HomeMy WebLinkAbout03/10/2026 - Meeting Materials
Board of Directors of the
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY
AGENDA
March 10, 2026 Tuesday 2:00 PM
Council Work Room
451 South State Street, Room 326
Salt Lake City, UT 84111
CRA.SLC.GOV
BOARD MEMBERS:
Dan Dugan, Chair Eva Lopez Chavez, Vice Chair
Victoria Petro Alejandro Puy Chris Wharton
Erika Carlsen Sarah Young
In accordance with State Statute and City Ordinance, the meeting may be held electronically. After 5:00
p.m., please enter the City & County Building through the main east entrance.
This is a discussion among CRA Board Directors and select presenters. The public is welcome to listen,
unless otherwise specified as a public comment period. Items scheduled may be moved and / or discussed
during a different portion of the Meeting based on circumstance or availability of speakers. Item start
times and durations are approximate and are subject to change at the Chair’s discretion.
Generated: 15:49:10
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1.Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2.Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA Business. Comments
are limited to two minutes.)
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Community Reinvestment Agency Business - the CRA Board of Directors will
receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of August 12, 2025, September 9, 2025,
October 14, 2025, and November 18, 2025.
2.Straw Poll: Installation of Lampposts on Main Street in the
Central Business District ~ 2:10 p.m.
30 min.
The Board will receive a briefing and consider a straw poll that would allocate $400,000
of fiscal year 2025 CBD-Strategic Intervention Funds to support the installation of
permanent pedestrian-level lampposts and festive lighting infrastructure along Main
Street between South Temple and 400 South. The project is being proposed in
anticipation of the April 2027 reopening of the Salt Lake Temple following its multi-year
seismic renovation and restoration.
3.Resolution: Housing Development Loan Program (HDLP)
Allocations for Fiscal Year 2025-26 Funds
~ 2:40
p.m.
30 min.
The Board will receive a briefing and consider adopting a resolution that would approve
up to $8.1 million in Fiscal Year 2025-26 affordable housing allocations from HDLP
funds. The proposed projects were selected through a competitive Notice of Funding
Availability (NOFA) issued in 2025. The HDLP funds are available to projects located
anywhere within Salt Lake City municipal boundaries.
4.Informational: Housing Development Funding Strategy Fiscal
Year 2026-27 ~ 3:10 p.m.
20 min.
The Board will receive an introductory briefing about the proposed Housing
Development Funding Strategy for Fiscal Year 2026-27. As part of the CRA's annual
budget process, the Housing Development Funding Strategy begins with a discussion of
proposed housing funding priorities for the upcoming fiscal year. In a future briefing, the
discussion will focus on the projected amount of revenue to be allocated to each Housing
Fund for the upcoming fiscal year and the proposed funding allocations for specific
housing activities.
5.Resolution: NWQ, LLC Tax Increment Reimbursement Request ~ 3:30 p.m.
30 min.
The Board will receive a briefing and consider adopting a resolution authorizing a
property tax increment reimbursement of up to $1,544,202 to NWQ, LLC for Phase IV of
its development for improvements in the Northwest Quadrant Community Reinvestment
Area. If approved, the developer will receive a percentage of the tax increment generated
from Phase IV of its development for a specified timeframe, and the CRA will receive the
residual tax increment for other project area development activities, CRA
Administration, and affordable housing. The developer may receive a reimbursement
only after the improvements are made and the property generates sufficient tax
increment, with reimbursements subject to verification of the actual costs incurred by
the developer.
6.Resolution: USA Climbing at Rio Grande District – Salt Lake
Mattress Company Building Follow-Up
~ 4:00
p.m.
20 min.
The Board will receive a follow-up briefing and consider adopting a resolution approving
modifications to the term sheet for the USA Climbing project, which includes the Salt
Lake Mattress Company building. While the Board previously approved terms for the
disposition of CRA-owned property for USA Climbing’s headquarters and national
training center, further evaluation found the Mattress Company building would require
additional structural reinforcement, increasing project costs to $7.3 million. USA
Climbing cannot absorb costs beyond the $6 million provided by the CRA. As an
alternative, USA Climbing proposed reconstructing the building using concrete masonry
block clad with the historic brick, which would require an additional $250,000. The
Board will discuss the adaptive reuse and reconstruction options.
7.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
8.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
9.Report and Announcements from CRA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
•Project Updates, and
•Scheduling Items.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
Adjournment
NONE.
F.Tentative Closed Meeting
The Board will consider a motion to enter into closed meeting. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual.
2.strategy sessions to discuss pending or reasonably imminent litigation.
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration, or
(ii)prevent the public body from completing the transaction on the best possible
terms.
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration, or
(B)prevent the public body from completing the transaction on the best possible
terms
(ii)the public body previously gave public notice that the property would be offered
for sale, and
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale.
5.discussion regarding deployment of security personnel, devices, or systems, and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
G.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on Thursday, March 5, 2026, the undersigned, duly appointed City Recorder,
does hereby certify that the above notice and agenda was (1) posted on the Utah Public Notice
Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided to The
Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any others who
have indicated interest.
KEITH REYNOLDS
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slc.gov, 801-535-7600, or relay service
711.
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Community Reinvestment Agency (CRA) of Salt Lake City met on
Tuesday, August 12, 2025.
The following Board Members were present:
Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano, Eva Lopez Chavez
The following Board Members were absent:
Sarah Young
Present Agency Leadership:
Mayor Erin Mendenhall, Danny Walz – Director, Cara Lindsley – Deputy Director
Present City Staff:
Mark Kittrell – City Attorney, Keith Reynolds – City Recorder, Matthew Brown – Deputy City
Recorder, Jill Love – Chief Administrative Officer, Lindsey Nikola – Deputy Chief of Staff,
Caitlin Carlino – Minutes & Records Clerk, Tracy Tran – CRA Senior Project Manager, Browne
Sebright – CRA Project Manager
Director Mano presided at and conducted the meeting.
The meeting was called to order at 2:07 p.m.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
1
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1. Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2. Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA Business. Comments
are limited to two minutes.)
There were no public comments.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of May 5, 2025, and May 20, 2025.
Summary:
Minutes for approval were presented along with a Scrivener's error. Agenda language
stated May 5, 2025’s minutes; however, the May 6, 2025 meeting minutes were attached
for review and approval.
Motion:
Moved by Director Wharton, seconded by Director Petro to approval of the
meeting minutes of May 6, 2025, and May 20, 2025
AYE: Victoria Petro, Chris Wharton, Alejandro Puy, Darin Mano
ABSENT: Daniel Dugan, Sarah Young, Eva Lopez Chavez
Final Result: 4 – 0 Pass
2.Resolution: Palmer Court Affordable Housing Loan Amendment ~ 2:10 p.m.
20 min.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
2
The Board will receive a briefing about and consider adopting a resolution that would
assign and modify the terms of a 2008 loan agreement for $3,000,000 between the CRA
and Shelter the Homeless II, LC., which is operated by The Road Home, enabling the
redevelopment of Palmer Court, at 999 South Main Street. The redevelopment will
include the construction of a new affordable residential development, Gardens at Palmer,
located east of the Current Project, to enable the preservation and expansion of deeply
affordable and permanent supportive housing.
Summary:
Browne Sebright and Tracy Tran presented the item and summarized the loan
modification request.
Director Remarks:
Director Mano clarified the loan request was a term renegotiation designating long-term
rentals without additional funding and stated support for this project’s positive impacts
on families, safety, and housing.
Director Petro stated Shelter The Homeless needed more support during a particularly
challenging moment in time.
Director Puy said this was an example of Salt Lake City using a combination of action and
tax dollars to tackle homelessness issues.
Motion:
Moved by Director Puy, seconded by Director Petro to adopt Resolution 12 of
2025 approving an amendment to the 2008 Palmer Court loan.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Darin Mano
ABSENT: Sarah Young, Eva Lopez Chavez
Final Result: 5 – 0 Pass
3.Tentative - Resolution: Amended and Restated Lease for Delta
Center TENTATIVE
20 min.
The Board will receive a briefing about and consider adopting a resolution that would
amend and restate the lease for the Delta Center.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
3
Summary:
Mayor Mendenhall presented the item, noting that while the original $1-per-year lease
was a symbolic gesture of support, this renegotiation secured long-term benefits for the
City. She highlighted Smith Entertainment Group’s plan to develop a vibrant culture and
convention district and emphasized that the land remained publicly owned for the
benefit of future generations
Mark Kittrell discussed the term sheet, provisions, and stated public benefits.
Director Requests:
Director Puy requested protection or relocation of the art on the north side of the Delta
Block. Mark Kitrell said the requests could be discussed for inclusion in the terms.
Director Lopez Chavez arrived during this item.
Motion:
Moved by Director Lopez Chavez, seconded by Director Puy to adopt
Resolution 13 of 2025, Amended and Restated Lease for Delta Center.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Eva Lopez Chavez,
Darin Mano
ABSENT: Sarah Young
Final Result: 6 – 0 Pass
4.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
There were no reports and announcements from the Executive Director.
5.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
There were no reports of the Chair and Vice Chair.
6.Report and Announcements from CRA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
• Project Updates;
• Event and Program Updates;
• Staff Updates; and
• Scheduling Items.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
4
Summary:
Danny Walz provided an update on the status of the Whipple property lease, the
Accessory Dwelling Unity (ADU) Construction Loan Program, upcoming Ballpark and
Gallivan events, and CRA staff updates.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2. strategy sessions to discuss pending or reasonably imminent litigation;
3. strategy sessions to discuss the purchase, exchange, or lease of real property:
(i) disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i) public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5. discussion regarding deployment of security personnel, devices, or systems; and
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
5
Adjournment
6. investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
Motion:
Moved by Director Petro, seconded by Director Lopez Chavez to enter into Closed
Session for the purposes of strategy sessions to discuss the purchase, exchange, or
lease of real property, and attorney-client matters.
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Eva Lopez Chavez, Darin
Mano
ABSENT: Sarah Young
Final Result: 6 – 0 Pass
Motion:
Moved by Director Lopez Chavez, seconded by Director Wharton to exit the
Closed Session
AYE: Victoria Petro, Daniel Dugan, Chris Wharton, Alejandro Puy, Eva Lopez Chavez, Darin
Mano
ABSENT: Sarah Young
Final Result: 6 – 0 Pass
Meeting started at 2:10 p.m.
Council Members in attendance: Council Members Petro, Puy, Wharton, Lopez Chavez, Mano
and Dugan
Council Members absent: Council Member Young
Council Member Lopez Chavez excused herself for part of the discussion.
Staff in attendance: Mayor Mendenhall, Jill Love, Lindsey Nikola, Andrew Wittenberg, Megan
Yuill, Tina Nee, Jennifer Bruno, Lehua Weaver, Mark Kittrell, Allison Parks, Jennifer
Huntsman, Danny Walz, Kathryn Morelock, Wayne Mills, Baylee White, Whitney Gonzalez
Fernandez, Tauni Barker, Lauren Parisi, Kristina Harrold, Marcus Lee, Nick Tarbet, Allison
Rowland, Michael Sanders, Cindy Lou Trishman, Keith Reynolds, Matthew Brown
Meeting ended at 2:56 p.m.
G.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
6
Meeting adjourned at 3:35 p.m.
Minutes Approved:
_______________________________
Community Reinvestment Agency Chair – Dan Dugan
_______________________________
City Recorder – Keith Reynolds
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Community Reinvestment Agency meeting held Tuesday, August 12, 2025 and is not
intended to serve as a full transcript. Please refer to the electronic recording for entire content
pursuant to Utah Code §52-4-203.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, August 12, 2025
7
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Community Reinvestment Agency (CRA) of Salt Lake City met
on Tuesday, September 9, 2025.
The following Board Members were present:
Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
The following Board Members were absent:
Eva Lopez Chavez
Present Agency Leadership:
Rachel Otto – Chief of Staff, Danny Walz – Director, Cara Lindsley – Deputy Director
Present City Staff:
Mark Kittrell – City Attorney, Jennifer Bruno – Executive Director, Nick Tarbet – Council
Deputy Director, Lehua Weaver – Council Deputy Director, DeeDee Robinson – Minutes &
Records Clerk, Thais Stewart – Deputy City Recorder , Taylor Hill – Constituent Liaison/Policy
Analyst, Scott Corpany – Staff Assistant, Kate Werrett – Budget & Policy Analyst, Lauren Parisi
– CRA Senior Project Manager, Makena Hawley – CRA Project Manager
Director Dugan presided at and conducted the meeting.
The meeting was called to order at 2:09 p.m.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
1
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1. Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2. Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA Business. Comments
are limited to two minutes.)
Public Comments:
Kristina Robb (Chair, East Liberty Park Community Organization – ELPCO) spoke to a
city-wide land-use and transportation committee created by ELPCO to help effect
affordable housing, requested improved communication channels with Council/Board
Members to ensure favorable collaboration, and for the CRA to advocate for generational
green space as it applied to the Ballpark NEXT project.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of April 8, 2025; May 13, 2025; May 20,
2025; and July 8, 2025.
Motion:
Moved by Director Puy, seconded by Director Young to approve the meeting
minutes of April 8, 2025; May 13, 2025; May 20, 2025; and July 8, 2025.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Alejandro Puy, Darin Mano
ABSENT: Chris Wharton, Eva Lopez Chavez
Final Result: 5 – 0 Pass
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
2
2.Resolution: Ballpark NEXT Community Design Plan ~ 2:10 p.m.
40 min.
The Board will receive a briefing and consider adopting a resolution that would
endorse the Ballpark NEXT Community Design Plan for the City-owned Smith’s Ballpark
and parking lot. The plan focuses on the adaptive reuse and redevelopment of the
existing Smith’s Ballpark to promote connectivity, green space, community-centered
space, wellness, neighborhood safety, and history.
Director Wharton joined the meeting during this agenda item.
Summary:
Lauren Parisi and Makena Hawley presented information regarding the plan, including:
• Vision of the proposed area
• Three proposed re-use scenarios
• Deep understanding of existing conditions and technical analysis in the plan
• Summary of resident concerns such as green space, housing, building height,
community space, retaining baseball’s history, etc., and solutions to those concerns
• Ballpark next steps
Makena Hawley introduced Cornerstone and Craig Taylor who was present as the group
responsible for activating the ballpark.
Directors, Jennifer Bruno, and staff discussed details of the plan, including:
• 1300 South access to buildings/interior of the block
• The amount of green space proposed
• The pledge for funds from the Larry H. Miller Family Foundation
• The resolution’s approval process
• Liquor licenses and proximity to playgrounds, religious institutions, libraries, etc.
and the availability of detailed maps
3.Resolution: Disaster Relief Loan Program ~ 2:50 p.m.
20 min.
The Board will receive a briefing about a resolution that would adopt the Disaster Relief
Loan Program Policy. The proposal would provide immediate financial assistance to
targeted businesses and property owners who have suffered significant damage or
destruction due to fire, flooding, earthquakes, or storms.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
3
Summary:
Kate Werrett provided an introduction and clarified this program was aimed at helping
the affected businesses from the recent Main Street fire on August 11, 2025.
Danny Walz presented information regarding the program, including:
• Purpose and goals
• The Board’s areas of responsibility (allocation of funds, availability of program,
etc.)
• Threshold requirements (located in a CRA Project Area, sustained direct and
verifiable damage, applicant must be property owner or lessee, etc.)
• Loan term, interest rate, and security details
• Next steps
Directors and staff discussed:
• Funding the program in perpetuity but only deployed in response to an eligible
event
• Establishing requirements for rebuilding/remodeling damaged structures
• Clarifying language on timeframes for accepting applications/utilizing funding
• Expectations of what constituted a public benefit when receiving funding
• Consideration for the program to be a revolving loan fund
Director Requests:
Director Petro requested further policy discussion regarding extending this program into
the future.
Director Puy requested clarification on the intended timeframes for
remodeling/rebuilding to occur.
4.Resolution: CRA Budget Amendment No.1 for Fiscal Year 2025-
26 ~ 3:10 p.m.
20 min.
The Board will receive a briefing about a resolution that would amend the final budget of
the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. Budget
amendments happen several times each year to reflect adjustments in the Community
Reinvestment Agency’s budget, including proposed project additions and modifications,
and staffing changes. The amendment consolidates multiple funding sources into the
proposed Disaster Relief Loan Program (DRLP) and the Commercial Development Loan
Program, among other items.
Summary:
Kate Werrett provided an introduction.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
4
Danny Walz presented information on the budget amendment, including:
• Current vs. proposed DRLP and Commercial Development Loan Program (CDLP)
budgets
• Proposed budgets by program (existing reserve totals prior to 2026)
• Proposed total amended budgets by program
Directors and staff discussed:
• Funding and expending the CDLP and if the diminished balance would affect
applicants
• Resulting effects of other projects across the city due to funds being redirected to
the DRLP
5.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
There was no report.
6.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
There was no report.
7.Report and Announcements from CRA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
• Project Updates; and
• Scheduling Items.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
5
Summary:
Danny Walz presented updates on the following:
• Sugar House Deseret Industries (DI) property disposition/S-Line extension
funding approved
• Japantown streetscape and design documents
• North Temple – Folsom Corridor property (51 South 1000 West) – deadline for
lease applications September 15, 2025
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
1.Informational: Semiannual Status Report on CRA
Commercial Loan Portfolio Written Briefing
-
The Board will receive a written briefing about the status of the CRA’s commercial loan
portfolio. This report identifies the following:
• New loans approved between January 1, 2025 and June 30, 2025
• Remaining amount available in the existing portfolio
• Outstanding principal for the Revolving Loan Fund
• Any delinquencies
Written briefing only. No discussion was held.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: CRA Budget Amendment No.1 for Fiscal Year 2025-
26 -
-
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
6
The Board will set the date of Tuesday, October 14, 2025 at 2 p.m. to accept public
comment and consider adopting a resolution that would amend the final budget of the
Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. Budget
amendments happen several times each year to reflect adjustments in the Community
Reinvestment Agency’s budget, including proposed project additions and modifications,
and staffing changes. The amendment consolidates multiple funding sources into the
proposed Disaster Relief Loan Program (DRLP) and the Commercial Development Loan
Program, among other items.
Motion:
Moved by Director Young, seconded by Director Petro to approve the Consent
Agenda.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
ABSENT: Eva Lopez Chavez
Final Result: 6 – 0 Pass
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
7
Adjournment
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2. strategy sessions to discuss pending or reasonably imminent litigation;
3. strategy sessions to discuss the purchase, exchange, or lease of real property:
(i) disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i) public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5. discussion regarding deployment of security personnel, devices, or systems; and
6. investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
Item not held.
G.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
8
Meeting adjourned at 3:26 p.m.
Minutes Approved:
_______________________________
Community Reinvestment Agency Chair – Dan Dugan
_______________________________
City Recorder – Keith Reynolds
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Community Reinvestment Agency meeting held Tuesday, September 9, 2025 and is not
intended to serve as a full transcript. Please refer to the electronic recording for entire content
pursuant to Utah Code §52-4-203.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, September 9, 2025
9
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Community Reinvestment Agency (CRA) of Salt Lake City met
on Tuesday, October 14, 2025.
The following Board Members were present:
Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
The following Board Members were absent:
Eva Lopez Chavez
Present Agency Leadership:
Jill Love – Chief Administrative Officer, Danny Walz – Director, Cara Lindsley – Deputy
Director
Present City Staff:
Mark Kittrell – City Attorney, Keith Reynolds – City Recorder, DeeDee Robinson – Minutes &
Records Clerk, Taylor Hill – Constituent Liaison/Policy Analyst, Scott Corpany – Staff Assistant,
Lindsey Nikola – Deputy Chief of Staff, Kate Werrett – Budget & Policy Analyst, Tracy Tran –
Project Manager, Marcus Lee – CRA Project Coordinator, Kristina Harrold – CRA Project
Manager, Browne Sebright – CRA Project Manager, Taylee Foulger – CRA Project Manager
Director Mano presided at and conducted the meeting.
The meeting was called to order at 2:05 p.m.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
1
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1.Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2.Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA Business. Comments
are limited to two minutes.)
There were no public comments.
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
1.Resolution: CRA Budget Amendment No.1 for Fiscal Year 2025-26 -
-
The Board will accept public comment about a resolution that would amend the final
budget of the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26.
Budget amendments happen several times each year to reflect adjustments in the
Community Reinvestment Agency’s budget, including proposed project additions and
modifications, and staffing changes. The amendment consolidates multiple funding
sources into the proposed Disaster Relief Loan Program (DRLP) and the Commercial
Development Loan Program, among other items.
Summary:
Kate Werrett provided a brief introduction.
There were no public comments.
Motion:
Moved by Director Dugan, seconded by Director Wharton to close the public
hearing.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano
ABSENT: Alejandro Puy, Eva Lopez Chavez
Final Result: 5 – 0 Pass
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
2
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of June 3, 2025, and June 10, 2025.
Motion:
Moved by Director Dugan, seconded by Director Young to approve the
meeting minutes of June 3, 2025 and June 10, 2025.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano
ABSENT: Alejandro Puy, Eva Lopez Chavez
Final Result: 5 – 0 Pass
2.Resolution: Disaster Relief Loan Program Follow-up ~ 2:10 p.m.
10 min.
The Board will receive a follow-up briefing and consider approving a resolution that
would adopt the Disaster Relief Loan Program Policy. The proposal would provide
immediate financial assistance to targeted businesses and property owners who have
suffered significant damage or destruction due to fire, flooding, earthquakes, or storms.
Summary:
Kate Werrett provided an introduction to the briefing.
Danny Walz indicated the CRA was seeking approval from the Board for the proposed
program, provided details on the 12-month period from qualifying event to application
submittal, and noted the conditional letter of approval could include a time frame in
which rebuilding work needed to be completed.
Directors and Danny Walz discussed goals of the program, allowance for participating
businesses to rebuild and return to work expeditiously, and differences between the CRA
funds and Council (Economic Development Loan Fund) funds for this program.
Directors were in agreement that the program was a way to help the Main Street
businesses rebuild and return to work as fast as possible.
Motion:
Moved by Director Dugan, seconded by Director Young to adopt Resolution
14 of 2025, approving the creation of the Disaster Relief Program.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano
ABSENT: Alejandro Puy, Eva Lopez Chavez
Final Result: 5 – 0 Pass
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
3
3.Resolution: CRA Budget Amendment No.1 for Fiscal Year 2025-
26 Follow-Up ~ 2:20 p.m.
5 min.
The Board will receive a follow-up briefing and consider adopting a resolution that would
amend the final budget of the Community Reinvestment Agency of Salt Lake City for
Fiscal Year 2025-26. Budget amendments happen several times each year to reflect
adjustments in the Community Reinvestment Agency’s budget, including proposed
project additions and modifications, and staffing changes. The amendment consolidates
multiple funding sources into the proposed Disaster Relief Loan Program (DRLP) and
the Commercial Development Loan Program, among other items.
Summary:
Kate Werrett provided an introduction.
Danny Walz provided details of the budget amendment (just over $14.4M), including the
intent for funding to be available for disbursement through the Commercial Development
Loan Program (CDLP) ($9.4M) and the Disaster Relief Loan Program (DRLP) ($5M).
Directors and Staff discussed fund distribution after a project area expired with
clarification that funds could only be used in the expired project area or on citywide
housing.
Motion:
Moved by Director Dugan, seconded by Director Wharton to adopt
Resolution 15 of 2025, approving the first amendment of the Fiscal Year
2026 budget of the Salt Lake City Community Reinvestment Agency.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano
ABSENT: Alejandro Puy, Eva Lopez Chavez
Final Result: 5 – 0 Pass
4.Resolution: Modifications of Loan Terms for Book Cliffs Lodge
Affordable Housing Construction
~ 2:25
p.m.
20 min.
The Board will receive a briefing and consider approving a proposal to modify three
existing City loans for the Book Cliffs Lodge affordable housing project, at 1159 South
West Temple. Working with the Housing Authority Management Enterprise (HAME) of
Salt Lake City, the Community Reinvestment Agency (CRA) proposes to standardize and
clarify the terms of these loans, since they were awarded through different City processes
in 2018, 2023, and 2024. If the Board chooses to modify the loans, which total $4.74
million, all three would have 40-year terms at 2.5% interest and cash-flow repayments,
and they would comply with the terms of the 2024 Housing Development Loan Program
(HDLP).
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
4
Summary:
Director Mano disclosed his service on the Board of the Housing Authority, of which
Housing Authority Management Enterprise (HAME) was a subsidiary of.
Allison Rowland provided an introduction.
Kristina Harrold and Tracy Tran provided an overview of the history of the
project/funding sources, proposed amended terms, and considerations for the Board.
Director Mano spoke to the project’s loan history, being a mixed-income project, and
partnership details for additional context.
Directors and Staff discussed the affordability structure of the units and the availability
of project-based vouchers.
Motion:
Moved by Director Dugan, seconded by Director Wharton to adopt
Resolution 16 of 2025, amending and aligning loan terms for Book Cliffs
Lodge.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano
ABSENT: Alejandro Puy, Eva Lopez Chavez
Final Result: 5 – 0 Pass
5.Resolution: Partnership with NeighborWorks Salt Lake for Shared
Equity Workforce Housing – Sustainability Waiver Request
~ 2:45
p.m.
20 min.
The Board will receive a briefing and consider adopting a resolution that would approve
the proposed amended and restated term sheet for NeighborWorks Salt Lake for the
Maltair Lanes development, at 1002 West 200 South, and the Stanbridge development at
319 North 800 West. In the resolution, the Board is asked to waive the threshold
requirements for Enhanced Energy Performance (including participation in the City's
Elevate Buildings Program) and for Emission-Free Building Operation to enable the use
of natural gas for HVAC systems only. The $2.1 million in CRA Funds would be provided
to NeighborWorks for acquisition reimbursement, hard construction costs, site
improvements, and related soft costs to develop the projects.
Summary:
Director Puy joined the meeting during this agenda item.
Browne Sebright and Tracy Tran provided information regarding:
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
5
•Background of the project
•Sustainability policy details (applicable to all projects that received CRA funds)
•Waiver request details for the Maltair Lanes project
•NeighborWorks submission details (scoring 69 ENERGY STAR rating, below the
90 ENERGY STAR requirement)
•The waiver for Maltair Lanes being the first housing development that would not
meet the sustainability policy since adoption
•Considerations for the Board
Cara Lindsley provided clarification on ENERGY STAR 90 designation/calculation and
how the score was calculated for the Maltair project.
Dave Foster (NeighborWorks) described the history of the Maltair project’s design
process, the current permitting process, and goals for the future Stanbridge project to
fully meet the needs of the sustainability policy.
Directors discussed the importance of this waiver request being an exception and not a
precedence, due to the late stages of development and rising inflationary costs.
Director Requests:
Director Petro requested a review on how the sustainability ordinance could be modified
so that it did not hinder needed housing, while maintaining the sustainability goals of the
CRA.
Director Puy requested more information regarding the current CRA sustainability goals
and if they were achievable for smaller developments.
Director Dugan offered a friendly amendment to the motion, adding to the legislative
intent, the consideration for upfront versus lifecycle costs to the tenant. Both the mover
(Director Wharton) and the seconder (Director Petro) agreed to the amended motion.
Motion:
Moved by Director Wharton, seconded by Director Petro to adopt Resolution
17 of 2025, approving the amended and restated term sheet for
NeighborWorks Salt Lake, with a legislative intent that CRA staff study
sustainability requirements for smaller developments, with consideration
for upfront versus lifecycle costs to tenants.
AYE: Victoria Petro, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
NAY: Daniel Dugan
ABSENT: Eva Lopez Chavez
Final Result: 5 – 1 Pass
6.Resolution: Salt Lake Central Housing and Transit Reinvestment
Zone Interlocal Agreement
~ 3:05
p.m.
