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From YouTube: Redevelopment Agency (RDA) of Salt Lake City - 5/5/2020
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B
A
It
okay,
in
that
case,
and
let's
just
go
ahead
and
get
started.
We
will
wait
for
Ana
and
James
or
we'll
have
them
join
when
they
get
it
all
worked
out.
So
first
I
would
like
to
welcome
everyone
to
our
Cinco
de
Mayo,
RDA
meeting
so
happy
Cinco
de
Mayo
everybody,
and
let's
get
this
party
started.
This
meeting
will
be
an
electronic
meeting
pursuant
to
the
Salt
Lake
City
emergency
Proclamation.
This
board
meeting
will
not
have
a
physical
location
at
the
city
and
county
building
and
all
attendees
will
connect
remotely.
A
Members
of
the
public
are
encouraged
to
participate
and
we
want
to
make
sure
everyone
interested
in
the
board
meetings
instant
access,
the
meetings
if
you
are
interested
in
participating
during
the
public
hearing.
Your
general
comment:
please
visit
our
website
or
call
eight.
Oh
one,
five,
three:
five:
seven:
six:
zero
zero
to
learn
how
you
can
share
your
comments
during
the
live
meetings.
A
We
really
do
appreciate
all
of
our
public's
feedback
and
comments.
We
are
here
representing
you,
and
so
it
is
important
that
we
hear
from
you.
So
please,
if
not
today,
you
have
other
comments
or
feedback
email
call.
You
can
text
me,
but
my
erin
council
email
is
council
comments
at
SLC.
Co.Com
can
find
all
of
that
on
our
website.
A
A
Everything
that
the
agenda
that
is
agenda
related
and
received
through
any
source
is
not
only
with
the
board,
but
it's
also
added
to
our
public
meeting
record.
The
standard
order
of
the
board
meeting
agenda
will
be
adjusted
to
accommodate
the
electronic
meeting.
General
content
and
public
hearings
will
be
heard
as
one
item,
so
anything
that
you
would
like
to
speak
to
on
any
part
of
our
RDA
agenda
will
begin
at
the
beginning.
You
will
have
two
minutes
per
public
hearing
item
for
your
comments.
We
would
ask
speakers
to
conclude
their
comment
prior.
A
As
for
always
just
because
we
are
socially
distancing
and
we
are
unable
to
be
all
together
in
a
room,
this
does
not
stop
democracy.
We
and
all
of
our
staff
value
this
important
part
of
our
country
and
of
what
we
are
doing
right
now
and
we
value
your
participation
and
I.
Just
can't
stress
that
enough,
so
we
are,
although
we're
all
sitting
in
our
respective
homes.
A
We
are
here
together,
listening
and
representing
you
with
that,
we
will
start
with
our
RDA
meetings.
I
mean
we're
start.
Our
meeting
we've
already
started
the
meeting
with
comments
to
the
board.
Again,
you
can
submit
written
comments
and
give
feedback
outside
of
today's
meeting,
but
if
there's
anyone
out
there,
that
would
like
to
speak
to
any
of
the
agenda.
Let
me
know,
and
by
that
I
mean
Cindy
Lou
will,
let
me
know-
and
you
do
we
have
anyone
that
wants
to
speak
to
in
general
comments.
B
B
B
A
Well,
welcome
to
our
RDA
meeting
and
thank
you
for
joining
us.
If
we
have
no
public
comment,
we
will
move
on
to
be
one
in
our
agenda,
which
is
a
resolution
for
budget
attainment
numbers
three
at
this
time
for
budget
amendment
number
three:
if
there's
no
questions,
we
would
be
looking
for
a
motion
to
close
and
adopt
the
resolution.
A
A
D
D
D
A
Am
a
yes
Anna
is
absent
at
this
time,
so
that
tassets,
thank
you.
I
am
now
on
item
b2.
This
is
a
resolution.
It
would
amend
the
final
budget
budget,
amendment
number
four
and
this
point
and
we
do
have
it
on
our
work
session.
