DATE: November 12, 2013 ITEM: 8.B. PROJECT AREA: N/A RE: PREPARED BY: DISCUSSION AND RECOMMENDATION ON OPTIONS FOR THE CREATION OF A COMMUNITY DEVELOPMENT AREA IN THE SUGAR HOUSE NEIGHBORHOOD Edward Butterfield EXECUTIVE SUMMARY: At the 2012 RDA Board retreat, staff was requested to investigate options for the creation of a Community Development Area (CDA) in the Sugar House area. The discussion of creating a CDA was based on recent and future events that include the expiration of the Sugar House Urban Renewal Area in 2014, completion of Phase I of the streetcar and greenway, and the approval of the Phase II alignment. Three scenarios for the creation of a CDA are outlined below: First Scenario - create a CDA along the Phase I streetcar corridor and adjacent blocks from 500 East to McClelland Street. Second Scenario - create a CDA along the Phase II streetcar extension alignment from approximately Sugarmont Drive to 1700 South and Highland Drive. Third Scenario - combine the first and second scenarios into one CDA. Additional information on the various scenarios is included in the memo. ALTERNATIVES: 1. Pass a motion directing staff to pursue the first, second or third scenario as defined in the memo. 2. Pass a motion directing staff to pursue the first, second or third scenario with modifications. 3. Pass a motion to not recommend the creation of a CDA in Sugar House. 4. No action. ANALYSIS AND ISSUES: A description of the three scenarios is provided below. All revenue estimates assume 100% participation, over 25 years, by Salt Lake City, Salt Lake County, and Salt Lake City School District.
First Scenario - Description: This scenario encompasses the blocks surrounding the recently completed phase one of the streetcar/greenway corridor and a portion of 2100 South business district. The boundaries are approximately from 500 East to McClelland (1050 East) and Hollywood Avenue to Strigham Avenue. Potential Projects: The potential use of tax increment proceeds from the CDA include assisting with double tracking Phase 1 of the streetcar, supporting transit-oriented development along the corridor especially at the 700 East and 900 East streetcar stops, and encouraging the redevelopment of the 2100 South business corridor from suburbanstyle strip malls to mixed-use urban scale developments. In addition, the CDA could be used to support the greenway. Issues: Pro - with the significant public investment in the streetcar/greenway and the rezoning of the area expected to be completed shortly, the Phase I corridor may be ready for considerable redevelopment activity that can be catalyzed through assistance provided from the CDA. Also, there are several large commercial properties near the corridor that present prime redevelopment opportunities. Con - large sections of the Phase 1 corridor reside in a historic district and are predominately composed of the single family residences. It is unlikely, based on current zoning efforts, that these areas will change uses in the foreseeable future. Also, a majority of the commercial properties are owned by a few individuals that do not have experience in development and their retail spaces are currently fully occupied. It may be several years before redevelopment plans at these commercial sites move forward. Tax Increment Projections: Based on a 25-year CDA starting in 2015, the total projected tax increment collected is $11 million. The first scenario consists of 106 acres composed of 41% residential, 47% commercial, and 12% tax-exempt uses. Second Scenario - Description: This scenario includes the Phase II streetcar alignment and encompasses the Sugar House Business District. The approximate boundaries are from McClelland (1050 East to 1200 East and 1700 South to I-80. Potential Projects: The primary project is the implementation of the Phase II alignment to 1700 South. The CDA would provide an additional funding mechanism for the extension. Issues: Pro - The use of tax increment to fund the construction of Phase II may reduce the timeline from planning to implementation. The CDA will also capitalize on future redevelopment projects planned for the Sugar House Business District.
