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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-12-2020
(Adopting the Annual Budget for the Redevelopment Agency of Salt Lake City, Utah
for Fiscal Year 2020-2021)
A Resolution of the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah Adopting the Annual Budget for the Remainder of the Fiscal Year Beginning July 1, 2020 and Ending June 30, 2021.
WHEREAS, the Redevelopment Agency of Salt Lake City (“Agency”) was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act; and
WHEREAS, the Agency has determined it is both necessary and desirable to adopt the 2020-2021Annual Budget; and
WHEREAS, the Board of Directors has determined that the public improvements to be constructed with tax increment in each of the project areas will be of benefit to the project area which generated the tax increment; and
WHEREAS, on May 5, 2020, the Board of Directors adopted the tentative budget by Resolution 11 of 2020; and
WHEREAS, the tentative budget adopted by the Board of Directors and all supporting schedules and data was a public record in the office of the Salt Lake City Recorder, available for public inspection for a period of at least ten days before the adoption of the final budget; and
WHEREAS, the Agency caused a copy of the proposed 2020-2021 Annual Budget to be available for public inspection at least seven days before the hearing a) in at least one issue of a newspaper of general circulation published in Salt Lake County, Utah, b) on the Utah Public Notice Website created in Utah Code Section 63F-1-701, and c) on the City’s publicly viewable Website; and
WHEREAS, at its May 19, 2020, and June 2, 2020 meetings, the Board held public hearing on the budget tentatively adopted, at which hearing all interested persons in attendance or connected remotely were given an opportunity to be heard on the estimates of revenues and expenditures or any item in the tentative budget.
NOW, THEREFORE, be it resolved by the Board of Directors of the Redevelopment Agency of Salt Lake City, that the previously adopted Tentative Budget, as modified by the "Key Changes" attached hereto and made a part of this Resolution, shall be, and the same hereby is, adopted as the Budget of the Redevelopment Agency of Salt Lake City for the fiscal year commencing on July 1, 2020 and ending June 30, 2021.
BE IT FURTHER RESOLVED, that the following budget contingencies are hereby adopted with the Agency's 2020/2021 Annual Budget:
A. RDA Capital Projects – $1,551,748 in capital projects are approved which do not lapse to Fund Balance with the understanding that these will return to the Board when specific project / program proposals are available as follows:
a. $250,000 from Central Business District for Japan Town placed into a holding account.
b. $100,000 from Block 70 for Regent Street Parking Structure Reserve account.
c. $388,981 from Depot District for 100 South Utilities placed into a holding account.
d. $42,681 from North Temple for the required 10% school fund.
e. $270,086 from North Temple for a catalytic development project.
f. $250,000 from Program Income Fund for project area art.
g. $250,000 from Program Income Fund for Gallivan repairs placed into a holding account.
BE IT FURTHER RESOLVED THAT:
A. A copy of said final budget shall be certified and filed in the office of the City Recorder whose permanent office is located at 451 South State Street, Room 415, Salt Lake City, UT 84111 but which office is temporarily located at 349 South 200 East, Salt Lake City, UT 84111. Said final budget shall be available to the public for inspection during regular business hours.
B. A copy of said final budget shall be certified and filed with the Salt Lake County Auditor, the State Tax Commission, the State Auditor, the State Board of Education, and each taxing entity from which the Agency receives project area funds as required by Utah Code Section 17C-1-601.5(6) within 90 days after its adoption.
C. This Resolution shall take effect immediately upon its approval and adoption.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 9th day of June, 2020.