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A
A
Just
making
I
like
attention
so
I'm
making
sure
I
have
it
hi.
Everyone
welcome
to
the
RDA
board,
immunity
we're
ready
to
get
going
because
we
have
a
quorum.
Finally,
we
will
start
with
general
comments
to
the
board.
I,
don't
have
any
I,
don't
think
anybody
nope
okey
doke.
We
have
no
public
hearing
so
on
to
business.
I,
do
need
an
approval
of
the
minutes
of
Tuesday
June
4th
2018
and
Friday
June
28th
2090.
B
C
A
E
E
A
E
Before
I
do
that
I
just
want
to
point
out
that
all
of
you
on
your
desk
should
have
the
CIP
book
the
mayor's
recommended,
and
this
includes
the
city
general
fund.
It
also
includes
all
of
the
enterprise
funds,
so
the
RDA
golf
public
utilities
in
the
airport
and
the
RDA
portion
starts
on
page
'if
if
t2.
E
The
first
project
in
the
central
business
district
is
a
request
for
$229,000
for
improvements
to
100
south,
and
this
is
a
one
block
stretch
from
west
temple
to
Main
Street.
The
project
doesn't
have
a
specific
scope
or
a
funding
target
and
the
amount
there's
a
policy
question
that
this
could
be
either
combined
or
you
could
instead
use
an
existing
appropriation
that
was
approved
last
year
for
downtown
place,
making
improvements.
It
was
two
hundred
and
forty
four
thousand
dollars,
and
this
could
go
to
the
design
for
reconstructing
that
part
of
the
street.
E
F
What
I'm,
trying
to
say
so
I
feel
I'm
in
supportive
of
this
and
I'm
curious.
If
other
board
members
have
opinions
about
it,
I
think
if
we
want
to
go
into
a
visioning
process
in
the
future,
that's
great,
but
I
know
that
these
funds
could
be
utilized
I'm
sure
they
could
be
utilized
rather
quickly
and
with
good
impact
and.
E
One
thing
to
highlight
is
the
244,000
for
downtown
placemaking
was
originally
envisioned
as
leveraging
private
funds,
so
adjacent
property
owners,
perhaps
or
maybe
even
the
downtown
Alliance.
So
if
the
board
was
interested
in
combining
those
funds,
it
would
be
a
little
bit
of
a
change
in
the
original
intent
of
the
downtown
placemaking.
H
There
are
there
questions.
Oh
no,
no
I
I
would
actually
be
supportive
of
this.
This
improvement
that
area
has
is
seeing
a
lot
of
improvements
by
the
property
owners
around
there
and
the
new
hotels
and
the
new,
the
Rome
that
we
have
so
I
think
this
would
be
a
great
opportunity
for
us
to
also
help
the
central
business
district.
So,
yes,.
A
I
anybody
else,
I
do
have
a
question
about
I'm
supportive
of
doing
this.
We
in
fact
we're
going
to
appropriate
RDA
money
last
year
during
the
but
or
during
our
budget
season.
Two
to
this,
but
decided
to
kind
of
hold
off
just
and
I
actually
appreciate
this
coming
through
more
of
the
CIP
rather
than
how
we
did
it
before
so
I
like
it.
My
of
course
only
question
is:
how
is
it
going
to
be
maintained
in
the
future
I.
H
H
Whatever
happens
with
it,
because
we're
running
to
the
same
issues
over
and
over
that
an
idea
comes
up,
and
then
we
do
something
and
then
it
falls
apart,
because
we
don't
have
the
funds
to
help
with
it
maintenance,
so
I'm,
not
sure
if
that's
it's
being
recorded
or
if
there's
any
way
that
we
can.
Actually
it's
like
a
policy
that
we
say
well,
ten
percent
of
the
of
this
money.
It's
gonna
go
towards
maintenance,
I,
don't
know
something
like
that.
Oh.
A
D
Think
that's
thanks
for
that
question.
The
opportunity
answer.
Yes,
that
is
what
we
plan
is
as
RDA,
at
least
that
as
we
bring
these
projects
to
the
board,
to
have
that
conversation
up
front
to
at
least
inform
or
give
you
the
information
so
that
when
we
make
the
decision
for
funding,
that
is
either
part
of
that
decision
or
allocation
of
funds,
or
at
least
the
source
of
funds
is
identified
for
who
will
maintain
that
on
an
ongoing
basis.
D
Just
so
you
as
a
board
in
a
City
Council,
are
making
that
as
part
of
your
decision,
and
it
doesn't
hit
you
in
the
future.
So
we
anticipate
bringing
that
back
to
the
board
as
part
of
a
amendment
to
our
budget
policy,
so
that
we
just
build
that
into
our
process.
As
we
bring
these
items
to
you
that
that
would
just
be
part
of
the
due
diligence
we
do
as
part
of
you
approving
the
funding.
So
we
anticipate
codifying
it
within
that
policy.
Awesome.
E
So
the
next
project
is
in
block
70
and
it's
a
request
for
$100,000
to
go
to
the
Regent
Street
parking
structure,
capital
reserve.
The
agency
entered
a
60
year
agreement
that
obliges
contributing
funds
for
capital,
repairs
and
possible
replacement
of
the
parking
structure.
