 44,997214 46,347.131 41,137,545 496%671 50,6R761 52,Ib4,104 53.729,027 55340 it 57.MlA25 58,711.159 60A11,493 ADw9abit,11-ng Renl Gap - 3.219,T90 8.565,817 12,103,4. 13,290,600 13;6A9,318 14,099,99' 1452299T 14,958,687 15401,448 15869;6T1 16,345,161 16;036,134 17,341,218 17,861,455 111391,299 18949211 19, 17,694 20,103,225 20,106322 21,321,511 21,961,137 22626,357 23,305,147 24,004,302 24,724,431 PivZle Ooaebpmonl Alnktlage Rani Gap 1.609,B95 9,D1,A39 6,451,14E 5645,300 6,849,654 1,049,999 7261,4" 1,479,344 7,203,724 7,934836 B,T22EBI B,418,067 8,670608 E,930,121 9�198,649 9,479,h09 9,i8,E4] 10,051,612 10,353,1b1 1w,663,15h 10,983,663 11,313,n8 111652,574 t2,OD2,t51 12,362215 PubR Bene01ARONabk Renl Gap 116091M 4,211,939 6,451348 6645,300 5,844,659 7;049,999 1261,499 1,419,344 1,103,124 7,934,836 a,172§81 %418067 a,610,M19 8,930,]27 9,19B,649 9,414,609 9,155a47 10.051,612 10,358,161 10,W,,756 10,993669 11,3131113 T1,652574 12,002,151 12,362215 35 Exhibit Base Year Value 63 36 900 S HTRZ Base rear Vame %tanpla. Inbift, Rale 0.0% 02A $ 10B,624,53000 13 $ 60261956.00 I $ 43,376,34700 otal Base Year Property Value $ 212,262,833 BASE YEAR VALUE: ROJECT AREA BUDGET 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 84,905 84,905 84,905 84,905 84,905 84,905 84,905. 84,905 84,905 84,905 84,905 Totals: 0.010537 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 2,236,613 64 37 This page has intentionally been left blank