HomeMy WebLinkAboutTransmittal - 4/22/2025SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
04/21/2025
Date Sent to Council:
04/22/2025
From:
Department *
Finance
Employee Name:
Hillier, Randy
E-mail
Randy.Hillier@slc.gov
Department Director Signature
Director Signed Date
04/21/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
04/22/2025
Subject:
CRA FY25 Budget Amendment #2
Additional Staff Contact:
Greg Cleary, Mary Beth Thompson
Presenters/Staff Table
Greg Cleary: greg.cleary@slc.gov and Mary Beth Thompson: marybeth.thompson@slc.gov
Document Type
Resolution
Recommendation:
Discuss and consider the adoption of the proposed Second Amendment to the AnnualCRA Budget for Fiscal Year 2025.
Background/Discussion
EXECUTIVE SUMMARY: The purpose of this briefing is to outline only the changes included in the SecondAmendment (“Amendment”). It does not provide complete revised budgets for each fund. A summary of allrevenues and expenses by fund, reflecting the updated totals after this amendment is included in the attached KeyChanges by Fund document. The proposed expenditure changes are primarily driven by a $30,573 increase in taxincrement revenue, a $4.8 million increase in interest revenue received over budget, and a $1.84 millionaccounting error. These changes fall into three categories:1. Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractualobligations or other expenses related to Agency operations:a. Taxing Entity Payments decreased by $422,230.b. Tax Increment Reimbursements increased by $352,675.c. Primary Housing Contributions increased by $328,976.d. Agency Operations Fund Contributions from Project Area funds increased by $654,099.e. Debt Service and Other Contractual Obligations decreased by $54,695.f. Agency Operations Expenses increased by $751,385.2. Discretionary expenses that may fall into the following types:a. Transition Holding Account program funds to be allocated to the next fiscal year’s budget wouldtotal $7,348,402.b. Other expenses related to decreases in tax increment received in Project Area funds decreased by$571,554.
3 A ti t dd th i t f t i t b l i t th S lt L k Cit Lib
Will there need to be a public hearing for this item?*
Yes
No
Public Process
Public Hearing
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1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO__________
Second Budget Amendment for Fiscal Year 2024-2025
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2024-2025.
WHEREAS, on June 11, 2024, the Salt Lake City Community Reinvestment Agency
(CRA) (formerly known as the Redevelopment Agency of Salt Lake City) Board of Directors
(Board) adopted the final budget of the CRA, effective for the fiscal year beginning July 1, 2024,
and ending June 30, 2025, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the CRA's final annual budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Salt Lake
City Community Reinvestment Agency:
1. Purpose. The purpose of this resolution is to amend the final annual budget of the
CRA, as approved, ratified and finalized by the Board on June 11, 2024.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual budget of the CRA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the CRA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the CRA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this day of , 2025, to be effective upon adoption.
________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
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REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLC.GOV · WWW.SLCRDA.COM
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: April 25, 2025
PREPARED BY: Miranda Johnson, Financial Analyst
RE: CRA Budget Amendment #2, FY 2024-2025
REQUESTED ACTION: Discuss and consider the adoption of the proposed Second Amendment to the Annual
CRA Budget for Fiscal Year 2025.
BUDGET IMPACTS: The Second Amendment identifies appropriations for Agency operations and projects
across multiple funds, as well as correcting an accounting error related to the Agency receiving Salt Lake City
Library funds with its tax increment payment from Salt Lake County.
EXECUTIVE SUMMARY: The purpose of this briefing is to outline only the changes included in the Second
Amendment (“Amendment”). It does not provide complete revised budgets for each fund. A summary of all
revenues and expenses by fund, reflecting the updated totals after this amendment is included in the attached Key
Changes by Fund document. The proposed expenditure changes are primarily driven by a $30,573 increase in tax
increment revenue, a $4.8 million increase in interest revenue received over budget, and a $1.84 million
accounting error. These changes fall into three categories:
1.Obligated expenses that are often percentages of Tax Increment as defined by statutory or contractual
obligations or other expenses related to Agency operations:
a.Taxing Entity Payments decreased by $422,230.
b.Tax Increment Reimbursements increased by $352,675.
c.Primary Housing Contributions increased by $328,976.
d.Agency Operations Fund Contributions from Project Area funds increased by $654,099.
e.Debt Service and Other Contractual Obligations decreased by $54,695.
f.Agency Operations Expenses increased by $751,385.
2.Discretionary expenses that may fall into the following types:
a.Transition Holding Account program funds to be allocated to the next fiscal year’s budget would
total $7,348,402.
b.Other expenses related to decreases in tax increment received in Project Area funds decreased by
$571,554.
3.An accounting error to address the receipt of tax increment belonging to the Salt Lake City Library:
a.Library Reimbursement for tax increment received in error totals $1,844,037.
ANALYSIS & ISSUES: This Budget Amendment outlines changes to multiple funds within the Agency's budget
for Fiscal Year 2025. The final tax increment distribution from the County totaled $53,597,943, surpassing our
initial budget by $30,573. As a result, adjustments are necessary for legally mandated expenses, including
payments to taxing entities and contributions from Project Area funds to the Primary Housing and Agency
Operations funds, as well as other contractual obligations. While Agency Operations expenses are not legally
mandated, they are necessary to maintain Agency operations.
Beyond these obligated expenses, Staff is proposing discretionary appropriations. If this budget amendment is
approved, it would allocate $7,348,402 across various funds to the Transition Holding Account program for use in
the Fiscal Year 2026 Budget.
Additionally, property tax increment was received by the Agency with its final tax increment payment from the
County for project areas in which the Library does not participate. This amendment will allow the Agency to
redirect the $1,844,037 received in error to the Library.
Revenue & Other Sources Adjustments
Tax Increment Changes
This budget amendment reflects updated tax increment revenue based on actual collections for Fiscal Year 2025.
While the overall change is relatively small, with an increase of $30,573, there were notable differences across
individual project areas.
Central Business District experienced the largest decrease, coming in $2,378,301 below the original budget. The
revised total for this area is $24,887,406. Other decreases include Depot District at $99,765 below budget, Block
70 at $26,267 below, and North Temple Viaduct at $116,869 below.
Several areas exceeded their budgeted tax increment. Northwest Quadrant received $769,885 more than budgeted,
for a new total of $3,269,994. State Street increased by $642,121, with actuals totaling $6,510,980. North Temple
came in $530,631 higher than budgeted, bringing its total to $2,074,376. 9-Line exceeded budget by $388,426 and
Granary District by $306,870. Smaller increases were realized for Stadler Rail at $9,670 and Block 67 North at
$4,172.
The total Fiscal Year 2025 tax increment revenue is updated from $53,567,370 to $53,597,943 based on actual
amounts received.
Fund FY25 Budget Change FY25 BA #2
Northwest Quadrant 2,500,109 769,885 3,269,994
Block 67 North 365,771 4,172 369,943
Total 53,567,370 30,573 53,597,943
Interest Changes
This budget amendment incorporates actual interest earnings for Fiscal Year 2025. The Agency has shifted to
budgeting interest revenue one year in arrears in order to better align with actual earnings. As a result, the Fiscal
Year 2025 budget amendment reflects interest earned in the prior fiscal year.
