Transmittal - 7/4/2021RDA 101
Redevelopment Agency of Salt Lake City
March 23, 2021
9 Line Community Reinvestment Area –
Budget Amendments
9 Line CRA Budget Amendments
9 Line CRA Budget Amendments
50%, 60%, 75%
75%
75%
9 Line CRA
738 Acres Total
113 Acres Anticipated to Redevelop
CRA Development Snapshot
+1,237
NEW JOBS
+257
NEW HOUSING UNITS
+451,000
COMMERCIAL S.F.
+115,000
OFFICE S.F.
+490,000
INDUSTRIAL S.F.
+$24,126,231
PROPERTY TAX INCREMENT
REDEVELOPMENT AGENCY of SALT LAKE CITY
WWW.SLCGOV.COM WWW.SLCRDA.COM WWW.SALTLAKEARTS.ORG
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: March 4, 2021
PREPARED BY: Lauren Parisi, Project Manager
RE: 9 Line Community Reinvestment Area (“CRA”) Budget Amendment
REQUESTED ACTION: Discuss and consider the adoption of the proposed 9 Line CRA budget as
amended
BUDGET IMPACTS: 9 Line CRA 20-year consolidated budget
EXECUTIVE SUMMARY: On August 21, 2018 the Redevelopment Agency Board of Directors
(“Board”) adopted the 9 Line Community Reinvestment Area (“9 Line CRA”) plan and budget. Before the
Redevelopment Agency of Salt Lake City (“RDA”) can begin to collect tax increment within a project area,
an interlocal agreement must be approved by each contributing taxing entity detailing the terms of their
participation.
Interlocal agreements have now been finalized with all taxing entities contributing to the 9 Line CRA
including Salt Lake City, Salt Lake County and Salt Lake City School District. These agreements were also
reviewed and adopted by the Board. The purpose of this budget amendment is to align the 9 Line CRA
budget adopted by the Board in August of 2018 with the terms of the executed interlocal agreements. The
primary discrepancy between the adopted budget and executed interlocal agreements is a reduced project
area term from 25 to 20 years, which reduces the maximum cumulative dollar amount of tax increment that
the RDA can receive from each taxing entity.
ANALYSIS & ISSUES: Values within the 9 Line CRA budget as amended have been updated from the
previously adopted budget as noted in the tables below. More specifically, these values reflect a reduced
project area term, fewer participating taxing entities, an increased growth rate in the 9 Line project area,
and specific terms requested by Salt Lake County. The complete 9 Line CRA budget as amended to be
incorporated in the 9 Line CRA plan has been included under Attachment A.
2
PROJECTED AMOUNT OF TIF
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED
Current Budget –
Incremental Tax Revenues 100% Total – 25 Years
Salt Lake County $5,700,032
Salt Lake City School District $14,857,106
Salt Lake City $10,955,312
Salt Lake Library $1,694,864
Salt Lake Metropolitan Water District $839,018
Salt Lake City Mosquito Abatement District $411,095
Central Utah Water Conservancy District $961,625
TOTAL $35,419,052
Budget as Amended –
Incremental Tax Revenues 100% Total – 20 Years
Salt Lake County $4,162,442
Salt Lake City School District $11,613,064
Salt Lake City $8,350,725
TOTAL $24,126,231
PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: REQUESTED PARTICIPATION FROM TAXING ENTITIES
Current Budget –
Taxing Entity Percentage Length
Salt Lake County 75% 25
Salt Lake City School District 75% 25
Salt Lake City 75% 25
Salt Lake Library 75% 25
Salt Lake Metropolitan Water District 75% 25
Salt Lake City Mosquito Abatement District 75% 25
Central Utah Water Conservancy District 75% 25
Budget as Amended –
Taxing Entity Percentage Length
Salt Lake County* 100% 20
Salt Lake City School District 75% 20
Salt Lake City 75% 20
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a mitigation payment of
between 25% and 50%. Accordingly, the percentage retained by the RDA will be between 50% and 75% based on the terms as
specified in the interlocal agreement.
