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012 of 2021 - Budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2021-22REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO 12 of 2021 (Adopting the Annual Budget for the Redevelopment Agency of Salt Lake City, Utah for Fiscal Year 2021-2022) A Resolution of the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah Adopting the Annual Budget for the Remainder of the Fiscal Year Beginning July 1, 2021 and Ending June 30, 2022. WHEREAS, the Redevelopment Agency of Salt Lake City (“Agency”) was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act; and WHEREAS, the Agency has determined it is both necessary and desirable to adopt the 2021-2022 Annual Budget; and WHEREAS, the Board of Directors of the Agency (“Board”) has determined that the public improvements to be carried out with tax increment in each of the project areas will be of benefit to the project area which generated the tax increment; and WHEREAS, on May 4, 2021 the Board of Directors adopted the tentative budget by Resolution 9 of 2021 (“Tentative Budget”); and WHEREAS, the Tentative Budget adopted by the Board and all supporting schedules and data was a public record in the office of the Salt Lake City Recorder, available for public inspection for a period of at least ten days before the adoption of the final budget; and WHEREAS, the Agency caused a copy of the proposed 2021-2022 Annual Budget to be available for public inspection at least seven days before the hearing a) in at least one issue of a newspaper of general circulation published in Salt Lake County, Utah, b) on the Utah Public 2 Notice Website created in Utah Code Section 63F-1-701, and c) on the City’s publicly viewable Website; and WHEREAS, at its May 18, 2021, and June 1, 2021 meetings, the Board held public hearings on the Tentative Budget, at which hearings all interested persons in attendance or connected remotely were given an opportunity to be heard on the estimates of revenues and expenditures or any item in the Tentative Budget. NOW, THEREFORE, be it resolved by the Board of Directors of the Redevelopment Agency of Salt Lake City: SECTION 1. ADOPTION OF BUDGET. The previously adopted Tentative Budget, as modified by the “Key Changes” attached and made a part of this Resolution, is adopted as the Budget of the Redevelopment Agency of Salt Lake City for the fiscal year commencing on July 1, 2021 and ending June 30, 2022. SECTION 2. EXHIBITS INCORPORATED BY REFERENCE. The following exhibits are incorporated by reference in the budget for fiscal year 2021-2022 and adopted as an element of the budget: A. “Redevelopment Agency Key Changes”, labeled “Board Adopted June 15, 2021”; B. The Motion Sheet, labeled “Board Adopted June 15, 2021.” SECTION 3. FILING OF BUDGET; PUBLIC INSPECTION. A copy of said final budget shall be certified and filed in the office of the City Recorder whose permanent office is located at 451 South State Street, Room 415, Salt Lake City, UT 84111 but which office is temporarily located at 349 South 200 East, Salt Lake City, UT 84111. Said final budget shall be available to the public for inspection during regular business hours. A copy of said final budget shall be certified and filed with the Salt Lake County Auditor, the State Tax Commission, the 3 State Auditor, the State Board of Education, and each taxing entity from which the Agency receives project area funds as required by Utah Code Section 17C-1-601.5(6) within 90 days after its adoption. SECTION 6. EFFECTIVE DATE. This Resolution shall take effect on July 1, 2021. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 15th day of June, 2021. ________________________________ Ana Valdemoros, Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Allison Parks June 30, 2021 The Executive Director: ____ does not request reconsideration ____ requests reconsideration at the next regular Agency meeting. _________________________________ Erin Mendenhall, Executive Director Attest: _________________________ City Recorder Allison Parks (Jun 30, 2021 14:25 MDT) Ana Valdemoros (Jul 13, 2021 15:39 MDT) Jul 13, 2021 Erin Mendenhall (Jul 20, 2021 14:37 MDT) 4 Cindy Trishman (Jul 20, 2021 19:55 MDT) Item D2 MOTION SHEET Redevelopment Agency Board of SALT LAKE CITY TO:RDA Board Members FROM: Jennifer Bruno and Ben Luedtke and Allison Rowland Deputy Director and Budget & Policy Analysts DATE:June 15, 2021 RE: MOTION SHEET – Redevelopment Agency (RDA) FY 2022 Budget – RED TEXT TO BE READ ALOUD BY BOARD MEMBERS – MOTION 1 – TO ADOPT THE FY22 RDA BUDGET I move that the Board adopt a resolution approving the FY22 RDA Budget reflected in the attached Key Changes spreadsheet with the clarifications shown on the motion sheet. RDA Capital Projects – $2,947,019 in capital projects are approved which do not lapse to Fund Balance with the understanding that these will return to the Board when specific project / program proposals are available as follows: a. $83,832 from the Central Business District and $667,535 from Program Income Fund for Storefront & Commercial Revitalization into a holding account b. $100,000 from Block 70 for Regent Street Parking Structure Reserve holding account c. $332,179 from the Depot District for Station Center Infrastructure holding account d. $200,000 from the Depot District for Environmental Remediation at Station Center Sites 3 & 4 e. $443,731 from the Granary District for Community & Cultural Initiative into a holding account f. $30,474 from North Temple for the required 10% school fund g. $289,268 from North Temple for a Strategic Interventions holding account h. $350,000 Northwest Quadrant Shared Costs holding account i. $200,000 from Program Income Fund for Sustainability Technical Assistance Program holding account j. $250,000 from Program Income Fund for Gallivan repairs into a holding account Overall Budget Process Note: Unless the RDA Board expressly appropriates funds, they’re ineligible to be spent. MOTION 2 – TO ADOPT LEGISLATIVE INTENTS I move that the Board adopt the Legislative Intent Statements as outlined on the motion sheet under Motion 2, items A and B. A.Energy Efficiency as a Condition of any RDA Project Loans and Investments. It is the intent of the Board that all RDA project loans and investments require certain energy efficiency standards be met as a condition of funding. Staff note: The Council/Board may wish to designate specific energy efficiency or sustainability standards, such as those set out by LEED and other accrediting organizations. (See examples at https://www.epa.gov/smartgrowth/green-building-standards.) B.Structure of Accounts within RDA, including Fund Balances and Previous Capital Projects. It is the intent of the Board to review the full structure of RDA accounts, including fund balances and capital projects funded in previous years. The Board may wish to discuss with the RDA and Finance staff the best way to get this information on a real-time basis. Staff note: The City’s Enterprise Resource Planning (ERP) effort will help in tracking/providing this information in a less labor-intensive way, although the horizon for full implementation could be a year or longer. Board Adopted June 15, 2021 FUND FY2021 Adopted Budget Full Time Equivalent Changes from FY2021 Budget FY2022 Recommended Budget