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From YouTube: Redevelopment Agency (RDA) of Salt Lake City - 1/12/2021
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A
A
B
Agency
board
meeting
for
january
12
2021
my
last
as
the
rda
chair,
welcome
to
today's
redevelopment
agent
board
wow,
I'm
gonna
try
to
read
and
speak
welcome
to
today's
redevelopment
agency
board
meeting
due
to
the
ongoing
practice
of
social
distancy.
Rda
meetings
continue
to
be
entirely
remote,
which
means
there
isn't
a
location
to
attend
meetings
in
person.
B
Please
keep
joining
us
remotely
until
the
day
it's
safe
together
again
together,
although
conducting
our
meetings
electronically
is
different
from
our
familiar
in-person
public
process,
although
at
this
point,
unfortunately,
this
electronic
meeting
is
becoming
all
too
familiar
to
us,
but
we,
it
is
still
an
open
and
public
meeting
and
we
welcome
members
of
the
public
who
may
be
watching
our
usual
video
feeds
on
the
city
council's
agenda,
page
youtube,
slc,
tv
or
facebook
live.
We
are
glad
to
have
you
here
with
us
and
hope
that
you
are
all
staying
safe.
B
We
start
out
our
rda
board
meetings
with
comments
to
the
board.
As
a
reminder,
written
comments
can
be
submitted
to
rda
offices
at
po
box,
1454
salt
lake
city
utah,
eight
four
one,
one,
one,
eight
four
one,
one:
four,
your
comments
about
any
rda
business
or
if
you
have
any
feedback
to
give
us
regarding
today
regarding
today's
meeting
setup,
please
feel
free
to
contact
us
and
just
as
when
we
were
meeting
in
person,
the
board
has
a
system
for
receiving
public
comment.
B
Our
goal
is
to
ensure
an
orderly,
non-disruptive,
efficient
and
safe
opportunity
for
all
people
to
comment.
Even
when
we
are
meeting
virtually,
we
are
accepting
public
comments
through
both
webex
and
for
those
whose
only
option
to
call
in
step
will
be
monitoring
a
separate
telephone
line
to
include
any
colors
into
the
meeting,
and
I
will
go
over
that
process
now.
B
Robert
newton
is
helping
moderate
our
meeting
and
based
on
the
order
that
people
have
joined
based
on
the
order
that
people
have
joined
the
webex.
He
will
state
the
name
of
the
first
person
to
comment
followed
by
the
next
commenter,
who
can
then
prepare
to
speak
when
the
meeting
hosts
unmute
your
line
and
lets
you
know
it's
your
turn.
B
Please
stay
your
first
and
last
name,
just
as
you
would
in
our
in-person
meetings
indicate
the
topic
you
are
speaking
on
and
then
your
two
minutes
will
begin
to
limit
disruption
and
ensure
the
efficient
operation
of
our
meeting.
The
person
last
name
cannot
given
cannot
include
a
message
or
violate
our
rules
of
decorum.
B
If
your
registered
name
doesn't
meet
this
requirement,
then
our
staff
will
use
the
chat
feature
to
gather
that
information
from
you.
If
you
are
unable
to
give
a
first
and
last
name
that
meets
this
requirement
are
set,
our
staff
is
happy
to
direct
you
to
another
forum,
because
your
message
is
important
to
us.
B
If
you
also
to
help
facilitate
our
comment
period,
please
be
respectful,
avoid
yelling
and
making
racial
slurs,
obscene
or
defamatory
remarks,
and
with
that
we
will
turn
it
over
to
bobby
and
see
if
there
are
any
comments
to
the
rda
board
this
afternoon.
B
Excellent
well,
we
hope
that
people
are
listening
and
appreciate
any
participation
with
that
we
will
move
on
in
our
agenda
to
agenda
item
b,
a
public
hearing.
We
have
none
and
so
we'll
move
to
agenda
item
c.
One
approval
of
our
minutes
from
tuesday
may
5th
of
2020.
B
D
Madam
chair,
I
will
message
the
recorder's
office
and
our
agenda
team
just
to
make
sure
I
actually
don't
know
the
answer
to
that
question,
but
I'll
just
double
check.
B
B
D
I
was
just
gonna
say
that
they're
they're
in
the
packet,
but
maybe
in
the
interest
of
time
I
will
message
those
and
folks
and
then
maybe
you
can
come
back
to
that
item
on
the
agenda
later
in
the
meeting.
If
that's
okay,
that's.
B
Perfect
we
can,
we
can
skip
it
and
we
could
then
move
to
item
c2,
which
is
the
election
of
a
new
chair
and
vice
chair
just
so,
we
know
similar
to
how
we
elect
our
chairperson
or
the
city
council.
This
is
a
similar
process.
B
E
I
nominate
board
member
anna
voldemoros
to
serve
as
the
rda
board
chair.
B
G
Current
chair
and
board
member
panel
for
the
nomination-
I'm
excited
guys
to
to,
if
you
have
the
confidence
in
me,
to
take
on
this
role
for
the
next
two
years
to
continue
the
work
that
council,
borcher
father,
started
and
has
been
working
on
and
also
come
up
with
some
new
ideas
and
some
new
things
that
I
want
to
work
on.
So
I
know
everybody
has
different
interests
in
their
different
districts
and
I
hope
we
can
get
to
them
in
one
way
or
another
perfect.
B
D
My
understanding
is
that
it
would
be
similar,
but
maybe
because
it's
unanimous,
if
it's
if
it's
unanimous
it
could
be
fine
to
just
take
a
voice
vote.
I
think
the
key
is
just
that
each
person
we
have
to
put
a
record
know
how
each
person
voted,
but
I
don't
know
bobby.
Are
you
ready
to
put
the
poll
up
if
you
need
to
do
it
that
way,.
H
And
madam
chair,
we
probably
should
check
that
for
future,
because
rda
sort
of
has
the
briefing
and
the
formal
action
combined
and
I
don't
know
if
we
really
should
have
a.
H
Maybe
we
refer
to
it
as
a
straw
poll.
It
probably
should
be
a
motion,
if
not
a
resolution,
so
maybe,
instead
of
straw
poll,
you
could
accept
emotion
just
just
to
cover
all
your
bases.
C
Yeah,
I
agree
I
actually
was
going
to
say
something
very
similar
to
cindy,
because
the
rda
takes
action
in
the
same
meeting
as
your
work
session.
It
would
be
best
if
you
took
formal
action.
I
don't
know
that
it
needs
to
be
a
resolution
and
of
course
we
don't
have
one
prepared
for
this
meeting,
but
certainly
a
formal
motion
and
a
second
and
then
a
roll
call
vote
would
be.
B
Okay,
great
so,
with
that
board
members,
we
do
have
a
nomination
for
anna
baldomoros
to
act
as
chair.
Is
there
a
second
on
this.
B
C
F
E
B
And
I
am
a
yes
as
well,
so
that
is
unanimous,
except
board.
Member
wharton
is
not
present
with
us
at
this
moment.
So
congratulations
board
member
valdo
morris
a
board
chair.
Sorry
with
that
we
would
be
looking
for
a
nomination
for
vice.
I
B
F
Well,
thank
you
for
the
nomination
and,
if
approved,
I
look
forward
to
working
with
anna
and
the
rest
of
the
board
on
moving
our
projects
forward,
and
I'm
excited
for
for
doing
this,
and
I
appreciate
it.
Thank
you.
B
E
H
B
And
I
am
a
yes
as
well,
so
congratulations
board,
member
dugan
on
being
the
new
rda
vice
chair
and
board
member
wharton
was
not
present
is
not
present
yet
so
congrats
you
get
to
start
your
duties
next
week.
I
can
continue
with
the
meeting
unless
anna
wants
to
take
over,
but.
B
All
right
all
right!
Well
now
we
are
going
to
move
on
to
agenda
item
number
three,
which
is
the
resolution
for
a
loan
to
wasatch
community
gardens
for
an
affordable
housing
development.
We
will
have
danny
walls,
tammy,
hunsaker,
ashley
ogden
and
I
believe
ashley
patterson
and
chris
parker
are
the
applicants
for
this.
Is
that
accurate.
J
J
Thank
you,
outgoing
madam
chair.
Congratulations
incoming
madam
chair
and
mr
vice
chair
so
appreciate
that
and
look
forward
to
working
with
both
of
you.
This
item
before
the
board
today
is
request
for
consideration
and
approval
of
a
250
000
loan
to
wasatch
community
gardens
for
the
construction
of
affordable,
multi-family
housing
development.
I
will
turn
it
over
to
our
ashley
ogden
to
speak
to
this,
and
then
we
also
have
tammy
available
for
questions.
As
you
stated,
and
if
the
board
prefers,
then
we
have
the
applicants
for
answers
as
well.
K
K
Great
and
we
could
go
to
the
next
slide,
if
you
don't
mind,
thank
you
good
afternoon.
Everyone
today
I'll
be
presenting
a
housing
development
trust
fund
loan
request,
which
is
made
by
wasatch
community
gardens,
which
would
help
fund
the
construction
of
an
affordable,
multi-family
housing
structure
within
the
larger
campus
they're,
currently
building
near
6,
east
and
8th
south.
K
K
So
I'm
sure
you're
all
very
familiar
with
the
applicant,
I'm
just
going
to
call
them
wasatch.
For
short,
they
typically
are
not
housing
developers,
but
I'll
get
into
that
a
little
bit
more
on
the
next
slide.
They
are
constructing
a
two-story
apartment
building
that
will
contain
eight
studio
units
that
each
measure
about
425
square
feet
each
rents
will
be
kept
affordable
for
those
earning
up
to
70
percent
ami
for
a
minimum
of
50
years.
K
K
So
there's
a
little
bit
of
history
on
the
project
I
think
is
worth
covering
here.
Like
I
said,
the
loan
request
would
help
fund
the
multi-family
structure,
but
the
housing
project
is
only
one
component
of
wasatch's
larger
campus
project,
which
involves
the
conversion
of
three
single-family
properties
into
a
unified
campus
with
an
education
center
two
office
buildings
and
the
existing
grateful
tomato
garden
will
remain
in
2018,
wasatch
petitioned
the
city
to
rezone
two
parcels
to
allow
for
the
conversion
of
two
historic
single-family
homes
to
office
uses.
K
K
So
to
start
getting
into
the
finances,
this
slide
shows
the
sources
and
uses
for
the
project,
which
has
a
total
cost
of
a
little
over
1.6
million
dollars
about
85
percent
of
the
total
project.
Costs
will
be
funded
by
wasatch,
with
about
40
percent.
Being
cash
equity
raised
from
recent
recent
fundraising
efforts
about
45
in
the
form
of
a
loan
from
the
organization
to
the
housing
project,
which
will
be
a
standalone
legal
entity.
K
There
are
no
land
costs
because
wasatch
already
owns
the
property
and
plans
to
lease
the
land
to
the
housing
component
at
no
cost.
There's
also
no
developer
fee
next
slide.
Please.
K
K
We
found
the
project,
doesn't
have
sufficient
cash
flow
to
support
repayment
of
that
loan
under
their
desired
terms,
with
a
housing
development
trust
fund
loan
under
terms
that
fully
comply
with
all
of
our
program
guidelines
to
say
that
another
way
to
make
the
loan
work
they'll
either
need
to
amend
the
terms
of
their
own
loan
or
the
rda
board
will
need
to
grant
exceptions
to
standard
terms
of
the
housing
development
trust
fund
loan
program.
K
K
The
rda
does
have
some
experience
in
administering
these
loans,
for
example
our
granary,
district
adaptive,
reuse
loan
program
was
structured
this
way,
but
basically,
as
long
as
the
project
meets
some
pretty
standard
conditions,
it
would
be
a
no
interest.