Con - The Sugar House area has received significant amounts of tax increment proceeds through loans and other infrastructure investments from the Sugar House Urban Renewal Area that expires in 2014. It may be time to invest in other areas of Salt Lake City that are in need of infrastructure improvements and redevelopment activities. Tax Increment Projections: Based on a 25-year CDA starting in 2015, the total projected tax increment collected is $22 million. The second scenario consists of 103 acres composed of 17% residential, 74% commercial, and 9% tax-exempt uses. Third Scenario - Description: This scenario combines the first and second scenarios into one large "L" - shaped CDA. The Boundaries of the CDA would go from approximately 500 East to 1200 East and I-80 to 1700 South. Potential Projects: The projects are already identified in the first and second scenarios include double-tracking of Phase I streetcar, implementation of Phase II streetcar alignment, and ancillary economic and redevelopment activities. Issues: Pro - The RDA could provide additional funding for major infrastructure and redevelopment projects in the Sugar House area. Con - It may be challenging to receive support from taxing entities for such a large CDA that would encompass over 200 acres. Also, it would be challenging to limit redevelopment assistance to the Phase I streetcar corridor since large developments in the Sugar House Business District would still request assistance. Tax Increment Projections: Based on a 25-year CDA starting in 2015, the total projected tax increment collected is $33 million. The third scenario consists of 210 acres composed of 29% residential, 60% commercial, and 11% tax-exempt uses. BACKGROUND: The Sugar House Project area was created in 1987 and is composed of approximately 100 acres in the Sugar House Business District. The Project Area expires in 2014 when the 25 year timeline is complete. The RDA Board discussed opportunities to continue working in the Sugar House area through the creation of a CDA at the 2012 Board retreat. The RDA staff was directed to form several scenarios for creating a CDA and identify potential projects in need of additional funding. ATTACHMENT: A. Map of Scenario Boundaries B. Tax Increment Projection Sheet
WILMINGTON 2100 SOUTH 500 EAST 600 EAST LAKE ST. STRINGHAM AVE. HOLLYWOOD AVE. SUGARMONT DR. I-80 600 EAST 700 EAST 900 EAST 1300 EAST 1700 SOUTH 1100 EAST 1200 EAST SUGARMONT AVE. SCENARIOS 1 & 2
LAKE ST. 900 EAST 2100 SOUTH 700 EAST 600 EAST HOLLYWOOD AVE. WILMINGTON AVE. 500 EAST SUGARMONT DR. SIMPSON AVE. STRINGHAM AVE. SCENARIO 1
1700 SOUTH 1100 EAST HOLLYWOOD AVE. 1200 EAST 2100 SOUTH SUGARMONT DR. 1100 EAST 1300 EAST I-80 SCENARIO 2
