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00:09:52,000 --> 00:10:02,720
everybody
and welcome to the

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first CRA meeting after school started.
>> I hope you're all excited about school

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in being in session now. I can see all
those exciting faces.

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» [laughter]
>> Great to be here. And so, welcome to the

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18th of August, 2026 Community
Reinvestment Agency board meeting. Our

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meetings are public, and you're welcome
to join us in person, on Zoom, or by

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00:10:22,000 --> 00:10:28,320
watching from the city council's agenda
page, YouTube, or SLCTV. We hope you

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continue to join us in whichever manner
you feel most comfortable.

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Uh, we begin our meetings with comments
to the board. I'd like to remind you

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that our written comments may be
submitted to the CRA office via uh mail,

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PO Box 145476,
Salt Lake City, Utah 84115

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or by emailing at at councsil.comments
at slc.gov or calling our uh phone line

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8015357654.

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Before we start, I want to remind
everyone about our rules at the quorum,

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which are in place to ensure our
meetings move along well and and to help

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everyone feel comfortable sharing their
comments. A copy of the full rules of

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the quorum are available. Uh just ask if
you'd like to uh make a general comment

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today. We are accepting comments in
person online on Zoom and Scott Corp

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00:11:17,920 --> 00:11:23,600
from our staff will moderate our Zoom
and we'll message you with any questions

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00:11:21,200 --> 00:11:27,360
about your registration. If you need to
speak with our staff, please select

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Scott from the list of participants or
you can also raise your hand in Zoom to

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indicate that you need some help from
the host. Staffs are handling many

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tasks, so please limit your messages to
technical issues and minimalformational

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uh updates. ESAC Ganedo uh on our staff
will be calling those who wish to

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comment based on the order in which we
receive the names. If you're on Zoom,

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please unmute your mic when when ESAC
calls your name. And now we will open

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our general comment periods.
Isac, we'll take our first commenter.

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» Thank you, Council Member Dugan. I don't
see anybody registered uh yet today.

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» Okay. Anybody here in person that was
looking to make a comment?

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All right. Thank you. So, we'll move on
to item B, which is a public hearing. Uh

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individual also may speak to the board
once on the public hearing side of the

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house. Well, we just did that. No one's
here for the

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Oh, wait a second. Sorry. Never mind.
Excuse me. Uh,

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individuals may speak to the board once
per public hearing topic for two

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minutes. However, written comments are
always accepted. And now we're moving on

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to item B1, which is a resolution to the
CR budget amendment number one for

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fiscal year 2026 to 27. And the same
rules of theor apply. And uh, I will now

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pass the time over to
Kate.

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and Danny.

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» Oh,

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great. Thank you. Um, this amendment
includes the allocation of $6.5 million

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from multiple program appropriations to
mayoral initiatives, including the Main

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Street Revitalization, Civic Center, and
500 West improvements.

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And with that, I'll turn it back to you.
Thank you.

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» I have nothing to add.
>> You have nothing to add.

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» Any questions? Any comments from the
board?

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» All right. So, I'll look for a motion to
uh

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approve them.
>> Mr. Mr. Chair, I move that the board

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closes the public hearing and adopt the
resolution for fiscal year 2027

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CRA budget amendment number one.
>> Second.

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» I have a motion from board member Pulio,
a second from board member Carlson. Any

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uh discussion on this item?
All in favor say I.

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» I.
>> I. I. I'm

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any naz. That passes five to zero with
two board members absent.

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Moving on to items C one, community
reinvestment agency business approval of

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minutes. I look for a motion to approve
the meeting minutes of March 24th, 2026,

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May 5th, 2026, May 19th, 2026, June 2nd,
2026, June 9th, 2026, and June 16th,

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2026.
>> Move for approval.

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» Second. I have a motion from board
member Py, a second from board member

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Carlton. No. Wharton, excuse me. Uh, all
in favor of that motion?

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» I
>> I

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» I'm an I.
>> I.

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» That passes five to zero with two board
members missing.

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Moving on to item uh two, which is a
straw poll on the nine item nine line

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property site works, excuse me. Tale is
coming up and Tracy

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Taylor Fulgar and Tracy Tran.

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» Can you hear me?
>> Yep. You get the light on, sir?

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» Yeah. Okay, bring it closer to
>> How about now?

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» Yes.
>> Okay.

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Awesome. All right. Good afternoon,
board members. Uh today I'm here to

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request a straw poll to authorize
$450,000

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from the Neline Strategic inter
intervention program for site

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preparation and demolition at the
Peacock Blocks which is located at the

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intersection of 400 South and 900 West.
To provide a little background, the CRA

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Oh, let's see. Next slide, please.

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Next slide, please.

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One more. Okay, there we go. To provide
a little background, the CRA was

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approached in 2025 by property owners
interested in selling four parcels at

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this intersection. The properties
included three single family homes and a

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six-unit apartment building. After
receiving the board direction to proceed

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with the purchase, staff completed
financial, structural, environmental,

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and market due diligence, and the CRA
ultimately purchased and acquired all

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four properties in January of 2026.
When we initially pursued the

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acquisition, the intent was to preserve
the six-unit building as affordable

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housing and adapt the single family
homes for commercial use. However,

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during our due diligence, we identified
significant structural, environmental,

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and life life safety issues that made
the rehabilitation of the properties

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infeasible. Based on those findings, we
are now recommending the demolition of

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all four structures. The purpose of
today's request is to prepare the site

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for this next phase of development, the
$450,000.

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Let's go to the next slide, please.
This will help. The $450,000

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will be used for hazardous material
mitigation, asbestous abatement,

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demolition, environmental remediation,
utility work, and grading. Within the

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Neline project area, the CRA is charged
with implementing reinvestment

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activities that support the neighborhood
improvement and align with the outcomes

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identified in the Westside master plan.
The westside master plan identifies this

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intersection as a um
community node which is a focal area

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intended for uses such as retail,
restaurants and mixed use development at

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moderate densities. Looking ahead, that
is the CRA's vision for Peacock Blocks.

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We want it to become a neighborhood hub
with ground floor and community serving

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retail and opportunities for small and
local small and local businesses and

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potentially a mix of housing options.
These concepts will be further refined

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through our community engagement process
before any formal redevelopment begins.

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Um, next slide please.
From a funding perspective, the Neline

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Strategic Intervention Program has $5.46
$46 million available. We are requesting

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this $450,000
which would leave approximately $5.01

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million remaining in the program. So in
conclusion, we are asking for the

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board's direction through a straw pole
to move forward with the funding for

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demolition and site preparation. This
would allow us to position the property

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for future redevelopment or disposition.
With that, I'm happy to answer any

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questions.
board.

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» Mr. Chair,
>> yes.

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» So, less than less than a question, but
maybe a suggestion and uh also uh sad

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that we couldn't save the structures uh
but also uh excited that we are

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potentially a step closer to having our
first node on the west side that we saw

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for so long. we envision um and if I
remember right we own

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» other property
>> uh in across the street and the corner

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right and correct we might all own other
properties too in the area that might

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allow us to uh create a business now
that so much the west side needs in that

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area I consider this almost like the
gateway to popular grove um so I um I'm

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excited to see some things go up in
Um what and this is what the suggestion

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comes. I'm I will struggle with the
demolition and all that time where there

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site prep and nothing is happening in
that site. Um you put a sign at you know

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a request in one of our properties on
the west side where you put something up

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to seek feedback. I don't know if this
is the place to seek feedback, but maybe

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I wonder if you could put something in
there that

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allows people to to to hope that
something is going to come up there and

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that they have an opportunity to to
share input or to see what we're

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visioning if we have some of that
already. Um, so that I wonder if that's

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a possibility.
>> Absolutely.

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» I just have a question on the on the
zoning side of the house. Is this all uh

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zoned right currently for mixed use or
would we have to reszone the three uh

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single family homes or are they already
zoned at in it?

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» They're zoned as mixed use.
>> They're they're already zoned at all all

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four properties are already zoned at
mixed use. Okay. So, we don't have to

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change that. Okay.

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» M3. Okay. All right. which I figured
that would be but I wasn't sure about

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the three single family zones. Uh
I don't

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use you same points any other questions
any other concept. So look for a straw

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poll on moving forward.
>> Mr. Chair, I propose a strap to allocate

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$450,000 from the Nineline Fund
strategic intervention program to a new

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project for the demolition of site and
site preparation activities at the

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Peacock Blocks located approximately 400
South and 900 West.

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» All right, show your feelings.
>> Thumbs up.

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» Thank you.
>> You got our feelings. I appreciate that.

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Thanks a lot.

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Moving on to item number three, the
resolution to disaster relief loan

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program, the 323 LLC,
Ty and Danny.

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» All right. Good afternoon, board
members.

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Today, I'm presenting a the second of
the um disaster relief loan requests.

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This is a $1 million loan request for
323 LLC for their the reconstruction of

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their property located at 323 South
Main.

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Next slide, please.
Um, I'll review the loan policy, loan

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details, and the board will have an
opportunity to ask any questions before

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um and consider adopting a resolution to
approve the loan.

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Next slide, please.

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One more slide.
Okay, we talked about this last time,

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but uh I can refresh your memory. Um as
you may recall, the property these

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properties were significantly damaged
during the August 11th, 2025 Main Street

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fire. Uh for this specific property, the
fire destroyed the roof and caused

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extensive damage throughout the interior
of the building, resulting in a total

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loss of commercial activity at the site.
In response, the CRA established the

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disaster relief loan program, which was
approved by the board in October of

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2025.
Because the fire was designated as a

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qualifying event under the disaster
relief loan policy, this project is

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eligible for assistance through the
program.

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In conjunction with adopting the DRLP
policy, the board approved $5 million a

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$5 million funding allocation for
eligible properties affected by the

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fire. These funds were reallocated from
prior commercial assistance programs

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within the central business district
along with available program income

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funds. The DRLP funds, which is $2
million that remain uncommitted after

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00:24:04,480 --> 00:24:11,760
the program concluded, which was August
11th, will now be transferred to the

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commercial development loan program to
support future commercial lending

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opportunities.
Next slide, please.

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Um, under the disaster relief loan
program, eligible commercial storefronts

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may receive up to $1 million in
assistance. Prior to the fire, the this

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00:24:30,480 --> 00:24:35,840
property contained one commercial
storefront, which was Whiskey Street,

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and you can see a photo over there.
Whiskey Street is a long-term tenant and

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intends to res return to the space as
soon as practical. The applicant has

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demonstrated a funding gap as required
per the program's policy. Next slide,

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00:24:48,960 --> 00:24:57,919
please.
The total project cost for this

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00:24:53,520 --> 00:25:03,679
reconstruction is $3.8 million and 2.8
of that represents eligible

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00:25:00,080 --> 00:25:09,600
reconstruction costs under the program.
The construction requires bringing a new

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00:25:06,159 --> 00:25:14,080
building to current code after applying
approximately $1.8 $8 million in

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00:25:11,919 --> 00:25:18,559
insurance proceeds. There still remains
an eligible funding gap of a million

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00:25:16,000 --> 00:25:23,520
dollars. The requested loan helps fund
that gap, but it does not fully fund it.

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The remaining project costs, including
the planned upper story of the pro of

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00:25:26,480 --> 00:25:34,159
the uh let's go to the next slide so you
can see it. So, the planned um upper

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story is not eligible for disaster
relief loan funds and they'll be funding

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00:25:36,080 --> 00:25:42,799
that with outside um sources.
The new building will have one

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00:25:40,960 --> 00:25:46,400
storefront on the ground level and its
intended uses are restaurant,

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00:25:44,799 --> 00:25:53,679
hospitality, food, beverage,
entertainment and rooftop/events,

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00:25:49,760 --> 00:25:58,720
etc. The DRP funds will be used for
ground floor and core system support,

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00:25:56,159 --> 00:26:03,360
mechanical, electrical and plumbing,
architectural and engineering fees.

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00:26:01,200 --> 00:26:09,200
These are all eligible usage under the
disaster relief loan program.

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00:26:06,000 --> 00:26:12,799
Next slide, please.
The proposed loan terms are the standard

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00:26:11,279 --> 00:26:19,279
terms for the program. We are
recommending a $1 million loan with 0%

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00:26:16,159 --> 00:26:25,200
interest for the first 24 months, 2%
thereafter, a three-year loan term, and

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00:26:22,240 --> 00:26:29,279
a 10-year amortization schedule with
construction draw dispersements and a

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00:26:27,200 --> 00:26:33,760
lean position, which will be determined
prior to closing.