No
payment
loan,
the
principal
would
be
principal,
would
be
forgiven
in
equal
installments
over
a
five-year
period.
K
K
K
So,
for
example,
the
pro
forma
contained
in
your
package
shows
if
they
reduce
the
interest
rate
on
their
loan
from
five
percent
to
four
percent.
There
would
be
adequate
cash
flow
to
repay
the
housing
trust
fund
loan
at
the
2.25
interest
rate,
which
the
project
is
eligible
for.
K
K
Wasatch's
primary
loan
terms
could
remain
the
same
with
their
desired
five
percent
interest
rate
and
the
way
we've
modeled.
The
trust
fund
loan
is,
with
the
2.25
interest
rate,
that
the
project
is
eligible
for
with
a
30-year
term.
They
would
make
annual
repayments
that
amount
to
75
of
available
cash
flow
after
they
make
that
primary
loan
payment
to
to
the
organization.
K
If
everything
went
as
projected
it's
estimated,
the
principal
and
interest
could
be
repaid
in
full
before
the
end
of
the
30-year
term.
However,
if
cash
flow
is
not
sufficient
before
you
pay
the
loan
by
the
end
of
the
term
staff
is
proposing
the
outstanding
principal
and
interest
to
be
forgiven,
rather
than
requiring
that
typical
excuse
me
balloon
payment.
At
the
end,
the
structure
would
require
the
board
to
waive
one
standard
condition.
The
repayment
type
next
slide.
Please.
K
K
Excuse
me
in
an
area
with
decent
opportunity,
that's
losing
the
level
of
affordability
that
it
once
had.
And
second,
I
think
it's
important
to
acknowledge.
The
project
involves
adding
density
to
one
of
our
local
historic
districts,
which,
for
many
reasons,
isn't
always
feasible
going
through
the
historic
design
review,
does
add
some
steps
to
the
permitting
process
and
ultimately
holds
the
design
and
quality
of
the
project
to
a
higher
standard.
K
B
Thank
you,
ashley
ogden.
Before
we
get
to
ashley
patterson,
I
would
like
to
turn
the
time
over
to
our
council
staff
and
deputy
director
jennifer
bruno,
and
then
I
will
turn
it
over
to
ashley
patterson
and
then
I'll
open
it
up
to
everyone
for
questions
to
any
of
you,
it'll
be
a
big
surprise
on
who
the
questions
directed
to
so
jen.
If
you
don't
mind
kind
of
giving
some
of
the
highlights
of
the
staff
report
that
has
and
some
of
those
policy
questions,
please
sorry.
D
Oh
you're,
fine,
thank
you.
I
think
actually
ashley
did
a
great
job
walking
through
the
options
that
the
that
the
rda
staff
has
presented
for
the
board.
D
To
consider,
I
think,
just
a
few
of
the
policy
considerations
that
our
staff
noted
is
that
the
term
forgivable
loan
is
in
and
of
itself
kind
of
a
concept
that
the
board
and
council
have
gotten
away
from
over
the
last
few
years,
just
based
on
the
concept
of
needing
those
funds
to
revolve
in
a
more
regular
basis,
and
so
that's
not
a
concept
that
you
guys
typically
pursue.
D
Although
ashley
points
out
that
you
do
have
the
ability
to
make
exceptions,
if
you,
if
you
decide
to
the
other
sort
of
unique
aspect
of
this
project,
is
that
because
wasatch
community
gardens
is
in
a
sense,
their
own
lender,
that
that
concept
of
them
setting
their
own
loan
terms,
is
another
interesting
aspect
of
this
project
that
we
don't
see
very
often,
typically,
the
project
has
secured
financing
from
a
third-party
lender
and,
as
such,
has
a
specific
gap
that
they're
working
with,
and
in
this
case
I
think
the
of
that
loan
are
sort
of
determinative
of
what
that
of
what
that
other
gap
is.
D
B
Thank
you
jen
and
then
ashley
patterson.
If
we
can
turn
the
time
over
to
you
for
a
few
minutes,
the
stage
is
yours.
L
Yeah
great,
is
it
possible
to
get
the
the
slides
shown.
L
So
okay,
great
is,
is
chris
parker.
Also
able
to
comment
at
this
time
can
can
both
of
us
be,
of
course,
okay,
okay,
so
I'm
ashley
patterson,
I'm
the
executive
director
of
wasatch
community
gardens
and
chris
parker
has
been
a
pro
bono
consultant
for
us
on
this
project.
As
ashley
ogden
noted
we're
not
a
housing
developer,
so
we've
been
challenged
and
he's
been
very
kind.
So
next
slide.
Please.
L
Our
mission
is
to
empower
people
to
grow
and
eat
healthy,
organic
local
food,
and
the
reason
I
put
this
up
is
is
just
to
make
that
point
again
that
this
is
is
a
bit
of
a
stretch
for
us.
It's
been
fun
to
learn
how
to
do
this
and
I'm
honestly
quite
proud
of
the
project
we're
putting
together,
but
this
is
a
really.
This
is
a
tough
business
and
this
is
an
expensive
way
to
do
it.
L
So
I
do
kind
of
want
to
make
that
point
to
you
all
as
we
as
we
go
through
a
couple
of
other
things.
Next
slide.
Please
ashley
talked
about
this
and
showed
this
and
it
was
in
your
pocket,
I'm
sure,
but
I
wanted
to
make
the
point
that
the
existing
garden
is
0.55
acres
and
it
is
protected
under
conservation
easement.
So
in
2016
the
organization
gave
up
voluntarily
the
development
rights
to
this
prod
this
property,
and
so
it's
permanently
protected
agricultural
open
space
that
the
city
gets
to
enjoy.
L
We
will
be
adding
roughly
.25
extra
acres
of
productive,
green
space
to
this
neighborhood
with
this
expansion,
and
so
that's
kind
of
shown
on
the
eastern
side
of
the
slide,
as
in
the
green
spaces,
we're
also
adding
an
indoor
kitchen
and
workshop
space
for
the
community
to
enjoy
as
well
next
slide.
Please.
L
L
It
is
a
historic
district,
so
it
does
have
a
lot
of
requirements
and
we
did
have
to
go
through
the
historic
landmarks
commission,
so
we're
trying
to
pack
a
lot
of
apartments
into
a
pretty
small
space,
because
we
really
have
height
restrictions
as
well,
and
so
getting
to
this
point
has
has
been,
has
created
a
lot
of
significant
hurdles
and
and
we
were
able
to
get
eight
apartments
into
this-
pretty
tiny
space.
It's
a
3200
square
foot,
building
with
only
1600
foot,
foot
square
foot
print
next
slide.
Please.
L
So
I
put
this
slide
up,
and
this
is
something
you
all
as
the
rda
know
way
more
intimately
than
I
do.
But
I
think
we've
been
inundated
for
the
past
many
years
with
the
christ
literally
crisis
of
affordable
housing
in
the
city,
and
this
we
as
ashley
ogden
noted.
We
really
only
needed
to
build
two
units.
L
There's
an
ex.
There
is
an
additional
caretakers
apartment.
That's
not
part
of
this
application,
so
there's
actually
nine
apartments
that
are
part
of
this
campus
and
we
really
felt
like
we
wanted
to
when
when
we
were
required
to
replace
the
housing.
We
really
wanted
to
look
at
an
opportunity
to
help
solve
some
other
additional
problems,
so
not
only
work
on
the
mission
that
we
have
but
think
more
expansively
about
how
we
could
take
this
requirement
and
turn
it
into
an
opportunity
that
helps
the
city
and
helps
our
organization.
L
So
that's
why
we're
we're
deed,
restricting
it
to
70
ami,
and
it's
also
why
we
maximize
the
number
of
apartments
that
we
could
build
next
slide
so
in
in
requesting
some
special
terms
that
this
project
is
really
intended
to
show
that
we
need
to
get
more
people
involved
in
thinking
about
and
supporting,
affordable
housing,
and,
I
think,
as
a
community-based
non-profit,
we
have
a
unique
opportunity
to
really
engage
philanthropy
in
this
vision.
L
In
my
travels
and
trying
to
raise
the
money
for
the
project,
I
would
say
that
a
lot
of
significant
donors
in
this
area
don't
feel
that
affordable
housing
is
something
that
they
traditionally
support.
Of
course
they
support
the
notion
of
it,
but
not
necessarily
in
their
donations,
and
so
this
is
an
opportunity
to
to
get
them
involved
in
this
process.
I
will
say
that
they
weren't
always
so
excited
about
us
doing
this
and
so
providing
a
model.
L
We
also
looked
at
it
as
the
opportunity,
because
this
once
it's
built,
it
will
have
the
opportunity
to
to
spin
off
some
revenue
for
us,
so
we
can
help
meet
our
own
mission
and
build
more
garden
spaces
potentially,
by
having
this
housing
component
serve
as
a
revenue
generator
for
our
organization,
and
we
really
we
look
at
it
as
as
ashley
ogden
pointed
out,
we
do
have
stocks
and
bonds
that
we
have
set
aside
for
our
rainy
day
funds
when
things
like
global
pandemic
pandemics
come
up,
and
in
this
way
we
we
thought
expansively
about
how
potentially
we
could
use
affordable
housing
rather
than
just
buying
stocks
and
bonds
and
mutual
funds.
L
L
I
I
also
want
to
point
out
that,
while
affordable
housing
is
at
a
crisis
level,
so
is
agricultural
space
in
our
region.
So
this
is
just
a
map
of
of
our
area
in
1973,
with
the
bright
red
being
agricultural
land.
And
then,
if
you
go
to
the
next
slide,.
L
There's
hardly
any
bright
red
left
and
that's
12
years
ago.
So,
while
we're
also
struggling
to
find
places
for
people
to
live,
we're
we're
losing
our
agricultural
land
as
well.
So
this
project,
I
think,
is
a
unique
opportunity
to
to
look
at
both
of
those
issues.
Next
slide.
L
L
Four
of
them
are
accommodated
by
this
project,
which
is
number
one
and
or
number
two
and
number
five
are
related
to
space
and
community
garden
space
and
number
three
and
number
four
are
related
to
education
and
learning
about
how
to
grow
food,
and
so
this
this
project,
not
the
housing
component
but
the
but
the
project.
The
larger
project,
helps
to
solve
that
issue,
which
has
been
identified
as
a
priority
for
salt
lake
city
as
well.
Next
slide.
L
I
also
wanted
to
point
out
that
wasatch
community
gardens
work
is
fundamentally
rooted
in
equity
and
diversity,
and
this
is
a
slide
of
our
job
training
farm.
That's
down
in
the
depot
district,
where
we
work
with
women
who
are
currently
experiencing
homelessness
and
our
our
housing
component
will
also
prioritize
equity
and
diversity,
and
that's
a
big
part
of
what
we
intend
to
do
with
that.
With
that
additional
asset
next
slide,
which
is
our
last
one.
L
So
I
understand
this
is
a
big
ask
and
I'm
I'm
really
looking
to
think
expansively
as
a
group
about
how
to
innovatively
think
about
these
big
problems
that
we're
facing.
And
I
know
this
is
a
small
project
and
it's
it's
not
going
to
solve
any
of
these
problems,
but
it
offers
a
model
for
others
to
emulate,
and
so
that's,
I
think,
the
power
of
of
the
project
and
why
I
think
it
deserves
potentially
some
some
extra
consideration.
M
No,
I
think
he
did
a
great
job,
I
would
just
say
from
from
give's
perspective.
You
know
we're
really
excited
about
this
project.
