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From YouTube: Redevelopment Agency (RDA) Meeting - 6/12/2018
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A
A
A
And
welcome
to
the
June
12th
meeting
of
the
Redevelopment
Agency
of
Salt
Lake
City,
we're
gonna
kick
off
this
meeting
with
general
comments
to
the
board
of
directors.
Is
there
anybody
in
the
audience
who
would
like
to
speak
to
the
the
board
today?
I?
Don't
have
any
comment
cards
on
me
so
if
you'd
like
to
speak,
just
raise
your
hand
all
right
moving
on,
we
have
no
public
hearings
today.
A
A
B
C
Thanks
I'm
here
to
present
for
the
board's
consideration,
the
naming
of
the
mid-block
walkway
that
connects
Main
Street
to
Regent
Street.
This
is
the
walkway,
that's
just
south
of
the
Newmont
University
building,
which
is
just
south
of
the
Eccles
theater
and
was
part
of
the
Eccles
theatre
project
as
a
whole.
When
the
RDA
did
that
construction.
The
memo
that
you
have
in
front
of
you
outlines
the
process
a
potential
process.
C
A
A
E
Spurs
goes
way
on.
Regent
Street
did
given
miss
Leo's
direct
connection
with
the
Salt
Lake
Tribune
building,
as
well
as
just
his
presence
along
Main
Street
and
throughout
Main
Street.
So
the
board
in
November
of
2017
voted
unanimously
to
support
the
downtown
Alliance,
sending
a
letter
to
the
RDA
board,
which
was
then
council,
chair,
penfold
and
Mayor
vis,
scoopski
and
I.
Think
you
I,
don't
know
if
you
guys
have
a
copy
of
that
letter,
but
that
was
kind
of
where
we
got
started
with
this
process
and
brought
us
here
today.
D
E
And
maybe
I'll
just
call
out
the
people
who
are
here.
We
have
Mike
Ferro
with
internet
properties,
who
can
definitely
speak
more
to
a
lot
of
what
visit
on
Main
Street,
then
even
I
could
we
also
have
Jason
Lee
Cates
who's,
a
the
business
owner
for
with
whiskey,
Street
and
White
Horse
Tavern,
and
it
worked
with
Vasily
Olson
was
specifically
the
whiskey
Street
business
along
Main
and
not
John.
Psaltis
was
City
Weekly,
so
all
good
friends
and
family
to
visit
us
in
a
lot
of
ways.
Erin.
A
B
Yeah,
just
as
a
point
of
process
as
we've
set
this
up
as
soon
as
indicated
that
because
this
agency
does
not
have
a
formal
process
for
naming
of
assets,
because
this
is
not
something
that
we
typically
are
in
the
business
of
doing,
but
since
we
still
own
the
walkway,
the
way
we've
proposed
is
for
board
action.
Is
you
can
adopt
one
time,
the
city
process
and
then
the
board
has
the
desire
to
prove
it
as
a
legislative
action.
And/Or
approve
it
the
policy
and
then
have
it
become
an
action
of
the
mayor.
B
A
B
Know
actually,
right
now,
it's
100%
our
DEA
own
and
as
part
of
our
process,
with
the
the
you
pakka
board,
as
well
as
the
theater
ownership
and
operation,
we
will
ultimately
transfer
the
asset
into
arguably
a
joint
venture
between
the
agency,
the
city
and
the
county,
which
will
reflect
their
participation
and
involvement
in
the
theater
as
a
whole.
So
this
will,
however,
be
an
asset
that
has
turned
over
wholly
to
the
city
as
a
right-of-way
and
an
easement
to
connect
Main
Street
to
Regent,
Street
and.
B
At
this
time,
right
now,
we
are
looking
at
alternate
designs
for
what
this
walkway,
how
it
will
be
designed
and
implemented,
and
we
are
funding
those
right
now
through
the
remaining
funds
of
the
theater
project
working
with
the
architect
and
that
to
propose
designs
and
then,
depending
on
what
the
preferred
design
is
in
the
scope
and
the
cost.
Then
we
will
determine
whether
that's
going
to
be
an
agency
expenditure
or
whether
we
will
reach
out
to
either
the
family
or
the
downtown
Alliance
to
help
participate.
In
that
great.
A
G
A
quick
point
of
clarification
since
I'm
not
sure
it
registered
with
the
board.
There's
two.
Maybe
points
of
clarification.
There's
two
options
for
the
board
to
consider.
One
resolution
is
more
of
a
legislative
approval.
One
resolution
authorizes
the
executive
director,
otherwise
the
mayor
to
name
the
walkway,
because
the
RTA
doesn't
have
an
exact
policy
and
procedure.
