General Information

Government Type

Municipality

Entity

Salt Lake City

Public Body

Redevelopment Agency

Notice Information

Add Notice to Calendar

Notice Title

PUBLIC HEARING NOTICE OF AMENDMENTS TO THE 9 LINE COMMUNITY REINVESTMENT AREA BUDGET

Notice Tags

Business

Notice Type(s)

Notice

Event Start Date & Time

March 23, 2021 01:00 PM

Description/Agenda

THE REDEVELOPMENT AGENCY OF SALT LAKE CITY NOTICE OF AMENDMENTS TO THE 9 LINE COMMUNITY REINVESTMENT AREA BUDGET A public hearing will be held by the Redevelopment Agency's Board of Directors ('Board'), the same body as the Salt Lake City Council, for consideration of proposed amendments to the 9 Line Community Reinvestment Area ('CRA') budget. The CRA budget must be amended to reflect the final terms of participating taxing entities including a shorter funds collection period, an update in the projected amount of tax increment to be generated within the CRA and that the Redevelopment Agency of Salt Lake City ('RDA') is authorized to receive, and specific terms negotiated by Salt Lake County. The original CRA budget, adopted by the Board on August 21, 2018, requested $26,564,288 over 25 years that will be generated by development within the CRA to fund a portion of project costs within the RA. Pursuant to the pending budget amendment, the RDA has proposed to amend this amount to be $18,094,842 in property tax revenues over 20 years. These property tax revenues will be used generally for the following: Redevelopment Activities (80%); Housing (10%); Administration and Operations (10%). These property taxes will be levied by the following taxing entities, and, assuming current tax rates, the taxes paid to the agency for this CRA from each taxing entity will be as follows: Salt Lake City - up to $6,263,044; Salt Lake County - $2,081,211 up to $3,122,000; Salt Lake City School District - up to $8,709,798. All the property taxes to be paid to the RDA for development in the CRA are taxes that will be generated only if the project area is developed. These are incremental taxes that will be generated over and above the base year value as development occurs. Property tax revenue resulting from an increase in property values in the CRA will be paid to the RDA for redevelopment activities rather than to the taxing entity that would otherwise receive it. This diversion of property tax revenue is allowed when taxing entities agree to share property tax revenue under an interlocal agreement (contract between government entities), and these agreements provide for the RDA to receive it (called tax increment). All interested residents are invited to attend the CRA budget hearing scheduled for March 23, 2020 at 2:00 PM. This meeting will be held electronically pursuant to the Salt Lake City Emergency Proclamation. Those interested in attending the hearing, please visit www.slc.gov/council/virtual-meetings/. A copy of the proposed CRA budget is available at the Salt Lake City Recorder's temporary office location, 349 South 200 East, Suite 100, Salt Lake City, Utah, 84111 and posted here: http://slcrda.com/. Comments regarding the proposed budget amendments may be submitted prior to the public hearing to RDA Project Manager Lauren Parisi at lauren.parisi@slcgov.com or 801-535-7242. The CRA boundary legal description can be found on page 39 of the 9 Line Community Reinvestment Area plan here: http://slcrda.com/currentwork/

Notice of Special Accommodations (ADA)

People with disabilities may make requests for reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary aids and services. Please make requests at least two business days in advance. To make a request, please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay service 711.

Notice of Electronic or Telephone Participation

This meeting will be an electronic meeting pursuant to the Chair determination that conducting the City Council meeting at a physical location presents a substantial risk to the health and safety of those who may be present at the anchor location. For these reasons, the Council Meeting will not have a physical location at the City and County Building and all attendees will connect remotely.

Meeting Information

Meeting Location

This meeting will be electronic per Chair determination that conducting the meeting at a physical location presents a substantial risk to the health & safety of those who may be present at the anchor location, and pursuant to SLC Emergency Proclamation
Salt Lake City, UT 84111
Show in Apple Maps Show in Google Maps

Contact Name

Cindy Lou Trishman

Contact Email

cindy.trishman@slc.gov

Contact Phone

(801)535-6223

Notice Posting Details

Notice Posted On

March 02, 2021 05:38 PM

Notice Last Edited On

March 02, 2021 05:38 PM

Subscribe by Email

Subscription options will send you alerts regarding future notices posted by this Body.