This
agreement
provides
parking
for
the
Eccles
theatre.
The
agreement
goes
through
September,
20
73.
The
hundred
thousand
dollars
is
an
initial
amount
based
on
the
available
tax
increment
and
there's
a
policy
question.
E
If
the
board
would
be
interested
in
understanding
what
the
potential
costs
for
a
worst-case
scenario,
such
as
replacing
the
entire
parking
structure,
might
cost
so
that
you
can
keep
that
in
mind
year
to
year.
I
also
want
to
highlight
that
the
parking
structure
did
go
through
several
improvements
in
renovations
in
2015-2016
before
the
Eccles
theater
opened.
A
I
I
think
there
are
a
couple
of
contributing
factors
to
the
unique
nature
of
this
agreement.
I
think
this
is
before
we
had
a
little
bit
more
clarity
of
in
terms
of
rural
clarity,
of
what
contracts
can
and
can't
obligate
in
terms
of
future
boards.
The
other
contributing
factor
here
is
that
this
allowed
the
echoes
theatre
project
to
be
built
with
no
parking.
I
It
would
have
likely
been
a
significantly
more
expensive
project
if
parking
had
to
be
accommodated
on-site,
and
so
this
was
a
way
to
utilize
and
underutilized
parking
structure
that
was
across
the
seneschal
across
the
alleyway
from
the
Eccles
theatre.
So
there
were
policy
reasons
to
get
into
an
agreement
like
this
I
think,
maybe
knowing
what
we
know
now,
we
might
have
had
to
structure
the
contract
differently,
but
it
is
what
it
is
and
Bennett
Ben
is
correct.
I
E
A
A
E
Up
is
in
the
depot
district,
it's
a
request
for
five
hundred
and
eighty
one
thousand
five
hundred
and
three
dollars
to
go
to
the
station.
Center
shared
parking
structure.
This
probably
looks
familiar.
You
remember
it
from
the
budget
amendments
in
April,
the
council
approved
just
or
the
board
approved
just
over
2.9
million
dollars
or
excuse
me
2.3
million.
It
would
be
2.9
total.
If
you
approve
this
additional
half-million,
it's
located,
it
may
be
located
at
233,
South,
600
West.
E
It's
been
discussed
that
multiple
adjacent
property
owners
are
expected
to
have
parking
needs
as
well,
and
that
this
would
be
away
from
multiple
properties
to
coordinate
and
have
a
shared
parking
structure.
Some
of
the
details
and
the
negotiations
are
ongoing.
I,
don't
know
if
Danny
has
any
updates
since
April
on
this
project.
No.
D
Updates
were
still
involved
in
those
negotiations,
and
discussions
and
I
would
just
add
that
this
is
also
a
topic
of
conversation
for
developers
on
the
South
Block
as
well,
that
there
seems
to
be
quite
a
bit
of
interest
from
those
developers
as
part
of
building
a
mixed-use
development
to
potentially
have
shared
parking
within
those
projects.
So
there's.
F
Yes,
absolutely
I'm
glad
you
brought
that
up
and
it's
almost
weekly
now
that
I
hear
from
a
developer,
that's
looking
at
constructing
something
in
the
downtown
core
and
they're
talking
about
that
transitional
nature
of
future
parking
structure.
So
I
would
love
us,
madam
chair,
to
have
a
conversation
in
the
future
about
maybe
some
policy
considerations
on
our
investment
in
parking
structures
going
forward.
In
addition,
I
wondered
if
we
have
any
idea
Danny
about
the
revenue
generation
potential
of
this
investment.
D
We
haven't
gotten
those
details
in
terms
of
revenue
generation
from
a
best
practices
standpoint.
We
generally
just
approach.
It
is
if
it's
revenue
neutral,
that
it
just
pays
for
itself
in
terms
of
whatever
we
get
off.
The
parking
structure
would
go
and
fund
whatever
our
maintenance
and
operation
obligations
are,
and
so,
if
we
can
do
that,
that's
kind
of
the
baseline
that
we
start
at
is.
D
Is
not
that's
just
as
I
said,
just
our
best
practices
of
just
how
we
kind
of
approach
these
projects,
and
so,
as
we
get
into
the
details
of
what
this
parking
structure
may
or
may
not
look
at.
We
can
obviously
have
those
numbers
and
provide
that
information
if
this
is
has
the
potential
to
generate
revenue
or
if
it's
just
something
where
we
just
are
neutral
on
it
and
just
provide
the
public
parking
or
the
benefit
of
shared
parking.
So
we
can
bring
that
information
as
we
vet
out
the
project
thanks.
E
If
there
are
no
other
questions,
the
next
one
is
in
North
temple.
This
is
legally
required
under
the
interlocal
agreement.
It's
also
the
next
item
on
your
agenda.
It's
a
10
percent
set
aside
of
the
annual
tax
increment
for
creating
a
new
school
as
you'll
hear
in
the
next
briefing.
The
amendment
is
to
change
that,
so
it's
no
longer
for
a
school,
but
improvements
on
safe
routes
to
existing
schools,
such
as
hawk
signals
or
crossing
begins.
E
The
other
item
in
north
temple
is
for
a
catalytic
project.
It's
a
request
for
two
hundred
and
sixty
three
thousand
dollars
using
north
temple.