Central Business District Revenue and Other Sources Tax Increment 25,066,500 2,506,650 27,573,150 Interest Income 300,000 50,000 350,000 Total Revenues and Other Sources Budget 25,366,500 2,556,650 27,923,150 Expenses and Other Uses Taxing Entity Payment (60%)15,039,900 1,503,990 16,543,890 Eccles Debt Service Block 70 RDA Match 2,638,112 469,628 3,107,740 Transfer to Administration 2,506,650 250,665 2,757,315 Commercial Development Loan Program 250,000 (250,000) - Miscellaneous Property Expense 800,000 175,000 975,000 TI Reimbursement Jazz Arena 700,000 107,710 807,710 Gallivan Maintenance 528,543 (5,405) 523,138 TI Reimbursement 222 South Main 500,000 169,688 669,688 Gallivan Programming 200,000 50,000 250,000 Gallivan Administration 351,492 (11,010) 340,482 Eccles Debt Service Reserve 1,537,449 262,551 1,800,000 Parking Ramp Leases 64,355 - 64,355 Capital Expenditures - Japantown -{Holding Account}-250,000 (250,000) - Capital Expenditures - Storefront Revitalization -{Holding Account}-- 83,832 83,832 Total Expenditures and Other Uses Budget 25,366,500 2,556,650 27,923,150 Budgeted revenues and other sources over (under) expenditures and other uses - West Capitol Hill Revenue and Other Sources Interest Income 100,000 50,000 150,000 Total Revenues and Other Sources Budget 100,000 50,000 150,000 Expenses and Other Uses Transfer to Administration 100,000 50,000 150,000 Total Expenditures and Other Uses Budget 100,000 50,000 150,000 Budgeted revenues and other sources over (under) expenditures and other uses - REDEVELOPMENT AGENCY KEY CHANGES West Temple Gateway Revenue and Other Sources Interest Income 50,000 - 50,000 Total Revenues and Other Sources Budget 50,000 - 50,000 Expenses and Other Uses Transfer to Administration 50,000 - 50,000 Total Expenditures and Other Uses Budget 50,000 - 50,000 Budgeted revenues and other sources over (under) expenditures and other uses - Depot District Revenue and Other Sources Tax Increment 3,844,278 76,886 3,921,164 Interest Income 180,000 20,000 200,000 Total Revenues and Other Sources Budget 4,024,278 96,886 4,121,164 Expenses and Other Uses TI Reimbursement Gateway 1,200,000 65,520 1,265,520 Primary Housing Fund 768,856 15,377 784,233 Capital Expenditures - 100 S Utilities -{Holding Account}-388,981 (388,981) - Capital Expenditures - Station Center Infrastructure -{Holding Account}-- 332,179 332,179 Transfer to Administration 576,642 11,533 588,175 Grant Tower Debt Service 275,800 (200) 275,600 TI Reimbursement Alta Gateway 260,000 119,960 379,960 TI Reimbursement Homewood Suites 110,000 (4,064) 105,936 Miscellaneous Property Expense 100,000 20,000 120,000 TI Reimbursement Cowboy Partners Liberty Gateway 94,000 (24,439) 69,561 TI Reimbursement Cicero 50,000 (50,000) - Capital Expenditures - Environmental Remediation Sites 3 & 4 -{Holding Account}-200,000 - 200,000 Total Expenditures and Other Uses Budget 4,024,278 96,885 4,121,163 Budgeted revenues and other sources over (under) expenditures and other uses 0 Granary District Revenue and Other Sources Tax Increment 608,945 12,179 621,124 Interest Income 40,000 5,000 45,000 Total Revenues and Other Sources Budget 648,945 17,179 666,124 Expenses and Other Uses Adaptive Reuse loan program -{Holding Account}-396,814 (396,814) - Capital Expenditures - Community/Cultural Initiative -{Holding Account}-- 443,731 443,731 Primary Housing Fund 121,789 2,436 124,225 Transfer to Administration 91,342 1,827 93,169 TI Reimbursement Artspace Commons 34,000 (34,000) - Miscellaneous Property Expense 5,000 - 5,000 Total Expenditures and Other Uses Budget 648,945 17,180 666,124 Budgeted revenues and other sources over (under) expenditures