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RESOLUTION NO. 24 OF 2020
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 9 Line Community Reinvestment Area Plan
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City (the “Agency”) has 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 utilized 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”) desires to approve the use of its tax increment from the Project Area to support the community revitalization activities in accordance with the Community Reinvestment Agency Act.
WHEREAS, the City desires to execute an interlocal agreement with the Agency in which the City will consent to the Agency 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:
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, 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, Utah, this 15th day of September, 2020.