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RESOLUTION 1 OF 2018
Authorizing approval of an Interlocal Cooperation Agreement between Salt Lake City Corporation and the Redevelopment Agency of Salt Lake City Authorizing Use of a Portion of Tax Increment to Support the Implementation of the Northwest Quadrant Community Reinvestment Area Plan
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”) desires to approve the use of its tax increment from the Project Area to support the community revitalization activities in accordance with the Act.
WHEREAS, the City desires to execute an interlocal agreement with the RDA 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 City Council of Salt Lake City, Utah as follows:
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, Mayor of Salt Lake City, Utah or her designee is hereby authorized to approve, execute, and deliver said agreement on behalf of Salt Lake City Corporation, in substantially the same form as now before the City Council and attached hereto as Exhibit B, subject to such minor changes that do not materially affect the rights and obligations of the City thereunder and as shall be approved by the Mayor, her execution thereof to constitute conclusive evidence of such approval.
PASSED by the City Council of Salt Lake City this 9th day of January, 2018.