G
It's
the
attorney's
office
has
indicated
that
both
are
sort
of
legally
eligible,
so
whichever
when
the
board
prefers
just
make
that
clear
in
your
motion,
the
other
thing
is
that
the
attorney's
office
sent
us
a
revised
resolution
yesterday
that
clarifies
that
it
would
be
the
Sileo
Spruce
Goose
walkway,
as
opposed
to
Vassiliou
spris
Cosway,
which
was
the
one
that
was
in
your
packet,
weigh,
has
sort
of
a
road
connotation.
This
is
a
pedestrian
walkway,
so
we
want
to
make
sure
that's
clear,
so
just
reference.
The
revised
resolution
that
was
sent
in
your
motion.
D
A
G
Another
place
to
find
it
is
an
email
I
sent
to
the
board
at
1:27
p.m.
today.
Thank
you,
sorry,
not
at
127
p.m.
at
10:59
a.m.
today
and
the
title
of
the
resolutions.
One
says
legislative
adoption
and
that's
the
one.
That's
more
legislative
focus,
the
other
says
15-day
lapse
and
that's
the
one
that's
more
focused
on
allowing
the
mayor
to
name
the
asset.
D
G
Didn't
have
time
to
prepare
a
motion
sheet
for
this,
so
you
could
just
read
the
title,
the
title
of
the
resolution
and
reference
that
it's
the
revised
resolution
as
forwarded
from
the
City
Attorney's
Office
yesterday,
so
that
it's
clear
they
also
sent
it
to
the
recorders
office.
So
the
recorders
office
has
the
latest
one.
Okay,.
A
D
A
D
A
H
A
F
I
So
as
a
follow-up
discussion,
the
RDA
went
back
and
revised
the
policy
based
on
the
May
conversation,
so
I
will
briefly
go
through
the
changes
to
the
policy
in
Section
two
point:
five
minimum
affordability
has
been
clarified
that
the
funding
shall
be
sized
in
proportion
to
the
affordability
component,
taking
into
consideration
the
ami
structure
and
the
number
of
units
within
the
project
section
three
funding
priorities.
All
of
these
have
been
added
to
the
policy.
I
Previously,
we
kind
of
just
work
on
going
to
have
them
separate
in
the
administrative
document,
but
the
board
requested
that
these
be
added
to
the
actual
policy
resolution
which
they
have
and
there
there
has
also
been
some
revisions
from
the
last
meeting
that
we
talked
about.
The
first
revision
with
the
priority
is
transit
proximity.
We
included
the
frequent
transit
network
as
identified
in
the
transit
master
plan.
In
addition
to
light
rail
stops
for
mixed
income
priority,
we
clarified
that
all
projects
shall
be
mixed
income.
I
The
language's
was
a
little
more
loose
in
the
last
version
for
displacement
prevention.
We
clarified
that
priority
will
be
given
to
projects
that
limit,
prevent
or
successfully
mitigate
the
displacement
of
existing
affordable
units,
and/or
low-income
residents,
so
we're,
including
both
there,
and
we
also
added
clarifying
language
that
all
projects
must
comply
with
the
uniformly
relocation
act
with
diversity
and
innovation
of
housing
types.
We
included
a
few
extra
housing
types
that
we
didn't
previously
catch,
that
we
are
in
growing
SLC
like
innovative
parking
solutions.
I
The
this
was
previous
policy
adopted
by
the
board
and
then
with
long
term
affordability.
We
included
language
regarding
a
net
increase
in
affordable
units
to
other
final
changes
were
section
5.5,
the
funding
award.
We
incorporated
the
redevelopment
advisory
committees,
language
on
adding
flexibility
for
that
conditional
commitment
period.
Previously
we
had
12
months
in
there
and
then
section
six
monitoring
and
compliance.
We
added
that
our
monitoring
efforts
will
not
only
monitor
for
affordability
but
also
for
the
policy
priorities
that
each
projects
qualifying
with
so
I
believe
we
caught
the
intent
with
these
changes.
I
D
Don't
want
to
compare
to
other
employees,
but
I
really
appreciate
the
way
that
you
gather
my
feedback
as
scattered.
Is
that
sometimes
is
and
I
feel
like?
You
are
responsive
to
all
the
points
and
that
I'm
just
really
happy
with
the
way
you've
incorporated
our
concerns
and
the
points
that
we
raised
and
the
last
night
we
talked
about
this.
Thank
you
very
much.
A
A
It's
been
moved
by
board
member
Mendenhall
and
there's
a
second
by
board
member
Luke
to
approve
the
affordable
housing
notice
of
funding
availability
policy,
as
currently
laid
out
in
the
staff
memo,
any
discussion
all
in
favor
and
that
motion
carries
unanimously.
Thank
you,
Tammy,
congratulations
and
thanks
for
your
support
on
this,
did
you
want
to
add
anything
else
before
we
move
along
just.