20 min.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
6
The Board will receive a briefing and consider adopting the proposed Salt Lake Central
Housing and Transit Reinvestment Zone (HTRZ) Interlocal Agreement to authorize the
sharing of tax increment between Salt Lake City and the Salt Lake City Community
Reinvestment Agency. The State code requires the City and CRA to enter into an
interlocal agreement to release funds to the project area. The HTRZ Plan outlines the
participating taxing entities, tax increment participation rates, the term of tax increment
collection, and the planned utilization of tax increment funds in the project area.
Summary:
Marcus Lee and Kate Werrett provided information regarding:
•Objectives and requirements within HTRZ zones
•Details of the Salt Lake Central HTRZ map
•Salt Lake Central HTRZ approval term details (approved by the State HTRZ
committee on May 1, 2025)
•Next steps for Phases I and II tax increment collection details
•Amending details of the HTRZ if a Frontrunner station was relocated within the
project area
Motion:
Moved by Director Dugan, seconded by Director Petro to adopt Resolution
18 of 2025, approving the Salt Lake Central HTRZ Interlocal Agreement
between Salt Lake City and The Salt Lake City Community Reinvestment
Agency.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin
Mano
ABSENT: Eva Lopez Chavez
Final Result: 6 – 0 Pass
7.Informational: Tier 1 Pre-Disposition Report for Sugar House
Properties ~ 3:25 p.m.
20 min.
The Board will receive a briefing about plans for the disposition of the properties at 1085
East Simpson Drive and 2234 South Highland Drive, in the former Sugar House Project
Area, to Salt Lake City to use as right-of-way for the extension of the S-Line. The
disposition and redevelopment of the property is one of the last actions for the CRA to
complete before dissolving the project area. The briefing includes the property’s reuse
plan, the method of disposition, and the suggested timeline of disposition, as well as
other information relevant to the disposition of the property.
Summary:
Tracy Tran provided information regarding the overview/background of the S-Line and
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
7
CRA properties, details of the S-Line alignment and current design plan, the pre-
disposition report, and next steps/timeline of the process.
Directors and Staff discussed support for the project and the best way for community
members to share their feedback during the request for proposal (RFP) process.
8.Resolution: CRA Budget Amendment No.2 for Fiscal Year 2025-
26 ~ 3:45 p.m.
30 min.
The Board will receive a briefing about a resolution that would amend the final budget of
the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. Budget
amendments happen several times each year to reflect adjustments in the Community
Reinvestment Agency’s budget, including proposed project additions and modifications,
and staffing changes. The amendment includes reallocating funding from the Depot
District Infrastructure Improvements Program and Program Income Fund to the Depot
District Infrastructure Property Acquisition Program, among other items.
Summary:
Danny Walz provided information regarding proposed budget amendment details
(reallocating existing funds for the acquisition of property), the proposed acquisition
allowing the CRA to further infrastructure and rights-of-way design for the Depot
District, and current versus proposed project budget details.
Directors and Staff discussed if the Depot District project was on track to finalize all
infrastructure/property acquisition needs and the newly adopted HTRZ interlocal
agreement being a major funding mechanism (most likely through bonding) to build out
infrastructure for the Depot District project.
9.Straw Poll: 9-Line Property Construction Related Supplies and
Services ~ 4:15 p.m.
10 min.
The Board will receive a briefing on a request to straw poll the use of $600,000 from 9-
Line Strategic Intervention Funds for construction-related supplies and services on a
Community Reinvestment Agency-owned development site.
Summary:
Austin Taylor introduced the Straw Poll.
Straw Poll:
Support for the use of $600,000 from 9-Line Strategic Intervention Funds for
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
8
construction-related supplies and services on a CRA-owned development site. All
Directors present were in favor, with Director Lopez Chavez absent.
10.Straw Poll: 9-Line Project Area West Side Public Art
Installation ~ 4:25 p.m.
10 min.
The Board will receive a briefing on a request to straw poll the use of an additional
$50,000 from the 9-Line Fund Arts and Culture Program appropriation. $400,000 has
been previously allocated, bringing the project total to $450,000 to complete the iconic
west side public art installation.
Summary:
Browne Sebright introduced the Straw Poll.
Renato Olmedo-González provided information relating to what the requested funding
would be used for including design fees, structural engineering, consultation fees,
materials, insurance, fabrication, honorarium, etc.
Straw Poll:
Support for additional $50,000 from the 9-Line Fund Arts and Culture Program
appropriation for a project total of $450,000 to complete the iconic westside public art
installation. All Directors present were in favor, with Director Lopez Chavez absent for
the poll.
11.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
Item not held.
12.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
Summary:
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
9
Director Mano announced three upcoming activities in the Ballpark neighborhood:
•October 15, 2025 – Community discussion regarding the future development of
the ballpark site led by the Ballpark Action Team located at The Hearth
•October 16, 2025 – Celebration for the CRA funded ballpark murals held at Big
Willies, 5:00 p.m.
•October 17, 2025 – Grand opening of the CRA funded futsal courts underneath
the State Street overpass in the Central 9 neighborhood
13.Report and Announcements from CRA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
•Project Updates, and
•Scheduling Items.
Summary:
Danny Walz and Taylee Folger provided the following updates:
•Ballpark Mural Program
•Housing Development Loan Program (HDLP) Notice of Funding Availability
(NOFA) released this week
•Residential Wealth Building Pilot Program NOFA released this week
•Liberty Corner Multi-family Community at 265 West 1300 South groundbreaking
was held on September 30, 2025 (a CRA funded project)
•Ribbon cutting for the Perpetual Housing Fund of Utah’s 515 Tower to be held
October 30, 2025 (a CRA funded project)
Director Request:
Director Mano requested an update on the 515 Tower, including current financing
status, anticipated project next steps, the availability of funding, and expected tenant
outcomes.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
th
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
10
NONE.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: CRA Budget Amendment No.2 for Fiscal Year 2025-
26 -
-
The Board will set the date of Tuesday, November 18, 2025 at 2 p.m. to accept public
comment and consider approving a resolution that would amend the final budget of the
Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26. Budget
amendments happen several times each year to reflect adjustments in the Community
Reinvestment Agency’s budget, including proposed project additions and modifications,
and staffing changes. The amendment includes reallocating funding from the Depot
District Infrastructure Improvements Program and Program Income Fund to the Depot
District Infrastructure Property Acquisition Program, among other items.
Motion:
Moved by Director Wharton, seconded by Director Dugan to approve the Consent
Agenda.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
ABSENT: Eva Lopez Chavez
Final Result: 6 – 0 Pass
F.
Tentative Closed Session
The Board will consider a motion to enter into Closed Meeting. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual.
2.strategy sessions to discuss pending or reasonably imminent litigation.
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration, or
(ii)prevent the public body from completing the transaction on the best possible
terms.
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
11
(A)disclose the appraisal or estimated value of the property under
consideration, or
(B)prevent the public body from completing the transaction on the best possible
terms.
(ii)the public body previously gave public notice that the property would be offered
for sale, and
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale.
5.discussion regarding deployment of security personnel, devices, or systems.
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
Motion:
Moved by Director Petro, seconded by Director Dugan to enter into Closed Session
for the purposes of strategy sessions to discuss the purchase, exchange, or lease of
real property, including any form of a water right or water shares, if public
discussion of the transaction would: (i) disclose the appraisal or prevent the
public body from completing the transaction on the best possible terms and for
attorney-client matters that are privileged pursuant to Utah Code § 78B-1-137, and
for other lawful purposes that satisfy the pertinent requirements of the Utah Open
and Public Meetings Act
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
ABSENT: Eva Lopez Chavez
Final Result: 6 – 0 Pass
Motion:
Moved by Director Dugan, seconded by Director Petro to exit the Closed Session.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano
ABSENT: Eva Lopez Chavez
Final Result: 6 – 0 Pass
Summary:
Meeting start time: 3:40 p.m.
Location – Work Session Room 326 with the option to join via Zoom.
Directors present in person: Chris Wharton, Victoria Petro, Dan Dugan, Darin Mano, and Sarah
Young. Director Alejandro Puy was online.
Additional Attendees: Jill Love, Lindsey Nikola, Jennifer Bruno, Lehua Weaver, Allison
Rolland, Lisa Hunt, Ben Luedtke, Jennifer Huntsman, Danny Walz, Tracy Tran, Mark Kittrell,
Browne Sebright, Austin Taylor, Moichael Sanders, Marcus Lee, Tammi Barker, Wayn White,
Cara Lindsley, Keith Reynolds, and Thais Stewart.
Meeting ended: 4:03 p.m.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
12
Adjournment G.
Meeting adjourned at 4:33 p.m.
Minutes Approved:
_______________________________
Community Reinvestment Agency Chair – Dan Dugan
_______________________________
City Recorder – Keith Reynolds
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Community Reinvestment Agency meeting held Tuesday, October 14, 2025 and is not
intended to serve as a full transcript. Please refer to the electronic recording for entire content
pursuant to Utah Code §52-4-203.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, October 14, 2025
13
PENDING MINUTES – NOT APPROVED
The Board of Directors of the Community Reinvestment Agency (CRA) of Salt Lake City met
on Tuesday, November 18, 2025.
The following Board Members were present:
Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Darin Mano, Eva
Lopez Chavez
Present Agency Leadership:
Rachel Otto – Mayor’s Chief of Staff, Danny Walz – CRA Director, Cara Lindsley – CRA Deputy
Director
Present City Staff:
Mark Kittrell – City Attorney, Keith Reynolds – City Recorder, Caitlin Carlino – Minutes &
Records Clerk, Matthew Brown – Deputy City Recorder, Taylor Hill – Constituent
Liaison/Policy Analyst, Scott Corpany – Staff Assistant, Jennifer Bruno – Executive Director,
Kate Werrett – Budget & Policy Analyst, Marcus Lee – CRA Project Coordinator, Austin Taylor
– CRA Project Manager
Director Mano presided at and conducted the meeting.
The meeting was called to order at 2:10 p.m.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
1
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1.Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2.Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA Business. Comments
are limited to two minutes.)
Public Comments:
Lisa Imamura, representing the Salt Lake Buddhist Temple and the Japanese Church
of Christ, stated support for the Japantown streetscape and thanked CRA staff and the
Mayor for including the Japanese-American community in the design process and asked
the Board to fully fund the project.
Jan Aramaki, representing the Salt Lake Buddhist Temple and the Japanese Church of
Christ, stated support for the Japantown streetscape and expressed optimism for
revitalization of the area.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
2
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
1.Resolution: CRA Budget Amendment No.2 for Fiscal Year 2025-26 -
-
The Board will accept public comment about a resolution that would amend the final
budget of the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-26.
Budget amendments happen several times each year to reflect adjustments in the
Community Reinvestment Agency’s budget, including proposed project additions and
modifications, and staffing changes. The amendment includes reallocating funding from
the Depot District Infrastructure Improvements Program and Program Income Fund to
the Depot District Infrastructure Property Acquisition Program, among other items.
Summary:
Kate Werrett provided an introduction to the item.
There were no public comments.
C.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of June 3, 2025 and June 10, 2025
Motion:
Moved by Director Puy, seconded by Director Dugan to approve the meeting
minutes of June 3, 2025 and June 10, 2025.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva
Lopez Chavez, Darin Mano
Final Result: 7 – 0 Pass
2.Resolution: CRA Budget Amendment No.2 for Fiscal Year 2025-
26 Follow-Up ~ 2:10 p.m.
10 min.
The Board will receive a follow-up briefing and consider adopting a resolution that would
amend the final budget of the Community Reinvestment Agency of Salt Lake City for
Fiscal Year 2025-26. Budget amendments happen several times each year to reflect
adjustments in the Community Reinvestment Agency’s budget, including proposed
project additions and modifications, and staffing changes. The amendment includes
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
3
reallocating funding from the Depot District Infrastructure Improvements Program and
Program Income Fund to the Depot District Infrastructure Property Acquisition
Program, among other items.
Motion:
Moved by Director Puy, seconded by Director Dugan to close the public
hearing and adopt Resolution 19 of 2025, CRA Budget Amendment No. 2 for
Fiscal Year 2025-26.
AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Alejandro Puy, Eva
Lopez Chavez, Darin Mano
Final Result: 7 – 0 Pass
3.Informational: 100 South Between 600 West and Dansie Drive
Pre-Disposition Report
~ 2:20
p.m.
20 min.
The Board will receive a briefing about plans for the disposition of 2.33 acres of land at
approximately 100 South between 600 West and Dansie Drive in the Depot District
project area. The CRA proposes to sell the property for a redevelopment project that may
include housing, artist spaces, and urban farming.
Summary:
Austin Taylor presented the Property Pre-Disposition Report, which included the
property proposal, redevelopment goals, and timeline.
Directors and staff discussed:
•The rationale for selling the property rather than pursuing a ground lease,
including the benefit of a one-time cash infusion to support infrastructure
improvements in the Rio Grande District
•A preference for multi-family residential development instead of parking
structures or self-storage facilities
•Clarification of the property’s location and responsibility for sidewalk, curb, and
gutter improvements
•Options for deed restrictions, development agreements, or other mechanisms to
secure public benefits such as walkability and lower lease rates for local businesses
•Details regarding a vertical farming structure on the site
•Challenges in balancing the sale of this and future properties to generate funds for
improvements in other project areas intended to provide public benefit
4.Informational: Japantown Streetscape and Public Art Update ~ 2:40 p.m.
30 min.
The Board will receive a briefing about the Japantown Streetscape Design and public art
efforts. Since 2018, the CRA has partnered with the Japanese American community
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
4
regarding development matters on Japantown Street, which evolved into the official
Japantown Design Strategy project. The CRA has worked with GSBS Architects and the
Community to translate desires into actionable design elements. The 40% design
package contains construction documents of the streetscape and placemaking project
should the Board decide to move forward with more design.
Summary:
Danny Walz provided an introduction. Marcus Lee and Ben Rodes (Landscape
Architect, GSBS Architects) presented the item which included information on the design
elements of the Japantown Streetscape, community involvement, project costs, and next
step options.
Directors expressed appreciation to CRA staff and the Japanese-American community
for their work on the project and discussed potential next steps and funding
details. Directors noted the importance of timely follow-through while acknowledging
possible delays and changes in the project based on future collaboration with Smith
Entertainment Group (SEG).
Director Requests:
Director Mano requested further information to identify
funding for immediate improvements such as a mural and cherry trees in temporary
planters by the Spring of 2026.
Director Young requested an in-person meeting/presentation to SEG with the architect
and others involved to bring awareness of the City’s vision for the Japantown area.
Danny Walz said a presentation would be arranged.
5.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
There was no report or announcements from the Executive Director.
6.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
5
There was no report of the Chair and Vice Chair.
7.Report and Announcements from CRA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
•Project Updates, and
•Scheduling Items.
Summary:
Danny Walz provided announcements to the Board including:
•Notice of Funding Releases (NOFA) for the Housing Development Loan Program
(HDLP) and Residential Wealth Building Program
•Upcoming ribbon cutting ceremonies for the Citizens West 2 & 3 Developments
and a Perpetual Housing Fund (PHF) Development
•Additional details of PHF presentation which included investment updates, current
and future projects, and a more detailed report planned for an either January 2026
or February 2026 Board Meeting
Director Requests:
Director Petro requested data results on the Residential Wealth Building Program.
Director Mano requested a review of the contract with PHF to ensure alignment with
conditions outlined in the contract. Danny Walz said a report would be provided to the
Board.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
1.Informational: Community Reinvestment Agency Semi-
Annual Property Report Written Briefing
-
The Board will receive a written briefing of all Tier 1 and Tier 2 properties owned by the
CRA, as per the Land Disposition Policy. The November 2025 report includes the
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
6
Adjournment
description, address, parcel ID, size, zoning, and tier category of each property. In
addition, the report details the approximate acquisition date, current category of
disposition, interim use, and proposed permanent use for each property.
Written briefing only; no discussion was held.
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
NONE.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual.
2.strategy sessions to discuss pending or reasonably imminent litigation.
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration, or
(ii)prevent the public body from completing the transaction on the best possible
terms.
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration, or
(B)prevent the public body from completing the transaction on the best possible
terms.
(ii)the public body previously gave public notice that the property would be offered
for sale, and
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale.
5.discussion regarding deployment of security personnel, devices, or systems.
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
Item not held.
G.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
7
Meeting adjourned at 3:31 p.m.
Minutes Approved:
_______________________________
Community Reinvestment Agency Chair – Dan Dugan
_______________________________
City Recorder – Keith Reynolds
Please refer to Meeting Materials (available at https://data.slc.gov by selecting City Council
Meeting Information) for supportive content including electronic recordings and comments
submitted prior to or during the meeting. Websites listed within the body of the Minutes may
not remain active indefinitely.
This document along with the digital recording constitutes the official minutes of the Salt Lake
City Community Reinvestment Agency meeting held Tuesday, November 18, 2025 and is not
intended to serve as a full transcript. Please refer to the electronic recording for entire content
pursuant to Utah Code §52-4-203.
MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
Tuesday, November 18, 2025
8
Item C2
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLC.GOV/COUNCIL
TEL 801-535-7600 FAX 801-535-7651
STRAW POLLS
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:City Council Members
FROM: Nick Tarbet
Policy Analyst
DATE:March 10, 2026
RE: Straw poll to allocate $400,000 of FY25-CBD-Stategic Intervention Funds to
support lighting and landscape improvements on Main Street
Request for the CRA Board to use $400,000 from the FY25-Cental Business District Strategic Intervention fund
to support the installation of lampposts and festive lighting infrastructure on Main Street between South Temple
and 4th South.
Straw Poll Yes No
1. Does the Board support appropriating $400,00 from the CDBD strategic intervention
fund for the planning and design and installation of lampposts and festive lighting
infrastructure on Main Street between South Temple and 4th South?
COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLC.GOV/COUNCIL
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM: Nick Tarbet
Policy Analyst
DATE:March 12, 2026
RE: Straw poll to allocate $400,000 of FY25-CBD-Stategic Intervention Funds to
support lighting and landscape improvements on Main Street
Reminder: Link to View the Administration’s proposal
ISSUE AT-A-GLANCE
The Board will be briefed about a proposal to use $400,000 from the FY25-Cental Business District Strategic
Intervention fund to support the installation of lampposts and festive lighting infrastructure on Main Street
between South Temple and 4th South.
City staff have been informed the business community is working with the creative agency Struck, to lead a
comprehensive design effort for main street between South Temple and 400 South. According to the transmittal
it is anticipated that private funds of approximately $3,000,000 will be raised to pay for the landscape and
lighting efforts.
At the March 10 briefing Scott Anderson, representing the business community, will brief the Board on the
community efforts. Representatives from Struck will be available to answer questions from the Board about the
project.
Currently there is $2,017,256 in the CBD strategic fund. If the Board approves the $400,000 request there will
be $1,617,256 remaining in the fund.
Goal of the briefing: For the board to take a straw poll indicating their support to move forward with the
request to fund the planning and design of the lampposts and lighting systems.
Schedule:
Page | 2
POLICY QUESTIONS
1. The Council may wish to ask how extensive the project will be, what levels of planning and engineering
are needed. How will the $400,000 be spent, is it all needed for planning and engineering or will some
of it be used for implementation and construction?
2. Does the City already have information and plans in place that can assist in the planning and design?
3. The Council may wish to ask about the timing of the project and what type of community and
stakeholder outreach is planned to mitigate the impact to businesses.
1
This is the Moment:
Community Goals for the
2027 Temple Open House
March 10th, 2026 2:00PM
2
●The open house will run from March through
October 2027.
●It is estimated that there will be 3-5 million
visitors.
●If we can capture these visitors and pull them
into our core Main Street areas, it would present
an economic opportunity for Downtown
retailers.
●This also provides an opportunity to pull
residents from across the Wasatch Front back
to Salt Lake City, inducing them to spend more
at Downtown businesses.
●The goal is to present a vibrant Downtown to
visitors and locals alike, and to encourage
spending at Downtown businesses.
The 2027 Temple Open
House will give Salt Lake
City an opportunity to
welcome a global audience
to the heart of the City.
This exercise will be a good
dress rehearsal for the 2034
Winter Olympics.
3
The Goal is to develop and
enact a plan, endorsed by
businesses and the City, that
will transform the area into a
“dynamic, safe, fun, and
joyful” space.
●Through physical improvements, artistic
expression, and meaningful programming, the
goal is to celebrate and share with visitors
and residents the cultural and civic identity of
our City.
●The metaphor of “Salt Lake City in Bloom”
unifies our communities as it evokes spiritual
abundance, innovation, unique and almost
iconic Salt Lake City/Utah retail experiences,
craftsmanship, community, civic pride, cultural
diversity, and heartfelt hospitality.
●As visitors step off Temple Square, we want
them to see, feel, taste, and remember the
community, businesses and cultural
experiences we provide along the Main Street
core.
4
The Pillars of this Community Program:
Make Main Street more vibrant.
Attract more customers – visitors and locals.
Increase time spent in the core Downtown area.
Enhance the Downtown experience.
Leave them with the desire to come back often.
Induce spending at Downtown businesses.
5
●Retail activation on Main Street.
●Improved infrastructure to make it easier to navigate Downtown.
●Beautify Downtown and make it uniquely “Salt Lake City.”
●Support hospitality and pop-up kiosks.
●Encourage street entertainment to add excitement and culture to the
Downtown core with arts and cultural performances.
●Link to the Pioneer Trail, recognizing not only Utah’s history but also its
present and future pioneers in business, education, culture, and science.
●Provide information about must-see sites for visitors coming to Utah.
●Have a handout that outlines what makes Utah unique and emphasizes its
economic viability and future.
Executive Summary
6
The Downtown Alliance
The Salt Lake Chamber
The Church of Jesus Christ of Latter
Day Saints
Other Religious Organizations
Colleges and Universities
businesses, and philanthropic
organizations.
●Retail activation on Main Street.
●Improved infrastructure to make it easier to
navigate Downtown.
●Beautify Downtown and make it uniquely “Salt Lake
City.”
●Support hospitality and pop-up kiosks.
●Encourage street entertainment to add excitement
and culture to the Downtown core with arts and
cultural performances.
●Link to the Pioneer Trail, recognizing not only Utah’s
history but also its present and future pioneers in
business, education, culture, and science.
●Provide information about must-see sites for visitors
coming to Utah.
●Have a handout that outlines what makes Utah
unique and emphasizes its economic viability and
future.
We will do this in Partnerships With…
7
Lamp posts on Main Street
●Beautify Main Street by creating a physical symbol of Salt Lake City—the beehive
lamp posts.
●The idea is to obtain private, public, and organizational funding for these lamp
posts that will cost approximately $80,000 each.
Expand lamp post
installation from 200
South to 400 South—to
be done by 2033 for
the Olympics.
Install lamp posts from
South Temple to 200
South, covering City
Creek and the
entertainment district
of the Eccles
Theater—to be done by
March 2027.
Extend lamp post
installation down North
Temple, bordering the
Smith Entertainment
District and down into
the Power District.
Phase 1 Phase 2 Possible Phase 3
8
Businesses and
philanthropists to
provide $3 million to
the program through
2033.
Religious and cultural
organizations to provide
$400,000 to the
program.
The City to provide
$400,000 for the lamp
post project.
Request:
9
Thank you.
March 10th, 2026 2:00PM
This community project endorsed by the City will have a lasting impact
and legacy on Salt Lake City: Civic transformation leading to Cultural
tourism boost, providing a model for sacred-civic collaboration, all
contributing to economic vitality and community renewal.
Salt Lake
Urban Activation
Main Street Lighting
03/10/2026Programming Plan Round 1 /
Salt Lake Urban Activation
Struck™ × Salt Lake Urban
ActivationR.01
Project Overview
3
Struck seeks to design, produce and implement a system of custom lamp posts and
string lighting along Historic Main Street in downtown Salt Lake City, funded and
supported by both private and public entities.
Project Intent
4
Historic Main Street will come alive through a new street-light program designed to
honor Salt Lake City’s heritage. Elegant lamp posts and warm string lights will frame the
corridor, while custom beehive and bee-inspired iconography—etched into iron, copper,
and steel—adds timeless character.
These crafted details celebrate the city’s legacy, creating a welcoming amber glow that
both preserves history and elevates the street into a cherished, memorable destination
for generations.
Design Concept
6
The crafted details celebrate the city’s history from the earliest pioneer spirit that
carried the intricate grace of European artisanship.
Scrolls and leaf motifs that whisper Old World heritage and the aspirations of a new
beginning in the mountain desert.
When lit, the lamp glows with the warmth of honeyed light.
Subtle bee silhouettes and the beehive pattern symbolizing Utah’s emblem of
industry, unity, courage and abundance.
The overall form rests on clean, slim, modern lines that forge renewal and progress.
Design Intent
7
Sketches
8
Lamp Post Renderings
9
String Lights
●3 - 3 1/2” globe string lights
●Beehive inspired globe designs,
amber colors polyurethane
●Select locations on, or directly
adjacent to, Main Street
Programming Plan
11
Main Street
●South Temple to 200 South/ then 300 – 400 South
●Approximately 50 total lampposts
●Locations TBD, based on existing conditions and Urban
Planner recommendations
Phase 1
Phase 2
12
Maps
Lamp Post String Lights
Phase 1 Phase 2
Project Plan
14
Proposed Project Schedule
Phase 1: Design & Programming
Struck Design + Management Fee
Phase 3: Fabrication & Installation Oversight
Struck Design + Management Fee
TOTAL DESIGN + MANAGEMENT
15
Estimated Project Costs
Lamp Post (Estimated qty 50 total)
Production estimate
Installation estimate
String Lights
Production estimate
Installation estimate
TOTAL ESTIMATE
PRODUCTION + INSTALLATION
DESIGN + MANAGEMENT
$400K
~$250k
~$650k
~$40-50k per unit
Unknown, + requires city investment
~$108k per 250’ string
Unknown
Total investment $3.7M
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
02/23/2026
Date Sent to Council:
02/24/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
02/23/2026
Chief of Staff's Signed Date
02/23/2026
Subject:
Funding request for installation of lampposts on Main Street in the Central Business District
Additional Staff Contact:
Danny Walz - danny.walz@slc.gov
Presenters/Staff Table
Danny Walz - danny.walz@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Budget Impact:
$400,000 allocated from CBD Strategic Intervention Funds
Recommendation:
Straw poll to allocate $400,000 of FY25-CBD-Stategic Intervention Funds to support the installation of lampposts on Main Street.
Background/Discussion
In December 2019, The Church of Jesus Christ of Latter-Day Saints (Church), began a significant renovation project for the Salt Lake Temple. The scope of work includes a comprehensive seismic reinforcement to the structure, modernization of the mechanical, electrical, and plumbing systems, restoration of historic finishes, as well as plaza and landscape enhancements across Temple Square. The temple is scheduled to reopen in April 2027 at which time the Church anticipates hosting an open house for several months prior to its rededication. The open house is expected to draw significant visitation to downtown Salt Lake City, generating increased pedestrian traffic and economic activity throughout the Main Street corridor and surrounding areas.
In coordination with the temple open house and rededication, efforts are underway to enhance and activate Main Street to create a cohesive, welcoming, and visually distinctive environment. The creative agency Struck has been engaged by the business community to lead a comprehensive design effort for Main Street from South Temple to 4th South. One component of this plan is the design, production, and installation of custom lampposts and string lighting. Over the decades, planter boxes, trees, and streetscape elements have been installed incrementally along Main Street without a unified design strategy. While well-intended, this has resulted in inconsistencies in materials, placement, and overall aesthetic quality. Struck’s design plan will look to install the lampposts in a way that complements the current improvements and provide recommendations for other enhancements. Following installation, the lampposts will be donated to the city.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
This page has intentionally been left blank
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: February 20, 2025
PREPARED BY: Danny Walz, Director
RE: Funding request for installation of lampposts on Main Street in the Central
Business District
REQUESTED ACTION: Straw poll to allocate $400,000 of FY25-CBD-Stategic Intervention
Funds to support the installation of lampposts on Main Street.