Sugar House Streetcar Corridor Community Development Area: 25-year ESTIMATED TAX INCREMENT PROJECTIONS* Base Year Total Taxable Value by Block 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Block 1 6,787,625 6,923,378 7,061,845 7,203,082 7,347,144 7,494,086 7,643,968 7,796,848 7,952,785 8,111,840 8,274,077 8,439,559 8,608,350 8,780,517 8,956,127 9,135,250 9,317,955 9,504,314 9,694,400 9,888,288 10,086,054 10,287,775 10,493,530 10,703,401 10,917,469 11,135,818 11,358,535 Block 2 13,950,870 14,229,887 14,514,485 14,804,775 15,100,870 15,402,888 15,710,946 16,025,164 16,345,668 16,672,581 17,006,033 17,346,153 17,693,076 18,046,938 18,407,877 18,776,034 19,151,555 19,534,586 19,925,278 20,323,783 20,730,259 21,144,864 21,567,761 21,999,117 22,439,099 22,887,881 23,345,639 Block 3 12,953,225 13,212,290 13,476,535 13,746,066 14,020,987 14,301,407 14,587,435 14,879,184 15,176,768 15,480,303 15,789,909 16,105,707 16,427,821 16,756,378 17,091,505 17,433,335 17,782,002 18,137,642 18,500,395 18,870,403 19,247,811 19,632,767 20,025,423 20,425,931 20,834,450 21,251,139 21,676,161 Block 4 9,654,955 9,848,054 10,045,015 10,245,915 10,450,834 10,659,850 10,873,047 11,090,508 11,312,319 11,538,565 11,769,336 12,004,723 12,244,817 12,489,714 12,739,508 12,994,298 13,254,184 13,519,268 13,789,653 14,065,446 14,346,755 14,633,690 14,926,364 15,224,891 15,529,389 15,839,977 16,156,777 Block 5 12,797,460 13,053,409 13,314,477 13,580,767 13,852,382 14,129,430 14,412,019 14,700,259 14,994,264 15,294,149 15,600,032 15,912,033 16,230,274 16,554,879 16,885,977 17,223,696 17,568,170 17,919,534 18,277,924 18,643,483 19,016,352 19,396,679 19,784,613 20,180,305 20,583,911 20,995,590 21,415,501 Block 6 15,110,700 15,412,914 15,721,172 16,035,596 16,356,308 16,683,434 17,017,102 17,357,445 17,704,593 18,058,685 18,419,859 18,788,256 19,164,021 19,547,302 19,938,248 20,337,013 20,743,753 21,158,628 21,581,801 22,013,437 22,453,705 22,902,779 23,360,835 23,828,052 24,304,613 24,790,705 25,286,519 Block 7 5,025,760 5,126,275 5,228,801 5,333,377 5,440,044 5,548,845 5,659,822 5,773,018 5,888,479 6,006,248 6,126,373 6,248,901 6,373,879 6,501,356 6,631,384 6,764,011 6,899,291 7,037,277 7,178,023 7,321,583 7,468,015 7,617,375 7,769,723 7,925,117 8,083,620 8,245,292 8,410,198 Block 8 20,106,115 20,508,237 20,918,402 21,336,770 21,763,505 22,198,776 22,642,751 23,095,606 23,557,518 24,028,669 24,509,242 24,999,427 25,499,415 26,009,404 26,529,592 27,060,184 27,601,387 28,153,415 28,716,483 29,290,813 29,876,629 30,474,162 31,083,645 31,705,318 32,339,424 32,986,213 33,645,937 Block 9 16,784,230 17,119,915 17,462,313 17,811,559 18,167,790 18,531,146 18,901,769 19,279,804 19,665,401 20,058,709 20,459,883 20,869,080 21,286,462 21,712,191 22,146,435 22,589,364 23,041,151 23,501,974 23,972,014 24,451,454 24,940,483 25,439,293 25,948,078 26,467,040 26,996,381 27,536,308 28,087,035 Block 10 8,428,645 8,597,218 8,769,162 8,944,546 9,123,436 9,305,905 9,492,023 9,681,864 9,875,501 10,073,011 10,274,471 10,479,961 10,689,560 10,903,351 11,121,418 11,343,846 11,570,723 11,802,138 12,038,181 12,278,944 12,524,523 12,775,014 13,030,514 13,291,124 13,556,947 13,828,086 14,104,647 Block 11 36,963,200 37,702,464 38,456,513 39,225,644 40,010,156 40,810,360 41,626,567 42,459,098 43,308,280 44,174,446 45,057,935 