A
G
If
we
can
ask
the
RDA
staff
to
share
with
council
staff
any
public
communications
that
you
might
have
going
out
frequently,
we
have
weekly
emails
and
newsletters,
and
that
kind
of
information
is
always
fun
and
helpful.
To
put
in
so
just
let
us
know
when
you're
communicating
things
and
then
we
can
add
that
in
great.
A
I
would
request
as
well
once
you
have
determined
who
is
going
to
be
the
recipient
of
any
of
these
resources
that
you,
let
us
know
early
and
as
soon
as
possible.
So
we
can
be
a
part
of
that
as
well,
because
this
is
part
of
our
21
million
dollars
which
we're
quite
proud
of.
So
if
we
could
continue
to
have
our
finger
prints
on
it,
that'd
be
great.
A
Two
items
c4,
which
is
a
construction
loan
request
for
2:08
west
900,
south
it's
the
property
in
central,
ninth
or
west
temple
gateway
that
we
granted
to
spy
hot
productions
about
a
year
and
some
ago,
I.
Don't
remember
exactly,
but
it's
been
in
the
works
for
some
time
so
at
the
table
we
have
Tammy
who's
sticking
around
in
Danny
Walt,
so
Danny.
If
you
want
to
kick
it
off,
that
would
be
great
if
you
could
set
it
up.
I'll.
I
I
Six
through
15
of
the
loan
term
no
payments
and
zero
percent
Interest
security
on
the
loan
would
be
a
deed
of
trust
which
may
be
subordinated
on
the
property.
The
RDA
Finance
Committee
reviewed
the
request
a
couple
of
weeks
ago
and
they
recommended
approval
of
the
loan
with
the
terms
I
just
outlined
and
further
described
in
your
packet.
The
loan
request
is,
in
addition
to
the
land
write
down
that
was
granted
by
the
RTA
board
in
November
of
2016,
and
that
land
write
down
is
valued
at
497
thousand
and
mr.
chair.
I
So
back
in
2015,
the
RTA
are
actually
2014.
The
RTA
board
approved
a
term
sheet
for
several
of
our
projects
in
the
central
ninth
neighborhood
and,
as
it
ended
up
pursuant
to
this
term
sheet,
the
RFP
that
was
issued
for
this
particular
property
requested
a
community-oriented
service
that
provides
for
the
cultural,
educational,
entrepreneurial
or
health
care
needs
of
the
neighborhood.
I
So
we
were
essentially
kind
of
requesting
a
non-profit
use
go
on
this
particular
parcel
and
spy
hop
was
selected
because
they
really
fit
fit
the
intent
and
the
requirements
and
preferences
outlined
in
the
RFP
in
terms
of
both
the
structure
and
the
programming
and
uses
that
they
proposed.
So
the
public
benefits
to
the
community
and
neighborhood
from
this
project
are
numerous.
I
It
will
be
a
twenty-two
thousand
square
foot
facility
that
will
provide
programming
and
classroom
space
production
facilities,
community
event,
space
and
a
performance
venue,
there's
actually
a
rooftop
deck
that
is
available
to
rent
for
community
events.
The
facility
will
incorporate
green
building
standards.
They'll
have
solar
energy
project
production.
They
will
be
able
to
expand
their
capacity,
serve
more
Salt,
Lake
City
residents
at
this
new
location
and
hire
new
staff.
So
there's
job
a
job
creation
element
as
well.
I
The
project
in
general
will
create
increased
activity
in
the
central
ninth
neighborhood
with
students
and
parents
and
other
people
visiting
the
spy
hop
facility.
So
another
kind
of
an
important
component
of
this
request
is
there
was
about
a
two
year
project
delay
that
resulted
because
of
petroleum
contamination
on
the
site.
The
site
had
actually
been
remediated
several
years
ago
and
there
was
a
no
further
action
letter
received
on
the
site
before
the
RTA
purchased
the
property.
I
A
I
So
considerations
for
these
are
essentially
exceptions
to
our
DEA
loan
program
policy
that
we're
asking
for,
but
we
feel
that
it's
justified
a
to
help
offset
the
financial
impact
the
project
experienced
because
of
the
time
delays
over
the
two
years
that
it
took
to
clean
up
interest
rates
have
increased
by
at
least
a
point,
and
a
half
and
construction
costs
have
gone
up
considerably
and
then
to
the
exceptions,
are
warranted
because
of
the
numerous
public
benefits
provided
by
the
project.
As
a
non-profit,
this
funding
won't
go
at
all
to
unduly
enrich
a
developer.
I
It's
a
non-profit
who
will
use
their
fundraising
capacity
instead
of
having
to
raise
an
additional
million
for
capital
cost.
They
can
spend
that
money
programming
and
putting
good
out
into
the
community
and
then
just
my
last
point.