It's
very
rare
in
several
aspects,
as
ashley
mentioned,
you
know
if,
if
the
city
were
to
go
and
try
to
buy
park
land
on
the
east
side,
a
quarter
acre
park
land
in
this
neighborhood
probably
cost
you
about
half
a
million
dollars
and
then
you'd
have
to
pay
to
maintain
and
run
it
here
in
some
ways,
you're
kind
of
getting
that
for
free.
M
That
really
is
part
of
the
reason
why
we're
interested
give
would
not
be
in
a
position
where
we
would
be
as
excited
about
supporting
70
ami
units
at
a
you
know,
relatively
moderate,
ask
per
unit,
but
because
it's
a
combination
of
two
factors,
both
of
which
I
think
are
very
appropriate
city-
uses
the
there's.
No
way
you
could
touch
the
the
efficiency
of
combining
those
two
into
one.
You
know
relatively
minor,
ask
in
the
scale
of
things.
M
I
think
the
model
that
wcg
has
come
up
with
as
well
is
exceedingly
rare
on
the
financial
side,
projects
that
provide
affordable
housing
that
not
only
do
not
have
developer
fee,
but
also
donate
half
a
million
dollars.
Substantial
portion
of
their
capital
stack
that
do
not
use
litec
that
basically
are
an
organization
putting
putting
a
real
emphasis
where
they're,
not
a
housing
provider.
It
wouldn't
happen
with
housing
providers,
but
it
certainly
wouldn't
happen
with
organizations
that
weren't
housing
providers
in
addition
to
effectively
donating
land.
M
If
you
look
at
the
total
amount,
that
wasatch
is,
is
donating
contributing
otherwise
not
getting
a
return
on
on
this
project.
It's
actually
multiples
of
their
ass
for
the
city.
So
for
me,
that's
that's!
Why
we're
here,
apart
from
ashley
being
a
very
charismatic
person
in
a
very
wonderful
organization,
we
just
think
it's
a
very
unique
opportunity
for
the
city
generally
to
kill.
You
know
several
birds
with
one
stone
and
do
so
in
a
way
that
probably
will
not
happen
again
in
this
neighborhood.
M
So
yeah
we're
we're
in
heavy
support
happy
to
answer
any
question
on
the
actual
economics
of
it
and
appreciate
your
consideration.
G
Thank
you
chris
and
ashley
board
member
father
asked
me
to
to
take
over
for
a
minute.
She
had
something
come
up,
so
I
think
we're
I
think
it's.
We
can
open
this
for
discussion
with
the
board
members.
If
you
have
questions
for
the
applicants
or
for
staff,
I
think
if
I
could
start-
and
I
think
I
can
talk
thing
with
their
mono-
we
had
a
question
on
option
three.
If
rda
staff
can
clarify
how
that
works
again,.
K
Yeah
sure
I
can
do
that.
Let
me
pull
that
up
really
quick,
so
that
the
third
option
was
the
cash
flow
based
repayment.
K
So
basically,
we've
modeled
it
out
charging
the
2.25
interest
rate,
which
the
project
would
be
eligible
for
under
the
standard
terms.
K
So
basically,
after
wasatch
pays
makes
their
primary
loan
payment,
which
is
essentially
the
housing
component,
would
make
the
payment
to
wasatch
community
gardens
since
they're
lending
themselves
money
after
they
make
that
payment.
75
percent
of
the
available
cash
flow
after
that
would
go
to
the
rda.
K
So
it's
more
of
a
flexible
variable
payment.
E
Thanks
so
ashley,
does
that
mean
the
principal
loan
states
that
the
five
percent
that
wasatch
community
gardens
was
originally
planning
on?
And
then
because
I
thought
that
when
you
were
talking
about
option
one,
you
said
that
if
their
principal
loan
was
at
five
percent,
they'd
have
no
money
to
repay
the
rda's
loan.
So
what's
the
difference
between
option
one
and
option
two
and
how
does
that
cash
flow?
E
How
do
we
project
that
there
may
potentially
be
cash
flow
in
option
three
as
a
post
option.
K
So
option
one
is
the
forgivable
loan,
so
that
wouldn't
involve.
That
would
be
forgiven
over
five
years
and
five
increments,
but
option
two
was
the
structure
where
it
was
structured
in
a
way
that
meets
all
the
the
terms
guidelines
of
the
trust
fund
loan
program.
So
that's
the
one
option
two
to
meet
all
of
the
standard
terms
of
the
program
wasatch
community
gardens
would
need
to
amend
the
terms
they
want
to
set
on
their
own
primary
loan.
K
So
one
way
to
do
that,
for
example,
was
reducing
the
interest
rate
that
they're
essentially
charging
themselves
from
five
percent
to
four
percent,
and
that
actually
would
pencil
out
that
there
would
be
sufficient
cash
flow
then
to
repay
the
trust
fund
at
the
2.25.
K
The
third
option,
with
the
cash
flow
is
it's
sorry.
I
forgot
what
your
second
question
was.
E
K
Yeah
so
option
three
with
the
cash
flow
based
repayment,
the
way
we've
modeled
modeled
it
out.
So
if
everything
went
as
projected,
they
would
actually-
and
if
we
charge
interest
they
I'm
estimating
that
they
would
be
able
to
pay
off
the
loan
in
full
in
year
26,
so
that
would
actually
occur
earlier
than
under
the
standard
terms
on
option.
Two:
that's
if
everything
goes
as
projected,
but
that's
principle
and
interest
in
about
year,
26.
N
Board
member
mono,
if
I
can
add,
just
a
detail,
the
underwriting
standard
in
option,
one
which
the
project
isn't
working
with,
is
the
debt
coverage
ratio
of
a
1.1,
so
there's
not
room
for
the
rda's
loan
and
the
primary
loan
given
by
wasatch
community
gardens
to
still
hit
that
1.1
debt
coverage
ratio.
But
there
is
cash
flow
available
to
repay
the
loan.
N
So
that's
the
benchmark,
we're
looking
at
there
and
when
modeling
housing
we
always
factor
in
a
vacancy
rate
and
operating
costs,
so
there's
a
chance
that
the
project
could
even
generate
more
cash
flow
than
what
we've
modeled
we're,
usually
a
little
bit
conservative
in
our
models.
So
that's
why
we
thought
option
three
might
be
a
good
compromise.
Wasatch
community
gardens
being
a
non-profit,
is
still
getting
the
return
they're
requesting
with
the
five
percent,
and
there
is
in
the
model
showing
adequate
cash
flow
to
repay
our
loan
within
the
30-year
term.
G
Okay,
any
other
yes
go
ahead.
Remember
to
do.
F
Them
I'm
trying
to
simplify
for
for
me
option.
One
is
forgivable
for
the
loan
option.
Two
is
that
the
loan
is
rda,
gets
all
their
money
back
with
a
2.25
interest
option
three:
is
they
get
75
percent
of
their
loan
back
with
the
2.25
interest?
K
If
I
could
add
a
little
bit
to
that
option,
two,
what
you
said
was
correct,
except
wasatch,
community
gardens.
I
guess
get
the
lower
return
on
the
investment
with
the
four
percent
interest
rate
versus
five
option:
three,
we
actually,
if
it
like
tammy,
said
if
everything
went
well,
the
loan
would
be
repaid
in
full
early.
Potentially,
the
only
difference
is.
Is
it's
a
more
flexible
repayment
which,
with
us
taking
a
share
of
their
cash
flow
every
year.
G
Okay,
anybody
else
have
questions
about
the
loan
terms.
I
Okay,
great,
I
hate
the
term
forgivable
loans,
it's
just
the
way
it's.
What
we're
talking
about
is
a
grant.
It's
not
forgivable
loan.
It's
it's
just
giving
away
money,
and
I
don't
know
if
there's
maybe
we
can
direct
them
if
it
doesn't
work
out
the
way
that
they're
looking
for
for
other
opportunities
through
grants
to
the
city.
I
But
there
was
a
comment
made
about
lytec
too,
about
low-income
housing,
tax
credits
not
being
a
good
thing,
and
I
think
that
is
actually
where
we
should
be
looking
is
for
these,
like
tech
funding
is
because
that's
where
you
drop
it
from
70
to
the
severely
30
and
below
ami.
I
think
that
we've
seen
that
in
the
past,
when
we
do
and
have
done
forgivable
loans,
it
was
because
it
was
so
deeply.
You
know
affordable
and
that's
why
we
did
that.
So
for
me,
I'm
struggling
with
this
looking
at
even
a
loan
for
it.
I
So
my
question
is:
in
order
for
them
to
make
this
work.
Do
they
do
they
need
a
loan
from
the
city?
Do
they
need?
I
mean
from
the
rda?
Do
they
need
some
sort
of
grant
in
order
to
make
it
pencil
out.
D
Appropriately,
I
just
jump
in
I
jump
in
when
I
hear
silence,
because
my
parents
didn't
train
me
well,
so
it
looks
like
options.
Two
option.
Two
is
definitely
paid
back
option.
Three
is
paid
back
like
a
good
scenario,
assuming
the
project
pencils
out
like
like
it's
projected
to
option.
D
One
does
not
so,
but
I
think
that
maybe
there
is
some
confusion
on
option
three,
because
the
concept
of
forgiveness
is
still
sort
of
inserted
or
introduced
as
an
option
that
if
the
loan
balance
is
not
paid
off
in
that
30
years,
even
though
it's
expected
to
be
paid
off-
and
so
maybe
maybe
that's
something-
the
board
can
explore
more
with
rda
staff
of
maybe
that
that
phrase
is
what's
causing
some
concern.
I
don't
know
danny
sorry
to
yeah
it's
hard
to
jump
in.
J
No,
I
I
appreciate
that
clarification,
jen
and
and
board
member
rogers
appreciate
the
opportunity
to
answer
those
questions
as
well.
The
most
recent
with
regard
to
option
three
and
the
the
phrasing
for
the
forgivable
loan
within
that
part.
That's
simply
a
function
of
us
as
rda
staff,
as
tammy
mentioned
doing
the
modeling.
J
We
feel
confident
that,
given
the
the
amount
of
the
loan
and
the
term
and
the
available
cash
flow
that
that
loan
will
get
repaid,
we
put
that
language
in
there
simply
so
that
there
wasn't
any
tracking
or
concern
for
having
some
form
of
a
balloon
payment
at
the
end.
But
that's
primarily
a
function
of
just
being
confident
that
the
the
cash
flow
is
there
to
repay
it.
J
That
scenario
may
or
may
not
necessarily
hit
our
debt
coverage
ratio,
but
the
cash
flow
is
adequate
to
make
the
payments,
so
we
don't
necessarily
have
any
sensitivity
to
that
language
in
in
that
regard.
With
regard
to
the
the
tax
credits,
I
think
that's
a
very
valid
statement.
Obviously
ashley
patterson
and
chris
parker
can
jump
back
in
as
to
why
they
didn't
pursue
that,
but
simply
put
as
they
stated.
They
are
not
a
housing
developer.
This
is
not
necessarily
a
project
that
I
think
warrants.
J
J
They
are
infusing
that
within
the
project
themselves,
and
so
we
as
an
agency
feel
that
they
are
going
above
and
beyond
what
their
requirements
are
and
and
within
this
area,
even
though
70
ami
is
not
necessarily
hitting
the
lower
ami
targets
that
I
think
we
would
like
to
see
at
70
percent,
it
wouldn't
even
qualify
for
tax
credits,
which
typically
target
60
or
below,
and
I
think
a
big
part
of
the
reason
why
they
didn't
pursue
the
tax
credit
avenue
is
again
number
one
they're,
not
even
a
housing
developer,
they're,
certainly
not
necessarily
experienced
in
being
an
affordable
housing
developer
and
it's
an
even
different
level
of
development
and
developer.
