Latest news with #CommunityReinvestmentAgency
Yahoo
20-05-2025
- Business
- Yahoo
Salt Lake City approves $1.16M toward 2 new 9-Line land purchases
Utah's capital city is close to acquiring a pair of properties that its leaders believe will help enhance a critical east-west connection trail that runs through it. The Salt Lake City Community Reinvestment Agency approved an additional $1.16 million toward property acquisitions along the 9-Line Trail project area during its board meeting last week. Of that, $355,722 will go toward the final price of an undisclosed property along the trail, according to a city document. The city had already allocated $1.98 million toward acquiring a property at a 'specific intersection' within the project area, but it was determined through negotiations that the agency would need to purchase another property within the same intersection, leading to the additional costs. The property is only described as a 'community node' within the Westside Master Plan, meaning that future redevelopment will focus on 'retail and services uses that attract people from the larger area,' the document states. The remaining $805,000 would go toward another property within the project area. The second property is described in the document as a 'neighborhood node' within the same master plan, which calls for 'small commercial establishments' to be developed in the area. Neither location was disclosed and will not be released until the deed is transferred over to the city, said Tauni Barker, a spokeswoman for the Community Reinvestment Agency. The 9-Line Trail currently runs along 900 South, from Redwood Road to 1100 East, but the agency's reinvestment area spans from a few blocks north and south of the line, from I-15 on the east boundary to I-215 on the western boundary, in the Glendale and Poplar Grove neighborhoods. She told that one was previously listed in a public auction, but the land owner was able to pay outstanding taxes to remove the property from auction. The other property is being sold by a private owner but is still in the 'early stages' of the due diligence process, which includes inspections and evaluations of the site. There's no timetable for when the city will close on each sale, but the city is hoping to finalize the agreements by the end of summer, she added. The funds were previously budgeted through the 9 Line Project Area Fund-Strategic Intervention Program, but members of its board, who are all Salt Lake City Council members, conducted a straw poll to signal support to authorize the money to go toward the acquisitions. The fund still has an outstanding balance of $2.3 million toward future projects, according to the document.
Yahoo
07-05-2025
- Business
- Yahoo
Salt Lake City mayor seeks record $512M budget but warns of ‘economic uncertainty'
Utah's capital city general fund could surpass $500 million for the first time this year, but Salt Lake City Mayor Erin Mendenhall warns that her proposed city budget is also 'shaped by economic uncertainty.' The mayor revealed her proposed $512.4 million budget during her annual address to the Salt Lake City Council on Tuesday, a potential 6.7% increase from the previous year. But that was after she referenced a 'volatile' stock market and 'fluctuating' tariffs mixed with increasing costs and a declining consumer sentiment index that she says the city will have to monitor closely. 'This is my sixth budget proposal, but — in many ways — it feels like the first of its kind since the early days of the COVID-19 pandemic,' she said. Despite these potential challenges over the next fiscal year, her proposal includes no property tax increases — for now — as she looks to focus on public safety, infrastructure and affordable housing in a way that allows the city to function 'steadily, reliably and responsibly.' Residents will still likely see fee increases for water, sewer, stormwater and street lighting infrastructure, which could amount to about $10 a month for 'low water users' if the budget moves forward untouched. Big budget items Most of the budget is tied to city workforce, as usual. Of new expenditures, the mayor is recommending that $5 million go toward affordable housing, split between the general fund and the Community Reinvestment Agency. Other key requests include: $3.9 million toward completing seven projects tied to the public safety plan she released earlier this year. It includes $500,000 for overnight security at several parks across the city. The creation of a new 'clean city' team that will seek to clean up trash, graffiti and other problems in 'neglected' public spaces. A $5.2 million ask for new vehicles has been moved up to an adjustment to the current fiscal year to help avoid possible tariff increases, per the mayor. $2.7 million toward 'west-side-focused investments' tied to parks, green spaces and street lighting on that side of the city. There's $400,000 proposed to improve the historic Fisher Mansion, setting it up for future 'year-round activation.' $2.3 million for road safety projects tied to Redwood Road, 900 West and 800 South. $200,000 to begin 2034 Winter Olympics 'legacy funding.' Yet, to make the recommendations without raising taxes is tied to the departments that 'dug deep' to consolidate and cut costs, including identifying health care plans that helped the city trim cost increases from 11% to 7%, Mendenhall said. Some departments used these cuts to provide access to programs after the city lost out on federal funding, while what was proposed was influenced 'almost entirely' by inflation and the rising costs. 'This budget leaves no stone unturned when it comes to keeping our residents safe, lowering costs and finding creative solutions to even the most complex obstacles,' she said. 'No amount of uncertainty will change who we are or how we serve.' State of finances The mayor delivered her proposal hours after her administration offered an update on city finances to members of the Salt Lake City Council, who carry the final say on the city's budget. Projected increases in tax revenue, including an $8.6 million increase in property tax and $6.6 million sales tax, which are tied to a portion the city receives from the Utah Inland Port Authority and increases to Rocky Mountain Power rates, respectively, account for the recommended budget increase, said Andrew Reed, Salt Lake City's deputy budget director. Projected growth in licenses and permits and various fund transfers make up a projected revenue shift of $38.8 million, making up most of the anticipated budget increases. However, Reed said the city is still monitoring potential impacts from proposed tariffs and anticipated decreases in tourism, after he was questioned about it. He added that the city cut funding during the COVID-19 pandemic, but it ultimately became a budgeting 'mistake.' 