3
1(g): MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA
TABLE 2.4: TAX INCREMENT REVENUES TO RDA
Current Budget –
Incremental Tax Revenues to RDA Total – 25 Years
Salt Lake County $4,275,024
Salt Lake City School District $11,142,829
Salt Lake City $8,216,484
Salt Lake Library $1,271,148
Salt Lake Metropolitan Water District $629,263
Salt Lake City Mosquito Abatement District $308,321
Central Utah Water Conservancy District $721,219
TOTAL $26,564,288
Budget as Amended –
Incremental Tax Revenues to RDA Total – 20 Years
Salt Lake County $2,081,211 to $3,122,000
Salt Lake City School District $8,709,798
Salt Lake City $ 6,263,044
TOTAL $17,054,053 to $18,094,842
Pursuant to State Code, public notices regarding the budget amendment hearing were sent to all property
owners within the 9 Line project area boundaries and posted on the Utah Public Notice website as well as
Salt Lake City’s website. Notices were also sent to the State Tax Commission, Salt Lake County
Assessor, Salt Lake County Auditor, and all participating taxing entities.
State Street CRA – Negotiations are still in process with Salt Lake County regarding the interlocal
agreement for the State Street CRA. RDA staff anticipates presenting the participation request to the Salt
Lake County Council in the near future. If approved by the County Council, the RDA Board must adopt a
resolution approving the interlocal agreement. Afterwards, a public hearing must be held to align the
terms of the interlocal agreements with the State Street CRA 20-year consolidated budget.
PREVIOUS BOARD ACTION:
• March 2015: The Board approved a list of several areas to be evaluated and adopted evaluation
criteria.
• April 2015: The Board shortlisted six potential project areas for further staff analysis.
• May 2015: Staff provided a recap of previous policy direction on the project area creation
process, including clarification of the potential project area boundaries and the short-list
evaluation criteria.
• June 2015: Staff provided a written status update on the project area creation process.
• August 2015: Staff presented its research on seven short-listed potential project areas to the RDA
Board. The Board requested staff return with a matrix to assist in an informed discussion and
project area selection prioritization in September.
• September 2015: The Board selected the State Street, Ball Park, and 9-Line areas as the top
ranked potential project areas. Staff commenced meeting with the Salt Lake City School District
4
and Salt Lake County taxing entities to discuss the three areas and collect feedback on the
potential terms of new project areas.
•November 2015: The Board amended the State Street project area boundaries to include portions
of the Ball Park project area. The Board approved the State Street and 9 Line project areas to
move forward in the Community Development Area creation process.
•December 2015: The Board authorized staff to proceed with the draft community development
area plans for the 9 Line and State Street Project Areas.
•April 2016: The Board authorized staff to proceed with the draft community reinvestment area
plans for the 9 Line and State Street Project Areas as redefined in Utah Title 17C.
•November 2016: Staff presented an update to the Board regarding the State Street and 9 Line
proposed project areas, including schedule and scope of work; results of a community outreach
campaign; and draft project area redevelopment activities and geographic target areas.
•January 2017: Staff presented to the Board regarding the following: the Board’s roles and
opportunities for input during the project area creation process, including drafting the project area
plan; the basis and components of the project area plans, including the purpose and components
of the public benefits analysis; and an updated proposed timeline for next steps in the project area
creation process.
•February 2017: Staff presented to the Board plan components, including a statement of existing
conditions and reasons for selecting the project area.
•October 2017: Staff presented to the Board regarding the updated timeline for creating the 9 Line
and State Street project areas.
•November 2017: Staff provided an update on the Public Benefit Analyses for the proposed 9 Line
and State Street Community Reinvestment Areas.
•February 2018: The Board adopted a resolution authorizing the expansion of the Community
Reinvestment Area boundary for the proposed State Street Project Area.
•May 2018: The Board gave preliminary approval of the draft State Street and 9 Line Community
Reinvestment Area (CRA) plans, allowing RDA staff to draft legal descriptions of the CRA,
provide public notice of 30-day comment period and public hearing, and conduct a second round
of community outreach on the draft CRA Plans.
•August 2018: The Board approved resolutions adopting the State Street and 9 Line CRA Plans
•August 2018: The City Council approved ordinances adopting the State Street and 9 Line CRA
Plans.