J
Who
would
then
need
to
finance,
monitor
and
oversee
a
low-income
housing
tax
credit
project?
So
we
recognize
that
we
recognize
that
what
their
main
goal
here
is
to
really
just
infuse
within
the
benefit
of
the
open
space
in
the
garden
is,
is
hitting
another
mark
with
both
sustainability
and
affordability.
J
So
that's
why
we
felt
the
request
was
justified
because
they
have
a
desire
and
a
vision
that
goes
above
and
beyond
just
hitting
the
bare
minimum
requirements
for
that
project
and
then
to
your
your
first
statement
with
regard
to
forgivable
loan,
we
as
staff
recognize
the
sensitivity
of
the
board
there.
I
think
ashley,
patterson
and
definitely
our
own
staff
can
speak
to
the
fact
that
we
have
conveyed
that
to
the
applicant.
That's
why
we've
explored
other
options,
that's
why
our
recommendation
is
for
the
middle
ground.
J
I
do
want
to
say
that
that
is
something
that
the
board
does
have
the
ability
to
waive
and
as
we
bring
policies
to
the
board,
specifically
the
one
you
will
see
later
with
regard
to
the
housing,
we
have
started
infusing
into
those
policies,
the
language
that
that
is
not
a
preferred
structure.
We
have
taken
that
sentiment
from
the
board
and
we
have
started
shifting
our
description
to
the
applicants.
J
As
well
as
our
policies,
but
I
will
also
ask
that,
as
as
we
hear
those
comments,
it's
always
helpful
for
us
to
understand
if
that's
something
that
we
should
start
changing
other
policies
for,
because
we
did
model
this
loan
request
based
on
our
existing
adaptive
reuse
program,
which
was
a
policy
approved.
That
is
a
forgivable
loan
and
then
also,
how
does
that
relate
to
other
projects
and
other
financing
and
requests
citywide?
J
That
I
think
there
are
some
other
programs
that
still
allow
for
forgivable
loans,
and
so
one
of
the
the
comments
and
direction
from
the
council
has
always
been
to
make
sure
that
we
are
consistent
in
our
messaging.
So
we
always
like
to
try
to
convey
that
to
the
applicants
and
make
sure
that
it's
clear
what
the
board's
position
is:
that's
not
a
preference
and
that's
why
we're
trying
to
find
a
solution
beyond
that,
we
do
see
grants
much
different
than
forgivable
loans.
Grants
are
obviously
money.
That's
given
up
front
with
usually
no
ongoing
restrictions.
J
All
of
our
forgivable
loans
require
that
conditions
continue
to
be
met
for
a
period
of
time,
and
then
that
is
what
allows
that
loan
to
be
forgiven.
If
they
don't
meet
those
conditions,
the
documents
are
recorded
against
the
property.
It
is
still
structured
as
a
loan
and
it
would
require
repayment
at
that
point
and
so
recognizing
that
that's
a
nuance.
That
is
something
that
we
are
adamant
about,
making
sure
that
we
still
structure
our
forgivable
loans,
such
that
if
they
don't
meet
their
requirements,
it
does
get
repaid.
J
G
C
Venom
chair
a
good
question
for
the
developers.
If
you
had
an
option
between
options,
two
and
three,
which
would
you
prefer.
C
G
Thank
you
for
member
johnston,
but
remember
any
other
questions
lingering
still
about
this
project.
F
L
I
think
so
you
know
chris
might
be
able
to
speak
to
that
better
than
me.
They're
425
square
feet,
so
they're
small,
but
but
you
know
I
think
you
can
you
can
live
there
as
a
couple
cause
you
do.
You
have
thoughts
on
that.
M
Yeah
the
if,
if
they're
getting
hud
funds
or
some
sort
of
voucher
support,
then
they
usually
like
it
basically
two
per
room
or
two
for
the
initial
room,
so
yeah
it
would
be
anticipated
that
up
to
two
people,
as
far
as
you
know,
policy
above
that,
if
someone
wanted
to
bring
a
couple
and
a
child,
I
highly
doubt
there
would
be
a
contention
from
wasas
community
gardens,
but
I
might
be
putting
words
in
their
mouth.
F
Okay,
because
I
just
asked
for
we're
going
from
two
houses
which
could
have
up
to
you,
know
a
family
of
four
to
eight
single
apartments
or
condos,
or
excuse
me
studios,
so
that
it's
not
an
increasing
number.
But
there
was
just-
and
I
was
just
looking
at
the
family
side
of
the
house.
So
that's
why
I
was
wondering
about
kids
or
children
and
asking
because
that
would
be
my
concern.
G
And
along
those
lines
who
like
who
are
we?
Actually,
I
guess
it's
for
wasatch
community
gardens
are
we
are
you
targeting
residents
that
will
we're
related
to
stuff
for
wasatch
community
gardens
or
is
it
open
to
the
general
public?
I
mean?
Is
there
any
connection
between
the
garden
and
in
the
apartment
in
terms
of
using
the
garden
or
being
able
or
working
on
the
garden?
Anything
like
that.
L
It's
a
great
question:
I
think
the
idea
that
we're
sort
of
exploring
is
that
each
resident
would
should
they
want
it,
be
able
to
get
one
of
our
free
sa
shares
of
produce
from
our
farm
every
you
know
every
week
during
the
growing
season
which
we
already
do
for
low-income
people,
so
we
call
it
a
free
essay
because
we
give
it
away.
L
That's
a
great
great
question:
yeah.
We
we
did
turn
over
many
many
options.
We
looked
into,
you
know
just
doing
a
duplex.
That
would
have
been
our
our
minimum
requirement
and
we
ended
up
going
with
this,
and
I
mean
I
to
be
completely
honest.
This
is
going
to
offer
us
a
better
return
on
investment
than
bigger
units
because
we're
so
limited
on
space.
F
Okay,
so
you
so
okay,
so
there's
eight
units,
it
could
be
up
to
16
people,
whether
that's
a
mixture
of
two
couples
or
parent
child,
so
number
wise,
it's
about
the
same
as
the
two
houses,
but
it
is
impacting
eight
families
or
eight
groups
vice
just
two,
if
you
think
of
it
that
way,
so
I
I
see
the
the
benefit
of
impacting
an
eighth
and
then
that's
good
spider
web
vice
two
families
spreading
out
so
and
if
all
of
them
would
be
70
ami
correct.
F
Yes,
okay,
all
right!
Thank
you!
It's
a
wonderful
program,
so
I
really
do
like
to
watch
this
part.
I
love
driving
by
it
every
day
or
not
every
day,
but
every
time
I
do
it,
I
take
it.
It's
very
cool.
Thank
you.
G
Thanks
for
remembering
I
have
another
question
on
this
fifth
year
did
restriction,
so
this
will
be
affordable
for
50
years
at
70,
70
or
70
ami.
But
does
that
mean
that
the
price
a
thousand
dollars
it
will
be
for
a
month
for
50
years
or
will
it
change
as
the
amis
change
yeah.
G
Yeah
all
right,
so
the
the
basically
the
monthly
rent
is
not
lost
at
a
thousand
dollars.
Okay,
no
yeah,
all
right,
okay!
Well,
members,
any
other
questions
or
any
concerns
do.
Would
you
like
to
get
more
clarification
from
the
applicant
and
staff
before
we
take
a
straw
poll
today,
or
would
you
like
to
to
do
a
straw
poll
on
any
of
the
options.
H
J
H
Just
a
question
for
the
board
of
whether
you
would
like
to
ask
the
rda
staff
to
modify
that
language
that
mentions
the
forgivable
loan,
since
it's
such
a
trigger
with
other
entities
who
also
would
like
forgivable
loans.
C
Modern
chair,
I
would,
I
would
look
at
astral
pull
to
approve
option
three
with
the
modification
of
the
terms
taking
out
forgivable
loan
for
something
that
more
accurately
reflects
a
30-year
loan.
E
I'll
second,
but
isn't
it
not
a
straw
poll?
It's
an
actual
motion.
C
G
All
right,
we
have
a
motion
by
board
member
johnston
and
seconded
by
four
member
meno.
We'll
do
the
roll
call
board
member
johnston?
E
G
E
G
L
Thank
you.
Thank
you
very
much
yeah.
I
know
you
you.
This
is
a
small
project,
but
we're
pretty
excited
about
it.
G
Thank
you,
we're
gonna
move
on
to
our
next
item.
I
would
like
to
say
that
board
member
father
had
something
to
take
care
of
an
emergency,
so
I
will
be
conducting
the
meeting.
So
I
forgot
me
and
give
me
a
few
moments
until
I
get
our
sheet
here
and
we're
going
to
move
on
to
item
number
four
of
our
agenda.
G
It's
the
diversion
of
property.
Let
me
call
it
normal
yeah.
It's
a
version
of
property
tax
for
a
community
reinvestment
project
area,
which
is
a
nine
line
interlocal
with
salt
lake.
Coming
so
we'll
have
a
really
everything
today
and
we'll
consider
adopting
a
resolution
and
at
the
table
or
at
webex
we
have
ben
lukky,
danny
waltz,
tammy,
hanseker
and
lauren
parisi
would
ben
like
to
introduce
his
item
or
danny.
C
I
don't
have
any
introduction
prepared,
madam
chair
other
than
to
say
the
board
may
recall
that
the
city
council,
your
other
hat,
and
the
school
board
previously
approved
interlocal
agreements
to
participate
in
the
nine
line
community
reinvestment
area.
The
county
is
the
last
taxing
entity
that
was
approached.
J
Well,
thank
you
I
was,
I
was
going
to
say
essentially
what
ben
said
with
the
addition
of
turning
it
over
to
lauren
and
tammy,
who
have
been
working
on
this.
I
know
lauren
has
a
presentation
prepared
that
we'll
walk
through
real
quickly
and
then
we'll
be
prepared
for
questions
at
the
end,
so.
O
Yeah
thanks
danny
does
council
staff
have
the
presentation
they
can
pull
up.
O
Great
thanks
so
much
so
as
ben
mentioned
and
danny
as
well.
This
is
the
last
interlocal
agreement
we're
going
to
be
reviewing
for
the
nine
line
project
area
with
salt
lake
county,
and
this
agreement
was
approved
by
salt
lake
salt
lake
county
council
early
december,
which
is
why
it's
coming
to
you
a
little
bit
later
than
the
other
two.
So
we
can
move
to
the
next
slide.
O
So
a
few
of
the
terms
with
the
interlocal
agreement
for
the
county
differ
from
what
was
approved
with
the
city
in
the
school
district.
So
I'll
just
run
through
the
terms
with
the
county
quickly.
Now
the
base
year
will
remain
the
same
at
the
2016
value
and
we
should
be
able
to
trigger
collection
this
year
in
2021
in
terms
the
collection
period
will
also
remain
the
same
at
20
years,
total.
O
So
the
county's
total
participation
is
capped
at
3.1
million
over
the
20
years.
If
we
do
receive
those
increases
and
then
something
else
I
wanted
to
point
out
that
differs
from
the
city
and
the
school
district
agreements
is
that
the
county
will
initially
pass
100
percent
of
their
tax
increment
to
the
rda,
and
then
we
will
subsequently
pass
back
their
share,
which
will
range,
of
course,
from
50
to
25
percent.
