076 of 2003 - Amended & restated assessment ordinance for the Railyard SID 0 03-1
Q 99-11
The Amendatory Assessment Ordinance was then signed by the Mayor and
recorded by the Deputy City Recorder in the official records of Salt Lake City, Utah. The
Amendatory Assessment Ordinance is as follows:
AMENDED AND RESTATED ASSESSMENT ORDINANCE NO. 76-2003
AN ASSESSMENT ORDINANCE AMENDING AND
RESTATING ASSESSMENT ORDINANCE NO. 56-2003 AMENDING
THE ASSESSMENT LIST AND ASSESSMENT ALLOCATION
SCHEDULE AND REAFFIRMING THE LEVY OF AN ASSESSMENT
AGAINST CERTAIN PROPERTIES IN SALT LAKE CITY, UTAH
RAILYARD SPECIAL IMPROVEMENT DISTRICT ("THE
DISTRICT"), FOR THE PURPOSE OF PAYING THE COSTS OF
IMPROVEMENTS ON CERTAIN STREETS AND PUBLIC RIGHTS
OF WAY IN SALT LAKE CITY, UTAH, AND COMPLETING ANY
MISCELLANEOUS WORK NECESSARY TO COMPLETE THE
IMPROVEMENTS IN A PROPER AND WORKMANLIKE MANNER;
REAFFIRMING THE METHOD AND RATE OF ASSESSMENTS;
ELIMINATING THE ASSESSMENT PREPAYMENT
REQUIREMENT; REAFFIRMING THE DETERMINATION OF THE
INTEREST PAYABLE ON ALL UNPAID ASSESSMENTS;
REAFFIRMING THE ESTABLISHMENT OF A DEBT SERVICE
RESERVE FUND; REAFFIRMING THE REMEDIES UPON DEFAULT
IN THE PAYMENT OF ASSESSMENTS; MAKING CERTAIN
FINDINGS WITH RESPECT TO THE SWAP AGREEMENT;
REVISING THE INITIAL ASSESSMENT PAYMENT AND
CALCULATION DATES; ESTABLISHING THE EFFECTIVE DATE
OF THIS ASSESSMENT ORDINANCE; AND RELATED MATTERS.
WHEREAS, pursuant to the Municipal Improvement District Act, Title 17A,
Chapter 3, Part 3, Utah Code Annotated 1953, as amended (the "Act"), on November 16,
1999, the City Council (the "City Council") of Salt Lake City, Utah, adopted a notice of
intention to construct certain improvements including but not limited to sidewalks,
crosswalks, storm drainage systems, water channels, landscaping, beautification of
recreation and public area facilities, curb and gutter, irrigation systems, utility lines,
paving of roads; and other miscellaneous work which is necessary to complete the above
improvements (collectively the "Improvements") and to create a special improvement
district to be known as the Salt Lake City, Utah Railyard Special Improvement District
(the"District") for the purpose of financing said Improvements; and
WHEREAS, on December 14, 1999, the City Council held a protest hearing to
receive public comment with respect to the acquisition and construction of the
Improvements and the creation of the District to finance the Improvements; and on
December 16, 1999, the City Council adopted Resolution No. 103 creating the District,
the City Council having determined that there were no protests submitted to the City
Council against the construction of the Improvements and the creation of the District; and
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UT DOCS A#1142264 v3 2 11/19/2003
WHEREAS, on August 12, 2003, the City Council adopted Assessment
Ordinance No. 56-2003 (the "Original Assessment Ordinance") wherein the City
Council, among other things, approved the final costs of the Improvements and assessed
the properties benefited by said Improvements within the District; and
WHEREAS, pursuant to Section 17A-3-319 of the Act, the City Council now
desires to amend and restate the Original Assessment Ordinance to, among other things,
(a) amend the Assessment List for the District attached to the Original Assessment
Ordinance to include additional properties to be assessed and to correct the legal
descriptions and tax identification numbers of the properties to be assessed and(b) amend
the Assessment Allocation Schedule attached to the Original Assessment Ordinance to
reflect the inclusion of said additional properties and (c) eliminate the assessment
prepayment requirement upon the transfer of ownership of assessed property within the
District and (d) make certain findings with respect to the Interest Rate Swap Agreement
to be entered into by the City and the Swap provider with respect to the financing of the
Improvements and (e) revise the assessment payment dates and initial calculation date;
and
WHEREAS, the current owner of the assessed property within the District has
waived the public hearing requirement set forth in Section 17A-3-319 of the Act, as
evidenced by the Acknowledgment Waiver and Consent attached hereto as Exhibit D;
and
WHEREAS, should the interest payable on the Bonds referenced herein ever be
converted from a variable rate to a fixed rate as provided in the Indenture referenced
herein,the City Council reserves the right to revise this Amendatory Ordinance to require
prepayments of assessments as a condition to approving said interest rate conversion.