Interest revenue for several funds was not estimated in the original budget because data was not available at the
time of last year’s budget process. With actuals now recorded, total interest revenue has increased by $4,884,671,
bringing the revised amount to $7,710,997.
The Central Business District saw the largest increase, with interest earnings coming in $1,340,195 higher than
originally budgeted, for a new total of $3,181,201. The Program Income Fund also received a substantial
adjustment of $1,388,986. Additional large increases were recorded in the Housing Development Fund, which
increased by $384,481, State Street by $370,789, Primary Housing by $331,126, and the Revolving Loan Fund by
$458,696. Depot District increased by $159,704, and the Westside Community Initiative received $133,581 in
actual interest.
Several funds that had no original budgeted amount received interest earnings once actuals were available. These
include 9-Line, which received $187,637; Secondary Housing, which received $103,055; and Block 67 North,
which received $4,840. Northwest Quadrant also received a higher-than-expected amount, increasing by $64,662.
Granary District and North Temple Viaduct saw smaller increases of $24,885 and $1,730, respectively. Two
funds experienced reductions compared to budgeted amounts: North Temple decreased by $65,457, and Stadler
Rail decreased by $4,239.
These updates ensure that interest revenue is accurately reflected based on actual amounts received in the prior
fiscal year.
Fund FY25 Budget Change FY25 BA #2
Total 2,826,326 4,884,671 7,710,997
Other Revenue & Source Changes
This budget amendment updates other revenue categories to reflect actual receipts and one-time events that
occurred during Fiscal Year 2025. Total other revenue increased by $3,048,926, bringing the revised total to
$11,571,643.
The fund increased by $654,099, for a new total of $5,821,681. Most of this change is due to transfers from
project area funds, which are based on updated tax increment collections. The original budget assumed a higher
transfer from the Central Business District, but that amount has been revised downward by $237,829 due to
lower-than-expected tax increment. The fund also reflects a $505,140 use of fund balance, to cover the increase in
Administrative Fees allocated to the Agency by the City.
The Primary Housing Fund increased by $328,976, for a revised subtotal of the changes of $3,351,711. Transfers
into this fund are made from individual project area funds and reflect actual tax increment received. These
transfers are tracked by source to show which project areas are contributing to housing initiatives. A number of
adjustments were made across several funds, most notably from North Temple ($106,126 increase), Northwest
Quadrant ($76,988 increase), and Granary District ($61,375 increase). An loan payments interest decrease of $1
adjusts for a rounding error on the budgeted interest.
There are interlocal agreement provisions related to the 9-Line and State Street project areas that require tracking
of School District and / or County contributions. For 9-Line, both the School District and County portions were
received as expected. However, for State Street, the County’s planned contribution was not received due to an
accounting error. The County was expected to begin participation in tax year 2024, and revenue was included in
the Fiscal Year 2025 budget. That contribution has now been adjusted to zero in the actuals.
The Program Income Fund received a $36,300 contribution to the Agency’s Percent for Art Program, associated
with the 2nd South Apartments loan. This development received HUD HOME funds that were allocated through a
one-time HDLP NOFA. As part of the loan agreement, the Borrower is contractually obligated to contribute to the
Percent for Art Program. While the loan documents were finalized by Housing Stability staff, the Borrower’s
contribution to the CRA’s program was executed and received as part of this amendment.
The Revolving Loan Fund increased by $2,029,551, bringing its new total to $2,361,951. This increase is
primarily due to a borrower paying off a loan early, resulting in the early receipt of $2 million in principal. The
fund also received $29,551 in additional interest revenue.
Fund Source FY25 Budget Change FY25 BA #2
Reinvestment
Agency
Operations
Total 5,167,582 654,099 5,821,681
Total 3,022,735 328,976 3,351,711
Transfer from 9-Line 160,934 24,684 185,618
Transfer from 9L - School District 142,138 14,159 156,297
Transfer from Central Business District 36,577 417 36,994
Transfer from Depot District 1,238,619 (19,952) 1,218,667
Transfer from Granary District 276,886 61,375 338,261
Transfer from North Temple 308,749 106,126 414,875
Transfer from Northwest Quadrant 250,011 76,988 326,999
Transfer from Stadler Rail 16,115 967 17,082
Transfer from State Street 185,235 88,860 274,095
Transfer from SS - County 126,406 (126,406)
Transfer from SS - School District 275,244 101,759 377,003
Program Income
Fund Total 36,300 36,300
Fund Total 332,400 2,029,551 2,361,951
Total 8,522,717 3,048,926 11,571,643
Obligated Expenses & Other Uses Adjustments
Taxing Entity Payments
The Agency receives 100 percent of the tax increment from certain project areas and is obligated to reimburse
specific percentages to the taxing entities based on interlocal agreements. These reimbursements are calculated
directly from the actual increment received. For Fiscal Year 2025, taxing entity payments decreased by $422,230,
adjusting the total from $12,441,752 to $12,019,522.
The most significant change occurred in the State Street Project Area, which was reduced by $341,296. This
adjustment reflects the County’s failure to transmit its share of tax increment revenue due to an accounting error.
Although the County was scheduled to begin participation in tax year 2024, no funds were received, requiring this
expense to be removed.
The Central Business District decreased by $110,721, and Block 70 decreased slightly by $5,372, both reflecting
minor reductions in actual tax increment received. The 9-Line Project Area increased by $35,159, consistent with
the increase in increment allocated to that area.
Fund FY25 Budget Change FY25 BA #2
Total 12,441,752 (422,230) 12,019,522
Tax Increment Reimbursement Agreements
The Agency has entered into tax increment reimbursement agreements in several project areas, allowing
developers to be reimbursed for eligible improvement costs using the tax increment generated by their projects.
These payments are based on actual increment received and the terms of each agreement.
For Fiscal Year 2025, total tax increment reimbursement expenses increased by $352,675 adjusting the combined
budget from $3,468,976 to $3,821,651 across the affected project areas.
The largest adjustment occurred in the Northwest Quadrant, which increased by $538,920, bringing its total to
$2,288,996. Smaller increases were also made in Block 67 North and Stadler Rail, with changes of $3,128 and
$627, respectively. A decrease of $190,000 made in Central Business District is bringing its total to $1,110,000.
These adjustments ensure that reimbursement amounts are aligned with actual increment available and eligible
under the terms of each agreement.
Fund FY25 Budget Change FY25 BA #2
Total 3,468,976 352,675 3,821,651
Project Area Fund Contributions to Primary Housing Fund
Under Utah Code 17C, the Agency is required to allocate a minimum of 10 percent of tax increment revenue from
most project areas to support affordable housing. These contributions are transferred to the Primary Housing Fund
and are intended to increase the availability of affordable housing within the Agency’s boundaries. The amount
contributed is based on the actual tax increment received from each project area, and the requirement applies to
most but not all funds.
In addition to the statutory 17C requirement, the Agency has entered into interlocal agreements with the School
District and the County for certain project areas. For both the 9-Line and State Street project areas, the interlocal
agreements with the School District require a portion of the increment to be used specifically for family and
workforce housing. These contributions must be tracked separately within the Primary Housing Fund. The State
Street Project Area also has an interlocal agreement with the County that requires a separate contribution to
affordable housing, which may not be used for loan programs. These funds must be reported independently from
other housing funds. While the School District contributions were received as expected, the County contribution
for State Street was not transmitted due to an accounting error. The County was scheduled to begin participation
in tax year 2024, and the revenue had been included in the Fiscal Year 2025 budget.
