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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-9-2019
2019-20 Annual Budget for the Redevelopment Agency of Salt Lake City
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ADOPTING THE ANNUAL BUDGET FOR THE FISCAL YEAR COMMENCING JULY 1, 2019 AND ENDING JUNE 30, 2020
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.
WHEREAS, the Redevelopment Agency of Salt Lake City has determined it is both necessary and desirable to adopt the 2019/2020 Annual Budget.
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.
WHEREAS, the Agency has caused a Notice of Public Hearing to be published in a newspaper of general circulation for a period of at least one week in advance of the public hearing date.
WHEREAS, the Board of Directors adopted the tentative budget by Resolution No. R-6-2019, on May 7, 2019.
WHEREAS, the Agency held at least one public hearing to consider adopting the Agency’s Annual Budget for the 2019/2020 fiscal year.
WHEREAS, the Agency caused a copy of the proposed 2019/2020 Annual Budget to be available for public inspection during regular business hours in the office of the Agency, in the City & County Building, 451 South State Street, Room 418, Salt Lake City, Utah 84111, for a period of at least three (3) days before the commencement of the public hearing.
WHEREAS, the Agency’s Board of Directors have considered all written and oral statements made at the public hearing objecting to or supporting the Agency's 2019/2020 Annual 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, 2019 and ending June 30, 2020.
BE IT FURTHER RESOLVED, that the following budget contingencies are hereby adopted with the Agency’s 2019/2020 Annual Budget:
A. Housing Funding
Transfer to RDA: Funding that is transferred to the RDA from Funding Our Future dollars is contingent on these funds being transferred on a trial basis for the current budget year, tracked separately in an account labeled Housing Development Trust Fund, and deployed for the purpose of low income and special needs housing, and to accomplish the goals outlined in the GrowingSLC plan.
1. The Council and RDA Board’s intent is to continue its in-depth policy discussion surrounding all aspects of housing in order to create a “one stop” policy for all City housing loan programs that deploy and leverage funding in a more efficient way by consolidating loan application, evaluation, negotiation, processing, and monitoring processes into a single location, so that both City and Developers have a clear understanding of roles and responsibilities.
2. The Salt Lake City Council / RDA Board has requested that the City Administration identify in writing and incorporate any policy, procedure, rule, standard or benefit that is applicable to the Housing Trust Fund process that would be beneficial to the deployment of housing “Funding Our Future” funding. Such beneficial policies, procedure, rule and standards will be applicable in the deployment of housing “Funding Our Future” funds regardless of where they are administered and RDA shall incorporate any such beneficial policies, procedure, rule, and standard into its deployment of the Funding Our Future Housing dollars.
3. On a trial basis for the current budget year, the Council/RDA intends to establish a Housing Development Trust Fund within the Redevelopment Agency of Salt Lake City in July 2019, and to evaluate further codifying the consolidation of housing development loan programs by ordinance, to confirm that all of the City’s housing development loan funds, regardless of funding source and regardless of which entity administers the program, are deployed in a transparent manner. It is the Council’s intent that any application that comes to Salt Lake City before the Council’s adoption of the Housing Ordinance be handled by the Redevelopment Agency in a manner that is consistent with the current rules and purposes guiding the Housing Trust Fund and the Housing Trust Fund Advisory Board using the funding appropriated by the Council in the restricted account titled, “Housing Trust Fund.” The Council/Board invites the Administration’s input on the elements to include in the Housing Ordinance to assure that the City’s affordable housing goals are advanced without delay regardless of the entity administering the fund.
4. The Council expresses its intent to evaluate this approach after both six months and one year to determine whether it is functioning in a manner that maximizes the positive community impact of the City’s Housing Development investment. It is further the intent of the Council that the City's Housing program funds will continue to be funded and managed in the Department of Community and Neighborhoods’ Housing and Neighborhood Development Division.
B. The following exhibits are incorporated by reference in the budget for fiscal year 2019-2020 and adopted as an element of the budget:
1. The Key Changes, labeled “Board Adopted June 11, 2019”; and
2. The Motion Sheet, labeled “Board Adopted June 11, 2019.”
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 11th day of June, 2019, to be effective July 1, 2019.