and other uses (0) North Temple Revenue and Other Sources Tax Increment 426,810 8,536 435,346 Interest Income 14,000 1,000 15,000 Transfer In from Primary Housing Fund (One-time)1,000,000 1,000,000 Transfer In from Debt Service Fund Class 81 North Temple Viaduct Bond RDA Reimbursement (One-time)1,000,000 1,000,000 Transfer In from General Fund Investments in Underserved Neighborhoods Holding Account (One-time)669,138 669,138 Transfer In from Program Income Fund North Temple Catalytic Project Holding Account (One-time)255,215 255,215 Use of North Temple Catalytic Project Holding Account (One-time)788,037 788,037 Total Revenues and Other Sources Budget 440,810 3,721,926 4,162,736 Expenses and Other Uses Capital Expenditures - Catalytic Project -{Holding Account}-270,086 (270,086) - Primary Housing Fund 85,362 1,707 87,069 Capital Expenditures - 10% School Construction Fund -{Holding Account}-42,681 (12,207) 30,474 North Temple Strategic Intervention Fund -{Holding Account}-- 4,001,658 4,001,658 Transfer to Administration 42,681 854 43,535 Total Expenditures and Other Uses Budget 440,810 3,721,926 4,162,736 Budgeted revenues and other sources over (under) expenditures and other uses (0) Block 70 Revenue and Other Sources Private Fundraising 800,000 (800,000) - Transfer From CBD Taxing Entity Payments 4,043,171 66,029 4,109,200 Transfer From CBD Eccles Debt Service RDA match 2,638,112 469,628 3,107,740 Transfer from CBD Eccles Debt Service Reserve Account 1,537,449 262,551 1,800,000 Tax Increment 1,884,631 37,693 1,922,323 Interest Income 50,000 (50,000) - Total Revenues and Other Sources Budget 10,953,363 (14,099) 10,939,263 Expenses and Other Uses Eccles Theater Debt Service 8,070,927 (2,718) 8,068,209 Reserve for Eccles Debt Service 480,959 (390,342) 90,617 Regent Street Bond Debt Service 981,087 467,653 1,448,740 Taxing Entity Payments (30%)565,390 11,307 576,697 Fundraising Fulfillment 150,000 (50,000) 100,000 Eccles Theater- Operating Reserve for Ancillary Spaces 475,000 - 475,000 Property and Liability Insurance 50,000 (50,000) - Regent Street Parking Structure Capital Reserves -{Holding Account}-100,000 - 100,000 Regent Street Maintenance 80,000 - 80,000 Total Expenditures and Other Uses Budget 10,953,363 (14,100) 10,939,263 Budgeted revenues and other sources over (under) expenditures and other uses 0 North Temple Viaduct Revenue and Other Sources Tax Increment 1,158,313 23,166 1,181,479 Interest Income 1,500 6,000 7,500 Total Revenues and Other Sources Budget 1,159,813 29,166 1,188,979 Expenses and Other Uses Debt Service Payment to Salt Lake City 1,142,438 28,819 1,171,257 Transfer to Admin 17,375 347 17,722 Total Expenditures and Other Uses Budget 1,159,813 29,166 1,188,979 Budgeted revenues and other sources over (under) expenditures and other uses - Northwest Quadrant Revenue and Other Sources Tax Increment - 1,500,000 1,500,000 Interest Income - - - Total Revenues and Other Sources Budget - 1,500,000 1,500,000 Expenses and Other Uses TI Reimbursement NWQ Phase I - 500,000 500,000 Transfer to Secondary Housing - 350,000 350,000 Shared Costs -{Holding Account}-- 350,000 350,000 Transfer to Primary Housing - 150,000 150,000 Transfer to Admin - 150,000 150,000 Total Expenditures and Other Uses Budget - 1,500,000 1,500,000 Budgeted revenues and other sources over (under) expenditures and other uses - Stadler Rail Revenue and Other Sources Tax Increment - 71,000 71,000 Interest Income - - - Total Revenues and Other Sources Budget - 71,000 71,000 Expenses and Other Uses TI Reimbursement - 56,800 56,800 Transfer to Primary Housing - 7,100 7,100 Transfer to Admin - 7,100 7,100 Total Expenditures and Other