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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-2-2018
Interlocal Agreement Authorizing Use of a Portion of Tax Increment to Support the Implementation of the Northwest Quadrant Community Reinvestment Area Plan
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ADOPTING AN INTERLOCAL AGREEMENT AUTHORIZING USE OF A PORTION OF TAX INCREMENT TO SUPPORT THE IMPLEMENTATION OF THE NORTHWEST QUADRANT COMMUNITY REINVESTMENT AREA PLAN
WHEREAS, pursuant to Chapter 5, Community Reinvestment, of Title 17C of the Utah Code (the “Act”), the RDA may approve a Community Reinvestment Project Area Plan (“CRA Plan”) for the purpose of supporting community revitalization within a designated project area.
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City (the “RDA”) has approved the Northwest Quadrant 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 utilized to carry out community reinvestment activity that will catalyze private development within the Project Area.
WHEREAS, tax increment funds and private development will generate economic growth and create employment opportunities.
WHEREAS, the Northwest Quadrant Master Plan calls for the area to be an ecologically-oriented industrial park that is an economic engine for the city, region, and state.
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.
WHEREAS, the RDA desires to execute an interlocal agreement with the City in which the City will consent to the RDA being paid its share of the tax increment from the Project Area.
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:
AN INTERLOCAL COOPERATION AGREEMENT BETWEEN SALT LAKE CITY CORPORATION AND THE REDEVELOPMENT AGENCY OF SALT LAKE CITY [NORTHWEST QUADRANT PROJECT AREA TAX INCREMENT], EFFECTIVE ON THE DATE IT IS SIGNED BY ALL PARTIES.
2. Jacqueline M. Biskupski, 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 9th day of January, 2018.