Tax
increment
there's
also
a
request
for
five
hundred
and
five
thousand
dollars
from
program
income
fund,
so
the
total
request
is
seven
hundred
and
sixty
eight
thousand
dollars.
The
project
doesn't
have
a
specific
funding
target
or
a
cost
estimate,
and
it's
intentionally
flexible
to
respond
to
opportunities
in
the
project
area.
E
A
Thanks
for
bringing
that
up,
I
think
maybe
what
we
would
want
to
do
on
that
note.
Ben
is
talk,
sort
of
about
what
the
process
is
to
identify,
catalytic
projects
and
I
know.
This
is
something
that's
come
up
with
James
before
on
that
north
temple
of
of
what
we
thought
might
be
a
catalytic
project
and
then
what
it
didn't,
it
wasn't
one
and
maybe-
and
this
may
be
sort
of-
can
be
a
future
thought
for
RDA
and
for
us
of
what
do
we
mean
by
catalytic?
A
What
does
that
look
like
and
what
is
the
process
by
which
we're
starting
to
fund
those
catalytic
projects
and,
of
course,
they're,
probably
different
for
every
project
area
but
I
think
maybe
having
a
discussion
in
the
future
about
that
might
be
worthwhile
for
all
of
us
I
like
the
idea
of
having
something
flexible
and
funding
this,
and
it
certainly
needs
it.
I
think
the
question
is:
how
do
we
get
there
with
the
most
bang
for
our
buck?
At
least
for
me?
That's
the
question
right.
So
the.
H
D
H
D
E
Next
up
is
West
Capitol
Hill
request
for
$440,000
for
streetscape
improvements
from
north
temple.
2/10
north
you'll
probably
recognize
this
from
budget
amendment
number
4
as
well.
This
is
another
contractual
obligation
where
per
the
interlocal
agreement
with
the
taxing
entities.
The
tax
increment
can
only
go
to
this
project.
There
are
no
other
uses.
The
last
update
on
the
total
estimated
cost
was
about
1.2
million
dollars.
The
board
has
already
appropriated
almost
1.3
million
dollars
for
this.
The
additional
four
hundred
and
forty
thousand
dollars
may
go
to
enhanced
scope
elements.
E
D
On
that,
we
were
working
with
engineering
to
finalize
the
project
scope
so
that
they
can
do
a
estimate
of
what
those
costs
would
be.
We
anticipate
that
this
would
be
the
last
year
for
the
project
as
its
envisioned
right
now,
and
certainly
we
can
include
in
that
conversation,
if
there's
any
additional
scope
or
improvements
that
we
want
to
add
and
what
those
would
be
and
if
those
potentially
require
additional
years
of
funding.
So
we
hope
to
bring
that
project
back
to
the
board
soon,
so
that
we
can
get
approval
and
start
doing
the
improvements.
B
D
E
The
last
three
projects
are
in
funding
is
coming
from
program.
Income
fund.
First
is
a
quarter
million
dollars
for
project
area
art.
This
is
envisioned
as
a
new
annual
program.
If
you
remember
our
dia
capital
projects
last
year,
there
was
discussion
that
the
RDA
did
have
a
percent
for
art
policy
that
had
been
forgotten
about,
and
this
would
be
an
effort
to
restore
funding
for
that
program.
J
D
The
policy
as
we're
working
on
a
right
now
would
have
two
components.
The
first
would
be
kind
of
reinstating
what
the
old
policy
was
of
requiring
developments
of
a
certain
scale
to
have
that
1
percent
for
art
required
as
part
of
their
project
costs,
and
then
that
would
be
on
the
developer
and
the
project
itself
to
include
that
art
within
it.
And
then
the
other
component
would
be
exactly
what
you're
talking
about.
D
To
what
extent
do
we
want
to
either
put
in
policy
and/or
mention
the
agency
continuing
to
provide
funding
on
an
annual
basis
to
do
project
area
art,
either
within
project
areas
or
within
some
of
those
smaller
scale
projects,
or
just
working
with
the
Arts
Council
to
find
those
opportunities.
So
it's
going
to
have
both
the
parts
of
what
the
developer
would
do
and
then
what
we
would
proactively
do
as
well,
and
all
that
would
come
back
to
the
board
for
discussion
as
to
what
level
you
want
to
commit
to
future
funding.
Thank.
A
E
The
next
one
is
the
North
temple
catalytic
project
that
we
already
talked
about,
and
the
last
one
is
Gallivan
repairs.
This
is
a
request
for
a
quarter
million
dollars
and
the
repairs
are
to
the
grand
staircase
and
the
eastern
expansion
joint.
The
board
approved
$400,000
for
this
in
budget
amendment
number
four
back
in
April,
the
total
estimated
cost
is
1.25
million
for
the
grand
staircase
and
170
thousand
for
the
expansion
joint.
E
E
H
D
Are
requesting
what
would
essentially
be
the
agency's
participation
in
that
total
project
cost
and
so
we're
in
the
process
of
with
this
funding,
we
will
go
out
and
finalize
the
contract
to
hire
a
architect
to
design
it
cost
it
figure
out.