This
is
the
public
hearing
for
it
at
this
point,
maybe
looking
for
a
motion
to
close
the
public
hearing
on
budget
amendment
number
four,
madam.
A
D
E
D
A
A
yes
and
still,
unfortunately,
hasn't
made
it
so
that
passes
that
way
on
to
City
bit
third
agency
business.
We
did
closed
the
public
hearing
for
budget
amendment
number
three,
but
we
do
have
a
briefing
on
it
and
see
one
so
then
Danny
and
Marybeth
I
don't
know
who
wants
to
start
us
out.
So
I
can't
see
any
of
your
faces,
so
Ben.
E
Madam
chair,
if
the
board
doesn't
have
any
questions
on
budget
amendment
number
three,
you
don't
need
to
hold
this
briefing.
As
a
reminder,
this
is
an
annual
true
up
budget
amendment,
where
the
difference
between
the
expected
tax,
increment
and
the
actual
tax
increment
is
trued
up
in
the
various
accounts,
and
we.
E
E
F
E
All
right,
if
you
could
zoom
in
a
little
bit
Cindy
Lou.
Thank
you.
The
first
three
items
are
all
related
to
block
67.
This
is
eckle
speeder.
The
first
item
is
a
hundred
and
sixty
thousand
five
hundred
and
twenty-five
dollars
in
new
tax
increment
revenue,
and
this
came
in
higher
than
expected,
as
I
mentioned
earlier
budget.
Amendment
number
three
was
the
true
up
of
the
actual
tax
increment
and
between
budget
amendment
three
and
budget
limit
number
four
there's
actually
additional
tax
increment
above
what
was
expected.
Even
with
the
updated
budget.
E
Amendment
number
three
projections:
this
funding
would
go
to
the
taxing
entities
and
it
is
legally
required
as
part
of
the
agency's
interlocal
agreements
with
those
other
agencies.
The
second
item
is
a
request
for
three
hundred
and
seventy
four
thousand
five
hundred
and
fifty
one
dollars
also
in
new
tax
increment
revenue,
and
it
would
go
to
the
debt
service
reserve.
This
was
established
a
few
years
ago
because
the
block
70
debt
repayment
is
expected
to
have
shortfalls.
For
years.
Twenty
twenty
to
twenty
twenty-nine,
the
reserve
is
able
to
cover
these
annual
payments.
E
There's
a
policy
question
later
in
the
staff
report
about
potentially
updating
these
projections,
for
how
much
funding
is
needed
in
the
debt
service
reserve,
especially
given
the
new
economic
reality
and
uncertainty
we're
all
living
through.
If
the
board
approves
this
additional
funding
into
the
debt
reserve,
it'll
have
a
balance
just
over
three
point:
three
million
dollars.
E
E
E
There
are
two
more
items
and
they're
both
related.
They
are
from
separate
funding
sources.
However,
the
first
is
in
the
Depot
district
and
it's
a
request
for
recapturing
five
hundred
and
eighty
one
thousand
five
hundred
and
three
dollars
at
the
board
previously
approved
for
a
shared
parking
structure
in
the
station
cent
area.
This
was
envisioned
as
a
development
incentive.
There
was
not
a
specific
location
identified
and
it
was
subject
to
future
negotiations
with
developers
in
the
station
center
area.
E
The
administration
is
requesting
that
this
580
1000
be
recaptured
for
Station
Center
acquisition
and
development,
which
is
much
more
flexible
use
and
the
item
below
that
is
the
same
project.
The
shared
parking
structure
proposed
for
recapture
to
the
station
Center
acquisition
and
development,
but
this
is
from
the
program,
income
fund
or
pith,
and
these
are
the
agency's
most
flexible
dollars
because
they
can
be
spent
in
any
project
area.
The
program
income
fund
is
payments
and
income
from
agency
owned
properties,
mostly
in
the
downtown,
such
as
parking
garages.
E
If
the
board
approves
the
2.3
million
from
piff
and
the
581
thousand
for
the
depot
district
tax
increment,
it's
just
over
2.9
million
for
Station
Center
acquisition
and
development
and
in
the
additional
info
section
there
is
a
breakdown
of
all
of
the
board
approved.