•September 2020: City Council approved resolutions authorizing the terms of the interlocal
agreements between the City and the RDA for the State Street and 9 Line CRAs
•October 2020: RDA Board approved resolutions adopting the interlocal agreements between the
School District and the RDA as well as the City and the RDA for the State Street and 9 Line
CRAs
•January 2021: RDA Board approved a resolution adopting the interlocal agreement between Salt
Lake County and the RDA for the 9 Line CRA
ATTACHMENTS:
Attachment A: RDA Board Resolution
Attachment B: 9 Line CRA Budget as Amended
Attachment C: 9 Line CRA Incremental Budget Analysis
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
9 Line Community Reinvestment Area Budget Amendment
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE 9 LINE COMMUNITY REINVESTMENT AREA
BUDGET
WHEREAS, on August 21, 2018, the RDA Board of Directors (“Board”) adopted the 9
Line Community Reinvestment Area (“9 Line CRA”) budget, effective at the beginning of the
CRA’s funds collection period, in accordance with the requirements of Section 17C-5-302 of the
Utah Code.
WHEREAS, taxing entities including Salt Lake City, Salt Lake County and Salt Lake City
School District each executed an interlocal agreement with the Redevelopment Agency of Salt
Lake City (“RDA”) in accordance with the requirements of Section 17 -5-204 of the Utah Code,
which allows the RDA to receive a portion of the taxing entities’ tax increment within the project
area at the beginning of the collection period.
WHEREAS, the 9 Line CRA budget must be amended to reflect the same terms in the
executed interlocal agreements with Salt Lake City, Salt Lake County and Salt Lake City School
District.
WHEREAS, all conditions precedent to amend the CRA budget have been accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1.Purpose. The purpose of this Resolution is to amend the 9 Line CRA budget, as
approved, ratified and finalized by the RDA Board on August 21, 2018.
2.Adoption of Amended 9 Line CRA Budget. The amended 9 Line CRA budget
attached as Exhibit A is hereby adopted as the 9 Line CRA budget and shall be incorporated into
the 9 Line CRA project area plan.
3.Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder which amendments shall be available for public inspection. Pursuant to Section 17C-5-
305 of the Utah Code, the RDA shall cause a copy of the budget amendments to be filed with the
State Tax Commission, the State Board of Education, the state auditor, the Salt Lake County
Auditor, and the taxing entities party to the 9 Line CRA interlocal agreements.
Attachment A: RDA Board Resolution
2
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this ___ day of ______________, 2021, to be effective upon adoption.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
March 2, 2021
3
EXHIBIT A TO RESOLUTION
[Attach Budget Amendment]
9 LINE PROJECT AREA BUDGET 1
9 LINE
PROJECT AREA BUDGET
OVERVIEW
The 9 Line Project Area Budget conforms with the requirements of 17C-5-303, and includes the
following information:
(
1) Receipt of Tax Increment
a.Base taxable value;
b.Projected amount of tax increment to be generated within the CRA;
c.Each project area funds collection period;
d.Projected amount of tax increment to be paid to other taxing entities in accordance with
Section 17C-1-410 (if applicable);
e.If the area from which tax increment is collected is less than the entire community
reinvestment project area:
(i) a boundary description of the portion or portions of the community reinvestment
project area from which the agency receives tax increment; and
(ii) for each portion described in Subsection (1)(e)(i), the period of time during which tax
increment is collected;
f.Percentage of tax increment the agency is authorized to receive from the community
reinvestment project area; and
g.Maximum cumulative dollar amount of tax increment the agency is authorized to receive
from the community reinvestment project area.
2) Receipt of Sales and Use Tax Revenue
3) Project Area Funds to Implement this CRA Plan
4) RDA’s Combined Incremental Value
5) Amount for Administration
6) Property Owned and Expected to Sell
AS AMENDED
Attachment B: 9 Line CRA Budget as Amended
9 LINE PROJECT AREA BUDGET 2
1(a): BASE TAXABLE VALUE
The base year is anticipated to be 2016, with a base year taxable value of $228,048,136.
