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Proposed Resolution - 10/15/20211 REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. of 2021 AUTHORIZING EXTENSION OF THE CENTRAL BUSINESS DISTRICT, NORTH TEMPLE, DEPOT DISTRICT, AND GRANARY DISTRICT PROJECT AREA FUNDS COLLECTION PERIODS WHEREAS, pursuant to Chapter 5, Community Reinvestment, of Title 17C of the Utah Code, the Redevelopment Agency of Salt Lake City (“Agency”) may approve community reinvestment project area plans for the purpose of supporting community revitalization within designated project areas. WHEREAS, prior to December 31, 2019, the Board of Directors of the Agency (“Board”) approved the Central Business District, North Temple, Depot District, and Granary District project area plans which facilitate the capture of tax increment within the boundaries of the respective project areas during a defined project area funds collection period. These four project areas will be referred to collectively as the “Impacted Project Areas.” WHEREAS, due to the COVID-19 emergency (as that term is defined in 53-2c-102 of the Utah Code), the Agency determined that the Impacted Project Areas have been affected such that the Agency will likely be delayed in implementing the project area plans or the Agency will likely receive a lower amount of tax increment than expected. WHEREAS, subject to the requirements of 17C-1-416 of the Utah Code, the Agency may extend project areas’ funds collection periods for up to two years to account for the impacts of the COVID-19 emergency. WHEREAS, the Board desires to adopt this Resolution to extend the project area funds collection periods for two years for the Impacted Project Areas. NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City: 1. The Board finds that the following conditions resulting from the COVID-19 emergency will likely delay the implementation of the project area plans or reduce the amount of tax increment that the Agency will receive from the Impacted Project Areas: a. Decreased demand for hospitality and commercial space that has delayed the development of new projects and increased vacancy rates in existing projects due to market and financial forces. b. Significant increases in construction costs that have delayed the development of new projects due to financial gaps. c. Increased need to provide support for the mitigation of business loss due to decreased revenues. 2. A two-year extension of the Impacted Project Areas’ project area funds collection periods is needed for the purpose of carrying out the overall goals of the respective project area plans. The additional increment will be utilized to provide for immediate assistance, short- term recovery efforts, and long-term investment for respective project area benefits. The 2 Agency further intends to balance the overall amount of funds across the priorities while achieving the Agency goals for equity, sustainability, increasing the tax base, providing a return on investment, and supporting opportunities for those residents who have been hit hardest by the COVID-19 emergency. 3. The tax year on which the extension period will end for each Impacted Project Area is as follows: Impacted Project Area Extension Period End Date Central Business District 2042 North Temple 2038 Depot District 2024 Granary District 2025 4. No later than November 1, 2021, the Agency shall mail or electronically submit a copy of this Resolution to the State Tax Commission, the State Board of Education, the State Auditor, the Salt Lake County Auditor, and each taxing entity affected by the Agency’s collection of tax increment from the Impacted Project Areas. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this day of , 2021. Ana Valdemoros, Board Chair Transmitted to the Executive Director on . The Executive Director: does not request reconsideration requests reconsideration at the next regular Agency Board meeting Erin Mendenhall, Executive Director Approved as to form: Salt Lake City Attorney’s Office _____________________________________ Attest: Salt Lake City Recorder’s Office