Uses Budget - 71,000 71,000 Budgeted revenues and other sources over (under) expenditures and other uses - Revolving Loan Fund Revenue and Other Sources FY17 Beginning Balance Interest on Investment 470,000 - 470,000 Principal Payments 275,000 (220,000) 55,000 Interest on Loans 107,000 (82,000) 25,000 Total Revenues and Other Sources Budget 852,000 (302,000) 550,000 Expenses and Other Uses Available to Lend 852,000 (302,000) 550,000 Total Expenditures and Other Uses Budget 852,000 (302,000) 550,000 Budgeted revenues and other sources over (under) expenditures and other uses - Program Income Fund Revenue and Other Sources Parking Structure Income 1,242,335 - 1,242,335 Rents 315,000 (99,300) 215,700 Interest Income 250,000 - 250,000 Loan Repayments 88,000 (60,000) 28,000 Interest on Loans 10,500 (4,000) 6,500 Use of North Temple Catalytic Project Holding Account (One-time)- 255,215 255,215 Total Revenues and Other Sources Budget 1,905,835 91,915 1,997,750 Expenses and Other Uses Capital Expenditures - Commercial Revitalization Program -{Holding Account}-- 667,535 667,535 Professional Services 299,009 991 300,000 Miscellaneous Property Expense 300,000 - 300,000 Capital Expenditures - Sustainability Technical Assistance Program -{Holding Account}-- 200,000 200,000 Transfer to Administration 176,611 (176,611) - Marketing and Sales 25,000 - 25,000 Project Area Seed Funds 505,215 (505,215) - Capital Expenditures - Gallivan Repairs -{Holding Account}-250,000 - 250,000 Capital Expenditures - Project Area Art -{Holding Account}-250,000 (250,000) - Project Area Creation 100,000 (100,000) - Transfer Out to North Temple Project Area (One-time)- 255,215 255,215 Total Expenditures and Other Uses Budget 1,905,835 91,915 1,997,750 Budgeted revenues and other sources over (under) expenditures and other uses - Secondary Housing Fund (formerly Project Area Housing Fund) Revenue and Other Sources Interest Income 44,000 - 44,000 Transfer from NWQ - 350,000 350,000 Total Revenues and Other Sources Budget 44,000 350,000 394,000 Expenses and Other Uses Capital Expenditures - Housing Development Loan Program -{Holding Account}-- - - Infill Housing Development 44,000 (44,000) - Capital Expenditures - Accessory Dwelling Unit Program -{Holding Account}-- 394,000 394,000 Total Expenditures and Other Uses Budget 44,000 350,000 394,000 Budgeted revenues and other sources over (under) expenditures and other uses - Primary Housing Fund (formerly Citywide Housing Fund) Revenue and Other Sources Transfer from Depot 768,856 15,377 784,233 Interest Income 225,000 - 225,000 Transfer from NWQ - - 150,000 Transfer from Granary 121,789 2,436 124,225 Loan Repayments 82,547 (31,547) 51,000 Interest on Loans 80,225 (10,225) 70,000 Transfer from Stadler Rail - 7,100 7,100 Transfer from North Temple 85,362 1,707 87,069 Total Revenues and Other Sources Budget 1,363,779 (15,152) 1,498,627 Expenses and Other Uses Housing NOFA 1,363,779 (1,363,779) - Housing Development Loan Program -{Holding Account}-- 498,627 498,627 Strategic Site Acquisition -{Holding Account}-- - - Transfer Out to North Temple Project Area (One-time)- 1,000,000 1,000,000 Total Expenditures and Other Uses Budget 1,363,779 134,848 1,498,627 Budgeted revenues and other sources over (under) expenditures and other uses (0) NWQ Housing Fund Revenue and Other Sources UIPA Housing Allocation - 250,000 250,000 Total Revenues and Other Sources Budget - 250,000 250,000 Expenses and Other Uses Capital Expenditures - Accessory Dwelling Unit Program -{Holding Account}-- - - Westside Urban Land Fund -{Holding Account}-- 250,000 250,000 Total Expenditures and Other Uses Budget - 250,000 250,000 Budgeted