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00:26:31,279 --> 00:26:37,600
In summary, the staff CRA staff have
determined that the project meets our

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00:26:35,279 --> 00:26:41,760
eligibility requirements of the disaster
relief loan program. The requested

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00:26:39,919 --> 00:26:46,880
financing is consistent with the
program's purpose of helping businesses

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00:26:44,159 --> 00:26:51,760
recover from qualifying disasters,
restoring restoring damaged commercial

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00:26:49,600 --> 00:26:56,480
properties and returning them to
productive use as soon as possible. The

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00:26:54,480 --> 00:27:03,440
board may wish to consider adopting a
resolution to approve the terms of a $1

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00:26:59,039 --> 00:27:09,200
million loan for 323 LLC to finance the
reconstruction of the property located

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at 323 South Main Street.
That concludes my presentation. I'm

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00:27:11,200 --> 00:27:18,320
happy to take any questions you have.
>> Thank you very much for that.

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» Oh, we also have the applicant here.
>> Okay. And any questions from the board?

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Maybe
>> how did we come up with those

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00:27:25,360 --> 00:27:32,960
percentages or on interest?
>> That was part of the original uh policy

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00:27:31,360 --> 00:27:37,760
that was approved by the board and that
was simply based on trying to make it

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not become a financial burden for the
first few years as they reopen and get

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reestablished.
Okay.

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» The loan program does allow for an
extension up to five years. So, if you

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go beyond that third year, the interest
rate at that point does bump to 5%. And

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then would then be paid off within that
5-year period or paid off at the end of

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that 5-year period.
>> And and the the agreement uh on this

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loan allows us to uh what are the
remedies in case there was no, you know,

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if there is a default,
>> what are the remedies if the loan

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defaults? Uh we will be recorded against
the property. will be in a position

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that's appropriate for the amount,
probably behind any existing financing,

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but we would have a lean recorded on the
property.

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» Okay, that's good. Thank you.
>> And these are the same numbers as the uh

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white horse next door.
>> Sorry.

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» These are the same numbers as the uh
other property that we just

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» The other property was a $2 million loan
because two businesses.

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» Two businesses, right? Right. But the
same numbers for them.

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» Yes.
>> Yes. But just two million because

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there's two properties.
>> Correct.

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» Right. and and they they also because
this isn't they still have to go to

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planning for uh the waiver for the zone
to

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» estimate all zoning and w any waiverss
or restrictions or requirements. Yeah,

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00:28:55,600 --> 00:29:01,520
» they have to do still do that portion.
Exactly. Okay. All right. Appreciate

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that.
Any other questions?

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00:29:04,159 --> 00:29:11,600
» No question but just a comment. Thank
you, Mr. Chair. Um, just want to thank

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00:29:08,799 --> 00:29:16,240
uh the CRA staff for this great work and
for the mayor for rallying um the

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community around these businesses. Main
Street is a jewel and it needs to be

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00:29:18,559 --> 00:29:27,600
preserved and um I know so many people
have just been waiting for this section

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00:29:23,760 --> 00:29:33,640
of of Yes, you uh just this section of
our city to be revitalized. So, want to

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thank everyone involved.

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00:29:34,159 --> 00:29:38,080
» All right. Thank you. I'll look for a
motion.

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00:29:43,760 --> 00:29:51,760
Mr. Chair, I move that the board adopt a
resolution approving the disaster relief

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00:29:48,159 --> 00:29:56,240
program to 323 LLC term sheet for
reconstruction to address fire damage at

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00:29:53,919 --> 00:29:58,559
approximately 323 Main Street.
>> I second that.

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00:29:57,440 --> 00:30:03,520
» I have a motion for board member
Carlson, second from board member Napier

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00:30:01,039 --> 00:30:07,200
Pierce.
Any discussion?

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00:30:05,520 --> 00:30:08,080
See none. All in favor say I.
>> I.

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00:30:07,600 --> 00:30:14,559
» I.
>> I.

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00:30:08,880 --> 00:30:18,039
» I'm an I. And that passes. Uh 2 4 6 0.
I had to count.

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00:30:20,480 --> 00:30:27,320
And now we'll go to theformational the
uh commercial funding priorities.

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00:30:27,679 --> 00:30:34,120
Ashley Ty and
um Hayden.

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00:30:42,799 --> 00:30:46,399
We'll let Taylor take a break.
>> Yeah, she gets a break. It's just us

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00:30:45,919 --> 00:30:51,120
today.
>> Yeah. All right. Thanks a lot.

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00:30:49,120 --> 00:30:56,480
» Awesome. Um well, good afternoon board
members. Um today we're presenting a set

257
00:30:54,000 --> 00:31:00,640
of commercial funding priorities along
with some additional background on the

258
00:30:58,000 --> 00:31:04,399
activities that led us here. Uh next
slide, please.

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00:31:02,880 --> 00:31:08,240
We'll plan to go over some background
and context on where this work came has

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00:31:06,240 --> 00:31:12,640
come from. Um we'll spend the bulk of
our time on the proposed priorities and

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00:31:10,960 --> 00:31:16,399
how those fit into our existing CRA
tools and then we'll um end it and open

262
00:31:14,559 --> 00:31:20,640
it up for discussion and feedback. Next
slide.

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00:31:18,240 --> 00:31:25,039
So as I mentioned the request is for
your feedback on the proposed CRA

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00:31:22,880 --> 00:31:30,559
commercial uh funding priorities and
activities. Next slide.

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00:31:28,159 --> 00:31:34,320
Um to give a quick recap of where we've
landed on at least three activities and

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00:31:32,720 --> 00:31:37,919
programs we previously brought to the
board. Um we've created a loan program

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00:31:36,399 --> 00:31:42,480
to support commercial and mixeduse
development. Um proposed a grant program

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00:31:40,960 --> 00:31:46,880
to support community and cultural
initiatives. And then we're also working

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00:31:44,480 --> 00:31:51,440
on implementing a strategy to catalyze
more commercial activity um via

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00:31:49,600 --> 00:31:55,600
acquisition and leasing of spaces to
provide tenant types and attain at

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00:31:53,440 --> 00:32:01,279
attainable rates. Um and I'll touch on
each of these briefly. Next slide.

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00:31:59,200 --> 00:32:06,320
Um, so for uh the commercial development
loan program or CDLP, this policy was

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00:32:03,440 --> 00:32:12,559
adopted March 2025. The first notice of
funding availability was released April

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00:32:08,080 --> 00:32:18,399
2026, which offered up to $10 million um
and 9 9.9 million is currently um under

275
00:32:16,320 --> 00:32:24,000
review um from applications that we
received and we um are currently

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00:32:22,559 --> 00:32:27,440
reviewing those and plan to bring those
to finance committee in September and

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00:32:25,279 --> 00:32:31,679
then to you the board in October. Uh,
next slide.

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00:32:29,519 --> 00:32:35,840
Um, the next program was proposed to
amplify neighborhood identity through

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00:32:33,840 --> 00:32:38,720
community and cultural resources. The
plan was to structure it as a grant

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00:32:37,360 --> 00:32:42,480
rather than a loan because these kinds
of development uh projects are usually

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00:32:40,640 --> 00:32:46,799
led by nonprofits and often can't
support debt. We haven't advanced this

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00:32:44,960 --> 00:32:51,760
program uh yet. There is funding
allocated towards it. But as um other

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00:32:49,919 --> 00:32:55,679
priorities such as the acquisition
leasing strategy became a a priority of

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00:32:54,240 --> 00:33:04,159
the board. So this wasn't this program
hasn't been pursued. Uh next slide.

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00:32:59,840 --> 00:33:08,799
Um this the so the next program is the
uh commercial acquisition leasing

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00:33:05,760 --> 00:33:12,000
strategy um which is a two-part approach
um aimed at strengthening existing

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00:33:10,320 --> 00:33:16,559
business districts and catalyzing new
ones. The first part is acquisition. Um

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00:33:14,720 --> 00:33:20,880
that would happen through the CRA
purchasing or uh master leasing

289
00:33:19,039 --> 00:33:26,559
commercial buildings or spaces in
strategic locations. The second part is

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00:33:23,919 --> 00:33:31,600
leasing uh those spaces. So we could
lease a c a space in a CRA controlled

291
00:33:29,200 --> 00:33:37,600
building that we own um directly to
tenants or subleasase spaces um in math

292
00:33:35,440 --> 00:33:42,000
in spaces that we master lease. And in
both cases, um, offering preferred

293
00:33:39,679 --> 00:33:46,640
tenant types, flexible rates, um, and
terms. Some of this we already do, like

294
00:33:44,480 --> 00:33:52,000
property acquisition and leasing as a
landlord. Um, what's new here is the

295
00:33:48,480 --> 00:33:55,840
idea of taking on master leases and, um,
subleasasing those spaces. So, as we've

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00:33:54,080 --> 00:33:59,440
dug into this, um, it's become clear
that that taking on a bigger leasing

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00:33:57,760 --> 00:34:02,799
role would add a significant amount of
property management work. Um, so that's

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00:34:01,279 --> 00:34:07,519
really the reason we want to set our we
want to be able to set our commercial

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00:34:04,640 --> 00:34:11,440
funding priorities first so that if we
you know as we do expand into this type

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00:34:09,520 --> 00:34:16,560
of program it's it's targeted and we
have um some priorities to go behind it.

301
00:34:13,520 --> 00:34:22,879
Uh next slide.
So [clears throat] before advancing

302
00:34:18,240 --> 00:34:27,760
other commercial activities um we
identified um ways that it was important

303
00:34:25,359 --> 00:34:31,919
to establish clear clear priorities for
each project area um for these

304
00:34:30,000 --> 00:34:35,760
commercial funds. So these pri these
priorities are what will guide our

305
00:34:33,679 --> 00:34:39,760
future funding acquisition and leasing
decisions. And so this next section of

306
00:34:37,919 --> 00:34:43,440
the presentation um is really the heart
of what we would like your your feedback

307
00:34:41,200 --> 00:34:48,399
on or the are the actual priorities.
Next slide.

308
00:34:45,760 --> 00:34:52,879
Okay, so to develop these priorities, we
looked at a few things. First, we

309
00:34:50,000 --> 00:34:57,119
reviewed city adopted and CRA plans and
other relevant studies to each project

310
00:34:54,720 --> 00:35:00,880
area. Then we reviewed the current
business business mix. You know, what

311
00:34:58,800 --> 00:35:04,800
kind of business industries are there on
the ground? Um, and then third, we

312
00:35:03,040 --> 00:35:08,640
incorporated anecdotal knowledge. You
know, things that you wouldn't really

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00:35:06,960 --> 00:35:12,079
you wouldn't see in data or reports, but
more of um things that we know on the

314
00:35:10,480 --> 00:35:15,680
ground of uh different developments that
are coming up. And then so then we

315
00:35:13,680 --> 00:35:21,760
synthesized all of those into project
area priorities. Next slide.

316
00:35:19,599 --> 00:35:26,000
So overall there were actually four
themes that were consistent across all

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00:35:23,839 --> 00:35:30,480
project areas. So we're proposing these
priorities to be applicable to all

318
00:35:27,920 --> 00:35:35,119
project areas. And these priorities are
activating um vacant or under

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00:35:33,200 --> 00:35:39,680
underutilized lots and ground floor
spaces, creating a mix of publicly

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00:35:37,599 --> 00:35:44,000
accessible commercial uses, improving
the availability, affordability, and

321
00:35:41,920 --> 00:35:48,720
activation of commercial space for local
independent businesses, and then invest

322
00:35:46,240 --> 00:35:52,320
in placemaking and pedestrian safety
improvements that enhance commercial

323
00:35:50,480 --> 00:35:55,680
activity.
So, while these priorities will cover

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00:35:53,680 --> 00:36:00,720
all project areas, their application and
execution will likely look different as

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00:35:57,440 --> 00:36:05,280
they go. Uh, next slide.
So, now look, we'll go through each each

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00:36:02,960 --> 00:36:10,079
project area. Um, so in the central
business district, our main focus is on

327
00:36:07,119 --> 00:36:13,920
Main Street in areas of the CBD that are
not near major planned redevelopment.

