REDEVELOPMENT AGENCY STAFF MEMO DATE: September 13, 2016 ITEM #: PREPARED BY: Tammy Hunsaker, David Arteaga, and Edward Butterfield RE: Discussion and formation of a real property disposition policy REQUESTED ACTION: 1. Approve the real property disposition policy. 2. Approve the real property disposition policy with modifications. 3. Do not approve the real property disposition policy. 4. Defer action to a future meeting. POLICY ITEM: Real property disposition. BUDGET IMPACTS: Future impacts to the sales price of Agency-owned property. EXECUTIVE SUMMARY: The Board of Directors (“Board”) has identified and prioritized a series of policies to be revised as part of recent changes to the Redevelopment Agency of Salt Lake City’s (“RDA”) bylaws, with the real property disposition policy ranked as a high priority. Staff presented an initial draft of the Real Property Disposition policy to the Board during the July 2016 meeting. In its discussion, the Board requested that staff provide additional information on the need for a property categorization system that classifies each RDA-owned property as either Tier 1 or Tier 2 and determines the appropriate process for reporting to the Board. This memorandum provides a follow-up to that discussion. Staff analyzed the property categorization system that was presented at the July 2016 meeting and recommends retaining the system as previously presented for the following reasons: 1. The property categorization system will allow the RDA to be more nimble in the disposition of Tier 1 properties. 2. The property categorization system will provide consistency with the equivalent policy for disposition of city-owned land. 3. Upon consultation with the City Attorney’s Office, it was concluded that the property categorization system will assist in preserving separation of powers.
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REDEVELOPMENT AGENCY STAFF MEMO
DATE: September 13, 2016 ITEM #:
PREPARED BY: Tammy Hunsaker, David Arteaga, and Edward Butterfield
RE: Discussion and formation of a real property disposition policy
REQUESTED ACTION:
1. Approve the real property disposition policy.
2. Approve the real property disposition policy with modifications.
3. Do not approve the real property disposition policy.
4. Defer action to a future meeting.
POLICY ITEM: Real property disposition.
BUDGET IMPACTS: Future impacts to the sales price of Agency-owned property.
EXECUTIVE SUMMARY: The Board of Directors (“Board”) has identified and prioritized a
series of policies to be revised as part of recent changes to the Redevelopment Agency of Salt Lake
City’s (“RDA”) bylaws, with the real property disposition policy ranked as a high priority. Staff
presented an initial draft of the Real Property Disposition policy to the Board during the July 2016
meeting. In its discussion, the Board requested that staff provide additional information on the
need for a property categorization system that classifies each RDA-owned property as either Tier 1
or Tier 2 and determines the appropriate process for reporting to the Board. This memorandum
provides a follow-up to that discussion.
Staff analyzed the property categorization system that was presented at the July 2016 meeting and
recommends retaining the system as previously presented for the following reasons:
1. The property categorization system will allow the RDA to be more nimble in the
disposition of Tier 1 properties.
2. The property categorization system will provide consistency with the equivalent policy for
disposition of city-owned land.
3. Upon consultation with the City Attorney’s Office, it was concluded that the property
categorization system will assist in preserving separation of powers.
Utah Paperbox 340 West 200 South X ¤Utah Theater & Retail 144 South - 156 South Main Street X ¤Gallivan Center (Block 57) Avenue 239 South Main Street & 228 South State
Street X ¤Broadway Center (parking garage) 135 East 300 South ∞Block 79 (land - Vivint Arena) 365 West South Temple, 301 West South
Temple X X ¤Metro Condos Parking 350 South 200 East ∞Block 70 Midblock Walkway 147 South Main Street X ¤Regent Street 167-169 Regent Street X ¤Depot District
Station Center - Parcel 1 580 West 300 South X X ¤Station Center- Parcel 2 535 West 300 South X ¤Station Center Parcel 3 500 West 400 South X X ¤Station Center - Parcel 3-A 519-533 West 300 South X ¤Station Center: Rights of Way (State
of Utah, Nicholas & Co, SLC Corp)
551 West 300 South
∞HOWA Gardens 600-700 West-100 South ∞600 West Small Properties 600 West 100 South ∞Sun Bar 702 West 200 South ∞Rio Grande Hotel 428 West 300 South ∞Granary District
Former Deseret Industries site 2234 South Highland Dr. X ¤Monument Plaza Paseo 1070 East 2100 South X ¤Streetcar Traction Power Substation
Site
2216 South McClelland X ¤S-Line Greenway 2215 South 900 East X ¤West Capitol Hill
Marmalade Parcel 2 & 3 550 North 300 West X X ¤Marmalade Parcel 4 500 North 260 West X X ¤Artic Court 524 North Artic Court X X ¤West Temple Gateway
Jefferson Walkway 830 South Jefferson ∞916 South Jefferson Street 916 Jefferson Street ∞Green Warehouse 863 South 200 West ∞EZ Auto 208 West 900 South ∞Jefferson Lot 156 West 900 South ∞West Montrose 745 South 300 West ∞
RDA-Owned Properties
1
1) Utah Paper Box
2) Utah Theater
3) Gallivan Center / Avenue
4) Broadway Center
Parking Garage
5) Block 79 (Vivint Arena)
6) Metro Condos Parking
7) Block 70 Mid-block
Walkway
8) Regent Street Properties
Central Business District
2
1 2
3
4
5
6
78
Utah Paperbox
340 West 200 South
CBD Property #1
3
Acreage: 2.01
Zoning: D-4
Current status: Negotiating
option to purchase
agreement with developer,
with an emphasis on the
affordable housing
component of project;
Exclusive negotiation period
ends July17, 2016.