45,959,093 46,878,275 47,815,841 48,772,157 49,747,601 50,742,553 51,757,404 52,792,552 53,848,403 54,925,371 56,023,878 57,144,356 58,287,243 59,452,988 60,642,047 61,854,888 Block 12 80,626,280 82,238,806 83,883,582 85,561,253 87,272,478 89,017,928 90,798,287 92,614,252 94,466,537 96,355,868 98,282,985 100,248,645 102,253,618 104,298,690 106,384,664 108,512,357 110,682,605 112,896,257 115,154,182 117,457,266 119,806,411 122,202,539 124,646,590 127,139,522 129,682,312 132,275,958 134,921,477 Block 13 16,763,400 17,098,668 17,440,641 17,789,454 18,145,243 18,508,148 18,878,311 19,255,877 19,640,995 20,033,815 20,434,491 20,843,181 21,260,044 21,685,245 22,118,950 22,561,329 23,012,556 23,472,807 23,942,263 24,421,108 24,909,531 25,407,721 25,915,876 26,434,193 26,962,877 27,502,135 28,052,177 Block 14 32,298,670 32,944,643 33,603,536 34,275,607 34,961,119 35,660,342 36,373,548 37,101,019 37,843,040 38,599,900 39,371,899 40,159,336 40,962,523 41,781,774 42,617,409 43,469,757 44,339,152 45,225,936 46,130,454 47,053,063 47,994,125 48,954,007 49,933,087 50,931,749 51,950,384 52,989,392 54,049,179 Block 15 25,770,300 26,285,706 26,811,420 27,347,649 27,894,601 28,452,494 29,021,543 29,601,974 30,194,014 30,797,894 31,413,852 32,042,129 32,682,972 33,336,631 34,003,364 34,683,431 35,377,099 36,084,641 36,806,334 37,542,461 38,293,310 39,059,176 39,840,360 40,637,167 41,449,910 42,278,909 43,124,487 Block 16 11,526,620 11,757,152 11,992,295 12,232,141 12,476,784 12,726,320 12,980,846 13,240,463 13,505,272 13,775,378 14,050,885 14,331,903 14,618,541 14,910,912 15,209,130 15,513,313 15,823,579 16,140,051 16,462,852 16,792,109 17,127,951 17,470,510 17,819,920 18,176,319 18,539,845 18,910,642 19,288,855 Total 325,548,055 332,059,016 338,700,196 345,474,200 352,383,684 359,431,358 366,619,985 373,952,385 381,431,433 389,060,061 396,841,262 404,778,088 412,873,649 421,131,122 429,553,745 438,144,820 446,907,716 455,845,871 464,962,788 474,262,044 483,747,285 493,422,230 503,290,675 513,356,488 523,623,618 534,096,091 544,778,012 Base Year Total Increase in Taxable Value Minus Base YR 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Block 1 7,203,082 144,062 291,005 440,886 593,766 749,703 908,758 1,070,995 1,236,477 1,405,268 1,577,435 1,753,045 1,932,168 2,114,873 2,301,232 2,491,318 2,685,206 2,882,972 3,084,693 3,290,448 3,500,319 3,714,387 3,932,736 4,155,453 4,382,623 Block 2 14,804,775 296,095 598,113 906,171 1,220,390 1,540,893 1,867,806 2,201,258 2,541,378 2,888,302 3,242,163 3,603,102 3,971,259 4,346,780 4,729,811 5,120,503 5,519,008 5,925,484 6,340,089 6,762,987 7,194,342 7,634,324 8,083,106 8,540,864 9,007,776 Block 3 13,746,066 274,921 555,341 841,369 1,133,118 1,430,702 1,734,237 2,043,843 2,359,641 2,681,755 3,010,312 3,345,439 3,687,269 4,035,936 4,391,576 4,754,329 5,124,337 5,501,745 5,886,701 6,279,357 6,679,865 7,088,384 7,505,073 7,930,095 8,363,619 Block 4 10,245,915 204,918 413,935 627,132 844,593 1,066,403 1,292,649 1,523,421 1,758,808 1,998,902 2,243,798 