revenues and other sources over (under) expenditures and other uses - Housing Development Fund Revenue and Other Sources Funding Our Future Land Discounts and Financing 2,590,000 - 2,590,000 Total Revenues and Other Sources Budget 2,590,000 - 2,590,000 Expenses and Other Uses Housing Development Loan Program -{Holding Account}-2,590,000 - 2,590,000 Total Expenditures and Other Uses Budget 2,590,000 - 2,590,000 Budgeted revenues and other sources over (under) expenditures and other uses - Administration Revenue and Other Sources Transfer from Central Business District 2,506,650 250,665 2,757,315 Transfer from Depot District 576,642 11,533 588,175 Transfer from West Capitol Hill 100,000 50,000 150,000 Transfer from Granary District 91,342 1,827 93,169 Transfer from West Temple Gateway 50,000 - 50,000 Transfer from North Temple 42,681 854 43,535 Transfer From Program Income Fund 176,610 (176,610) - Transfer from North Temple Viaduct 17,375 347 17,722 Transfer from Northwest Quadrant - 150,000 150,000 Transfer from Stadler Rail - 7,100 7,100 Transfer from FC77 1,171,996 (1,171,996) - Total Revenues and Other Sources Budget 4,733,296 (876,281) 3,857,015 Expenses and Other Uses RDA Personnel 2,100,484 19 154,148 2,254,632 Gallivan Personnel 1,171,996 13 (1,171,996) - Administrative Fees 800,000 139,683 939,683 Operating & Maintenance 308,116 51,884 360,000 Charges and Services 202,700 - 202,700 Furniture, Fixtures and Equipment 150,000 (50,000) 100,000 Total Expenditures and Other Uses Budget 4,733,296 32 (876,281) 3,857,015 Budgeted revenues and other sources over (under) expenditures and other uses (0) TOTAL Revenue 54,232,619 61,909,808 TOTAL Expense 54,232,619 61,909,808 CIP Allocations detailed on Cap Projects tab 4,738,562 5,746,378 Appropriation of Fund Balance - - GRAND TOTALS RDA Budget Resolution: 012 of 2021 Final Audit Report 2021-07-21 Created:2021-06-30 By:Cindy Trishman (cindy.trishman@slcgov.com) Status:Signed Transaction ID:CBJCHBCAABAAeyi0XyvBvTf-11lei1SvbnVdXfv2DzK4 "RDA Budget Resolution: 012 of 2021" History Document created by Cindy Trishman (cindy.trishman@slcgov.com) 2021-06-30 - 8:18:52 PM GMT- IP address: 204.124.13.151 Document emailed to Allison Parks (allison.parks@slcgov.com) for signature 2021-06-30 - 8:20:26 PM GMT Email viewed by Allison Parks (allison.parks@slcgov.com) 2021-06-30 - 8:24:53 PM GMT- IP address: 204.124.13.151 Document e-signed by Allison Parks (allison.parks@slcgov.com) Signature Date: 2021-06-30 - 8:25:03 PM GMT - Time Source: server- IP address: 204.124.13.151 Document emailed to Ana Valdemoros (ana.valdemoros@slcgov.com) for signature 2021-06-30 - 8:25:05 PM GMT Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com) 2021-07-13 - 9:39:19 PM GMT- IP address: 172.58.72.110 Document e-signed by Ana Valdemoros (ana.valdemoros@slcgov.com) Signature Date: 2021-07-13 - 9:39:45 PM GMT - Time Source: server- IP address: 172.58.72.110 Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature 2021-07-13 - 9:39:47 PM GMT Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2021-07-14 - 9:20:10 PM GMT- IP address: 204.124.13.151 Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com) 2021-07-20 - 8:37:33 PM GMT- IP address: 136.36.67.177 Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com) Signature Date: 2021-07-20 - 8:37:48 PM GMT - Time Source: server- IP address: 136.36.67.177 Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature 2021-07-20 - 8:37:49 PM GMT Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com) Signature Date: 2021-07-21 - 1:55:27 AM GMT - Time Source: server- IP address: 204.124.13.151 Agreement completed. 2021-07-21 - 1:55:27 AM GMT