Based on actual increment received and the requirements outlined above, the budget for Primary Housing
contributions increased by $328,976, bringing the revised total to $3,345,891. The most significant increases
occurred in North Temple, State Street, and Granary District, each reflecting stronger-than-expected increment
collections. Smaller increases occurred in Northwest Quadrant, 9-Line, and Block 67 North. A reduction in the
Depot District offset some of these increases. The County’s planned contribution to the Primary Housing Fund for
State Street has been removed, and the actual amount is reflected as zero in this amendment.
Fund Program FY25 Budget Change FY25 BA #2
Stadler Rail
9-Line
Total 303,072 38,843 341,915
Internal Transfers - Primary
Housing Fund 160,934 24,684 185,618
Internal Transfers - School District
Required Family & Workforce
Total 586,885 64,213 651,098
Internal Transfers - County
Required Family & Workforce
Total 3,016,914 328,977 3,345,891
Project Area Fund Contributions to Agency Operations Fund
This amendment updates transfers from project area funds to the Agency Operations Fund based on actual tax
increment received. The total contribution increased by $148,959, bringing the revised total to $5,316,541. The
most significant increases came from State Street ($165,338), North Temple ($79,596), and Northwest Quadrant
($76,988). Reductions were made in Central Business District ($237,829), Depot District ($14,966), and North
Temple Viaduct ($1,752), reflecting lower-than-budgeted increment collections in those areas.
Fund FY25 Budget Change FY25 BA #2
Total 5,167,582 148,959 5,316,541
Agency Operations Expenses
The Agency Operations Fund receives a specified percentage of the tax increment from each project area,
determined by interlocal agreements with the taxing entities involved, to fund Agency Operations. This budget
amendment includes an increase in Administrative Fees, which rose from the estimated $1,000,000 to $1,751,385.
Administrative Fees represent costs assessed by the City to support functions such as information technology,
legal services, financial processing, and general administrative oversight. The increase reflects updated
calculations based on actual internal cost allocations.
Program FY25 Budget Change FY25 BA #2
Total 1,000,000 751,385 1,751,385
Debt Service and Other Contractual Obligations
In addition to the obligated expenses above, the Agency has debt service and other contractual obligations that are
impacted by the increased tax increment and other revenue as follows:
•Gallivan – Administration Assessment: The Agency is a member of the Block 57 Owners’ Group, an
owner’s association that oversees the shared spaces and operations on Block 57. As the owner of the
Gallivan Center property, the Agency is required to pay an annual administrative assessment to support
the association’s management activities. The original Fiscal Year 2025 budget underestimated this
expense. A correction has been made, increasing the budget in the Central Business District Fund by
$23,785, for a revised total of $409,232.
•Eccles Theater- Operating Reserve for Ancillary Spaces: Appropriation of funds to maintain a reserve for
the Agency’s obligations for operating and programming expenses related to the Eccles Theater. The
budget increased by $25,000, bringing the revised total to $500,000.
•North Temple School Construction Reserves: A program has been established as a reserve fund per an
interlocal agreement with the School District, mandating the Agency to earmark portions of tax increment
for the construction of a prospective school. The total change of $34,490 will result in an amended budget
of $134,834.
•North Temple Viaduct Debt Service: The Agency created the North Temple Viaduct project area to
mitigate the debt incurred by the City from bond issuance for infrastructure improvements in 2012.
Initially, the tax increment wasn't enough to cover debt service, requiring General Fund assistance. Apart
from a small percentage of increment transferred to the Agency Operations Fund, the remainder of the
increment is transferred to the City’s General Fund to facilitate debt service payments. The decrease of
$113,387 will result in an amended budget of $2,995,582.
•Japantown & the Block 67 North Interlocal Agreement: Per the interlocal agreement with the City, the
Agency is obliged to direct 10% of the tax increment toward the Japantown neighborhood. Although the
agreement mandates support for Japantown, it does not require a specific project. Agency staff
recommends these funds be designated to the RDA Arts & Culture Program, increasing the budget by
$417 to a total of $36,994 for the existing Japantown Art project. The Agency also expects to request
additional funding for this project in the coming budget cycle.
•School District Required Family & Workforce Housing: In accordance with interlocal agreements for
State Street and 9-Line, the Agency is required to allocate a portion of tax increment to support the
development of family and workforce housing. These contributions are specifically designated by the
School District and must be used to expand access to housing for working families. The funds are tracked
separately from other housing set-asides and are intended to directly benefit households within the School
District’s boundaries. This amendment increases the budget by $115,919, bringing the revised total to
$533,300.
•Percent for Art: A contribution of $36,300 has been added to the Percent for Art program as part of a loan
agreement tied to the 2nd South Apartments project. These funds, received through Program Income,
bring the total Percent for Art allocation to $36,300.
Fund Program Project
FY25
Budget Change
FY25 BA
#2
Block 70 475,000 25,000 500,000
North Temple
Block 67 North
Primary Housing Family & Workforce 417,381 115,919 533,300
- 36,300 36,300
Total
Discretionary Expenses & Other Uses Adjustments
Transition Holding Accounts
During the last fiscal year, the Agency established the Transition Holding Account program to manage surplus
revenue not earmarked for obligated expenses. Rather than allocating these funds within this amendment, the
Agency carries them over to the next fiscal year’s budget for simpler reconciliation by the Board. This timing
aligns with the simultaneous presentation of the Fiscal Year 2025 budget and the final amendment for the current
year. Staff recommends appropriating the additional $7,348,402 expected in the following funds in the next fiscal
year.
Fund FY25 Budget Change FY25 BA #2
Total - 7,348,402 7,348,402
Other Discretionary Expense Changes
This amendment reduces project funding in both the Block 70 and Central Business District project areas to
reflect a decrease in actual tax increment revenue received.
In the Block 70 fund, the budget for the CRA Arts & Culture Program, specifically the project for reinstallation of
“The Gulls”, is reduced by $45,895, bringing the revised allocation to $9,428.
In the Central Business District, one program area was reduced. The Strategic Intervention program, which funds
projects supporting Agency objectives in the area, was reduced by $523,341, adjusting the total to $2,017,256.
These reductions bring the combined project funding total from $2,595,920 to $2,026,684, a decrease of
$569,236, and align the budget with updated revenue availability.
Fund Program Project FY25 Budget Change FY25 BA #2
Block 70 CRA Arts &
Culture Program Reinstallation of "The 55,323 (45,895) 9,428
2,540,597 (523,341) 2,017,256
2,595,920 (569,236) 2,026,684
Accounting Error Corrections
The Agency received $1,844,037 in tax increment from Salt Lake County that inadvertently included funds
attributable to the Salt Lake City Library for project areas in which the Library does not participate. As the
Library is a separate taxing and legal entity from both the City and the Agency, the inclusion of these funds was
determined to be an accounting error. This budget amendment records the receipt of the funds as Other Revenue
and the return of the funds to the Library as Other Expenses, with no Agency program associated. The intent of
this amendment is solely to correct the error and ensure that the Library receives the funds it is entitled to. The
Agency will accept the cash and direct a payment to the Library, but will not use any Agency Programs to fund
the payment to the Library, as it was an administrative error.
Project Area Amount
Total 1,844,037
PREVIOUS BOARD ACTION:
1.Approval of the Fiscal Year 2024-2025 Budget.