NOW THEREFORE BE IT ORDAINED by the City Council of Salt Lake City,
Utah, (the "City") as follows:
Section 1. Amendment and Restatement of the Original Assessment
Ordinance. The Original Assessment Ordinance is hereby amended and restated as
provided herein. Any provision of the Original Assessment Ordinance in conflict with
the provisions of this Amendatory Assessment Ordinance are hereby repealed.
Section 2. Determination of Costs; Definition of Terms. All costs of
acquisition and construction of the completed Improvements within the District generally
described in Exhibit B attached hereto (the "Improvements") have been determined
including overhead costs and costs of funding a reserve fund. The City has prepared a
revised assessment list (the "Assessment List") in which said total costs have been
assessed to the properties within the District benefited by said Improvements. All
capitalized terms that are used but not defined herein shall have the same meanings as set
forth in the Indenture as hereinafter defined.
Section 3. Approval of Assessment List; Findings. The City hereby confirms
the Assessment List for the District, a copy of which is attached hereto as Exhibit C and
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incorporated herein by reference, and hereby finds and confirms that the Assessment List
is just and equitable; that in the aggregate the property to be assessed within the District
will be benefited in an amount not less than the total assessment to be levied against said
property; and that each separate parcel of property listed in the Assessment Allocation
Schedule described in Section 6 herein will not bear more than its proportionate share of
the cost of the Improvements as set forth in said Assessment Allocation Schedule.
Pursuant to an Acknowledgment Waiver and Consent dated as of November 1, 2003,
between the property owner of the property to be assessed and the City (the
"Acknowledgment Waiver and Consent") the property owner has, among other things,
acknowledged and agreed that in the aggregate the property described in the Assessment
List has been benefited by the Improvements in an amount not less than the total
assessment to be levied against said property, that it is fair and equitable to assess all
property benefited by means of a single assessment to be levied against all of said
property as further described herein, and that each separate parcel of property listed in the
Assessment Allocation Schedule will not bear more than its proportionate share of the
total assessment as set forth in said Assessment Allocation Schedule.
Section 4. Levy of Assessments. The City does hereby levy an assessment to
be assessed upon the real property identified in the Assessment List. The assessments
levied upon said property therein described shall be in the amount set forth in the
Assessment List.
The assessment is hereby levied and assessed upon all of the real property
described in the Assessment List according to the extent it is specially benefited by the
Improvements acquired or constructed within the District.
Section 5. Cost of Improvements; Amount of Total Assessments. The total
cost of the Improvements in the District, including overhead costs and the costs of
funding a reserve fund is $18,984,120, of which $1,384,120 has been paid by the current
property owner with respect to those properties within the District that will be benefited
but not assessed (the "Nonassessed Properties"). The amount to be assessed against
property affected or benefited by the Improvements in the District is $17,600,000 which
amount does not exceed in the aggregate the sum of: (a) the total contract price or prices
for the Improvements, including the costs of engineering, designing, and inspection; (b)
the reasonable cost of utility services, maintenance, labor, materials or equipment
supplied by the City, if any; (c) the property price, if any; (d) connection fees, if any; (e)
overhead costs not to exceed fifteen percent (15%) of the sum of(a), (b), (c) and (d); and
(f) an amount sufficient to fund a reserve fund.
Section 6. Method and Rate. The total assessment for the District is levied as
a single assessment against all of the property described in the Assessment List. For
purposes of releasing property from the lien of the assessment, however, the City has
prepared, and does hereby approve, a revised Assessment Allocation Schedule attached
hereto as Exhibit D (the "Assessment Allocation Schedule") wherein certain parcels of
the assessed property have been assigned an assessment allocation amount (the
"Allocated Principal Assessment Amount") which must be paid in full (less any principal
assessment payments attributed to said parcel) together with any interest and Swap
UT_DOCS_A#1142264 v3 4 11/19/2003
termination payments due in conjunction with the prepayment to release said parcel from
the lien of the assessment as more particularly described in Section 10 herein. The
Allocated Principal Assessment Amount assigned to each parcel is based on area (retail
square footage and vacant land square footage) adjusted for undeveloped land which will
not receive an immediate benefit from the Improvements and for proximity to the
Improvements as calculated in the Assessment Allocation Schedule.
Section 7. Payment of Assessments. Payments toward the cost of acquisition
and construction of the Improvements in the amount of $1,384,120 have already been
paid by the property owner with respect to the Nonassessed Properties. The property
owner of the remaining benefited properties within the District, less the Nonassessed
Properties, has, pursuant to the Acknowledgment Waiver and Consent, waived, among
other things, a board of equalization hearing and the right to pay the assessments during a
cash prepayment period. The remaining assessments shall be payable over a period of
twenty (20) years in semi-annual principal payments beginning May 25, 2004, and on
each May 25 and November 25 thereafter until paid in full, and monthly interest
payments beginning on the twenty-fifth day of the month following the month in which
the Bonds herein defined are initially delivered and on the twenty-fifth day of each month
thereafter until paid in full. The City hereby finds that the Improvements in the aggregate
have a useful life of not less than twenty (20) years based upon a certificate prepared and
submitted to the City by the City Engineer. Semi-annual principal assessment payments
shall be due and payable in accordance with the Principal Assessment Payment Schedule
attached hereto as Exhibit E.