O
And
this
is
what
you
see
labeled
in
the
table
here
as
the
annual
mitigation
payment,
and
this
is
a
benefit
to
the
county,
because
that
payment
can
be
used
how
the
county
sees
fit
as
opposed
to
going
directly
into
their
general
fund,
where
the
certified
tax
rate
is
applied
on
an
annual
basis
and
then,
finally,
the
county
requested
that
the
rda
limit
the
amount
of
their
tax
increment
used
for
our
administrative
budget
budget
activities
to
4
instead
of
10,
and
they
also
requested
that
3
of
their
increment
goes
back
to
them
for
their
own
administrative
fees
incurred
from
processing
and
managing
this
particular
cra
request
for
the
nightline.
O
So
I,
the
schedule
moving
forward,
has
changed
a
little
bit
from
what's
written
in
the
staff
report,
we'd
like
a
little
extra
time
to
reach
out
to
the
school
board,
as
well
as
the
property
owners
within
the
nine
line,
cra
to
notify
them
about
the
budget
amendments.
G
Thanks
lauren,
I
open
this
to
the
board
members
questions.
Let
me
get
you
okay,
so
I
can
see
dan
dugan
then
under
johnston.
J
That's
a
great
question
that
that
was
the
basis
for
our
negotiations
and
talking
points.
J
I
will
note,
as
as
lauren
indicated
with
with
those
different
levels,
that
is
part
of
the
county
policy,
to
try
to
essentially
reduce
their
initial
participation
and
then
tie
any
increases
above
and
beyond
that
either
two
benchmarks
or
milestones
that
are
part
of
the
project
area
development.
So
I
think
you
will
continue
to
see
that
concept
be
part
of
the
ongoing
discussions
and
I
think
each
project
area
will
just
have
to
continue
to
try
to
justify
or
provide
reasons
for
why
they
would
potentially
need
to
have
a
higher
participation
rate.
F
Okay
and
on
the
benchmarks,
you
know
it
talked
about
the
adu
program,
but
in
the
benchmarks,
in
the
what
I
read
was
there
wasn't
really
any
specific
numbers
there.
You
know
it
didn't
say:
hey
you
need
to
have
50
or
10
adu
units
in
the
place.
It
was
just
soft
as
far
as
the
benchmarks
they
weren't
to
me.
They
weren't,
like
smart
benchmarks,
specific
and.
J
Measurable,
that's
that's
a
great
observation
and
that's
a
combination
of
obviously
it's
always
very
hard
to
try
to
predict
what
private
development
may
or
may
not
happen
in
terms
of
specific
number
of
units
being
built,
so
that
that's
difficult
when
you're
looking
at
a
project
area
of
this
size.
If
we
had
a
project
area
that
was
more
specific
and
related
to
a
specific
development
itself,
then
obviously
you
have
benchmarks
that
are
easier
to
track
with
regards
to
number
of
units.
J
I
don't
want
to
say
vague
in
a
bad
way,
but
more
higher
level
goals
and
objectives
that
we
feel
will
benefit
the
project
area
as
a
whole
while
at
the
same
time
not
necessarily
tying
our
hands
too
much
for
things
that
are
somewhat
entirely
out
of
our
control,
and
so
that
was
the
back
and
forth
that
we
had
with
the
county
and
tammy
may
be
able
to
jump
in
here
a
little
bit
because
she
was
a
little
bit
more
involved
in
some
of
those
meetings
than
I
was.
N
Yeah
in
the
with
county
staff,
we
also
brought
up
the
fact
that
we
it's
the
rda
board,
of
course,
that
sets
budget
for
specific
line
items.
So
we
were
hesitant
to
lock
the
board
into
any
or
lock
us
into
any
specific
number
of
units,
because
we
don't
really
know
what
the
board
will
allocate
in
terms
of
the
adu
program.
F
Yeah-
and
I
I
can-
I
can
see
that
really
well,
I
mean
I.
I
understand
that
my
question
is
that
on
the
county
side
of
the
house,
they
can
say:
well,
you
didn't
really
hit
the
benchmarks,
because
you
know
our
expectations
were
this
and
we're
not
gonna.
You
know,
even
though
it's
administratively
to
sixty
percent,
you
have
to
hit
those
benchmarks.
You
have
to
agree
that
you
hit
that
benchmark
that
soft
benchmark.
So
I
just
I'm
just
concerned
with
those
soft
benchmarks
being
an
argument
later
on
in
six
at
year.
N
G
All
right
johnston
and
then
mano.
C
Thanks
guys
first
question
is:
does
this
require
us
to
go
back
to
the
other
tax
entities
to
get
their
approval,
since
the
terms
are
changed.
O
N
Yeah
state
state
code
is
a
little
bit
vague
on
what
we
need
to
do
in
terms
of
taxing
entity
approval
for
the
budget
amendments.
It
just
says
we
need
to
get
their
approval,
we're
touching
base
with
all
of
them
again.
That's
why
we
asked
for
an
additional
month.
We
want
to
make
sure
we
do
outreach
with
the
taxing
entities
and
with
community
members,
because
the
community
members
are
all
mailed
in
notice
and
we
want
to
make
sure
that
we're
adequately
conveying
what
this
budget
amendment
is.
N
So
each
taxing
entity
we
had
originally
requested
25
years,
but
each
of
the
three
taxing
entities
we've
cut
that
down
to
20
years,
so
the
budget's
changing
the
master
budget
is
changing
for
each
taxing
entity.
So
that's
the
last
step.
It's
it's
administrative
approval.
We
don't
need
to
go
back
to
the
school
board
or
the
city,
the
city
council.
Essentially
it's
just
an
administrative
function.
N
That's
our
understanding
and
alison
parks
could
jump
in,
but
it's
our
understanding
that
those
inner
locals
have
been
executed.
A
Yeah,
thank
you
tammy
and
that's.
A
great
question
like
tammy
was
saying
the
interlocal
with
the
school
board
and
the
city
has
already
been
executed,
and
so
it's
possible
for
those
terms
to
be
amended
or
changed.
But
the
rda
as
a
party
to
those
agreements
would
have
to
agree
to
that
change
as
well.
It
would
just
be
an
amendment
to
the
existing
inner
local,
but,
as
tami
was
saying,
changing
the
budget
is
not
changing
the
terms
of
the
interlocal
itself
and
it's
a
less
onerous
process.
C
Okay,
second
question
is
something
that
I'm
not
sure
anybody
online
can
talk
about,
but
talk
to
me
about
the
mitigation
payment
and,
what's
the
benefit
to
the
county
and
having
and
being
able
to
I'm,
not
going
to
use
the
term.
I
want
to
use
in
full
amount
and
get
some
of
it
back
without.
J
Yeah,
the
the
mitigation
payment
is
a
benefit
to
entities
in
so
far
as
100
of
the
increment
gets
paid
directly
to
the
agency,
and
then
the
agency
turns
around
and
cuts
checks
back
directly
to
the
entities
we
we
have
done
this
with
both
the
county
and
salt
lake
city
is
part
of
the
block,
70
eccles
project
area,
but
the
benefit
specifically
is,
as
you
touched
on,
that,
if,
if
it
was
simply
that
the
the
agency
received
50
of
the
increment,
the
other
50
would
just
flow
to
the
taxing
entity
as
it
normally
does,
meaning
that
it
flows
back
into
their
general
fund.
J
It
becomes
part
of
their
certified
tax
rate
calculation
as
part
of
their
annual
revenue
by
doing
the
annual
mitigation
payment.
It
does
not
get
included
in
that
calculation,
and
so
therefore,
it
basically
becomes
a
check
from
the
agency
that
they
can
then
apply.
However,
they
want
deposit
it.
However,
they
want
and
use
it
within
their
budget.
However,
they
please
so
it
was
something
that
came
out
of
our
negotiations
with
the
county.
J
It
was
not
something
we
understood
that
was
part
of
the
discussions
or
negotiation
with
the
county
council,
but
county
staff
informed
us
that
that's
what
the
council
staff
and
the
administration
essentially
seek
as
part
of
their
negotiations
for
any
inner
local
agreement,
and
so
for
us
it
doesn't
make
much
difference.
We
still
get
the
net
effect,
however,
for
the
entity
itself,
it
provides
a
benefit.
C
So
this
is
typical
in
your
other
dealings,
because
I
mean
look,
I'm
not
the
county's
boss
in
any
way,
but
it
sounds
like
they're
bypassing
tax
rate
essentially,
and
so
they
get
more
money.
It
doesn't
show
up
on
the
public
record,
essentially.
C
J
Absolutely
and-
and
it
does
hamstring
us
a
little
bit
in
so
far
of
all
the
reasons
you
just
said
that
we
we
generally
like
to
try
to
front
and
load
a
project
area.
So
you
have
the
opportunity
to
have
more
funds
available
to
encourage
the
growth
in
the
tax
base
quickly.
J
When
you
have
a
cap
that,
if
you
have
a
cap
on
the
maximum
amount
of
increment,
you
receive
from
our
project
area-
and
you
pay
that
out
in
the
first
15
years,
then
that's
okay,
it
hasn't
gone
the
full
20
years,
but
that
is
within
the
county's
policy
that
they
try
to
encourage
that
and
that's
where
they
like
to
have
a
little
bit
more
control
of
making
sure
that
the
agencies
are
doing
what
they
promise
and
and
okay
that
they're
going
to
do
before
the
county
really
comes
in
and
participates
higher.
J
C
All
right,
I
I
we
need
this-
I
mean
that
zip
code
needs
this
badly.
I'm
a
little
frustrated.
The
county
would
choose
to
implement
this
on
the
zip
code.
That's
not
going
to
get
the
money
back
from
them.
Frankly,
I'm
just
my
personal
take
off
in
us
at
this
point,
but
I
think
we
need
this
project
in
that
area,
and
so
I'm
desperately
hoping
that
the
school
board
will
understand
and
work
with
us.
I
don't
want
to
drag
this
out
another
four
years.
J
And-
and
I
think
it's
important
to
note
that
you
know
we-
we
realize
that
the
collection
of
increments
from
other
entities
and
other
budgets
is
always
very
sensitive.
We're
always
appreciative
and
recognize
those
impacts,
but
it
is
important
to
note
that
both
within
the
administrative
side,
as
well
as
the
request
at
ten
years,
we
we
do
have
the
opportunity
to
go
back
and
and
if
this
project
area
either
has
greater
needs
or
starts
taking
off
or
an
opportunity
presents
itself.
There
is
always
that
opportunity
to
go
back
and
ask
to
amend
that
budget.
J
So
I
think
we
recognize
that
the
county
recognizes
that
as
part
of
their
process
and
and
we're
not
afraid
of
obviously
being
held
to
a
higher
standard
or
benchmarks
that
that
we
perform
to
so
we
will,
we
will
do
our
job
and
then
we
will
leave
that
possibility
open
in
the
future
if,
if
it
warrants
it
or
generates
it
that
we
can
prove
a
benefit
of
having
a
higher
participation.
So.
G
All
right
board
remember
my
nose.
You
had
a
question
right,
yeah.
E
I
think
I
had
a
question
about
the
performance
benchmarks.
I
I
actually
like
the
idea
of
having
performance
benchmarks
set
up
at
the
beginning
of
a
project
area
just
because
it
has
you
know
it's
a
few.
I
agree
with
council
board
member
dugan
that
if
they
were
a
little
bit
more
measurable,
it
might
be
good,
but
I
like
the
idea
that
there's
these
benchmarks-
I
like
the
benchmarks
specifically
as
well,
but
I
did
have
a
question
about
how
those
were
determined.
E
I
get
that
negotiation
between
different
agencies
and
different
different
governmental
agencies
is
probably
complicated
and
logistically.