What
that
total
project
cost
is
and
to
Ben's
comment
about
goo
KOA
capital
project
expenses
are
split
between
the
owners
associations,
so
everyone
will
have
to
contribute,
along
with
potentially
a
portion
of
galavan's
capital
project
reserve
fund
as
well.
But,
ultimately,
the
agency
is
the
owner
of
gallivant
Center.
D
A
Board
members,
there
are
several
other
general
policy
questions
and
I
mean
we
could
go
through
some
of
them
now
or
if
board
members
wanted
to
kind
of
look
over
these
policy
questions
and
maybe
have
that
deeper
discussion
in
August.
When
we
come
back
for
our
RDA
board
meeting,
then
that's
also
when
we
would
be
adopting
the
the
CIP
plan
and
I'm
fine
either
way
we're
okay
on
time
right
now.
A
So
if
people
have
specific
questions
or
want
to
go
through
some
of
these
policy
questions
but
I
you
decide
board
members,
I
love
being
a
dictator
but
I'm,
giving
you
this
chance.
Okey
doke
everyone
silence,
so
we'll
come
back
with
those
general
policy.
Could
discussion
questions,
maybe
in
August
we'll.
J
A
A
The
North
Temple
urban
renewal
area
in
her
local
agreement,
it's
a
really
long
name
for
an
interlocal
agreement.
We.
G
So
welcome
to
the
table.
Thank
you
very
much.
So
Ben
did
allude
to
this
and
the
previous
presentation.
We
do
have
a
ten
percent
set
aside
for
the
in
the
North
temple
project
area
for
the
school
district
to
save
up
for
a
potential
construction
of
a
new
school.
In
a
recent
discussion
we
had
with
their
administration,
they
expressed
an
interest
in
changing
the
use
of
that
two
million
dollars
to
go
towards
safety
infrastructure
for
surrounding
schools.
So
that
is
a
request.
No
amount
will
change.
J
J
You
this
is
Andrew
speaking
I
am
I
having
a
problem
with
the
reallocation.
The
intention
of
that
with
those
those
funds
I
and
the
details
are
something
that
I'm
little
I'm,
not
quite
sure
about
the
scope,
because
Jackson
Elementary
sitting
right
there.
But
are
we
talking
about
multiple
elementary
schools
around?
That
is
the
intention
if
they
talked
about
sort
of
health.
What
they're
talking
about
here.
G
J
D
Think,
if
that's
what
one
of
your
concerns
are,
and
you
want
to
make
that
as
part
of
the
conditions
for
the
agreement,
I
think
we
would
appreciate
that
direction
so
that
we
can
make
sure
that
we
speak
to
that
within
the
language
of
the
agreement
and
tighten
that
up
to
whatever
extent
we
want
to
do.
And
so,
if
that's
a
concern
of
the
board,
I
think
we'd
want
to
make
sure
that
we
understand
what
your
priority
is.
D
J
D
J
I'm
just
trying
to
get
a
sense
of
the
scope
of
what
they're
thinking
about
here,
the
the
school's,
what
their
I
haven't,
seen
a
traffic
study
done
on
what
the
needs
are
over
there.
So
I
like
the
concept,
but
the
details
there
I'm
not
quite
sure
about
so
I.
Just
like
some
information
going
forward.
That's.
D
Yeah
I
think
I
think
that's
a
good
question.
I,
don't
know
if
we
had
really
anticipated
the
specific
projects
and
who
would
own
or
handle
them,
but
because
originally
it
was
intended
just
to
be
a
pass-through
for
them
to
build
a
school
so
yeah
we
can.
We
can
follow
up
on
that
and
get
some
more
information.
Thanks
I'm.
B
B
D
Our
conversations
with
them
is,
we
wanted
to
keep
it
limited
to
that
area
and
specifically
kids
within
that
area
or
near
that
area.
That
are
the
same
schools
that
would
serve
that
area
are
the
ones
that
this
money
would
go
to.
So
you
wanted
to
see
it
go
to
schools
on
the
east
side
or
anything
like
that.
I'm.
D
And
I
think
that's
the
we
can
certainly
have
that
conversation
and
bring
you
more
information,
because
at
this
point
the
one
certainty
we
knew
is
that
the
school
district
was
not
looking
at
any
plans
to
build
a
new
school
in
that
area.
So
we
wanted
to
just
make
sure
that
we
made
these
funds
available
for
something
that
would
provide
a
benefit
rather
than
just
sitting
on
them
for
20
years,
and
so,
if
that's
something
where
the
board
would
like
to
see
more
detail
on
specific
projects,
we
can
certainly
bring
that
back.
A
So
if
I
can,
maybe
if
we
look
at
the
amendment
for
the
the
agreement
in
number
one,
it
says
the
original
amendment
shall
be
amended
to
allow.
Our
agreement
shall
be
Allah
amended
to
allow
the
district
to
use
the
reserve
account
for
purposes
other
than
construction,
including,
but
not
limited
to
construction
of
hoc
signals
near
existing
district
schools.
Would
it
address
your
concerns
if
we
included
a
something
in
there
that
defined
the
project
area
or
defined
sort
of
where
that
North?
B
What
I
was
trying
to
lead
into
is
that
we
have
Tiger
grant
that
we've
received
funding
for
and
I,
don't
know
if
it's
fully
funded
and
if
that's
something
that
we
can
use
those
funds
to
because
of
the
bridge,
that's
going
over
the
railroad
tracks
for
West
High.