Section 8. Interest Payable on Assessments. To permanently finance the
costs of the Improvements, the City anticipates issuing its Adjustable Rate Demand
Assessment Bonds (Gateway Project) Series 2003 (the "Bonds") under a Trust Indenture
dated as of November 1, 2003 (the "Indenture"), by and between the City and U.S. Bank
National Association, as trustee (the "Trustee"), which Bonds will be secured by a pledge
of the assessments levied hereunder and other security described in the Indenture. The
Bonds shall initially be issued as variable rate bonds bearing interest at a weekly rate,but
may be converted to fixed rate Bonds as provided in the Indenture. The City anticipates
arranging for an irrevocable direct pay letter of credit (the "Credit Facility") to secure
payment of the Bonds, from time to time, when bearing a variable rate of interest against
which may be drawn sufficient moneys to pay debt service on the Bonds as the same
come due, and the purchase price of the Bonds delivered for purchase as provided in the
Indenture. In addition, the City anticipates entering into an interest rate swap (the
"Swap") pursuant to which the Swap Provider (the "Counterparty") will pay the City a
variable rate approximately equal to the interest rate on the Bonds and the City will pay
the Counterparty a fixed rate. The Trustee shall calculate the interest payable monthly on
all unpaid assessments hereunder beginning on the fifteenth day of the month following
the month in which the Bonds are initially delivered and on the fifteenth day of each
month thereafter until the assessments have been paid in full, which shall equal:
(a) (i) if the Bonds are variable rate bonds, the amount of unpaid
interest on the Bonds accrued as of the calculation date plus interest at the rate of
10% per annum for the remaining period from the calculation date to the next
UT_DOCS_A#1142264 v3 5 11/19/2003
succeeding interest payment date, less all amounts on deposit with the Trustee in
the Bond Fund and the Stabilization Account herein described which are available
to pay interest on the Bonds or (ii) if the Bonds are fixed rate Bonds, an amount
equal to one-sixth of the interest payable on the Bonds on the next interest
payment date of the Bonds, less all amounts on deposit with the Trustee in the
Bond Fund and the Stabilization Account which are available to pay interest on
the Bonds; plus
(b) the total monthly Transaction Costs as defined in the Indenture;
plus
(c) any other payment obligations of the City due under the
Reimbursement Agreement as defined in the Indenture,plus
(d) the amount necessary to replenish the Stabilization Account to the
Stabilization Account Requirement herein described; plus
(e) any estimated Swap payments, if any, payable to the swap
counterparty, including any Swap termination fees;
provided, however, that in no event shall the interest rate payable on outstanding
assessments exceed ten percent(10%) per annum.
The Trustee shall calculate the interest payable on the unpaid assessments and
shall give immediate written notice to the property owners, the City and the Credit
Facility Provider of the total monthly assessment payment which shall be due and
payable on the next succeeding twenty-fifth day of the month.
Section 9. Allocation of Assessment. In the event the property owner of a
parcel now being assessed (the "Assessed Parcel") desires to allocate the assessment
levied against the Assessed Parcel to one or more smaller parcels (each a "Development
Parcel"), said owner may request that the City make such allocation upon compliance
with the following:
(a) The property owner shall submit to the City the legal description
and tax identification number of the Development Parcel or Parcels, together with
the Allocated Principal Assessment Amount assigned to said parcel in accordance
with the Assessment Allocation Schedule.
(b) Based upon the information provided in (a), the City shall adopt a
supplemental assessment ordinance to allocate the assessment between the
Development Parcel or Parcels and the remaining Assessed Parcel or Parcels,
which supplemental assessment ordinance shall be filed of record in the office of
the Salt Lake City Recorder. The total assessment assessed against the
Development Parcel or Parcels and the remaining Assessed Parcel shall equal the
original assessment assessed against the Assessed Parcel, less any regularly
scheduled principal payments previously paid with respect to said Assessed
Parcel.
UT_DOCS_A#1142264 v3 6 11/19/2003
Section 10. Prepayments of Assessments.
(A) In the event a property owner of a parcel of assessed property
desires to prepay the assessment levied against said parcel, the property owner
must comply with the following procedure:
(i) The property owner shall submit to the City the legal
description and tax identification number of said parcel, together with the
Allocated Principal Assessment Amount assigned to said parcel in
accordance with the Revised Assessment Allocation Schedule.