POLICY ITEM: N/A
BUDGET IMPACTS: $400,000 allocated from CBD Strategic Intervention Funds
EXECUTIVE SUMMARY:
The Community Reinvestment Agency (“CRA”) has been asked to participate in the installation of
pedestrian-level lampposts and festive lighting infrastructure along Main Street between South
Temple and 4th South. This project is being proposed in anticipation of the April 2027 reopening of
the Salt Lake Temple following its multi-year seismic renovation and restoration project. In
coordination with related stakeholders, Struck creative agency has been retained to design and
implement the lighting project as part of an overall streetscape and activation strategy for the Main
Street corridor and surrounding area. The total project cost is anticipated to exceed $3,000,000, with
the majority of funding being raised privately. The CRA’s proposed $400,000 contribution will help
pay for the design proposed by Struck as well as the planning, engineering, and purchase of the
permanent decorative lampposts and associated lighting systems.
BACKGROUND:
In December 2019, The Church of Jesus Christ of Latter-Day Saints (Church), began a significant
renovation project for the Salt Lake Temple. The scope of work includes a comprehensive seismic
reinforcement to the structure, modernization of the mechanical, electrical, and plumbing systems,
restoration of historic finishes, as well as plaza and landscape enhancements across Temple Square.
The temple is scheduled to reopen in April 2027 at which time the Church anticipates hosting an
open house for several months prior to its rededication. The open house is expected to draw
significant visitation to downtown Salt Lake City, generating increased pedestrian traffic and
economic activity throughout the Main Street corridor and surrounding areas.
In coordination with the temple open house and rededication, efforts are underway to enhance and
activate Main Street to create a cohesive, welcoming, and visually distinctive environment. The
creative agency Struck has been engaged by the business community to lead a comprehensive design
effort for Main Street from South Temple to 4th South. One component of this plan is the design,
production, and installation of custom lampposts and string lighting. Over the decades, planter
boxes, trees, and streetscape elements have been installed incrementally along Main Street without a
unified design strategy. While well-intended, this has resulted in inconsistencies in materials,
placement, and overall aesthetic quality. Struck’s design plan will look to install the lampposts in a
way that complements the current improvements and provide recommendations for other
enhancements. Following installation, the lampposts will be donated to the city.
ANALYSIS & ISSUES:
The total streetscape and lighting effort is anticipated to exceed $3,000,000, with most funds being
raised privately. The CRA’s proposed $400,000 contribution will help pay for the design proposed
by Struck and support planning, design, and procurement of the permanent decorative lampposts and
festive lighting infrastructure. The project advances CRA goals of strategic infrastructure
investment, downtown activation, economic development support, and enhancement of public spaces
within project areas. The contribution leverages significant private funding and supports long-term
capital improvements rather than temporary programming alone.
REQUESTED ACTION:
CRA staff requests that the Board conduct a straw poll to allocate $400,000 of CBD Strategic
Intervention Funds to be paid to Struck for planning, design, and acquisition of the lampposts and
related lighting infrastructure for Main Street. These funds have been appropriated by the Board for
strategic development and infrastructure projects but require Board approval for allocation to specific
projects.
Proposed Appropriations Budget
Total Project Budget
Remaining Appropriation
NEXT STEPS:
If approved, CRA staff will coordinate with Struck and associated city departments to finalize design
and assist with the procurement of the decorative lampposts and lighting infrastructure. The overall
project timeline will be aligned with the 2027 Salt Lake Temple open house and associated
downtown activation events.
ATTACHMENTS:
• None
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Item C3
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:City Council Members
FROM:Allison Rowland
Senior Policy Analyst
DATE:March 10, 2026
RE: RESOLUTION: HOUSING DEVELOPMENT LOAN PROGRAM (HDLP) ALLOCATIONS
FOR FISCAL YEAR 2025-2026 FUNDS
MOTION 1 – ADOPT
I move that the Council adopt the resolution approving the funding allocations and preliminary terms as
described in Exhibit B (Competitive HDLP Funding Allocations).
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution, and proceed to the next agenda item.
BOARD STAFF REPORT
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:March 10, 2026
RE:RESOLUTION: HOUSING DEVELOPMENT LOAN PROGRAM (HDLP) ALLOCATIONS
FOR FISCAL YEAR 2025-2026 FUNDS
CORRECTED: Revised text under Northwest Pipeline heading.
ISSUE-AT-A-GLANCE
The Board will review and potentially approve recommendations for allocating up to $8,118,128 in affordable
housing funds from the Housing Development Loan Program (HDLP). The purpose of these low-interest loans
is to incentivize the inclusion of affordable housing in new construction and in preservation or rehabilitation
projects. Developers submitted their proposals through a Notice of Funding Availability (NOFA) issued last
year, and nine applications, requesting a total of nearly $23.3 million, were found eligible by CRA staff. These
were forwarded to the CRA Finance Committee, which recommended the Board fund four of these
developments using $8,068,128 in available funds. These developments would provide a total of 595 units of
new affordable housing (see Attachments C1 and C2 for summaries). The Board makes the final determination
of which applications to fund and for what amount.
Goal of the briefing: Discuss and consider adopting the Resolution entitled Affordable Housing – FY2026-
2027 Competitive Housing Development Loan Program (HDLP) Funding Allocations.
POLICY QUESTION
1.In past years, many HDLP projects included at least some market rate units, but these have
become much less common in recent years. Would Board Members like to discuss with CRA
staff the potential causes of this change, and whether there are significant benefits to
including market rate units in HDLP-funded projects?
Schedule:
ADDITIONAL INFORMATION
Process Overview. Since 2018, the CRA has released multiple NOFAs to facilitate the development of
affordable housing units in Salt Lake City. The FY26 NOFA was released on October 21, 2025, and applications
were due on December 4, 2025.
As a first step in the application review process, CRA staff analyzes each application to ensure compliance with
HDLP eligibility requirements. The CRA Finance Committee then considers the Board’s funding priorities, along
with factors related to the feasibility and technical qualities of each application. These include developer
experience, the completeness and quality of the application, the amount of requested funding per affordable
unit, the unit mix, community impact, and the financial and regulatory readiness of the proposed project.
All of the eligible applications were reviewed and ranked by the CRA Finance Committee, and their specific
recommendations for allocating nearly all of the $8.1 million available ($50,000 would remain) are summarized
in Attachments C1 and C2. Four of the nine applications were recommended for HDLP funding. Of those four,
one was recommended for the full amount requested, and the others were recommended for less than the full
amount. Two of the recommended projects include both 2- and 3-bedroom units, and together with a third
project that has 2-bedroom units only, these would supply 158 new 2-bedroom units and 89 new 3-bedroom
units.
The fourth of these three recommended applications is for the Gardens at Palmer, which would replace the aging
Palmer Court development with a new building that contains 187 one-bedroom units of permanent supportive
housing.
Northwest Pipeline Building. In recent years the Board awarded funding to the Housing Assistance
Management Enterprise (HAME) through two different NOFAs for their planned rehabilitation of the Northwest
Pipeline Building. One million dollars of HDLP funds were awarded from the HDLP NOFA, while the proposed
Rent-to-Own Program was awarded $1.2 million from the special NOFA for Residential Wealth Building Pilot
Programs. The latter was rescinded because the developers are no longer proposing this program for residents of
the building. The HDLP funding commitment remains active.
Attachment C1. Summary of CRA Finance Committee Recommendations for FY26 HDLP Funding.
Attachment C2. Summary of Other Applications for FY26 HDLP Funding.
Attachment C1. Summary of CRA Finance Committee Recommendations for FY26 HDLP Funding.
Units per AMI Level BedroomsCRA
Finance
Cmtee
Rank
Project Council
District
Funding
Request
Funding
Recommend
-ation
Total
Units
<30
%
31-
50%
51-
60%
61-
80%2BR 3BR
Tax
Credits
Rec'd
Prelim. terms
Planned
Start
Date
Summary
Page in
Trans-
mittal
1
Gardens at
Palmer
(Permanent
Supportive
Housing)
5 $3,500,000 $2,168,128 187 187 ---All 1BR 9%
LIHTC
Interest Rate:
2.0%. 40-year
term. Repayment:
Cash Flow with
Balloon Payment.
Nov
2026 21
2 (tie)The
Chicago 2 $2,000,000 $2,000,000 119 18 6 29 66 19 -4%
LIHTC
Interest Rate:
2.0%. 18-year
term.
Repayment: Cash
Flow with Balloon
Payment.
Oct 2026 35
2 (tie)Emeril
Apartments 2 $2,300,000 $2,000,000 135 21 -60 54 52 27 4%
LIHTC
Interest Rate:
2.0%. 30-year
term.
Repayment: Cash
Flow with Balloon
Payment.
Sept
2026 39
4 300 West
Apartments 5 $2,400,000 $1,900,000 154 26 128 --87 62 Applying,
4%
Interest Rate:
2.5%. 30-year
term.
Repayment: Cash
Flow with Balloon
Payment.
Oct 2026 54
TOTAL RECOMMENDED $10,200,000 $8,068,128 595 252 134 89 120 158 89
Attachment C2. Summary of Other Applications for FY26 HDLP Funding.
Units per AMI
Level BedroomsRDA
Finance
Cmtee
Ranking
Project Council
District
Funding
Request
Total
Units
<30%31-
50%
51-
60%
61-
80%2BR 3BR
Tax Credits
Rec'd
Planned
Start
Date
Summary
Page in
Trans-
mittal
-The Amelia 5 $5,000,000 144 15 -129 -45 -4% LIHTC Sept 2026 15
-Safe Haven
(rehab)2 $712,866 54 10 44 ----Applying, 9%Nov 2027 26
-Northwest
Pipeline 4 $2,884,183 63 11 21 18 13 30 6 Applying, 4%Oct 2026 30
-200 West
Apartment 5 $2,500,000 70 70 ---All 1BR Applying, 9%Nov 2027 43
-Washington
Yards 5 $2,000,000 170 72 68 30 79 64 Applying, 4%Fall 2026 49
CRA BOARD MEETING – MARCH 10, 2026
AFFORDABLE HOUSING NOTICE OF FUNDING AVAILABILITY (NOFA)
COMPETITIVE HOUSING DEVELOPMENT LOAN PROGRAM APPLICATIONS
FUNDS AVAILABLE
FY2025-26 COMPETITIVE HDLP NOFA OVERVIEW
COMPETITIVE FUNDS SOURCE AMOUNT
CRA Housing Development Loan
Program $5,587,537
CRA Deeply Affordable $2,480,591
CRA High Opportunity Area $50,000
TOTAL:$8,118,128
APPLICATION PROCESS
•Competitive Process
•Applications Released: October 21, 2025
•Information Session: October 29, 2025
•Applications Due: December 4, 2025
APPLICATION SUMMARY
•10 applications received, 1 ineligible
•9 applications eligible
•$23,297,049 in eligible loan requests
FY2025-26 COMPETITIVE HDLP NOFA OVERVIEW
FY2025-2026 HDLP Applications Map
THRESHOLD REQUIREMENTS
MINIMUM AFFORDABILITY
•20% of the project’s total residential units must be affordable to households earning 60% of the
Area Medium Income ("AMI") or less
SUSTAINABILE DEVELOPMENT POLICY
•Designed to Earn the Energy Star score of 90 or more
•100% electric building operation (no fossil fuel consumption)
•Participation in City’s Elevate Buildings benchmarking program
AND ONE OF THE FOLLOWING
FAMILY-SIZED UNITS
•Deeply affordable housing: 10% of units must be affordable to households earning 30% AMI or less
OR
DEEPLY AFFORDABLE UNITS
•Affordable family-sized housing with amenities for children: 10% of units must have 3 bedrooms or
more and be affordable to households earning 60% AMI or less and have a child amenity, as
approved by CRA staff
PROJECT PRIORITIES – PRIMARY SCORE
PROJECT PRIORITIES (25+ points available)
Projects will be allocated a primary score based on their alignment with the Housing Development Project
priorities to determine interest rate reductions.
•Affordable Family Housing with Amenities for Children (3 points)*
•Deeply Affordable Housing (3+ points)*
•Ownership: Wealth Building Opportunity*(3 points)*
•Neighborhood Services & Commercial Spaces (3 points)*
•Expanding Opportunity (3 points)*
•Affordable Housing Preservation (1 point)
•Architecture & Urban Design(1 point)
•Building Preservation, Rehabilitation, or Adaptive Reuse (1 point)
•Special Populations (1 point)
•Missing Middle & Unique Housing Types (1 point)
•Mixed-Income Neighborhoods (1 point)
•Public Art (1 point)
•Public Space (1 point)
•Sustainability( 1 point)
•Transportation Opportunities (1 point)
*Denotes Board-adopted housing funding priorities
SCORING CRITERIA – SECONDARY SCORE
Content and quality of the project narrative and
application submittal (11 points available)
•Narrative and Application Completeness (5 points)
•Project Priorities (2 points)
•Relevant Experience (2 points)
•Clarity of budget, financing, operating proforma, and
repayment (2 points)
Budget, sources and uses, operating pro forma,
and related assumptions (16 points available)
•Feasibility of Proforma, sources and uses (2 points)
•Utilization of housing tax credits (5 points)
•Utilization of other tax credits (2 points)
•Loan repayment (3 points)
•Deferred developer fee (2 points)
•Owner equity (2 points)
Readiness of the project to proceed for construction (5 points available)
•Readiness (3 points)•Site control (2 points)
Advancing the housing landscape (4 points available)
•Emerging developers and housing models (2 points)
•Availability of affordable housing in areas with limited options (2 points)
QUALIFICATIONS AND DISTINGUISHING FACTORS (36 points available)
Applications will be allocated a secondary score based on how they align with the Scoring Criteria.
APPLICATIONS OVERVIEW
1 2 3 4 5 6 7 8 9
The Amelia Gardens at Palmer Safe Haven Northwest Pipeline
Building The Chicago Emeril Apartments 200 West
Apartments Washington Yards 300 W Apartments
Cole West The Road Home/First
Step House/GIV Group
Valley Behavioral
Health HAME Great Lakes Capital CDCU First Step House Brinshore Chelsea Investment
Co
Address 209 W 900 S 999 S Main Street 550 W 700 S 315 E 200 S 27 N Chicago Street 37 North 800 West 1055 S 200 W 1050 S Washington
Street 1485 S 300 W
Preliminary Terms 2%, 17 Year Term 2%, 40 Year Term 1%, 30 Year Term 2%, 30 Year Term 2%, 18 Year Term 2%, 30 Year Term 2%, 17 Year Term 2%, 30 Year Term 2.5%, 30 Year Term
Repayment Type Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment Hard Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
CRA Request Amount $5,000,000 $3,500,000 $712,866 $2,884,183 $2,000,000 $2,300,000 $2,500,000 $2,000,000 $2,400,000
FC Funding Recommendations $0 $2,168,128 $0 $0 $2,000,000 $2,000,000 $0 $0 $1,900,000
Previous CRA Commitments $0 $0 $0 $1,000,000 $0 $0 $0 $0 $0
Project Cost $53,386,624 $65,109,467 $13,035,119 $45,184,650 $43,092,322 $51,079,063 $25,088,320 $58,297,324 $59,240,045
CRA FC Recom. Funding per Unit $ - $11,594 $ - $ - $16,807 $14,815 $ - $ - $12,338
Tax Credits?Awarded, 4%Awarded, 9%Applying, 9%Applying, 4%Awarded, 4%Awarded, 4%Applying, 9%Applying, 4%Applying, 4%
Affordable Units Breakdown
15 187 10 11 18 21 70 - 26
Total 31%---44 21 6 --72 -
Total 51%-129 - - 18 29 60 - 68 128
Total 61%--- - 13 66 54 - 30 -
Total 144 187 54 63 119 135 70 170 154
Percent Affordable (60% AMI & Below)100%100%100%79%45%60%100%82%100%
Studio 0 0 43 0 45 0 0 0 0
1bd 99 187 11 27 55 56 70 27 5
2bd 45 0 0 30 19 52 0 79 87
3bd 0 0 0 6 0 27 0 64 62
Project Priorities - Primary Score 7 19 6 11 9 9 14 6 9
Scoring Criteria - Secondary Score 22 17 14 10 20 17 18 17 13
FINANCE COMMITTEE RECOMMENDATION
PROJECT/APPLICANT ADDRESS
Alignment with
Score
Scoring
Criteria
Evaluation
LIHTC
Awarded?
FUNDING
REQUEST
Min.
Funding
Request
CRA Housing
Development
Fund
CRA Deeply
Affordable
Funds
CRA High
Funds
TOTAL FUNDING
RECOMMENDATION
FINAL
RANKING
The Amelia 209 W 900 S 7 22 Yes, 4%$5,000,000 $3,000,000 $0Cole West
Gardens at Palmer 999 S Main
Street 19 17 Yes, 9%$3,500,000 $2,000,000 $2,168,128 1GIV Group / The Road Home / First
Step House
Safe Haven 550 W 700 S 6 14 Applying,
9%$712,866 $499,006 $0Valley Behavioral Health
North West Pipeline Building
315 E 200 S 11 10 Applying,
4%$2,884,183 $2,884,183 $0Housing Assistance Management
Enterprise
The Chicago 27 N Chicago
Street 9 20 Yes, 4%$2,000,000 $2,000,000 $1,687,537 $312,463 2Great Lakes Capital
Emeril Apartments 37 North 800
West 9 17 Yes, 4%$2,300,000 $2,000,000 $2,000,000 2Community Development
Corporation of Utah
200 West Apartments 1055 S 200 W 14 19 Applying,
9%$2,500,000 $1,000,000 $0First Step House
Washington Yards 1050 S
Washington
Street
6 17 Applying,
4%$2,000,000 $1,300,000 $0Brinshore
300 West Apartments 1485 S 300 W 9 13 Applying,
4%$2,400,000 $1,900,000 $1,900,000 3Chelsea Investment Co
TOTAL $23,297,049 $16,583,189 $5,587,537 $2,480,591
BOARD CONSIDERATION
BOARD TO CONSIDER ADOPTING A RESOLUTION
•Approve funding allocations
•Due to time and work associated with loan closings, CRA staff recommends adding language
to resolution that will allow CRA to charge borrower costs incurred for loan closings.
1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. _______________
Affordable Housing – FY 2025-2026 Competitive Housing Development Loan Program
(HDLP) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Salt Lake City Community Reinvestment Agency (“CRA”) was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing
the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the CRA Board of Directors (“Board”) approved the Housing Funds Allocation
Policy (“Funds Policy”), Resolution R-1-2022, which establishes policies with respect to
dedicating and directing resources for the development and preservation of housing based on
funding source (“Housing Funds”).
WHEREAS, the Board has set aside $8,118,128 of Housing Funds for affordable housing (the
"Competitive HDLP Funds”) through the CRA’s Competitive Housing Development Loan
Program (“HDLP”). The allocation of funds is contingent upon an application and review process
administered by the CRA to facilitate the funding of qualified projects that meet the goals
established by the HDLP.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the CRA administered a loan
application and review process for the Competitive HDLP Funds pursuant to the HDLP policy set
forth in resolution R-2-2022 (the “HDLP Policy”) and the CRA’s Housing Funding Priorities for
Fiscal Year 2025-2026 set forth in R-6-2025 (“Funding Priorities”) that resulted in nine eligible
requests for funding totaling $23,297,049 (the “Competitive HDLP Applications”).
WHEREAS, on February 18, 2026, the CRA’s Finance Committee reviewed the Competitive
HDLP Applications, and recommended funding allocations and preliminary terms as further
described in Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, CRA staff recommends that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
2
WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as
set forth on Exhibit B, the CRA shall provide a 24-month conditional commitment period during
which the approved applicant shall have the opportunity to obtain needed financial, legal, and
regulatory approvals, as well as satisfy other conditions determined by the CRA, to finalize the
loan terms.
WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the
conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan
terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the
funding allocations and preliminary terms as further described in Exhibit B (Competitive HDLP
Funding Allocations), subject to revisions that do not materially affect the rights and obligations
of the CRA hereunder. For approved applicants that successfully meet the required conditions, the
Board authorizes the Executive Director to negotiate and execute the conditional commitment
letter, the Letter of Commitment, the loan agreements, and other relevant documents consistent
with the funding allocations and preliminary terms contained on Exhibit B and incorporating such
other terms and conditions as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency, this
_______ day of March 2026.
________________________________
Dan Dugan, Chair
Approved as to form: ___/s/ Sara Montoya________________
Salt Lake City Attorney’s Office
Sara Montoya
Date:____March 5, 2026____________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
3
EXHIBIT A: FY2025-2026 CRA FINANCE COMMITTEE FUNDING RECOMMENDATIONS
The CRA Finance Committee recommends that funding be allocated to projects
in order of funding ranking.
4
EXHIBIT B: FY2025-2026 CRA BOARD APPROVED HDLP FUNDING ALLOCATIONS:
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
02/24/2026
Date Sent to Council:
02/25/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
02/24/2026
Chief of Staff's Signed Date
02/24/2026
Subject:
Housing Development Loan Program (HDLP) Funding Allocations for Gap Financing
New transmittal or
Revision
New transmittal
Revision
Revision Updates:
updated with Resolution
Additional Staff Contact:
Browne Sebright - browne.sebright@slc.gov, Tracy Tran - Tracy.tran@slc.gov, Austin Taylor - austin.taylor@slc.gov
Presenters/Staff Table
Browne Sebright - browne.sebright@slc.gov, Tracy Tran - Tracy.tran@slc.gov, Austin Taylor - austin.taylor@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
8,118,128
Recommendation:
Recommend that the CRA Board approve the resolution awarding funding as recommended by the CRA Finance Committee
Background/Discussion
The Salt Lake City Community Reinvestment Agency (“CRA”) recently issued a competitive Notice of Funding Availability (“NOFA”) to solicit applications for $8.1 million available through the Housing Development Loan Program (“HDLP”) to incentivize the development and preservation of affordable housing within Salt Lake City municipal boundaries. CRA staff received 10 applications, with 1 application not meeting threshold requirements, leaving 9 eligible applications with $23.2M in requests. The Finance Committee recommends that the Board fund 4 of the 9 applications with the $8,118,128.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STAFF MEMO
DATE: February 20, 2025
PREPARED BY: Browne Sebright, Project Manager
Tracy Tran, Senior Project Manager
Austin Taylor, Project Manager
RE: Consideration and Adoption of a Resolution Approving Funding Allocations
for Gap Financing through a Notice of Funding Availability for the CRA’s
Housing Development Loan Program
REQUESTED ACTION: Consider approving affordable housing funding allocations as selected
through a Notice of Funding Availability for the Housing Development
Loan Program
POLICY ITEM: Affordable Housing – Housing Development Loan Program
BUDGET IMPACTS: $8,118,128 of CRA affordable housing funds issued through the
Housing Development Loan Program
EXECUTIVE SUMMARY: The Salt Lake City Community Reinvestment Agency (“CRA”) recently
issued a competitive Notice of Funding Availability (“NOFA”) to solicit applications for $8.1 million
available through the Housing Development Loan Program (“HDLP”) to incentivize the development
and preservation of affordable housing within Salt Lake City municipal boundaries. CRA staff received
9 eligible applications with $23.2M in requests.
BACKGROUND
Guiding Policy
The HDLP is being administered pursuant to the Housing Allocation Funds Policy (“Funds Policy”),
resolution R-1-2022, and the Housing Development Loan Program Policy (“HDLP Policy”), resolution R-
2-2022. The Funds Policy establishes policies for allocating and directing resources for the development
and preservation of housing by various funding sources. Highlights of the Funds Policy include:
Housing Funds: The Policy establishes four housing funds based on fund source. The revenues,
expenditures, interest, and payments for each fund source shall be separately accounted for to
ensure the CRA control and oversight to comply with statutory requirements.
Annual Budgeting Process: The policy provides that on an annual basis, the CRA shall present
for the Board’s consideration a Housing Development Funding Strategy that projects revenues
1
for the upcoming fiscal year and proposes funding priorities and allocations. This will allow
the CRA to be flexible to address current needs, leverage current opportunities, coordinate with
other city resources and allow funding priorities to align with evolving plans and policies.
The HDLP provides low-cost financial assistance to incentivize the development and preservation of
affordable housing within Salt Lake City municipal boundaries. The HDLP Policy provides a
centralized application, underwriting, and approval process regardless of the fund source and features:
Funding allocations and priorities determined on an annual basis. The funding priorities for
these funds were based on the CRA’s FY2025-2026 Annual Housing Funding Priorities.
The transparent administration of funds through a Notice of Funding Availability (NOFA)
process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA
may be issued for a specific funding source. NOFAs could be offered on an annual basis or
multiple times per year and can be competitive or open-ended depending on availability of
funds, priorities, and demand.
A standardized process for approving applications and a uniform set of underwriting policies.
FY2025-2026 Annual Priorities
In April 2025, the Board adopted the FY2025-2026 Annual Housing Funding Priorities. These
priorities included Threshold Requirements for the HDLP. This HDLP application cycle is the fourth
year that these two thresholds (in addition to the Sustainable Development Policy requirements) have
been requirements for HDLP development project applicants. During the CRA’s review of HDLP
applications, staff confirm that every application meets or will meet the Threshold Requirements. The
paragraphs below detail this year’s Threshold Requirements; projects are required to include at least
one of the following options:
Deeply Affordable Housing Threshold Requirement
o Policy Objective: Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are
homeless or at risk of homelessness.
o HDLP Implementation: To meet the CRA’s deeply affordable threshold, at least 10%
of the total residential units shall be income and rent restricted to households earning
30% of the area median income (“AMI”) and below as established by the U.S.
Department of Housing and Urban Development (“HUD”). These units will be rent
and income deed restricted.
Affordable Family Housing with Amenities for Children:
o Policy Objective: Provide opportunities for families to enjoy the many benefits of
urban living by encouraging the development of housing that is more conducive to
large household sizes that have at least three or more bedrooms and includes children-
oriented amenities.
o HDLP Implementation: For a development to qualify for these funds, a minimum of
10% of the total residential units shall have three or more bedrooms, which shall be
income and rent restricted to those earning 60% AMI and below, and the project shall
include amenities for children as approved by CRA staff. For affordable
homeownership developments, a minimum of 10% of the total residential units shall
have three or more bedrooms.
Application Submissions
2
Pursuant to the policies, the CRA administered a transparent application process that resulted in nine (9)
eligible applications. The applicants have submitted requests for funding totaling $23,297,049 – refer to
Attachment A: Applications Overview, Attachment B: Map of Development Locations, and Attachment D:
Project Summary Sheets for additional information.
The CRA has evaluated the application submittals and the CRA Finance Committee (“Committee”) has
ranked and recommended specific applications for funding. This memorandum includes a summary of
application submittals and the Committee’s recommendations for the Board’s consideration and
determination of funding allocations.
ANALYSIS & ISSUES:
Below is an overview of the HDLP application process:
I. Funds Availability
Approximately $8.1 million is available for affordable housing developments that meet the
Threshold Requirements of the HDLP program. The HDLP Competitive Funds come from two
different categories, as described below:
COMPETITIVE FUNDS CATEGORY AMOUNT
CRA Housing Development Loan Program $5,587,537
CRA HDLP – Deeply Affordable $2,480,591
CRA High Opportunity Area $50,000
TOTAL: $8,118,128
II. Application Process
Applications were solicited with a NOFA released on October 21, 2025. A copy of the FY2025-
2026 HDLP Guidelines + Application Handbook that applicants used to apply can be found
here.
On October 29, 2025, CRA staff hosted a virtual information session to provide an overview
of the HDLP application, requirements, and selection process. Staff recorded the information
session and posted the video on the CRA website for those unable to attend to watch. Staff also
utilized press releases, website and email communications, social media, and notifications
through secondary outlets to publicize the competitive HDLP NOFA. Applications were due
on or before December 4, 2025.