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00:36:12,000 --> 00:36:18,560
So, main street should be our pedestrian
retail core, but right now it's dealing

329
00:36:15,760 --> 00:36:22,320
with um vacancies and some properties in
disrepair. So, projects like the sports

330
00:36:21,040 --> 00:36:25,839
entertainment culture and convention
district and Western Governor's

331
00:36:24,320 --> 00:36:29,520
University will bring a lot more
activation downtown. So, but we want to

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00:36:28,079 --> 00:36:34,720
make sure Main Street and the rest of
CBD that aren't um benefiting from those

333
00:36:31,920 --> 00:36:39,359
redevelopments um will also benefit from
that. So, and then we also want to

334
00:36:36,560 --> 00:36:46,079
prioritize supporting the rehabilitation
um and adaptive reuse of historic

335
00:36:41,280 --> 00:36:52,400
structures in in CBD. Uh next slide.
And in North Temple, we want to really

336
00:36:48,720 --> 00:36:56,400
focus on the North Temple 900 West
corridors. Um so, quick bit of context

337
00:36:54,880 --> 00:37:00,800
for North Temple. Um there's actually
been a loss of retail um space over the

338
00:36:58,720 --> 00:37:04,640
last decade as some of the older retail
was replaced by housing um and some of

339
00:37:03,040 --> 00:37:09,200
the new ground floor commercial space
has been um you know has remained vacant

340
00:37:07,440 --> 00:37:14,160
um over the past few years. So there's a
gap in day-to-day amenities for

341
00:37:11,440 --> 00:37:18,480
residents. Um we also want to prioritize
Fulsome Corridor and the City Creek

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00:37:16,079 --> 00:37:22,800
daylighting um to help catalyze
commercial activity similar to what

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00:37:20,079 --> 00:37:27,920
we're seeing on the nine line. And we
also want to a aim to maintain light

344
00:37:24,720 --> 00:37:31,920
industrial uses in in the area while
encouraging them to include publicly

345
00:37:30,000 --> 00:37:37,119
accessible a publicly accessible
component when it's appropriate. Uh next

346
00:37:34,240 --> 00:37:41,200
slide please. And then in the nineline
project area

347
00:37:39,280 --> 00:37:45,760
um our priorities really center around
the commercial nodes identified in the

348
00:37:43,040 --> 00:37:50,240
westside master plan. Um, so this would
also involve support for higher density,

349
00:37:48,400 --> 00:37:54,880
mixeduse development on 9inth West and
Redwood Road and then also supporting

350
00:37:52,720 --> 00:37:59,119
neighborhoods serving commercial uses
along the Neline Trail where where

351
00:37:56,880 --> 00:38:03,359
zoning would allow for it. Uh, next
slide.

352
00:38:01,359 --> 00:38:07,920
And then in State Street, uh, we plan to
focus, um, efforts, you know, on State

353
00:38:06,160 --> 00:38:12,000
Street itself, Main Street and 1300
South corridors. parts of this area do

354
00:38:10,240 --> 00:38:15,839
have higher crime rates and they, you
know, may be deterring customers, which

355
00:38:13,599 --> 00:38:20,079
is why we would target redevelopment of
high crime land uses as a as a as a

356
00:38:18,079 --> 00:38:25,280
priority. That's also a priority in our
State Street um project area plan. And

357
00:38:22,960 --> 00:38:29,760
then we're also prioritizing um support
for life on state infrastructure

358
00:38:27,440 --> 00:38:34,720
improvements and then last transit
oriented development um at the various

359
00:38:32,000 --> 00:38:40,880
track stations to take advantage of the
um high transit um in the area.

360
00:38:38,880 --> 00:38:45,520
Next slide.
Okay. So now I want to cover how these

361
00:38:43,839 --> 00:38:51,680
priorities could actually get built into
our existing CRA tools. So starting with

362
00:38:48,400 --> 00:38:55,680
our funding programs um the C the CDLP
housing development loan program and tax

363
00:38:53,280 --> 00:39:01,119
increment reimbursement. Um in all three
cases we can incorporate priorities into

364
00:38:58,240 --> 00:39:06,400
program requirements incentives or the
scoring criteria to steer funded

365
00:39:03,520 --> 00:39:09,760
projects towards them. So this these are
um programs where we receive

366
00:39:08,079 --> 00:39:14,640
applications, we review them, but we can
set the criteria and how those and these

367
00:39:12,320 --> 00:39:19,040
priorities um could be embedded into
them. Um they may look a little

368
00:39:16,400 --> 00:39:23,040
different for each um and program, but
the intent would be to also have these

369
00:39:21,119 --> 00:39:29,040
commercial priorities as part of all of
our activities. Uh next slide.

370
00:39:26,720 --> 00:39:34,720
And then looking at the tools that we
have um more of a direct direct action

371
00:39:31,359 --> 00:39:37,760
in. Um so these are a set of more
hands-on levers where we have more

372
00:39:36,079 --> 00:39:41,760
direct control. So the property
acquisition, disposition,

373
00:39:40,160 --> 00:39:45,839
um the potential leasing of
commercialowned spaces and then

374
00:39:43,920 --> 00:39:49,359
infrastructure and art improvements. So
these priorities can inform our decision

375
00:39:47,599 --> 00:39:52,720
directly here. Um since we aren't
relying on an applicant to bring a

376
00:39:51,119 --> 00:39:57,200
project to us, we can you know find
create uh come up with a project and and

377
00:39:55,760 --> 00:40:00,240
move these forward either through like
for example our property disposition. we

378
00:39:58,960 --> 00:40:04,079
can include some of these commercial
priorities depending on where it is in

379
00:40:01,680 --> 00:40:10,240
each project area into that as you know
as a preference or a requirement as we

380
00:40:05,920 --> 00:40:14,880
go through that. Uh next slide.
So as part of going through this

381
00:40:11,920 --> 00:40:20,880
exercise we identified a few gaps um
that we that we have as we looked at

382
00:40:18,400 --> 00:40:25,440
these priorities first um to effectively
support positive tening of vacant

383
00:40:23,200 --> 00:40:29,520
spaces. we'd likely take a more active
role in acquiring buildings through

384
00:40:26,960 --> 00:40:33,520
purchasing or master leasing um for
long-term occupancy, which is um

385
00:40:31,520 --> 00:40:38,960
something we currently don't do. Uh
second would be prioritizing the infill

386
00:40:36,079 --> 00:40:44,400
of specific sub areas or are targeting
different land uses um and defining what

387
00:40:41,520 --> 00:40:48,400
those actual target areas are. Um so we
are, you know, helping catalyze certain

388
00:40:46,560 --> 00:40:51,920
business districts and nodes. And then
third, we don't currently offer

389
00:40:49,680 --> 00:40:56,400
technical assistance to applicants um to
navigate our our various processes. So

390
00:40:54,720 --> 00:41:00,160
there's an opportunity to to potentially
partner with economic development um and

391
00:40:58,800 --> 00:41:04,000
community and neighborhoods on that
front.

392
00:41:02,000 --> 00:41:07,599
Next slide.
And then to ground our current

393
00:41:05,920 --> 00:41:13,680
activities and actual dollar amounts,
the CDLP has about 17.5 million

394
00:41:10,640 --> 00:41:18,160
appropriated uh with 9.9 million
requested in this first round. That

395
00:41:15,760 --> 00:41:23,839
could leave us about 7.6 6 million in in
the CDLP program um for future round of

396
00:41:21,359 --> 00:41:27,359
applications once we um go through this
first round. Uh and then there's the

397
00:41:25,760 --> 00:41:32,079
commercial assistance reserves which has
about two 2.4 million. Um this is

398
00:41:29,920 --> 00:41:36,560
earmarked for nine line north temp and
north temple which could support the

399
00:41:34,160 --> 00:41:42,079
acquisition and leasing strategy and
this program is really set to help us um

400
00:41:40,000 --> 00:41:43,440
develop programs that we haven't quite
um developed yet.

401
00:41:43,438 --> 00:41:46,800
» [snorts]
>> And then lastly, there's the community

402
00:41:45,359 --> 00:41:50,160
and cultural initiatives has about
339,000

403
00:41:48,720 --> 00:41:54,079
which is tied to the central business
district right now that could be re

404
00:41:51,839 --> 00:41:59,520
reallocated to other uh commercial
activities. Uh next slide.

405
00:41:57,599 --> 00:42:03,040
Um so we did take this to the
reinvestment advisory committee on

406
00:42:00,960 --> 00:42:06,880
August 5th um to get their feedback as
well. Some of the the points that came

407
00:42:04,800 --> 00:42:13,040
up was taking on the the role of master
leasing um can bring on certain risks.

408
00:42:09,680 --> 00:42:15,440
Um so becoming you know a landlord um as
a master lease you have a little bit

409
00:42:14,240 --> 00:42:20,240
less control than you do when you
acquire property. Um and then they also

410
00:42:18,560 --> 00:42:24,079
had a a recommendation of putting
responsibility on developers to complete

411
00:42:22,319 --> 00:42:29,280
tenant improvements where that could be
appropriate. And then uh given the

412
00:42:27,040 --> 00:42:35,119
limited budget and project area budget
constraints um you know they recommended

413
00:42:31,680 --> 00:42:38,160
that staff focus funds on um you know
programs that are more likely to work

414
00:42:36,800 --> 00:42:43,359
than spreading them across multiple
programs. Uh next slide.

415
00:42:41,760 --> 00:42:47,119
Um so that's really the bulk of the
presentation. So, the next steps would

416
00:42:45,200 --> 00:42:51,040
really be to get feedback from you all
um at this point and then look at

417
00:42:48,880 --> 00:42:55,200
incorporating and and adjusting those
priorities and then returning to the

418
00:42:53,440 --> 00:43:00,160
board with any other um activities or
programs that would help fill those

419
00:42:56,560 --> 00:43:05,119
gaps. Be happy to answer any questions.
>> Thank you, Hayden. Uh questions,

420
00:43:03,920 --> 00:43:07,200
» questions, comments?
>> Yeah. Yes.

421
00:43:05,760 --> 00:43:11,920
» Um thank you so much for this
presentation and thank you for including

422
00:43:09,200 --> 00:43:15,680
the feedback from the um advisory
committee. I found that really helpful

423
00:43:13,760 --> 00:43:21,839
to just have additional perspectives to
consider. Um my question is about um

424
00:43:18,960 --> 00:43:26,720
targeting high crime areas, a diversity
of uh commercial uses and particularly

425
00:43:24,400 --> 00:43:31,040
State Street. So this is something
you'll probably hear me bring up often,

426
00:43:28,800 --> 00:43:36,319
but um if you drive along State Street,
especially in District 5 and including

427
00:43:34,000 --> 00:43:40,240
on Main Street, um we see a
proliferation of one type of business

428
00:43:38,319 --> 00:43:44,720
and that one type of business is massage
massage parlors. And so as you think

429
00:43:42,560 --> 00:43:49,280
about uh commercial redevelopment, I
would like to see um a diversity of

430
00:43:47,440 --> 00:43:54,240
business uses and a diversity of
businesses present along State Street

431
00:43:51,280 --> 00:43:59,040
and see a role that the CRA could play
in helping to spur some of that

432
00:43:56,079 --> 00:44:05,440
development of diversity of businesses.
>> Thank you. That's helpful.

433
00:44:02,480 --> 00:44:11,520
» And board member Petro,
>> thank you. Um and thank you for the

434
00:44:07,200 --> 00:44:16,560
presentation. Um we on North Temple of
course is the one that um I'm most

435
00:44:14,400 --> 00:44:20,800
familiar with and and most eager to see
developed. And what I'm noticing is that

436
00:44:18,880 --> 00:44:26,160
especially in TSA zones and other
places, we have um a der of parking that

437
00:44:24,319 --> 00:44:31,359
even if we do master lease and provide
affordable rents, I don't know that we

438
00:44:27,920 --> 00:44:35,760
can encourage the traffic um due to not
just the public safety concerns, but the

439
00:44:33,440 --> 00:44:39,440
the relative lack of accessibility to
people who would drive there. While I

440
00:44:38,319 --> 00:44:43,599
would love for everyone to get on
tracks, it's just not the truth of how

441
00:44:41,440 --> 00:44:47,520
we operate. So, as part of this plan,
and I don't know if this is a CRA

442
00:44:45,119 --> 00:44:51,440
function, if it's a separate parking
authority that we develop or something,

443
00:44:49,599 --> 00:44:56,800
but I would love to see the city become
more proactive in master leasing parking

444
00:44:54,800 --> 00:45:02,720
or even developing our own parking
structures um and then making sure that

445
00:44:59,440 --> 00:45:07,680
we are setting ourselves up for success.
this I I worry that this could become an

446
00:45:04,480 --> 00:45:13,520
investment that falls flat because um
the low rent or the ability for people

447
00:45:11,200 --> 00:45:17,119
to get into the space is just one of the
barriers. The sustain we're going to get

448
00:45:15,119 --> 00:45:21,119
them in but we won't be able to sustain
if we can't help them drive foot

449
00:45:18,720 --> 00:45:25,760
traffic. Um so I would really love to
see a forward-looking mechanism for

450
00:45:23,520 --> 00:45:31,440
parking as well and how we might
participate proactively in that.