There
are
a
few
legal
agreements,
since
this
is
an
RDA
project,
we'll
have
a
development
agreement
on
the
property,
a
special
warranty
deed,
requiring
the
Community
Oriented
service
use
for
15
years
and
an
option
to
repurchase
agreement
on
the
property.
I
A
D
Central
9th
is
the
coolest
neighborhood
in
the
city
outside
of
ninth
and
ninth,
and
we've
got
a
great
project
plan
in
that
area.
That's
coming
to
a
close
fairly
soon,
barring
any
extension,
and
this
piece
of
that
puzzle
is,
is
a
really
critical
one
and
it
says
such
a
great
use,
so
I'm
excited
to
support
this
I
share.
A
A
This
is
exciting
for
me,
but
I
do
have
a
couple
of
questions
it
looks
like
in
year.
Six
is
when
the
principal
balance
will
start
to
decrease
right.
So
is
it
$100,000
every
year
that
you're
anticipating?
Is
that
how
I
understood
what
you
mentioned?
Yes,
yeah
and
I
guess
you
know
this
is
coming
from
our
loan
program.
A
This
isn't
traditionally
what
we
do
with
our
loan
program,
forgivable
loans.
So
can
you
talk
to
us
about
your
philosophy
behind
pushing
through
this
forgivable
grant?
This
is
essentially
a
grant
at
the
end
of
the
day.
Right.
So
can
you
talk
to
us
about
your
philosophy
here
and
what
changes
we
might
consider
making
to
our
loan
program
going
forward
so
that
it
fits
more
in
line
with
you
know,
stated
policy,
for
instance,
yeah.
B
We,
the
reason
we
structured
this
through
our
loan
program
was
essentially
one
that,
for
all
intents
and
purposes,
when
you
look
at
the
contribution,
you
could
consider
this
a
grant.
However,
we
didn't
want
to
at
least
tie
it
to
number
one.
The
public
benefits
that
Tammy
went
through,
but
number
two.
B
We
have
the
opportunity,
through
the
deed
restriction,
as
well
as
the
right
to
repurchase,
to
take
the
property
back
and
then
try
to
ensure
that
that
use
that
we
originally
intended
would
continue
in
some
other
fashion.
So
that
was
the
motivation
for
trying
to
treat
it
as
a
loan
was
alone.
Would
give
us
the
mechanism
to
put
those
extra
provisions
within
the
grant
agreement
essentially
and
have
that
be
restricted
to
the
property,
as
well
as
the
funding.
B
B
Think
it's
part
of
the
agency,
not
just
our
loan
policy,
but
I,
think
we'd
like
to
come
back
to
the
board
and
have
a
larger
policy
discussion
on
how
we
prioritize
requests
such
as
this
and
what
goals
and
objectives
we're
trying
to
accomplish
so
that
when
we
come
back
to
the
board
with
requests
like
this,
you
can
have
an
understanding
of
what
you've
identified
as
your
priorities
and
objectives
for
repayment.
And/Or
offsetting
something
like
this
with
public
benefits.
Okay,.
H
Jennie,
thanks
for
going
through
all
of
that
I
know
that
board
member
kitchen
and
I
did
kind
of
address.
Some
of
these
concerns
that
we
had
yesterday
with
you
and
and
I
appreciate,
Tammy
that
you
walked
through
each
of
the
exceptions
too,
and
why
this
fit
into
that
exception
and
I
think
really
coming
back.
We
just
need
to
have
a
clear
policy
and
it
sounds
clear,
but
I
think
it
falls
into
a
bigger
conversation
that
we've
been
having
since
I
got
here,
which
is
sort
of
what
are
the
goals
and
missions.
H
H
But
it
does
kind
of
create
some
bigger
policy
questions
that
we
really
want
to
make
sure
we're
giving
we're
in
redeveloping
an
area
we're
looking
at
all
of
the
different
aspects,
and
that
certainly
fits
in
here.
But
we
need
to
make
sure
we're
we're
doing
that.
So
I'm
really
excited
I
was
able
to
meet
with
Cassandra
this
morning
and
it's
really
awesome
and
the
work
that
they've
been
doing
for
the
last
20-some
odd
years
and
continue
to
do
I
look
forward
to
having
that
in
central,
ninth
and
I.
Think
will
be
really.
H
We
were
talking
about
how
the
track
stations
are
right.
There
I
think
it
will
really
benefit,
not
just
one
one
community,
but
hopefully
you
throughout
the
entire
city
and
sounds
like
they're
gonna,
be
able
to
go
a
little
bit
more
statewide
as
they
got
a
MacArthur
McCarthy
grant
correct
MacArthur
grant.
Yes,
so
that's
that's
exciting,
so
we
certainly
look
forward
to
supporting
this
in
our
community
and
I
appreciate
it.
Thank.
A
You
board
member
Fowler
I'd
like
to
welcome
board
member
Johnston
to
the
meeting
as
well.
