HomeMy WebLinkAboutCouncil Provided Information - 2/17/2025COUNCIL STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM:Allison Rowland, Senior Policy Analyst
DATE:February 3, 2026
RE: RESOLUTION: SECOND ISSUANCE OF GENERAL OBLIGATION BOND FOR PARKS,
TRAILS AND OPEN SPACE IMPROVEMENTS
ISSUE AT-A-GLANCE
The Administration proposes to issue the second tranche of the $85 million Parks, Trails, and Open Space
General Obligation (GO) Bond, approved by voters in 2022. The amount of this tranche would be up to $51
million, which the Department of Public Lands (DPL) has indicated would fund nearly all of the planned projects
remaining. Approximately $9.2 million would be left for a third and final tranche, 11% of the total $85 million
approved. DPL indicates that this third tranche may be requested in 2027.
The Council indicated its support for issuing the second tranche in a straw poll on November 25, 2025, based on
descriptions of projects and activities to be funded with bond proceeds. The funds would be available to spend
immediately following the bond sale in April or May 2026. Residents and businesses would begin to pay an
increased level of property tax for bond repayment only after this issuance is approved by the Council. The
current plan calls for the Bonds to be sold on April 7, 2026.
Goal of the briefing: Receive and discuss information in preparation for a vote on issuing the second
tranche of the Parks, Trails, and Open Space GO Bond, of up to $51 million.
ADDITIONAL & BACKGROUND INFORMATION
A.Projects and budget amounts straw polled by the Council. During the Work Session on November
25, 2026, the Council straw polled their preferences for second tranche project funding, selecting Scenario 3
as it was described by the Administration. The projects included in that scenario, which total an estimated
$49,336,400, are shown below.
Glendale Park Phase 2 Construction $23,350,000
Item Schedule:
Allen Park Phase 1 Construction $3,650,000
Fleet Block Public Open Space $5,400,000
Fairmont Park $5,850,000
Warm Springs & North Gateway Parks Construction $1,350,000
Sunnyside Park Construction $675,000
Jefferson Park Construction $675,000
Cottonwood Park Construction $675,000
Jordan River Corridor $2,400,000
Public Art Commissions at Glendale, Fleet Block and Warm
Springs/North Gateway Parks
$441,000
FTE salaries, benefits, and operational costs, plus a
reclassification of one Associate Landscape Architect II
position in DPL to a Senior Landscape Architect position
$870,400
Program management $1,000,000
Contingency $3,000,000
TOTAL $49,336,400
B.Potential Third Tranche. The transmittal indicates that the second tranche of the GO Bond would be “up
to $51 million.” If this is spent in the second tranche, there would be $9,235,000 remaining for a third
tranche, not the $11,003,600 listed in the most recent transmittal. If this tranche is approved in 2027, DPL
indicated that construction timelines would likely be pushed to 2028 or 2029, and there would be fewer
amenities due to increased costs. This tranche would be used to fund:
Peace Labyrinth Construction
Jordan River Remaining Projects Construction
All Remaining Contingency
All Remaining Personnel Costs (Salaries, Benefits, Operations)
C.Proposed Staffing Changes. In its November 25, 2025, transmittal, the Public Lands Department
proposed two staffing changes for existing full-time employees (FTEs) working on this project As part of the
second tranche of the GO bond. That description appears to be different than the corresponding description
in the January 23, 2026, transmittal, which is reproduced in Attachment C1, below.
1.Reclassification to Senior Landscape Architect. The Department of Public Lands requests
that the Council approve a reclassification from Associate Landscape Architect II (Grade 29) to
Senior Landscape Architect (Grade 34) to reflect the qualifications and experience of the project
manager hired in this role. According to DPL, “Further reclassification would align their
qualifications, job description, and pay. We wish to retain these time-limited staff for as much of the
remainder of the Parks GO Bond as possible.” The costs included in the proposed second tranche
total assume these changes are approved by the Council.
2.Funding Increase for Three FTEs. Since July 1, 2023, the salaries, benefits, and operational
costs for three full-time employees who work exclusively on Parks GO Bond projects have been
reimbursed with bond funds at the beginning of the following fiscal year. However, the estimates for
these personnel costs were developed in early 2023 and were initially very conservative. Some
savings in the first tranche will continue to fund their personnel costs into FY27, and the second
tranche will fund the remainder of that fiscal year and the entirety of FY28. The Department
proposes that an estimated $296,000 balance from the first tranche go toward reducing the second
tranche’s FY27 and FY28 salary, benefits, and operation costs for these employees.
ATTACHMENT
Attachment C1. “Salt Lake City Parks, Trails, and Open Space Bond 2nd Issuance Projects.
Attachment C1. “Salt Lake City Parks, Trails, and Open Space Bond 2nd Issuance Projects.
Reproduced from Transmittal of January 23, 2026.
GENERAL OBLIGATION BOND,
SERIES 2026—PARKS, TRAILS,
AND OPEN SPACE
OVERVIEW
On November 8, 2022, voters
within Salt Lake City
authorized the City to issue
and sell GO bonds in an
amount not to exceed $85
million for the purpose of
acquiring, improving,
renovating, and upgrading
various parks, trails, open
space, and related facilities
and recreational amenities.
PROPOSED
ISSUANCE
Series Par Project
Proceeds
2023 $24,765,000 $24,660,000
2026 $51,000,000*
*preliminary, subject to
change
$49,336,400
Salt Lake City
Parks, Trails, and
Open Space
Bond 2nd
Issuance
Projects
ESTIMATED
CONSTRUCTION
YEAR
ITEM
SECOND
TRANCHE
AMOUNT
% of ITEM’S
TOTAL BOND
FUNDING
2027-2028 Glendale Park Phase 2 $23,350,000 86.5%
2026-2028 Allen Park $3,650,000 81.1%
2027-2029 Public Open Space at Fleet Block $5,400,000 90%
2027-2029 Fairmont Park $5,850,000 90%
Variable
(2026-2031)
Reimagine Neighborhood Parks, Trails, or
Open Spaces (Fairmont, Jefferson,
Sunnyside, Warm Springs/North Gateway,
Cottonwood)
$3,375,000 34%
2027-2029 Jordan River Corridor $2,400,000 26.7%
N/A Contingencies/Program Management $4,000,000 25%
Variable
(2026-2029)
Art Allowance
(Glendale, Warm Springs/North Gateway,
Fleet Block)
$441,000 42.6%
N/A Salaries, Benefits and Operational costs for
3 FTEs for FY27 and FY28 (2 Public Lands
staff, 1 ACM/Public Services)
$870,400 19%
TOTAL REQUEST $49,336,400 58% of
$85,000,000 total
PROPOSED
FINANCING
SCHEDULE
Tuesday, February 17
City Council Meeting –Resolution Adoption
Week of March 9
Meet with Rating Agencies
Week of March 23-30
Receive Ratings
Post the Preliminary Official Statement
Tuesday, April 7
Bond Sale
Tuesday, April 28
Closing
Series 2026 Highlights
Asking for authorization to issue up to $51 million of
general obligation revenue bonds.
Assumed interest rate is 4.97%, based on current market
conditions with a not to exceed rate of 6.5%.
Final maturity not greater than 20 years.
•QUESTIONS