1(b): PROJECTED AMOUNT OF TIF
TABLE 2.1: INCREMENTAL PROPERTY TAX REVENUES GENERATED - 20 YEARS
Incremental Tax Revenues - 100%Total – 20 Years
Salt Lake County $4,162,442
Salt Lake City School District $11,613,064
Salt Lake City $8,350,725
TOTAL $24,126,231
1(c): COLLECTION PERIOD
The collection period shall be 20 years.
1(d): TIF PAID TO OTHER TAXING ENTITIES
TABLE 2.2: INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES - 20 YEARS
Incremental Tax Revenues to Taxing Entities Total – 20 Years
Salt Lake County*$1,040,442 to $2,081,211
Salt Lake City School District $2,903,266
Salt Lake City $2,087,681
TOTAL $6,031,389 to $7,072,158
*Note: The RDA will collect 100% of tax increment from the County Treasurer for Salt Lake County’s portion
and pay Salt Lake County a mitigation payment. The estimated mitigation payment over the 20-year term
is reflected in this table and will vary based on terms as specified in the interlocal agreement. The values
reflected for Salt Lake City School District and Salt Lake City reflect the 25% that the RDA is not entitled to
receive.
1(e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY
Not applicable. The TIF collection area is the entire CRA boundary.
9 LINE PROJECT AREA BUDGET 3
1(f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE
TABLE 2.3: PARTICIPATION FROM TAXING ENTITIES
Taxing Entity Percentage Length
Salt Lake County*100%20 Years
Salt Lake City School District 75%20 Years
Salt Lake City 75%20 Years
*Note: The RDA will collect 100% of Salt Lake County tax increment and pay Salt Lake County a
mitigation payment of between 25% and 50%. Accordingly, the percentage retained by the RDA will be
between 50% and 75% based on the terms as specified in the interlocal agreement.
1(g): MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA
The maximum cumulative amount to be received and retained by the RDA is as follows:
TABLE 2.4: TAX INCREMENT REVENUES RETAINED BY RDA - 20-YEARS
Incremental Tax Revenues to RDA Total – 20 Years
Salt Lake County*$2,081,211 to $3,122,000
Salt Lake City School District $8,709,798
Salt Lake City $6,263,044
TOTAL $17,054,053 to $18,094,842
*Note: The maximum amount of Salt Lake County tax increment retained by the RDA may vary based on
terms as specified in the interlocal agreement.
2: SALES AND USE TAX REVENUE: Not applicable.
3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN
TABLE 2.5: BUDGET FOR TAX INCREMENT REVENUES TO RDA - 20-YEARS
Activity Percentage Amount*
Administration & Operations 10%$1,705,405 to $1,809,484
Housing 10%$1,705,405 to $1,809,484
Redevelopment Activities 80%$13,643,243 to $14,475,873
Total 100%$17,054,053 to $18,094,842
*Note: The amount of funds for each budget activity will vary based on the amount of Salt Lake County tax
increment retained by the RDA may vary based on terms as specified in the interlocal agreement.
9 LINE PROJECT AREA BUDGET 4
The RDA shall implement this plan through the following activities:
•ADMINISTRATION AND OPERATIONS:
The tax increment expected to be used to cover the operating costs of administering and
implementing the CRA Plan.
•HOUSING:
The tax increment allocation required to be used for housing activities pursuant to Section
17C-2-203, 17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412.
•REDEVELOPMENT ACTIVITIES:
The tax increment expected to be used to carry out project development activities as further
described in this CRA Plan. Activities may include, but not be limited to, land acquisition,
public improvements, infrastructure improvements, loans, grants, and other incentives to
public and private entities.
4: RDA’S COMBINED INCREMENTAL VALUE
TABLE 2.6: RDA’s COMBINED INCREMENTAL VALUE*
PROJECT AREA ASSESSED
PROPERTY VALUE
BASE TAXABLE
VALUE INCREMENTAL VALUE
SLC CBD In 2,630,997,631 136,894,100 2,494,103,531
Depot District 586,694,437 27,476,425 559,218,012
Granary 126,292,575 48,813,397 77,479,178
North Temple Viaduct 175,640,215 36,499,680 139,140,535
North Temple 139,375,192 84,073,572 55,301,620
Block 70 262,153,766 58,757,937 203,395,829
Stadler Rail 20,357,600 3,710 20,353,890
State Street CRA 1,158,719,413 889,305,536 269,413,877
9 Line CRA 321,647,261 228,048,136 93,599,125
Northwest Quadrant CRA 230,643,587 735,791 229,907,796
COMBINED VALUE $5,652,521,677 $1,510,608,284 $4,141,913,393
*Note: 2019 values, collection areas only.