Do
you
have
anything
to
offer
on
this?
Nothing?
Okay,
fantastic
I
have
just
a
couple
more
questions
that
I'd
like
to
ask.
I
brought
this
up
with
my
meeting.
Yes
in
my
meeting
yesterday
with
mr.
Kuhn
and
Cassandra
from
spy
hop
about
the
sustainability
component.
A
It
looks
like
the
project
will
be
built
to
LEED
Silver
Standards,
without
going
through
the
certification
process,
which
makes
perfect
sense
based
on
cost
and
ongoing
reporting,
and
things
like
that.
But
I
suppose
it
would
be
nice
for
us
as
a
board.
If
we're
looking
at
approving
this,
if
we
could
get
for
the
public
record,
some
sort
of
statement
or
explanation
on
how
that
will
be
determined
and
how
you
know,
you
know
how
we
will
defeat.
A
They
meet
that
LEED
Silver
standard,
so
I
think
if
you
could
provide
that
for
the
board,
that
would
be
fantastic
and
do
you
have
something
board?
Member,
okay
and
I
would
like
to
invite
Cassandra
from
spyhopping
peak
Haroon
to
come
up
to
the
the
desk
here
and
if
you
could
just
talk
to
us
about
your
process,
I
know
that
you're
in
the
middle
of
a
capital
campaign.
If
you
could
talk
to
us
about
your
goal
where
you're
at
and
your
projected
timeline
for
the
development
of
the
project,
that
would
be
great
sure.
J
Thank
you
so
much
for
allowing
us
to
be
here
with
you
so
I'm
Cassandra,
Bergen,
I'm,
spy,
hops,
executive
director,
and
then
we
have
Peter
karoon,
a
community
member
and
leader
and
a
member
of
our
capital
campaign
committee
as
well.
So
we
are,
we've
been
fundraising
like
crazy
and
we're
at
about
2.9
million
dollars
in
funding.
That
also
includes
a
state
appropriation
this
last
year
of
750,000
dollars.
So
it's
a
combination
of
public
and
private
funds.
J
We
are,
we've
got
a
pro-forma
budget
that
goes
out
five
years,
and
so
our
plan
is
to
continue
to
fundraise.
Until
this
whole
thing
is
complete.
The
campaign
goal,
as
of
today
is
all-encompassing,
so
it
doesn't
just
include
the
cost
of
construction,
but
it
does
include
the
soft
costs,
as
well
as
our
fundraising
costs,
and
we
have
just
up
to
this
goal
to
ten
million
dollars,
and
the
reason
we
did
is
that
we
just
recently
got
a
new
cost
estimate
back.
J
Oakland
construction
is
our
contractor
and,
as
you
all
know,
the
market
is
a
little
unstable
right
now,
so
we
will
not
know
exactly
what
that
cost
is
going
to
be
until
we
are
really
a
lot
closer.
So
we
have
upped
our
goal
to
account
for
essentially
it's
a
larger
contingency
than
what
we
had
previously
thought
just
so
that
we're
you
know
safe.
So
it's
a
ten
million
dollar
goal
with
your
support
that
would
take
us
to
four
million.
J
We
have
approximately
two
million
dollars
in
askes
currently
out
there
we've
been
in
our
lead
phase,
which
means
we're
trying
to
raise
funds
from
a
hundred
thousand
dollars
on
up.
We
are
just
getting
well.
We
officially
announced
our
campaign
at
our
annual
benefit
in
early
May,
and
we
will
be
what
we've
done
is
actually
kicked
off
the
public
phase
of
our
campaign,
which
means
that
we
will
now
be
seeking
donations
for
under
a
hundred
thousand
dollars
for
the
project.
But
can
you
know
continuing
to
look
for
lead
gifts
as
well?
J
J
That
gives
us
a
lower
percentage
rate
but,
as
I
think
Tammy
indicated,
those
rates
are
going
up
because
it's
based
on
the
US
Treasury
rate,
but
we
should
we're
just
about
to
enter
an
appraisal
phase
for
that
loan,
and
so
we
will
know
exactly
what
the
bank
is
willing
and
able
to
loan
to
us,
and
we
need
to
have
all
those
commitments
in
place.
So
we
are,
if
all
if
this
all
goes
through,
we
should
be
able
to
break
ground
in
September
I.
F
F
This
is
the
third
floor
public.
Actually,
you
can
probably
talk
to
this
Cassandra,
but
this
is
the
third
third
floor
public
space.
So
if
there's
events
and
things
to
be
a
great
space
for
events-
and
this
is
the
south
face
of
the
building-
or
is
this
the
East
face-
I
think
it's
the
south
south
face
of
the
building.
F
A
A
F
A
B
G
So
mr.
chair
on
this
budget
amendment,
the
board
has
already
completed
all
the
steps
of
public
process
had
a
public
hearing.