If
that's
something
that
can
help,
you
know
from
that
fully
I
think.
J
An
intention
statement
might
be
helpful.
I
don't
want
to
hold
up
this
process
because
I
agree
with
the
what
they're
trying
to
do
I
just
didn't
understand
they
when
they
build
their
own
school,
they
don't
have
to
go
back
through
us,
essentially
right
if
they're
gonna
do
a
public
safety
infrastructure
project
does
go
back
through
either
the
council
or
the
RDA.
That's
what
I'm
not
quite
sure
about
about
what
point.
Do
we
review
this
again,
so
I
don't
hold
it
up?
I
do
endorse
the
idea.
I.
A
I
guess
my
question
so
that
we
can
Jill.
You
mentioned
that,
if
that
we
voted
on
it
today,
you
would
take
it
to
the
school
district
in
August
that
accurate.
Yes,
what
board
members
feel
comfortable
voting
on
it
today,
or
would
you
want
this
to
be
back
on
an
agenda
in
August
with
some
updates
to
the
potential
in
early
agreement?
That
would
address
your
concerns
and
then
you
and
then
you
would
be
to
take
it
to
them
in
September,
I.
Think.
G
A
G
A
Would
work
is
that
sound
good
for
everyone?
So
maybe
we
can
draft
some
language
in
this
amendment
that
kind
of
addresses
some
of
those
concerns
or
an
intent,
steam
and
or
something
along
those
lines
that
and
then
bring
will
put
this
on
the
August
agenda,
the
August
20th
agenda
and
be
able
to
hopefully
take
action
on
it
at
that
point.
Does
that
work
for
everyone?
Great?
Thank
you
thanks
Jill.
Thank
you,
okeydoke.
A
D
A
Just
for
times
sake
set
the
board
members
know:
I
spoke
with
Danny
earlier
today
and
I
figured
since
we
actually
have
seen
this
presentation
before
and
we
a
lot
of
us
had
that
small
group
meeting
that
they
didn't
need
to
go
through
the
whole
presentation.
Again,
it
is
available
if
anybody
have
questions,
but
I
thought
we'd
kind
of
just
get
down
to
the
nitty-gritty
of
it,
which
is
deciding
to
take
action
on
the
loan
itself.
So
I
asked
if
they
would
just
kind
of
jump
straight
straight
to
that.
A
However,
if
people
want
to
go
through
the
presentation,
we're
happy
to
do
that
or
if
it
is
available
but
I
figured.
We
all
know
what
the
project
was
and
I
certainly
don't
want
to
hinder
anyone
from
asking
questions
just
figured.
We
would
get
down
to
business.
So
with
that,
it's
all
you,
quick,
okay,.
G
Only
thing
I
would
suggest
is
that
the
board
also
consider
the
policy
questions
on
the
fourth
page
of
the
staff
report.
Some
of
them
have
to
do
with
potential
changes
in
RDA
policy.
Others
have
to
do
with
the
possible
nature
of
making
certain
exceptions
to
our
DEA
policy
as
it
currently
exists.
That's
it
I'll
leave
it
to
court
and
the
experts.
Other
experts.
K
Well,
thank
you
is,
as
the
chairwoman
mentioned,
we
covered
this
last
month
at
the
board
meeting.
We
had
good
straw
poll
with
a
board
and
favorable
support
for
the
project,
and
so
this
is
the
actual,
follow
up
with
a
board
with
the
actual
consideration
of
the
loan
terms
and
David
Brent
and
Whitney.
Weller
are
here
with
us
again
today.
K
So
if
we
have
specific
questions
for
the
developer
they're
here,
the
loan
terms
are
sort
of
projected
up
on
the
screen
there
and
we
can
I'll
get
straight
to
those,
but
we
can
go
back
and
lay
some
groundwork.
If
that's
helpful,
Brynn
Shore
is
requesting
two
things.
This
is
a
70
million
dollar
project.
It's
got
9%
tax
credits
and
4%
tax
credits
and
they're,
applying
for
Olli
and
Walker
money
and
we're
turning
over
every
stone
here.
K
But
given
the
project
goals,
there's
a
lot
that
was
asked
when
we
released
the
RFQ,
and
so
there
is
a
request
for
RDA
participation
in
two
forms.
One
would
be
6.4
million
dollar
loan
and
is
shown
on
the
slide
there.
That
would
follow
the
the
interest
rate
on
that
loan
would
follow
the
policy
in
the
loan
program
to
be
the
United
States
Treasury
yield
curve
rate
at
the
time
of
closing,
and
then
we
would
typically
add
three
percentage
points
to
that.
K
In
this
particular
scenario-
and
this
is
part
of
the
loan
program
policy
developers
can
qualify
for
interest
rate
reductions
if
they
meet
certain
public
benefit
criteria
and
brynn
shore
has
done
that
and
the
the
public
benefits
that
they
can
achieve
on
this
project
are
shown
there.
There
are
seven
of
them.
You
can
only
really
get
a
maximum
of
six
for
the
interest
rate
reductions,
but
we
wanted
to
show
you
the
seventh
one
anyway,
it's
a
30-year
loan
and
it
would
be
repaid
from
the
available
cash
flow
on
the
project.