5: PROJECT AREA FUNDS USED FOR ADMINISTRATION
The RDA anticipates utilizing up to 10 percent of the funds captured and retained by the RDA,
which is estimated to be $1,705,405 to 1,809,484.
6: EXPECTED SALE PRICE FOR PROPERTY THE RDA OWNS
The RDA does not own property within the Project Area.
ASSUMPTIONS:
Discount Rate 4.0%
Scenario
Redevelopment Agency of Salt Lake City
9 Line Project Area
Increment and Budget
Growth Rate 2.0%
Payment Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Tax Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
Tax District 13
Commercial $1,885,594 $4,487,713 $7,808,621 $12,543,030 $17,398,808 $23,045,650 $28,819,308 $34,708,440 $40,715,354 $46,842,406 $54,624,351 $64,155,582 $73,908,697 $75,386,871 $76,894,609 $78,432,501 $80,001,151 $81,601,174 $83,233,198 $84,897,861
Office $608,798 $1,448,940 $2,521,155 $4,049,745 $5,617,520 $7,440,706 $9,304,836 $11,206,249 $13,145,690 $15,123,920 $17,636,462 $20,713,793 $23,862,763 $24,340,018 $24,826,818 $25,323,355 $25,829,822 $26,346,418 $26,873,347 $27,410,814
Residential $524,040 $1,247,215 $2,170,154 $3,485,931 $4,835,437 $6,404,795 $8,009,397 $9,646,091 $11,315,519 $13,018,336 $15,181,076 $17,829,974 $20,540,538 $20,951,349 $21,370,376 $21,797,783 $22,233,739 $22,678,414 $23,131,982 $23,594,622
Industrial $1,161,512 $2,764,399 $4,810,055 $7,726,417 $10,717,541 $14,195,956 $17,752,488 $21,380,150 $25,080,367 $28,854,587 $33,648,210 $39,519,380 $45,527,229 $46,437,773 $47,366,529 $48,313,859 $49,280,137 $50,265,739 $51,271,054 $52,296,475
Total Assessed Value:$4,179,944 $9,948,267 $17,309,985 $27,805,122 $38,569,307 $51,087,107 $63,886,029 $76,940,930 $90,256,929 $103,839,248 $121,090,100 $142,218,729 $163,839,227 $167,116,012 $170,458,332 $173,867,499 $177,344,849 $180,891,746 $184,509,581 $188,199,772
Value of Current Property $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136 $228,048,136
Less Base Year Value ($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)($228,048,136)
$4,179,944 $9,948,267 $17,309,985 $27,805,122 $38,569,307 $51,087,107 $63,886,029 $76,940,930 $90,256,929 $103,839,248 $121,090,100 $142,218,729 $163,839,227 $167,116,012 $170,458,332 $173,867,499 $177,344,849 $180,891,746 $184,509,581 $188,199,772
TAX RATE & INCREMENT ANALYSIS:2019 Rates
Salt Lake County 0.001933 8,080 19,230 33,460 53,747 74,554 98,751 123,492 148,727 174,467 200,721 234,067 274,909 316,701 323,035 329,496 336,086 342,808 349,664 356,657 363,790 4,162,442 2,448,058
Salt Lake City School District 0.005393 22,542 53,651 93,353 149,953 208,004 275,513 344,537 414,942 486,756 560,005 653,039 766,986 883,585 901,257 919,282 937,667 956,421 975,549 995,060 1,014,961 11,613,064 6,829,993
Salt Lake City 0.003878 16,210 38,579 67,128 107,828 149,572 198,116 247,750 298,377 350,016 402,689 469,587 551,524 635,369 648,076 661,037 674,258 687,743 701,498 715,528 729,839 8,350,725 4,911,313
Salt Lake Library 0.000745 3,114 7,411 12,896 20,715 28,734 38,060 47,595 57,321 67,241 77,360 90,212 105,953 122,060 124,501 126,991 129,531 132,122 134,764 137,460 140,209 1,604,252 943,509