(ii) The prepayment price for the parcel shall equal the
Allocated Principal Assessment Amount assigned to said parcel, less any
regularly scheduled principal payments previously paid with respect to
said parcel, plus (1) an additional amount equal to the interest which
would accrue on the prepaid principal assessment to the next succeeding
date on which interest is payable on any Bonds; (2) such additional
amount as the Trustee, on behalf of the City, shall determine is necessary
to assure the availability of money to pay interest on the Bonds
corresponding to the prepaid principal assessment as interest becomes due
and payable; (3) any premiums which may be charged and become
payable on the Bonds corresponding to the prepaid principal assessment
which may be called on a redemption date in order to utilize the
assessments paid in advance and (4) any termination fees or penalties
payable by the City under the Swap as a result of said prepayment, less
Swap termination fees payable to the City under the Swap.
The Trustee, on behalf of the City, shall calculate and deliver written
notice of the total prepayment price to the property owner upon the property
owner's written request.
(B) Upon payment of the prepayment price of a parcel of property in
accordance with this Section 10, the City shall file a release of lien with the Salt
Lake County Recorder releasing the lien of assessment on said parcel.
Section 11. Default in Payment of Assessment. If a default occurs in the
payment of any installment of principal or interest on the assessment, when due, the
Trustee, on behalf of the City, shall immediately give written notice of such default to the
City and the Credit Facility provider, should a Credit Facility then be in effect, and shall
accelerate payment of the total unpaid balance of the assessment and declare the whole of
the unpaid principal and interest to be immediately due and payable and subject to
collection as provided herein. Interest shall accrue and be paid on all accelerated
amounts and shall accrue from the date of acceleration at the same rate or rates of interest
as are applied to delinquent real property taxes for the year in which the assessment
payment became delinquent (the "Delinquent Rate"). In addition to interest charges at
the Delinquent Rate, costs of collection, as approved by the City Treasurer on behalf of
the City and the Trustee, including, without limitation, Transaction Costs as defined in
UT_DOCS_A#1142264 v3 7 11/19/2003
the Indenture, attorneys' fees, trustee's fees and court costs, incurred by the City and the
Trustee or required by law shall be charged and paid on all amounts declared to be
accelerated and immediately due and payable.
The Trustee, on behalf of the City, shall then give immediate notice in writing of
the default to the owner of the property in default, as shown by the last available
equalized assessment rolls of Salt Lake County. Notice shall be effective upon deposit of
the notice in the U.S. mail, postage prepaid, and addressed to the owner as shown on the
last equalized assessment rolls of Salt Lake County. The notice shall provide for a period
of thirty (30) days in which the owner shall pay the installments then due and owing,
after which, if the amounts have not been paid in full, and the Credit Facility has not been
reinstated in accordance with the terms thereof, the Trustee, at the direction of the City,
shall immediately initiate a sale of the property as provided in Title 59, Chapter 2, Part
13, Utah Code Annotated 1953, as amended or a summary sale pursuant to Section 17A-
3-324(2) and related pertinent provisions of the Act, in the manner provided for actions to
foreclose mortgages or trust deeds. The City hereby designates the Trustee to carry out
such foreclosure, and the Trustee shall be deemed to have a power of sale and all other
rights, power and authority necessary to legally and lawfully foreclose the lien for
delinquent assessments. If for any reason, the Trustee cannot perform the powers and
responsibilities herein provided, it may appoint, with the consent of the City, a qualified
trustee to serve as trustee. If at the sale no person or entity shall bid and pay the City the
amount due on the assessment plus interest and costs, including Transaction Costs, the
property shall be deemed sold to the City for these amounts. The City shall be permitted
to bid at the sale. So long as the City retains ownership of the property, it shall pay all
delinquent assessment installments and all assessment installments that become due,
including the interest on them. So long as a Credit Facility is in effect, the City may at its
discretion, elect to transfer ownership of the property to the Credit Facility provider in
full satisfaction of all outstanding assessment obligations hereunder and any payment
obligations of the City to the Credit Facility provider under the Reimbursement
Agreement.
The remedies provided herein for the collection of assessments and the
enforcement of liens shall be deemed and construed to be cumulative and the use of any
one method or means or remedy of collection or enforcement available at law or in equity
shall not deprive the City or the Trustee on behalf of the City, of the use of any other
method or means. The amounts of accrued interest and all costs of collection, including
Transaction Costs, trustee's fees, attorneys' fees and costs, shall be added to the amount
of the assessment up to, and including,the date of foreclosure sale.
Section 12. Remedy of Default. If prior to the final date upon which payment
may be legally made under a final sale or foreclosure of property to collect delinquent
assessment installments, the property owner pays the full amount of all unpaid
installments of principal and interest which are past due and delinquent with interest on
such installments at the rate or rates set forth in Section 11 herein to the payment date,
plus all Transaction Costs, trustee's fees, attorneys' fees and other costs of collection, the
assessment of said owner shall be restored and the default removed, and thereafter the
owner shall have the right to make the payments in installments as if the default had not
UT_DOCS_A#1142264 v3 8 11/19/2003
occurred. Any payment made to cure a default shall be applied, first, to the payment of
trustee's fees, attorneys' fees and other costs incurred as a result of such default; second,
to interest charged on past due installments, as set forth above; third, to the interest
portion of all past due assessments; and last, to the principal portion of all past due
assessments.