III. Project Review
As part of the application review process, CRA staff analyzed applications according to the
HDLP Policy’s eligibility requirements and funding priorities set by the Board, which can be
found in Attachment E: Project Priorities and Interest Rate Reductions. The housing priorities
include the ability for an applicant to receive an interest rate reduction upon meeting the
priorities. All awarded HDLP loans will have below-market interest rates, with funds available
to selected projects for acquisition, construction, and/or development. The CRA recognizes
that the acquisition, construction, and permanent sources and uses for projects may change by
the time a loan closes and that the amount of debt the HDLP loans are subordinated to may
vary depending on the status of the projects.
3
The applications were forwarded to the CRA Finance Committee for their review and
recommendation. When evaluating applications, the Committee considered alignment with
project priorities; the content, quality, and feasibility of the application and financial materials;
the development team qualifications and experience; the number of units each project created,
including those with large numbers of family-sized and deeply affordable units; the
construction costs per unit; the CRA loan per unit; and the readiness of the project to proceed
to construction.
IV. Funding Allocations, Conditional Commitment, and Loan Closing
Pursuant to the Policy, the Board will make the final determination on applications to fund.
Subsequently, the CRA will issue a conditional commitment letter to those applications
selected for funding. The conditional commitment letter between the CRA and the applicant
will contain the covenants, terms and conditions upon which the CRA will provide financial
assistance to the proposed project once financial, legal, regulatory, and design approvals are
obtained. Prior to closing on a loan, CRA staff will ensure that the project is financially viable,
underwriting standards are met, and the use of public funds is necessary for the project to
succeed.
4
CRA STAFF REVIEW: An overview of HDLP applications in the order received is as follows:
PROJECT DEVELOPER PREVIOUS CRA
COMMITMENTS
FUNDING
REQUEST
The Amelia Cole West
-
$5,000,000
Gardens at Palmer GIV Group/The Road Home/First Step House $3,000,000* $3,500,000
Safe Haven Valley Behavioral Health - $712,866
Northwest Pipeline Building Housing Assistance Management Enterprise
$1,000,000**
$1,252,851*** $2,884,183
The Chicago Great Lakes Capital - $2,000,000
Emeril Apartments Community Development Corporation of Utah - $2,300,000
200 West Apartments First Step House - $2,500,000
Washington Yards Brinshore Development, L.L.C. - $2,000,000
300 W Apartments Chelsea Investment Co. - $2,400,000
TOTAL FUNDING REQUEST: $23,297,049
AVAILABLE FUNDING: $8,118,128
*The Road Home received a forgivable loan from the CRA in 2008 for the original Palmer Court project. To maintain
the forgivable loan, Gardens at Palmer must continue to maintain units affordable to households at 30% AMI and
below.
**This project received an HDLP funding allocation in FY2024-25. If this project receives additional HDLP funding,
the funding allocations will be combined at closing and will use the requirements and guidelines from the most recent
HDLP approval, provided the conditional commitment period for the FY2024-25 HDLP funding allocation has not
expired.
***This project received an allocation of FY 2024-25 Residential Wealth Building Pilot Program funding. The CRA
rescinded the funding as the project is no longer proposing a rent to own model with ownership of individual units.
A more in-depth overview of the applications can be found in Attachment A: Applications Overview,
and Attachment D: Project Summary Sheets.
CRA FINANCE COMMITTEE RECOMMENDATION: On February 18, 2026, the Committee
made recommendations regarding all applications. When evaluating applications, the Committee
considered alignment with project priorities; the content, quality, and feasibility of the application and
financial materials; the development team qualifications and experience; the number of units each
project created, including those with large numbers of family-sized and deeply affordable units; the
construction costs per unit; the CRA loan per unit; and the readiness of the project to proceed to
construction. The Committee provided the Board funding recommendations for the CRA Housing
Development Loan Program, including funding recommendations with the $8.1 million in CRA
committed funds. The Committee also provided an overall ranking of all the projects.
Refer to Attachment C: CRA Finance Committee Funding Recommendation for the Committee’s
recommendation detail.
5
PREVIOUS BOARD ACTION:
June 10, 2025: The Board adopted the FY2025-2026 budget, which allocated $4,095,988 of
housing funds to the FY 2025-26 HDLP NOFA.
Additionally, $4,022,140 in remaining housing fund balances from previous fiscal years were
allocated to the FY2025-26 HDLP NOFA.
April 8, 2025: The Board adopted the Affordable Housing Funding Priorities for Fiscal Year
2025-2026.
March 8, 2022: The Board adopted revisions to the Housing Development Loan Program
Policy to direct review of applications to the CRA Finance Committee.
February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy.
March 2021: The Board adopted the Housing Development Loan Program Policy.
February 2021: The Board adopted the Housing Allocation Funds Policy.
ATTACHMENTS:
A. Applications Overview
B. Map of Development Locations
C. CRA Finance Committee Recommended HDLP Funding Allocations
D. Project Summary Sheets
E. Project Priorities and Interest Rate Reductions
F. FY2025-2026 HDLP Funding Allocation Resolution
6
Application #1 2 3 4 5 6 7 8 9
Project The Amelia Gardens at Palmer Safe Haven
Northwest Pipeline
Building The Chicago Emeril Apartments 200 West Apartments Washington Yards 300 W Apartments
Developer Cole West GIV Group
Valley Behavioral
Health
Housing Assistance
Management
Enterprise Great Lakes Capital
Community
Development
Corporation of Utah First Step House Brinshore
Chelsea Investment
Co TOTAL
Address 209 W 900 S 999 S Main Street 550 W 700 S 315 E 200 S 27 N Chicago Street 37 North 800 West 1055 S 200 W
1050 S Washington
Street 1485 S 300 W
CRA Loan Request
CRA Request 5,000,000$ 3,500,000$ 712,866$ 2,884,183$ 2,000,000$ 2,300,000$ 2,500,000$ 2,000,000$ 2,400,000$ 23,297,049$
Previous CRA Commitments -$ -$ -$ 1,000,000.00$ -$ -$ -$ -$ -$ 1,000,000$
Total CRA Request 5,000,000$ 3,500,000$ 712,866$ 3,884,183$ 2,000,000$ 2,300,000$ 2,500,000$ 2,000,000$ 2,400,000$
Total Project Cost 53,386,624$ 65,109,467$ 13,035,119$ 45,184,650$ 43,092,322$ 51,079,063$ 25,088,320$ 58,297,324$ 59,240,045$
CRA Loan to Cost 9.4%5.4%5.5%8.6%4.6%4.5%10.0%3.4%4.1%6.2%Average
CRA Funding per Unit 34,722$ 18,717$ 13,201$ 45,781$ 16,807$ 17,037$ 35,714$ 11,765$ 15,584$ 23,259$ Average
Other City Funds -$ -$ -$ -$ -$ -$ -$ -$
Interest Rate (w/ project priority deductions)2.0%2.0%1.0%2.0%2.0%2.0%2.0%2.0%2.5%1.9%Average
Term 17 40 30 30 18 30 17 30 30
Repayment Terms
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment Hard
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Cash Flow with
Balloon Payment
Financial Metrics
Owners' Equity -$ -$ -$ -$ -$ 258,000$ -$ -$ -$ 258,000$
Tax Credits Awarded, 4%Awarded, 9%Applying, 9%Applying, 4%Awarded, 4%Awarded, 4%Applying, 9%Applying, 4%Applying, 4%
Cost per Unit 370,740$ 348,179$ 241,391$ 717,217$ 362,120$ 378,363$ 358,405$ 342,925$ 384,676$ 389,335$ Average
Threshold Requirements
Family-Sized Affordable or Deeply
Affordable Units Deeply Affordable Deeply Affordable Deeply Affordable Deeply Affordable Deeply Affordable Both Deeply Affordable Family-Sized Both
Energy Star Score 90+100 Condition of Approval Condition of Approval Condition of Approval 92 98 100 Condition of Approval 93
100% Electric Yes Condition of Approval Committed Condition of Approval Yes Yes Yes Condition of Approval Yes
Housing Unit Details
30% AMI and Below
Studio 5 10 15
1bd 15 187 5 5 7 12 70 1 302
2bd 5 1 6 15 27
3bd 1 3 10 14
Total 30% AMI & Below 15 187 10 11 18 21 70 - 26 358
31%-50% AMI -
Studio 38 38
1bd 6 9 5 10 30
2bd 10 1 30 41
3bd 2 32 34
Total 31%-50% AMI - - 44 21 6 - - 72 - 143
51%-60% AMI -
Studio 17 17
1bd 84 9 12 25 9 4 143
2bd 45 8 25 37 72 187
3bd 1 10 22 52 85
Total 51%-60% AMI 129 - - 18 29 60 - 68 128 432
61%-80% AMI -
Studio 18 18
1bd 4 31 19 8 62
2bd 7 17 21 12 57
3bd 2 14 10 26
Total 61%-80% AMI - - 13 66 54 - 30 - 163
TOTAL UNITS 144 187 54 63 119 135 70 170 154 1,096
ATTACHMENT A: APPLICATIONS OVERVIEW
7
Application #1 2 3 4 5 6 7 8 9
Project The Amelia
Gardens at
Palmer Safe Haven
Northwest
Pipeline Building The Chicago
Emeril
Apartments
200 West
Apartments
Washington
Yards
300 W
Apartments
Developer Cole West GIV Group
Valley
Behavioral
Health
Housing
Assistance
Management
Great Lakes
Capital
Community
Development
Corporation of First Step House Brinshore
Chelsea
Investment Co
Project Priorities & Interest Rate Reductions
Priorities: The five Funding Priorities determined by the FY2025-2026 Annual Housing Funding Priorities include: Family Housing, Deeply Affordable Housing, Wealth Building Opportunity, Neighborhood Services & Commercial, and Expanding Opportunity. These Funding Priorities receive
a weighted ranking of 3 points each as compared to other priorities which receive 1 ranking point each for inclusion in projects. For Deeply Affordable Housing, projects that set aside at least 15% of units for extremely low-income households receive 3 points. Projects that set aside at least
25 deeply affordable units receive 5 points . An additional NOFA ranking weight 1 point for each additional 25 extremely low income households above 25.
Interest Rate Reductions: Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development application is 2%.
Family Housing w/ Amenities for
Children 3 3 3
Deeply Affordable Housing 11 3 3 3 3 6 5
Ownership: Wealth Building
Opportunity
Neighborhood Services & Commercial
Spaces 3 3 3 3 3
Expanding Opportunity 3
Affordable Housing Preservation
Architecture & Urban Design 1 1 1 1 1 1 1
Building Preservation, Rehabilitation, or
Adaptive Reuse 1 1
Special Populations 1 1 1 1
Missing Middle & Unique Housing Types 1
Mixed-Income Neighborhoods
Public Art 1 1 1 1 1 1 1 1
Public Space
Sustainability 1 1
Transportation Opportunities 1 1 1 1 1
Project Priority Score 7 19 6 11 9 9 14 6 9 10.0 Average
Scoring Criteria
Applications will be allocateed a secondary score based on how they align with the following criteria:
Content and Quality of the Project
Narrative and Application Submittal
Narrative and Application Completeness 5 3 1 3 5 3 5 3 3
Project Priorities 1 1 1 0 1 1 1 1 1
Relevant Experience 1 2 2 1 2 2 2 2 2
Clarity of Budget, Financing, Operating
Proforma and Repayment 2 1 1 0 2 2 2 2 2
Budget, Sources and Uses, Operating
Proforma, and Related Assumptions
Feasibility of Proforma, Sources and Uses 1 0 1 0 2 1 1 2 2
Utilization of Housing Tax Credits 5 5 2 2 5 5 2 2 2
Utilization of Other Tax Credits 1 0 0 1 0 0 1 0 0
Loan Repayment 1 1 3 1 1 1 1 0 0
Deferred Developer Fee 2 1 1 1 1 2 2 2 1
Owner Equity 0 0 0 0 0 0 0 0 0
Readiness of the Project to Proceed for
Construction
Readiness 1 1 1 0 1 0 0 1 1
Site Control 2 2 2 1 1 1 1 2 0
Advancing the Housing Landscape
Emerging Developers and Housing Models 0 0 0 0 0 0 0 0 0
Availability of Affordable Housing in Areas
with Limited Options 0 0 -1 0 -1 -1 0 0 -1
Scoring Criteria Points Total 22 17 14 10 20 17 18 17 13 16.4 Average
8
ATTACHMENT B: MAP OF DEVELOPMENT LOCATIONS
9
FY2025-2026 CRA FINANCE COMMITTEE RECOMMENDED HDLP FUNDING ALLOCATIONS
The CRA Finance Committee recommends that funding be allocated to projects in the order of funding ranking.
PROJECT/APPLICANT ADDRESS REDUCTION*
LIHTC
AWARDED?
FUNDING
REQUEST
MIN. FUNDING
REQUEST PRELIMINARY TERMS**
CRA Housing
Development Fund
CRA Deeply
Affordable Funds
CRA High
Opportunity Funds
TOTAL FUNDING
RECOMMENDATION APPLICATION
RANKING
Cole West
Gardens at Palmer
GIV Group / The Road Home / First
Step House
Safe Haven
Valley Behavioral Health
North West Pipeline Building
Housing Assistance Management
Enterprise
The Chicago
Great Lakes Capital
Emeril Apartments
Community Development
Corporation of Utah
200 West Apartments
First Step House
Washington Yards
Brinshore
300 West Apartments
Chelsea Investment Co
TOTAL $23,297,049 $16,583,189 $5,587,537 $2,480,591 $0 $8,068,128
Funds Availability Total Available Recommended Funding Funds Remaining
CRA Housing Development Fund 5,587,537$ 5,587,537$ -$ Green boxes: Applicant qualifies for & wants to be considered for these funds.
CRA Deeply Affordable Funds 2,480,591$ 2,480,591$ -$ Black box: Applicant does not qualify for these funds.
CRA High Opportunity Funds 50,000$ -$ 50,000$
Total Potential HDLP Funds
*** CRA loan terms will generally match the term of permanent senior debt, generally up to a maximum of 30-years for projects with non-HUD financing and up to a maximum of 40 years for projects with HUD financing. Board approval is required to waive the 40-year term requirement for a project with non-HUD financing.
Conditions of Approval:
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall be
locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from Project Priorities met may require Board approval.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2025-2026 Housing Development Loan Program (HDLP) Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be based on
disbursed in a lump sum if required by senior lender(s).
Funds Recommended by Finance Committee
$1,900,000 $1,900,000 $1,900,000 3
6
1485 S 300 W
Family Housing with Amenities for Children: 3
Deeply Affordable Housing: 5
Public Art: 1
TOTAL: 9
Applying, 4%$2,400,000
8
550 W 700 S
Deeply Affordable Housing: 3
Building Preservation, Rehabilitation, or Adaptive Reuse: 1
Special Populations: 1
Public Art: 1
TOTAL: 6
Applying, 9%$712,866
5
37 North 800 West
Family Housing with Amenities for Children: 3
Deeply Affordable Housing: 3
Architecture & Urban Design: 1
Special Populations: 1
Public Art: 1
TOTAL: 9
Yes, 4%
4
27 N Chicago Street
Deeply Affordable Housing: 3
Neighborhood Services & Commercial Spaces: 3
Architecture & Urban Design: 1
Public Art: 1
Transportation Opportunities: 1
TOTAL: 9
Yes, 4%
9
1050 S Washington
Street
Family Housing with Amenities for Children: 3
Architecture & Urban Design: 1
Public Art: 1
TOTAL: 6
Applying, 4%$2,000,000
7
$2,000,000 $1,687,537 $2,000,000 2
$2,300,000
$1,000,000
209 W 900 S
Neighborhood Services & Commercial Spaces: 3
Architecture & Urban Design: 1
Public Art: 1
Sustainability: 1
Transportation Opportunities: 1
TOTAL: 7
Yes, 4%$5,000,000 $3,000,000
Interest Rate: 1.0%
Term: 30 years
Repayment: Hard
$499,006
Interest Rate: 2.5%
Term: 30 years
Repayment: Cash Flow
with Balloon Payment
$2,000,000 $2,000,000 $2,000,000 2
$1,300,000
Interest Rate: 2.0%
Term: 30 years
Repayment: Cash Flow
with Balloon Payment
3
315 E 200 S
Deeply Affordable Housing: 3
Neighborhood Services & Commercial Spaces: 3
Expanding Opportunity: 3
Architecture & Urban Design: 1
Building Preservation, Rehabilitation, or Adaptive Reuse: 1
TOTAL: 11
Applying, 4%$2,884,183
Interest Rate: 2.0%
Term: 30 years
Repayment: Cash Flow
with Balloon Payment
$2,000,000 $2,168,128 $2,168,128 1
1055 S 200 W
Deeply Affordable Housing: 6
Neighborhood Services & Commercial Spaces: 3
Architecture & Urban Design: 1
Special Populations: 1
Public Art: 1
Sustainability: 1
Transportation Opportunities: 1
TOTAL: 14
Applying, 9%$2,500,000
Interest Rate: 2.0%
Term: 17 years
Repayment: Cash Flow
with Balloon Payment
$2,884,183
$2,000,000 $312,463
Interest Rate: 2.0%
Term: 30 years
Repayment: Cash Flow
with Balloon Payment
Interest Rate: 2.0%
Term: 18 years
Repayment: Cash Flow
with Balloon Payment
1
999 S Main Street
Deeply Affordable Housing: 11
Neighborhood Services & Commercial Spaces: 3
Architecture & Urban Design: 1
Special Populations: 1
Missing Middle & Unique Housing Types: 1
Public Art: 1
Transportation Opportunities: 1
TOTAL: 19
Yes, 9%$3,500,000
Interest Rate: 2.0%
Term: 40 years***
Repayment: Cash Flow
with Balloon Payment
Interest Rate: 2.0%
Term: 17 years
Repayment: Cash Flow
with Balloon Payment
2
ATTACHMENT C: CRA FINANCE COMMITTEE FUNDING RECOMMENDATION
10
ATTACHMENT D: PROJECT SUMMARY SHEETS
11
PROJECT NAME: 1 – The Amelia – Cole West
ADDRESS: 209 W 900 S
OVERVIEW
Cole West
HDLP Loan
New Construction
Undeveloped
CRA FUNDING REQUEST
$5,000,000
$53,386,624
9.4%
PROPOSED TERMS
2.0%
17 Yr
Cash Flow with Ballon Payment
Subordinate to senior debt
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score 100
100% Electric Yes
Priorities Met Neighborhood Services &
Commercial Spaces,
Architecture & Urban
Design, Public Art,
Sustainability,
Transportation
Opportunities
TIMELINE
September 2026
July 2028
LOW-INCOME HOUSING TAX CREDIT
Yes, 4%
Yes
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
80%
AMI
60%
AMI
50%
AMI
<30%
AMI
Studio - - - - - -
99 - - 84 - 15
45 - - 45 - -
Total 144 - - 129 - 15
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt $36,274,809
PERMANENT SOURCES
LIHTC Equity $23,496,731 44%
Senior Debt $20,430,138 38%
SLC CRA HDLP $5,000,000 9%
$2,000,000 4%
45L Tax Credits $72,000 0
Total $53,386,624 100%
PERMANENT USES
Hard Costs $29,881,051 56%
Soft Costs $10,700,593 20%
Land $5,000,000 9%
Developer Fee $4,315,593 8%
Reserves $3,374,387 6%
$75,000 0%
Total $53,386,624 100%
12
PROJECT NAME: 1 – The Amelia – Cole West
ADDRESS: 209 W 900 S
PROJECT SUMMARY
From Developer: “Cole West, in partnership with Affordable Housing Specialists and Traedmark Enterprises, are
pleased to present our application for theAmelia, a seven story, 144-unit affordable housing community located at
916 South 200 West in Salt Lake City. If awarded, the project will feature (15) 30% AMI units, and (129) 60% AMI
units. The project represents the redevelopment of a long underutilized, contaminated property that formerly
operated as a dry cleaner. Site environmental contamination has been addressed through substantial remediation,
and the site
remains under active monitoring. Repositioning this difficult parcel into new affordable housing provides a clear
public benefit and aligns with the City’s broader objectives for sustainable, transit oriented Affordable Housing
Redevelopment.
theAmelia is located immediately adjacent to the 900 South TRAX station in one of Salt Lake City’s most walkable,
amenity rich neighborhoods. The surrounding blocks include restaurants, small businesses, and daily services, all
within a short distance of the site. Residents will have convenient access to downtown and the regional transit
network, supporting both mobility and long term housing stability. The project includes 2,374 square feet of
ground-floor commercial space designed to operate as a public accessible Commercial Service Facility (CSF),
defined as a neighborhood-serving use that provides goods, or services benefiting the surrounding community. The
space will be actively marketed to tenants such as childcare providers, small restaurants or cafes, local retail
operators community non-profits, or other service-oriented users that meet the CSF definition and are
open to the public. The project features a 19 foot wide public midblock walkway along its southern boarder. The
walkway is is 27% larger than is required by City code.
The development has been thoughtfully planned to deliver long lasting quality and is committing to achieving Off-
Site Net Zero Compliance as outlined in the CRA's Sustainable Development Policy Resolution. The project will be
a 100% electric building, that utilizes no on-site fossil fuels. The building will incorporate durable exterior
materials, efficient systems, and unit interiors designed to meet modern market rate expectations. The ownership
team brings deep experience in housing development and 4% LIHTC financed projects and is well positioned to
deliver a complex urban infill community of this scale.
theAmelia offers a set of unique community benefits that make it an especially strong affordable housing
investment for Salt Lake City. The project is a true transit-oriented development located immediately adjacent to
the 900 South TRAX station, providing residents with direct access to downtown, major employment
centers, and the regional transit network. Its central location places future residents within walking distance of
restaurants, services, small businesses, and the growing employment base along the 900 South corridor. The
development also transforms a long-underutilized property that formerly operated as a dry
cleaner. The site has undergone environmental remediation and remains under monitoring, converting a previously
contaminated parcel into productive, long-term affordable housing. The project is situated within a Qualified
Census Tract and falls inside the State Street CRA project area, aligning with local redevelopment
priorities and contributing to the ongoing revitalization of this important corridor. In addition, ground-floor retail
along 900 South will activate the streetscape, enhance pedestrian activity, and support neighborhood-serving
businesses. Together, these elements make theAmelia a uniquely impactful project that advances transit
access, environmental stewardship, community revitalization, and equitable housing opportunities.
theAmelia will offer 144 thoughtfully designed apartment homes with modern finishes, in-unit washers and dryers,
and layouts that meet contemporary market-rate standards. The project includes a robust package of resident
13
PROJECT NAME: 1 – The Amelia – Cole West
ADDRESS: 209 W 900 S
amenities intended to support comfort, convenience, and community. Indoor common areas will feature a resident
lounge and clubroom, a fully equipped fitness center, a dedicated yoga room, a coworking room, secure bike
storage and sharing program, and a mail and parcel room designed for efficient package handling. Outdoor and
podium-level amenities include a landscaped plaza with seating, and shaded gathering areas, along with a fenced
dog run and a mid-block pedestrian walkway that enhances neighborhood connectivity. The building will provide
covered parking on two levels to improve resident accessibility and convenience. Collectively, the unit design,
interior common spaces, and amenity program create a high-quality living environment that supports resident
well-being and long-term building functionality.”
DEVELOPER SUMMARY
From Developer: “Cole West will serve as the project’s primary applicant, majority owner, and financial guarantor.
Cole West is a vertically integrated real estate development company with coordinated business lines that include
multifamily development, land development, homebuilding, retail development, architecture, design, and general
contracting. Since its founding in 2016, the company has completed or advanced more than 250 projects,
delivered over 5,000 residential lots and homes, developed more than 60 multifamily communities across Utah,
and managed more than 30 retail and commercial developments.
Cole West is led by Founder Colin Wright, whose career includes overseeing major residential and mixed-use
projects and helping grow prior firms into some of Utah’s most prominent homebuilders. Chief Executive Officer
Darlene Carter brings over two decades of experience directing large-scale residential and mixed-use portfolios
and currently oversees strategic vision and execution across more than $3 billion in completed and active
ventures.
A key strength of the project is Cole West’s vertical integration. The firm’s in-house construction company, Cole
West Construction, will serve as the general contractor, and its architecture and design firm, Cole West Design, will
serve as the project architect. This structure allows for close coordination between design, budgeting, and
construction, reduces change-order risk, improves cost control, and ensures the project is executed to a unified
standard of quality. Vertical integration also enhances communication across disciplines and allows the project to
advance more efficiently through design, permitting, and construction.
Affordable Housing Specialists, led by its founder Marcus Lonardo, brings nearly a decade of experience in the
development and financing of affordable housing across both 4 percent bond-financed and 9 percent LIHTC
communities. Prior to forming Affordable Housing Specialists, Marcus served as the Managing Director of
Investments for J Fisher Companies (formerly JF Capital), where he was responsible for structuring and sourcing
LIHTC capital stacks for large-scale developments throughout Utah and Idaho. During his career, he’s helped
guide more than 1,200 affordable units through various stages of development, including capitalization, closing,
cost certification, 8609 issuance, and long-term performance oversight. His background includes extensive
experience with soft debt programs, public funding sources, and the compliance and asset-management
responsibilities that accompany complex LIHTC transactions. Through Affordable Housing Specialists, Marcus
continues to focus on delivering high-quality housing for underserved populations, applying his financial,
regulatory, and development expertise to support the successful execution and long-term viability of projects
such as theAmelia.
14
PROJECT NAME: 1 – The Amelia – Cole West
ADDRESS: 209 W 900 S
Traedmark Enterprises is a Utah-based development and construction firm with experience in multifamily, mixed-
use, and affordable housing projects. The company is led by its founder, Christian Traeden, who brings more than
20 years of experience in real estate development, construction management, and full life-cycle project delivery
throughout Utah and the Intermountain West. During his tenure as President of Strategic Builders, Christian has
played a key leadership role in the development and construction of more than 1,500 multifamily units, including
numerous LIHTC communities such as Granary Place, Meadowbrook, Union, Glenwood, Franklin, Shoreline, and
Q25. His background includes entitlement strategy, underwriting, design coordination, construction oversight, and
sustainable building practices. Traedmark’s capabilities in development, design management, and construction
oversight make the firm a strong contributor to the successful execution of complex affordable housing projects.
The partnership between Cole West, Affordable Housing Specialists, and Traedmark Enterprises brings together a
uniquely well-aligned combination of development, finance, and construction expertise. Cole West provides a
vertically integrated platform with in-house design, general contracting, and deep experience delivering large
multifamily communities across Utah. Affordable Housing Specialists contributes specialized LIHTC financing,
underwriting, and compliance knowledge informed by nearly a decade of affordable housing experience.
Traedmark Enterprises adds more than twenty years of development and construction leadership, including a
strong track record managing and delivering complex LIHTC projects. Together, the team offers a coordinated and
complementary skill set that enhances efficiency improves cost and schedule control, and supports the successful
execution of theAmelia from entitlement through long-term operations.”
