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RESOLUTION NO. 58 OF 2013
A resolution authorizing the execution and delivery of an interlocal cooperation agreement by and among Salt Lake City Corporation, Utah (the "City"), the Redevelopment Agency of Salt Lake City, Utah (the “RDA”), and the Board of Education of Salt Lake City School District (“District”) (collectively, the “Parties”) to allocate a portion of certain tax increment revenues to be used by the RDA in the West Capitol Hill Project Area, in substantially the form attached hereto as Exhibit A.
WHEREAS, the RDA and the City desire that certain improvement be made in the West Capitol Hill Project Area for the purpose of improving the 300 West corridor;
WHEREAS, the City, RDA, and District 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; and
WHEREAS, the Board of the RDA will vote on entering into an Interlocal Agreement with the City on December 10, 2013;
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;
WHEREAS, the RDA is requesting an amendment to the West Capitol Hill Project Area budget to collect an additional $2.3 million in tax increment;
WHEREAS, the $2.3 million amount is based on the estimated cost of the 300 West improvements including landscaped medians and crosswalk improvements;
WHEREAS, the RDA would collect 75% of tax increment with 25% share-back to the City and District;
WHEREAS, the West Capitol Project Area would expire in 2021 if the $2.3 million cap is not collected or sooner if the new cap is reached before that time.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. It does hereby approve the execution and delivery of the following:
AN INTERLOCAL COOPERATION AGREEMENT BETWEEN SALT LAKE CITY CORPORATION, REDEVELOPMENT AGENCY OF SALT LAKE CITY, AND BOARD OF EDUCATION OF SALT LAKE CITY SCHOOL DISTRICT, EFFECTIVE ON THE DATE IT IS SIGNED BY ALL PARTIES, WITH RESPECT TO THE ALLOCATION OF A PORTION OF CERTAIN TAX INCREMENT REVENUES TO BE USED BY THE RDA IN THE WEST CAPITOL HILL PROJECT AREA.
2. Ralph Becker, Mayor of Salt Lake City, Utah or his designee is herby authorized to approve, execute, and deliver said agreement of behalf of Salt Lake City Corporation, in substantially the same form as now before the City Council and attached hereto, 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, his execution thereof to constitute conclusive evidence of such approval.
Passed by the City Council of Salt Lake City, Utah, this 10th day of December, 2013.