Section 13. Lien of Assessment. An assessment or any part or installment of
it, any interest accruing and the penalties, trustee's fees, attorneys' fees and other costs of
collection shall constitute a lien against the property upon which the assessment is levied
on the effective date of this Assessment Ordinance. As provided in Section 17A-3-323 of
the Act, said lien shall be superior to the lien of any trust deed, mortgage, mechanic's or
materialman's lien or other encumbrance and shall be equal to and on a parity with the
lien for general property taxes and the lien of any other assessments on the property. The
lien shall continue until the assessment and any interest, penalties and costs on it are paid,
notwithstanding any sale of the property for or on account of a delinquent general
property tax, special tax or other assessment or the issuance of tax deed, an assignment of
interest by the governing entity or a sheriff's certificate of sale or deed.
Section 14. Reserve Fund. The City does hereby establish a reserve fund (the
"Reserve Fund") in lieu of funding a special improvement guaranty fund, as additional
security for payment of the Bonds. The Reserve Fund shall consist of a debt service
reserve account (the "Debt Service Reserve Account") and a stabilization account (the
"Stabilization Account") to be held by the Trustee under the Indenture. The Debt Service
Reserve Account shall be initially funded from proceeds of the Bonds in an amount equal
to $1,275,000 (the "Debt Service Reserve Requirement"). The Stabilization Account
shall be initially funded from proceeds of the Bonds in an amount equal to $120,000 (the
"Stabilization Account Requirement"). The cost of initially funding the Reserve Fund is
included in the assessments of the property owners. The moneys on deposit in the Debt
Service Reserve Account and the Stabilization Account shall, upon the final payment of
the Bonds, be applied to the final assessment payment obligation of the assessed
properties. If the amounts on deposit in the Debt Service Reserve Account and the
Stabilization Account exceed the final assessment obligation, any excess amounts shall
be paid by the Trustee, at the written direction of the City, to the owners whose properties
were subject to the final assessment payment obligation, as the return of an excess
assessment payment.
In the event insufficient assessments are collected by the City to make the debt
service payments on the Bonds, or to reimburse the Credit Facility provider, the Trustee
shall draw on the Debt Service Reserve Account as provided in the Indenture to make up
such deficiency. In the event the amount on deposit in the Debt Service Reserve Account
is less than the Debt Service Reserve Requirement, the City will replenish the Debt
Service Reserve Account as provided in the Indenture. If the amount on deposit in the
Debt Service Reserve Account exceeds the Debt Service Reserve Requirement, excess
moneys shall be transferred by the Trustee first to the City to reimburse the City for any
costs incurred by the City in administering the District and second to the Assessment
Account within the Bond Fund established under the Indenture to be applied as a credit
toward the next assessment payment obligation coming due.
UT_DOCS_A#1142264 v3 9 11/19/2003
Moneys on deposit in the Stabilization Account shall be used to make up any
deficiency in the Assessment Account, all as provided in the Indenture. The Stabilization
Account shall thereafter be replenished from the next succeeding assessment payment
received by the Trustee as provided in the Indenture.
Section 15. Findings Regarding Interest Rate Swap. The City Council hereby
finds that the Swap is designed to reduce the amount of interest rate spread or risk of the
City and will be used by the City for the control or management of its debt incurred with
respect to the District, and not for speculation. Accordingly, the City Council determines
that the Swap is necessary, convenient or appropriate for the control or management of
the debt represented by the Bonds or for the cost of servicing the debt service represented
by the Bonds. The Mayor and the City Treasurer are hereby authorized to execute and
deliver the Swap on behalf of the City.
Section 16. Contestability. No assessment shall be declared void or set aside
in whole or in part in consequence of any error or irregularity which does not go to the
equity or justice of the assessment or proceeding. Any party who has not waived his
objections to same as provided by statute may commence a civil action against the City to
enjoin the levy or collection of the assessment or to set aside and declare unlawful this
Assessment Ordinance.
As provided by Section 17A-3-330 of the Act, such action must be commenced
and summons must be served on the City not later than 30 days after the effective date of
this Assessment Ordinance. This action shall be the exclusive remedy of any aggrieved
party. No court shall entertain any complaint which the party was authorized to make by
statute but did not timely make or any complaint that does not go to the equity or justice
of the assessment or proceeding.
After the expiration of the 30-day period provided in this section:
(A) The Bonds to be issued with respect to the District and the
assessments levied in the District shall become incontestable as to all persons who
have not commenced the action provided for in this section; and
(B) No suit to enjoin the issuance or payment of the Bonds, the levy,
collection or enforcement of the assessment, or in any other manner attacking or
questioning the legality of the Bonds or assessments may be instituted in this
state, and no court shall have authority to inquire into these matters.