15
PROJECT NAME: 1 – The Amelia – Cole West
ADDRESS: 209 W 900 S
SITE MAP
PROJECT RENDERINGS
16
PROJECT NAME: 1 – The Amelia – Cole West
ADDRESS: 209 W 900 S
17
PROJECT NAME: 2 – Gardens at Palmer– TRH
ADDRESS: 999 S Main St
OVERVIEW
Giv Group / The Road Home /
First Step House
Request Type
Project Type
Existing Land Use
CRA FUNDING REQUEST
$3,500,000
Funding (2008)
$3,000,000 forgivable loan for
Palmer Court Project
Total Project Cost
CRA Loan to Cost
PROPOSED TERMS
2.0%
40 Yr (requires waiver)
Cash flow with balloon payment
Subordinate to senior debt
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score
100% Electric
Priorities Met
Neighborhood Services &
Commercial Spaces,
Architecture & Urban
Design, Special
Populations, Missing
Middle & Unique Housing
Types, Public Art,
Transportation
Opportunities
TIMELINE
November 2026
February 2028
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 9%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
61-
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio - - - - - -
- - - - - -
Total 187 --- -187
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt $13,672,071
PERMANENT SOURCES
Amount
LIHTC Equity $22,747,725 52%
State Tax Credit $5,499,450 17%
Senior Debt $5,547,699 12%
OWHLF $4,000,000 6%
SLC CRA HDLP $2,358,289 5%
Sponsor Soft Loan $2,136,711 5%
Deferred Fee $1,000,000 2%
Energy Rebates $63,000 1%
Total $43,352,874 100%
PERMANENT USES
Hard Costs $32,069,640 73%
Soft Costs $3,414,520 9%
Developer Fee $3,967,303 9%
Reserves $2,090,786 5%
Owner Contingency $1,775,251 4%
Public Art $35,374 0%
Land $0 0%
Total $43,352,874 100%
18
PROJECT NAME: 2 – Gardens at Palmer– TRH
ADDRESS: 999 S Main St
PROJECT SUMMARY
From Developer: Gardens at Palmer is 187-unit Permanent Supportive Housing PSH development collaboration
project between The Road Home (TRH) and First Step House (FSH). TRH will develop 126 units and FSH will
develop the remaining 61 units. The ground floor of this project will be a service rich supportive environment for
future tenants. The team will implement a collaborative and curative model working with key community partners
to ensure residents have the opportunity and availability of supportive services. The TRH and FSH projects are
designed to be able to stand alone and function separately but also to work in concert to maximize operational and
services efficiencies and resources. We have put great thought into the design of this model which will provide best
in class PSH and is reflective of our collaborative approach.
The project site, situated at 999 S Main Street in Salt Lake City, is presently home to a 201-unit housing complex
that was converted from a 1950s Holiday Inn hotel in 2009 by TRH. The current facility is facing many challenges
and is in dire need of upgrades to fully support its residents through safe, supportive, and deeply affordable
housing. Spanning close to 6 acres and zoned D-2, the site presents an incredible opportunity to expand the
availability of service-rich, supportive housing in Salt Lake and the larger region. TRH has developed a vision for
the site that will replace the existing housing and expand opportunities across the housing spectrum. The Road
Home plans to consolidate the current complex on approximately 1.5 acres of land, while preserving the remaining
nearly 5 acres for an additional mixed-use, mixed-income development in order to better serve the community.
The existing housing complex will remain open through the development process of Gardens at Palmer, minimizing
tenant disruption. The current housing on the site has long-term deed restrictions on 141 of the existing units,
and the project will expand the number of long-term deed restricted units considerably, lengthen the duration of
restrictions and deepen affordability. Once Gardens at Palmer is occupied, the remaining acres will be repurposed
to provide several hundred more affordable housing units. Redevelopment of the former hotel will unlock the
potential to create a high-quality mixed-income community that will meet many of Salt Lake City’s housing needs.
The surrounding neighborhood of the Gardens at Palmer site has witnessed remarkable growth in recent years,
marked by the emergence of multifamily rental housing, numerous civic and cultural centers, and various dining
establishments. Enhanced by its proximity to a TRAX stop within a mile, BRT within a third of a mile, and several
bus lines running every 15 minutes right at its doorstep, this locale is primed to serve as an ideal housing hub for
individuals reliant on public transit.
DEVELOPER SUMMARY
From Developer: The Road Home (TRH) and First Step House (FSH) are experienced developers, owners and
service providers in Salt Lake City. TRH’s portfolio includes three PSH developments totaling 298 units and 20
beds of scattered site PSH. FSH’s portfolio includes 3 PSH developments with 161 completed units and 67 in
development. Gardens at Palmer will have on site services provided by both organizations.
Gardens at Palmer will adhere to supportive housing best practices, adopting a person-centered, trauma-informed
service delivery approach. Grounded in accessibility, the ground floor services will offer support to all tenants. The
Gardens at Palmer services team will proactively engage tenants in a flexible array of comprehensive supportive
services. TRH and FSH will collaborate effectively to address issues stemming from substance use, mental health,
and other crises, with a concerted focus on fostering housing stability and self-sufficiency. For this project, TRH
and FSH are working with Giv and Gray Impact Consulting as development consultants to further ensure success
19
PROJECT NAME: 2 – Gardens at Palmer– TRH
ADDRESS: 999 S Main St
of the project. Also, the building design will leverage work done by AJC Architects with community PSH providers
to arrive at model units and amenities. These best practices are incorporated in our design along with the learnings
from our onsite teams and residents.
The Road Home (TRH)
TRH is an experienced developer, owner and service provider in the community. Since the 1980s, we have served
as a homeless shelter and services providers in the community. Recognizing community needs, we expanded into
permanent housing development, operations and services, opening our first PSH community in 2009. TRH
recognizes the critical importance of integrating housing into communities. TRH’s real estate portfolio includes 3
PSH developments totaling 298 units and 20 beds of scattered site PSH.
20
PROJECT NAME: 2 – Gardens at Palmer– TRH
ADDRESS: 999 S Main St
SITE MAP
21
PROJECT NAME: 2 – Gardens at Palmer– TRH
ADDRESS: 999 S Main St
PROJECT RENDERINGS
22
PROJECT NAME: 3 – Safe Haven – Valley Behavioral Health
ADDRESS: 550 W 700 S
OVERVIEW
Valley Behavioral Health
HDLP Loan
Renovation/Rehabilitation of
Existing Housing
Existing Land Use
CRA FUNDING REQUEST
$712,866
$13,035,119
5.5%
PROPOSED TERMS
1.0 %
Term
Repayment Terms
Lien Priority
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score
100% Electric
Priorities Met
Building Preservation,
Rehabilitation, or Adaptive
Reuse, Special
Populations, Public Art
TIMELINE
November 2027
November 2028
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 9%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio 43 - - - 38 5
1 Bed 11 - - - 6 5
2 Bed - - - - - -
Total 54 ---44 10
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt “Approximately $5-6M"
PERMANENT SOURCES
Amount Total
LIHTC Equity $10,428,095 80%
Senior Debt $1,303,512 10%
SLC CRA HDLP $712,866 5%
OWHLF $250,000 2%
Deferred Fee $321,927 2%
Utility Rebates $18,719 0%
Total $13,035,119 100%
PERMANENT USES
Hard Costs $9,197,226 71%
Developer Fee $1,103,667 8%
Soft Costs $1,019,395 8%
Owner Contingency $1,014,347 8%
$689,791 5%
Public Art $10,693 0%
Land $0 0%
Total $13,035,119 100%
23
PROJECT NAME: 3 – Safe Haven – Valley Behavioral Health
ADDRESS: 550 W 700 S
PROJECT SUMMARY
From Developer: This project aims to preserve and modernize one of Salt Lake City's first Permanent Supportive
Housing (PSH) communities, expanding and enhancing the availability of deeply affordable housing for vulnerable
populations, particularly those experiencing homelessness and mental health challenges. The redevelopment will
rehabilitate the existing structure and increase its capacity from 49 to 54 units, all of which will remain deeply
affordable and dedicated to special populations—specifically individuals experiencing homelessness and those
with significant behavioral health needs
DEVELOPER SUMMARY
From Developer: L Valley Behavioral Health (VBH) has more than 40 years of experience developing, owning, and
operating affordable and supportive housing. During this time, VBH has produced over 250 new affordable units
across 11 projects, including three LIHTC developments (42 units in 1996, 25 units in 1999, and 24 units in 2003)
and five HUD 811 projects totaling 84 deeply affordable units. VBH has also acquired or constructed more than
100 additional deeply affordable units using a variety of capital, service, and operating funding sources, and
currently provides nearly 300 affordable units for adults with Severe Mental Illness (SMI). To expand capacity for
future development, VBH hired a new Vice President of Housing and Real Estate Strategy on November 1, 2025,
bringing extensive experience in supportive housing development and portfolio strategy. VBH also partners with
Gray Impact Consulting, led by Principal Lily Gray, to provide real estate development expertise. Together, these
resources strengthen VBH’s ability to successfully plan, finance, and implement affordable housing projects,
including the rehabilitation of Safe Haven I & II.
24
PROJECT NAME: 3 – Safe Haven – Valley Behavioral Health
ADDRESS: 550 W 700 S
SITE MAP
PROJECT RENDERINGS
25
PROJECT NAME: 3 – Safe Haven – Valley Behavioral Health
ADDRESS: 550 W 700 S
26
PROJECT NAME: 4 – North West Pipeline – HAME
ADDRESS: 315 E 200 S
OVERVIEW
Housing Assistance
Management Enterprise
Request Type
Project Type
Structure
Existing Land Use
CRA FUNDING REQUEST
$2,884,183
Previous CRA HDLP
Commitment (FY25) $1,000,000
Total Project Cost $45,184,650
CRA Loan to Cost 8.5%
PROPOSED TERMS
2.0%
30 Yr
Cash Flow with balloon
payment
Lien Priority
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score
100% Electric
Priorities Met
Neighborhood Services &
Commercial Spaces,
Expanding Opportunity,
Architecture & Urban
Design, Building
Preservation,
Rehabilitation, or Adaptive
Reuse
TIMELINE
October 2026
March 2028
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 4%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio - - - - - -
30 - 7 8 10 5
- 2 1 2 1
4 Bed - - - - - -
Total 63 - 13 18 21 11
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt $27,454,525
PERMANENT SOURCES
LIHTC Equity $14,961,462 33%
Senior Debt $10,108,677 22%
Note $3,990,000 9%
OWHLF $1,000,000 2%
Total $45,184,650 100%
PERMANENT USES
Hard Costs $30,104,000 67%
Soft Costs $6,412,803 14%
Developer Fee $3,909,512 9%
Land $4,229,400 9%
Reserves $528,935 1%
27
PROJECT NAME: 4 – North West Pipeline – HAME
ADDRESS: 315 E 200 S
PROJECT SUMMARY
From Developer: The development team led by the Housing Authority of Salt Lake City (HASLC) was selected by
Salt Lake City to develop a 2.42 acre site consisting of an existing historical building to be rehabilitated and
surface parking lot to be redeveloped. The existing building is located at 315 East 200 South. The development
program consists of three buildings totaling over 190 housing units focused on serving families ranging from
extremely-low income to moderate income. Our development proposal is anchored by the Northwest Pipeline
Building, which will be converted through a historic rehabilitation project from a vacant, blighted property into a
vibrant new housing community designed to provide wealth building opportunities for 63 low and moderate-
income Salt Lake City households. Given the diversity of housing needs in our community, our development
includes homes from studios up to three-bedrooms, with an emphasis on larger unit types and robust onsite
amenities for families to thrive in place.
Our plans will create a high-quality urban living environment for 63 households on floors 2-8 of the building with an
activated ground floor and upper-level community space. This building will build upon the strengths of HASLC’s
Family Self Sufficiency (FSS) program, which provides a launching pad for savings and ultimately can enable
ownership. FSS is a voluntary 5-year program in which households are provided vouchers and support to advance
their financial independence, including a path to homeownership. With this program, a portion of income
increases is put into an escrow account. Given the HASLC is part of the Moving to Work (MTW) Demonstration, we
have the flexibility to design and test better ways to serve families in their FSS programs. Currently, our FSS
program serves 124 voucher households at one time with a successful completion rate of 70% of households
participating. HASLC has already had several participants utilize these savings under this new program to become
homeowners. The intent of the FSS program is to support households to increase income, which would go into
savings accounts.
The $3.7 million in funds requested through this application will create 63 attainable housing opportunities. The
rental households will all be below 80% AMI with housing costs capped at 30% of income for the rental period.
This building presents a unique opportunity to pilot a comprehensive approach linking FSS with high-quality family
housing in the heart of downtown.
DEVELOPER SUMMARY
From Developer:
Housing Authority of Salt Lake City (HASLC) | Lead Developer
HASLC is a Salt Lake City-based developer, owner and manager of affordable housing with over 50 years of
experience. We are an 85-person team with significant in-house systems and capacity, including a professional
finance team; lobbyists and public outreach; property management; and other fully-integrated professional skills
such as construction management. HASLC’s portfolio consists of over 1,600 affordable homes across 31
properties. HASLC also provides housing vouchers for nearly 3,000 households which enable them to obtain
affordable housing, with nearly 2,100 of these family households. HASLC is uniquely positioned to bring critical
financial resources to the table which are essential for providing and sustaining affordable housing. Our agency’s
goal is to keep families and individuals in Salt Lake City.
28
PROJECT NAME: 4 – North West Pipeline – HAME
ADDRESS: 315 E 200 S
Xylem Projects | Lead Developer
Xylem is a minority and woman-owned business. Our goal is to create thriving communities. We do that by
developing high-impact projects leveraging Xylem’s experience in urban planning, design, sustainability and public
private partnerships. Xylem’s team is led by CEO Nnenna Lynch. Lynch was the 2021 Bass Distinguished Visiting
Fellow at Yale School of Architecture and will lead the project planning, design and sustainability efforts to ensure
that good design principles meet good environmental outcomes. Lynch’s background includes serving as a Senior
Advisor to Mayor Bloomberg, a role in which she oversaw several large scale, transformational initiatives including
Atlantic Yards. In her prior role as head of development at The Georgetown Company, she oversaw close to $2B of
development throughout the US including mixed-use, residential, commercial, and hospitality projects ranging
from historic building rehabs to ground-up construction.
29
PROJECT NAME: 4 – North West Pipeline – HAME
ADDRESS: 315 E 200 S
SITE MAP
30
PROJECT NAME: 4 – North West Pipeline – HAME
ADDRESS: 315 E 200 S
PROJECT RENDERINGS
31
PROJECT NAME: 5 – The Chicago – GLC
ADDRESS: 27 - 41 N Chicago St
OVERVIEW
Great Lakes Capital
HDLP Loan
New construction
Vacant single-family homes
CRA FUNDING REQUEST
$2,000,000
$43,092,322
4.6%
PROPOSED TERMS
2.0%
18 Yr
Cash flow with balloon payment
Subordinate to senior debt
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score
100% Electric
Priorities Met
Neighborhood Services &
Commercial Spaces,
Architecture & Urban
Design, Public Art,
Transportation
Opportunities
TIMELINE
October 2026
August 2029
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 4%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
61-
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio 45 - 18 17 - 10
7
2 Bed 19 - 17 - 1 1
3 Bed - - - - - -
4 Bed - - - - - -
Total 119 - 66 29 6 18
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt $31,000,000
PERMANENT SOURCES
LIHTC Equity $20,227,039 47%
Senior Debt $17,967,000 42%
SLC CRA HDLP $2,000,000 5%
Deferred Fee $1,826,430 4%
OWHLF $1,000,000 2%
Energy Rebate $59,502 0%
Total $43,079,971 100%
PERMANENT USES
Hard Costs $28,572,892 66%
Soft Costs $7,184,185 17%
Developer Fee $3,652,860 8%
Land $3,045,375 7%
Reserves $594,659 1%
Total $43,079,971 100%
32
PROJECT NAME: 5 – The Chicago – GLC
ADDRESS: 27 - 41 N Chicago St
PROJECT SUMMARY
From Developer: The Chicago will be a 119-unit, 100% affordable family housing project located in downtown Salt
Lake City. The all-electric building is designed to meet Enterprise Green Communities & Energy Star certification.
Located adjacent to Madsen Park, just off the North Temple corridor, this up and coming neighborhood is seeing
several new development projects underway in this quite enclave. The transit-oriented community connects
residents to Jackson Euclid (0.2 mile) TRAX/Front Runner station, providing public transit access throughout the
Wasatch front. The Chicago will also create 42 off-street garage parking stalls and onsite bicycle storage for
residents, and features a Clubhouse, Gym, and Outdoor amenity spaces for residents.
DEVELOPER SUMMARY
From Developer: Great Lakes Capital is a real estate private equity firm uniquely positioned to add value to real
estate investments through development and redevelopment across the real estate spectrum. We concentrate on
several core asset classes including industrial, medical office, general office, retail and multifamily (including
affordable housing, mixed income, and market rate). Since 2005, our experience, long-term perspective and
discipline have allowed us to grow to an asset footprint covering the expanded Midwest. Our attention to needs
and opportunities in the marketplace has enabled us to successfully invest in over $1.9 billion of real estate
projects
Great Lakes Capital real estate clients appreciate our partnership approach to providing value at every stage of a
project. Our professionals work with architects, construction experts and financing sources to deliver a seamless
development process. This approach provides our customers peace of mind in knowing that their interests are
being served in a manner that will successfully meet their operating needs at a competitive cost.
The Great Lakes Capital team members bring together a broad spectrum of experience in every aspect of real
estate development. These complementary skill sets ensure that each project is analyzed, planned, managed and
delivered effectively. With its main office in South Bend and additional offices in Fort Wayne and Indianapolis, plus
key staff in the Eastern and Western regions of the U.S., the Great Lakes Capital team is uniquely positioned to
provide compelling real estate solutions throughout the Midwest, West, and beyond.
33
PROJECT NAME: 5 – The Chicago – GLC
ADDRESS: 27 - 41 N Chicago St
SITE MAP
34
PROJECT NAME: 5 – The Chicago – GLC
ADDRESS: 27 - 41 N Chicago St
PROJECT RENDERINGS
35
PROJECT NAME: 6 – Emeril Apartments – CDCU
ADDRESS: 37 N 800 W
OVERVIEW
Community Development
Corporation of Utah (CDCU)
Request Type
Project Type
Existing Land Use
houses
CRA FUNDING REQUEST
$2,300,000
$51,079,063
4.5%
PROPOSED TERMS
2.0%
30 Yr
Cash Flow with balloon
payment
Lien Priority
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Both
90+ Energy Star Score
100% Electric Yes
Priorities Met Family Housing with
Amenities for Children,
Deeply Affordable Housing,
Architecture & Urban
Design, Special
Populations, Public Art
TIMELINE
September 2026
June 2028
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 4%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
(81%+)
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio - - - - - -
52 - 21 25 - 6
Total 135 -54 60 -21
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt $32,100,000
PERMANENT SOURCES
Amount Total
LIHTC Equity $24,577,785 48%
Senior Debt $17,575,000 34%
SLC CRA HDLP $2,300,000 5%
Deferred Fee $2,100,000 4%
OWHLF $2,000,000 4%
OHS DAHF $1,200,000 2%
SLCO HOME $500,000 1%
NOI $451,279 1%
SLC CHDO $325,000 1%
Energy Rebates $50,000 0
Total $51,079,064 100%
PERMANENT USES
Hard Costs $32,341,633 63%
Soft Costs $7,995,790 16%
Developer Fee $4,200,000 8%
Land $4,010,000 8%
Owner Contingency $1,636,427 3%
Reserves $855,213 2%
Public Art $40,000 0%
Total $51,079,064 100%
36
PROJECT NAME: 6 – Emeril Apartments – CDCU
ADDRESS: 37 N 800 W
PROJECT SUMMARY
From Developer: Located near the heart of the Fairpark neighborhood of Salt Lake City, Emeril Apartments is a
proposed new affordable multi-family apartment complex. The property, located at 826 Emeril Avenue & 37 N 800
W in Salt Lake City and is less than a block to the Jackson/Euclid TRAX Station on North Temple. The project is an
urban infill 0.705-acre lot and is situated in a section of the town with significant redevelopment, with numerous of
recently finished, under construction, and/or newly proposed developments. Emeril Apartments will consist of
(135) new, affordable family apartments for households earning at or below 70% of the Area Median Income,
including a portion of the units set aside for individuals or households earning up to 30% AMI. The property will
include (56) one-, (52) two-, (27) three- bedroom units, with the focus of serving families in the west Salt Lake City
area. The project, as proposed includes a surface and enclosed parking area, with (39) parking stalls and (1) larger
parking space for loading and unloading larger vehicles. The building consists of two levels of structure below a |
concrete podium deck, with four floors plus a mezzanine of residential on top. The ground level street entrance will
allow access to the lobby and mail area along N 800 W, in addition to private entrances to select residences along
Emeril Ave. In addition to an elevated resident outdoor amenity space with a play structure, resident gathering
spaces, and community garden areas, Emeril Apartments will include an indoor residential amenity space, kid
area, flex / event room, and resident community kitchen as well. The units will be Energy Star certified and the
property will achieve Enterprise Green Communities certification to ensure a sustainable, healthy, long-term
affordable asset to the resident community and neighborhood.
DEVELOPER SUMMARY
From Developer: The development team consists of BlueLine Development, Inc. (BLD) and the Community
Development Corporation of Utah (CDCU), BlueLine Property Management Company (BLPM) will manage Emeril
Apartments once constructed. Acting as a developer consultant or partner/owner, BLD has completed over 50 tax
credit developments utilizing LIHTC, HOME, CDBG, NSP, TCAP, AHP, NAHASDA, Olene Walker, Section 1602 and
Section 8 programs, since it was founded in 2011. BLD is a real estate development company dedicated to
creating and sustaining affordable housing. Their success comes from forming partnerships and utilizing all
available funding resources. Their goal for each development is to provide a comfortable, healthy home for those
who need it most.
CDCU is a Utah 501(c)(3) non-profit organization founded in 1990. In addition to building new single and multi-
family housing, CDCU rehabilitates existing housing stock and works to revitalize neighborhoods around the state
of Utah. CDCU also provides critical community services including homebuyer education, homeowner case
management, down payment assistance, and mortgage lending. CDCU works to empower those they serve to find
housing and achieve financial stability. CDCU will be offering in-kind voluntary financial education workshops and
counseling to the residents at the property on a routine basis.
BlueLine Property Management Company was founded in 2018 and has grown quickly. BLPM currently manages
over 25 properties with nearly 1,300 total units throughout the states of Wyoming, Montana, South Dakota,
Colorado, Utah, and New Mexico. Managed properties vary in funding type; LIHTC, HUD, RD, NSP/HOME, and
market rate. BLPM has over 50 years of collective experience, and believes in professional management, financial
integrity, and above all else, compassion. The team believes that everybody deserves to have a safe and
comfortable home to return to, and we work in affordable housing to be part of that solution.
37
PROJECT NAME: 6 – Emeril Apartments – CDCU
ADDRESS: 37 N 800 W
SITE MAP
38
PROJECT NAME: 6 – Emeril Apartments – CDCU
ADDRESS: 37 N 800 W
PROJECT RENDERINGS
39
PROJECT NAME: 7 – 200 West Apartments – FSH
ADDRESS: 1055 & 1049 S 200 W
OVERVIEW
First Step House
HDLP Loan
New construction
Vacant single-family houses
CRA FUNDING REQUEST
$2,500,000
$25,088,320
10%
PROPOSED TERMS
2.0%
17 Yr
Cash Flow with Balloon
Payment
Subordinate to senior debt
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score
100% Electric
Priorities Met
Neighborhood Services &
Commercial Spaces,
Architecture & Urban
Design, Special
Populations, Public Art,
Sustainability,
Transportation
TIMELINE
July 2027
November 2029
LOW-INCOME HOUSING TAX CREDIT
Yes, 9%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
(81%+)
61-
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
- - - - - -
- - - - - -
Total 70 ---- 70
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt
PERMANENT SOURCES
Amount
LIHTC Equity $18,889,095 75%
Senior Debt $2,887,941 12%
SLC CRA HDLP $2,500,000 10%
Deferred Fee $636,285 3%
45L Tax Credits $175,000 1%
PERMANENT USES
Hard Costs $15,459,759 62%
Soft Costs $3,382,595 13%
Owner Contingency $2,318,964 9%
Land $1,400,000 6%
Developer Fee $1,272,569 5%
Reserves $1,216,934 5%
Public Art $37,500 0%
Total $25,088,321 100%
40
PROJECT NAME: 7 – 200 West Apartments – FSH
ADDRESS: 1055 & 1049 S 200 W
PROJECT SUMMARY
From Developer: The proposed development at 1055 S 200 W will create 70 units of Permanent Supportive
Housing owned and operated by First Step House (FSH). 100% of units will be reserved for individuals at or below
30% AMI. The project is designed for individuals who are homeless, or at risk of homelessness with a behavioral
health disorder. Housing and services will be fully integrated, with on-site staff and a comprehensive supportive-
services model focused on long-term stabilization.
First Step House uses a low-barrier, equitable tenant selection process for PSH, prioritizing individuals with
disabilities who are homeless or at risk of homelessness. Screening criteria do not exclude applicants for poor
credit, rental history, or non-violent criminal records; income is verified only for eligibility. Applicants must meet
IRS Section 42 Low-Income Housing Tax Credit requirements, with most units reserved for applicants at or below
30% AMI, and some at 25% AMI. The application process includes a preliminary services assessment by First Step
House, followed by placement on a centralized waitlist managed by our property manager. Applicants are referred
through Coordinated Entry and prioritized based on need, using tools like SPDAT. Waitlist management includes
regular updates and outreach to service providers. Reasonable accommodation is provided throughout the
process to ensure accessibility and compliance with fair housing laws.
Tenants will receive a comprehensive suite of supportive services coordinated by First Step House (FSH). Core
services include individualized case management, where qualified staff use evidence-based models like Relational
Outreach and Engagement (ROEM) and Motivational Interviewing to build trust and support tenants in achieving
their goals. Case managers assist with daily living, employment, transportation, social support, recreation, and
benefits navigation. FSH ensures access to medical and behavioral health treatment, including coordination for
assessments, treatment, and medication management as needed. On-site life skills classes are a key component,
covering independent living skills (household management, budgeting, appointments, lease compliance, and local
resources), health and wellness (focusing on the eight dimensions of wellness), and self-care (wellness, healing,
and relapse prevention). These classes are offered regularly, with additional topics developed based on tenant
needs. All services are voluntary, trauma-informed, and designed to promote housing stability, recovery, and well-
being.
The project is a transit-oriented development located approximately 0.22 miles from the Ballpark TRAX Station,
providing residents with direct access to light rail, bus service, and other multimodal options. The property is also
located within a Qualified Census Tract, helping ensure that services and investments reach an underserved
population. A structured parking garage will accommodate residents and on-site staff, reducing the need for
surface parking and supporting the project’s urban form.
Ground-floor activation is provided through a dedicated behavioral health clinic leased and operated by FSH. The
clinic will serve all residents and will also be available to qualifying members of the general public. Services will
include behavioral health support, counseling, intake and assessment, and case management. Public-facing
portions of the ground floor will be open during designated hours, contributing neighborhood-serving benefits.
The development includes multiple resident amenities designed to support stability, connection, and wellness.
These include 100% landlord-paid utilities, free building-wide Wi-Fi, a community room, an on-site fitness room,
laundry facilities, and secure bike storage. The project will also implement a bike-sharing program, with at least
one shared bicycle per 20 residents, widely marketed through resident onboarding, signage, and ongoing program
support. Additional bicycles will be provided as needed to maintain availability.
41
PROJECT NAME: 7 – 200 West Apartments – FSH
ADDRESS: 1055 & 1049 S 200 W
The project commits to meeting the CRA’s Off-Site Net Zero standard through participation in a qualified
renewable energy program that offsets the building’s full annual consumption. Energy-efficient systems, durable
materials, and enhanced ground-floor glazing further support long-term performance and reduced operating
costs. The design emphasizes an active, transparent, and welcoming street frontage along 200 West, with durable
exterior materials, pedestrian-focused entryways, and trauma-informed interior programming
DEVELOPER SUMMARY
From Developer: First Step House is a leading behavioral healthcare and housing provider, serving individuals with
serious substance use disorders, mental health conditions, and serious mental illness since 1958. Our agency has
extensive experience in developing and operating Permanent Supportive Housing (PSH) projects. Currently, we
operate 161 units in three fully leased PSH properties: Central City Apartments (75 units), Medina Place
Apartments (40 units), and Stratford Apartments (46 units). We will double our portfolio in the next three years. A
fourth property, 44 North Apartments, is under construction and will add 67 units when it opens in 2026. Gardens
at Palmer (61 units) has received tax credits and is in development, while 273 East Apartments (34 units) is in pre-
development. In addition to PSH, First Step House operates 52 units of transitional recovery housing and 72 units
of transitional housing for veterans.
First Step House (FSH) has extensive experience complying with federal funding requirements associated with
projects supported by Project-Based Vouchers (PBVs), HUD HOME funds, and other federally sourced programs.