This
is
actually
housekeeping
related
to
the
purchase
of
the
255
South
State
Street
property
housekeeping
from
an
accounting
perspective.
The
board
never
actually
officially
took
action
to
adopt
it.
So
had
the
public
hearing
closed
the
public
hearing
but
never
took
a
motion
to
adopt
it,
so
the
board
just
needs
to
formalise
formalize
that
step
so
that
accounting.
G
H
A
A
B
Amendment
five
is
essentially
the
receipt
and
redistribution
of
the
unused
funds
for
the
homeless
Resource
Center's.
The
purpose
of
this
is
to
receive
those
funds
and
then
redistribute
them
back
to
where
they
were
originally
drawn
from,
so
that
they
can
then
be
audited
and
compiled
as
part
of
our
year-end
fund
balance
amounts
that
can
then
come
back
and
be
reallocated
in
a
future
budget
amendment.
But
the
advantage
of
doing
this
prior
to
the
end
of
the
fiscal
year
is
that
they
can
then
be
included
as
part
of
our
final
audited
statements
just
to.
F
Almost
every
almost
every
RTA
fund
and
project
area
originally
contributed
to
the
eleven
point:
eight
million
for
the
to
homeless,
Resource
Center
sites,
so
a
corresponding
amount
proportional
to
the
original
contribution,
will
now
be
returned
back
out
of
the
6.2
million.
That's
being
reimbursed
great.
A
H
G
Chair
the
intention
is
not
to
actually
adopt
the
annual
budget
during
this
setting.
The
intention
is
to
do
that
later
at
the
seven
o'clock
setting
just
so
that
it's
with
the
full
city
budget,
but
Ben
has
helpfully
prepared
a
motion
sheet
that
we
thought
we
would
walk
through
with
the
board
becky's
passed
that
out
for
your
review.
It
goes
over
the
language
and
the
motion
sheet.
G
There
really
weren't
any
substantive
changes
to
the
budget
that
was
proposed
by
the
administration,
but
there
there
were
two
legislative
intents
and
one
interim
study
item,
one
legislative
intent
for
the
board
to
consider,
and
that's
on
the
reverse
of
the
motion
sheet.
If
you
wanted
to
look
at
that
language
and
make
sure
that
you're
comfortable
with
it
we're
happy
to
edit
it
so
then
we'll
have
it
then
has
it
pulled
up
on
the
screen.
They're
been.
A
Okay!
Well,
thank
you
very
much.
We
will
take
formal
action
on
this
tonight
at
our
formal
meeting
across
the
hall.
So
I
will
take
us
to
item
c8,
which
is
the
initial
policy
discussion
on
tax
increment
reimbursement
for
city
wide
housing
and
looks
like
we
have
Danny
Waltz
and
Jill
Wilkerson
Smith
at
the
desk.
K
K
Also,
we
looked
at
different
mixes
of
income,
so
we
looked
at
100%
market
rate,
mixed
income
projects
and
also
a
hundred
percent
affordable
to
kind
of
see
what
sort
of
tax
increment
would
be
generated
from
those
types
of
projects.
We
also
met
with
there
a
redevelopment
advisory
committee
to
discuss
this
policy
and
in
that
discussion
they
suggested
that
we
add
a
model
to
our
analysis,
which
was
to
consider
putting
some
commercial
in
a
housing
project,
so
we'll
reveal
those
in
a
slide
up
coming
here.
K
K
A
K
A
K
Yes
and
we
can
and
we
can
change
the
models
anyway,
we
can
run
them
for
longer.
We
can
consider
different
mixes
if
you
want,
but,
as
you
can
see
the
new
construction
models,
because
there's
such
a
big
change
between
just
raw
land
and
new
construction
versus
renovation,
the
tax
increment
is
actually
quite
a
bit
higher
for
a
new
construction
projects,
as
it
would
be
for
renovation.
K
At
this
point,
I'd
just
like
to
know
a
couple
of
things:
first,
off
housing
is
taxed
at
55%,
I'm
sure
everyone
here
knows
that,
and
so
the
amount
of
tax
increment
that
we
would
receive
would
be
quite
a
bit
less
than
from
a
commercial
project.
So
that
creates
one
challenge
for
us,
and
the
other
is
that
when
the
county
uses,
when
the
county
values
housing,
they
use
an
income
approach
to
value.
K
So
what
they
do
is
they
look
at
the
amount
of
of
income
that
would
be
generated
and
use
a
cap
rate
to
then
back
into
a
value
instead
of
looking
at
a
property
value.
So
it
creates
a
bit
of
an
issue
when
you're
looking
at
lower
income
projects
that
could
be
restricted
rents
because
those
rents
would
never
increase.
So
when
we
looked
at
the
models,
we
noticed
that
that
would
be
a
real
issue
if.