2,493,593 2,748,383 3,008,269 3,273,352 3,543,738 3,819,531 4,100,840 4,387,775 4,680,449 4,978,976 5,283,474 5,594,062 5,910,861 6,233,997 Block 5 13,580,767 271,615 548,663 831,252 1,119,492 1,413,497 1,713,382 2,019,265 2,331,266 2,649,507 2,974,112 3,305,210 3,642,929 3,987,403 4,338,767 4,697,157 5,062,716 5,435,585 5,815,912 6,203,846 6,599,538 7,003,144 7,414,823 7,834,734 8,263,044 Block 6 16,035,596 320,712 647,838 981,507 1,321,849 1,668,998 2,023,090 2,384,263 2,752,660 3,128,426 3,511,706 3,902,652 4,301,417 4,708,157 5,123,032 5,546,205 5,977,841 6,418,110 6,867,184 7,325,239 7,792,456 8,269,017 8,755,109 9,250,923 9,756,654 Block 7 5,333,377 106,668 215,468 326,445 439,642 555,102 672,872 792,997 915,524 1,040,502 1,167,980 1,298,007 1,430,635 1,565,915 1,703,901 1,844,646 1,988,207 2,134,638 2,283,999 2,436,346 2,591,741 2,750,243 2,911,915 3,076,821 3,245,025 Block 8 21,336,770 426,735 862,006 1,305,981 1,758,836 2,220,748 2,691,899 3,172,472 3,662,657 4,162,645 4,672,634 5,192,822 5,723,413 6,264,617 6,816,645 7,379,713 7,954,043 8,539,859 9,137,392 9,746,875 10,368,548 11,002,654 11,649,443 12,309,167 12,982,086 Block 9 17,811,559 356,231 719,587 1,090,210 1,468,245 1,853,841 2,247,149 2,648,324 3,057,521 3,474,903 3,900,632 4,334,876 4,777,805 5,229,592 5,690,415 6,160,454 6,639,895 7,128,924 7,627,733 8,136,519 8,655,481 9,184,822 9,724,749 10,275,475 10,837,216 Block 10 8,944,546 178,891 361,360 547,478 737,318 930,955 1,128,465 1,329,926 1,535,415 1,745,014 1,958,806 2,176,873 2,399,301 2,626,178 2,857,592 3,093,635 3,334,399 3,579,978 3,830,468 4,085,968 4,346,579 4,612,401 4,883,540 5,160,102 5,442,195 Block 11 39,225,644 784,513 1,584,716 2,400,923 3,233,455 4,082,636 4,948,802 5,832,291 6,733,450 7,652,632 8,590,197 9,546,514 10,521,957 11,516,909 12,531,760 13,566,908 14,622,759 15,699,727 16,798,235 17,918,712 19,061,599 20,227,344 21,416,404 22,629,245 23,866,343 Block 12 85,561,253 1,711,225 3,456,675 5,237,033 7,052,999 8,905,284 10,794,615 12,721,732 14,687,392 16,692,365 18,737,437 20,823,411 22,951,104 25,121,351 27,335,003 29,592,929 31,896,012 34,245,157 36,641,286 39,085,336 41,578,268 44,121,059 46,714,705 49,360,224 52,058,654 Block 13 17,789,454 355,789 718,694 1,088,857 1,466,423 1,851,541 2,244,361 2,645,037 3,053,727 3,470,590 3,895,791 4,329,496 4,771,875 5,223,102 5,683,353 6,152,809 6,631,654 7,120,076 7,618,267 8,126,421 8,644,739 9,173,423 9,712,680 10,262,723 10,823,767 Block 14 34,275,607 685,512 1,384,735 2,097,941 2,825,412 3,567,433 4,324,294 5,096,292 5,883,729 6,686,916 7,506,167 8,341,802 9,194,150 10,063,545 10,950,329 11,854,847 12,777,456 13,718,518 14,678,400 15,657,480 16,656,142 17,674,777 18,713,785 19,773,572 20,854,556 Block 15 27,347,649 546,953 1,104,845 1,673,895 2,254,326 2,846,365 3,450,245 4,066,203 4,694,480 5,335,323 5,988,982 6,655,715 7,335,782 8,029,451 8,736,993 9,458,686 10,194,812 10,945,662 11,711,528 12,492,711 13,289,519 14,102,262 14,931,260 15,776,838 16,639,328 Block 16 12,232,141 244,643 