451
00:45:28,720 --> 00:45:38,000
» Okay. Thank you.
>> Thank you, Mr. Sure. The I mean the the

452
00:45:34,720 --> 00:45:46,160
moment is here. Uh it took us a while
but uh it it's uh quite amazing that

453
00:45:42,079 --> 00:45:53,040
what 3 years ago um I think it was 3
years ago um we came back with this idea

454
00:45:49,599 --> 00:46:00,800
from an urban exploration trip um and
what this city was doing to um create

455
00:45:57,040 --> 00:46:10,079
this um you know to create this vibrancy
on the sidewalk and to um and and assist

456
00:46:06,079 --> 00:46:14,880
smaller businesses in their uh path to
um you know get a real brick and mortar

457
00:46:13,119 --> 00:46:21,359
which is very hard and very expensive
and it takes a while. Um so I I'm very

458
00:46:18,480 --> 00:46:25,359
excited that we're here uh and I very
thankful to CRA and the staff to work

459
00:46:23,520 --> 00:46:30,560
out all the kinks on on this ordinance
and making sure that it works with our

460
00:46:27,760 --> 00:46:34,400
um with our current system. It's always
challenging when we see a good idea from

461
00:46:32,319 --> 00:46:38,720
a different jurisdiction to really say
let's do that here because we know we

462
00:46:36,720 --> 00:46:43,359
are a completely different system and we
have different rules and different uh

463
00:46:41,440 --> 00:46:47,040
forms of government really uh and
funding mechanisms but it's very

464
00:46:45,599 --> 00:46:52,560
exciting to see that this ordinance is
here and I cannot wait until we uh start

465
00:46:49,760 --> 00:47:00,240
seeing some success from from from it.
So, um I would love to see some updates

466
00:46:54,880 --> 00:47:06,240
from CRA um you know about the success
story hopefully and and uh uh about how

467
00:47:02,960 --> 00:47:11,119
is it uh working out on the ground. Um
and I agree with with Council Member

468
00:47:09,040 --> 00:47:15,359
Carlson that I hope to see other type of
businesses but but those um I'm sure

469
00:47:14,000 --> 00:47:20,400
that there are some good businesses out
there that do that type of work but uh

470
00:47:18,240 --> 00:47:25,200
there is other uh I think there is other
opportunities in our city. So thank you

471
00:47:22,960 --> 00:47:30,400
C.
>> Thank you. Any other questions?

472
00:47:28,319 --> 00:47:35,359
» Thank you Mr. Chair. Um just one
question and maybe this is just my

473
00:47:33,359 --> 00:47:43,359
ignorance speaking but when you have a
CRA project are there requirements

474
00:47:38,560 --> 00:47:49,119
embedded in the the contracts to say
give extra points or you know um maybe

475
00:47:47,280 --> 00:47:56,400
deed restriction or something like that
to local businesses. Um because

476
00:47:53,359 --> 00:48:03,119
I I would hate to invest in a place, get
local businesses and then, you know,

477
00:48:00,079 --> 00:48:08,560
maybe some generica kind of business
comes in after their lease is up. I I I

478
00:48:06,400 --> 00:48:14,319
don't know if that's something the CRA
looks at.

479
00:48:10,560 --> 00:48:18,560
» Yeah, I can speak to that. Um so, uh
well, first of all, I just wanted to

480
00:48:15,599 --> 00:48:21,680
point out um on page six of the memo,
there's a table. Well, we we kind of

481
00:48:19,920 --> 00:48:25,839
have a section where we tried to address
like not just setting priorities, but

482
00:48:23,920 --> 00:48:31,440
like right now with the tools and
programs the CRA currently has, how

483
00:48:28,559 --> 00:48:35,280
could we um implement the priorities?
And there's kind of um a distinction

484
00:48:33,760 --> 00:48:40,640
between, you know, we have funding
programs where it's largely uh we're

485
00:48:37,839 --> 00:48:44,319
incentivizing. We can require um you
know, but we we try to be reasonable

486
00:48:42,240 --> 00:48:48,559
with our hard requirements, but then we
can also incentivize certain outcomes

487
00:48:46,720 --> 00:48:51,760
that we want to see. And then the other
end of the spectrum where we can be a

488
00:48:50,079 --> 00:48:56,079
little more hands-on is, you know,
through property disposition where we

489
00:48:53,440 --> 00:49:00,480
own the property um if we are the
landlord leasing space or if we're just

490
00:48:58,559 --> 00:49:05,839
directly making investments in
infrastructure and art. But um

491
00:49:02,480 --> 00:49:11,440
specifically about um getting, you know,
having preferred tenant types. Uh that's

492
00:49:08,800 --> 00:49:18,559
something so far we've had as um
incentives in various programs and it is

493
00:49:16,319 --> 00:49:22,880
it is a challenge because you know a lot
of our applicants are developers um

494
00:49:20,720 --> 00:49:26,000
building projects on spec. They don't
have tenants committed yet. They don't

495
00:49:24,559 --> 00:49:29,760
know what types of tenants they'll be
able to get. Um, so we're saying, you

496
00:49:28,559 --> 00:49:34,319
know, we want you to put a local
business in there and we're going to put

497
00:49:31,680 --> 00:49:37,760
it in our agreements and, you know, at
the time of loan approval or whatever it

498
00:49:36,000 --> 00:49:42,800
is, they're they're like, "Yeah, sure."
Like, "We'll try to do that." And, um,

499
00:49:40,559 --> 00:49:46,240
so it's really more successful if like
the business is the applicant and, you

500
00:49:44,559 --> 00:49:51,040
know, like they're going into that space
or they're going into that project. Um,

501
00:49:49,119 --> 00:49:56,720
and then I think the other challenge
with um, especially with the specific

502
00:49:54,000 --> 00:50:00,800
tenant types is like the length of time
we can keep that requirement in place.

503
00:49:59,200 --> 00:50:04,079
Um, you know, you kind of have to
balance with like what we're offering,

504
00:50:02,720 --> 00:50:09,599
what we're contributing to the project
and what's a reasonable ask. And I think

505
00:50:06,559 --> 00:50:14,559
it's hard, you know, for 40 years to say
a local business has to be in a space or

506
00:50:11,680 --> 00:50:17,839
to control a space for 40 years. So, um,
we tried I think we're we're still

507
00:50:16,240 --> 00:50:22,559
figuring out how to find a good balance
with those.

508
00:50:20,880 --> 00:50:26,800
» Thanks, Ashley. Thanks, Shane. Uh, a
couple couple questions and points and

509
00:50:24,079 --> 00:50:31,440
and if, uh, Isak can bring up the the
priorities on slide whatever that was,

510
00:50:29,040 --> 00:50:35,680
three or four. Uh, but also just for the
for the board's kind of understanding.

511
00:50:33,599 --> 00:50:39,359
So, this firstformational brief is on
the the higher priority side of the

512
00:50:37,200 --> 00:50:43,920
house. And then there's other
discussions have we do on the loans

513
00:50:40,880 --> 00:50:47,440
where we have a threshold and we say hey
if you want this loan you have to meet

514
00:50:45,359 --> 00:50:51,520
these threshold items and then if you
meet those threshold items and then we

515
00:50:49,760 --> 00:50:55,119
also have some incentives to meeting
those threshold items. So we'll have a

516
00:50:53,119 --> 00:51:00,720
series of conversations on this whole
process. This first discussion is more

517
00:50:57,359 --> 00:51:08,880
on the the big uh overarching
priorities. Uh, and I I want to kind of

518
00:51:03,520 --> 00:51:14,400
sh appreciate the the uh staff's CRA's
uh

519
00:51:10,400 --> 00:51:18,720
prioritizing each area different because
each area is different. North Temple is

520
00:51:16,160 --> 00:51:24,480
different from Nine. It's different from
uh Main Street. So, we have a priority

521
00:51:22,079 --> 00:51:29,760
for them, but they all fit into that
bigger priority. And uh over the last I

522
00:51:28,559 --> 00:51:35,599
don't know the last couple years you
know we've been talking about affordable

523
00:51:31,119 --> 00:51:40,800
housing and family housing and uh we're
we're pressing in that area and we've

524
00:51:38,000 --> 00:51:45,200
also had made some conversations about
uh local businesses local independent

525
00:51:43,119 --> 00:51:50,800
businesses and I I think that's been
great and we've seen some development

526
00:51:47,280 --> 00:51:56,720
but uh on that front not a mixed
development mixed uh success

527
00:51:53,920 --> 00:52:02,960
but the perception I I get from people
coming into the city is that our city is

528
00:51:58,880 --> 00:52:09,680
developing into a 21 and over city and
not so much the I'm going to say the 16

529
00:52:05,680 --> 00:52:14,400
and under city and we're losing this I
guess I should I should I should say 18

530
00:52:11,359 --> 00:52:18,720
and under city. Uh we're losing the the
kids and the families and we need to try

531
00:52:16,400 --> 00:52:23,599
to generate that more interest in in a
lot of different ways. And my one

532
00:52:21,359 --> 00:52:28,720
conversation with this the CRA staff and
Danny and stuff is how we take these uh

533
00:52:26,720 --> 00:52:34,319
top priorities. And if if we can get
that presentation on uh ESAC,

534
00:52:32,480 --> 00:52:38,280
» I think it's Scott that's pulling it up.
Scott, can you pull up the presentation?

535
00:52:39,839 --> 00:52:46,079
» Having the uh top priorities kind of
focus on

536
00:52:43,920 --> 00:52:53,280
not just local independent businesses,
but local independent businesses that

537
00:52:48,559 --> 00:52:57,920
have a uh propensity or lean towards the
family side or the kids side to generate

538
00:52:56,400 --> 00:53:03,280
that interest for a family to come
downtown and family to to go out to in

539
00:53:00,960 --> 00:53:09,200
the streets. not in the streets actually
along the sidewalk, activate the

540
00:53:05,760 --> 00:53:12,960
sidewalks uh and and generate that
interest and so that draws more families

541
00:53:11,119 --> 00:53:19,440
into the area not just from the housing
side of the house but against the living

542
00:53:14,720 --> 00:53:26,400
the the living side. So add the family
uh friendly angle toward the commercial

543
00:53:22,960 --> 00:53:31,040
side and give the developers that that
focus instead of just any business

544
00:53:29,599 --> 00:53:34,640
because any business doesn't really do
well and any business doesn't going to

545
00:53:32,400 --> 00:53:40,640
drive the the family. And then the next
step would be we look at thresholds to

546
00:53:37,440 --> 00:53:47,119
get that loan and then incentives to
incentivize that loan by reductions in

547
00:53:43,280 --> 00:53:52,079
percentages. Um so
so that's the right side. Exactly. So

548
00:53:49,040 --> 00:53:57,520
those are the top four priorities we
would apply across all of them. Yes.

549
00:53:53,760 --> 00:54:03,920
» And my focus would be uh embedding
the family uh

550
00:54:00,960 --> 00:54:10,559
focus. I that's a a term I can use and
maybe there's something better uh into

551
00:54:05,839 --> 00:54:14,640
those four uh priorities moving forward.
So add it. Sorry, just to clarify, make

552
00:54:12,400 --> 00:54:16,319
it a priority that applies to all the
projects.

553
00:54:15,119 --> 00:54:22,000
» Yeah, that's how that's how I'm looking
at it. Yeah. And how do we how do we

554
00:54:20,000 --> 00:54:25,200
don't get me wrong, I want I want we
need restaurants. We need bars, but I

555
00:54:23,680 --> 00:54:28,559
also need toy stores. I also need a
place where a kid wants to hang out

556
00:54:27,200 --> 00:54:30,960
» and not just where you have to show your
ID.

557
00:54:30,319 --> 00:54:33,680
» Yeah.
>> Unless you have to show your ID if

558
00:54:32,160 --> 00:54:37,280
you're 18 and under.
>> Yeah. No. Yeah, that's really good

559
00:54:36,000 --> 00:54:40,480
feedback. And I think as we look at
especially like priority number two

560
00:54:38,800 --> 00:54:44,720
where it's creating a mix of publicly
accessible commercial uses, it's um we

561
00:54:42,880 --> 00:54:48,319
do have we have looked at like business
mix in each project area. So that's

562
00:54:46,960 --> 00:54:52,160
where we can dive a little deeper into
that to see what those gaps are and

563
00:54:50,240 --> 00:54:55,920
where they are needed the most.
>> Right. Thanks. And and and each area

564
00:54:54,240 --> 00:54:58,880
would be a little different because we
also, you know, we want those elementary

565
00:54:57,520 --> 00:55:03,920
school kids and we want those families
to come into our live in all seven

566
00:55:00,960 --> 00:55:09,520
districts.
All right. Any other questions, points,

567
00:55:06,800 --> 00:55:14,040
comments?
>> All right. Thank you very much.

568
00:55:10,559 --> 00:55:14,040
» Thank you very much.

569
00:55:15,440 --> 00:55:20,559
» Moving on to item number five, the
resolution, the amendment to the

570
00:55:18,400 --> 00:55:26,319
interlocal agreement with Salt Lake City
Library related to tax increment.

571
00:55:23,839 --> 00:55:31,200
Eric's here.
Bailey and uh Jennifer, if we need her.