Section 17. Notice to Property Owners. The Trustee, on behalf of the City, is
hereby authorized and directed to give notice of assessment by mail to the property
owners in the District. Said notice shall, among other things, state the amount of the
assessment and the terms of payment. A copy of the form of notice of assessment is
available for examination upon request at the office of the City Recorder.
Section 18. All Necessary Action Approved. The officials of the City are
hereby authorized and directed to take all action necessary and appropriate to effectuate
the provisions of this Assessment Ordinance.
UT_DOCS_A#1142264 v3 10 11/19/2003
Section 19. Repeal of Conflicting Provisions. All ordinances or parts thereof
in conflict with this Assessment Ordinance are hereby repealed.
Section 20. Publication of Ordinances. Immediately after its adoption, this
Assessment Ordinance shall be signed by the Mayor and Deputy City Recorder and shall
be recorded in the ordinance book kept for that purpose. This Assessment Ordinance
shall be published once in the Deseret Morning News, a newspaper having general
circulation within the boundaries of the City, and shall take effect immediately upon its
passage and approval and publication as required by law.
Section 21. Notice of Assessment Interest. The City Treasurer is hereby
authorized and directed to file with the office of the Salt Lake County Recorder, a"notice
of assessment interest" in substantially the form as attached hereto as Exhibit F for the
purpose of giving notice to any interested party of the lien of the assessment levied
pursuant to this Assessment Ordinance on the properties described in the Assessment
List.
UT DOCS A#1142264 v3 11 11/19/2003
PASSED AND APPROVED by the City Council of Salt Lake City, Utah, this
November 18, 2003.
64A7L
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ATTEST:
•
6)QSAAA
fue/ ty City Recorder
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APPROVED AS TO FORM
Salt Lake City Attorneys Office
47 `� Date n 0 3
By
UT_DOCS_A#1142264 v3 12 11/19/2003
After the transaction of other business not pertinent to the foregoing matter, the
meeting was on motion duly made, seconded and carried, adjourned.
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ATTEST:
Deput it Recorder
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F,.
UT_DOCS_A#1142264 v3 13 11/19/2003
PRESENTATION TO THE MAYOR
The foregoing ordinance was presented to the Mayor for his approval or
disapproval on November_, 2003.
air
MAYOR'S APPROVAL OR DISAPPROVAL
The foregoing ordinance is hereby approved Novembe2003.
Ross C. Anderson, Mayor
UT_DOCS A#1142264v3 14 11/19/2003
•
STATE OF UTAH )
. ss.
COUNTY OF SALT LAKE )
I, Beverly Jones, the duly appointed and qualified Deputy City Recorder of Salt
Lake City, Salt Lake County, Utah, do hereby certify that the above and foregoing is a
full, true and correct copy of the record of proceedings had by the City Council of Salt
Lake, Salt Lake County, Utah, at its meeting held on November 18, 2003, insofar as the
same relates to or concerns Salt Lake City, Utah Railyard Special Improvement District
as the same appears of record in my office.
I further certify that the Ordinance levying the special assessments was recorded
by me in the official records of Salt Lake City on November j,2003.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate
seal of Salt Lake City this November 25,2003.
D t City Recorder
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UT_DOCS_A#1142264 v3 15 11/19/2003
PROOF OF PUBLICATION
Attached to this page is the Proof of Publication, indicating by the affidavit of the
publisher that the said Ordinance levying the special assessments which was contained in
the Ordinance adopted by the City Council on November 18, 2003, was published one
time in the Deseret Morning News on November 26,2003.
UT_DOCS_A#1142264 v3 16 11/19/2003
EXHIBIT A
CERTIFICATE OF COMPLIANCE WITH OPEN MEETING LAW
I, Beverly Jones, the undersigned Deputy City Recorder of Salt Lake City, Salt
Lake County, Utah (the "City"), do hereby certify, according to the records of the City in
my official possession, and upon my own knowledge and belief, that in accordance with
the requirements of Section 52-4-6(2), Utah Code Annotated 1953, as amended, I gave
not less than twenty-four (24) hours public notice of the agenda, date, time and place of
the November 18, 2003, public meeting held by the City as follows:
(a) By causing a Notice, in the form attached hereto as Schedule A, to
be posted at the City's offices at 451 South State Street, Salt Lake City, Utah on
November 14, 2003, at least twenty-four (24) hours prior to the convening of the
meeting, said Notice having continuously remained so posted and available for
public inspection until the completion of the meeting; and
(b) By causing a copy of such Notice, in the form attached hereto as
Schedule A, to be delivered to the Deseret Morning News on November 14, 2003,
at least twenty-four(24)hours prior to the convening of the meeting.
