General Information

Government Type

Municipality

Entity

South Salt Lake

Public Body

Redevelpment Agency of South Salt Lake City

Notice Information

Add Notice to Calendar

Notice Title

Notice of Bonds Issued

Notice Tags

Bonds

Notice Type(s)

Notice

Event Start Date & Time

May 16, 2025 12:00 PM

Event End Date & Time

June 20, 2025 11:45 AM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Limited Purpose Local Government Entities-Community Reinvestment Agency Act, Title 17C, Chapters 1-5, Utah Code Annotated 1953, as amended (the 'Act'), that on May 14, 2025, the governing body (the 'Board') of the Redevelopment Agency of South Salt Lake, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Tax Increment Revenue Bonds, Series 2025 (to be issued from time to time in one or more series and with such other series or title designation(s) as may be determined by the Issuer) (collectively, the 'Bonds'). PURPOSE FOR ISSUING THE BONDS The Bonds will be issued for the purpose of (a) financing or reimbursing certain capital improvements as permitted by the Act within (i) the Market Station Urban Renewal Project Area ('Market Station Project Area'), (ii) the 3900 South Community Development Project Area (the '3900 South Project Area'), and (iii) the Downtown South Salt Lake Housing and Transit Reinvestment Zone (the 'Downtown HTRZ Project Area'), (b) funding a deposit to a surplus fund, (c) providing for capitalized interest with respect to the Bonds, and (d) paying the costs associated with the issuance of the Bonds. REVENUES PROPOSED TO BE PLEDGED The Bonds shall constitute special, limited obligations of the Issuer and except as otherwise provided in the Indenture, are secured by an irrevocable pledge of, and shall be payable as to principal, premium, if any, and interest first from certain tax increment revenues generated from the Market Station Project Area (the 'Market Station Tax Increment Revenues'), the 3900 South Project Area (the '3900 South Tax Increment Revenues'), and the Downtown HTRZ Project Area (the 'Downtown HTRZ Tax Increment Revenues'), and second by a subordinate, limited pledge of the municipal energy sales and use tax revenues received by the City of South Salt Lake (the 'City') pursuant to Title 10, Chapter 1, Part 3, Utah Code Annotated 1953, as amended ('Utah Code') and the municipal telecommunications license tax received by the City pursuant to Title 10, Chapter 1, Part 4, Utah Code (together, the 'Excise Taxes'). PARAMETERS OF THE BONDS The Issuer intends to issue the Bonds in the initial aggregate principal amount of not to exceed $30,000,000 which shall mature in not more than thirty-one (31) years from their date or dates, shall be sold at a price not less than ninety-five percent (95%) of the total principal amount thereof, shall bear interest at a rate or rates not to exceed ten percent (10%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, forms of a General Indenture and Supplemental Indenture (together, the 'Indenture') attached to the Resolution in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Board in such form and with such changes thereto as shall be approved by the Executive Director; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. OUTSTANDING BONDS SECURED BY THE REVENUES The Issuer currently has $5,880,000 in outstanding bonds secured in part by the Market Station Tax Increment Revenues and the Excise Taxes. The Issuer has no bonds outstanding secured by the 3900 South Tax Increment Revenues or Downtown HTRZ Tax Increment Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the financial report of the City of South Salt Lake (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact, the City Finance Director at (801) 483-6000. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance for the Project and a current estimate of interest rates, the total principal and interest cost of the Bonds to be issued under the Act to finance the Project, if held until maturity, is $42,664,823. A copy of the Resolution and Indenture are on file in the office of the City Recorder of the City of South Salt Lake, 220 East Morris Avenue, Suite 200, South Salt Lake, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m., Monday through Friday, for a period of at least thirty (30) days from and after the date of publication of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution and Indenture (only as they apply to the Bonds), or the Bonds, or any provision made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever. DATED this May 14, 2025. REDEVELOPMENT AGENCY OF SOUTH SALT LAKE, UTAH /s/ Ariel Andrus, Secretary

Notice of Special Accommodations (ADA)

Those needing auxiliary communicative aids or other services for this meeting should contact Ariel Andrus at 801-483-6019, giving at least 24 hours' notice.

Notice of Electronic or Telephone Participation

In accordance with State Statute one or more Board Members may be connected electronically.

Meeting Information

Meeting Location

220 East Morris Ave
South Salt Lake, UT 84115
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Contact Name

Ariel Andrus

Contact Email

aandrus@sslc.gov

Contact Phone

(801)483-6019

Notice Posting Details

Notice Posted On

May 15, 2025 11:47 AM

Notice Last Edited On

May 15, 2025 11:47 AM

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