Salt Lake Metropolitan Water District 0.000289 1,208 2,875 5,003 8,036 11,147 14,764 18,463 22,236 26,084 30,010 34,995 41,101 47,350 48,297 49,262 50,248 51,253 52,278 53,323 54,390 622,321 366,006
Salt Lake City Mosquito Abatement District 0.000133 556 1,323 2,302 3,698 5,130 6,795 8,497 10,233 12,004 13,811 16,105 18,915 21,791 22,226 22,671 23,124 23,587 24,059 24,540 25,031 286,397 168,439
Central Utah Water Conservancy District 0.000400 1,672 3,979 6,924 11,122 15,428 20,435 25,554 30,776 36,103 41,536 48,436 56,887 65,536 66,846 68,183 69,547 70,938 72,357 73,804 75,280 861,343 506,582
Totals:0.012771 53,382 127,049 221,066 355,099 492,569 652,433 815,888 982,613 1,152,671 1,326,131 1,546,442 1,816,275 2,092,391 2,134,239 2,176,923 2,220,462 2,264,871 2,310,168 2,356,372 2,403,499 27,500,544 16,173,899
TOTAL INCREMENTAL REVENUE IN PROJECT AREA:$53,382 $127,049 $221,066 $355,099 $492,569 $652,433 $815,888 $982,613 $1,152,671 $1,326,131 $1,546,442 $1,816,275 $2,092,391 $2,134,239 $2,176,923 $2,220,462 $2,264,871 $2,310,168 $2,356,372 $2,403,499 $27,500,544 $16,173,899
PROJECT AREA BUDGET 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Sources of Funds:2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV
Property Tax Participation Rate for Budget
Salt Lake County*75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City School District 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake City 75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%75%
Salt Lake Library 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake Metropolitan Water District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Salt Lake City Mosquito Abatement District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Central Utah Water Conservancy District 0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Property Tax Increment for Budget
Salt Lake County $6,060 $14,423 $25,095 $40,310 $55,916 $74,064 $92,619 $111,545 $130,850 $150,541 $175,550 $206,182 $237,526 $242,276 $247,122 $252,064 $257,106 $262,248 $267,493 $272,843 $3,121,832 $1,836,043
Salt Lake City School District $16,907 $40,238 $70,015 $112,465 $156,003 $206,635 $258,403 $311,207 $365,067 $420,004 $489,779 $575,239 $662,689 $675,942 $689,461 $703,251 $717,316 $731,662 $746,295 $761,221 $8,709,798 $5,122,494
Salt Lake City $12,157 $28,935 $50,346 $80,871 $112,179 $148,587 $185,813 $223,783 $262,512 $302,016 $352,191 $413,643 $476,526 $486,057 $495,778 $505,694 $515,807 $526,124 $536,646 $547,379 $6,263,044 $3,683,485
Salt Lake Library - - - - - - - - - - - - - - - - - - - - -$ -$
Salt Lake Metropolitan Water District - - - - - - - - - - - - - - - - - - - - -$ -$
Salt Lake City Mosquito Abatement District - - - - - - - - - - - - - - - - - - - - -$ -$
Central Utah Water Conservancy District - - - - - - - - - - - - - - - - - - - - -$ -$
Total Property Tax Increment for Budget:$35,124 $83,595 $145,456 $233,646 $324,098 $429,285 $536,834 $646,535 $758,429 $872,561 $1,017,520 $1,195,064 $1,376,741 $1,404,276 $1,432,361 $1,461,009 $1,490,229 $1,520,033 $1,550,434 $1,581,443 $18,094,673 $10,642,023
Uses of Tax Increment Funds:2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV
Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.)80.0%$28,099 $66,876 $116,365 $186,917 $259,278 $343,428 $429,467 $517,228 $606,743 $698,049 $814,016 $956,051 $1,101,393 $1,123,421 $1,145,889 $1,168,807 $1,192,183 $1,216,027 $1,240,347 $1,265,154 $14,475,739 $8,513,618
CRA Housing 10.0%$3,512 $8,360 $14,546 $23,365 $32,410 $42,928 $53,683 $64,653 $75,843 $87,256 $101,752 $119,506 $137,674 $140,428 $143,236 $146,101 $149,023 $152,003 $155,043 $158,144 $1,809,467 $1,064,202
RDA Administration and Operations**10.0%$3,512 $8,360 $14,546 $23,365 $32,410 $42,928 $53,683 $64,653 $75,843 $87,256 $101,752 $119,506 $137,674 $140,428 $143,236 $146,101 $149,023 $152,003 $155,043 $158,144 $1,809,467 $1,064,202
Total Uses $35,124 $83,595 $145,456 $233,646 $324,098 $429,285 $536,834 $646,535 $758,429 $872,561 $1,017,520 $1,195,064 $1,376,741 $1,404,276 $1,432,361 $1,461,009 $1,490,229 $1,520,033 $1,550,434 $1,581,443 $18,094,673 $10,642,023
REMAINING TAX REVENUES FOR TAXING ENTITIES 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV
Salt Lake County $2,020 $4,808 $8,365 $13,437 $18,639 $24,688 $30,873 $37,182 $43,617 $50,180 $58,517 $68,727 $79,175 $80,759 $82,374 $84,021 $85,702 $87,416 $89,164 $90,948 $1,040,611 $612,014
Salt Lake City School District $5,636 $13,413 $23,338 $37,488 $52,001 $68,878 $86,134 $103,736 $121,689 $140,001 $163,260 $191,746 $220,896 $225,314 $229,820 $234,417 $239,105 $243,887 $248,765 $253,740 $2,903,266 $1,707,498
Salt Lake City $4,052 $9,645 $16,782 $26,957 $37,393 $49,529 $61,938 $74,594 $87,504 $100,672 $117,397 $137,881 $158,842 $162,019 $165,259 $168,565 $171,936 $175,375 $178,882 $182,460 $2,087,681 $1,227,828
Salt Lake Library $3,114 $7,411 $12,896 $20,715 $28,734 $38,060 $47,595 $57,321 $67,241 $77,360 $90,212 $105,953 $122,060 $124,501 $126,991 $129,531 $132,122 $134,764 $137,460 $140,209 $1,604,252 $943,509
Salt Lake Metropolitan Water District $1,208 $2,875 $5,003 $8,036 $11,147 $14,764 $18,463 $22,236 $26,084 $30,010 $34,995 $41,101 $47,350 $48,297 $49,262 $50,248 $51,253 $52,278 $53,323 $54,390 $622,321 $366,006
Salt Lake City Mosquito Abatement District $556 $1,323 $2,302 $3,698 $5,130 $6,795 $8,497 $10,233 $12,004 $13,811 $16,105 $18,915 $21,791 $22,226 $22,671 $23,124 $23,587 $24,059 $24,540 $25,031 $286,397 $168,439
Central Utah Water Conservancy District $1,672 $3,979 $6,924 $11,122 $15,428 $20,435 $25,554 $30,776 $36,103 $41,536 $48,436 $56,887 $65,536 $66,846 $68,183 $69,547 $70,938 $72,357 $73,804 $75,280 $861,343 $506,582
Total $18,258 $43,454 $75,610 $121,453 $168,471 $223,148 $279,054 $336,078 $394,242 $453,570 $528,922 $621,211 $715,650 $729,963 $744,562 $759,453 $774,642 $790,135 $805,938 $822,057 $9,405,871 $5,531,876
TOTAL INCREMENTAL VALUE:
INCREMENTAL TAX ANALYSIS:
TaxInc Budget
UPDATED 9 Line CRA (Scenario Analysis)
*Salt Lake County's participation rate to vary subject to the terms of the interlocal agreement with Salt Lake County
**Percentage of tax increment used for RDA administration and operations to vary subject to the terms of the interlocal agreement with Salt Lake County
Attachment C: 9 Line CRA Incremental Budget Analysis