IN WITNESS WHEREOF, I have hereunto subscribed my official signature this
November 18, 2003.
a:1Q5Uipu City Recorder
l
( SEAL )
UT_DOCS_A#1142264 v3 A-1 11/19/2003
SCHEDULE 1
NOTICE OF MEETING
UT_DOCS_A#1142264 v3 A-2 11/19/2003
EXHIBIT B
DESCRIPTION OF IMPROVEMENTS
The Improvements consist of various infrastructure improvements constructed
and installed within the Gateway Project, including sidewalks, crosswalks, storm
drainage systems, landscaping, beautification of recreation and public area facilities, curb
and gutter, irrigation systems, utility lines, paving of roads and other miscellaneous work
necessary to complete the aforementioned Improvements.
UT_DOCS_A#1142264 v3 B-1 11/19/2003
EXHIBIT C
ASSESSMENT LIST
LEGAL DESCRIPTION AND TAX I.D.NUMBER
BLOCK A
15-01-177-002 RETAIL UNIT 1, GATEWAY BLOCK A CONDO.
15-01-177-003 RETAIL UNIT 2, GATEWAY BLOCK A CONDO.
15-01-177-008 PARKING UNIT 2, GATEWAY PLANETARIUM
AMENDMENT TO GATEWAY BLOCK A, CONDOMINIUM.
15-01-177-010 RETAIL UNIT 3, GATEWAY PLANETARIUM
AMENDMENT TO GATEWAY BLOCK A, CONDOMINIUM.
15-01-177-012 PARKING UNIT 1, GATEWAY PLANETARIUM
AMENDMENT TO GATEWAY BLOCK A, CONDOMINIUM
BLOCK B
15-01-131-001 RETAIL UNIT 1, GATEWAY BLOCK B CONDO.
15-01-131-002 RETAIL UNIT 2, GATEWAY BLOCK B CONDO.
15-01-131-003 RETAIL UNIT 3, GATEWAY BLOCK B CONDO.
15-01-131-007 PARKING UNIT 1, GATEWAY BLOCK B CONDO.
BLOCK Cl
15-01-185-001 RETAIL UNIT, GATEWAY BLOCK C-1 CONDO.
BLOCK C2
15-01-130-001 RETAIL UNIT 1, GATEWAY BLOCK C-2 CONDO.
BLOCK F
08-36-376-016 LOT 3, BOYER GATEWAY SUB.
BLOCK F2
08-36-376-015 LOT 4, BOYER GATEWAY SUB.
TOTAL ASSESSMENT ON ALL ABOVE-DESCRIBED
PROPERTIES $17,600,000
UT_DOCS_A#1142264 v3 C-1 11/19/2003
•
EXHIBIT D
ASSESSMENT ALLOCATION SCHEDULE
Square Footage Based on Condo Plats
Allocation Remaining Plus
Salt Lake Co. Gross Non-Retail Effective of Total Assessments Assessments DSR& Amount to
Parcel# Square Use Square Assessment Being Against Issuance Release
Feet Factor Feet $16,969,594 Prepaid Property Costs Assessment
Gateway Block A Condominium
Retail Unit 1 15-01-177-002 39,563 39,563 $852,273 $852,273 $110,162 $962,435
Retail Unit 2 15-01-177-003 74,657 74,657 $1,608,275 $1,608,275 $207,880 $1,816,155
Retail Unit 3 15-01-177-010 75,069 75,069 $1,617,150 $1,617,150 $209,027 $1,826,177
Retail Unit4 15-01-177-050 31,627 50% 15,814 $340,657 $340,657 $0
Planetarium
Parking Unit 1 15-01-177-012 474,154 5% 23,708 $510,716 $510,716 $66,013 $576,729
Parking Unit 2 15-01-177-008 51,552 5% 2,578 $55,527 $55,527 $7,177 $62,704
Office Unit 1 15-01-177-006 3,928 3,928 $84,618 $84,618 $0
Total Block A 750,550 235,316
Gateway Block B Condominium
Retail Unit 1 15-01-131-001 16,765 16,765 $361,155 $361,155 $46,682 $407,836
Retail Unit 2 15-01-131-002 103,836 103,836 $2,236,854 $2,236,854 $289,128 $2,525,982
Retail Unit 3 15-01-131-003 25,584 25,584 $551,135 $551,135 $71,238 $622,373
Retail Unit 4 15-01-131-004 6,849 6,849 $147,542 $147,542 $0
Children's Museum
Parking Unit 1 15-01-131-007 424,740 5% 21,237 $457,491 $457,491 $59,134 $516,625
Office Unit 1 15-01-131-005 7,485 7,485 $161,243 $161,243 $0
Office Unit 2 15-01-131-006 6,510 6,510 $140,240 $140,240 $0
Total Block B 591,769 188,266
Gateway Block C1 Condominium
Retail Unit 15-01-185-001 100,265 100,265 $2,159,927 $2,159,927 $279,185 $2,439,112
Gateway Block C2 Condominium
Retail Unit 1 15-01-130-001 160,710 160,710 $3,462,044 $3,462,044 $447,492 $3,909,536
Lot 3 Boyer Gateway Subdivision(Block F-Depot)
Retail Space 08-36-376-016 31,343 31,343 $675,197 $675,197 $87,274 $762,470
Lot 4 Boyer Gateway Subdiv.(Block F2-Barnes&Noble)
Retail Space 08-36-376-015 48,172 48,172 $1,037,730 $1,037,730 $134,134 $1,171,864
Lot 5 •
Vacant Ground 06-36-376-014 41,556 10% 4,156 $89,521 $89,521 $0
Lot 6
Vacant Ground 06-36-376-013 89,995 10% 9,000 $193,869 $193,869 $0
Lot 7
Vacant Ground 06-36-376-012 210,220 5% 10,511 $226,430 $226,430 $0
2,024,580 787,738 $16,969,594 $1,384,120 $15,585,474 $2,014,526 $17,600,000
$15,585,474
Note 1: Vacant Ground parcels 5,6,&7 are based on the undeveloped square footage of the raw land. Lots 5&6 are
weighted at 10%because no development has occurred at these sites yet and so the improvements benefit them less.