FSH has successfully administered multiple developments subject to Davis-Bacon prevailing wage requirements,
ensuring full contractor and subcontractor compliance through dedicated in-house oversight and third-party
verification. The organization is fully familiar with NEPA environmental review processes and has successfully
completed environmental clearances and related documentation for previous federally funded housing
developments. On current and recent projects, including 44 North Apartments, FSH and its partners have
implemented the requirements of the Build America, Buy America (BABA) Act andmaintain ongoing
communication with contractors and suppliers to ensure compliance. FSH maintains a dedicated compliance
team responsible for monitoring, documentation, and reporting across all funding programs, and this experienced
team has consistently met all state, federal, and investor standards while delivering high-quality, service-enriched
housing.
First Step House uses a low-barrier, equitable tenant selection process for PSH, prioritizing individuals with
disabilities who are homeless or at risk of homelessness. Screening criteria do not exclude applicants for poor
credit, rental history, or non-violent criminal records; income is verified only for eligibility. Applicants must meet
IRS Section 42 Low-Income Housing Tax Credit requirements, with most units reserved for applicants at or below
30% AMI, and some at 25% AMI. The application process includes a preliminary services assessment by First Step
House, followed by placement on a centralized waitlist managed by our property manager. Applicants are referred
through Coordinated Entry and prioritized based on need, using tools like SPDAT. Waitlist management includes
regular updates and outreach to service providers. Reasonable accommodation is provided throughout the
process to ensure accessibility and compliance with fair housing laws.
42
PROJECT NAME: 7 – 200 West Apartments – FSH
ADDRESS: 1055 & 1049 S 200 W
Tenants will receive a comprehensive suite of supportive services coordinated by First Step House (FSH). Core
services include individualized case management, where qualified staff use evidence-based models like Relational
Outreach and Engagement (ROEM) and Motivational Interviewing to build trust and support tenants in achieving
their goals. Case managers assist with daily living, employment, transportation, social support, recreation, and
benefits navigation. FSH ensures access to medical and behavioral health treatment, including coordination for
assessments, treatment, and medication management as needed. On-site life skills classes are a key component,
covering independent living skills (household management, budgeting, appointments, lease compliance, and local
resources), health and wellness (focusing on the eight dimensions of wellness), and self-care (wellness, healing,
and relapse prevention). These classes are offered regularly, with additional topics developed based on tenant
needs. All services are voluntary, trauma-informed, and designed to promote housing stability, recovery, and well-
being
43
PROJECT NAME: 7 – 200 West Apartments – FSH
ADDRESS: 1055 & 1049 S 200 W
SITE MAP
44
PROJECT NAME: 7 – 200 West Apartments – FSH
ADDRESS: 1055 & 1049 S 200 W
PROJECT RENDERINGS
45
PROJECT NAME: 8 – Washington Yards – Brinshore
ADDRESS: 1050 S Washington St
OVERVIEW
Brinshore
HDLP Loan
New Construction
Vacant commercial
CRA FUNDING REQUEST
$2,000,000
$58,297,324
3.4%
PROPOSED TERMS
2.0%
30 Yr
Cash Flow with balloon
payment
Lien Priority
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Family-Sized Units with
Amenities for Children
90+ Energy Star Score
100% Electric Yes
Priorities Met Family Housing with
Amenities for Children,
Architecture & Urban
Design, Public Art,
Transportation
Opportunities
TIMELINE
Q4 2026
Q4 2028
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 4%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio - - - - - -
79 - 12 37 30 -
- 10 22 32 -
4 Bed - - - - - -
Total 170 - 30 68 72 -
CONSTRUCTION DEBT AHEAD OF CRA
Senior Debt $44,293,935
PERMANENT SOURCES
Senior Debt $26,199,950 45%
Tax Credit Equity $26,199,950 45%
Deferred Fee $2,312,391 4%
SLC CRA HDLP $2,000,000 3%
Seller Note $1,500,000 3%
Power Rebate $25,000 0%
Total $58,297,341 100%
PERMANENT USES
Hard Costs $34,359,433 59.0%
Soft Costs $8,815,561 15%
Land $7,000,000 12%
Developer Fee $4,624,782 8%
Reserves $1,755,892 3%
Contingency $1,711,673 3%
Public Art $30,000 0%
Total $58,297,342 100%
46
PROJECT NAME: 8 – Washington Yards – Brinshore
ADDRESS: 1050 S Washington St
PROJECT SUMMARY
From Developer: Washington Yards (the “Project”) is a 170-unit affordable housing development located in the
heart of Salt Lake City’s Ballpark District neighborhood. The Project is an eight-story new construction building
designed to include a variety of unique amenities and features that promote the well-being of residents and the
larger Salt Lake City community.
This Project is specifically designed to provide large families the opportunity to enjoy the benefits of urban living.
Out of 170 units in the Project, there are 79 2-bedroom units (46%) and 64 3-bedroom units (38%). These sizable
units are specifically designed to accommodate larger households, including single parents with children, multi-
generational families, etc. To further serve these families, the Project will feature family-friendly amenities. It is
anticipated that a small structure will be included in the common space of the Project that provides play
opportunities for toddlers and small children. Additionally, these common spaces will be designed to encourage
families to gather and congregate together. The concentration of large units in the Project, along with family-
friendly amenities throughout the building, provide residents with opportunities to build community between their
children and themselves.
The Project is designed to be 100% electric- there will be no on-site fossil fuel combustion. Al lelectric operation
reduces the carbon footprint of the Project, as well as increases the efficiency of heating/cooling systems and
appliances. Additionally, this Project is committed to earn an ENERGY STAR score of at least 90. The standardized
energy performance metrics from ENERGY STAR allow the Project to establish definitive energy targets in the
design phase.
The Project is anticipated feature a public art installation on the exterior of the building. This installation will be
designed in collaboration with local artists and is intended to contribute to the growing identity of the Ballpark
District neighborhood.
The Project represents an excellent opportunity to develop a substantial number of units in a transit-served
location in a growing section of Salt Lake City. The Project is located within 1/3 mile of two TRAX stops – 900
South and 1300 South. Both these stops are serviced frequently by the red, blue and green lines. Additionally, the
Project is within a few blocks of a bus line that runs along 300 W. This major corridor also features more than a
mile stretch of protected bike lane. The Project’s location offers exceptional mobility for residents, providing easy
access to jobs, essential services, and community amenities.
DEVELOPER SUMMARY
From Developer: Brinshore Development, L.L.C., (“Brinshore”) is a private real estate development firm
specializing in affordable and mixed-income communities that increase economic opportunity and provide
community benefit. David Brint and Richard Sciortino, Brinshore’s principals, each gained a decade’s worth of real
estate development experience in affordable housing prior to co-founding Brinshore in 1994. Brinshore has grown
into one of the nation’s largest and most successful affordable housing development firms, with offices in six states
(with headquarters located in Evanston, IL).
Brinshore prides itself on producing developments defined by innovative design, community collaboration, and
long-term sustainability. To date, Brinshore has completed more than 120 projects nationwide, with many more
47
PROJECT NAME: 8 – Washington Yards – Brinshore
ADDRESS: 1050 S Washington St
under development, comprising over 10,000 apartments and homes with a total investment at more than $2
billion, and spread across 17 states and the District of Columbia. The firm also owns approximately 90,000 square
feet of commercial space throughout its housing developments.
Brinshore has built a diverse portfolio of rental units, including low-, and moderate-, and mixed-income
developments, senior communities, permanent supportive housing, and affordable artist housing, in addition to
for-sale residential and commercial space within its mixed-use housing properties. The firm has a deep bench of
experience in a range of development types, including new construction, rehabilitation, historic renovation, and
adaptive reuse. Brinshore asset-manages approximately 9,000 apartments, with approximately 2,000 more
apartments entering its pipeline as projects complete construction.
48
PROJECT NAME: 8 – Washington Yards – Brinshore
ADDRESS: 1050 S Washington St
SITE MAP
49
PROJECT NAME: 8 – Washington Yards – Brinshore
ADDRESS: 1050 S Washington St
PROJECT RENDERINGS
50
PROJECT NAME: 9 – 300 W Apartments – Chelsea
ADDRESS: 1485 S 300 W
OVERVIEW
Chelsea Investment Co
HDLP Loan
New construction
Commercial
CRA FUNDING REQUEST
$2,400,000
$59,240,045
4.1%
PROPOSED TERMS
2.5%
30
Cash Flow with balloon
payment
Lien Priority
HDLP THRESHOLDS AND PRIORITIES
with Amenities for
Children and/or Deeply
Affordable Units
Both
90+ Energy Star Score
100% Electric
Priorities Met
Amenities for Children,
Deeply Affordable Housing,
Public Art
TIMELINE
January 2027
October 2028
LOW-INCOME HOUSING TAX CREDIT
(Y/N), % Yes, 4%
Tax Credits Reserved (Y/N)
HOUSING UNITS
Bedroom
Count
Total
Units Rate
(81%+)
61-
80%
AMI
51-
60%
AMI
31-
50%
AMI
<30%
AMI
Studio - - - - - -
87 - - 72 - 15
- 10
4 Bed - - - - - -
Total 154 - - 128 - 26
CONSTRUCTION DEBT AHEAD OF CRA
Senior Loan $42,686,842
PERMANENT SOURCES
LIHTC Equity $26,835,535 45%
Senior Debt $22,460,000 38%
OWHLF $3,800,000 6%
Deferred Fee $2,436,685 4%
SLC CRA HDLP $2,400,000 4%
$1,000,000 2%
Soft Loan Interest $297,825 1%
Power Rebate $10,000 0%
Total $59,240,045 100%
PERMANENT USES
Hard Costs $34,750,000 59%
Soft Costs $10,660,812 18%
Land $6,250,000 11%
Developer Fee $4,902,503 8%
Owner Contingency $2,017,666 3%
Reserves $623,063 1%
Public Art $36,000 0%
Total $59,240,044 100%
51
PROJECT NAME: 9 – 300 W Apartments – Chelsea
ADDRESS: 1485 S 300 W
PROJECT SUMMARY
From Developer: 300 West Apartments is a thoughtfully designed, transit-oriented, family-focused community that
addresses one of Salt Lake City’s most pressing housing challenges: the shortage of larger, affordable rental
homes. The development will deliver 154 high-quality apartments, with an intentional emphasis on serving
households with children. More than half of all homes (56%) will be two-bedroom units, and 40% will be three-
bedroom units—unit types that remain in critically limited supply throughout both the Ballpark Neighborhood and
the broader city. With rents targeted between 30% and 60% of Area Median Income (AMI), the project will meet
the needs of a diverse resident population, offering deeply affordable options for extremely low-income families
while also supporting households earning up to moderate-income levels. On average, affordability across the
project is 54.94%, including 26 deeply affordable units at 30% AMI and 128 units at 60% AMI
DEVELOPER SUMMARY
From Developer: The development team has more than 50 years of experience developing affordable housing. In
addition to founding and leading CHG Utah LLC, Charles Schmid is the CEO of Chelsea Investment Corporation,
based in Carlsbad, California, which has developed more than 150 affordable housing developments with more
than 15,000 apartments.
Chelsea Investment Corporation and it's associated companies have never sold a development. We will be the
long-term owner of 300 West Apartments to ensure the development will held and owned by an experienced
ownership group and remain an asset to the neighborhood well into the future.
Property Management will be provided by Cornerstone Residential, LLC (Cornerstone).Cornerstone has been in the
apartment management business for 41 years. They are licensed to manage apartments in 21 states including
their home state of Utah. Cornerstone currently manages 174 properties with a mix of market rate and affordable
housing. The majority of the LIHTC housing they manage is in Utah and Nevada. They have their own compliance
department to ensure compliance with Section 42 requirements.
52
PROJECT NAME: 9 – 300 W Apartments – Chelsea
ADDRESS: 1485 S 300 W
SITE MAP
53
PROJECT NAME: 9 – 300 W Apartments – Chelsea
ADDRESS: 1485 S 300 W
PROJECT RENDERINGS
54
ATTACHMENT E: PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS
55
56
57
.
58
59
1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. _______________
Affordable Housing – FY 2025-2026 Competitive Housing Development Loan Program
(HDLP) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Salt Lake City Community Reinvestment Agency (“CRA”) was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing
the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the CRA Board of Directors (“Board”) approved the Housing Funds Allocation
Policy (“Funds Policy”), Resolution R-1-2022, which establishes policies with respect to
dedicating and directing resources for the development and preservation of housing based on
funding source (“Housing Funds”).
WHEREAS, the Board has set aside $8,118,128 of Housing Funds for affordable housing (the
"Competitive HDLP Funds”) through the CRA’s Competitive Housing Development Loan
Program (“HDLP”). The allocation of funds is contingent upon an application and review process
administered by the CRA to facilitate the funding of qualified projects that meet the goals
established by the HDLP.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the CRA administered a loan
application and review process for the Competitive HDLP Funds pursuant to the HDLP policy set
forth in resolution R-2-2022 (the “HDLP Policy”) and the CRA’s Housing Funding Priorities for
Fiscal Year 2025-2026 set forth in R-6-2025 (“Funding Priorities”) that resulted in nine eligible
requests for funding totaling $23,297,049 (the “Competitive HDLP Applications”).
WHEREAS, on February 18, 2026, the CRA’s Finance Committee reviewed the Competitive
HDLP Applications, and recommended funding allocations and preliminary terms as further
described in Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, CRA staff recommends that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
ATTACHMENT F: HDLP FUNDING ALLOCATION RESOLUTION
60
2
WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as
set forth on Exhibit B, the CRA shall provide a 24-month conditional commitment period during
which the approved applicant shall have the opportunity to obtain needed financial, legal, and
regulatory approvals, as well as satisfy other conditions determined by the CRA, to finalize the
loan terms.
WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the
conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan
terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the
funding allocations and preliminary terms as further described in Exhibit B (Competitive HDLP
Funding Allocations), subject to revisions that do not materially affect the rights and obligations
of the CRA hereunder. For approved applicants that successfully meet the required conditions, the
Board authorizes the Executive Director to negotiate and execute the conditional commitment
letter, the Letter of Commitment, the loan agreements, and other relevant documents consistent
with the funding allocations and preliminary terms contained on Exhibit B and incorporating such
other terms and conditions as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency, this
_______ day of March 2026.
________________________________
Dan Dugan, Chair
Approved as to form: __/s/ Sara Montoya _____
Salt Lake City Attorney’s Office
Sara Montoya
Date:_____February 24, 2026_________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
61
3
EXHIBIT A: FY2025-2026 CRA FINANCE COMMITTEE FUNDING
RECOMMENDATIONS
The CRA Finance Committee recommends that funding be allocated to projects
in order of funding ranking.
62
4
EXHIBIT B: FY2025-2026 CRA BOARD APPROVED HDLP FUNDING
ALLOCATIONS:
63
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COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLC.GOV/COUNCIL
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:Board Members
FROM Allison Rowland
Senior Budget & Policy Analyst
DATE:March 10, 2026
RE:PROPOSED HOUSING DEVELOPMENT FUNDING PRIORITIES FOR FISCAL YEAR
2026-27
ISSUE AT-A-GLANCE
Each year, in preparation for the CRA budget discussions, the Board reviews and considers whether to change
any aspects of its Housing Development Funding Strategy. This strategy guides CRA staff and affordable housing
developers on the types of proposals that the Board prefers to fund. This is the first of two planned discussions of
the funding strategy for FY27.
For the coming year, CRA staff proposes a change that would affect both of the “threshold priorities” for
affordable housing projects; at least one of these must be met for an application to be eligible for funding
through the CRA’s Housing Development Loan Program (HDLP). CRA staff also proposes to slightly shift one of
the other priorities, as shown below.
Existing Threshold Priorities Existing Other Priorities
Deeply Affordable Housing
Affordable Family Housing
Wealth Building Opportunity
Expanding Opportunity
Neighborhood Services and Commercial Space
- Proposed FY27 Changes Proposed FY27 Changes
-The share of units required in a proposed
development for it to qualify as either
“Deeply Affordable Housing” or “Affordable
Family Housing,” would rise from 10% to
20%.
“Expanding Opportunity” would be changed to
“Expanding Affordable Housing Availability.” This
would shift the focus from “high opportunity areas,”
instead incentivizing new affordable housing in areas
where deed-restricted affordable housing not currently
available.
Schedule:
Page | 2
The discussions of annual Housing Priorities also set the bases for the annual CRA budget process each May and
June. Both the proposed total funding amount dedicated to affordable housing development projects, and the
allocation of this amount among different program categories are subject to Board approval. This includes:
-specific funding allocations among eligible Housing Activities (for example, the Housing Development
Loan Program (HDLP), or Land Acquisition), and
-projected revenue for allocations to each of the four CRA Housing Funds (Primary Housing Fund,
Secondary Fund, Westside Community Initiative Fund, and Housing Development Loan Fund).
Goal of the briefing: Discuss the proposed Fiscal Year 2027 Housing Priorities and potentially straw poll
any changes to provide direction to CRA staff for preparing a resolution next month.
POLICY QUESTIONS
The Board may wish to request additional information on the proposed change to the
Expanding Opportunity priority, specifically how different areas of the City would be
prioritized or ranked. CRA staff suggests renaming this priority Expanding Affordable Housing
Availability, to focus less on expanding affordable housing in specific “high opportunity areas” and
more on ensuring that housing investments incentivize additional housing in areas that do not
currently have deed-restricted affordable units available. For example, the Board could request
a current list of City census block groups and the number of deed-restricted affordable
units in each.
Does the Board wish to modify any items on the proposed list of FY27 Priorities? Please
refer to the straw poll sheet.
ADDITIONAL & BACKGROUND INFORMATION
FY27 Proposed Funding Priorities. For FY27, CRA staff proposes the changes listed below to annual
Housing Priorities, which are particularly relevant to the HDLP and its annual Notice of Funding Availability
(NOFA) processes. Each of the five annual Housing Priorities is weighted more heavily than other factors in the
project score calculated during the HDLP project selection, which helps assess applications and potentially
qualify them for interest rate reductions. Note: All HDLP applicants must comply with the CRA’s Sustainable
Development Policy. It requires all new construction and rehab projects receiving $900,000 or more in
funding to receive an Energy Star score of 90 or more; be 100% electric (no on-site fuel combustion); and
participate in Salt Lake City’s Energy Benchmarking Program.
Existing Threshold Priorities Existing Other Priorities
Deeply Affordable Housing
Affordable Family Housing
Wealth Building Opportunity
Expanding Opportunity
Neighborhood Services and Commercial Space
- Proposed FY27 Changes Proposed FY27 Changes
-The share of units required in a proposed
development for it to qualify as either
“Deeply Affordable Housing” or “Affordable
Family Housing,” would rise from 10% to
20%.
“Expanding Opportunity” would be changed to
“Expanding Affordable Housing Availability.” This
would shift the focus from “high opportunity areas,”
instead incentivizing new affordable housing in areas
where deed-restricted affordable housing not currently
available.
Page | 3
Background on CRA Housing Programs and Policies. The guiding polices for the annual Affordable
Housing Strategy are the Housing Allocation Funds Policy and Housing Development Loan Program (HDLP)
Policy, which were adopted by the Board in 2021 (see below for more details). As outlined in these policies, each
year, CRA staff prepares a proposed Strategy—including a resolution and funding allocations—for the Board’s
consideration and approval. During the broader City budget discussions (typically in May) the Board finalizes
the funding amounts in the Strategy.
Housing Development Funding Strategy. Per policy, the Strategy includes:
-a projected revenue amount proposed by CRA staff to be allocated to the Housing Funds, and
-a proposed funding allocation among the Housing Activities (for example, gap financing loans,
property acquisition) approved annually by the Board.
Housing Development Loan Program (HDLP) Policy defines one of the four typical Activities used to
implement the Annual Priorities: the Housing Development Loan Program. The purpose of this program is to
provide low-cost financial assistance to incentivize the development and preservation of affordable housing in
Salt Lake City.
Annual
HOUSING
FUNDING
strategy
Fy 2026-27
CRA Board Meeting
March 10, 2026
ADOPTED Q1 2021 YEARLY BOD APPROVAL
HOUSING
DEVELOPMENT
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
SECONDARY
HOUSING
FUND
PRIMARY
HOUSING
FUND
HOUSING ALLOCATION
FUNDS POLICY
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
This policy
established guidelines
for allocating/directing
resources for housing
by funding source.
Also requires "Annual
Housing Funding
Strategy" (right) be
brought in front of
Board every year.
For your
feedback today
PRIMARY
HOUSING
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
HOUSING
DEVELOPMENT
FUND
SECONDARY
HOUSING
FUND
housing fund allocations
$$$$
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
Wealth Building
Opportunity
Family Housing
with Amenities
Expanding
Opportunity
FY26 Housing Activity RECAP
FY 2025-26
HOUSING PRIORITIES
Deeply Affordable
Housing
Neighborhood
Services and
Commercial Spaces
FY 2026-27 Housing Development Loan Program
$8.1M released - In process, to be reviewed by
CRA Board in March
ADU Financing Program (FY24 Priority)/
Down Payment Assistance
Finalizing contracts for ADU Financing
Program and Downpayment
Assistance Program
Residential Wealth Building NOFA
$6.4M released - In process, to
be review by CRA Board in April
Data - current and future slc deed-restricted affordable housing developments map
Data - city supported Affordable housing constructed since 2016 and future developments
Data - city supported Affordable housing units by bedroom size since 2016
Units by Bedroom Count
Data - city supported Affordable housing units by ami since 2016
Units by Affordability Level
Data - Salt Lake City Housing Snapshot
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
MEDIAN HOUSEHOLD INCOME
$74,9251
MEDIAN HOME VALUE2
3 COST-BURDENED HOUSEHOLDS
$495,700
22,169
(spending 30% or more income on housing costs)
FY 2024-2025
MEDIAN RENT
$1,343
MEDIAN HOUSEHOLD INCOME
$75,0901
MEDIAN HOME VALUE2
3 COST-BURDENED HOUSEHOLDS
$539,500
24,617
(spending 30% or more income on housing costs)
FY 2025-2026
MEDIAN RENT
$1,414
In One Year...
Median Household Income grew by 0.2%
Median Home value grew by 8.8%
Median Rent grew by 5.2%
1
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS
AND HOMES PRICES CONTINUE TO RISE
Data - other metrics
Salt Lake City Owner and Renter-Occupied Units
1 HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS
AND HOMES PRICES CONTINUE TO RISE
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
Data - other metrics
Salt Lake City Home Values
2
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
11,411 OR 23% OF RENTING HOUSEHOLDS ARE SPENDING MORE THAN
HALF THEIR INCOME ON RENT
Data - other metrics
Households by Percentage of Income Spent on Rent
3
Source: US Census, American Community Survey 5-Year Estimates 2019-2024
PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE
2018
Data - other metrics
Household Type
4
Source: US Census, American Community Survey 5-Year Estimates 2019-2024
HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED
WITHIN SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME
HOUSEHOLD MAKING LESS THAN $50K HAVE DECREASED.
Data - other metrics
Salt Lake City Household Income Levels
5
Source: Colliers Retail Q4, Salt Lake County Report
COMMERCIAL CONSTRUCTION HAS SLOWED, WHILE VACANCY REMAINS LOW
Data - other metrics
Salt Lake County Commercial Data
2
3
4
5
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
Colliers Retail Q4, Salt Lake County Report (5)
HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED
WITHIN SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME
HOUSEHOLD MAKING LESS THAN $50K HAVE DECREASED.
COMMERCIAL CONSTRUCTION HAS SLOWED, WHILE VACANCY REMAINS LOW
PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE
2018
11,411 OR 23% OF RENTING HOUSEHOLDS ARE SPENDING MORE THAN
HALF THEIR INCOME ON RENT
1 HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS
AND HOMES PRICES CONTINUE TO RISE
Data - other metrics
salt lake City Housing Goals
HOUSING SLC PUBLIC SAFETY PLAN GOALS
CRA LIVABILITY BENCHMARKS
Increase deeply affordable housing Support projects that allow tenants to build wealth and/or gain equity
Continue to release housing funds through CRA for development or
acquisition of moderate income housing
Promote the development of affordable family-sized units with 3+
bedrooms
Utilize Inland Port Housing Funds to expand affordable housing
options
Ownership - Create opportunities for residents/business owners
to building wealth and/or establish permanent roots
Housing for Everyone - Promote housing for families,
underserved populations and extremely low income
Promote mixed-income developments, economically integrated
communities, and opportunities for low-income residents.
Affordable Commercial Spaces - Support mixed-use projects
with space for commercial uses that serve the community
Produce more housing, especially affordable housing
Protect tenants from displacement, especially the most
vunerable
THRIVING IN PLACE
Progress towards affordable housing goals
WEALTH
BUILDING
OPPORTUNITY
FY27 recommended annual housing priorities
Seeking Board feedback today
FAMILY
HOUSING w/
AMENITIES
for CHILDREN
DEEPLY
AFFORDABLE
HOUSING
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
NEIGHBORHOOD
SERVICES AND
COMMERCIAL
SPACES
EXPANDING
AFFORDABLE
HOUSING
AVAILABILITY
FY2026-27 Priority Update
LAND
ACQUISITION/
DISPOSITION
HOUSING
DEVELOPMENT
LOAN
PROGRAM
WEALTH
BUILDING
NOFA
recommended housing ACTIVItIES
Tools/programs by which to achieve Priorities; Seeking Board feedback today
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
housing ACTIVItIES to achieve housing priorities
Require affordable family housing and/or deeply
affordable housing as threshold in Housing
Development Loan Program NOFA - proposing to
increase from 10% to 20% threshold
Utilize interest rate reduction benchmarks
(Alignment with CRA's Guiding Framework)
Annual priorities will have greater ranking weight
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
FY27 Housing Activity IMPACT
HOUSING PRIORITIES
Wealth Building
Opportunity
Affordable Family
Housing w/ Amenities
for Children
Deeply Affordable
Housing
Neighborhood Services
& Commercial Spaces
Wealth Building NOFA
Land Acquisition/
Disposition
Housing Development
Loan Program
HOUSING ACTIVITIES
Expanding Affordable
Housing Availability
HOUSING
DEVELOPMENT
FUND
SECONDARYPRIMARY
WESTSIDE
COMMUNITY
INITIATIVE
FUND
housing fund
allocations
FY27 ANNUAL HOUSING FUNDING STRATEGY
ANNUAL HOUSING
PRIORITIES
HOUSING
ACTIVITIES
NEIGHBORHOOD
SERVICES &
COMMERCIAL
SPACES
WEALTH
BUILDING
OPPORTUNITY
DEEPLY
AFFORDABLE
HOUSING
AFFORDABLE
FAMILY
HOUSING HOUSING
DEVELOPMENT
LOAN
PROGRAM
LAND
ACQUISITION/
DISPOSITION
WEALTH
BUILDING
NOFA
EXPANDING
AFFORDABLE
HOUSING
AVAILABILITY
Reinvestment Advisory Committee (RAC)
Presented to RAC 3/4/26
RAC feedback:
Ensure the 3-bedroom requirement for family housing is not
making it more difficult to build family housing/starter homes
Two bedroom units, paired with amenities for children,
may still be appropriate for families
Concerns about putting affordable housing away from
amenities
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
next steps
The Board may wish to provide feedback
The Board will consider approval of the FY27 housing priorities
at the April meeting.