2.Approval of the Fiscal Year 2024-2025 Budget Amendment #1.
ATTACHMENTS:
1.Supplemental Slides and Key Changes by Fund
Fiscal Year 2025
Budget Amendment #2
Supplemental Slides & Key Changes by Fund
Overview of Revenue Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,167,582 $654,099 $5,821,681
Community Reinvestment
Agency Operations
$5,167,582 $654,099 $5,821,681
Total $16,398,924 $5,848,851 $22,247,775
Overview of Expense Changes by Fund
Fund Type
FY25 Budget Change FY25 BA #2
Project Area$68,257,959 $2,115,319 $70,373,278
Central Business District $29,893,016 ($1,038,106)$28,854,910
Block 70 $11,065,164 ($26,267)$11,038,897
Depot District $7,095,401 $59,939 $7,155,340
Granary District $1,748,249 $331,755 $2,080,004
North Temple $1,952,466 $465,174 $2,417,640
North Temple Viaduct $3,155,765 ($115,139)$3,040,626
Stadler Rail $168,744 $5,431 $174,175
9-Line $3,307,218 $576,063 $3,883,281
State Street $6,517,835 $1,012,910 $7,530,745
Northwest Quadrant $2,603,998 $834,547 $3,438,545
Block 67 North $365,771 $9,012 $374,783
West Capitol Hill $384,332 $0 $384,332
Total $68,257,959 $2,115,319 $70,373,278
Fund Type FY25 Budget Change FY25 BA #2
Housing$9,339,709 $1,281,219 $10,620,928
Housing Development Fund $2,902,000 $384,481 $3,286,481
Primary Housing $3,602,240 $660,102 $4,262,342
Secondary Housing $1,000,000 $103,055 $1,103,055
Westside Community Initiative $1,835,469 $133,581 $1,969,050
Multi-Use$1,891,633 $3,913,533 $5,805,166
Program Income Fund $1,559,233 $1,425,286 $2,984,519
Revolving Loan Fund $332,400 $2,488,247 $2,820,647
Operations$5,070,296 $751,385 $5,821,681
Community Reinvestment
Agency Operations
$5,070,296 $751,385 $5,821,681
Total $16,301,638 $5,946,137 $22,247,775
Tax Increment Revenue Changes by Fund
Central Business District
Depot District
State Street
North Temple Viaduct
9-Line
Northwest Quadrant
Block 70
North Temple
Granary District
Block 67 North
Stadler Rail
$27.3M
$6.2M
$5.9M
$3.1M
$3.0M
$2.5M
$2.1M
$1.5M
$1.4M
$0.4M
$0.2M
$24.9M
$6.1M
$6.5M
$3.0M
$3.4M
$3.3M
$2.1M
$2.1M
$1.7M
$0.4M
$0.2M
FY25 Budget FY25 BA #2
Interest Revenue Changes by Fund
Central Business District
Depot District
West Capitol Hill
Granary District
North Temple
Northwest Quadrant
North Temple Viaduct
Stadler Rail
9-Line
Housing Development Fund
Primary Housing
Program Income Fund
Revolving Loan Fund
State Street
Westside Community Initiative
$1.84M
$0.48M
$0.38M
$0.20M
$0.16M
$0.10M
$0.04M
$0.01M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$0.00M
$3.18M
$0.64M
$0.38M
$0.22M
$0.09M
$0.17M
$0.04M
$0.00M
$0.19M
$0.38M
$0.33M
$1.39M
$0.46M
$0.37M
$0.13M
FY25 Budget FY25 BA #2
Other Revenue Changes by Fund
Internal Transfers In
Community Reinvestment Agency Operations
Primary Housing
$5.2M
$3.0M
$5.3M
$3.3M
FY25 Budget FY25 BA #2
Percent for Art
Program Income Fund $36K
Loan Payments
Revolving Loan Fund
Primary Housing
$0.3M
$0.1M
$2.4M
$0.1M
Use of Fund Balance
Community Reinvestment Agency Operations $0.51M
FY25 Budget FY25 BA #2
Taxing Entity Payments & TI Reimbursements
Taxing Entity Payments
Central Business District
Block 70
9-Line
State Street
$11.2M
$0.6M
$0.3M
$0.3M
$11.1M
$0.6M
$0.4M
FY25 Budget FY25 BA #2
Tax Increment Reimbursements
Northwest Quadrant
Central Business District
Block 67 North
Stadler Rail
$1.8M
$1.3M
$0.3M
$0.1M
$2.3M
$1.1M
$0.3M
$0.1M
FY25 Budget FY25 BA #2
Project Area Fund Transfers to Primary Housing
Total Transfers by Project Area Fund
Depot District
State Street
North Temple
9-Line
Granary District
Northwest Quadrant
Block 67 North
Stadler Rail
$1.24M
$0.59M
$0.31M
$0.30M
$0.28M
$0.25M
$0.04M
$0.02M
$1.22M
$0.65M
$0.41M
$0.34M
$0.34M
$0.33M
$0.04M
$0.02M
FY25 Budget FY25 BA #2
Total Transfers by Program
Internal Transfers -
Primary Housing
Fund
Internal Transfers -
School District
Required Family &
Workforce Housing
Internal Transfers -
County Required
Non-Loan Housing
$2.5M
$0.4M
$0.1M
$2.8M
$0.5M
FY25 Budget FY25 BA #2
Debt Service & Other Contractual Obligations
Fund
FY25 Budget Change FY25 BA #2
Central Business District$385,447 $23,785 $409,232
Gallivan - Administration Assessment$385,447 $23,785 $409,232
Block 70$475,000 $25,000 $500,000
RDA Arts & Culture Program$475,000 $25,000 $500,000
PRJ-000083 Eccles Theater- Operating Reserve for Ancillary Spaces $475,000 $25,000 $500,000
North Temple$100,344 $34,490 $134,834
School Construction Reserves$100,344 $34,490 $134,834
North Temple Viaduct$3,108,969 ($113,387)$2,995,582
Salt Lake City Debt Service$3,108,969 ($113,387)$2,995,582
Block 67 North$36,577 $417 $36,994
CRA Arts & Culture Program$36,577 $417 $36,994
PRJ-000108 Japantown Art $36,577 $417 $36,994
Primary Housing$417,381 $115,919 $533,300
School District Required Family & Workforce Housing$417,381 $115,919 $533,300
Program Income Fund$36,300 $36,300
Percent for Art$36,300 $36,300
Total $4,523,718 $122,524 $4,646,242
Transition Holding Account
Revolving Loan Fund
Program Income Fund
State Street
Primary Housing
9-Line
Housing Development Fund
North Temple
Granary District
Northwest Quadrant
Westside Community Initiative
Secondary Housing
Depot District
Block 67 North
Stadler Rail
$2,488K
$1,389K
$1,125K
$544K
$467K
$384K
$245K
$224K
$142K
$134K
$103K
$95K
$5K
$3K
Agency Operations Fund
Obligated Expenses by Program & Fund
Pr
o
g
r
a
m
CRA Personnel
Administrative Fees
CRA Charges & Services
Operating & Maintenance
$3,170,296
$1,751,385
$450,000
$450,000
Program FY25 Budget Change FY25 BA #2
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
CRA Personnel $3,170,296 $0 $3,170,296
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Source FY25 Budget Change FY25 BA #2
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from HDF $0 $0
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from PIF $0 $0
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Transfer from WCI $0 $0
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Questions?