Funding
for
station
center
is
a
little
over
12
million
dollars,
and
then
there
are
three
policy
questions
for
the
board's
consideration.
E
The
first
is,
if
you'd
like
to
hear
more
about
updating
the
projections
for
the
Echols
theater
debt
service
reserve,
if
you'd
like
to
hear
about
how
the
station
center
fits
into
the
recently
updated
agency
guiding
framework
and
core
values
which
is
attachment
one
to
the
staff
report.
And
the
third
question
is,
if
you'd
like
to
hear
from
the
administration
on
what
the
2.9
million
for
station
center
acquisition
and
development
could
go
to
and
elaborate
on
what
is
envisioned.
A
C
Yes,
I
can
address
that,
so
the
intent
with
this
allocation
is
the
agency
currently
has
options.
Excuse
me,
we
have
options
on
two
properties
within
the
station
center
area.
One
is
the
the
state
property
and
the
other
is
what
we
identify
as
parcel
6,
which
is
essentially
somewhat
towards
the
North
middle
of
the
block
on
600
west.
On
the
east
side,
this
is
a
property
that
we
have
held
an
option
on
for
quite
a
while.
We
originally
obtained
that
option
from
art
space
as
part
of
just
squaring
off
that
parcel.
C
C
Originally,
the
property
was
subject
to
the
provision
that,
as
part
of
any
development
on
acquiring
the
property,
we
would
need
to
continue
to
provide
parking
for
the
road
home
and,
as
such,
in
consideration
of
that
ongoing
provision,
the
anticipated
purchase
price
would
be
very
minimal
for
the
agency.
However,
now
that
the
road
home
is
gone
and
that
parking
obligation
is
no
longer
relevant,
we
are
now
subject
to
the
option
agreement.
C
That
says,
we
need
to
pay
appraised,
fair
market
value
for
the
property,
so
we
are
in
the
process
of
determining
what
that
price
may
be
we're
having
those
discussions
with
art
space,
and
so
in
anticipation
of
that,
we
wanted
to
request
that
these
funds
be
reallocated
to
pursue
those
acquisitions,
since
we
are
no
longer
in
negotiations
with
the
developers
for
any
type
of
shared
parking
structure.
So
that
would
be
the
primary
purpose
for
these
funds.
Those
acquisitions,
if
we
pursue
them,
would
come
back
to
the
board
for
approval.
C
The
third
item,
as
it
relates
to
site
development
or
current
site
costs
the
agencies,
the
owner
of
the
serta
building,
which
is
essentially
right
in
the
middle
of
the
block,
ordered
by
300
South
to
400,
South
and
5th
to
6th
West
that
building
sustained
significant
damage
during
the
earthquake.
We're
in
the
process
of
trying
to
engage
a
contract
with
engineers
and
architect
and
a
contractor
to
determine
if
it
can
be
saved
and
what
extent
we
could
do
either
immediate
retrofitting
or
improvements
to
the
building.
To
put
it
in
a
position
to
be
rehabilitated.
C
A
D
It
today,
your
typical
procedure
with
budgets
is
to
adopt,
after,
like
so
have
one
meeting
where
you
discuss
it
and
having
public
hearing
and
then
that
next
meeting
you
adopt
it.
But
since
no
public
comment
was
received
and
there's,
if
there's
no
concerns
from
board
members
about
doing
that
today,
you
could
do
that
board.
D
Thanks,
madam
chair
I'm,
just
wondering
this
is
more
of
a
clarification
for
me
in
the
staff
report
that
we
received.
There
was
some
additional
information
about
the
overall
RDA
guiding
framework.
Is
that
somehow
tied
into
this?
Are
we
approving
that
guiding
framework
with
this,
or
was
that?
Why
was
that
included
I?
Guess
the.
A
Guiding
framework
was
already
approved
through
our
mission
and
value
statements
at
the
end
of
last
year.