Proposed funding allocations to housing activities will be
brought to the Board with the budget presentation in May
Housing activities are approved as a part of the CRA budget
approval
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
02/23/2026
Date Sent to Council:
02/24/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
02/23/2026
Chief of Staff's Signed Date
02/23/2026
Subject:
FY2026-2027 Housing Development Funding Strategy
Additional Staff Contact:
Tracy Tran, (tracy.tran@slc.gov) and Browne Sebright (browne.sebright@slc.gov)
Presenters/Staff Table
Tracy Tran, (tracy.tran@slc.gov) and Browne Sebright (browne.sebright@slc.gov)
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
Informational briefing
Background/Discussion
Each year, CRA staff provides a housing development funding strategy to the Board to establish housing priorities and housing activities for the upcoming fiscal year.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
DATE: February 20, 2026
PREPARED BY: Tracy Tran, CRA Senior Project Manager
Browne Sebright, CRA Project Manager
RE: FY 2026-27 Housing Development Funding Strategy
REQUESTED ACTION: Briefing on the FY 2026-27 Housing Development Funding Strategy
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The Salt Lake City Community Reinvestment Agency (“CRA”) Housing
Allocations Funds Policy (“Funds Policy”) establishes guidelines for allocating and directing resources for
the development and preservation of housing by funding source. Additionally, the CRA’s Housing
Development Loan Program (“HDLP”) Policy creates a program that centralizes the application,
underwriting, and approval process across all funding sources, providing a one-stop-shop for community
partners to access gap financing for the development and preservation of affordable housing. Both policies
contemplate that annually, prior to the annual budget process, the CRA shall present to the CRA Board of
Directors (“Board”) a Housing Development Funding Strategy (“Funding Strategy”) that includes:
• A projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year
(approved as a part of CRA budget)
• Proposed housing funding priorities (“Funding Priorities”) for the upcoming fiscal year (approved
as separate resolution)
• Proposed funding allocations for specific housing activities (i.e. gap financing loans, property
acquisition, etc.) for the upcoming fiscal year (approved as a part of CRA budget)
This memo reviews the Funding Priorities and housing activities adopted in Fiscal Year 2025-2026 (“FY
26) as well as the proposal for Fiscal Year 2026-2027 (“FY 27”). The projected revenue to be allocated to
each of the four Housing Funds (Primary Housing Fund, Secondary Housing Fund, Westside Community
Initiative Fund and Housing Development Fund) as well as allocations of funding to each housing activity
will be brought back to the Board as a part of the annual budget discussion.
The Board may wish to discuss the proposed Funding Priorities and housing activities as described in this
memo. In a future meeting, when the proposed FY 27 budget is reviewed, the Board may also wish to
provide direction on potential funding levels for various housing activities.
2
BACKGROUND:
FY 2025-2026 Annual Housing Funding Strategy Progress/Outcomes – Last year, the Board adopted
five housing funding priorities to guide funding decisions for the rest of the fiscal year: deeply affordable
housing, family housing with amenities for children, wealth building opportunities, expanding opportunity,
and neighborhood services and commercial spaces. Progress has been made to further each of these
priorities as follows:
Priority Objective Activities Implementation Impact/Status
Deeply Affordable
Housing availability of units for
extremely low-income
households at 30% of
the area median
income (AMI) or less,
thereby providing
housing options for
individuals or families
that are homeless or
at risk of
homelessness.
• •
requirement for
HDLP, higher
weighted score in
HDLP; Dedicated
funds for deeply
affordable units
$8.1M Notice of
Funding Availability
(”NOFA”) in October
2025, with $2.48M of
the $8.1M dedicated
to deeply affordable
units through the
HDLP to fund
affordable housing
developments. The
total units funded will
be available after the
CRA Board reviews
the funding
allocations for the
competitive HDLP
Amenities for
Children
for families to enjoy
the many benefits of
urban living by
encouraging the
development of
affordable housing
suited to larger
households, including
units with 3 or more
bedrooms and on-site
family-oriented
amenities.
•
• Property
acquisition/
disposition
• Residential Wealth
Building Pilot
Program
•
requirement for
HDLP, higher
weighted score in
HDLP
• Residential Wealth
Building NOFA
$8.1M NOFA through
the HDLP to fund
affordable housing
developments and a
$6.4M NOFA to fund
Residential Wealth
Building proposals in
October 2025. The
total units funded will
be available after the
CRA Board reviews
the funding
allocations for the
competitive HDLP
and Residential
Wealth Building
3
Wealth Building
Opportunity for low-moderate
income households
earning up to 120%
of the AMI to build
wealth through
different pathways,
such as
homeownership,
supplemental income
opportunities, renter
stipends, cooperative
housing, and other
wealth-building
•
Building Pilot
Program
• HDLP
•
Building NOFA
• Higher weighted
score in HDLP
$6.4 M NOFA for
Residential Wealth
Building Pilot
Program in October
2025. The total
approximate number
of units funded will be
available after the
CRA Board reviews
the proposed funding
allocations for the
Residential Wealth
Building NOFA.
Opportunity housing within areas
that have access to
resources that may
improve a person’s
chances of upward
economic mobility as
identified on CRA’s
High Opportunity
Area map.
score in HDLP $8.1M NOFA through
the HDLP to fund
affordable housing
developments and a
$6.4M NOFA to fund
Residential Wealth
Building proposals in
October 2025. The
total units funded will
be available after the
CRA Board reviews
the funding
allocations for the
competitive HDLP
and Residential
Wealth Building
Services and
Commercial Spaces
commercial spaces
that support the
neighborhood, such
as daycares,
restaurants, and retail
spaces.
score in HDLP $8.1M NOFA through
the HDLP to fund
affordable housing
developments and a
$6.1M NOFA to fund
Residential Wealth
Building proposals in
October 2025. The
total commercial units
created will be
available after the
CRA Board reviews
the funding
4
competitive HDLP
and Residential
Wealth Building
Housing and Data Snapshot
The graphic below provides an overview of recent data within Salt Lake City. Please see Attachment B for
an overview of all the data used to inform our priorities.
5
Citywide Housing Plans and Goals
The CRA is guided by and charged with implementing citywide plans and goals. Additionally, the CRA is
guided by its own project area plans, Guiding Framework, and Livability Benchmarks. Current housing
plans and goals that the CRA’s annual Housing Development Funding Strategy should consider include:
Public Safety Plan Goals
• Increase deeply affordable housing
Housing SLC (Citywide 5-year housing plan) – Strategies
• Support projects that allow tenants to build wealth and/or gain equity in their building based on
tenure
• Work with community development partners to acquire priority properties for permanently
affordable housing
• Continue to release housing funds through Salt Lake City Community Reinvestment Agency
(CRA) for the development or acquisition of moderate income housing.
• Utilize Inland Port Housing Funds (pursuant to Utah Code Section 11-58-601(6)(b) of the Inland
Port Act) and other housing set-aside funds received by the Community Reinvestment Agency
(CRA) to expand affordable housing options, including tenant equity opportunities throughout the
city, especially on the Westside
• Develop a financing program for low-income homeowner Accessory Dwelling Unit (ADU)
construction
• Promote the development of affordable family-sized housing units with 3+ bedrooms
• Establish at least one housing and transit reinvestment zone (HTRZ) in the city
• Expand workforce, artist, and essential worker housing, up to 125% AMI, so that these populations
can live in the city in which they serve
• Provide funding for programs and/or initiatives that build wealth and/or provide equity sharing
opportunities for residents
Thriving in Place (anti-displacement framework) – Strategic priorities relevant to the CRA include:
• Protect tenants from displacement, especially the most vulnerable
o Help tenants become owners.
• Preserve the affordable housing we have
o Acquire and rehabilitate unsubsidized housing
o Invest in Community Land Trust Models
• Produce more housing, especially affordable housing.
o Create more diverse housing choices in all areas
o Utilize publicly owned property
o Prioritize long-term affordability, support services, and transit access.
• Expand capacity for tenant support and affordable housing
o Develop new funding sources and leverage existing resources
CRA Livability Benchmarks (4 of 21 benchmarks)
• Ownership – Encourage the creation of opportunities for residents/business owners to building
wealth and/or establish permanent roots through affordable home/commercial ownership.
6
• Housing for Everyone – Promote housing for families, underserved populations and extremely low
income residents.
• Mixed-Income Neighborhoods – Promote mixed-income developments, economically integrated
communities, and housing opportunities for low-income residents.
• Affordable Commercial Spaces – Projects are mixed-use and include spaces within the development
for commercial uses.
The chart below displays progress related to affordable housing unit goals listed in Housing SLC that Salt
Lake City anticipates supporting over a five-year period. The three goals referenced below are specific to
the period of July 2023-June 2028.
Housing Funds
Projected account balances in the CRA’s various housing funds for the fiscal year are currently not
available and will be shared when available.
ANALYSIS:
FY 2026-2027 Proposed Funding Priorities - After reviewing city plans, current housing data,
commercial data, and remarks from the Board, the housing funding priorities identified below are proposed
to guide the CRA’s housing development activities in FY 27.
Staff determined that most of FY 26’s funding priorities are still relevant in addressing the city’s current
housing needs. Many of the programs and initiatives introduced in the last two fiscal years to further each
FY 26 Funding Priority are currently underway or ongoing, and more time is needed for implementation.
For these reasons, the proposed priorities are very similar to last year’s proposal. The one proposed change
would be to update the Expanding Opportunity priority to Expanding Affordable Housing Availability,
which focuses less on “high opportunity areas” and incentivizes expanding affordable housing in areas
within limited options.
7
1. DEEPLY AFFORDABLE HOUSING – This priority promotes housing units affordable for those
earning 30% AMI and below. While the City has made progress facilitating the development of
deeply affordable units, there is still a shortage of units for those earning 30% AMI or less in
particular and CRA staff propose to continue to promote this priority through FY 27 (Housing SLC
- Housing Needs Analysis).
2. FAMILY HOUSING WITH AMENITIES FOR CHILDREN – This priority promotes income-
targeted larger housing units for tenant populations with children that have three or more bedrooms
and includes amenities for children. There is a need for income-targeted family-sized units,
especially as more families look outside of Salt Lake City boundaries for affordable housing
options and enrollment in Salt Lake City schools decreases.
Per the interlocal agreements with the School District for the State Street and 9 Line project areas,
the CRA must also prioritize affordable family and workforce housing described as:
• Affordable Family Housing: Development of new housing units that include 3+ bedrooms
and are affordable to households at or below 80% of the area median income as defined by
the U.S. Department of Housing and Urban Development.
• Workforce Housing: Development of new housing units affordable to low and middle-
income workers, including teachers and school district employees.
3. WEALTH BUILDING OPPORTUNITY – This priority supports development projects that
provide different forms of wealth building opportunities for households making up to 120% AMI.
Although homeownership is a path to wealth building, it is not the only form the CRA could
support to help individuals and families meet this goal. Wealth building can be accomplished
through homeownership, supplemental income opportunities, renter stipends, cooperative
housing, and other models that support residents in building equity.
4. EXPANDING AFFORDABLE HOUSING AVAILABILITY – This priority provides affordable
housing within areas that currently have limited availability. The availability of affordable housing
is determined by the number of deed-restricted affordable housing units in each Census Block
Group (geographic subdivisions of Census Tracts). This priority looks to disperse affordable
housing developments throughout the city and prevent the concentration of affordable housing
within areas that already have a high number of affordable housing units. A map showing the areas
with limited affordable housing can be found in Attachment A.
5. NEIGHBORHOOD SERVICES AND COMMERCIAL SPACES– This priority ensures that as
housing continues to be built throughout the City, residents and neighbors continue to have access
to neighborhood services and amenities such as daycares, restaurant, and retail spaces. These
commercial and retail spaces should not be exclusive to residents of the housing development in
which they are located.
8
FY 27 Proposed Housing Activities – To encourage the incorporation of the five proposed Funding
Priorities in CRA-funded housing projects, CRA staff proposes allocating funding to the following
activities and tactics as part of the CRA’s FY27 budget. Some of the housing activities may achieve
multiple Funding Priorities.
HOUSING ACTIVITIES
HOUSING PRIORITIES
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Housing Development Loan Program(“HDLP”): The HDLP is a gap financing
program for affordable housing developments. The CRA releases funds annually
through a competitive Notice of Funding Availability (NOFA). Similar to previous
years, at least 20% of a development’s units must be deeply affordable or
affordable family-sized with amenities for children to qualify for the CRA’s
competitive NOFA.
Given the City’s goal to increase the amount of deeply affordable units, CRA staff
may propose specific funding within the HDLP focused on deeply affordable units.
All the housing priorities will be weighted heavier as a part of the competitive NOFA
review process.
✓ ✓ ✓ ✓ ✓
Residential Wealth-Building NOFA: With the primary goal of removing barriers to
wealth building and creating generational wealth, the CRA will focus funds to
develop units that will help lower to-moderate income individuals and families build
wealth. This model could take on different models such as homeownership, shared
profit, and shared equity programs.
✓ ✓ ✓
Land Acquisition/Disposition: The CRA will release requests for qualifications
(RFQ) and/or requests for proposals (RFP) on CRA-owned land. For properties that
contemplate housing as a land use, the CRA may require that deeply affordable
units, family-sized units, residential wealth building units, and/or neighborhood
services and commercial spaces are incorporated within proposals.
Additionally, the CRA can actively look to purchase properties to implement CRA
goals.
✓ ✓ ✓ ✓ ✓
9
NEXT STEPS:
• The CRA Board should consider whether the proposed Funding Priorities align with their goals for
the upcoming fiscal year.
• The finalized Funding Priorities will be brought back for the Board’s consideration to adopt via
resolution in April.
• CRA staff will present the final Funding Strategy to the Board as a part of the budget presentation,
which includes the projected amount of revenue to be allocated to each of the four housing funds.
The Board should consider whether to adopt the final Funding Strategy as part of the annual budget
adoption process.
ATTACHMENTS:
Attachment A – Affordable Housing Availability Map
Attachment B – Data
Attachment C – CRA Affordable & Mixed-Income Housing Summary: FY15-FY25
10
ATTACHMENT A – AFFORDABLE HOUSING AVAILABILITY MAP
11
ATTACHMENT B – DATA
EXISTING AFFORDABLE HOUSING DATA
Current and Future Salt Lake City Deed-Restricted Affordable Housing Developments Map
Source: SLC Affordable Housing Construction and Preservation Dashboard
12
All City-Supported Affordable Housing Constructed Since 2016 and Future Developments
Source: SLC Affordable Housing Construction and Preservation Dashboard
13
City-Supported Housing Units Constructed Since 2016
Units by Bedroom Count
Units by Affordability Level
Source: SLC Affordable Housing Construction and Preservation Dashboard
14
Salt Lake City Owner and Renter-Occupied Units
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
15
Household Type
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
16
Salt Lake City Family Income
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
17
Salt Lake City Household Income Levels
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
18
Salt Lake City Home Values
Source: US Census, American Community Survey 5 Year Estimates 2019-2024
19
Commercial Data – Salt Lake County
Source: Colliers Retail Q4, Salt Lake County Report
20
ATTACHMENT C - CRA AFFORDABLE HOUSING SUMMARY: FY15-FY25
Affordable Housing Funding
21
Affordable Housing Units
Source: Salt Lake City Affordable Housing Construction and Preservation Data
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Item C5
COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLC.GOV/COUNCIL
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:Community Reinvestment Agency Board
FROM: Kate Werrett
Budget & Policy Analyst
DATE:March 10, 2026
RE: MOTION SHEET – NWQ, LLC PHASE IV TAX INCREMENT REIMBURSEMENT
REQUEST
MOTION 1 – ADOPT RESOLUTION
I move that the Board adopt a resolution adopting the NWQ, LLC Phase IV Tax Increment
Reimbursement Agreement.
Optional Intent:
I further move that it is the intent of the CRA Board that the tax increment funds provided to NWQ,
LLC under this reimbursement agreement are intended solely to support warehouse development
and associated warehouse public infrastructure as outlined in Exhibit A, and that these tax increment
funds are not intended for any other category of development or uses.
MOTION 2 – NOT ADOPT
I move that the Board not adopt the resolution.
NWQ, LLC
TAX INCREMENT REIMBURSEMENT
Phase IV
CRA BOARD OF DIRECTORS MEETING –FEBRUARY 10, 2026
MASTER PLAN AUGUST 2016
•Establishes the vision and land use plan for future development, from which subsequent zoning amendments
were based.
ZONING & OVERLAY DISTRICTS 2016 - 2018
•Establishes natural areas to protect sensitive lands and developable areas zoned as M1: Light Manufacturing.
COMMUNITY REINVESTMENT AREA ESTABLISHED JANUARY 2018
•Enables the collection of tax increment to facilitate economic development and master plan implementation.
•An interlocal agreement between Salt Lake City and the CRA establishes that the CRA collect 75% of tax
increment for project area development activities over a 20-year term. The remaining 25% is retained by the City.
MASTER DEVELOPMENT AGREEMENT JANUARY 2018
•The CRA and City entered into a Master Reimbursement and Development Agreement with NWQ, LLC.
•The Agreement establishes “reimbursement qualified expenses” that are eligible for a tax increment
reimbursement.
NWQ TI REIMBURSEMENT POLICY AUGUST 2018
•Establishes the policies and procedures for evaluating and approving a Tax Increment Reimbursement
Agreement.
•Applications for a reimbursement of $1 million or more of tax increment shall be subject to a public benefits
analysis completed by a third-party consultant
NWQ TI REIMBURSEMENT AGREEMENT Phase I MAY 2020
NWQ TI REIMBURSEMENT AGREEMENT Phase II & III JUNE 2024
•The CRA and NWQ, LLC entered into a tax increment reimbursement agreement for Phase I with a
maximum reimbursement of $28 million Phase II & III for a maximum reimbursement of $49 million.
APPLICANT: NWQ, LLC
PHASE IV: 25.1 total acres
CRA PARTICIPATION: 70%
TERM: 20 Years or the sum of the remaining collection years
of the Project Area, whichever is less
MAXIMUM REIMBURSEMENT: $1,544,202
ELIGIBLE EXPENSES: $6,412,487
•Systemwide Improvements: $4,407,511
Improvements that benefit the larger area within Phase IV
•Project-Specific Improvements: $2,004,977
NWQ, LLC’s improvements specific to Phase IV of property development
Note: NWQ, LLC may only receive a reimbursement after the improvements are developed and the property
generates sufficient tax increment.
Note: Annual reimbursements subject to verification of the actual costs incurred by NWQ, LLC.
NWQ, LLC’s Phase 4 will include roadways, water and sewer
improvements, soil remediation, building pad and insulated panels.
•355,176 square feet of development
•$63 million of private investment
•$71 million of newly assessed value
•309 jobs
Source Moderate Scenario
Value
High Scenario
Value
Total City Tax Increment $2,611,041
City Portion (25%)$652,760 $735,334
CRA Portion (75%)$1,958,280
Note: Tax increment values are projections over the remaining 13 years of the Project Area term
based on the Public Benefits Analysis completed by LRB Public Finance Advisors.
Use %Moderate Scenario High Scenario
Tax Increment
Reimbursement 70%$1,370,796 $1,544,202
Affordable Housing 10%$195,828 $220,600
CRA Administration 10%$195,828 $220,600
Shared Costs 10%$195,828 $220,600
Total Uses of Tax Increment 100%$1,958,280 $2,206,003
Note: Tax increment uses are projections based on the Public Benefits Analysis completed by LRB Public Finance Advisors.
•There are significant extraordinary infrastructure
improvements in the NWQ area, including soil remediation,
access to utilities and renewable energy investments.
•Tax increment participation will assist with removing
development impediments and the system-wide
infrastructure investment will lead to substantial
development within the remaining NWQ area.
•The Development has the potential to create millions of new
assessed value within an underutilized area that has
generated very little tax revenue historically for the City.
•The Development is projected to create over 309 new jobs.
•“But for” the use of tax increment, this area will remain
underutilized and vacant.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
02/23/2026
Date Sent to Council:
02/24/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
02/23/2026
Chief of Staff's Signed Date
02/23/2026
Subject:
Tax Increment Reimbursement terms for NWQ, LLC Phase IV
New transmittal or
Revision
New transmittal
Revision
Revision Updates:
Added/revised the following under Executive Summary:
The Developer may only receive a reimbursement after the improvements are made and the property generates sufficient tax increment, and after the CRA verifies (a) the actual costs incurred by the developer, (b) that the reimbursements comply with City ordinances and permit requirements, and (c) that the reimbursements are consistent with the intent of the CRA to support the development of warehouses and logistics, industrial, and manufacturing/distribution facilities, and associated uses.
Additional Staff Contact:
Kristina Harrold - kristina.harrold@slc.gov
Presenters/Staff Table
Kristina Harrold - kristina.harrold@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
1,544,202
Recommendation:
Approve resolution to enter into a tax increment reimbursement agreement with applicant NWQ, LLC.
Background/Discussion
NWQ, LLC (“Developer”) has requested a tax increment reimbursement for the development of improvements in the Northwest Quadrant Community Reinvestment Area that meet the goals and objectives of the Salt Lake City Community Reinvestment Agency (“CRA”). If the terms of a tax increment reimbursement agreement (“Reimbursement Agreement”) are approved, Developer will receive a percentage of the tax increment generated from Phase IV of its development for a specified timeframe, and the CRA will receive the residual tax increment for other project area development activities, CRA Administration, and affordable housing. The Developer may only receive a reimbursement after the improvements are made and the property generates sufficient tax increment, with reimbursements subject to verification of the actual costs incurred by the Developer.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: February 20, 2026
PREPARED BY: Kristina Harrold, Project Manager
RE: Consideration of the terms of a tax increment reimbursement request from NWQ,
LLC for systemwide and lot-specific improvements associated with Phases IV of
the Northwest Quadrant Community Reinvestment Area
REQUESTED ACTION: Consider approving a resolution authorizing a property tax increment
reimbursement of up to $1,544,202 to NWQ, LLC for its Phase IV of
development.
POLICY ITEM: Northwest Quadrant Tax Increment Reimbursement Policy
BUDGET IMPACTS: Up to $1,544,202 of future tax increment proceeds with the actual
reimbursement amount based on increment generated only by Phase IV of
the project.
EXECUTIVE SUMMARY: NWQ, LLC (“Developer”) has requested a tax increment reimbursement
for the development of improvements in the Northwest Quadrant Community Reinvestment Area that
meet the goals and objectives of the Salt Lake City Community Reinvestment Agency (“CRA”). If the
terms of a tax increment reimbursement agreement (“Reimbursement Agreement”) are approved,
Developer will receive a percentage of the tax increment generated from Phase IV of its development for
a specified timeframe, and the CRA will receive the residual tax increment for other project area
development activities, CRA Administration, and affordable housing. The Developer may only receive a
reimbursement after the improvements are made and the property generates sufficient tax increment, and
after the CRA verifies (a) the actual costs incurred by the developer, (b) that the reimbursements comply
with City ordinances and permit requirements, and (c) that the reimbursements are consistent with the
intent of the CRA to support the development of warehouses and logistics, industrial, and
manufacturing/distribution facilities, and associated uses.
The Developer’s request includes the reimbursement of certain eligible improvements (“Reimbursable
Improvements”), separated into the following categories:
• Systemwide Improvements: Infrastructure improvements that will facilitate the development of
the entire Community Reinvestment Area.
• Project-specific Improvements: Improvements that will facilitate the Developer’s fourth phase of
development, encompassing 25.1-acres of land and facilitating approximately 355,176 square feet
of future light industrial and manufacturing space (“Phase IV”).
Pursuant to established polices and agreements, the CRA and Developer have negotiated the terms of a
Reimbursement Agreement for consideration by the CRA Board of Directors (“Board”) – refer to
Attachment C: Resolution and Term Sheet.
CRA FINANCE COMMITTEE RECOMMENDATION: On January 21, the CRA Finance
Committee (“Committee”) convened to review the Developer’s request. The Committee asked for staff
confirmation that the Phase IV improvements fall within eligible expense categories, that the Phase IV
request does not deviate from the Policy in any way, and that the conditions to reimbursement payments
will be addressed before each payment request. The Committee unanimously recommended the approval
of the request with the terms contained herein.
ANALYSIS & ISSUES: Additional information on the project’s I) Background, II) Overview, III) Tax
Increment Budget, IV) Eligible Improvements, V) Policy Alignment, and VI) Applicant is as follows:
I. Background
The Community Reinvestment Area is located north of Interstate 80 and includes over 3,000 acres of
developable land (Attachment A). To facilitate development of the Community Reinvestment Area,
Salt Lake City (“City”) and the CRA carried out the following efforts:
• Community Reinvestment Area, January 2018: The CRA (then known as the “RDA”)
established the Community Reinvestment Area to enable the collection of tax increment to carry
out economic development and master plan implementation. Subsequently, the CRA entered into
an interlocal agreement with the City to collect 75% of the City’s tax increment for a period of 20
years (“Project Area Increment”).
• Master Reimbursement and Development Agreement, January 2018: The CRA and City
entered into a Master Reimbursement and Development Agreement (“Development Agreement”)
with each of the two majority property owners within the Community Reinvestment Area. Pursuant
to the Development Agreement with Developer, 70% of Project Area Increment generated from
Developer’s respective property shall be available for reimbursement. Prior to receiving Project
Area Increment, Developer shall complete an application and review process and enter into a
separate tax increment reimbursement agreement (“Reimbursement Agreement”) that is approved
by the Board.
• Northwest Quadrant Tax Increment Reimbursement Policy, August 2018: The CRA adopted
the Northwest Quadrant Tax Increment Reimbursement Policy (“Policy”) that establishes the
policies and procedures for evaluating and approving a Reimbursement Agreement. Pursuant to the
Policy, applications for a reimbursement of $1 million or more of tax increment shall be subject to
a public benefits analysis completed by a third-party consultant. Refer to Attachment D: Public
Benefits Analysis for an analysis of the Developer’s request for Phases IV completed by LRB Public
Finance Advisors (“LRB”).
• Northwest Quadrant Phase I Tax Increment Reimbursement Agreement, May 2020: In
accordance with the Northwest Quadrant Tax Increment Reimbursement Policy, the CRA entered
into a Participation and Reimbursement Agreement with NWQ, LLC for Phase I of the
development, with a maximum reimbursement amount of approximately $28 million through the
term of the agreement.
• Northwest Quadrant Phase II and III Tax Increment Reimbursement Agreement, February,
2024: In accordance with the Northwest Quadrant Tax Increment Reimbursement Policy, the CRA
entered into a Participation and Reimbursement Agreement with NWQ, LLC for Phase II and III
of the development, with a maximum reimbursement amount of approximately $49 million through
the term of the agreement.
II. Project Overview
In coordination with adjacent property owners, the Developer is working to develop the SLC Port
Global Logistics Center, an approximately 3,000-acre industrial and intermodal development that is
served by rail and can accommodate manufacturing, warehouse, and distribution tenants of varying
size. The Developer is the record owner of approximately 1,800 acres of land within the Community
Reinvestment Area. Development activities have been phased. Currently, the known phases have
approximately the following acreage:
• Phase I: 361 acres
• Phase II: 342.51 acres
• Phase III: 611.86 acres
• Phase IV: 25.1 acres
Refer to Attachment B: Site Map & Buildings Plan for a site map of the development plan.
Phase IV includes earthwork, infrastructure, remediation, and roadways that enable the construction of
approximately 355,176 square feet of future light industrial and manufacturing space. Private
investment for the planned system-wide improvements and the Phases IV development will be between
$63 and $71 million. Phase IV may create $71.2 million of new assessed value and generate
approximately 309 jobs.
