Redevelopment Agency (RDA) Meeting

Board of Directors of the REDEVELOPMENT AGENCY OF SALT LAKE CITY AGENDA June 11, 2024 Tuesday 1:00 PM Council Work Room 451 South State Street, Room 326 Salt Lake City, UT 84111 SLCRDA.com BOARD MEMBERS: Alejandro Puy, Chair Darin Mano, Vice Chair Victoria Petro Chris Wharton Eva Lopez Chavez Dan Dugan Sarah Young 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: 11:21:29 A. Comments: 1. General Comments to the Board ~ 1:00 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 the RDA Board offices: 451 South State Street, Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476. 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: 1. Resolution: RDA Budget Amendment No.4 for Fiscal Year 2023-24 - - The Board will accept public comment on a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. Budget amendments happen several times each year to reflect adjustments in the Redevelopment Agency’s budget, including proposed project additions and modifications, and staffing changes. The amendment includes adjustments to budgets based on actual property tax increment received to satisfy obligations under state law, interlocal agreements with other taxing entities, reimbursement agreements with private property owners, and additional funding for agency operations and the Ballpark NEXT redevelopment strategy project. 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 ~ 1:05 p.m. 5 min. The Board will approve the meeting minutes of April 16, 2024, and May 14, 2024. 2. Resolution: RDA Budget Amendment No.4 for Fiscal Year 2023- ~ 1:10 p.m. 24 10 min. The Board will consider adopting a resolution that would amend the final budget of the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. Budget amendments happen several times each year to reflect adjustments in the Redevelopment Agency’s budget, including proposed project additions and modifications, and staffing changes.  The amendment includes adjustments to budgets based on actual property tax increment received to satisfy obligations under state law, interlocal agreements with other taxing entities, reimbursement agreements with private property owners, and additional funding for agency operations and the Ballpark NEXT redevelopment strategy project. 3. Resolution: Northwest Quadrant Tax Increment Reimbursement ~ 1:20 Agreement Follow-up p.m. 20 min. The Board will receive a follow-up briefing about and, consider adopting a resolution that would approve a Tax Increment Reimbursement Agreement with NWQ, LLC for infrastructure and property improvements that advance the goals of the community reinvestment area. Up to 13 planned improvement projects are identified as eligible for post-performance reimbursement. The projects include a mix of system-wide improvements benefiting the broader area, such as constructing public roadways, and project-specific improvements benefiting a particular private property development, such as solar panels on a warehouse roof. 4. Resolution: Amendment to Housing Development Loan Funding ~ 1:40 Allocations for The Catherine p.m. 20 min. The Board will receive a briefing about and consider adopting a resolution that would amend the recent Housing Development Loan Program (HDLP) loan to The Catherine (Phase 1 and Phase 2) project at approximately 1881 West North Temple. The amendments would also include a conditional waiver of the 30-year deed restriction that is standard in HDLP loans and would require the Developer pay an above-market interest rate on the loan if the project does not progress as planned within two years. The project is a 372-unit development that would provide studio to three-bedroom rental apartments at 41-60% Average Median Income (AMI). It received $1.1 million in the most recent HDLP allocation in March 2024. 5. Resolution: USA Climbing Property Disposition at Approximately ~ 2:00 310 South 500 West p.m. 20 min. The Board will receive a briefing and consider approving a resolution that would authorize the ground lease rate and terms for USA Climbing’s Headquarters and National Training Facility at approximately 310 South 500 West. The development is envisioned to include adaptive reuse of the historic Salt Lake Mattress Company building, construction of a primary building with multiple climbing walls, and a public outdoor plaza on the corner. Related improvements could include a temporary surface parking lot if needed, a permanent parking structure, utility upgrades, new streets, and reconstruction of existing streets, among other potential projects. 6. Redevelopment Agency Budget for Fiscal Year 2024-25 Follow-up ~ 2:20 p.m. 30 min. The Board will receive a follow-up briefing about the proposed budget for the Redevelopment Agency of Salt Lake City for Fiscal Year 2024-25. For more information visit tinyurl.com/SLCFY25. 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: • Staffing 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: 1. Informational: Pre-Disposition and Lessee Selection Report for Property Assemblage at 310 South 500 West in the Rio Written Briefing Grande District - The Board will receive a written briefing about plans for the disposition of the property located at approximately 310 South 500 West. This item is related to a proposed ground lease to accommodate the development of a USA Climbing facility. 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 12:00 p.m. on Friday, June 7, 2024, 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.