The
beginning
it
was
at
the
end
of
last
year,
I
think
it
was
just
the
like
our
staff,
just
pointing
out
that
if
we
had
questions
of
how
Station
Center
hands
into
that
guy
name
framework,
but
so
that
we
would
only
be
adopting
the
budget
of
an
amendment
today
and
again,
we
can
put
it
on
next
month's
agenda
meeting
I.
Just
since
we're
all
here
and
there
don't
seem
to
be
any
concerns
about
it.
D
D
D
D
A
Yes,
great
good
work.
Everyone,
strong
teamwork,
all
right
item
number
three:
is
the
loan
adjustment
for
an
affordable
housing
development
in
a
high
opportunity
area
at
2960,
South
Richmond,
Street
I'm,
wondering
if
I
do
believe
that
looking
around
at
our
participants,
we
may
have
people
from
CDC
Utah
here,
I'm,
not
sure,
but
in
any
case
Tracey,
are
you
going
to
lead
us
off
on
this?
Yes,
yes,.
G
I
am
and
I
just
texted
the
CDC
folks,
so
they
should
be
joining.
If
you
want
to
wait
a
few
minutes,
we
can
do
that
as
well
as
if,
if
it's
better
to
have
them
on
on
this
portion
are.
A
G
And
everybody
see
the
presentation-
yes,
okay,
great
I'm,
so
good
afternoon,
everybody
so
I
will
be
discussing
an
amendment
to
a
loan
to
the
Community
Development
Corporation
of
Utah
or
the
Richmond
Flats
project.
That's
located
within
a
high
opportunity
area.
So
I'll
give
a
quick
overview
of
the
notice
of
funding,
availability
for
affordable
housing
and
high
opportunity
areas
as
a
quick
refresher.
G
G
The
board
allocated
4.5
million
dollars
of
these
funds
to
be
available
for
affordable
housing
within
high
opportunity
areas
in
2017,
and
these
funds
were
offered
through
through
competitive
NOFA
processes
with
and
no
viable
applications
were
received
during
that
time
due
to
the
difficulty
in
getting
these
funds
at
the
door.
These
applications
have
been
accepted
on
an
open-ended
basis
and
we
have
seen
a
variety
of
challenges
related
to
building
affordable
housing
and
high
opportunity
areas
that
include
the
lack
of
vacant
land,
limited
multifamily.
Zoning
opportunities
and
high
land
costs.
D
G
Know
this
map
just
shows
the
high
opportunity
areas
in
green
I'm
within
the
city
and
areas
in
which
the
zoning
allows
for
multifamily
developments,
and
this
was
brought
to
the
board
around
this
time.
Last
year
and
based
on
some
of
the
initial
analyses
we
completed
last
year,
only
about
10
percent
of
high
opportunity
areas
is
within
a
zone
that
would
allow
for
multifamily
development.
G
G
So
here's
a
quick
summary
of
the
project.
The
applicant
is
the
Community
Development
Corporation
of
Utah
or
CDC
you.
The
property
is
currently
zoned
r1
7000
that
currently
contains
a
residential
for
Plex.
The
property
is
currently
going
through
a
process
to
request
a
reason
for
the
property
and
they
are
seeking
a
residential
mixed
use
zone.
They
are
looking
at
approximately
a
sixty
unit
project
which
will
be
dependent
on
whether
a
reason
is
successful.
G
They
do
a
plan
to
apply
for
tax
credits
and
if
the
zoning
and
loan
are
approved,
they
do
plan
to
commence
construction
in
March
of
2021
with
a
12
month,
construction
timeframe.
So
the
initial
approval
in
December
had
the
following
terms.
The
request
was
for
a
1.8
million
dollar
loan
acquisition
loan
with
the
24
month,
conditional
commitment
period,
which
would
have
required
kind
of
these
conditions
to
be
met
prior
to
releasing
the
1.8
million
for
the
acquisition
of
the
property.
G
G
G
So
this
is
based
on
the
assumption
of
the
single-family
residential
zoning.
That's
in
place
on
the
property
right
now.