'There is some uncertainty — fair to say I don't really know moving forward, and I don't think anybody really knows,' he said. 'Our city is in a very healthy place, but we do need to be considerate moving forward.' Consumer confidence is another key figure the city must focus on, added Mary Beth Thompson, director of the city's finance department. At 80%, Utah's consumer confidence remained well above the national average of 52% in April, per the University of Utah Kem C. Gardner Policy Institute's latest report. The statewide figure is down by 11 percentage points since January, while the nationwide figure slid 19 percentage points over that time. The nationwide decline appears to be tied to 'perceived risks' associated with trade policy, potential inflation and the labor market, said Joanne Hsu, director of the Surveys of Consumers at the University of Michigan, who helps oversee the report, after the April report was released. People tend to spend less once confidence drops, which creates a negative impact, Thompson explained. 'That's when our economy hurts,' she said. 'It's the uncertainty of what's going on in the economy more than the tariffs themselves.' Members of the City Council appeared uneasy as they pondered those questions during Tuesday's meeting. Those are external factors they will have to consider as they craft the final city budget. Those unknowns could impact city services, parks, roads and other major projects, Salt Lake City Council Vice Chairman Alejandro Puy said. 'I want to make sure that we're not budgeting to spend more money that we may not have,' he said. The City Council has until the end of June to finalize the budget before the fiscal year begins in July. A pair of public hearings on the budget are also planned for the City Council's formal meetings on May 20 and June 3.
Yahoo
10-03-2025
- Business
- Yahoo
Here's how a group of UVU students is addressing Wasatch County's affordable housing crisis
When Utah's affordable housing crisis gets discussed, the conversation is typically focused on the Wasatch Front and even southern Utah. Of course, those areas don't account for all of the Beehive State's growth, with the Wasatch Back also experiencing a steady rise in population. "Wasatch County happens to have the largest influx in terms of percentage. It increased 47% over the last 10 years in their population, which is huge," said Farah Sanders, a public relations and strategic communication professor at Utah Valley University. More specifically, Heber City is one of the fastest-growing metro areas in the nation. With all that in mind, a group of UVU students led by Sanders is looking to spread awareness about Heber City's affordable housing shortage and, beyond that, work with the city to actually address the issue. That group met with the Heber City Council on Tuesday to share research and present proposals to the council. Before the meeting, the students collected data from Wasatch County residents — through surveys and seven observational visits to the county — over a three-year time period. "They would visit local business, local farms, local restaurants ... and we listened to them and listened to how they really were struggling with housing needs. A lot of them were having to bring in people from other counties because people just couldn't afford to live there," Sanders said. The surveys garnered some noteworthy responses from Wasatch County residents. Among them were 72% of respondents saying they face housing challenges or know someone facing housing challenges. Respondents also reported spending upward of 20%-30% of their annual income on housing. Additionally, people indicated they want wildlife and water resources to remain protected when thinking about new housing developments. Using the survey and empirical data, the group then outlined a strategic public relations campaign to address the affordable housing issues in the city. The four proposals presented to the council on Tuesday included the following: Working with the City Council to amend the moderate-income housing plan section of the Heber City General Plan to have affordable single-family homes to account for 1.5% of annexed or up-zone new development. Distributing informational flyers and posters to residents and businesses explaining already-existing resources, such as the Community Reinvestment Agency. The group plans to run another survey, facilitated by city officials, from April 1-15. Creating a social media campaign through a short video explaining various local resources available to Heber City residents under the hashtag #Affordable4All. The video will also include accommodations for Spanish-speaking residents. Hosting a table at the Heber Valley Community Expo on Saturday, April 12, where the group will connect with, educate and empower residents to understand and utilize affordable housing resources such as the Community Reinvestment Agency. Additionally, the group aims to improve the city's social media outreach to connect citizens with affordable housing resources. "It goes in line with Gov. Spencer Cox's desire to have 35,000 affordable homes built during his current term in office," Sanders said. "If the city jumps on board with it, they're aligning with much of what the state is already doing." The City Council was receptive to the students' ideas, even welcoming the challenge of addressing affordable housing. "Don't back down, even if it is a challenge," Councilman Aaron Cheatwood said. "Challenge us." After the presentations and a bit of discussion, the City Council agreed to move forward with the group's proposals through a partnership. Wasatch County's affordable housing situation is especially relevant to UVU, as Heber City is home to the university's Wasatch Campus — the largest regional campus under UVU's umbrella. 'The students will hit the ground running starting March 17 — and between March 17 and April 15, they will execute their campaign within Wasatch County. They'll be meeting with the planning and zoning commission to talk about changes to policy (and) they'll be working with the City Council to talk about, 'Hey, here's how you can make these changes to policy actually work for you,'' Sanders aid. 'These are all things, in the next 30 days, that will happen.'