494,179 748,705 1,008,322 1,273,131 1,543,237 1,818,744 2,099,762 2,386,400 2,678,771 2,976,989 3,281,172 3,591,438 3,907,909 4,230,710 4,559,967 4,895,810 5,238,369 5,587,779 5,944,177 6,307,704 6,678,501 7,056,713 7,442,490 Total 345,474,200 6,909,484 13,957,158 21,145,785 28,478,185 35,957,232 43,585,861 51,367,062 59,303,887 67,399,449 75,656,922 84,079,545 92,670,619 101,433,516 110,371,670 119,488,588 128,787,843 138,273,084 147,948,030 157,816,475 167,882,288 178,149,418 188,621,890 199,303,812 210,199,372 Total Increment Collected by Block Sugar House Streetcar Corridor Base Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Block 1 7,203,082 2,009 4,058 6,148 8,280 10,455 12,673 14,935 17,243 19,596 21,997 24,446 26,944 29,492 32,091 34,741 37,445 40,203 43,016 45,885 48,812 51,797 54,842 57,948 61,116 706,172 Block 2 14,804,775 4,129 8,341 12,637 17,018 21,488 26,047 30,697 35,440 40,277 45,212 50,245 55,379 60,616 65,957 71,405 76,963 82,631 88,413 94,310 100,325 106,461 112,719 119,102 125,613 1,451,424 Block 3 13,746,066 3,834 7,744 11,733 15,801 19,951 24,184 28,501 32,905 37,397 41,979 46,652 51,419 56,281 61,241 66,299 71,459 76,722 82,090 87,566 93,151 98,848 104,658 110,585 116,631 1,347,630 Block 4 10,245,915 2,858 5,772 8,745 11,778 14,871 18,026 21,244 24,527 27,875 31,290 34,773 38,326 41,950 45,647 49,417 53,263 57,186 61,188 65,269 69,432 73,678 78,009 82,427 86,933 1,004,484 Block 5 13,580,767 3,788 7,651 11,592 15,611 19,711 23,893 28,159 32,510 36,947 41,474 46,091 50,801 55,604 60,504 65,502 70,600 75,799 81,103 86,513 92,031 97,659 103,400 109,255 115,228 1,331,425 Block 6 16,035,596 4,472 9,034 13,687 18,433 23,274 28,212 33,249 38,386 43,626 48,971 54,422 59,983 65,655 71,441 77,342 83,361 89,501 95,763 102,150 108,666 115,311 122,090 129,004 136,057 1,572,090 Block 7 5,333,377 1,487 3,005 4,552 6,131 7,741 9,383 11,058 12,767 14,510 16,287 18,101 19,950 21,837 23,761 25,724 27,726 29,768 31,850 33,975 36,142 38,352 40,607 42,906 45,252 522,871 Block 8 21,336,770 5,951 12,021 18,212 24,527 30,968 37,539 44,240 51,076 58,048 65,160 72,414 79,813 87,360 95,058 102,910 110,919 119,088 127,421 135,920 144,589 153,432 162,451 171,651 181,035 2,091,804 Block 9 17,811,559 4,968 10,035 15,203 20,475 25,852 31,336 36,931 42,637 48,458 54,394 60,450 66,626 72,927 79,353 85,908 92,593 99,413 106,369 113,464 120,701 128,082 135,612 143,292 151,125 1,746,201 Block 10 8,944,546 2,495 5,039 7,635 10,282 12,982 15,736 18,546 21,411 24,334 27,316 30,356 33,458 36,622 39,849 43,141 46,498 49,923 53,416 56,979 60,613 64,320 68,101 71,958 75,891 876,901 Block 11 39,225,644 10,940 22,099 33,481 45,091 56,932 69,011 81,331 93,898 106,716 119,790 133,126 146,729 160,603 174,755 189,191 203,914 218,933 234,251 249,876 265,814 282,070 298,652 315,565 332,816 3,845,585 Block 12 85,561,253 23,863 48,203 73,030 98,354 124,184 150,531 177,405 204,816 232,775 261,294 290,382 320,053 350,317 381,187 412,673 444,790 477,549 510,963 545,045 579,809 615,268 651,437 688,328 