HomeMy WebLinkAboutProposed Resolution - 4/21/20261
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO__________
Third Budget Amendment for Fiscal Year 2025-2026
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY AMENDING THE FINAL BUDGET OF THE CRA FOR FISCAL
YEAR 2025-2026.
WHEREAS, on June 10, 2025, 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, 2025,
and ending June 30, 2026, 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 10, 2025.
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 Salt Lake City Community Reinvestment Agency
of Salt Lake City, Utah, this day of , 2026, to be effective upon adoption.
________________________________
Dan Dugan, 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]
Project Area
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Tax Increment Changes Central Business District 2,051,070.00 One-time
1 Tax Increment Changes Block 70 551,275.00 One-time
1 Tax Increment Changes Granary District 489,101.00 One-time
1 Tax Increment Changes North Temple 250,659.00 One-time
1 Tax Increment Changes North Temple Viaduct 483,573.00 One-time
1 Tax Increment Changes Stadler Rail 47,026.00 One-time
1 Tax Increment Changes 9-Line 477,801.00 One-time
1 Tax Increment Changes State Street 2,339,880.00 One-time
1 Tax Increment Changes Northwest Quadrant 961,687.00 One-time
1 Tax Increment Changes Block 67 North 47,247.00 One-time
1 Tax Increment Changes Westside Community
Initiative 1,109,003.00 One-time
2 Interest Changes Central Business District (62,401.00) One-time
2 Interest Changes Depot District 742,162.00 One-time
2 Interest Changes Granary District 120,608.00 One-time
2 Interest Changes North Temple 135,651.00 One-time
2 Interest Changes North Temple Viaduct 25,203.00 One-time
2 Interest Changes Stadler Rail 4,841.00 One-time
2 Interest Changes 9-Line 185,685.00 One-time
2 Interest Changes State Street 157,781.00 One-time
2 Interest Changes Northwest Quadrant 279,603.00 One-time
2 Interest Changes Primary Housing 72,628.00 One-time
2 Interest Changes Secondary Housing 167,206.00 One-time
2 Interest Changes Housing Development
Fund 152,930.00 One-time
2 Interest Changes Block 67 North 6,088.00 One-time
2 Interest Changes Westside Community
Initiative 202,118.00 One-time
2 Interest Changes Program Income Fund (644,178.00) One-time
2 Interest Changes Revolving Loan Fund 67,606.00 One-time
3 Community Reinvestment Agency Operations 9-line 19,384.00 One-time
3 Community Reinvestment Agency Operations Block 67 North (360.00) One-time
3 Community Reinvestment Agency Operations Central Business District 187,098.00 One-time
3 Community Reinvestment Agency Operations Granary District 73,365.00 One-time
3 Community Reinvestment Agency Operations North Temple 37,597.00 One-time
3 Community Reinvestment Agency Operations North Temple Viaduct 3,157.00 One-time
3 Community Reinvestment Agency Operations Northwest Quadrant 19,716.00 One-time
3 Community Reinvestment Agency Operations Program Income Fund (638,456.00) One-time
3 Community Reinvestment Agency Operations Stadler Rail 434.00 One-time
3 Community Reinvestment Agency Operations State Street 197,493.00 One-time
4 Primary Housing Transfers In Primary Housing 1,101,622.00 One-time
5 Program Income Fund Revenues Program Income Fund 174,947.00 One-time
6 Revolving Loan Fund Loan Repayments Revolving Loan Fund 476,445.00 One-time
7 Block 70 Transfers In Block 70 (204,916.00) One-time
8 Housing Development Fund Loan Repayments Housing Development
Fund 201,259.00 One-time
9 Taxing Entity Payments Central Business District 994,761.00 One-time
9 Taxing Entity Payments Block 70 91,955.00 One-time
9 Taxing Entity Payments 9-Line 16,098.00 One-time
Section A: New Items
Initiative Number/Name
Fiscal Year 2025-26 CRA Budget Amendment #3
Administration Proposed Board Approved
9 Taxing Entity Payments State Street 74,549.00 One-time
10 Tax Increment Reimbursement Agreements Northwest Quadrant 138,008.00 One-time
10 Tax Increment Reimbursement Agreements Central Business District 101,327.00 One-time
10 Tax Increment Reimbursement Agreements Block 67 North (5,386.00) One-time
10 Tax Increment Reimbursement Agreements Stadler Rail 7,378.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund Granary District 97,818.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund North Temple 50,131.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund Stadler Rail 868.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund 9-Line 21,631.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund State Street 162,514.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund Northwest Quadrant 19,716.00 One-time