Lot 7 is weighted at 5%because it is the farthest parcel north in the development and more removed from the improve-
ments than the other parcels. Parking structures are weighted at 5%because they are situated remotely from the
improvements and benefit least from the improvements.
UT_DOCS_A#1142264 v3 D-1 11/19/2003
EXHIBIT E
PRINCIPAL ASSESSMENT PAYMENT SCHEDULE
Date Principal Payment
5/25/04 $250,000
11/25/04 250,000
5/25/05 275,000
11/25/05 275,000
5/25/06 275,000
11/25/06 300,000
5/25/07 300,000
11/25/07 300,000
5/25/08 325,000
11/25/08 325,000
5/25/09 325,000
11/25/09 350,000
5/25/10 350,000
11/25/10 350,000
5/25/11 375,000
11/25/11 375,000
5/25/12 375,000
11/25/12 400,000
5/25/13 400,000
11/25/13 425,000
5/25/14 425,000
11/25/14 450,000
5/25/15 450,000
11/25/15 450,000
5/25/16 475,000
11/25/16 475,000
5/25/17 500,000
11/25/17 500,000
5/25/18 525,000
11/25/18 550,000
5/25/19 550,000
11/25/19 575,000
5/25/20 575,000
11/25/20 600,000
5/25/21 600,000
11/25/21 625,000
5/25/22 650,000
11/25/22 650,000
5/25/23 675,000
11/25/23 700,000
UT_DOCS A#1142264v3 E-1 11/19/2003
EXHIBIT F
NOTICE OF ASSESSMENT INTEREST
When Recorded Return To:
NOTICE OF ASSESSMENT INTEREST
Parcel No.
Notice is hereby given that Salt Lake City, a Utah municipal corporation, claims
an interest in the property described on Exhibit 1 arising out of the requirements of Salt
Lake City, Utah, Railyard Special Improvement District (the "District") and the terms
and provisions of Assessment Ordinance of Salt Lake City, an ordinance levying
an assessment against certain properties in the District. For information call the office of
the City Treasurer of Salt Lake City(801-535-7719).
Dated this day of , 2003.
City Treasurer for Salt Lake City,
a municipal corporation of the
State of Utah
STATE OF UTAH )
ss.
COUNTY OF SALT LAKE )
On the of , 2003, personally appeared before me,
who duly acknowledged to me that he executed the foregoing instrument on behalf of
Salt Lake City in his capacity as Treasurer for Salt Lake City.
My Commission Expires:
Notary Public
Residing at:
UT_DOCS_A#1142264 v3 F-1 11/19/2003
Salt Lake City, Utah
November 18, 2003
A regular meeting of the City Council of Salt Lake City, Salt Lake County, Utah,
was held on November 18, 2003, at the hour of 7:00 p.m. at the offices of the City
Council at 451 South State Street, Salt Lake City, Utah, at which meeting there were
present and answering to roll call the following members who constituted a quorum:
Carlton Christensen Chair
Jill Remington Love Vice Chair
Nancy Saxton Councilmember
Van Blair Turner Councilmember
Eric Jergensen Councilmember
David L. Buhler Councilmember
Dale Lambert Councilmember
Also present:
Ross C. Anderson Mayor
Edwin P. Rutan, II City Attorney
Beverly Jones Deputy City Recorder
Absent:
None
After the meeting had been duly called to order and after other matters not
pertinent to this resolution had been discussed, the Deputy City Recorderpresented to the
City Council a Certificate of Compliance With Open Meeting Law with respect to this
November 18, 2003,meeting, a copy of which is attached hereto as Exhibit A.
The following amended and restated assessment ordinance (the "Amendatory
Assessment Ordinance") was then introduced in writing, was fully discussed, and
pursuant to motion duly made by Councilmember Christensen and seconded by
Councilmember Turner, was adopted by the following vote:
YEA: Unanimous
NAY: None
UT_DOCS_A#1142264 v3 11/19/2003