H
K
Is
correct
managed
terms?
Yes,
yes,
and,
in
addition,
and
what
you'll
see
coming
up
is
that
in
a
renovation,
the
assumption
is
that
the
developer,
the
owner
is
going
to
be
drawing
a
loan
to
do
that
renovation
and
so
they're
going
to
be
incurring
additional
debt.
So
when
you
apply
that
debt
to
their
pro
forma,
we
actually
come.
It's
actually
a
negative
number.
K
So
so
the
RAC
asked
us
if
we
could
look
at
adding
commercial
to
the
mix
which
we
did
and
the
great
thing
about
commercials.
It's
it's
taxed
at
a
hundred
percent,
and
so
under
the
assumption
that
we
just
added
twenty
thousand
square
feet
of
commercial
to
our
existing
market
rate
model.
It
generated
quite
a
bit
more,
so
we
do
know
that
adding
commercial
will
help,
obviously,
because
it's
it's
taxed
at
a
higher
rate.
So
this
this
last
model
that
I
will
share
with
you.
K
So
if
we
assume
that
we
have
seventy
four
seventy
percent
of
those
housing,
seven
percent
of
those
units
are
market
rate
and
we
incentivize
that
mixed
income
to
be
about
50
percent
of
ami.
For
the
remaining
30
percent-
and
we
run
those
numbers,
we
have
to
take
into
account
that
they
will
be
drawing
a
loan.
In
order
to
do
that
renovation,
the
cash
flow
actually
comes
back
less
with
a
tax
increment
reimbursement
than
it
does.
If
the
developer
chose
to
do
nothing.
K
So
I
put
some
questions,
and
this
is
just
a
brief,
really
cursory
overview
of
what
these
models
can
look
like
we
can.
We
can
look
at
the
numbers
any
any
any
number
of
ways,
but
we
did
want
to
talk
to
the
board
about
whether
or
not
you
want
to
continue
to
can
consider
this
tool.
The
redevelopment
advisory
committee
believes
that
the
tool
could
be
beneficial,
but
it
would
be
really
beneficial
for
very
limited
projects,
larger
projects
that
would
produce
more
tax
increment.
D
K
So
let
me
just
tell
you
that
I
apologize,
let
me
get
that
back
to
this
I
think
this
slide
is
probably
the
most
helpful.
So
let's
talk
about
new
construction
first,
so
the
assumption
that
I
made
was
that
we
would
be
building
a
project
that
would
be
two
and
a
half
acres,
which
is
very,
very
large
and
so
to
your
point.
Finding
that
much
property
and
in
downtown
Salt
Lake
would
be
quite
challenging.
K
D
D
D
Mean
I
think
when
we
asked
the
staff
to
explore
this.
Our
hope
was
that
this
would
open
up
the
opportunity
for
I
think
some
of
the
geographic
equity
conversation
where
we
aren't
going
to
be
creating
RDA
project
areas
in
the
east
side
of
Charlie's
district
or
necessarily
up
around
the
university
or
something
or
even
in
parts
north
of
sugarhouse
in
district
5.
But
where
there's
there
may
be
some
opportunities
to
get
more
out
of
projects,
but
it
doesn't
feel
like
we're
the
this
is
quite
getting
there.
No.
B
The
economies
of
scale,
just
really
don't
show
I
mean
really
the
the
use
for
this.
The
the
highest
and
best
use
for
this
would
be
new
construction
on
an
extremely
large
project
and
even
then
you're
looking
at
arguably
one
and
a
half
1.8
million
over
20
years,
and
most
projects
of
that
scale
and
scope
would
probably
be
trying
to
find
front
funding
sources
rather
than
something
that
would
get
repaid
over
20
years.
And
so
one
of
the
things
we've
talked
about.
B
Is
that
really
the
the
main
benefit
of
a
project
like
this
or
a
program
like
this
would
be
if
you
wanted
to
as
a
policy,
become
involved
in
housing
projects
for
operating
or
ongoing
costs
or
offsetting
expenses?
That
way,
and
so,
if
you
had
a
very
large
project
that
had
maybe
lower
ami,
is
that
then
also
incorporated
a
support
services
component?
Then
this
would
be
a
way
that
you
could
potentially
offset
that
cost
and
do
that
is
a
possibility
that
you
could
do
at
any
time.
B
D
D
A
F
B
B
H
Two
things
to
that
just
again
to
sort
of
clarify
it
would
be
a
term
of
whatever
agreement
we
had
of
them
getting
the
tax
increment
reimbursement
would
sort
of
be
this
ongoing
stream
right.
It
would
just
be
like,
within
the
inner
local
agreement,
somehow
a
term
written
within
there,
so
we
wouldn't
be
doing
the
program
we're
just
paying
for
it
correct,
okay
and
then
so.