It
needs
to
happen
between
like
staff
members
like
county
staff
and
our
nrda
staff
talking
to
each
other,
but
those
three
benchmarks,
while
I
agree
with
them
in
this
case,
seem
like
pretty
big
policy
discussions
for
the
direction
of
that
project
area.
E
So
I'm
wondering
where
that
happens,
and
if
this
becomes
the
model
for
the
future,
how
can
that
be
more
of
a
public
discussion
that
happens
with
the
board
and
then
my
last
second
question
is
specific
to
those
benchmarks.
E
I'm
reading
in
the
text
that
says
construction
of
80
blah
blah
blah
specific
to
the
project
area,
so
these
three
programs
will
be
constructed
specific
to
the
project
area,
but
those
seem
like
programs
that
we
want
to
have
city-wide
in
some
cases
or
they
may
be
so
does
that
mean
we're
not
hitting
our
performance
benchmark
if
we
create
a
citywide
adu
program,
not
us
a
nine
line
specific
ad
program,
so
those
are
two
separate
questions.
I
think.
O
I
can
speak
to
the
performance
benchmarks
a
little
bit
and
we
worked
in
collaboration
with
county
staff
looking
at
the
nine-line
cra
plan
and
goals
within
that
plan,
and
the
anti-displacement
strategy
is
an
example.
I
think
that's
actually
listed
in
the
plan
as
a
goal
and
also
sustainable
development,
and
the
adu
policy
is
something
that
could
kind
of
facilitate
preventing
displacement.
O
So
those
are
things
that
we
kind
of
brainstormed,
with
the
county
thought
aligned
with
our
cra
plan
and
also
aligned
with
the
county's
in
ila
interlocal
agreement
or
participation
policy,
so
things
that
what
they
really
wanted
to
see
as
well.
So
that's
where
those
kind
of
came
from
and
then
in
terms,
could
you
remind
me
the
second
question.
E
I
guess
I
mean,
I
think
the
second
part
of
the
first
question
was:
if
this
is
the
model
for
future
areas,
how
did
those
benchmarks
become
a
little
more
of
a
public
discussion
or
something
that
that
everyone
can
sort
of
participate
and
contribute
to,
and
then
the
benchmarks
say?
The
second
question
is
the
benchmark
says
that
these
programs
need
to
be
specific
to
the
project
area
when
it
seems
like
we
may
want
to
extend
them
throughout
the
city,
potentially.
O
Yeah,
that's
right
and
I
think
from
our
perspective,
especially
the
sustainability
policy,
the
anti-displacement
policy.
Those
are
things
that
we
will
look
at
kind
of
city-wide
and
project
area-wide
in
the
rda,
but
then
hone
in
on
the
nine
line
to
meet
this
benchmark
standard
specifically
for
this
agreement.
But
we
will
initially
take
a
more
holistic
approach
and
then
zoom
in.
If-
and
I
don't
know
if
tammy
and
danny
have
anything
to
add.
N
Yeah,
I
can
add
just
that
the
adu
program
is
also
contemplated
in
the
nine
line
cra
plan.
So
in
those
negotiations
with
county
staff,
we
were
very
aware
that
there
was
a
plan
that
has
already
been
it's
gone
through
a
public
process.
It's
already
been
adopted
by
the
rda
board.
So
we
wanted
to
make
sure
that
all
three
of
those
benchmarks
aligned
with
policy
that
you
all
had
already
adopted-
and
I
think
lauren's
exactly
right.
N
N
We
just
need
to
show
that
we're
taking
the
needs
and
the
opportunities
within
the
nine
line
into
account,
like
the
adu
program
within
the
cra
plan,
is
contemplated
as
a
solution
for
that
area,
not
only
in
sustainability
and
diversifying
the
housing
type,
but
the
demographic
in
the
neighborhood.
It
could
be
a
good
opportunity
to
help
out
with
like
multi-generational
families
and
things
of
that
nature,
so
we'll
definitely
make
sure
to
tailor
the
programs
to
the
needs
of
the
neighborhood.
G
I
Yeah,
madam
chair,
it's
board.
Member
rogers.
I
move.
The
council
approve
a
resolution
authorizing
an
inter-local
agreement
between
selling.
Actually,
I
should
say
the
board
approve
a
resolution
authorizing
an
a
local
agreement
between
salt
lake
county
and
the
salt
lake
city
redevelopment
agency
for
a
portion
of
property
tax
increment
to
support
the
nine
line.
Community
reinvestment
area
plan
and
implementation.
C
G
P
G
C
G
C
G
G
Is
the
resolution
for
the
disposition
of
real
property
for
block
70
project
area
development,
danny
jim,
serene
and
lauren
parisi
are
at
the
table
and
we
will
have.
We
also
have
raj
rajusha,
the
owner
of
the
walkers
walker
center
and
diane
banks.
The
attorney
representing
the
owner.
J
Thank
you,
madam
chair.
I
think
we
just
have
diane
with
us
today.
I
think
raju
had
a
conflict
and
so
diane
will
be
serving
as
the
owner
representative.
If
the
board
has
any
questions
with
regard
to
that
in
the
interest
in
time.
I'll
try
to
be
quick,
but
I
know
there's
a
lot
of
questions
on
this,
so
I
want
to
make
sure
we
provide
enough
information.
J
I
believe
we
submitted
a
few
pictures,
pull
those
up
that
provide
a
little
context
of
the
property
we're
talking
about,
and
this
is
a
request
for
consideration
of
approval
over
resolution
authorizing
the
right
down
for
the
sales
price,
on
the
disposition
of
3
100
square
feet
of
property,
which
resides
underneath
the
underhang
of
the
walker
center
parking
garage.
So
this
first
slide
provides
a
little
context
for
block
70..
J
The
outline
in
yellow
is
essentially
the
property
that
the
agency
owns.
They
we
own
it
in
conjunction
with
both
the
county
and
the
city
for
the
eccles
theater,
essentially
now
at
least
as
far
as
the
balance
sheets
show,
but
the
ownership
is
still
underneath.
The
agency,
the
the
red
dotted
line,
represents
the
parcel
that
we're
talking
about
today,
which
resides
under
the
the
overhang
for
the
parking
garage
you
go
to
the
next
slide,
please
this
is
going
back
and
forth.
This
is
the
space
that
we're
talking
about.
J
It
should
be
noted
that
we,
we
literally,
are
just
talking
about
the
airspace
underneath
that
overhang,
you
can
see
on
the
right
side
of
the
photo,
which
is
the
western
parcel
that
is
currently
occupied
by
the
backup
generator
for
the
eccles
theater,
as
well
as
the
trash
compactor
for
the
eccles
theater,
which
is
also
shared
with
some
of
the
surrounding
property
owners.
J
The
eastern
half,
which
is
the
open
area,
is
currently
being
used
and
it's
fenced
off
being
used
primarily
as
vehicles
and
storage
for
theater.
U
theater
use
as
well
as
used
by
one
of
our
retail
tenants.
The
next
slide
shows
just
a
slightly
different
angle,
as
it
relates
to
the
mccarthy
plaza
to
the
right.
You,
you
see,
the
smoke
stack,
that's
attached
to
the
newmont
college
building
and
then
on
the
far
edge
is
the
theater
loading
docks
there.
So
that
is
the
property
we're
talking
about.
J
J
J
We've
also
had
ongoing
conversations
with
the
owner
as
far
as
changing
the
scope
and
the
use
of
that
parcel,
so
we
had
initiated
conversations
to
amend
that
purchase
and
sale
agreement
and,
as
part
of
that
amended
agreement,
rda
staff
is
proposing
to
honor
that
agreement
and
keep
the
price
constant.
However,
we
recognize
that,
due
to
the
fact
that
an
appraised
value
updated
at
this
point
now
represents
a
discount
from
that
originally
negotiated
price.
As
per
our
land
disposition
policy,
we
need
to
get
board
approval
for
any
discount
over
10
percent.
J
Our
staff
memo
indicates
that
we
were
underway
with
an
appraisal.
We
have
received
that
updated
appraisal.
It
provides
an
overall
value
of
the
entire
3
100
square
feet
of
just
around
100
000,
which
now
represents
a
reduction
of
43
000
from
our
agreed
upon
price
with
the
owner
of
the
walker
center.
So
where
this
represents
a
discount
greater
than
10,
we
need
board
approval
before
we
proceed
with
the
sale.
J
So,
at
the
end
of
the
day,
if
that
conveyance
reduces
it
down
to
80
or
85
000,
then
our
actual
reduction
that
we're
asking
approval
of
the
board
for
is
somewhere
in
the
neighborhood
of
23
to
twenty
eight
thousand
dollars
so
still
more
than
the
ten
percent,
but
it
will
come
down
slightly
as
far
as
us
retaining
some
of
that
property.
J
The
reasons
this
is
before
you
today
is
our
goal,
as
an
agency
is,
is
simply
to
secure
the
perpetual
use
for
the
compactor
and
the
generator
and
then
provide
some
storage
for
mccarthy
plaza.
We
we're
trying
to
honor
that
commitment
to
as
part
of
our
negotiations
with
the
property
owner.
This
is
a
property
that
the
agency
came
to
own
as
part
of
a
much
larger
assemblage,
putting
together
for
the
eccles
theater.
J
This
is
not
a
piece
that
we
ever
specifically
went
out
and
bought
or
pursued
as
part
of
a
revenue
stream
as
much
as
this
is
something
that
the
generator
and
the
easement
were
placed
there,
so
that
we
could
maximize
the
the
use
of
mccarthy
plaza
for
activation
and
obviously
just
not
have
it
be
part
of
the
theater
building
for
the
owner.
This
solves
a
boundary
issue
of
simply
owning
all
of
the
property
underneath
the
footprint
of
the
building.
J
This
is
something
that
we
think
makes
sense.
This
is
something
that
the
owner,
as
they
are,
looking
to
start
to
work
towards
refinancing
their
property.
Whenever
they
have
those
conversations
with
banks,
it
becomes
a
question
from
the
banks.
As
far
as
the
underwriting-
and
inevitably
it
always
just
results
in
some
additional
discussion,
negotiation
and
paperwork
and
fees
to
basically
account
for
the
fact
that
they
do
not
own
their
own
footprint.
J
This
owner
has
been
extremely
patient
as
we've
continued
to
work
through
the
process
and
and
try
to
evaluate
how
we
felt
was
best
to
move
forward
as
an
agency
with
regard
to
whether
this
would
ultimately
be
needed
for
the
theater
use
or
to
what
extent
we
would
want
or
need
it
for
the
mccarthy
plaza.
So
they
do
share
our
vision
in
activating
the
space
and
and
having
it
be
a
benefit
to
the
surrounding
plaza,
and
they
have
been
a
very
good
partner
for
the
theater,
in
the
plaza,
as
far
as
they
have
granted
the
city.
J
The
easement
for
the
public
art
on
the
side
of
their
their
building,
as
well
as
the
impact
of
having
the
generator
and
the
compactor
underneath
their
building.
So,
given
the
nature
of
the
property,
we
feel
that
this
discount
is
justified
when
we
take
into
account
the
storage
that
we
will
probably
carve
into
it
and
the
amount
of
the
discount
being
reduced
further,
it
seems
to
to
not
make
sense
to
dispose
of
this
property
to
any
other
buyer.
G
All
right,
then,
is
it
customary
that
we
listen
to
the
applicant
or
the
representative,
or
should
we
move
on
with
the
board
member's
question.
J
We
indicated
to
diane
that
she
can
be
here.
If
there
are
questions,
I
don't
know
if
she
has
anything
to
speak
to
specifically
for
the
owner,
but
for
this
we
just
wanted
to
make
sure
she
was
available
if
the
board
had
any
questions.