Central Business District
Sources
FY25 Budget Change FY25 BA #2
Revenue $29,893,016 ($1,038,106)$28,854,910
Interest from Investments $1,841,006 $1,340,195 $3,181,201
Tax Increment $27,265,707 ($2,378,301)$24,887,406
Transition Holding Account $786,303 $0 $786,303
Total $29,893,016 ($1,038,106)$28,854,910
Uses
FY25 Budget Change FY25 BA #2
Expense $29,893,016 ($1,038,106)$28,854,910
Obligation $26,052,419 ($514,765)$25,537,654
TI Reimbursements $1,300,000 ($190,000)$1,110,000
Taxing Entity Payments $11,194,315 ($110,721)$11,083,594
Property Management and Maintenance $1,127,250 $0 $1,127,250
Internal Transfers - Debt Service $8,477,030 $0 $8,477,030
Internal Transfers - Administration Fund $2,726,570 ($237,829)$2,488,741
Gallivan - Programming $250,000 $0 $250,000
Gallivan - Management & Maintenance
Assessment
$591,807 $0 $591,807
Gallivan - Administration Assessment $385,447 $23,785 $409,232
Discretionary $3,840,597 ($523,341)$3,317,256
Strategic Intervention $2,540,597 ($523,341)$2,017,256
Available for Projects $2,540,597 ($523,341)$2,017,256
Infrastructure Improvements $600,000 $0 $600,000
PRJ-000109 Japantown Construction Documents $100,000 $0 $100,000
PRJ-000104 Gallivan Playground $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $250,000 $0 $250,000
PRJ-000057 Gallivan Repairs $250,000 $0 $250,000
CRA Arts & Culture Program $450,000 $0 $450,000
PRJ-000108 Japantown Art $300,000 $0 $300,000
PRJ-000103 CBD Public Art Project $150,000 $0 $150,000
Total $29,893,016 ($1,038,106)$28,854,910
Community Reinvestment Agency Key Changes
Block 70
Sources FY25 Budget Change FY25 BA #2
Revenue $11,065,164 ($26,267)$11,038,897
Tax Increment $2,133,992 ($26,267)$2,107,725
Transfer From CBD Eccles Debt Service RDA match $3,311,921 $670,518 $3,982,439
Transfer from CBD Eccles Debt Service Reserve
Account
$454,142 $0 $454,142
Transfer From CBD Taxing Entity Payments $5,165,109 ($670,518)$4,494,591
Total $11,065,164 ($26,267)$11,038,897
Uses
FY25 Budget Change FY25 BA #2
Expense $11,065,164 ($26,267)$11,038,897
Obligation $10,984,841 $19,628 $11,004,469
Taxing Entity Payments $560,173 ($5,372)$554,801
Regent Street Parking Structure Reserves $100,000 $0 $100,000
RDA Arts & Culture Program $600,000 $25,000 $625,000
PRJ-000083 Eccles Theater- Operating Reserve for
Ancillary Spaces
$475,000 $25,000 $500,000
PRJ-000082 Eccles Fundraising Fulfillment $125,000 $0 $125,000
Eccles Debt Service $9,644,668 $0 $9,644,668
Eccles - Maintenance & Repairs $80,000 $0 $80,000
PRJ-000085 Regent Street Maintenance $80,000 $0 $80,000
Discretionary $80,323 ($45,895)$34,428
CRA Arts & Culture Program $80,323 ($45,895)$34,428
PRJ-000106 Reinstallation of "The Gulls"$55,323 ($45,895)$9,428
PRJ-000081 Regent Street Event Programming $25,000 $0 $25,000
Total $11,065,164 ($26,267)$11,038,897
Community Reinvestment Agency Key Changes
Depot District
Sources FY25 Budget Change FY25 BA #2
Revenue $7,095,401 $59,939 $7,155,340
Interest from Investments $480,304 $159,704 $640,008
Tax Increment $6,193,098 ($99,765)$6,093,333
Transition Holding Account $421,999 $0 $421,999
Total $7,095,401 $59,939 $7,155,340
Uses
FY25 Budget Change FY25 BA #2
Expense $7,095,401 $59,939 $7,155,340
Obligation $2,840,085 ($34,918)$2,805,167
Property Management and Maintenance $672,500 $0 $672,500
PRJ-000064 CRA - Home Inn Rio Grande
Maintenance
$500,000 $0 $500,000
Available to Spend $172,500 $0 $172,500
Internal Transfers - Primary Housing Fund $1,238,619 ($19,952)$1,218,667
Internal Transfers - Administration Fund $928,966 ($14,966)$914,000
Discretionary $4,255,316 $94,857 $4,350,173
Transition Holding Account $94,857 $94,857
Available for Projects $94,857 $94,857
Infrastructure Improvements $3,705,316 $0 $3,705,316
Available for Projects $3,705,316 $0 $3,705,316
Commercial Assistance Reserves $500,000 $0 $500,000
Available for Projects $500,000 $0 $500,000
Charges & Services $50,000 $0 $50,000
Available for Projects $50,000 $0 $50,000
Total $7,095,401 $59,939 $7,155,340
Community Reinvestment Agency Key Changes
Granary District
Sources FY25 Budget A Change FY25 BA #2
Revenue $1,748,249 $331,755 $2,080,004
Interest from Investments $198,730 $24,885 $223,615
Tax Increment $1,384,433 $306,870 $1,691,303
Transition Holding Account $165,086 $0 $165,086
Total $1,748,249 $331,755 $2,080,004
Uses
FY25 Budget Change FY25 BA #2
Expense $1,748,249 $331,755 $2,080,004
Obligation $484,552 $107,404 $591,956
Internal Transfers - Primary Housing Fund $276,886 $61,375 $338,261
Internal Transfers - Administration Fund $207,666 $46,029 $253,695
Discretionary $1,263,697 $224,351 $1,488,048
Transition Holding Account $224,351 $224,351
Commercial Assistance Reserves $1,263,697 $0 $1,263,697
Available for Projects $1,263,697 $0 $1,263,697
Total $1,748,249 $331,755 $2,080,004
Community Reinvestment Agency Key Changes
North Temple
Sources FY25 Budget Change FY25 BA#2
Revenue $1,952,466 $465,174 $2,417,640
Interest from Investments $158,829 ($65,457)$93,372
Tax Increment $1,543,745 $530,631 $2,074,376
Transition Holding Account $249,892 $0 $249,892
Total $1,952,466 $465,174 $2,417,640
Uses
FY25 Budget Change FY25 BA #2
Expense $1,952,466 $465,174 $2,417,640
Obligation $690,654 $220,212 $910,866
School Construction Reserves $100,344 $34,490 $134,834
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - Primary Housing Fund $308,749 $106,126 $414,875
Internal Transfers - Administration Fund $231,561 $79,596 $311,157
Discretionary $1,261,812 $244,962 $1,506,774
Transition Holding Account $244,962 $244,962
Strategic Intervention $861,812 $0 $861,812
Available for Projects $861,812 $0 $861,812
Infrastructure Improvements $50,000 $0 $50,000
PRJ-000022 CRA - City Creek Daylighting Design
Plan Budget
$50,000 $0 $50,000
CRA Charges & Services $50,000 $0 $50,000
Commercial Studies and Planning $300,000 $0 $300,000
PRJ-000105 North Temple Property Reuse Planning $300,000 $0 $300,000
Total $1,952,466 $465,174 $2,417,640
Community Reinvestment Agency Key Changes
North Temple Viaduct
Sources FY25 Budget Change FY25 BA #2
Revenue $3,155,765 ($115,139)$3,040,626
Interest from Investments $35,975 $1,730 $37,705
Tax Increment $3,119,790 ($116,869)$3,002,921
Total $3,155,765 ($115,139)$3,040,626
Uses
FY25 Budget Change FY25 BA #2
Expense $3,155,765 ($115,139)$3,040,626
Obligation $3,155,765 ($115,139)$3,040,626
Salt Lake City Debt Service $3,108,969 ($113,387)$2,995,582
Internal Transfers - Administration Fund $46,796 ($1,752)$45,044
Total $3,155,765 ($115,139)$3,040,626
Community Reinvestment Agency Key Changes
Stadler Rail
Sources FY25 Budget Change FY25 BA #2
Revenue $168,744 $5,431 $174,175
Interest from Investments $7,593 ($4,239)$3,354
Tax Increment $161,151 $9,670 $170,821
Transition Holding Account $0 $0
