Click here to view entire resolution
RESOLUTION NO. 24 OF 2014
AUTHORIZING THE EXECUTION AND DELIVERY OF A TAX INCREMENT PAYMENT CONFIRMATION AGREEMENT BY AND AMONG THE REDEVELOPMENT AGENCY OF SALT LAKE CITY (THE “RDA”), SALT LAKE CITY, UTAH (THE "CITY"), AND OTHER TAXING ENTITIES TO CONFIRM THE RDA’S AUTHORITY TO COLLECT TAX INCREMENT FOR THE SUGAR HOUSE PROJECT AREA FOR YEARS 2013 AND 2014
AND
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTERLOCAL COOPERATION AGREEMENT BY AND AMONG THE RDA, THE CITY, AND OTHER TAXING ENTITIES TO EXTEND AND MODIFY THE RDA'S AUTHORITY TO COLLECT TAX INCREMENT FOR THE SUGAR HOUSE PROJECT AREA FOR YEARS 2015 AND 2016
WHEREAS, the RDA was created pursuant to the provisions of the Utah Redevelopment Law and the RDA continues to operate under the Limited Purpose Local Government Entities – Community Development and Renewal Agencies Act, Title 17C of the Utah Code (the “CDRA Act”), and is authorized thereunder to conduct urban renewal, economic development, and community development activities within Salt Lake City, Utah as contemplated by the CDRA Act;
WHEREAS, the City and the RDA are public agencies as defined by the Interlocal Act and are authorized to enter into interlocal agreements to act jointly and cooperatively as described herein;
WHEREAS, on October 23, 1986 the RDA and the City Council of Salt Lake City adopted the “Sugar House Neighborhood Development Plan” dated September 19, 1986 (the “Project Area Plan”) for the Sugar House Neighborhood Development Project Area (as defined therein, the “Project Area”);
WHEREAS, the RDA, the City and the other taxing entities have determined that the legal authority for the RDA to collect Tax Increment for the Project Area through December 31, 2014 should be confirmed by all parties;
WHEREAS, a Tax Increment Payment Confirmation Agreement in the form presented to the Salt Lake City Council (the “Payment Confirmation Agreement”) would confirm the RDA’s authority to collect Tax Increment for the Project Area for the years 2013 and 2014;
WHEREAS, the RDA is considering an extension of the budget for the Project Area for an additional term of two (2) years, consisting of tax years 2015 through 2016 inclusive, pursuant to which the RDA would continue to collect Sixty Percent (60%) of the Tax Increment from the Project Area, from which the RDA would retain five percent (5%) of such Tax Increment for the purposes of payment of an administrative fee for the RDA’s administration of the Project Area Plan;
WHEREAS, the extension of the budget being considered by the RDA would involve paying the City Ninety Five Percent (95%) of its applicable share of the Sixty Percent (60%) of the Tax Increment received from the Project Area by the RDA;
WHEREAS, an Interlocal Agreement in the form presented to the Salt Lake City Council (the “Interlocal Agreement”) would extend the budget for the Project Area on such terms; and
WHEREAS, the RDA will hold a public hearing on December 9, 2014 and provide notice to all property owners in the Project Area of the public hearing and proposed amendments to the budget for the Project Area;
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, that Salt Lake City hereby approves the execution of the Payment Confirmation Agreement in substantially the form presented to the Salt Lake City Council, with such changes as the Mayor deems necessary and appropriate following consultation with the RDA and the other taxing entities that are not materially inconsistent with the provisions of such form, and with such other changes as the Salt Lake City Attorney deems legally necessary or appropriate;
BE IT FURTHER RESOLVED, that Salt Lake City, subject to the RDA approving the Interlocal Agreement following its public hearing, hereby approves the execution of the Interlocal Agreement in substantially the form presented to the Salt Lake City Council, with such changes as the Mayor deems necessary and appropriate following consultation with the RDA and the other taxing entities that are not materially inconsistent with the provisions of such form, and with such other changes as the Salt Lake City Attorney deems legally necessary or appropriate;
BE IT FURTHER RESOLVED, that Salt Lake City hereby authorizes and directs the Mayor to execute the Payment Confirmation Agreement and to take all other actions necessary or appropriate in connection therewith; and
BE IT FURTHER RESOLVED, that Salt Lake City, subject to the RDA approving the Interlocal Agreement following its public hearing, hereby authorizes and directs the Mayor to execute the Interlocal Agreement and to take all other actions necessary or appropriate in connection therewith.
Passed by the City Council of Salt Lake City, Utah, this 18th day of November, 2014.