K
The
second
ask
would
be
for
the
RDA
to
finance
the
purchase
price
of
the
property,
so
in
other
words,
instead
of
us
getting
five
million
bucks,
which
is
the
fair
market
value
of
the
property
of
closing.
We
would
accept
payments
on
the
property
over
a
30-year
term
and
this
would
have
an
interest
rate
of
one
percent
and
also
would
be
paid
from
available
cash
flow.
Both
of
these
loans
would
have
a
balloon
at
30
years,
and
so,
if
there's
any
unpaid
balance
at
that
time,
we
would
recuperate
that
total
cost,
and
so
I
guess.
K
The
only
other
thing
I
would
add
is
that,
subsequent
to
last
month's
briefing
and
straw
poll
by
the
board,
we
took
this
to
the
RDA
Finance
Committee.
They
reviewed
this
both
loan
in
the
seller's
note
in
detail,
the
project
financials
the
pro
formas
and
unanimously
unanimously
recommended
approval
of
both
of
those
loans.
B
And
I'm
chair,
C
and
if
there
are
I
just
have
I
guess
for
me,
and
then
this
might
be
when
we're
looking
at
creative
financing
interest
rate
for
30
years
at
1%.
That's
a
great
rate
right,
so
I'm
wondering
if,
in
future
loans
that
we
can
look
at
if
we're
looking
at
a
10-year
a
20-year
a
30
year,
call
where
we
bump
interest
rates.
If
we're
looking
at
something
like
this
because
1%
for
30
years,
that
is
a
long
time.
B
Why
I
bring
it
up
is
because
I
think
it's
you
know
as
something
else
to
discuss
that
I
brought
up
to
about.
You
know
assets
when
we
were
looking
at
the
central
business
district
when
we're.
Maybe
we
don't
sell
the
property
and
we
retain
it
on
long-term
leases.
Do
you
know
I
mean
I?
Think
that's
another
thing.
We
need
to
look
at
sure.
D
Allison's
point
about
the
sellers
note
and
the
policy
of
that
and
I
think
that's,
probably
where
this
conversation
needs
to
come
back
to
the
board
and
say
that
we
don't
really
have
that
within
our
policy
right
now
of
holding
on
to
a
note
and
receiving
payments
for
a
property,
and
so
I
think
that
would
be
something
that
we'd
want
to
come
back
and
say
if
we're
going
to
count
that
as
an
option.
Now,
what
are
the
parameters?
D
What's
the
interest
rate
and
what
kind
of
terms
do
we
want
to
offer
as
part
of
that
incentive
right
now?
We
really
just
have
the
ability
to
write
down
land,
and
so
this
is
much
better
because
we
ultimately
do
get
paid
for
the
land
which
we
can
then
recycle
and
put
back
to
use.
Whereas,
if
you
put
in
the
land
trust,
then
we
don't
have
the
opportunity
to
to
recycle
and
revolve
those
funds
for
for
future
redevelopment.
So
that's
certainly
just
part
of
the
policy
discussion
that
I
think
would
come
out
of
that.
May.
F
I
say,
though,
that
that
I
think
isn't
recognizing
that
in
a
Community
Land
Trust
situation,
the
benefit
we're
receiving
is
perpetual
affordability
or
that's
the
intention
of
that
kind
of
a
negotiation.
So
it's
not
that
we're
necessarily
putting
the
money
back
into
a
revolving
loan
fund,
but
we're
preserving
affordability,
which
is
potentially
saving
us
investments
in
other
loan
forms.
Maybe
you
know
the
same
parcel
decades
later
different,
just
a
different
return
on
the
investment
we'll.
A
Put
this
in
our
pending
agenda
items,
discussion
and
I'm
sure
it
will
come
up
again
as
we
continue
to
have
our
housing
discussions,
but
I
I
do
appreciate
you
bringing
that
up
James,
because
I
think
it
is
an
interesting
policy
discussion
as
we
continue
moving
forward
with
these
and
providing
affordable
housing
or
trying
to
provide
affordable
housing
for
the
city.
So
Bernier
further
discussion
on
this.
Madam.
J
J
K
J
H
K
That
could
be
the
case
yeah,
but
it
has
been
modeled
and,
and
the
Finance
Committee
is
sort
of
reviewed
those
modeled
models
and
made
the
determination
that
there
will
be
available
and
capability
available
cash
flow
and
capability
to
repay
us.
And
that's
where
the
balloon
comes
into
is
if,
for
some
reason
we're
not
quite
there
you're
30,
we
still
get
a
full
repo.
B
F
B
A
F
D
Anticipate
that
I'll
actually
be
part
of
a
larger
conversation,
as
we
look
at
not
just
our
land
disposition,
but
our
loan
program
and
how
that
works
within
some
of
the
direction
and
some
of
the
things
with
the
NOFA
of
how
we're
structuring
those
loans
and
we
as
staff,
are
realizing
that
the
program
we
have
right
now
does
not
really
fit
the
affordable
housing
world
and
that
we
need
to
come
back
to
the
board
and
have
the
conversation
of
potentially
seeing
how
we're
going
to
do
that
moving
forward.
And
that
would
be
part
of
that
conversation.