11 Project Area Fund Contributions to Primary Housing Fund Block 67 North (718.00) One-time
12 Agency Operations Expenses Ops Fund (100,572.00) One-time
13 Debt Service and Other Contractual Obligations Central Business District (24,466.00) One-time
13 Debt Service and Other Contractual Obligations Block 70 50,000.00 One-time
13 Debt Service and Other Contractual Obligations North Temple 16,293.00 One-time
13 Debt Service and Other Contractual Obligations North Temple Viaduct 232,529.00 One-time
13 Debt Service and Other Contractual Obligations Block 67 North (37,733.00) One-time
13 Debt Service and Other Contractual Obligations Block 67 North 37,016.00 One-time
13 Debt Service and Other Contractual Obligations Primary Housing 80,351.00 One-time
13 Debt Service and Other Contractual Obligations 9 Line 19,384.00 One-time
13 Debt Service and Other Contractual Obligations Block 67 North (360.00) One-time
13 Debt Service and Other Contractual Obligations Central Business District 187,098.00 One-time
13 Debt Service and Other Contractual Obligations Granary District 73,365.00 One-time
13 Debt Service and Other Contractual Obligations North Temple 37,597.00 One-time
13 Debt Service and Other Contractual Obligations North Temple Viaduct 3,157.00 One-time
13 Debt Service and Other Contractual Obligations Northwest Quadrant 19,716.00 One-time
13 Debt Service and Other Contractual Obligations Stadler Rail 434.00 One-time
13 Debt Service and Other Contractual Obligations State Street 197,493.00 One-time
13 Debt Service and Other Contractual Obligations State Street (450,659.00) One-time
13 Debt Service and Other Contractual Obligations Primary Housing 35,309.00 One-time
13 Debt Service and Other Contractual Obligations Northwest Quadrant 299,317.00 One-time
14 Transition Holding Accounts 9-Line 344,879.00 One-time
14 Transition Holding Accounts Central Business District 729,949.00 One-time
14 Transition Holding Accounts Granary District 438,526.00 One-time
14 Transition Holding Accounts Housing Development
Fund 354,189.00 One-time
14 Transition Holding Accounts North Temple 282,289.00 One-time
14 Transition Holding Accounts Primary Housing 1,058,590.00 One-time
14 Transition Holding Accounts Revolving Loan Fund 544,051.00 One-time
14 Transition Holding Accounts Secondary Housing 167,206.00 One-time
14 Transition Holding Accounts State Street 1,799,027.00 One-time
14 Transition Holding Accounts Westside Community
Initiative 1,311,121.00 One-time
14 Transition Holding Accounts Block 67 North 6,088.00 One-time
14 Transition Holding Accounts Depot District 742,162.00 One-time
14 Transition Holding Accounts Program Income Fund 169,225.00 One-time
14 Transition Holding Accounts Stadler Rail 4,841.00 One-time
15 Other Dicretionary Expense Changes Program Income Fund (638,456.00) One-time
16 Acconting Adjustment to Library 9 Line 261,494.00 One-time
16 Acconting Adjustment to Library Block 67 North 54,428.00 One-time
16 Acconting Adjustment to Library Block 70 204,404.00 One-time
16 Acconting Adjustment to Library North Temple Viaduct 273,090.00 One-time
16 Acconting Adjustment to Library Northwest Quadrant 764,533.00 One-time
16 Acconting Adjustment to Library Stadler Rail 38,346.00 One-time
16 Acconting Adjustment to Library State Street 714,737.00 One-time
Total of Budget Amendment Items 12,070,638$ 12,070,638$ -$ -$
Community Reinvestment Agency CRA Funds 12,070,638$ 12,070,638$ One-time
Total of Budget Amendment Items 12,070,638$ 12,070,638$ -$ -$
Total Revenue RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Community Reinvestment Agency 86,036,232$ - - 12,070,638 - $ 98,106,870
Total of Budget Amendment Items 86,036,232$ - - 12,070,638 - $ 98,106,870
Total Expense RDA BA #1 Total RDA BA #2 Total RDA BA #3 Total RDA BA #4 Total Total To-Date
Community Reinvestment Agency 86,036,232$ - - 12,070,638 - $ 98,106,870
Total of Budget Amendment Items 86,036,232$ - - 12,070,638 - $ 98,106,870
Finance Department
Deputy Director, City Council/CRA Board
Contingent Appropriation and Notes
Certification
Total by Fund, Budget Amendment #2:
Current Year Budget Summary, provided for information only
FY 2025-26 Budget, Including Budget Amendments
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Section G: Board Consent Agenda -- Grant Awards
Section I: Board Added Items