All.
G
Okay,
dan
go
ahead.
F
J
That
that
is
the
fundamental
question
and
I
see
diane
eagerly
leaning
forward,
so
she
probably
has
the
specific
history
on
it
and
and
can
provide
that
answer.
If
that's
all
right,
madam
chair.
H
Let
me
take
that
question
so,
mr
dugan,
this
the
walker
center
parking
garage
was
built
in
about
1958
and
59,
and
it
was
built
partially
on
land
that
was
owned
by
the
owner
of
the
walker
center
and
partly
on
land
that
was
ground,
leased
and
partly
on
air
rights
leases,
and
I
know
that's
a
really
unusual
concept
for
here
in
salt
lake
and
believe
me.
I've
really
struggled
with
it
when
we've
financed
the
property
and
so
forth.
H
Like
that,
mr
dugan,
does
that
answer
your
question.
F
H
They
were
paying
the
predecessor
to
deseret
news
or
kern's
tribune.
I
think
it
was
and
at
some
point
in
time,
walker
center
holdings
purchased
the
air
right
portion
from
kearns
tribune,
okay,.
F
And
tell
me
about
the
generator
side
of
the
house,
so
basically
we
would
be
able
to.
Are
we
leasing
that,
or
is
that
just
we're
allowed
to
keep
that
there?
As
as
the
goodwill?
As
far
as
the
write
down
I
mean.
H
What
we
would
do
is
not
just
goodwill.
There
would
actually
be
an
easement,
a
permanent
easement,
that's
recorded
against
the
property
that
allows
both
the
generator
and
the
dumpster
and
then,
in
addition,
danny,
you
didn't
mention
the
point
that,
when
the
generator
was
installed,
the
whoever
installed
it
actually
installed,
ductwork
for
the
generator
up
the
side
of
the
property,
that's
owned
by
walker
center,
and
that
came
as
kind
of
a
surprise,
because
we
hadn't
been
approached
before
that
and
that's
what
actually
triggered
the
conversations
back
in
2016.
G
All
right
dan
does
that,
should
they
have
another
one.
F
J
No
any
any
further
reduction
from
the
appraised
values
is
not
necessarily
a
reduction
of
the
appraised
value
as
much
as
a
reduction
in
terms
of
how
much
of
a
discount
it
is.
The
the
owners
have
indicated
that
we
can
carve
out
a
small
piece
for
storage,
and
so
obviously,
if
we
continue
to
retain
the
rights
of
that,
then
that
just
basically
reduces
the
size
of
developable
land.
That
is
the
result
for,
for
them.
J
We
would
incorporate
within
that
that
storage
space,
what
we're
currently
using
part
of
that
space
for
now
and
then
the
parking
spaces
right
now
are
being
used
primarily
because
they
just
exist.
We
don't
need
their
continued
existence
as
much
as
obviously,
we've
had
to
fence
it
off
and
we
we
do
allow
people
to
park
there
for
the
theater
operations,
but
that's
not
necessarily
to
continue,
and
we
have
other
ways
to
provide
that
parking.
G
Okay,
all
right
anyway,
okay,
mr
wharton,
go
ahead.
P
Yeah,
I
was
just
wondering
why,
if
we
anticipate
that
we're
gonna
need
the
area
for
storage
to
more,
to
better,
engage
mccarthy,
plaza
and
and
we're
just
gonna
do
a
permanent
easement.
P
Why
doesn't
it
make
sense
just
for
us
to
to
keep
the
situation
the
way
that
it
is?
I
I
understand
that
there
are
finite
potential
financing
issues
as
what
was
explained
in
the
memo,
but
let's
say
that
maybe
I'm
not
understanding
what
what
finance
issues
that
would
be,
but
let's
say
that
they
wanted
to
someday
like
rebuild
the
structure
wouldn't,
and
that
was
the
financing
issue
that
they
wanted.
P
J
I
would
think,
given
that
they've
invested
in
the
purchase
of
the
airspace
and
they
have
a
parking
structure
and
there's
a
certain
efficiency
ratio,
probably
associated
with
that,
that
they
probably
want
to
continue
to
be
able
to
utilize
those
airspace
that
they
have
rights
to
for
any
future.
Rebuilding
of
the
parking
structure.
J
I
obviously
can't
speak
to
what
their
plans
are,
but
with
regard
to
our
property
and
and
the
use
our
number
one,
priority
would
be
to
to
try
to
have
an
active
use
there
in
some
regard
and
that's
what
we
kind
of
went
back
and
forth
with
in
our
conversations
with
the
owner.
J
We
we
recognize
that
we
probably
need
a
minimum
amount
of
storage
and
that
storage
would
primarily
be
for
things
like
storing
the
tables
and
chairs
in
the
winter
and
or
supplies
that
are
used
to
maintain
and
clean
the
plaza,
as
well
as
maybe
some
storage
for
our
retail
tenant
there
right
right
on
the
corner
of
the
echo's
theater
building.
So
we
don't
anticipate
that
needing
to
be
a
lot
and,
and
our
preference
would
be
probably
to
have
a
more
active
use
there
than
just
a
passive
storage
unit.
J
So
we
see
the
ability
to
have
both
and
and
the
owners
have
indicated,
that
they
have
looked
at
that,
and
that
is
something
that
they
would
like
to
do
as
well
and
so
we're
kind
of
looking
at
it.
Solving
you
know
multiple
problems
with
one
transaction
while
still
providing
us
the
ongoing
use
and
security.
We
need
for
the
plaza
in
the
theater.
P
P
Does
it
make
sense
right
now
to
make
a
decision
about
what
to
permanently
do
with
something?
When
we,
when
we
with
a
piece
of
what
we're
dealing
with
when
we
don't
know
what
we're
going
to
do
with
the
greater
piece
I
mean
when
we
don't
have
more
specific
plans
about
the
greater
piece
like?
Would
it
be
better
to
come
up
with
more
specific
plans
about
the
greater
piece?
P
J
Now
that
that
is
an
excellent
point
and
that's
essentially,
what
has
one
of
the
reasons
that
our
purchase
and
sale
lapses,
because
those
improvements
to
mccarthy
are
what
we
have
been
working
on?
We
do
have
those
now
we
have
a
really
good
sense
of
what
that
next
level
improvements
are
going
to
be.
G
Okay,
all
right
board
members,
any
other
questions
mano
go
ahead.
E
I
guess
a
couple
of
thoughts
I
mean,
I
think
we
just
approved
the
option
of
long-term
ground
leases
for
land
disposition.
I
wonder
if
that
was
considered
for
this,
but
then
I
guess
I
don't
know
it
just
feels
like
a
very
the
principle
of
discounting
the
sale
price
of
property
owned
by
the
taxpayers
essentially
seems
like
I
don't.
I
guess
I
don't
understand
why
we're
doing
it
in
this
case,
it
doesn't
seem
to
me,
like
whatever
financial
deals
is
needing
to
happen,
is
gonna
be
undone
like
forty
thousand
dollars.
J
No,
that's
that's
a
great
question
and
I
would
say
that
we
we
explored
all
options
from
you
know
doing
a
lease
back
from
them
having
them
lease
it
from
us.
Obviously,
the
the
presence
of
the
perpetual
easement
always
provides
an
interesting
component
as
well,
and
in
the
end
we
went
with
what
we
felt
was
the
simplest
approach,
which
is
convey
ownership
of
the
property
to
the
building
so
that
it
it
coordinates
with
the
footprint
of
their
building.
J
That
presents
a
much
easier
structure
and
management
moving
forward.
You
know,
diane
can
probably
speak
to
it
more
specifically
we're
not
implying
that
every
time
they
they
go
and
do
a
refinance,
it's
some
huge
hurdle
to
get
over,
but
but
it
certainly
does
add
to
the
conversation
and
and
the
discussion,
and
ultimately,
probably
the
expenses
for
doing
that.
That's
that's
not.
J
You
know
the
primary
reason
as
much
as
that's
obviously,
one
of
the
motivators
for
for
the
buyer,
as
well
as
just
the
opportunity
to
to
have
a
complete
ownership
of
basically
their
building
footprint,
and
outline
so
and-
and
I
should
say
that
if
we
as
an
agency
had
had
held
up
our
deadlines
and
done
the
work
we
would
have
done,
you
know
a
year
and
a
half
ago,
this
would
have
been
a
market
transaction.
J
J
This
would
have
just
been
a
market
transaction,
and
I
feel
strongly
that
we
we
should
honor
that
we
should
honor
that
price
we've
negotiated
with
the
owner
and
in
doing
so
we
recognize
that
we've
had
to
get
an
updated
appraised
value
and
that
there
is
now
a
discount
aspect
to
it.
But
we
think
the
the
situation
of
the
property
and
the
the
benefits
and
us
already
accomplishing
the
goals
we
set
out
to
accomplish
that.
It
makes
sense
to
just
honor
that
transaction
and
sell
it
at
the
price
we
agreed
to.
G
Okay,
so
I
I
I
have
a
question
a
question,
so
if,
if
they
give
us
the
perpetual
easement
on
this
little
storage
space
that
you
want
then
or
that
we
want
for
storage
plus
the
last
one
that
we
already
have,
where
the
compactor
I
mean
that
does
that
like
does
that
affect
any
of
the
financing
for
them
I
mean
what's
the
value
to
to
the
building.
Maybe
this
is
a
question
for
diane.
I
mean
what.
G
Does
that
make
sense
like
so
you
will
own
a
portion
of
this
property
that
you
can
never
develop.
So
why
would
you?
Why
does
it
matter.
H
It's
a
lot
easier
to
explain.
You'll
recall
mr
dugan's
question
kind
of
right
out
of
the
shoot
when
we
started
this
conversation-
and
he
said
explain
this:
why
is
the
air
right
separate
from
the
ground
and
that's
exactly
what
we
get
from
lenders?
We
have
to
refinance
this
property
in
march
and
whenever
you
refinance
it
and
the
lender
say
hey
why
why
have
you
got
an
air
right
here?
Why
don't
you
own
the
surface?
It
just
makes
the
whole
transaction
much
more
difficult.
H
I
don't
really
think
it
has,
but
he
wants
to
get
an
appraisal.
He
wants
this
to.
He
needs
to
follow
the
protocols
that
the
rda
needs
to
follow
and
we're
very
comfortable
that
he's
doing
that.
We
think
it's
appropriate,
but
we
also
think
it's
appropriate
that
the
purchase
agreement
that
we
entered
into
should
be
honored
because
it
hasn't
been
our
delay.
That's
caused
the
need
to
come
back
for
a
new
appraisal.
G
J
J
But
as
we
started
finally
getting
back
into
the
conversations
with
raju
on
on
the
sale,
we
recognized
that
one
we
had
not
performed
under
that
agreement,
as
as
the
deadline
stipulated
to
that.
J
If
we
were
going
to
go
by
the
strict
letter
of
the
law
with
the
disposition
policy
that
we
probably
needed
to
update
the
pilot,
the
appraisal
and
then
in
doing
that,
we
fully
anticipated
that
our
negotiated
price
was
going
to
represent
a
discount.
And
so
it's
at
that
time
that
rda
staff
and
and
allison.
A
Yeah-
and
I
I
just
want
to
add
a
little
bit
of
clarity
to
this-
is
that,
like
danny
had
mentioned
earlier
in
2019,
the
parties
executed
a
purchase
and
sale
agreement,
but
the
purchase
and
sale
agreement
was
for
only
half
of
the
property
and
the
appraised
value
was
a
at
about
56,
000
and
so
under
rda
policy,
because
it
was
at
fair
market
value
for
that
smaller
piece
of
property.
