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RESOLUTION NO. 52 OF 2013
(Authorizing and instructing Kyle LaMalfa, Salt Lake City Council Chair to approve the amendment to the Redevelopment Agency West Capitol Hill Project Area budget at the Taxing Entity Committee meeting.)
WHEREAS, the Board of the Redevelopment Agency (RDA) of Salt Lake City approved a request to amend the West Capitol Hill Project Area budget on October 8, 2013; and
WHEREAS, an amendment to the West Capitol Hill Project Area budget requires approval of the Taxing Entity Committee; and
WHEREAS, the RDA has met the previous West Capitol Hill Project Area budget terms of expending or allocating $5,270,000 of tax increment funds collected since 1997 on previous or existing commercial (25%), housing (25%), and infrastructure (50%) projects; and
WHEREAS, the RDA is requesting an amendment to the West Capitol Hill Project Area budget to collect an additional $3.6 million in tax increment; and
WHEREAS, the $3.6 million amount is based on the estimated cost of the 300 West improvements including landscaped medians and crosswalk improvements, and would be used for the design and construction of these improvements; and
WHEREAS, the RDA would collect 75% of tax increment with 25% share-back to Taxing Entities; and
WHEREAS, the West Capitol Project Area would expire in 2021 if the $3.6 million cap is not collected or sooner if the new cap is reached before that time.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, that it’s Chair, Kyle LaMalfa, acting as a representative of Salt Lake City on the Taxing Entities Committee of Salt Lake City, is hereby authorized and instructed to vote in favor of the proposed modifications to the West Capitol Hill project area.
Passed by the City Council of Salt Lake City, Utah, this 15th day of October, 2013.