The
acquisition
amount
would
have
a
term
of
24
months,
and
the
RT
would
have
a
first
position
lien
on
the
property.
The
payments
would
be
deferred,
which
would
be
due
and
payable
payable.
At
the
end
of
the
term
and
less
space
to
is
executed
within
this
two-year
period,
it
would
be
up
to
the
developer
to
me
ascetic
conditions,
including
taking
the
property
through
a
rezone
request.
G
It
would
also
include
obtaining
the
sufficient
sources
of
financing
a
rule
by
the
Rd
of
the
final
financing
package
and
development
plan
and
just
receiving
all
other
necessary
rd8
and
city
approvals
if
they
meet
these
conditions.
The
second
phase
of
the
loan
in
an
amount
of
1.8
million
minus
the
outside
outstanding
balance
of
from
phase
one
which
could
be
executed
if
the
conditions
are
not
met
and
the
second
phase
of
the
loan
is
not
executed.
G
Ddc,
you
would
need
to
pay
back
the
funds
after
the
initial
two-year
term
and
so
in
terms
of
just
consider
some
other
considerations
from
what
we
understand.
The
rezone
application
is
in
process
phase.
One
of
the
acquisition
loan
in
an
amount
of
up
to
a
hundred
percent
of
the,
as
is
appraised.
Value
of
the
property,
is
based
on
the
current
zoning.
So
there's
we're
not
putting
any
assumptions
that
this
property
will
be
raised
owned
or
anything
like
that.
G
Lien
you'd
have
trust
on
the
property
and
we
will
be
able
to
assume
the
property
and
either
sell
it
for
fair
market
value
or
develop
it
as
an
affordable
housing
project.
Pursuant
to
the
current
zoning
of
the
property
and
again,
this
is
the
only
viable
application
we've
received
in
the
two
years.
Since
these
funds
have
been
released
right
now,
I
can
take
any
questions
or
already
a
staff
can
take
any
questions
that
anybody
may
have
and
I
know,
I
believe
that
developers
should
be
on
the
call
if
we
have
any
questions
for
them.
Yeah.
A
D
G
B
Board,
chair
Fowler,
although
you're
also
a
member-
this
is
Allison
I
just
wanted
to
mention
that
I
I
think
Jennifer
mentioned
in
the
previous
hearing.
It
is
possible
for
the
RDA
to
take
action
tonight
if
you'd
rather
take
action
on
the
next
RDA
meeting
night.
That
would
be
May
19th.
There's
a
motion
sheet
which
I
just
barely
sent
a
few
minutes
ago
to
board
members
and
I
believe
Cindy
Lou
may
have
a
copy
that
she
can
put
up
on
the
screen
in
case.
You
are
ready
to
do
that
today.
Thanks.
D
I
found
it
on
my
end
too
uh-huh.
So,
madam
chair
I
move
the
board
approved
the
resolution
approving
an
adjustment
to
a
property
acquisition
loan
to
provide
1.5
million
for
a
loan
to
Community
Development
Corporation
of
Utah
for
the
Richmond
flats
project,
which
is
part
of
the
high
opportunity
notice
of
financing
available.
A
A
D
A
I
mean
yes,
that
passes
and
I
just
want
to
take
a
moment
to
say
and
look
really
looking
forward
to
having
that
money
out
there
it
was.
It
has
been
a
little
difficult
to
get
an
application
to
meet
all
the
requirements,
but
I'm
glad
we
stuck
by
those
requirements
and
are
gonna
see
something
over
in
a
high
opportunity
area
that
people
can
actually
afford
delivered.
So
I
look
forward
to
good
job
everyone!
Congratulations
to
CDC
you!
We
look
forward
to
hearing
from
you
in
the
future.
F
A
Urban
well,
thank
you
for
joining
us
mayor.
We
always
love
seeing
you
here.
Thanks
for
having
me
report
announcements
from
our
DEA
staff
Danny,
do
you
have
something
we.
C
A
What
I
can
any
I
don't
have
any
announcements
on
any?
You
have
anything.