D
F
You
I
I
hope
when
we
have
that
conversation,
that
we
have
a
piece
of
it
to
look
at
the
inventory
of
properties
that
the
RDA
owns,
some
of
which
are
really
not
developable
as
they
are.
But
if
we
could
talk
about,
may
be
incentivizing
or
encouraging
developers,
property
developers
to
look
at
adjacent
parcels.
And
you
know
the
idea.
A
K
L
Thank
you.
So
this
is
just
as
Danny
alluded
to
just
an
informational
briefing
about
our
affordable
housing
notice
of
funding
availability.
That's
currently
out,
we
have
approximately
ten
point:
seven
million
dollars
available
for
point.
Five
of
the
ten
point.
Seven
is
set
aside
for
the
high
opportunity
areas,
as
we've
been
discussing
with
the
board
and
their
remaining
six
point.
Two
is
available
for
projects
anywhere
within
the
city's
municipal
boundaries.
L
And
then,
if
there
are
funds
left
over
out
of
the
ten
point,
seven
we'll
come
back
to
the
board
to
discuss
whether
we
release
another
round
of
the
NOFA
or
maybe
issue
the
funding
on
a
first-come,
first-served
basis
and,
as
Danny
mentioned,
the
funds
currently
out
through
the
NOFA
that
10.7
will
be
administered
according
to
a
policy
that
the
Board
adopted
in
June
of
2018.
That
policy
outlined
11
funding
priorities
which,
just
generally
our
transit
proximity,
equity
and
geographic
distribution
of
housing.
L
So
the
areas
of
opportunity,
mixed
income,
displacement,
prevention,
innovation
of
housing,
types,
neighborhood,
revitalization,
underserved
populations,
long-term
affordability,
sustainability,
leveraging
and
financial
viability.
So
those
are
the
ten
kind
of
funding
priorities
we're
looking
at
to
be
eligible
for
NOFA
funds.
The
project
has
to
have
units
that
are
60%
ami
are
below.
We
are
looking
at
lower
a.m.
eyes
targeting
those
as
one
of
the
funding
priorities
and
the
policy
that
you
all
adopted
back
in
June
of
2018
lays
out
the
approval
process
and
the
general
terms
that
we
will
underwrite
these
loans
with.
L
C
You
Tommy,
so
in
terms
of
the
schedule,
the
NOFA
was
released
on
June
24th
just
a
few
weeks
ago.
The
application
and
guidelines
are
posted
on
both
of
our
both
on
our
website
and
the
Utah
Public
Procurement
website.
We
will
be
holding
two
informational
informational
meetings
for
anybody
interested
in
in
this
program,
and
the
first
meeting
is
actually
tomorrow
in
the
afternoon,
and
the
other
one
will
be
next
Thursday
July
18th
me
in
the
morning.
The
application
deadline
is
August
16th.
B
L
We've
heard
interest
from
a
few
developers
we'll
find
out
more
tomorrow
when
we
have
our
developer
information
meeting.
That
will
give
us
a
good
idea
of
who's
applying
and
who's
interested.
So
we
have,
as
tracy
said
one
tomorrow
afternoon
at
4:00,
it's
here
in
the
city
county
building
and
then
one
next
week
at
9:00
a.m.
next
Thursday.
So.
A
Where
do
those
questions
could
also
be
answered?
So
I
know
that
there
had
been
a
few
questions,
but
I
think
that
that's
our
intent,
I
think
was
made
clear
in
all
of
our
our
previous
discussion
and
that
I
trust
the
administration
to
administer
so
I,
don't
know
if
any
other
board
member
wants
to
say
anything
to
this
item
rate
and
we'll
move
on
from
that
report.
Announcements
from
the
executive
director,
no
ok,
I
report
announcements
from
the
RTA
staff.
Oh
it's
you
Danny!
You
don't
know
why
you
left
the
table.
D
Thank
you,
madam
chair
I,
just
wanted
to
speak
one
more
time
on
behalf
of
our
50-year
celebration.
We
had
that
on
June
21st
and
it
was
a
success.
So
thank
you
to
everyone
who
showed
up
both
current
and
past
council
members
staff,
advisory
committee
leaders,
I,
wanted
to
say
thank
you
again,
one
more
time
to
Amanda
and
Rachel
and
Edie
who
worked
a
lot
on
this
project
over
the
past
nine
months.
D
So
we
could
have
our
history
as
well
as
use
that
to
move
forward
in
terms
of
what
we've
done.
So,
if
I
could
just
take
a
few
moments
and
repeat
some
of
the
the
bullet
items
that
we
we
had
at
the
50-year
in
terms
of
information,
the
RDA
over
50
years
has
done
349
major
redevelopment
projects,
52
of
which
have
been
adaptive,
reuse
and
historic.
Restoration
projects,
116
were
commercial
projects.
We
have
built
6990
housing
units,
citywide,
2951
of
which
are
affordable.
D
We
have
done
53
million
dollars
in
commercial
loans,
170
million
in
public
improvements,
3.4
million
in
public
art
funding,
and
in
total
we
have
done
530
million
in
reinvestment
within
the
community.
So
I
know,
Laura
is
a
numbers
person
and
so
she's,
probably
back
there
smiling
and
I
will
take
this
opportunity
to
say
that
this
is
her
last
board
meeting.