572
00:55:28,880 --> 00:55:34,640
Oh, Jennifer's coming up.
Bailey's unfortunately

573
00:55:33,040 --> 00:55:39,200
» uh Bailey's unfortunately not feeling
well so she's online for questions but

574
00:55:37,200 --> 00:55:43,839
it'll mainly be me whose voice you'll be
hearing uh as we talk about exciting

575
00:55:42,000 --> 00:55:48,720
intergovernmental cooperation and
decision-m I know it's just the funnest

576
00:55:47,119 --> 00:55:53,760
uh thing that you all get to do with
your day. Um [clears throat] so uh we do

577
00:55:52,079 --> 00:55:59,040
have a request for you for proposed
amendments to uh interlocal agreements.

578
00:55:56,640 --> 00:56:02,319
uh we'll tell you why this came about
and and what we're proposing to change

579
00:56:00,640 --> 00:56:07,280
and what would impact if the change did
not occur um and what what steps that

580
00:56:04,799 --> 00:56:13,200
you can take uh but this is in
consideration of uh library

581
00:56:09,760 --> 00:56:18,480
participation in crate project areas.
So our our request is to discuss and

582
00:56:15,119 --> 00:56:24,160
consider approval of these eight uh oh
sorry next slide I real I'll look at

583
00:56:21,280 --> 00:56:30,480
this one instead. Uh [laughter]
um yeah and next slide again sorry.

584
00:56:27,599 --> 00:56:35,440
Uh so the uh our request is discussed
and consider approval of the proposed

585
00:56:32,960 --> 00:56:41,599
amendments to these eight interlocal
agreements in the for seven project

586
00:56:37,520 --> 00:56:45,280
areas. Um and uh these are project areas
that are governed by interlocal

587
00:56:43,040 --> 00:56:51,200
agreements. So it's not uh determined by
like a state committee like a CBD or a

588
00:56:47,359 --> 00:56:57,280
north temple uh would be in the past. Um
and uh so this is our request is to

589
00:56:54,400 --> 00:57:02,240
amend these to exclude library in uh
library increment from these areas. Uh

590
00:56:59,680 --> 00:57:06,960
next slide please.
Uh so the reason this is coming about is

591
00:57:04,319 --> 00:57:10,720
uh starting in tax year 2024 the Salt
Lake County District Attorney's Office

592
00:57:08,960 --> 00:57:16,000
determined that the libraries taxing
authority was not independent from the

593
00:57:12,720 --> 00:57:21,440
cities. Uh this had a lot of downstream
effects that were we were grappling with

594
00:57:18,079 --> 00:57:25,680
for a couple a couple of years. Uh but
uh after kind of extensive uh analysis

595
00:57:23,920 --> 00:57:30,079
and work by the city attorney's office,
we've we've determined that this change

596
00:57:28,160 --> 00:57:34,400
does result in the library tax levy
becoming subject to the city's

597
00:57:31,520 --> 00:57:40,400
interlocal agreements with the CRA and
the amendments would be required to uh

598
00:57:38,000 --> 00:57:44,960
retain that initial intent that the
libraries uh tax would not be

599
00:57:42,799 --> 00:57:50,720
participating in that area which luckily
you as the uh uh you and your roles in

600
00:57:48,799 --> 00:57:55,040
the city council have the right to do.
You have the right to amend that

601
00:57:51,920 --> 00:57:59,200
agreement to exclude the uh libraries
taxing levy. Next slide.

602
00:57:58,089 --> 00:58:02,799
[clears throat]
Uh so as as far as what we've done for

603
00:58:01,119 --> 00:58:08,000
the last two years that we actually have
received uh increment from the library.

604
00:58:05,440 --> 00:58:11,520
So uh as we were figuring this out, we
did we weren't aware of why the change

605
00:58:10,000 --> 00:58:16,079
happened and what like said what the
effects would be. But uh we have

606
00:58:13,440 --> 00:58:21,040
received increment in accordance to in
uh like as if the library was a

607
00:58:18,480 --> 00:58:25,520
component unit of Salt Lake City. Um as
they were not previously

608
00:58:23,359 --> 00:58:29,760
um the last two years the CRA has made
accounting adjustments to return the

609
00:58:27,359 --> 00:58:36,480
increment that we uh that would have
previously been sent directly to the

610
00:58:31,359 --> 00:58:40,880
library. uh however that uh that
practice can like as as we've discovered

611
00:58:39,119 --> 00:58:45,920
more I we've decided that these
amendments are required in order for uh

612
00:58:44,079 --> 00:58:51,839
that money to continue to be sent back
to the library. Next slide.

613
00:58:49,839 --> 00:58:57,280
Uh so this just as terms of budget
impact uh the CRA has obligations to

614
00:58:55,119 --> 00:59:01,760
spend our receipt increment in certain
ways based on state code and other

615
00:58:58,960 --> 00:59:07,200
contractual agreements. Uh, one of the
most ironclad is 10% goes to affordable

616
00:59:04,079 --> 00:59:11,599
housing in in in the applicable project
areas, which of which five of these are.

617
00:59:09,760 --> 00:59:15,040
Um, that is pretty ironclad. If we
receive the money from the treasurer,

618
00:59:13,119 --> 00:59:21,440
we're determined you have to send that
10%. Uh, however, we also are uh by

619
00:59:19,280 --> 00:59:26,160
17C's instate code, we are required to
follow our project area plans. it might

620
00:59:23,520 --> 00:59:30,960
be hard to justify returning library
increment to the library as part of

621
00:59:28,480 --> 00:59:34,799
those project area plans. Uh we also
have debt bond service agreements, tax

622
00:59:33,280 --> 00:59:42,240
increment reimbursement agreements that
all are based on our received increment.

623
00:59:38,160 --> 00:59:46,559
Um and so uh the library would see an
impact

624
00:59:44,000 --> 00:59:50,319
you know if in the last this is last
year's number on the screen somewhere

625
00:59:48,319 --> 00:59:57,200
between those two numbers definitely at
least 231,000 and maybe up to 2.3

626
00:59:53,280 --> 01:00:01,760
million and so uh and it should be noted
that the library really is the only one

627
01:00:00,160 --> 01:00:05,440
at loss here. We have not planned for
this money. We have not budgeted this

628
01:00:03,200 --> 01:00:10,079
money. We were not expecting it. We have
made no obligations based on this funds.

629
01:00:07,599 --> 01:00:17,520
So there's really nothing
for the CRA here and a lot to lose for

630
01:00:12,240 --> 01:00:24,319
the library. Uh next slide, please.
Uh so uh our attorney's office has uh

631
01:00:22,480 --> 01:00:28,240
determined that there's can be some
really simple texts that we can have for

632
01:00:26,079 --> 01:00:32,720
all these agreements which uh you can
see kind of the proposed text on the on

633
01:00:30,319 --> 01:00:39,040
that green bar there. Essentially, the
the what we're intending to do with

634
01:00:35,680 --> 01:00:44,640
these amendments uh is
have the city agreements amended to say

635
01:00:41,359 --> 01:00:50,160
that the library uh libraries tax levy
is not included in their participation

636
01:00:47,280 --> 01:00:53,920
of the project areas. And that gives us
uh the ability to return all funds to

637
01:00:52,319 --> 01:00:56,960
the library if we receive them or
hopefully it gets sent straight to the

638
01:00:55,280 --> 01:01:00,799
city anyway based on the county
processes. But regardless, we'd have the

639
01:00:59,040 --> 01:01:06,000
legal ability to send all of that back
and it is backdated to start uh for in

640
01:01:04,720 --> 01:01:11,720
the first year that we received those
library funds.

641
01:01:08,000 --> 01:01:11,720
Uh next slide.

642
01:01:11,760 --> 01:01:20,400
So as far as uh next steps, we have two
resolutions on uh uh for your

643
01:01:18,640 --> 01:01:25,040
consideration. One would approve the
seven agreements in which the city is

644
01:01:22,160 --> 01:01:31,520
party to. Um and the second resolution
is the only agreement that the city is

645
01:01:29,040 --> 01:01:36,000
uh Salt Lake City is not party to that
impacts the library which is uh block 67

646
01:01:34,000 --> 01:01:40,720
transportation funds between CRA and the
county. Um

647
01:01:38,880 --> 01:01:44,880
and if you were to approve this, we
would uh then take uh these amendments

648
01:01:43,200 --> 01:01:50,400
would then go to respective parties for
adoption. Uh if uh for the Salt Lake

649
01:01:48,640 --> 01:01:53,680
City Council, would you all serve on it?
It's going to it would be a written

650
01:01:52,079 --> 01:01:57,520
briefing in this meeting and then you
could uh depoping

651
01:01:56,079 --> 01:02:03,280
those, but it would be up for
consideration there. Um, and then we

652
01:02:00,079 --> 01:02:06,480
have uh we would also start the process
of getting on the agendas for the Salt

653
01:02:05,200 --> 01:02:09,280
Lake County Council and the Salt Lake
School City School District board

654
01:02:07,839 --> 01:02:14,240
because we do have some joint agreements
that we would need them to also approve

655
01:02:11,760 --> 01:02:19,119
um uh so that we could get those adopted
as well. Um we're our hope is to get all

656
01:02:17,520 --> 01:02:24,880
of that done before the end of the year
so that when taxes are distributed uh

657
01:02:22,319 --> 01:02:29,920
that uh we can be sure to be ready and
that the auditor and other county

658
01:02:26,799 --> 01:02:33,680
parties will be notified. Uh, next
slide. I believe that's just any

659
01:02:31,359 --> 01:02:37,839
questions or discussion. I like I said,
Jen is here for legal concerns. Um, I

660
01:02:36,000 --> 01:02:44,640
don't Oh, yeah. Tyler is now here from
the library. Um, and, uh, you know, the

661
01:02:41,040 --> 01:02:48,599
whole CRA team if we need [laughter]
>> questions, board,

662
01:02:49,440 --> 01:02:55,680
» really quickly, Mr. Chair, um, I just
wanted to clarify on the motion sheet,

663
01:02:53,119 --> 01:03:00,079
we only have, um, one resolution
referenced. So, I'm just making some

664
01:02:57,920 --> 01:03:07,000
edits to make sure we get both
resolutions um covered. Is that Are

665
01:03:03,599 --> 01:03:07,000
there two resolutions

666
01:03:08,319 --> 01:03:11,920
» or is it one resolution covering two
things?

667
01:03:10,319 --> 01:03:14,960
» There's one board resolution covering
all eight of them and then there's a

668
01:03:13,280 --> 01:03:16,960
separate council resolution.
>> Okay.

669
01:03:15,599 --> 01:03:19,680
» So, I think Yeah, I think in the
slideshow you referenced two

670
01:03:18,240 --> 01:03:22,880
resolutions, but it sounds like there's
one.

671
01:03:20,559 --> 01:03:24,880
» There's one. There's one motion, maybe
two resolutions.

672
01:03:23,599 --> 01:03:29,119
» Wait, wait, wait. There's a there's a
resolution. I misspoke. I misspoke.

673
01:03:26,960 --> 01:03:33,119
You're correct. And Eric was right. For
the board, there are two. For the

674
01:03:31,599 --> 01:03:36,559
council, there's one. There are two
separate resolutions.

675
01:03:34,079 --> 01:03:40,720
» Okay. So, I am just
>> writing up some additional language for

676
01:03:38,720 --> 01:03:48,240
this motion, but if you guys could help
and correct on the fly, please jump in.

677
01:03:45,680 --> 01:03:54,079
» Thank you very much. One more. What is
the um

678
01:03:50,640 --> 01:04:00,799
status of
like state legislation about or requests

679
01:03:58,400 --> 01:04:05,760
in front of the tax commission about
this because I know that we disagreed

680
01:04:03,119 --> 01:04:09,280
with this change.
>> Um

681
01:04:07,359 --> 01:04:17,440
and you know I'm happy to move forward
with this one way or the other but um

682
01:04:13,440 --> 01:04:23,599
I would like to not
have this change stay in place.

683
01:04:20,720 --> 01:04:32,799
» Um I can jump in with that. Uh the
discussions have not been fruitful. Um

684
01:04:27,760 --> 01:04:36,559
and so I think we are in uh we are in a
situation where we're now figuring out

685
01:04:34,559 --> 01:04:41,839
how to make it so that the library is
not a separate taxing entity. Um, I

686
01:04:39,359 --> 01:04:46,559
think that there are still lots of
unanswered questions about what that

687
01:04:43,599 --> 01:04:51,359
means in terms of budgeting and policym,
but

688
01:04:48,079 --> 01:04:56,639
those are probably future discussions.
In the meantime, these are more of like

689
01:04:53,039 --> 01:04:58,960
the legal documents to to clarify that.
[snorts]

690
01:04:56,799 --> 01:05:02,559
» But this doesn't get in the way of any
of that those efforts. I don't see how

691
01:05:01,599 --> 01:05:08,400
it would, but
>> not necessarily. And I think that um in

692
01:05:06,400 --> 01:05:12,799
the discussions over the last two years,
we've realized that because we're one of

693
01:05:10,880 --> 01:05:16,960
the only entities and because the
library is one of the only entities that

694
01:05:14,559 --> 01:05:23,680
is the way it is um the way we've always
had it, um the state and the county feel

695
01:05:21,200 --> 01:05:28,760
strongly that that we should have been
doing it this way all along.