A
It
did
not
need
to
come
to
the
board
for
approval,
but
here
the
walker
center
would
like
to
purchase
the
whole
piece.
That's
underneath
the
walker
center,
which
is
about
3
000
square
feet.
A
So
it's
much
it's
almost
twice
as
much,
and
because
of
that,
we
we
got
a
new
appraisal
to
evaluate
the
whole
cost
of
that
piece
of
property,
and
so
you
know
diane
was
saying
that
she's
fine
to
honor
the
agreement,
but
you
know
our
understanding
is
if
we,
if
she
wants
to,
and
her
client
wants
to
purchase
the
whole
piece
underneath
the
overhang,
the
purchase
and
sale
agreement
needs
to
be
amended
anyway
or
and
if
we're
going
to
honor
that
original
price,
then
that's
what
we're
here
for
the
board
to
give
approval
on
based
on
the
property
disposition
policy.
G
Sure,
real,
quick
and
then
darren-
and
I
have
more
questions
too,
but
we
have
to
move
on
go
ahead.
Then.
H
At
the
time
that
we
entered
into
the
purchase
agreement,
nobody
really
knew
how
much
square
footage
there
were.
There
was
so
on
the
first
page.
It
says
approximately
such
and
such
square
feet
to
be
determined
by
the
survey
and
the
survey
was
supposed
to
be
attached,
but
then
the
survey
has
only
recently
been
done
and
I
think
dan
would
agree.
H
Everyone
thought
that
what
we
were
using
in
the
purchase
agreement
was
the
whole
thing,
but
even
going
beyond
that
to
now
the
new
appraisal,
the
part
that
isn't
included
in
that
original
agreement
that
allison
is
referring
to
under
the
new
appraisal.
The
appraiser
is
only
valuing
that
at
ten
thousand
dollars,
so
even
if
you
looked
at
it
that
way,
it
would
be
56
plus
66
would
be
a
total
of
66.
G
Okay,
thank
you.
Darren.
E
Yeah,
I
have
more
questions
that
related
to
the
appraisal
and
how
that
all
works,
but
before
I
ask
them
I
do,
I
know
we're
really
late
on
time.
Do
we
want
to
keep
going
now,
or
should
we
reschedule
this?
I
just
want
to
take
more
time
questions,
but
I
do
have
questions
before
I'm
ready
to
to
approve
it.
G
Me
too,
I
think
to
me
it's
to
me:
it's
we're
talking
about
land
disposition
at
prime,
real
estate,
downtown
salt
lake
city,
and
it's
it's
very
important,
at
least
for
me
as
a
fiduciary
agent
or
responsibility
that
we,
if
we
were
to
dispose
that
it's
fair
to
the
taxpayers
of
salt
lake
city
and
because
it's
so
unclear
and
because
I
can
see
other
possibilities
to
activate
this
plaza
and
by
us,
owning
it
and
not
disposing
of
it.
G
If
that's
danny
or
or
somebody
from
council
staff,
do
we
need
to
struggle
or
do
we
going
to
strawball
on
this
or
or
do
we
just
move
on?
Madam.
H
Chair,
it's
at
your
discretion
as
chair,
so
you
you
can
continue
this
recognizing
that
it
is
the
preference
of
the
requester
that
you
get
it
adopted
tonight.
If
the
board's
not
ready
to
do
that,
then
you
can,
just
by
by
virtue
being
the
chair.
Refer
this
to
a
future
meeting
for
further
discussion.
G
Okay,
just
by
a
nodding
is
everybody
at
the
board.
Okay,
with
this.
I
Do
it
I
don't
know
if
they're
really
questions
more
of
comments,
and
I
came
into
this
conversation,
this
discussion
completely
open-minded
because
I
thought
the
same
thing
and
the
same
concerns,
but
to
be
completely
honest
with
you.
I
believe
diane
has
swayed
persuaded
me
due
to
the
fact
that
the
rda
from
2016
in
a
different
administration
completely
sidetracked
and
derailed
this
from
her.
I
can
speak
from
experience
that
with
the
public
market
at
the
fairgrounds.
I
I
had
that
same
experience,
so
for
me
that
I'm
completely
fine
moving
forward
with
this
after
explanations
from
danny,
you
know
really
it's
it's
not
going
to
be
anything
to
benefit
the
city
there,
except
for
actually
use
it
for
what
its
purpose
is
and
to
activate
the
the
plaza.
So
I
appreciate
danny
and
his
presentations
for
me
personally
moving
forward
and
diane.
I'm
sorry
that
you
had
to
experience
the
same
thing
that
I
did
with
the
rda
in
the
prior
administration.
G
All
right,
I
I
understand
I'm
not
trying
to
be
difficult.
I
just
want
to
make
sure
that
we
do
look
at
all
possibilities
and
that
what
we're
disposing
of
it's
fair
or
for
our
city
and
our
residents
and
the
taxpayers,
and
so
that's
why
I
still
have
I'm
not
convinced
about
it,
and
I
would
like
to
do
this
at
a
later
time.
I'm
sorry
about
that.
H
G
I
don't
think
we're
member
well,
I
could
see
mano
dugan
and
wharton
and
myself
and
then
rogers
is
a
no.
I
don't
father
is
absent
and
then
johnston
is
absent
forward
to
the
next
meeting.
With
this
project.
G
You
should
make
a
resolution,
I
promise
it's
just.
It
just
needs
more
information,
all
right,
we're
moving
on
to
let's
see
the
next
project
and
it
is
actually
we're
gonna
have
to
unfortunately
move
on,
remove.
We
won't
be
able
to
get
to
number
six
and
number
seven,
which
will
also
be
in
our
next
meeting,
and
we
will
do
the
solix,
the
number
eight
rda
audit
review
and
approval
for
fiscal
year,
2019
and
20,
and
then
jennifer
bruno,
I'm
not
sure
she's
here
for
this.
H
We
can
just
ask
the
rda
staff
to
do
the
introduction.
The
board
plays
a
major
role
in
funding
the
audit
and
in
hearing
the
audit
and
adopting
a
resolution
relating
to
it
great.
J
Yeah
happy
to
give
a
real
brief
overview.
The
reason
this
is
back
before
you
as
a
board
here
in
january,
is
because,
in
december
you
were
reviewing
and
approved
a
draft
of
the
audit
as
well
as
that
meeting
had
some
notification
issues,
and
so
we
felt
just
to
kind
of
make
sure
we
had
the
formal
stamp
on
this.
That
we
would
ask
you
to
take
action
on
the
audit
as
it
is
now
finalized.
It
has
already
been
sent
out
and
distributed
as
per
17c,
but
just
to
make
sure
we
followed
protocol.
J
We
felt
that
it
was
appropriate
to
have
a
formal
vote
on
this
and
just
approve
it
as
final
form.
Thank
you.
P
I
move
that
we
adopt
and
or
excuse
me
that
we
approve
the
rda
annual
audit
for
2019..
Second.
G
All
right,
we
have
a
motion
by
remember:
wharton,
the
second
byte
dugan
roll
call,
rogers.
I
E
G
E
G
And
I'm
a
yes,
I
don't
see
johnston
here.
Are
you
here
andrew?
C
Board
member
johnston
had
to
leave
for
another
meeting,
but
he
said
he
would
be
back,
but
we're
still
waiting
for
him
to
return.
G
All
right
great,
we
are
going
to
move
on
to,
let's
see,
do
we
where,
where
what
do
we
do
in
this
meeting
up
but
for
well,
we're
gonna
have
to
also
move
item
number
nine
to
our
next
meeting,
and
so
we're
going
to
go
to
item
number
10,
which
is
a
motion
to
me
remotely
without
an
anchor
location.
P
G
Right
a
motion
by
customer
wharton
and
second
by
board
member
sorry
dugan.
I
want
to
roll
call
and
we're
going
to
start
with
wharton.
E
G
E
F
G
Moving
on
to
item
11
report
announcements
from
the
executive
director
danny:
do
you
have
anything
for
us.
J
I
was
looking
to
see
if
the
mayor
was
on
or
if
rachel
or
lisa
wanted
to
say
anything.
I
don't
see
the
mayor
on,
but
I
have
just
a
few
quick
updates.
If
that's
all
right,
madam
chair.
G
J
Real
quickly,
in
the
interest
of
time,
I
just
wanted
to
inform
the
board
that
we
have
closed
on
the
disposition
of
the
255
south
state
street
property.
We
met
the
deadline
by
the
end
of
the
year.
J
This
was
a
herculean
effort
that
involved
the
closing
not
just
on
our
disposition,
but
obviously
all
of
the
tax
credit
financing,
their
primary
financing
and
all
of
our
loans
and
sellers,
and
so
this
was
arguably
probably
one
of
the
largest
transactions
we
as
an
agency
have
done,
and
it
took
a
huge
team
effort
led
by
court
in
our
office
along
with
corrine,
robin
and
rachel.
I
want
to
make
sure
we
especially
thank
the
attorney's
office.
J
Allison
and
kimberly
were
very
instrumental
in
preparing
these
documents
and
together,
along
with
cindy
liu,
it's
my
understanding.
They
were
in
city
hall
until
10
o'clock,
one
night
copying
the
documents
and
helping
this
transaction
go
through,
so
we
would
not
have
been
able
to
do
it
without
everyone's
help.
So
I
want
to
make
sure
the
board's
aware
that
we
pulled
it
off.
Thank
you
again
for
all
of
your
support.
The
developer
has
already
given
the
notice
to
proceed
to
their
contractor
and
you
see
equipment
on
the
site
already,
so
that
project
is
underway.
J
Thank
you
again
for
all
of
your
help
in
that,
and
then
only
other
update
was
that,
as
per
the
city
council
approval
within
the
budget
amendment
allocating
seven
hundred
thousand
dollars
in
kara's
act
funding
to
the
rda.
J
We
were
successful
in
distributing
every
dollar
of
that
to
19
of
our
recipients,
and
we
did
that
as
well
within
just
a
matter
of
a
few
weeks
to
meet
that
deadline,
and
so
the
end
of
the
year
was
not
slow
for
us
in
the
rda
but
wanted
to
make
sure
you
understood
that
we
did
provide
that
much
needed
assistance
and
got
that
out
the
door.
So
thank
you
again
for
that
and
unless
there's
any
questions,
that's
the
extent
of
our
updates.
G
That's
great,
does
anybody
have
any
questions
on
those
items?
I
want
to
say.
Congratulations,
that's
awesome!
Wow!
That's
really!
I'm
excited
to
see
that
project
on
state
street
move
forward.
It's
been
there
right
for
a
long
time.
It's
lingering.
So
I'm
excited
to
see
that
and
then
the
19
recipients
did.
We
get
a
a
briefing
of
who
and
where
already
or.
J
We
did
not.
We
can
certainly
provide
that
information
to
the
board
if
you're
interested
in
seeing
that,
and
so
maybe
that's
something
we
can
provide
in
one
of
our
updates
to
you,
madam
chair,
and
and
be
happy
to
provide
some
background
on
on
how
that
came
about.
G
That
would
be
great.
Thank
you
all
right.
Moving
on
to
item
number
12
report,
announcements
from
rda
staff.
G
Okay,
so
are
they
here
or
that?
That's
all
you
had
that's
all
you
had.
G
G
G
H
Yeah
and
I'm,
if
I
could
just
say,
I'm
not
sure
if
amy
will
be
back,
and
so
we
are
coordinating
with
james
councilmember
rogers
to
conduct
the
next
meeting
as
the
vice
chair,
councilmember
rogers.
Do
you
want
to
take
a
10-minute
break.