H
A
It
seems
like
it
only
makes
sense
to
your
point
if
we're
doing
these
very
large-scale
projects
and
that's
exactly
what
we
want
to
get
away
from
in
Salt
Lake.
You
know
we
have
enormous
infill
opportunities
in
every
neighborhood,
almost
and
I
guess.
My
recommendation
would
be
for
us
as
a
board
to
sit
on
this
for
a
little
while
and
I.
Don't
know
if
you
have
thoughts
board
member
Mendenhall,
Johnston,
others
I.
D
I
think
I
agree
with
you
in
the
the
NOFA
that
we
just
approved
and
all
the
other
tools
also
through
hand
through
our
sales
tax
money.
There's
there
are
more
opportunities
to
do
different
projects
than
we
had
last
year,
so
this
tool
doesn't
seem
to
be
sharpening
up
the
way
we'd
hoped,
but
there
are
lots
of
others
that
we
didn't
have
before
yeah.
I
A
I
A
A
B
Her
attention
yeah
just
a
few
quick
updates
if
I
could
number
one
for
for
those
who
may
not
have
heard
we,
the
selection
committee
for
our
255
South,
State
Street
property
that
apparently
just
approved
the
funding
for
us
to
buy.
We
received
nine
proposals
from
that
and
we
have
invited
four
developers
to
come
back,
July,
30th
and
31st
to
interview
with
us.
If
you
recall,
we
essentially
did
a
request
for
qualifications
on
that.
B
Initially,
as
the
screening
for
the
developers
and
now,
we've
invited
them
back
to
address
and
answer
some
of
the
questions
we
had
as
part
of
the
selection
process,
as
well
as
get
a
little
bit
more
detail
on
what
they're
proposing.
So
that
is
proceeding
and
we
look
to
have
some
kind
of
decision
made
in
early
August,
for
that
request,
for
proposals
were
also
received
for
the
overnighter
motel
on
north
temple
and
selection
committee
is
going
to
review
those
proposals
on
July,
2nd.
B
That
was
a
request
for
proposals,
not
qualifications
like
State
Street,
and
so
we
got
three
proposals
submitted
on
that
and
we
hope
to
rank
those
and
have
a
decision
on
that
shortly.
And
then
we
received
all
the
applications
for
The
Granary
mural
grant
project.
We
are
working
with
the
artists
and
notifying
them
and
making
sure
that
they
have
their
partnership
agreements
with
the
property
owners
so
that
we
can
move
forward
and
get
those
agreements
executed.
B
D
On
the
that's
super,
exciting
about
the
mural
project
and
I
want
to
thank
our
chair
for
coming
up
with
that
and
I
was
I
was
completely
a
creation
of
Derek
kitchen
and
then
to
see
South
Salt
Lake
doing
their
mural
project.
Just
I,
don't
know
a
month
or
so
ago.
I
wondered
if
any
RDA
staff
had
had
the
chance
to
do
that.
Saturday
event.
B
B
D
D
L
Yeah
one
so
once
that's
official
we'll
send
that
out
with
invites
and
everything
but
it'll
be
very
similar
with
the
walking
tour,
a
map
and
we're,
including
in
the
notification
for
the
artists
that
were
selected,
we're
asking
them
to
be
present
for
that
event,
so
the
community
can
come
and
meet
them
and
they
can
discuss
their
mural.
How.
L
A
F
B
Did
try
to
pay
attention
to
that
as
part
of
the
submissions
and
then
one
other
event.
I
didn't
scroll
down
to
see
this
Friday
7:30
is
a
free
concert
at
the
galavan
Center
to
celebrate
its
25th
year
anniversary.
Hopefully,
you've
all
received
the
invitations
for
that,
but
that
is
a
big
event
for
us
and
for
galavan
as
well,
and
we
hope
that
everyone
can
make
a
make
it
to
it.
Great.
A
B
Not
necessarily
I
mean
we,
the
property
report
is
something
we
we
keep
in
mind
of
quite
a
bit.
We
understand
that
we
have
several
properties
on
there
that
have
been
there
for
a
while.
Those
are
some
of
our
older
acquisitions,
particularly
in
the
station
center
area,
that
we
are
anxious
to
get
out
on
the
market
and
get
developed.
A
It's
been
moved
by
board
member
Mendenhall
and
seconded
by
board
member
Rogers,
all
those
in
favor
and
that
carries
the
consent
is
passed
and
just
to
confirm
staff.
We
don't
have
a
closed
session
came
all
right.
That
has
been
our
Redevelopment
Agency
meeting
for
June
12
2008
teen
thinks
to
all
staff
for
joining
us
today.
It's
nice
to
see
you
in
the
audience,
and
we
will
see
you
next
I
guess
we'll
see
some
of
you
this
evening
at
our
adoption
of
the
budget.