696
01:05:25,760 --> 01:05:28,760
» So,

697
01:05:29,680 --> 01:05:34,400
» happy news.
>> Okay.

698
01:05:33,280 --> 01:05:40,480
Thank you.
>> And just to on the uh clarification,

699
01:05:37,440 --> 01:05:45,839
after uh our decision tonight, you go to
the county for uh a decision on their

700
01:05:43,680 --> 01:05:49,359
part, but the but the the money from the
county and the school district are

701
01:05:47,440 --> 01:05:54,400
totally separate and it doesn't affect
their what they've get because their tax

702
01:05:52,319 --> 01:06:00,960
increment is separate from ours anyways.
So, it's really just a uh legality of

703
01:05:57,280 --> 01:06:04,559
saying we are excluding the library. It
shouldn't affect you, but we need to

704
01:06:02,319 --> 01:06:08,480
have this change to our overall
interlocal agreement between them, the

705
01:06:07,039 --> 01:06:10,720
three part three parties, the school
board, this

706
01:06:09,520 --> 01:06:13,760
» city, and the county.
>> Correct. Yeah. They weren't expecting

707
01:06:12,079 --> 01:06:18,000
this money to begin with. They weren't
it was not in any plans or budgeted in

708
01:06:16,240 --> 01:06:21,920
any way. So, it should be just
procedural and hopefully they'll agree

709
01:06:20,720 --> 01:06:28,920
on that.
>> Okay. So, we have uh any other further

710
01:06:25,920 --> 01:06:28,920
questions?

711
01:06:29,440 --> 01:06:34,880
Thanks for that clarification and thanks
for the explanation. Uh appreciate that.

712
01:06:33,119 --> 01:06:40,480
After I read the the staff report, it I
was just the numbers were just kind of

713
01:06:37,920 --> 01:06:43,680
exclusion of the tax increment was
really throwing me off and then you just

714
01:06:41,680 --> 01:06:47,520
kind of walked us through verbally and
I'm like, "Oh, now I get it." So, thank

715
01:06:45,760 --> 01:06:51,200
you very much for doing that. That's
where my learning skills come from.

716
01:06:49,760 --> 01:06:55,039
Sometimes I have to learn from reading
and sometimes just telling me what it

717
01:06:52,960 --> 01:06:57,920
is. So, appreciate that. I will now look
for a motion.

718
01:06:55,839 --> 01:07:03,200
» Mr. Chair, I move that the board adopt a
resolution clarifying the exclusion of

719
01:06:59,760 --> 01:07:08,400
the Select City Library Tax Increment in
the interlocal agreement amendments

720
01:07:06,240 --> 01:07:13,480
and approve the resolution revising
block 67 interlocal agreement.

721
01:07:15,359 --> 01:07:21,520
» I have a motion from board member P
second from board member Wharton. Any

722
01:07:19,280 --> 01:07:23,680
discussion?
>> Seeing none, all in favor say I.

723
01:07:23,280 --> 01:07:32,079
» I.
>> I. I'm an I.

724
01:07:27,839 --> 01:07:35,559
And that passes 5 to zero.
Thank you very much.

725
01:07:40,480 --> 01:07:52,280
Moving on to item C6, Sedona Apartments
Loan Amendment.

726
01:07:47,119 --> 01:07:52,280
Allison Roland's here. Tracy and Hayden.

727
01:07:53,359 --> 01:08:01,039
» Thank you, Mr. chair.
I uh had prepared something to say and

728
01:07:58,400 --> 01:08:05,039
then I saw these guys uh Hayden and and
Tracy's

729
01:08:02,880 --> 01:08:08,319
presentation and I I don't need to say
anything. I'll just turn it over to

730
01:08:06,592 --> 01:08:12,640
[laughter] them.
>> I had a plan to thank you for the

731
01:08:09,680 --> 01:08:19,600
introduction. So,
>> um next slide, please.

732
01:08:15,039 --> 01:08:25,359
Um, so we are here to um ask the board
to consider amending the payment terms

733
01:08:22,000 --> 01:08:30,319
of the CRA's 1995 loan to Sedonia Sedona
Associates for the Pendleton House. Uh,

734
01:08:27,679 --> 01:08:36,080
next slide.
Uh so the the request is to con consider

735
01:08:34,480 --> 01:08:41,359
adopting a resolution to amend those
payment terms um by 5 years with a new

736
01:08:39,199 --> 01:08:45,839
condition that the loan becomes due upon
sale, transfer, refinancing or

737
01:08:43,520 --> 01:08:48,839
redevelopment of the property. Uh next
slide.

738
01:08:51,279 --> 01:09:00,560
So, to provide some background on this,
um, in 1994, the then RDA board approved

739
01:08:57,040 --> 01:09:05,600
$150,000 construction loan um at 0%
interest uh at a 30-year term with $50

740
01:09:04,000 --> 01:09:12,960
monthly payments with the balloon
payment that was due at maturity. Uh,

741
01:09:08,319 --> 01:09:17,679
this property um is currently operating
entity is Sedona Associates and the

742
01:09:15,279 --> 01:09:22,799
parent organization is the um Utah
Nonprofit Housing Corporation. Um, so

743
01:09:19,839 --> 01:09:26,560
this property has 16 units serving women
transitioning out of homelessness and

744
01:09:24,319 --> 01:09:30,880
individuals with severe disabilities or
mental illness. Um, there are other

745
01:09:28,480 --> 01:09:35,520
public lenders on on this as well, the
state and the county. And we also have

746
01:09:33,199 --> 01:09:41,199
an equal priority agreement with them.
Uh, and then the loan matured in April

747
01:09:38,719 --> 01:09:46,560
2026 with the balloon payment of
approximately $132,000

748
01:09:43,359 --> 01:09:52,080
due. Um, which is uh now triggering this
request. Um the the the nonprofit

749
01:09:49,520 --> 01:09:56,800
housing corporation has asked the CRA to
amend the terms to extend it. Uh next

750
01:09:54,400 --> 01:10:00,400
slide please.
So the financial status uh so the

751
01:09:58,800 --> 01:10:04,800
financial records show that Sedona
Associates do not have the capacity to

752
01:10:02,719 --> 01:10:10,080
pay the balloon payment. The property
has relied on periodic uh support from

753
01:10:07,600 --> 01:10:14,640
the Utah Nonprofit Housing Corporation
just to cover operations and capital

754
01:10:11,840 --> 01:10:19,199
needs. Um the current rents and vouchers
that they receive at the property do not

755
01:10:17,280 --> 01:10:23,760
uh come close to covering operating
costs and maintenance. Um which is not

756
01:10:21,600 --> 01:10:28,719
unusual for a property serving extremely
low income residents. Um the state

757
01:10:26,480 --> 01:10:33,440
actually just finalized a 5-year
extension in May. Um and the county is

758
01:10:31,360 --> 01:10:38,000
expected to consider a similar request
soon. Um but this property still

759
01:10:35,920 --> 01:10:43,360
continues to be missional aligned. Um it
is still in its um 50-year deed

760
01:10:40,159 --> 01:10:49,920
restriction. um uh of affordability and
continues to serve um a really in need

761
01:10:45,840 --> 01:10:56,640
resident. Uh next slide.
So these are the proposed uh new terms.

762
01:10:52,640 --> 01:11:00,480
Pretty simple. Um the the table shows um
that on the loan term we're proposing to

763
01:10:58,560 --> 01:11:04,800
extend it uh five more years with the
balloon payment due at the end of the

764
01:11:02,320 --> 01:11:09,120
term. That um is just an extension. And
then the $50 monthly payments will

765
01:11:06,800 --> 01:11:12,880
continue and remain in place. Um,
however, we would we're adding um a

766
01:11:11,440 --> 01:11:16,320
stipulation that if the property is
sold, transferred, refinanced, or

767
01:11:14,320 --> 01:11:22,880
redeveloped, the the balance would
become due. Um, and then we're we're

768
01:11:20,719 --> 01:11:27,199
already developed. Um, the biggest
consideration here is that they the

769
01:11:25,360 --> 01:11:30,000
Sedona Associate New Utah Nonprofit
Housing Corporation is considering, you

770
01:11:28,800 --> 01:11:33,920
know, what a redevelopment of this
property could look like to serve more

771
01:11:31,760 --> 01:11:42,760
residents. So this five years would give
them um that time to to address those

772
01:11:37,520 --> 01:11:42,760
those plans. Uh next slide please.

773
01:11:42,800 --> 01:11:48,800
Um so as far as the consideration next
steps uh you can may consider adopting

774
01:11:46,960 --> 01:11:53,760
the resolution extending the loan
payment terms for Sidon Associates by 5

775
01:11:51,440 --> 01:11:57,520
years. Um and then if adopted CR staff
will work with city attorneys to execute

776
01:11:55,440 --> 01:12:01,280
the documents um to modify those loan
terms. Um but that's all I have and

777
01:11:59,199 --> 01:12:05,920
happy to answer any questions. And then
the uh the borrower is also here um from

778
01:12:04,080 --> 01:12:08,480
Utah nonprofit housing corporation on
Zoom.

779
01:12:06,800 --> 01:12:11,719
» All right. Thank you very much board.
Any questions?

780
01:12:12,560 --> 01:12:23,920
» I I have a a a couple and uh
so they've been paying $50 a month for

781
01:12:19,280 --> 01:12:28,880
30 years that the payment's now 132,000.
Uh and they can't pay make the payment

782
01:12:26,800 --> 01:12:35,280
for the balloon.
uh and it's because they've the revenue

783
01:12:32,480 --> 01:12:41,760
is out there to pay for the balloon
now. So after 5 years they have a seems

784
01:12:39,120 --> 01:12:47,520
like a soft idea how they going to get
there. So after 5 years uh

785
01:12:46,080 --> 01:12:52,080
and say that the worst thing that
happens is they can't pay the balloon

786
01:12:49,360 --> 01:12:54,960
again. Where do we go and what happens
to the property and where do we how do

787
01:12:54,080 --> 01:12:59,360
we
>> Yeah. I I in speaking to the borrower,

788
01:12:57,440 --> 01:13:03,199
we'd likely have another request, but we
obvious we we obviously don't know what

789
01:13:00,560 --> 01:13:06,719
will happen in in five years time. Um
but that is something that we could

790
01:13:04,800 --> 01:13:10,000
consider as you you all could consider
as a board and a staff,

791
01:13:08,320 --> 01:13:14,480
» right? Because that we put a lean on it
and then we then it's ours.

792
01:13:12,800 --> 01:13:16,400
» Yeah. It's kind of Yeah. Down the road
five more years

793
01:13:15,120 --> 01:13:21,840
» basically. Right. Right. If you can't
pay your bank owns your the bank owns

794
01:13:18,480 --> 01:13:24,800
your house but you can't pay it with the
bank.

795
01:13:22,719 --> 01:13:28,719
» That would be like the biggest recourse
that could be taken. Um and it's in as

796
01:13:27,280 --> 01:13:32,400
part of the promisory note loan
documents,

797
01:13:29,600 --> 01:13:38,159
» right? Uh
I mean it's a wonderful asset. We need

798
01:13:35,360 --> 01:13:44,000
the asset like this. Uh this is it's
necessary for the city, but it's also

799
01:13:40,080 --> 01:13:48,640
necessary that we you pay your bills. So
like that's my biggest concern is I I'm

800
01:13:46,080 --> 01:13:52,159
not looking that we don't approve this
because we want to make keep keep these

801
01:13:50,320 --> 01:13:57,679
people in their house and we need to
keep moving forward and we need to

802
01:13:53,520 --> 01:14:02,159
support uh uh the work of the borrower.
But at the same time I'm like so what's

803
01:14:00,400 --> 01:14:09,600
what's the plan to pay us back because
$50 a month is is is a pretty nice deal

804
01:14:04,719 --> 01:14:14,880
on a on a a house payment. Uh and so I'm
just curious on that next 5 years and

805
01:14:11,440 --> 01:14:18,320
and their plan on moving forward.
>> Yeah. And and if there is any

806
01:14:16,320 --> 01:14:22,239
redevelopment that or refinancing that
does occur, that's we would also require

807
01:14:20,239 --> 01:14:27,199
that the loan um be repaid.
>> Yeah. Because I also wouldn't want to

808
01:14:23,760 --> 01:14:33,199
make sure that the uh units stay in good
shape and they're uh they're livable

809
01:14:30,000 --> 01:14:38,400
units and they don't uh
they maintain the property at in the

810
01:14:35,840 --> 01:14:42,880
right state. Also, Uh
>> and as part of those agreements that we

811
01:14:39,920 --> 01:14:47,520
have our deed restriction for example um
there is the requirement to maintain the

812
01:14:45,360 --> 01:14:51,600
property at a high level. Um so there is
so we do have those stopbacks that we

813
01:14:49,440 --> 01:14:56,159
can look to if we do see that the
property is in disrepair. Um so we can

814
01:14:54,320 --> 01:15:00,960
we can look to those to reinforce
anything like that. Yeah, because we it

815
01:14:58,640 --> 01:15:05,760
is uh I mean we've had other issues
where units have had air conditioning

816
01:15:03,440 --> 01:15:10,239
issues and they you know they're when
the when we had our excessive heat and

817
01:15:08,400 --> 01:15:15,440
then we had units that had no air
conditioning them. That's very serious.