Total $168,744 $5,431 $174,175
Uses FY25 Budget Change FY25 BA #2
Expense $168,744 $5,431 $174,175
Obligation $168,744 $2,077 $170,821
TI Reimbursements $144,571 $627 $145,198
Internal Transfers - Primary Housing Fund $16,115 $967 $17,082
Internal Transfers - Administration Fund $8,058 $483 $8,541
Discretionary $3,354 $3,354
Transition Holding Account $3,354 $3,354
Total $168,744 $5,431 $174,175
Community Reinvestment Agency Key Changes
9-Line
Sources FY25 Budget Change FY25 BA #2
Revenue $3,307,218 $576,063 $3,883,281
Interest from Investments $0 $187,637 $187,637
Tax Increment $3,030,715 $388,426 $3,419,141
Transition Holding Account $276,503 $0 $276,503
Total $3,307,218 $576,063 $3,883,281
Uses
FY25 Budget Change FY25 BA #2
Expense $3,307,218 $576,063 $3,883,281
Obligation $962,946 $108,864 $1,071,810
Taxing Entity Payments $345,968 $35,159 $381,127
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$142,138 $14,159 $156,297
Internal Transfers - Primary Housing Fund $160,934 $24,684 $185,618
Internal Transfers - Administration Fund $263,906 $34,862 $298,768
Discretionary $2,344,272 $467,199 $2,811,471
Transition Holding Account $467,199 $467,199
Strategic Intervention $1,994,272 $0 $1,994,272
Available for Projects $1,994,272 $0 $1,994,272
CRA Charges & Services $50,000 $0 $50,000
CRA Arts & Culture Program $300,000 $0 $300,000
PRJ-000107 9-Line Public Art Project $300,000 $0 $300,000
Total $3,307,218 $576,063 $3,883,281
Community Reinvestment Agency Key Changes
State Street
Sources FY25 Budget
Change FY25 BA #2
Revenue $6,517,835 $1,012,910 $7,530,745
Tax Increment $5,868,859 $642,121 $6,510,980
Transition Holding Account $648,976 $0 $648,976
Interest from Investments $0 $370,789 $370,789
Total $6,517,835 $1,012,910 $7,530,745
Uses
FY25 Budget Change FY25 BA #2
Expense $6,517,835 $1,012,910 $7,530,745
Obligation $1,463,941 ($111,745)$1,352,196
Taxing Entity Payments $341,296 ($341,296)
Property Management and Maintenance $50,000 $0 $50,000
Internal Transfers - School District Required
Family & Workforce Housing
$275,244 $101,759 $377,003
Internal Transfers - Primary Housing Fund $185,235 $88,860 $274,095
Internal Transfers - County Required Non-Loan
Housing
$126,406 ($126,406)
Internal Transfers - Administration Fund $485,760 $165,338 $651,098
Discretionary $5,053,894 $1,124,655 $6,178,549
Transition Holding Account $1,124,655 $1,124,655
Strategic Intervention $4,003,894 $0 $4,003,894
Available for Projects $4,003,894 $0 $4,003,894
Internal Transfers - Secondary Housing Fund $1,000,000 $0 $1,000,000
CRA Charges & Services $50,000 $0 $50,000
Total $6,517,835 $1,012,910 $7,530,745
Community Reinvestment Agency Key Changes
Northwest Quadrant
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,603,998 $834,547 $3,438,545
Tax Increment $2,500,109 $769,885 $3,269,994
Interest from Investments $103,889 $64,662 $168,551
Transition Holding Account $0 $0
Total $2,603,998 $834,547 $3,438,545
Uses
FY25 Budget Change FY25 BA #2
Expense $2,603,998 $834,547 $3,438,545
Obligation $2,603,998 $692,896 $3,296,894
TI Reimbursements $1,750,076 $538,920 $2,288,996
Shared Costs Reserves $353,900 $0 $353,900
Internal Transfers - Primary Housing Fund $250,011 $76,988 $326,999
Internal Transfers - Administration Fund $250,011 $76,988 $326,999
Discretionary $141,651 $141,651
Transition Holding Account $141,651 $141,651
Total $2,603,998 $834,547 $3,438,545
Community Reinvestment Agency Key Changes
Block 67 North
Sources FY25 Budget
Change FY25 BA #2
Revenue $365,771 $9,012 $374,783
Tax Increment $365,771 $4,172 $369,943
Interest from Investments $4,840 $4,840
Total $365,771 $9,012 $374,783
Uses
FY25 Budget Change FY25 BA #2
Expense $365,771 $9,012 $374,783
Obligation $365,771 $4,172 $369,943
TI Reimbursements $274,329 $3,128 $277,457
Internal Transfers - Primary Housing Fund $36,577 $417 $36,994
Internal Transfers - Administration Fund $18,288 $210 $18,498
CRA Arts & Culture Program $36,577 $417 $36,994
Discretionary $4,840 $4,840
Transition Holding Account $4,840 $4,840
Total $365,771 $9,012 $374,783
Community Reinvestment Agency Key Changes
West Capitol Hill
Sources FY25 Budget Change
FY25 BA #2
Revenue $384,332 $0 $384,332
Interest from Investments $384,332 $0 $384,332
Total $384,332 $0 $384,332
Uses FY25 Budget
Change FY25 BA #2
Expense $384,332 $0 $384,332
Discretionary $384,332 $0 $384,332
Housing Construction & Rehabilitation $384,332 $0 $384,332
PRJ-000015 CRA - Arctic Court Infill Home
Construction
$384,332 $0 $384,332
Total $384,332 $0 $384,332
Community Reinvestment Agency Key Changes
Primary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $3,602,240 $660,102 $4,262,342
Transfer from DD $1,238,619 ($19,952)$1,218,667
Transition Holding Account $507,505 $0 $507,505
Transfer from NT $308,749 $106,126 $414,875
Transfer from GD $276,886 $61,375 $338,261
Transfer from SS - School District $275,244 $101,759 $377,003
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SS $185,235 $88,860 $274,095
Transfer from 9L $160,934 $24,684 $185,618
Transfer from 9L - School District $142,138 $14,159 $156,297
Transfer from SS - County $126,406 ($126,406)
Loan Payments - Principal $72,000 $0 $72,000
Transfer from CBD $36,577 $417 $36,994
Transfer from SR $16,115 $967 $17,082
Loan Payments - Interest $5,821 ($1)$5,820
Interest from Investments $0 $331,126 $331,126
Total $3,602,240 $660,102 $4,262,342
Uses
FY25 Budget Change FY25 BA #2
Expense $3,602,240 $660,102 $4,262,342
Obligation $417,381 $115,919 $533,300
School District Required Family & Workforce
Housing
$417,381 $115,919 $533,300
Discretionary $3,184,859 $544,183 $3,729,042
Transition Holding Account $544,183 $544,183
Housing Construction & Rehabilitation $500,000 $0 $500,000
PRJ-000015 RDA - Arctic Court Infill Home
Construction
$500,000 $0 $500,000
HDLP - Competitive $2,684,859 $0 $2,684,859
Total $3,602,240 $660,102 $4,262,342
Community Reinvestment Agency Key Changes
Secondary Housing
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,000,000 $103,055 $1,103,055
Transfer from SS $1,000,000 $0 $1,000,000
Interest from Investments $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Uses FY25 Budget Change FY25 BA #2
Expense $1,000,000 $103,055 $1,103,055
Discretionary $1,000,000 $103,055 $1,103,055
HDLP - Competitive $1,000,000 $0 $1,000,000
Transition Holding Account $103,055 $103,055
Total $1,000,000 $103,055 $1,103,055
Community Reinvestment Agency Key Changes
Housing Development Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $2,902,000 $384,481 $3,286,481
Funding Our Future $2,590,000 $0 $2,590,000
Loan Payments - Principal $204,000 $0 $204,000
Loan Payments - Interest $108,000 $0 $108,000
Interest from Investments $0 $384,481 $384,481
Total $2,902,000 $384,481 $3,286,481
