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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-14-2020 of 2020
Interlocal Agreement Authorizing Use of a Portion of Tax Increment to Support the Implementation of the 9 Line Community Reinvestment Area Plan
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY AUTHORIZING THE EXECUTION OF AN INTERLOCAL AGREEMENT AUTHORIZING USE OF A PORTION OF TAX INCREMENT TO SUPPORT THE IMPLEMENTATION OF THE 9 LINE COMMUNITY REINVESTMENT AREA PLAN
WHEREAS, pursuant to Chapter 5, Community Reinvestment, of Title 17C of the Utah Code (the “Act”), the Redevelopment Agency of Salt Lake City (“Agency”) may approve a community reinvestment project area plan for the purpose of supporting community revitalization within a designated project area.
WHEREAS, the Board of Directors of the Agency approved the 9 Line Community Reinvestment Area (“Project Area”) to facilitate the capture of tax increment within the boundaries of the Project Area which is further depicted in Exhibit A.
WHEREAS, tax increment will be used to support commercial corridors and employment hubs to support living-wage jobs; attract and expand neighborhood retail and services; provide an array of housing choices to meet the needs of current residents while attracting new residents including new families; and increase neighborhood livability and safety.
WHEREAS, Salt Lake City Corporation (the “City”) is considering approving the use of its tax increment from the Project Area to support the community revitalization activities in accordance with the Act, and doing so will require authorization of an interlocal agreement between the City and the Agency.
WHEREAS, the parties desire to execute the interlocal agreement in which the City will consent to the Agency being paid its share of the tax increment from the Project Area and will detail the Agency’s collection period for the tax increment. The interlocal agreement does not create an interlocal entity.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of Salt Lake City:
1. It does hereby approve the execution and delivery of the following:
INTERLOCAL COOPERATION AGREEMENT BETWEEN SALT LAKE CITY CORPORATION AND THE REDEVELOPMENT AGENCY OF SALT LAKE CITY [9 LINE COMMUNITY REINVESTMENT AREA TAX INCREMENT], EFFECTIVE ON THE DATE IT IS SIGNED BY ALL PARTIES.
2. Erin Mendenhall, Executive Director of the Redevelopment Agency of Salt Lake City or her designee is hereby authorized to approve, execute, and deliver said agreement on behalf of the Redevelopment Agency of Salt Lake City, in substantially the same form as now before the Redevelopment Agency of Salt Lake City Board of Directors and attached hereto as Exhibit B, subject to such minor changes that do not materially affect the rights and obligations of the Redevelopment Agency thereunder and as shall be approved by the Executive Director, her execution thereof to constitute conclusive evidence of such approval.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 29th day of September, 2020.