818
01:15:12,560 --> 01:15:18,320
Also, I know there's a lot of uh work to
be that was done on that, but it's also

819
01:15:17,120 --> 01:15:21,360
one of those things where we we need to
make sure that we are taking care of

820
01:15:19,600 --> 01:15:26,400
these most vulnerable. So, I'm just
really uh want to just kind of press

821
01:15:23,520 --> 01:15:32,080
that issue that this is a nice deal.
Let's uh uh uh let's make sure we uh

822
01:15:30,480 --> 01:15:35,679
everyone plays their part in making sure
that these people take are taken care

823
01:15:33,600 --> 01:15:40,480
of, but but they also pay their bills,
of course.

824
01:15:38,719 --> 01:15:47,120
» All right, Colette.
>> Well, can those uh stipulations be

825
01:15:43,679 --> 01:15:51,360
embedded in whatever contract we have
with them?

826
01:15:49,120 --> 01:15:54,159
» The just the the properties maintained
at a certain level. Wow.

827
01:15:52,560 --> 01:15:58,560
» So, we already do have that in our
current deed restriction on the

828
01:15:55,600 --> 01:16:05,120
property. Um, but we can look into
seeing if that would make sense adding

829
01:16:00,800 --> 01:16:08,719
it to these terms and additionally.
>> Yeah. Okay, that'd be nice.

830
01:16:08,080 --> 01:16:13,440
» Go ahead,
>> Mr. Chair. Thank you. I to this point

831
01:16:10,800 --> 01:16:18,000
though I I think that this is another
example how you know the select city

832
01:16:15,679 --> 01:16:24,400
neighbors disproportionately
um put our tax dollars into helping on

833
01:16:21,600 --> 01:16:28,640
this issue and more than so many other
communities and you know but it's it's

834
01:16:26,320 --> 01:16:36,239
to highlight how much of our tax dollars
are uh embedded into the system to

835
01:16:31,920 --> 01:16:44,000
support um but uh to this point as far
as like maintenance many times We hear a

836
01:16:39,840 --> 01:16:52,640
lot about that and and uh and since the
the repayment of this loan might take an

837
01:16:47,360 --> 01:16:56,400
eternity. Um you know we value and and I
will speak for myself I guess but it

838
01:16:54,960 --> 01:17:01,600
seems quite obvious from the
conversation we value the work that this

839
01:16:58,719 --> 01:17:10,000
organization is doing to to to these
neighbors u by providing these safe

840
01:17:04,239 --> 01:17:16,320
places. Um but we will want in exchange
in in some ways for a a good deal of you

841
01:17:14,480 --> 01:17:21,600
know investment of our tax dollars into
this good work is ensuring that uh the

842
01:17:19,840 --> 01:17:27,840
property is well maintained to me it's
like it should you know how we define

843
01:17:24,480 --> 01:17:33,440
that is a good question too but I I will
uh to me that's it's part of the deal

844
01:17:30,239 --> 01:17:37,920
it's it's one of the benefits that we
get from the to the community back to

845
01:17:35,679 --> 01:17:40,560
the rest of the community back. So, I I
would love to see that embedded into an

846
01:17:39,840 --> 01:17:45,360
agreement.
>> Okay?

847
01:17:43,120 --> 01:17:49,120
» Because it it it's not uh I mean, it's
probably obvious to everybody, but if

848
01:17:47,040 --> 01:17:55,440
this balloon payment had been paid back,
that gives us $132,000 more to go to

849
01:17:51,840 --> 01:18:01,199
another project. So, this project is is
uh is important, but it's also delaying

850
01:17:58,960 --> 01:18:07,920
support of another project that could be
built using the same same money moving

851
01:18:03,679 --> 01:18:12,400
forward. So that's it's not so much that
uh I'm against the project because I'm

852
01:18:10,719 --> 01:18:16,320
totally supportive of the project. I
would love to see a lot of these

853
01:18:14,320 --> 01:18:20,560
projects across the city, but that's
where I could use that 132 for another

854
01:18:18,719 --> 01:18:25,199
project.
So but anyway, uh that's where we stand

855
01:18:23,600 --> 01:18:31,400
there on that one. Do we need Oh, we
need a motion.

856
01:18:27,040 --> 01:18:31,400
Any idea to do something else?

857
01:18:32,480 --> 01:18:39,920
I move the board adopt the resolution
amending the loan terms with Sedona

858
01:18:36,800 --> 01:18:43,040
Associates for the Pendleton House.
>> Second.

859
01:18:40,960 --> 01:18:48,159
» Have a motion from board member Neighbor
Pearson. Second from board member

860
01:18:44,560 --> 01:18:49,679
Carlson. Any discussion? See none. All
in favor?

861
01:18:49,280 --> 01:18:53,920
» I.
>> I.

862
01:18:50,719 --> 01:19:02,560
» I'm an I. That passes five to zero.
Moving on to item number seven, art

863
01:18:57,280 --> 01:19:09,239
policy amendment. Tracy's at the table.
>> Good afternoon.

864
01:19:04,560 --> 01:19:09,239
I can get those slides up for this item.

865
01:19:15,040 --> 01:19:22,320
Great. Thank you. So, I'm here to
discuss the series art policy. Um, next

866
01:19:19,760 --> 01:19:27,679
slide, please.
The SRA board adopted um the art policy

867
01:19:25,040 --> 01:19:31,520
in 2021, which did a few things. It
aligned the CRA requirements with the

868
01:19:29,199 --> 01:19:37,280
city's percent for art increase from 1%
to 1 and a.5% in chapter 2.30 of city

869
01:19:34,960 --> 01:19:41,199
code for capital improvements. Um it
also included requirements for property

870
01:19:39,040 --> 01:19:46,320
dis dispositions and incentives to
promote art. Um CRA staff is um now

871
01:19:44,560 --> 01:19:51,840
proposing a few updates now that the
policy has been in place for about five

872
01:19:48,080 --> 01:19:56,320
years. Next slide.
So this chart provides an overview of

873
01:19:54,159 --> 01:20:01,600
our current policy. shows the options
for um these different um art require

874
01:19:59,920 --> 01:20:07,040
our art requirements, incentives and
different allocations that we provide.

875
01:20:04,080 --> 01:20:10,880
So um art can be installed on site or it
could be contributed to an art fund. An

876
01:20:08,880 --> 01:20:15,600
example of our art fund is some of our
mural programs that we've run in the

877
01:20:12,480 --> 01:20:19,920
state street um project area and then um
currently in the north temple project

878
01:20:17,199 --> 01:20:23,760
area. So if a developer can't build
something on site, we can pull those

879
01:20:21,679 --> 01:20:27,920
monies together to do a something like a
mural program. Um and then on the bottom

880
01:20:26,000 --> 01:20:32,400
part of the chart, it shows um how we
work together with arts council to

881
01:20:29,600 --> 01:20:38,080
implement the art. So when um we do look
at um implementing art um you can see

882
01:20:35,679 --> 01:20:42,960
here if it is in the public right away
and considered kind of an um as part of

883
01:20:41,280 --> 01:20:48,080
as part of the public rightway that's
completely led by arts council. Um but

884
01:20:45,199 --> 01:20:54,719
if it is pos publicly visible art on
private property that's run through a

885
01:20:50,239 --> 01:20:58,159
CRA process. Next slide.
Um so we are proposing four changes and

886
01:20:56,800 --> 01:21:01,600
I'll go through these in the next few
slides. So we can um go to the next

887
01:21:00,080 --> 01:21:05,440
slide.
So the first change um includes adding

888
01:21:03,520 --> 01:21:10,480
an art requirement for tax increment
reimbursement require tax increment

889
01:21:07,760 --> 01:21:15,280
reimbursement agreements or tas. Um the
current policy does not address tas. So

890
01:21:13,280 --> 01:21:19,920
we are proposing that one and a half% of
the projected maximum reimbursement over

891
01:21:17,600 --> 01:21:25,920
the term of the tyra shall go towards
art. Um so state code authorizes tas to

892
01:21:23,520 --> 01:21:31,360
be used within CRA project areas or when
within HTRZ's which we've been seeing

893
01:21:28,480 --> 01:21:35,920
more of. Um and we do anticipate seeing
more of these requests for tax increment

894
01:21:33,360 --> 01:21:39,760
reimbursement agreements. Um and then
requiring art for these just ensures um

895
01:21:38,320 --> 01:21:43,679
that publicly supported developments
create lasting community value. It

896
01:21:41,760 --> 01:21:50,080
improves placemaking and just general
visible public value. Next slide.

897
01:21:48,159 --> 01:21:55,520
And then the next uh proposed change
clarifies the 1 and a.5% for CRA

898
01:21:52,800 --> 01:22:00,960
property dispositions. Uh the proposed
change would base the 1 and a.5% um on

899
01:21:58,719 --> 01:22:05,040
appraised property value as opposed to
hard costs. Um basing this on hard cost

900
01:22:03,440 --> 01:22:10,159
may undermine the overall project,
making the overall project infeasible.

901
01:22:07,280 --> 01:22:16,480
So, for example, if we had a $10 million
um uh appraised property value, um that

902
01:22:13,840 --> 01:22:20,719
that property would um have to
contribute $150,000 towards art, which

903
01:22:18,960 --> 01:22:25,600
we feel like is a little more doable.
Um, if we based it on hard costs, if we

904
01:22:22,960 --> 01:22:31,679
were to assume $30 million for that
property to for um to for the hard costs

905
01:22:29,120 --> 01:22:36,880
on that, that would be a $450,000
art project, which is a pretty big piece

906
01:22:34,560 --> 01:22:41,440
of art for a private like a privately
owned piece of property. Um, so we think

907
01:22:38,800 --> 01:22:45,280
this is just um tying it to the
appraised property values just a little

908
01:22:42,800 --> 01:22:48,639
makes it a little more feasible. Um, but
we did include some exemption language

909
01:22:46,880 --> 01:22:52,400
for projects requiring affordable home
ownership. We do know that affordable

910
01:22:50,159 --> 01:22:56,400
home ownership um is very difficult to
build and may require substantial

911
01:22:54,560 --> 01:22:59,760
subsidy and we do have some long-term
maintenance concerns for an HOA that is

912
01:22:58,239 --> 01:23:05,040
managing affordable home ownership. So,
we just have some language um that

913
01:23:01,600 --> 01:23:10,360
allows for CRA director to um to remove
that if if needed. Next slide.