Uses FY25 Budget Change FY25 BA #2
Expense $2,902,000 $384,481 $3,286,481
Discretionary $2,902,000 $384,481 $3,286,481
HDLP - Competitive $902,000 $0 $902,000
Available for Projects $902,000 $0 $902,000
Transition Holding Account $384,481 $384,481
Wealth Building Housing Opportunities $2,000,000 $0 $2,000,000
Total $2,902,000 $384,481 $3,286,481
Community Reinvestment Agency Key Changes
Westside Community Initiative
Sources FY25 Budget
Change FY25 BA #2
Revenue $1,835,469 $133,581 $1,969,050
Inland Port Housing $1,835,469 $0 $1,835,469
Interest from Investments $0 $133,581 $133,581
Total $1,835,469 $133,581 $1,969,050
Uses
FY25 Budget Change FY25 BA #2
Expense $1,835,469 $133,581 $1,969,050
Discretionary $1,835,469 $133,581 $1,969,050
Wealth Building Housing Opportunities $835,469 $0 $835,469
Transition Holding Account $133,581 $133,581
Strategic Intervention $1,000,000 $0 $1,000,000
Available for Projects $1,000,000 $0 $1,000,000
Total $1,835,469 $133,581 $1,969,050
Community Reinvestment Agency Key Changes
Program Income Fund
Sources FY25 Budget
Change FY25 BA#2
Revenue $1,559,233 $1,425,286 $2,984,519
Parking Structure Income $1,290,184 $0 $1,290,184
Rents $229,449 $0 $229,449
Loan Payments - Principal $33,600 $0 $33,600
Loan Payments - Interest $6,000 $0 $6,000
Interest from Investments $0 $1,388,986 $1,388,986
% for Art Donation $36,300 $36,300
Total $1,559,233 $1,425,286 $2,984,519
Uses
FY25 Budget Change FY25 BA #2
Expense $1,559,233 $1,425,286 $2,984,519
Obligation $363,000 $36,300 $399,300
Percent for Art $36,300 $36,300
Operating & Maintenance $363,000 $0 $363,000
Discretionary $1,196,233 $1,388,986 $2,585,219
Transition Holding Account $1,388,986 $1,388,986
Infrastructure Improvements $500,000 $0 $500,000
Gallivan - Maintenance & Repairs $238,733 $0 $238,733
CRA Charges & Services $457,500 $0 $457,500
Total $1,559,233 $1,425,286 $2,984,519
Community Reinvestment Agency Key Changes
Revolving Loan Fund
Sources FY25 Budget
Change FY25 BA #2
Revenue $332,400 $2,488,247 $2,820,647
Loan Payments - Principal $252,000 $2,000,000 $2,252,000
Loan Payments - Interest $80,400 $29,551 $109,951
Interest from Investments $0 $458,696 $458,696
Total $332,400 $2,488,247 $2,820,647
Uses FY25 Budget Change
FY25 BA #2
Expense $332,400 $2,488,247 $2,820,647
Discretionary $332,400 $2,488,247 $2,820,647
Transition Holding Account $2,488,247 $2,488,247
Commercial Revolving Loans $332,400 $0 $332,400
Total $332,400 $2,488,247 $2,820,647
Community Reinvestment Agency Key Changes
Community Reinvestment Agency Operations
Sources
FY25 Budget Change FY25 BA #2
Revenue $5,167,582 $654,099 $5,821,681
Transfer from 9L $263,906 $34,862 $298,768
Transfer from B67N $18,288 $210 $18,498
Transfer from CBD $2,726,570 ($237,829)$2,488,741
Transfer from DD $928,966 ($14,966)$914,000
Transfer from GD $207,666 $46,029 $253,695
Transfer from NT $231,561 $79,596 $311,157
Transfer from NTV $46,796 ($1,752)$45,044
Transfer from NWQ $250,011 $76,988 $326,999
Transfer from SR $8,058 $483 $8,541
Transfer from SS $485,760 $165,338 $651,098
Use of Fund Balance $505,140 $505,140
Total $5,167,582 $654,099 $5,821,681
Uses FY25 Budget Change FY25 BA #2
Expense $5,070,296 $751,385 $5,821,681
Obligation $5,070,296 $751,385 $5,821,681
CRA Personnel $3,170,296 $0 $3,170,296
Administrative Fees $1,000,000 $751,385 $1,751,385
CRA Charges & Services $450,000 $0 $450,000
Operating & Maintenance $450,000 $0 $450,000
Total $5,070,296 $751,385 $5,821,681
Community Reinvestment Agency Key Changes
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Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Rev & Other Source Adj: Tax Increment Changes Central Business
District (2,378,301.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Block 70 (26,267.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Depot District (99,765.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Granary District 306,870.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes North Temple 530,631.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes North Temple
Viaduct (116,869.00) 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Stadler Rail 9,670.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes 9-Line 388,426.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes State Street 642,121.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Northwest Quadrant 769,885.00 0.00 One-time -
1 Rev & Other Source Adj: Tax Increment Changes Block 67 North 4,172.00 0.00 One-time -
2 Rev & Other Source Adj: Interest Changes Central Business
District 1,340,195.00 0.00 One-time -
2 Rev & Other Source Adj: Interest Changes Depot District 159,704.00 0.00
2 Rev & Other Source Adj: Interest Changes Granary District 24,885.00 0.00
2 Rev & Other Source Adj: Interest Changes North Temple (65,457.00) 0.00
2 Rev & Other Source Adj: Interest Changes North Temple
Viaduct 1,730.00 0.00
2 Rev & Other Source Adj: Interest Changes Stadler Rail (4,239.00) 0.00
2 Rev & Other Source Adj: Interest Changes 9-Line 187,637.00 0.00
2 Rev & Other Source Adj: Interest Changes State Street 370,789.00 0.00
2 Rev & Other Source Adj: Interest Changes Northwest Quadrant 64,662.00 0.00
2 Rev & Other Source Adj: Interest Changes Block 67 North 4,840.00 0.00
2 Rev & Other Source Adj: Interest Changes Primary Housing 331,126.00 0.00
2 Rev & Other Source Adj: Interest Changes Secondary Housing 103,055.00 0.00
2 Rev & Other Source Adj: Interest Changes Housing
Development Fund 384,481.00 0.00
2 Rev & Other Source Adj: Interest Changes
Westside
Community
Initiative
133,581.00 0.00
2 Rev & Other Source Adj: Interest Changes Program Income
Fund 1,388,986.00 0.00
2 Rev & Other Source Adj: Interest Changes Revolving Loan
Fund 458,696.00 0.00
3 Other Revenue & Source Changes: Transfers from
Various Funds CRA Operations 654,099.00 0.00
Fiscal Year 2024-25 CRA Budget Amendment #2
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Board ApprovedAdministration Proposed
1
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
3 Other Revenue & Source Changes: Primary Housing -
Transfers from Various Funds Primary Housing 328,976.00 0.00
3 Other Revenue & Source Changes: Program Income
Funds - % For Art Donation
Program Income
Fund 36,300.00 0.00
3 Other Revenue & Source Changes: Revolving Loan Fund -
Loan Payments Principal and Interest
Revolving Loan
Fund 2,029,551.00 0.00
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments Central Business
District - (110,721.00)
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments Block 70 - (5,372.00)
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments 9-Line - 35,159.00
4 Obligated Exp & Other Uses Adj: Taxing Entity Payments State Street - (341,296.00)