725,958 8,388,214 Block 13 17,789,454 4,961 10,022 15,184 20,449 25,820 31,298 36,885 42,584 48,397 54,327 60,375 66,544 72,836 79,254 85,801 92,478 99,289 106,237 113,323 120,551 127,923 135,443 143,114 150,937 1,744,034 Block 14 34,275,607 9,559 19,310 29,256 39,400 49,748 60,302 71,068 82,049 93,249 104,673 116,326 128,212 140,336 152,702 165,316 178,182 191,305 204,690 218,344 232,270 246,475 260,964 275,742 290,817 3,360,296 Block 15 27,347,649 7,627 15,407 23,342 31,437 39,693 48,114 56,703 65,465 74,401 83,516 92,814 102,297 111,971 121,837 131,901 142,167 152,637 163,317 174,211 185,322 196,656 208,216 220,008 232,035 2,681,096 Block 16 12,232,141 3,412 6,891 10,441 14,061 17,754 21,520 25,362 29,281 33,278 37,355 41,514 45,756 50,083 54,496 58,997 63,589 68,272 73,049 77,922 82,892 87,961 93,132 98,406 103,786 1,199,209 Total 345,474,200 96,353 194,633 294,878 397,128 501,424 607,805 716,314 826,993 939,885 1,055,036 1,172,489 1,292,292 1,414,490 1,539,133 1,666,268 1,795,946 1,928,218 2,063,135 2,200,751 2,341,119 2,484,294 2,630,332 2,779,292 2,931,230 33,869,437 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Taxable Value 345,474,200 345,474,200 352,383,684 359,431,358 366,619,985 373,952,385 381,431,433 389,060,061 396,841,262 404,778,088 412,873,649 421,131,122 429,553,745 438,144,820 446,907,716 455,845,871 464,962,788 474,262,044 483,747,285 493,422,230 503,290,675 513,356,488 523,623,618 534,096,091 544,778,012 Growth Multiplier 0.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% New Project Value 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual Value 345,474,200 352,383,684 359,431,358 366,619,985 373,952,385 381,431,433 389,060,061 396,841,262 404,778,088 412,873,649 421,131,122 429,553,745 438,144,820 446,907,716 455,845,871 464,962,788 474,262,044 483,747,285 493,422,230 503,290,675 513,356,488 523,623,618 534,096,091 544,778,012 555,673,573 Increment Value 0 6,909,484 13,957,158 21,145,785 28,478,185 35,957,232 43,585,861 51,367,062 59,303,887 67,399,449 75,656,922 84,079,545 92,670,619 101,433,516 110,371,670 119,488,588 128,787,843 138,273,084 147,948,030 157,816,475 167,882,288 178,149,418 188,621,890 199,303,812 210,199,372 Tax Rate (2012) 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% 1.3945% Tax Increment 0 96,353 194,633 294,878 397,128 501,424 607,805 716,314 826,993 939,885 1,055,036 1,172,489 1,292,292 1,414,490 1,539,133 1,666,268 1,795,946 1,928,218 2,063,135 2,200,751 2,341,119 2,484,294 2,630,332 2,779,292 2,931,230 33,869,437 TOTAL INCREMENT 33,869,437 TOTAL 2012 Tax Rate % INCREMENT Scenario #1: Streetcar Phase 1 Scenario #2: Streetcar Extension Salt Lake School District 0.004516 32.38% 10,968,403 Blocks: Base Value: Total TI (25 Yrs): Blocks: Base Value: Total TI (25 Yrs): Salt Lake School Basic 0.001535 11.01% 3,728,188 1 to 9 120,097,907 11,774,102 10 to 16 225,376,293 22,095,335 Salt Lake County 0.002865 20.54% 6,958,475 Salt Lake City 0.005029 36.06% 12,214,371 TOTAL 0.013945 100% 33,869,437 1-Nov-13