914
01:23:10,960 --> 01:23:17,360
And then this uh next the third proposal
would remove a specific interest rate

915
01:23:15,440 --> 01:23:22,320
reduction language. Um the current
language states that a borrower would

916
01:23:19,040 --> 01:23:28,400
receive a specific 0.5% um interest rate
reduction if contributing 1 and a.5% of

917
01:23:24,880 --> 01:23:32,159
the loan amount to art. Um the specific
we believe that the specific reduction

918
01:23:30,239 --> 01:23:35,920
shall be determined um for different
programs. So, we were looking at kind of

919
01:23:33,920 --> 01:23:40,560
our housing development loan program and
which is more of a longer term um loan

920
01:23:38,480 --> 01:23:44,639
program and then our CDLP or commercial
development loan program which is more

921
01:23:42,239 --> 01:23:49,440
focused on short-term um you know
usually fiveyear loans loan terms. Um

922
01:23:47,760 --> 01:23:54,320
and we did some analysis that showed
that um for shorter term loans um that

923
01:23:52,080 --> 01:23:58,400
may require an interest rate of point a
half percent or more to incentivize art

924
01:23:56,639 --> 01:24:03,679
and then longer term loans with a lower
interest rate reduction um as low as

925
01:24:01,840 --> 01:24:08,239
like 0.25 0.25 may still be beneficial
to incentivize art. If you go to the

926
01:24:05,760 --> 01:24:13,920
next slide, um we have just kind of a
few charts that show kind of what this

927
01:24:10,560 --> 01:24:17,040
looks like. Um so the slide provides um
the interest rate charts that shows the

928
01:24:15,360 --> 01:24:21,120
interest rate savings for quarter
percent, a half percent, and 3/4 of

929
01:24:19,120 --> 01:24:24,719
percent. And the chart provides the
interest rate savings based on the loan

930
01:24:22,960 --> 01:24:28,320
amount and the loan term and compare
that with the 1 and a.5% ARC

931
01:24:26,560 --> 01:24:35,520
contribution, which is the column in
blue. So that orangey beige color cells

932
01:24:32,719 --> 01:24:39,440
um that orangey the orangey beige cells
show that the interest rate savings is

933
01:24:37,360 --> 01:24:45,360
less than what that 1 and a half%
contribution would be and maybe less

934
01:24:41,679 --> 01:24:52,480
likely a borrower would less likely be
um contributing um to that u to

935
01:24:49,280 --> 01:24:55,199
additional art. Whereas um the green
cells show that the interest rate

936
01:24:53,920 --> 01:25:00,159
savings is actually more than the
contribution. So in those situations,

937
01:24:57,120 --> 01:25:04,960
they're more likely to to take on that
um incentive. Um so overall, we think

938
01:25:03,120 --> 01:25:09,040
just loan longer term loans still
provide an overall interest rate um

939
01:25:06,960 --> 01:25:13,040
savings even with a lower interest rate
reduction. And then shorter term um

940
01:25:11,600 --> 01:25:16,639
loans may require an interest rate
reduction of at least a half percent um

941
01:25:15,120 --> 01:25:20,400
to be financially beneficial to a
borrower. So what all we're saying in

942
01:25:19,120 --> 01:25:24,560
the section is just we want to be able
to kind of tailor it to each program and

943
01:25:22,239 --> 01:25:30,480
not call it out specific in this um
policy. And the next slide.

944
01:25:28,800 --> 01:25:34,320
And then we just have general lang um
language cleanup throughout the policy

945
01:25:32,400 --> 01:25:38,560
just updating references from RDA to
CRA. Um and there's just some

946
01:25:36,159 --> 01:25:41,679
non-material language changes. Um it
currently states that the board may

947
01:25:39,600 --> 01:25:45,600
allocate program income funds to art. We
clarify the board that the board could

948
01:25:43,280 --> 01:25:49,440
also use pro project area funds. We've
seen that with like our North Temple

949
01:25:46,960 --> 01:25:54,400
project area and um things like that. So
we're just um clarifying that. And then

950
01:25:52,560 --> 01:25:58,639
we also currently reference an art
review committee. We clarify that that

951
01:25:56,239 --> 01:26:03,360
CRA art review process is an advisory
committee assembled by staff.

952
01:26:01,199 --> 01:26:08,719
Next slide.
Um and we did uh present this to RACK on

953
01:26:05,760 --> 01:26:11,760
the their August 5th uh meeting and they
recommended that the CRA board approved

954
01:26:10,320 --> 01:26:15,120
the changes with the condition that the
staff consider some of the comments made

955
01:26:13,199 --> 01:26:19,679
during that discussion. Um and those
discussion included just consider

956
01:26:17,120 --> 01:26:22,800
considering the TIFF requirements. Oh,
sorry, that should say tier

957
01:26:20,800 --> 01:26:26,159
requirements. Um, consider the tier
requirements and timing of when the

958
01:26:24,400 --> 01:26:30,080
requirements take effect. And then
ensure that funds are collected upfront

959
01:26:28,000 --> 01:26:33,760
for the art fund or art installed in
earlier stages. So, they don't want a

960
01:26:31,440 --> 01:26:38,560
situation where someone has committed to
doing art but it's not on site for like

961
01:26:36,480 --> 01:26:44,000
25 years and they um just want to make
sure we we um prevented that. Um and we

962
01:26:42,320 --> 01:26:47,360
looked into these issues and kind of ran
through different scenarios and we do

963
01:26:45,679 --> 01:26:51,840
think um we will be able to kind of
ensure that these items are addressed um

964
01:26:49,679 --> 01:26:57,520
as we develop our legal agreements when
we're working on our tax increment

965
01:26:53,280 --> 01:27:01,760
reimbursement agreements. Um next slide.
Um yeah and with that um I can answer

966
01:26:59,840 --> 01:27:06,719
any questions. Um and we are looking for
a motion on um to approve the resolution

967
01:27:05,440 --> 01:27:12,400
that's attached.
>> Thank you Tracy board. Any questions,

968
01:27:09,760 --> 01:27:16,800
comments?
on the uh one side there's about the uh

969
01:27:15,199 --> 01:27:21,840
mainten maintenance and the concern
about if it's an HOA or if it's on the

970
01:27:19,760 --> 01:27:27,920
private property facing the public
maintenance is by the owner of the uh

971
01:27:25,600 --> 01:27:32,480
structure the building and they they
were they're required to maintain

972
01:27:29,360 --> 01:27:35,600
maintain it. Uh
but there's no recourse if they if

973
01:27:34,159 --> 01:27:40,560
they're not retaining it after 5 years
because we've we've already got the

974
01:27:37,840 --> 01:27:43,840
money and they it's it's basically on
their plan.

975
01:27:40,960 --> 01:27:48,000
» It depends on um kind of what situation
we're in. If it is a loan and we still a

976
01:27:46,480 --> 01:27:52,480
lot of our loans, if it's like a 15-year
term, we will kind of want to make sure

977
01:27:50,080 --> 01:27:56,080
that they do maintain it for at least 15
years. We'll usually tie it to kind of

978
01:27:54,320 --> 01:27:57,280
the legal agreement that we have in
place.

979
01:27:56,400 --> 01:28:00,080
» Okay. Okay. So, there's a legal
agreement there that says, "Hey, you

980
01:27:58,400 --> 01:28:04,159
need maintain it at whatever standard
we've already kind of dictated in the in

981
01:28:01,679 --> 01:28:08,000
the in the legal agreement." Okay.
>> Yeah. And then with like tax increment

982
01:28:05,600 --> 01:28:12,239
reimbursements, because it's a 25-y year
term, that could be a situation where

983
01:28:10,239 --> 01:28:15,440
well, we do have that agreement in
place, so we should have like recourse

984
01:28:13,920 --> 01:28:21,840
if that's not
>> So, the 1.5 uh on the tax in uh

985
01:28:18,960 --> 01:28:30,400
increment agreement. Now, that's the
full tax increment uh payout.

986
01:28:27,520 --> 01:28:36,239
1.5% of the full or was it 1.5 or
whatever it is on the annual? It's

987
01:28:33,199 --> 01:28:40,080
» one and a half% of their reimbursement
request

988
01:28:38,080 --> 01:28:43,600
» on an annual basis.
>> Um for the full term

989
01:28:41,840 --> 01:28:47,040
» for the full term.
>> But administratively we'll like figure

990
01:28:45,199 --> 01:28:53,600
out kind of okay how that
>> how that works happens each year at

991
01:28:50,159 --> 01:28:58,960
» from the cap. Okay. Gotcha. All right.
Thank you.

992
01:28:55,600 --> 01:29:02,360
Seeing none, uh, I will
look for a motion.

993
01:29:03,040 --> 01:29:09,280
» Mr. Chair, I move that the board adopt a
resolution approving the CRA art policy

994
01:29:07,840 --> 01:29:11,760
amendment.
>> Second.

995
01:29:09,920 --> 01:29:15,120
» I have a board I have a motion from
board member Carlson, second from board

996
01:29:13,199 --> 01:29:19,360
member neighbor Pierce. Any questions?
Any discussion? See none. All in favor

997
01:29:17,600 --> 01:29:20,480
say approve. I
>> I

998
01:29:19,760 --> 01:29:21,760
» I
>> say approve.

999
01:29:21,199 --> 01:29:29,040
» Approve.
>> Approve. Uh uh. Anybody against?

1000
01:29:26,560 --> 01:29:34,440
Sorry, long morning. All right, that
motion passes. I I'm an I. That motion

1001
01:29:30,800 --> 01:29:34,440
passes five to zero.

1002
01:29:42,000 --> 01:29:47,000
Item number eight, report an
announcement from the executive

1003
01:29:44,000 --> 01:29:47,000
director.

1004
01:29:51,600 --> 01:29:57,520
uh and report from the chairs uh and the
vice chair. We have nothing to say at

1005
01:29:56,080 --> 01:30:03,199
this point.
>> Danny,

1006
01:29:59,760 --> 01:30:07,199
» Mr. Chair, uh let me start by thanking
you and the the rest of the board as

1007
01:30:04,800 --> 01:30:12,320
well as council staff for our agenda
today. We know we threw a lot at you and

1008
01:30:10,719 --> 01:30:17,600
want to thank staff as well. There's a
lot of preparation that went into this

1009
01:30:14,880 --> 01:30:20,400
and so uh we appreciate you providing us
the time to get through the agenda and

1010
01:30:19,120 --> 01:30:25,199
get through these items as we can
continue to move those forward. Um only

1011
01:30:23,199 --> 01:30:31,679
one announcement uh for you today. Next
slide please. Um wanted to just announce

1012
01:30:28,239 --> 01:30:35,600
the release of our two annual notices of
funding availability. The first is for

1013
01:30:33,360 --> 01:30:40,080
the housing development loan program.
Both of these were officially released

1014
01:30:38,159 --> 01:30:43,520
last week. You'll see press releases
probably coming up in the next week or

1015
01:30:41,600 --> 01:30:49,040
two that that formally announce these.
Um, but they are out on the streets and

1016
01:30:46,239 --> 01:30:53,600
active right now. Uh, this year's HDLP
NOA is providing $3 million for the

1017
01:30:52,080 --> 01:30:57,360
affordable housing development within
the city. Uh, you'll recall that as a

1018
01:30:55,760 --> 01:31:01,520
board and the housing funding
priorities. You approve that the

1019
01:30:59,199 --> 01:31:06,080
required threshold for developments to
apply for this program is that at least

1020
01:31:04,000 --> 01:31:14,800
20% of the units are either serving
households at 30% AMI or less and or not

1021
01:31:10,080 --> 01:31:19,280
andor or or uh 3% or 20% of the units
are familysiz units at three plus

1022
01:31:16,960 --> 01:31:23,520
bedrooms. So projects have to have
either one of those and some obviously

1023
01:31:21,920 --> 01:31:27,520
have both but that is a threshold
requirement for the HDLP. The other NOA

1024
01:31:26,159 --> 01:31:31,920
is our residential wealth building
program. This is providing $4 million uh

1025
01:31:29,840 --> 01:31:36,400
to support affordable housing and wealth
buildinging opportunities for low to

1026
01:31:33,360 --> 01:31:40,239
moderate uh income households. The focus
is projects that will include home

1027
01:31:38,239 --> 01:31:44,028
ownership and/or shared equity models
and essentially support long-term

1028
01:31:41,920 --> 01:31:46,159
financial stability for families.
>> [snorts]

1029
01:31:44,080 --> 01:31:50,480
» Um the deadline for these is September
25th at which point staff will review

1030
01:31:48,560 --> 01:31:53,520
the applications, present them to
finance committee which will then

1031
01:31:51,920 --> 01:31:58,320
forward a recommendation to you as a
board and you will see these and approve

1032
01:31:55,520 --> 01:32:03,520
them. [snorts] So these are the funds
that you approved as a board in June and

1033
01:32:01,440 --> 01:32:06,880
staff has worked hard and they're on the
street today. So want to commend them

1034
01:32:06,159 --> 01:32:10,639
for that.
>> All right. Thank you. Appreciate that

1035
01:32:08,320 --> 01:32:13,600
very much. This is awesome.
questions

1036
01:32:12,320 --> 01:32:17,760
for CRA?
>> More of a just more of a comment. Um,

1037
01:32:15,840 --> 01:32:21,920
thank you for this work and thank you to
staff for putting these NAS out. I'm

1038
01:32:20,320 --> 01:32:25,520
really excited to see what comes back
from the residential wealth building

1039
01:32:23,520 --> 01:32:30,080
pilot program. So, I'll be looking
forward to that when it's ready.

1040
01:32:28,880 --> 01:32:34,159
» Thank you. And I appreciate the
conversations we had about the uh

1041
01:32:31,600 --> 01:32:38,960
commercial loan priorities and stuff and
uh and all the other briefings we had

1042
01:32:36,159 --> 01:32:46,800
today. So, uh again, thank Thank you
very much for across the board and with

1043
01:32:41,679 --> 01:32:50,239
that we are adjourned until
4:15 is what we have in the agenda. I

1044
01:32:48,960 --> 01:32:54,800
don't think we can start it earlier.
>> I think we can start a little bit

1045
01:32:52,239 --> 01:33:03,880
earlier. I think it says or call
>> so let's let's do this then 4:00. Um

1046
01:32:58,800 --> 01:33:03,880
okay 4:00. Thank you. Thank you.