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Northwest Quadrant - 538,920.00
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements
Central Business
District - (190,000.00)
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Block 67 North - 3,128.00
5 Obligated Exp & Other Uses Adj: Tax Increment
Reimbursement Agreements Stadler Rail - 627.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Depot District - (19,952.00)
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Granary District - 61,375.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund North Temple - 106,126.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Stadler Rail - 967.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund 9-Line - 38,843.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund State Street - 64,213.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Northwest Quadrant - 76,988.00
6 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Primary Housing Fund Block 67 North - 417.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund
Central Business
District - (237,829.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Depot District - (14,966.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Granary District - 46,029.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund North Temple - 79,596.00
2
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund
North Temple
Viaduct - (1,752.00)
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Stadler Rail - 483.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund 9-Line - 34,862.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund State Street - 165,338.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Northwest Quadrant - 76,988.00
7 Obligated Exp & Other Uses Adj: Project Area Fund
Contribution to Agency Operations Fund Block 67 North - 210.00
8 Obligated Exp & Other Uses Adj: Admin Fees CRA Operations - 751,385.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
Central Business
District - 23,785.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Block 70 - 25,000.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations North Temple - 34,490.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
North Temple
Viaduct - (113,387.00)
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Block 67 North - 417.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations Primary Housing - 115,919.00
9 Obligated Exp & Other Uses Adj: Debt Service and Other
Contractual Obligations
Program Income
Fund - 36,300.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account 9-Line - 467,199.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Block 67 North - 4,840.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Depot District - 94,857.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Granary District - 224,351.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Housing
Development Fund - 384,481.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account North Temple - 244,962.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Northwest Quadrant - 141,651.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Primary Housing - 544,183.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Program Income
Fund - 1,388,986.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Revolving Loan
Fund - 2,488,247.00
3
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Secondary Housing - 103,055.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account Stadler Rail - 3,354.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account State Street - 1,124,655.00
10 Discretionary Exp & Other Uses Adj: Transition Holding
Account
Westside
Community
Initiative
- 133,581.00
11 Discretionary Exp & Other Uses Adj: Other Discretionary
Expenses Block 70 - (45,895.00)
11 Discretionary Exp & Other Uses Adj: Other Discretionary
Expenses
Central Business
District - (523,341.00)
12 Accounting Error Corrections 9-Line - 223,062.00
12 Accounting Error Corrections Block 67 North - 49,226.00
12 Accounting Error Corrections Block 70 - 152,618.00
12 Accounting Error Corrections North Temple
Viaduct - 206,298.00
12 Accounting Error Corrections Northwest Quadrant - 641,571.00
12 Accounting Error Corrections Stadler Rail - 33,511.00
12 Accounting Error Corrections State Street - 537,751.00
-
Total of Budget Amendment Items 7,964,170.00 9,905,493.00 - -
Total by Fund, CRA Budget Amendment #2:
Community Reinvestment Agency Central Business
District (1,038,106.00) (1,038,106.00)
Community Reinvestment Agency Depot District 59,939.00 59,939.00
Community Reinvestment Agency Granary District 331,755.00 331,755.00
Community Reinvestment Agency North Temple 465,174.00 465,174.00
Community Reinvestment Agency North Temple
Viaduct (115,139.00) 91,159.00
Community Reinvestment Agency Stadler Rail 5,431.00 38,942.00
Community Reinvestment Agency 9-Line 576,063.00 799,125.00
Community Reinvestment Agency State Street 1,012,910.00 1,550,661.00
Community Reinvestment Agency Northwest Quadrant 834,547.00 1,476,118.00
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items
Section E: Grants Requiring No New Staff Resources
Section F: Donations
4
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
Community Reinvestment Agency Block 67 North 9,012.00 58,238.00
Community Reinvestment Agency Block 70 (26,267.00) 126,351.00
Community Reinvestment Agency Primary Housing 660,102.00 660,102.00
Community Reinvestment Agency Secondary Housing 103,055.00 103,055.00
Community Reinvestment Agency Housing
Development Fund 384,481.00 384,481.00
Community Reinvestment Agency
Westside
Community
Initiative
133,581.00 133,581.00
Community Reinvestment Agency Program Income
Fund 1,425,286.00 1,425,286.00
Community Reinvestment Agency Revolving Loan
Fund 2,488,247.00 2,488,247.00
Community Reinvestment Agency CRA Operations 654,099.00 751,385.00
Total of Budget Amendment Items 7,964,170.00 9,905,493.00 - - -
-
5
Initiative Number/Name Project Area Revenue Amount Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
Fiscal Year 2024-25 CRA Budget Amendment #2
Board ApprovedAdministration Proposed
Current Year Budget Summary, provided for information only
FY 2024-25 Budget, Including Budget Amendments
Total Revenue CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 84,656,884 - 7,964,170 - 92,621,054
Total of Budget Amendment Items 84,656,884 - 7,964,170 - 92,621,054
Total Expense CRA BA #1 Total CRA BA #2 Total CRA BA #3 Total CRA BA #4 Total Total To-Date
Community Reinvestment Agency 84,656,884 - 9,905,493 - 94,562,377
Total of Budget Amendment Items 84,656,884 - 9,905,493 - 94,562,377
Certification
Finance Department/CRA
City Council Office
Contingent Appropriation and Notes
6
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