Utah Theater
144 South Main Street
CBD Property #2
4
Acreage: 0.89
Zoning: D-1
Current status: Identifying
appropriate redevelopment
strategy; conducting
redevelopment study with
Jones Lang LaSalle.
Gallivan Center &
Gallivan Avenue
50 East 200 South
CBD Property #3
5
Acreage: 7.92
Zoning: D-1
Current status: Plaza
managed by Public
Services; parking garage
leased to Boyer; retail
spaces leased to
commercial tenants.
Broadway Center
Parking Garage
135 East 300 South
CBD Property #4
6
Acreage: 0.66
Zoning: D-1
Current status: Leased to
Broadway Center Ltd.
Block 79 (Vivint Arena)
135 East 300 South
CBD Property #5
7
Acreage: 9.9
Zoning: D-4
Current status: Land lease
with Larry H. Miller Arena
Corporation through June 8,
2040.
Metro Condos Parking
350 South 200 East
CBD Property #6
8
Acreage: N/A
Zoning: N/A
Current status: The RDA
owns 250 parking stalls in
the Metro Condos parking
garage and leases them to
the State of Utah.
Block 70 Midblock
Walkway
CBD Property #7
9
Acreage: N/A
Zoning: N/A
Current status: Under
construction; the property
will be used as a public
midblock walkway
connecting Regent Street
and Main Street.
Regent Street
Properties
167-169 South
Regent St.
CBD Property #8
10
Acreage: 0.13
Zoning: D-1
Current status: Executed
option agreement with
neighboring property owner.
1) Station Center: Parcel 1
2) Station Center: Parcel 2
3) Station Center: ROW
Property Exchange
a) State of Utah
b) Nicholas & Co.
c) Salt Lake City
4) Station Center Parcel 3
5) Howa Properties
6) 600 West Small
Properties
7) Sunbar Property
8) Rio Grand Hotel
Depot District Properties
11
2
3
1
4
5
6
7
8
Station Center Parcel 1
580 West 300 South
Depot Property #1
12
Acreage: 2 acres
Zoning: D-3
Current status:
• Term Sheet approved by
RDA Board.
• Option to Purchase
contract under review.
Station Center Parcel 2
535 West 300 South
Depot Property #2
13
Acreage: 0.16 acres
15,000 sf building
Zoning: D-3
Current status:
• Option to Purchase
executed between RDA and
Station Center Village, LLC.
300 South Property
Exchange: State of Utah
519-533 West 300 South
Depot Property #3a
14
Acreage: ~0.25 acres
Zoning: D-3
Current status:
• Negotiating property trade
with State of Utah to
establish Woodbine
Avenue connection.
300 South Property
Exchange: Nicholas & Co.
551 West 300 South
Depot Property #3b
15
Acreage: ~0.2 acres
Zoning: D-3
Current status:
• Negotiating property trade
with State of Utah to
establish Market Street
connection.
300 South Property
Exchange: City ROW300 South/500 West-600 West
Depot Property #3c
16
Acreage: ~0.2 acres
Zoning: D-3
Current status:
• Negotiating property trade
with State of Utah to
establish Market Street
connection.
Station Center Parcel 3500 West/400 South
Depot Property #4
17
Acreage: ~2.5 acres
Zoning: D-3
Current status:
• Negotiating potential
property acquisition to
market with existing
parcels
• Expected RFP release in
summer/fall 2016
Howa Properties600-700 West-100 South
Depot Property #5
18
Acreage: ~3.5 acres
Zoning: GMU
Current status:
• Office building/Warehouse
currently leased
• Staff working on 100 South
small area plan
• Garden property interim
use
600 West Small PropertiesSouth Temple-100 South/600