So
I
don't
know
if
she
would
like
to
come
up
and
speak
to
this.
D
That
she's
been
guiding
this
agency
for
the
past
number
of
years
and
we
were
sorry
to
see
her
go,
but
those
are
pretty
impressive
numbers
from
our
standpoint.
We
want
to
make
sure
we
get
those
out
there,
and
so,
if
anyone
needs
extra
copies
of
the
50
yearbook,
please
take
somewhere
brought
a
stack
of
them.
D
A
A
Actually
want
to
thank
you,
since
this
is
your
last
board
meeting
Lara.
Thank
you
so
much
for
all
of
your
very
hard
work
and
leadership
and
direction
in
the
Department
of
Economic
Development,
as
it
relates
to
each
of
the
very
different
and
awesome
departments
and
divisions
under
you,
which
is
the
RDA
and
the
Arts
Council
and
business
development.
You've
really
made
an
impact
on
our
city.
You've
made
an
impact
in
a
lot
of
different
ways.
You've
certainly
made
an
impact
on
me
personally
and
I.
A
F
That's
just
a
tiny
indicator
of
the
real
seismic
shift
you've
made
in
economic
development
potential
in
reality
today
in
our
city
I.
Thank
you
and
I.
Also
I
want
to
mention
that
to
hear
that
you
know
over
500
million
dollars
in
investment
over
the
last
50
years.
The
RTA
is
our
unicorn,
that's
a
half
a
billion,
and
although
it's
over
50
years
and
not
one
year's
value
of
a
company,
RDA
is
the
unicorn
of
Salt
Lake.
F
City
Corporation
and
what
I'm
so
proud
to
have
ever
been
a
board
member
I'm,
proud
of
the
work
that
you
all
do,
and
your
your
we're
really
moving
some
mountains
here
in
the
city.
So
thank
you
all
and
Laura.
We
wish
you
the
best.
Always
we
hope
you
get
a
tattoo
of
the
skyline
that
you've
helped
to
create
before
you
leave
this
city.
B
B
H
Laura
I've
been
a
witness
of
the
economic
development
department
since
2005
when
I
was
an
intern
and
the
staff
for
the
Economic
Development
Department
was
the
director
and
the
small
business
manager,
which
is
at
Butterfield
and
Anna.
The
intern,
so3
and
Allison
MacFarlane
was
the
senior
adviser
for
the
administration
at
the
time,
and
so
we've
seen
a
lot
of
really
good
people.
Try
to
make
a
difference
by
these
last
three
years
have
been
monumental.
So
thank
you
so
much
for
allowing
staff
giving
wings
to
the
work
to
do
the
work
that
they
did.
H
Thank
you
so
much
for
your
leadership.
Thank
you.
So
much
for
for
your
care
and
for
your
friendship,
I
mean
we
met
and
I.
Think
we
clicked
and
thank
you
so
much.
You
will
be
missed
in
this
Richmond
that
you're
going
to
write.
So
we
have
a
planner
from
the
former
planner
for
Salt
Lake
City
Planning
Division,
Nick
Britton.
He
is
in
Richmond,
so
hopefully
you
get
to
work
with
him,
so
he's
really
lucky.
So
thank
you
so
much
again
and
thank
you
RDA.
Of
course
the
unicorns.
B
B
This
board
is
I,
don't
know
if
you
know,
or
not
it's
controversial
and
I'm
just
grateful
to
have
somebody
that
I
can
bounce
ideas
off
and
be
able
to
make
changes
that
benefit
Salt,
Lake
City.
You
know,
I
know
that
these
things
are
things
that
aren't
spoken
about
a
lot,
but
personally
on
a
personal
level.
I
have
felt
alone
and
having
some
people
there
to
help.
You
know,
keep
me
through
them
that
are
on
the
board
and
get
me
through
that.
B
G
This
has
been
an
incredible
three
years,
but
well
you
get
to
serve
here
and
take
a
lot
of
credit.
It's
believed
the
people
back
here
if
you
look
good
every
single
day,
so
thank
you,
Dan
from
the
cabinet
to
the
mayor
having
a
vision
for
economic
development
to
the
awesome,
RDAs
staff
to
the
board,
who
lets
us
do
this
great
work.
Thank
you.
It's
a
tough
decision
believe,
but
it
was
a
great
opportunity
professionally.
So
you
were
all
my
friends
with
all
of
you
like.
A
B
A
Have
a
little
something
real,
quick,
yeah
I
just
have
a
little
something
that
is
more
based
on
City
Council,
but
I
have
to
find
crow
phone,
so
you
have
to
listen.
We
I
just
this
is
a
thank
you
that
we
got
Aaron
got
from
a
program
called
Aunt
Flo
and
it
was
recognizing
our.
A
It
was
recognizing
our
what
we
as
a
council
did
to
fund
our
initiative
for
free
feminine
hygiene
products,
and
so,
if
you'll
give
that-
and
so
we
have
we'd
like
to
really
recognize
the
men
in
the
room
who
who
helped
us
with
this
and
give
you
a
pen
called
flow
bro.
So
you
guys
our
flow
bros
and
you're
gonna
wear
it.
Your.