Redevelopment Agency (RDA) Meeting

Board of Directors of the REDEVELOPMENT AGENCY OF SALT LAKE CITY REVISED AGENDA August 8, 2023 Tuesday 2:00 PM Council Work Room 451 South State Street, Room 326 Salt Lake City, UT 84111 SLCRDA.com In accordance with State Statute and City Ordinance, the meeting may be held electronically. After 5:00 p.m., please enter the City & County Building through the main east entrance. This is a discussion among RDA Board Directors and select presenters. The public is welcome to listen, unless otherwise specified as a public comment period. Items scheduled may be moved and / or discussed during a different portion of the Meeting based on circumstance or availability of speakers. Item start times and durations are approximate and are subject to change at the Chair’s discretion. Generated: 13:36:39 A. Comments: 1. General Comments to the Board ~2:00 p.m. 5 min The RDA Board of Directors will receive public comments regarding Redevelopment Agency business in the following formats: 1. Written comments submitted to RDA offices, 451 South State Street, Suite 118, P.O. Box 145455, Salt Lake City, UT. 84114-5455. 2. Comments to the RDA Board of Directors. (Comments are taken on any item not scheduled for a public Hearing, as well as on any other RDA Business. Comments are limited to two minutes.) B. Public Hearing - individuals may speak to the Board once per public hearing topic for two minutes, however written comments are always accepted: NONE. C. Redevelopment Agency Business - The RDA Board of Directors will receive information and/or hold discussions and/or take action on: 1. Approval of Minutes ~2:05 p.m. 5 min. The Board will approve the meeting minutes of May 2, 2023 and May 16, 2023. 2. Depot District Stormwater Detention Relocation Project ~ 2:10 p.m. 10 min. The Board will be briefed about, and will consider approving an allocation of $200,000 to support the stormwater detention relocation project at 233 South 600 West. This request is for an additional $200,000 from the Depot District Project Area Infrastructure Improvements Program to fill the construction funding gap and allow the RDA to fulfill its obligations per the development agreement. If the additional funding is approved, the total relocation project budget is estimated at $504,404. The rest of the budget would include remaining funds from the original $1.2 million allocation used to acquire the property. 3. Resolution: Releasing Funding for the Affordable Housing ~ 2:20 Initiative - Perpetual Housing Fund Follow-up p.m. 30 min. The Board will receive a follow-up briefing and will consider approving a resolution that would adopt the Term Sheet and Waiver of the Sustainable Development Policy for The  Perpetual Housing Fund of Utah, LLC (PHF) at the 515 Project. The Administration is requesting the Board review the term sheet, and if acceptable, release the $10 million from American Rescue Plan Act (ARPA) dollars approved in Budget Amendment No. 6 of Fiscal Year 2022-23 for this purpose. For more information on this item visit https://tinyurl.com/SLCHousingProposals. 4. Tentative Reconsideration of Resolution: Amendment to Terms for Loan to Ville 1659, LLC, and Clarification of TENTATIVE Housing Development Loan Program 10 min The Board may be briefed about and may reconsider the vote on July 11, 2023 that approved a resolution modifying the terms of Ville 1659 project’s Housing Development Loan Program (HDLP) loan located at 1659 West North Temple. The modifications included changing the type of loan from a construction gap loan with cash-flow payments to a bridge loan with a balloon payment at the end of the term. Reducing the term from 40 years to three years and increasing from a one percent interest rate to a two percent interest rate. 5. Resolution: Separate Motions on Amendment to Terms for Loan to Ville 1659, LLC and Clarification of Housing Development TENTATIVE Loan Program 5 min The Board may choose to separate the items amending terms for a loan to Ville 1659, and clarifying the Housing Development Loan Program, and consider voting on them separately. 6. Straw Poll – Property Acquisition in State Street Project Area TENTATIVE 10 min. The Board will consider a straw poll to release funds from a strategic intervention fund holding account to facilitate property acquisition. 7. Report and Announcements from the Executive Director TENTATIVE 5 min. Report of the Executive Director, including a review of information items, announcements, and scheduling items. The Board of Directors may give feedback or policy input. 8. Report and Announcements from RDA Staff TENTATIVE 5 min. The Board may review Board information and announcements. The Board may give feedback on any item related to City business, including but not limited to; • Property Updates; and • Scheduling Items. 9. Report of the Chair and Vice Chair TENTATIVE  5 min. Report of the Chair and Vice Chair. D. Written Briefings – the following briefings are informational in nature and require no action of the Board. Additional information can be provided to the Board upon request: NONE. E. Consent – the following items are listed for consideration by the Board and can be discussed individually upon request. A motion to approve the consent agenda is approving all of the following items: NONE. F. Tentative Closed Session The Board will consider a motion to enter into Closed Session. A closed meeting described under Section 52-4-205 may be held for specific purposes including, but not limited to: discussion of the character, professional competence, or physical or mental health of 1. an individual; 2. strategy sessions to discuss pending or reasonably imminent litigation; 3. strategy sessions to discuss the purchase, exchange, or lease of real property: (i) disclose the appraisal or estimated value of the property under consideration; or prevent the public body from completing the transaction on the best possible (ii) terms; strategy sessions to discuss the sale of real property, including any form of a water 4. right or water shares, if: (i) public discussion of the transaction would: disclose the appraisal or estimated value of the property under (A) consideration; or prevent the public body from completing the transaction on the best possible (B) terms; the public body previously gave public notice that the property would be offered (ii) for sale; and< the terms of the sale are publicly disclosed before the public body approves the (iii) sale 5. discussion regarding deployment of security personnel, devices, or systems; and 6. investigative proceedings regarding allegations of criminal misconduct. A closed meeting may also be held for attorney-client matters that are privileged pursuant to Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of  the Utah Open and Public Meetings Act. G. Adjournment CERTIFICATE OF POSTING On or before 2:00 p.m. on Monday, August 7, 2023, the undersigned, duly appointed City Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any others who have indicated interest. CINDY LOU TRISHMAN SALT LAKE CITY RECORDER Final action may be taken in relation to any topic listed on the agenda, including but not limited to adoption, rejection, amendment, addition of conditions and variations of options discussed. The City & County Building is an accessible facility. People with disabilities may make requests for reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary aids and services. Please make requests at least two business days in advance. To make a request, please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay service 711.