III. Tax Increment Budget
According to LRB’s analysis, the Community Reinvestment Agency is projected to receive between
$1,958,280 and $2,206,003 in Project Area Increment from Developer’s Phase IV development over a
13-year period. Of the actual amount of CRA collected increment, the Developer is proposed to
receive 70% as a reimbursement for Reimbursable Improvements. Tax increment projections are as
follows:
ASSUMPTION
Development Assessed
Incremental Value $63,164,792 $71,154,556
Total Agency Tax Increment $1,958,280 $2,206,003
Pursuant to the Development Agreement, the Developer has requested 70% of the CRA’s portion of
tax increment, which would result in a reimbursement between $1,370,796 and $1,544,202. Uses of tax
increment are as follows:
USES
Tax Increment Reimbursement 70% $1,370,796 $1,544,202
CRA Housing 10% $195,828 $220,600
CRA Administration 10% $195,828 $220,600
Shared Costs 10% $195,828 $220,600
Total Uses of Tax Increment $1,958,280 $2,206,003
IV. Reimbursable Improvements
The Developer has submitted a combined $6,412,487 in projected Reimbursable Improvements for
future Systemwide and Project-Specific categories, as provided below:
Type Improvement Description of Costs Amount
Systemwide
Improvements Mobilization $56,773
SWPPP $60,950
Earthwork $217,675
Site Work $191,764
Concrete &
HMA
Material costs for Concrete and Hot Mix
Asphalt for road construction. $220,648
Waterline
Extension
Addition of new water supply pipes to serve
areas not previously connected. $341,815
Storm Drain $200,007
Dry Utilities buildings including electricity, natural gas, $118,950
Hydro Seed Seeding for erosion control $42,000
Site Wide –
Import Fill Fill required to stabilize soil conditions. $747,938
Storm Drain
Easement
Necessary system wide improvement
required by SLC Public Utilities. $1,600,307
Land Dedication $608,685
Project-specific
Improvements
(Phase IV)
Imported Fill
Building Required imported fill due to the present
risk of liquefaction and poor soils. $310,241
Vapor Barrier
building footprint to mitigate the risk of
environmental vapor intrusion pathways
that arise from the former North Temple
$829,715
Soft Spot Repair Imported cobble, rock, and fill required to
fix and remediate poor soils. $88,268
Insulated
Sandwich Panels panels and high-insulating sandwich panels $776,754
Total Reimbursable Improvements $6,412,487
*Note: A cost escalator of 10% per line item may be applied to address inflation or market increases as improvements are
developed over time; however, the Maximum Reimbursement (defined below) will not increase unless otherwise agreed to
in writing by CRA pursuant to the TI Reimbursement Agreement.
Pursuant to the proposed terms (Attachment C), the reimbursement may be applied to any of the listed
Reimbursable Improvements provided however that reimbursement does not exceed the actual cost
incurred by the Developer.
V. Policy Alignment
The Developer’s request aligns with the CRA and City’s plans and policies for the Community
Reinvestment Area and Northwest Quadrant. Policy alignment includes the following:
• Economic Development: The Developer’s Phase IV development will create a dynamic
employment center that will allow for the recruitment, retention, and expansion of businesses to
provide livable-wage jobs and enhance economic prosperity. According to LRB’s analysis, the
project will generate over 309 jobs with an average wage of $80,808. In addition, it is estimated
that Developer’s project will employ between approximately 170 construction workers generating
over $15.42 million in construction salaries during the construction period.
• Infrastructure Improvements: The Developer’s project will construct infrastructure in a
coordinated, efficient, and systematic manner for the facilitation of economic development and
implementation of the City general plan, including the Major Street Plan, the Northwest Quadrant
Master Plan, and the Northwest Quadrant Master Drainage Plan.
• Sustainability: The Northwest Quadrant Tax Increment Reimbursement Policy was approved prior
to the CRA’s Sustainable Development Policy adoption. CRA staff and the attorney’s office have
determined that tax increment reimbursement agreements entered into within the Northwest
Quadrant Community Reinvestment Area and in compliance with the Northwest Quadrant Tax
Increment Reimbursement Policy are not subject to the CRA’s Sustainable Development Policy.
• Affordable Housing: 10% of the tax increment generated from the Developer’s project, estimated
to be between $195,828 and $220,660, will be allocated toward affordable housing to ensure the
availability and affordability of quality housing throughout the City.
VI. Applicant Information
The tax increment reimbursement request is being coordinated by SLC GLC on behalf of NWQ,
LLC. SLC GLC is an entity associated with Colmena Capitol, one of Developer’s managing
members. As part of the Colmena Group, SLC GLC has real estate experience in developing, owning,
and managing multi-family apartments, commercial office space, student housing, research parks,
retail, hotel, industrial warehouses, and mixed-use properties. The Colmena Group has a current
portfolio of over $1.6 Billion, 5 million square feet and approximately 11,000 housing units.
PREVIOUS BOARD ACTION:
• January 2018: The CRA Board approved Resolution No. R-1-2018 and the Salt Lake City Council
approved Ordinance 1-2018 adopting the Northwest Quadrant Community Reinvestment Area.
• January 2018: The CRA Board approved Resolution No. R-4-2018 and the Salt Lake City Council
approved Ordinance 4-2018 authorizing approval of a development agreement between the CRA,
City, and NWQ, LLC.
• August 2018: The CRA Board adopted Resolution No. R-26-2018 adopting the Northwest
Quadrant Tax Increment Reimbursement Policy.
• August 2019: The CRA Board adopted Resolution No. R-11-2019 adopting the NWQ LLC Phase I
Tax Increment Reimbursement Agreement.
• June 2024: The CRA Board adopted Resolution No. R-09-2024 adopting the NWQ LLC Phase II &
Phase III Tax Increment Reimbursement Agreement.
ATTACHMENTS:
A. Northwest Quadrant Community Reinvestment Area Map
B. Site Map
C. Resolution and Term Sheet
D. Public Benefits Analysis
ATTACHMENT A: NORTHWEST QUADRANT CRA MAP
ATTACHMENT B: SITE MAP
ATTACHMENT C: RESOLUTION AND TERM SHEET
1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO.
NWQ LLC Phase IV Tax Increment Reimbursement Agreement
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY APPROVING A TAX INCREMENT REIMBURSEMENT
AGREEMENT WITH NWQ, LLC FOR PHASE IV OF ITS DEVELOPMENT.
WHEREAS, the Salt Lake City Community Reinvestment Agency (CRA) was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act.
WHEREAS, pursuant to CRA Resolution 1-2018 and Salt Lake City (City) Ordinance 1-
2018, the CRA and City adopted the Northwest Quadrant Community Reinvestment Area Plan
(Project Area).
WHEREAS, the CRA and City entered into an interlocal agreement authorizing use of 75%
of the City’s tax increment (Project Area Increment) to support the implementation of the Project
Area plan.
WHEREAS, the CRA entered into a Master Development and Reimbursement Agreement
with NWQ, LLC (Developer) that specifies up to 70% of Project Area Increment generated from
Developer’s respective property shall be available for reimbursement pending the execution of a
tax increment reimbursement agreement (Agreement).
WHEREAS, pursuant to CRA Resolution 26-2018, the CRA has established a tax
increment reimbursement policy for the Northwest Quadrant Community Reinvestment Area
(NWQ TI Policy) that establishes the policies and procedures for entering into an Agreement with
Developer.
WHEREAS, pursuant to the NWQ TI Policy, Developer entered into an Agreement with
the CRA on May 12, 2020 for phase I of their development, and an Agreement on October 12,
2025 for phases II and III.
WHEREAS, for phase IV of its development, Developer is constructing improvements on
an additional 25.1 acres within the Project Area (Property) for the purpose of constructing
warehouses, industrial, manufacturing and distribution-related facilities, a global logistics center
for energy production, and associated infrastructure (Project-Specific Improvements).
WHEREAS, Developer also intends to develop the Property with utility and stormwater
management infrastructure that will facilitate the development of the larger Project Area
(Systemwide Improvements), consistent with the Northwest Quadrant Community Reinvestment
Area Plan.
WHEREAS, Developer’s development of the Project-Specific Improvements and
2
Systemwide Improvements will contribute to achieving the goals, policies, and purposes of the
Project Area plan.
WHEREAS, to facilitate Developer’s development of the Project-Specific Improvements
and Systemwide Improvements, the CRA is willing to provide a reimbursement of Project Area
Increment from the Property to Developer in the maximum amount of $1,544,202.
WHEREAS, it is the intent of the Board that this reimbursement of Project Area Increment
is intended solely to support the development of warehouses, industrial, manufacturing and
distribution-related uses, a global logistics center for energy production, and associated public
infrastructure, and is not intended for any other category of development or uses.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY, that the term sheet for the
tax increment reimbursement agreement between the CRA and Developer, attached as Exhibit A,
is hereby approved. The Board finds that the proposed development will contribute to achieving
the goals, policies, and purposes of the Northwest Quadrant Project Area plan. The Board hereby
authorizes the Executive Director to negotiate and execute a tax increment reimbursement
agreement with NWQ LLC consistent with the term sheet. The documents shall also incorporate
such other terms as recommended by the Salt Lake City Attorney’s Office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency,
this day of , 2026
Dan Dugan, Chair
Transmitted to the Executive Director on .
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Approved as to form: /s/ Jennifer Huntsman__________
Salt Lake City Attorney’s Office
Jennifer Huntsman
ATTEST:
3
CITY RECORDER
4
Error! Unknown document property name.
EXHIBIT A TO RESOLUTION
Term Sheet for Tax Increment Reimbursement Agreement between
CRA and NWQ LLC for Phase IV
Property:
Tax increment shall be reimbursed from Developer’s Phase IV development, which is more
particularly described in Exhibit 1 to this term sheet (the “Property”).
Reimbursable Improvements:
The CRA will agree to provide an annual tax increment reimbursement (each a “TI
Reimbursement”) to Developer for certain improvements that have been identified as eligible for
reimbursement based in part on Developer’s representation that such improvements will be used in
support of warehouses, a global logistics center for power/energy, industrial, manufacturing and
distribution solutions, and associated uses, subject to applicable laws and ordinances. The annual
reimbursement may be applied to any of the listed improvements as long as the conditions for
payment are met. Total Eligible Reimbursable Improvements may exceed the Maximum
Reimbursement Amount, however, the CRA is only obligated to reimburse up to the Maximum
Reimbursement (defined below). Reimbursable Improvements are as follows:
Type Improvement Description of Costs Amount
Systemwide
Improvements Mobilization to prepare site for construction $56,773
SWPPP Prevention Plan to reduce runoff into $60,950
Earthwork $217,675
Site Work $191,764
Concrete & HMA $220,648
Waterline Extension $341,815
Storm Drain $200,007
Dry Utilities buildings including electricity, natural $118,950
Hydro Seed Seeding for erosion control $42,000
Site Wide – Import
Fill Fill required to stabilize soil conditions. $747,938
Storm Drain
Easement
Necessary system wide improvement
required by SLC Public Utilities. $1,600,307
Land Dedication $608,685
Project-specific
Improvements
Imported Fill
Building present risk of liquefaction and poor $310,241
5
Error! Unknown document property name.
20 Mil Vapor Barrier
building footprint to mitigate the risk of
environmental vapor intrusion
pathways that arise from the former
$829,715
Soft Spot Repair Imported cobble, rock, and fill required
to fix and remediate poor soils. $88,268
Insulated Sandwich
Panels
up panels and high-insulating sandwich
panels to promote sustainable $776,754
Total Reimbursable Improvements $6,412,487
NOTE: A cost escalator of 10% per line item may be applied to address inflation or market increases
as improvements are developed over time; however, the Maximum Reimbursement (defined
below) will not increase unless otherwise agreed to in writing by CRA pursuant to the TI
Reimbursement Agreement.
CRA Participation:
The CRA will agree to reimburse the Developer up to 70% of the annual tax increment the CRA is
entitled to receive from the Property, subject to the terms of a written agreement between Developer
and the CRA (“TI Reimbursement Agreement”), for a term of 20 years or the sum of the remaining
collection years of the Project Area, whichever is less. As currently defined, the Project Area is set to
end collection in tax year 2038. The first annual TI Reimbursement payment shall be due in fiscal
year 2027-2028 for the 2026 tax year.
Maximum Reimbursement:
The maximum amount available for TI Reimbursement shall be $1,544,202 (“Maximum
Reimbursement”). The actual TI Reimbursement paid to Developer may be lower or higher than the
projected amount based on actual increment generated from the Property and compliance of each
Reimbursable Improvement with the requirements of the TI Reimbursement Agreement, provided,
however, that the maximum total amount of the reimbursement shall not exceed the Maximum
Reimbursement. In the event that tax increment revenue the CRA is entitled to receive from the NWQ
Project Area exceeds the Maximum Reimbursement, Developer may request an increase in the
Maximum Reimbursement, which the CRA Board may authorize in its sole discretion.
Conditions to Payment:
CRA will provide an annual TI Reimbursement payment for the Reimbursable Improvements once
the following information is satisfactorily provided (in a form and substance satisfactory to CRA in
its sole discretion):
1. A description and/or depiction of the Reimbursable Improvements for which Developer is seeking
reimbursement for that year.
2. Evidence reasonably acceptable to the CRA that the Reimbursable Improvements for which
Developer is seeking reimbursement for that year: (a) have been completed and paid in full,
(b) comply with all City ordinances and permit requirements, and (c) are consistent with the
intent of the CRA that the improvements support the development and operation of a global
logistics center for power/energy, industrial, manufacturing and distribution solutions,
warehouses, and associated uses.
6
Error! Unknown document property name.
3. A list of tax parcels comprising the area to be served by the Reimbursable Improvement(s)
(“Improvement Area”), including owners and parcel numbers.
4. A map or drawing clearly identifying the boundaries of the Improvement Area, including the
location of the Reimbursable Improvements.
5. The total actual cost of the Reimbursable Improvements paid by Developer, with executed
construction contracts, supporting invoices, proof of payment, or other written documentation
acceptable to the CRA.
6. Disclosure of any other sources of revenue and/or financing used to pay for the Reimbursable
Improvements, including but not limited to grants or loans from other governmental entities, impact
fee reimbursements, additional tax increment sources, or reimbursements from pioneering
agreements (“Other Reimbursements”).
7. Evidence reasonably acceptable to CRA that no mechanic’s and materialmen’s liens, or other
financial encumbrances related to payment to contractors for the Reimbursable Improvements
have been or will be recorded against the Property.
8. Evidence reasonably acceptable to CRA that no material or adverse changes have occurred in the
finances, business, operations, or affairs of Developer.
9. Evidence reasonably acceptable to the CRA that construction of the Reimbursable Improvements
is in compliance with all laws and regulations.
• Maintenance of Reimbursable Improvements:
Developer shall, during the term of the TI Reimbursement Agreement and unless ownership has been
transferred to the City, maintain in good repair and condition, consistent with applicable laws,
generally accepted engineering standards, and take steps to ensure the intended use of the Property is
consistent with the NWQ Community Reinvestment Area Plan, the Reimbursable Improvements for
which CRA provides TI reimbursement. Failure to do so will result in a breach of the reimbursement
agreement and may subject Developer to claw back of all or some portion of TI Reimbursement
payments.
Transfer of Property:
Developer reserves the right to TI Reimbursements for Reimbursable Improvements even if
Developer sells any portion of the Property to a third-party. Any assignment of the right to receive TI
Reimbursements under the Reimbursement Agreement must be in writing, signed by Developer and
approved by CRA in its sole discretion, and must include specific details regarding the right or
amount of reimbursement to be transferred to a third party.
Conditions for Agreement Execution:
1. CRA Board must approve the terms of the TI Reimbursement Agreement.
2. Developer must obtain all required City approvals for the Reimbursable Improvements.
3. Developer must receive approval from the CRA and its legal counsel on all matters pertaining to
title; legality of the reimbursement request; the legality, sufficiency, and the form and substance
of all documents that are deemed reasonably necessary for the transaction; and compliance with
applicable laws and CRA policies (including, but not limited to, the Housing and Transit
Reinvestment Zone Act, Utah Code § 63N-3-602 et seq., CRA’s HTRZ Tax Increment
Reimbursement Program Policy, and all Salt Lake City ordinances).
4. Such other terms as recommended by the CRA’s legal counsel and staff.
7
Error! Unknown document property name.
EXHIBIT 1 TO TERM SHEET
Legal Description and Map
Proposed Legal Description per current SLC plat application: SLC Port GLC Phase 4 Plat “A”
Subdivision lots 1, and 2.
Metes and Bounds description – Pre plat recordation
A parcel of land being a part of an entire tract being described as "Parcel 3 Adjusted” in that Notice of Lot
Line Adjustment Approval recorded July 10, 2018 as Entry No. 12807806 in Book 10692 at Page 2576;
in the Office of the Salt Lake County Recorder. Said parcel of land is located in the Southwest Quarter,
and Southeast Quarter, of Section 28, Township 1 North, Range 2 West, Salt Lake Base and Meridian and
is described as follows:
Beginning at a point on the northerly line of that 700 North Roadway Dedication Recorded January 31,
2023 as Entry No. 14067628, in Book 2023P, at Page 023 in the Office of said Recorder, which is 51.00
feet N.00°15'56"E. along the Quarter Section Line from the South Quarter Corner of said Section 28;
thence westerly along the northerly line of said 700 North Roadway Dedication N.89°45'50"W. 1,530.58
feet; thence N.00°23'17"E. 527.00 feet; thence S.89°45'50"E. 1529.18 feet; thence S.89°45'13"E. 542.44
feet; thence S.00°21'30"E. 527.03 feet to the northerly line of said 700 North Roadway Dedication; thence
westerly along the northerly line of said 700 North Roadway Dedication N.89°45'13"W. 547.90 feet to
the Point of Beginning.
The above-described entire tract contains 1,093,553 Sq. Ft., in area or 25.105 Acres, more or less. 2 Lots.
8
Error! Unknown document property name.
ATTACHMENT D: PUBLIC BENEFITS ANALYSIS
NORTHWEST QUADRANT CRA BENEFITS ANALYSIS RELATED TO PHASE IV
SALT LAKE CITY
COMMUNITY
REINVESTMENT
AGENCY
JANUARY 2026
NORTHWEST QUADRANT
PHASE IV BENEFITS ANALYSIS
PREPARED BY:
LRB PUBLIC FINANCE ADVISORS
FORMERLY LEWIS YOUNG ROBERTSON & BURNINGHAM INC.
Page 2 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
SECTION I: INTRODUCTION
The Salt Lake City Community Reinvestment Agency (the “Agency” or the “CRA”) has retained LRB
Public Finance Advisors (“LRB”) to conduct an independent third-party review of the Tax Increment
Reimbursement Application submitted by NWQ, LLC, developer of the Salt Lake City Global Logistics
Center (hereafter referred to as the “Developer”). In accordance with Resolution No. R-26-2018 of
Agency, which adopted the Northwest Quadrant Tax Increment Reimbursement Policy, LRB
performed the following analysis pursuant to Section 3.2 Application Analysis. This Application
Analysis examines and analyzes (i) the public benefits associated with the proposed development of
Phase IV of Salt Lake City Global Logistics Center (the “Global Logistics Center”), and (ii) the financial
need and appropriateness of tax increment reimbursement to the Developer to encourage and
incentivize the development of supportable public infrastructure and private investment.
The Developer, through its Tax Increment Reimbursement Application (attached hereto in Appendix A)
has requested the Agency to provide tax increment reimbursement to cover a portion of the costs related
to constructing system wide infrastructure improvements that will facilitate the development of the entire
3,000+ acres of developable land within the Northwest Quadrant Community Reinvestment Project Area
(the “Northwest Quadrant CRA” or “NWQ CRA”) and project specific infrastructure projects within the 25.1
acres referenced as Phase IV of the Global Logistics Center. The estimated costs of the infrastructure
necessary to support Phase IV is estimated at $6.41 million.
As noted in the previous paragraphs, the purpose of this report is to conduct a benefits analysis, which
assesses the fiscal and economic impacts (benefits) that are anticipated to be derived from Phase IV
of the development; determine the anticipated level of tax increment to be generated; and analyze
the level of tax increment reimbursement necessary to facilitate the infrastructure projects within the
Northwest Quadrant CRA.
In summary, this analysis includes 1:
1. A brief summary of the Northwest Quadrant CRA;
2. An evaluation of the reasonableness of the costs of the proposed development;
3. Efforts that have been made, or will be made to maximize private investment;
4. The rationale for use of tax increment funds, including an analysis of whether the proposed
development might reasonably be expected to occur in the foreseeable future solely through
private investment;
5. An estimate of the total amount of project area funds that the Agency intends to spend on the
development;
6. The anticipated public benefit from the proposed development, including a thorough analysis
of the various development revenues and expenditures;
7. The associated business and economic activity the proposed development will likely stimulate;
and
8. Whether tax increment participation is necessary and appropriate to undertake the proposed
development.
1 A 13-year timeframe was used to calculate the public benefits of the development.
Page 3 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
INTERLOCAL COOPERATION AGREEMENT – SALT LAKE CITY AND AGENCY
Authorization was provided by Salt Lake City (the “City”) to the Agency to receive Tax Increment for the
purposes identified in an Interlocal Cooperation Agreement dated as of February 9, 2018, which is
also inclusive of the NWQ CRA Plan (adopted January 9, 2018). The Interlocal Cooperation Agreement
is attached hereto and included in Appendix C. Therein is the adopted Project Area Budget (17C-5-
303) and the required Public Benefits Analysis (17C-5-105(2)(b)). Other taxing entities who levy
property taxes within the Northwest Quadrant CRA determined not to participate in the Northwest
Quadrant CRA through sharing of tax increment revenues at the time it was created in 2018. Thus, for
the purposes of this analysis only the City’s tax increment is evaluated.
MASTER DEVELOPMENT AND REIMBURSEMENT AGREEMENT
The Master Development and Reimbursement Agreement (recorded January 31, 2018), by and
between the Agency and the Developer, outlines additional information including design standards,
infrastructure construction and dedication, planning and development coordination/dedication and
tax increment reimbursement guidelines. A copy of the Master Development and Reimbursement
Agreement is attached in Appendix D, which provides additional context to the idea of tax increment
reimbursement to facilitate the Global Logistics Center.
As was previously referenced herein, LRB relied in part upon that certain Tax Increment
Reimbursement Application submitted by the Developer to the Agency and attached hereto in
Appendix A. The Developer is seeking to receive 70% of the tax increment generated from Phase IV
of the development to partially offset the significant infrastructure costs, which have been estimated
to be approximately $6.41M.
Page 4 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
SECTION II: NORTHWEST QUADRANT COMMUNITY
REINVESTMENT AREA
FIGURE 2.1: NWQ PROJECT AREA
Phase IV includes a 25.1-acre parcel newly annexed into the NWQ CRA. Due to the conditions of the
parcel that make up Phase IV, as well as the absence of existing stormwater conveyance infrastructure
available to serve the site, a comprehensive storm drain solution is required to enable development.
Achieving buildable elevations will require import fill, along with a full stormwater management
system incorporating engineered swales and detention facilities to meet City standards and protect
downstream resources. The site also carries potential legacy environmental contamination, requiring
the installation of an environmentally rated vapor barrier beneath any building footprints to mitigate
exposure risks. Absent tax increment reimbursement, the site’s existing challenges and conditions
substantially increase the cost burden associated with development.
OVERVIEW AND SUMMARY OF THE NORTHWEST QUADRANT CRA
The Northwest Quadrant CRA or NWQ CRA is located immediately west of the Salt Lake City
International Airport and north of Interstate 80. It contains over 3,000 acres of developable land near
an international airport, major national and state highways, and national railway crossings. The
Northwest Quadrant CRA will assist the State of Utah in competing with other global economic
development regional hubs.
Page 5 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
After adopting the NWQ CRA Project Area Plan and entering into the Interlocal Cooperation
Agreement with the City, the Utah State Legislature made the Northwest Quadrant CRA part of the
State’s Inland Port Authority and most of the tax increment and governing powers are controlled by
the Inland Port Authority. However, the Interlocal Cooperation Agreement, attached as Appendix C,
was grandfathered and permitted the Agency to receive 75% of the City’s property tax increment for
a 20-year period.
The Developer in the Tax Increment Reimbursement Application, attached as Appendix A, and the
Developer’s TIR Narrative, attached as Appendix B, requests that the Agency authorize
reimbursement of 70% of all Tax Increment generated and received by the Agency related to Phase
IV f the Global Logistics Center project. The Developer has indicated to the Agency that they will have
over $2.29 million in tax increment reimbursement qualified expenses. These expenses will include
both system-wide infrastructure projects that will facilitate development within the entire Northwest
Quadrant CRA and project specific infrastructure expenses on the Developer’s Phase IV development,
which will include over 355K square feet of light industrial and manufacturing space.
As depicted in Table 2.1 below, the Project is anticipated to create over $71.2 million of new assessed
value and generate 309 jobs. It is estimated that the system-wide infrastructure investment will enable
the development of billions in additional assessed value.
TABLE 2.1: PHASE IV PROJECTIONS
DEVELOPMENT PHASE SQ FT NEW SSESSED
TOTAL JOBS
Phase IV 355,176 $71,154,556 309
TOTAL 355,176 $71,154,556 309
INFRASTRUCTURE EXPENSES
In the Tax Increment Reimbursement Application (Appendix A), the Developer has provided an
estimate of $6,412,487 for both system-wide infrastructure projects and project specific infrastructure
projects (deemed to be qualified tax increment reimbursement expenses), which are critical for the
development of Phase IV of the development. Table 2.2 outlines the $4,407,511 of system-wide tax
increment reimbursement qualified expenses, as identified by the Developer.
TABLE 2.2: SYSTEM-WIDE INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Mobilization $56,773
SWPPP $60,950
Earthwork $217,675
Site Work $191,764
Concrete & HMA $220,648
Waterline Extension $341,815
Storm Drain $200,007
Dry Utilities $118,950
Hydro Seed $42,000
Site Wide - Import Fill $747,938
Storm Drain Easement $1,600,307
Land Dedication $608,685
TOTAL SYSTEM-WIDE INFRASTRUCTURE COSTS $4,407,511
Page 6 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
Table 2.3 outlines the $2,004,977 of project specific tax increment reimbursement qualified expenses
within Phase IV development, as identified by the Developer.
TABLE 2.3: PROJECT SPECIFIC INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Building Pad Import Fill $310,241
20 Mil Vapor Barrier $829,715
Soft Spot Repair $88,268
Insulated Sandwich Panels $776,754
Solar Panels N/A
TOTAL PROJECT-SPECIFIC INFRASTRUCTURE COSTS $2,004,977
DEVELOPMENT ASSUMPTIONS
Development assumptions for the Phase IV development were provided by the Developer, as well as
the usage of comparable parcels. Table 2.4 includes the development assumptions used for this
analysis, including a Moderate and High development scenario.
TABLE 2.4: DEVELOPMENT ASSUMPTIONS
ASSUMPTION MODERATE SCENARIO HIGH SCENARIO
Phase IV Acres 25.10 25.10
Incremental Land Value $7.73/Square Foot $7.73/Square Foot
Building Value $140.04/Square Foot $160.49/Square Foot
Personal Property Value 10% of Building Value 10% of Building Value
Land Use Flex/Light Industrial Flex/Light Industrial
Absorption Schedule 2025 2025
Using these assumptions, the Phase IV development will create between an additional $63,164,792
and $71,154,556 in assessed value. Table 2.5 depicts the project assessed value of the development
for the Moderate Scenario and Table 2.6 depicts the project assessed value of the development for
the High Scenario.
TABLE 2.5: PHASE 4 PROJECTED TAXABLE VALUE: MODERATE SCENARIO
TAX YEAR SQUARE FEET BUILDING VALUE LAND VALUE PERSONAL
PROPERTY
TOTAL
INCREMENTAL
Building 1 2025 164,988 $23,105,469 $3,925,586 $2,310,547 $29,341,602
Building 2 2025 190,188 $26,634,561 $4,525,174 $2,663,456 $33,823,191
TOTAL 355,176 $49,740,029 $8,450,760 $4,974,003 $63,164,792
TABLE 2.6: PHASE 4 PROJECTED TAXABLE VALUE: HIGH SCENARIO
TAX YEAR SQUARE FEET BUILDING VALUE LAND VALUE PERSONAL
PROPERTY
TOTAL
INCREMENTAL
Building 1 2025 164,988 $26,479,507 $3,925,586 $2,647,951 $33,053,044
Building 2 2025 190,188 $30,523,944 $4,525,174 $3,052,394 $38,101,512
TOTAL 355,176 $57,003,450 $8,450,760 $5,700,345 $71,154,556
Page 7 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
SECTION III: PUBLIC BENEFITS ANALYSIS
EVALUATION OF THE REASONABLENESS OF THE COSTS OF THE PROPOSED
PROJECT AREA DEVELOPMENT
Projected costs include system-wide infrastructure that will allow for development of the Northwest
Quadrant CRA and site-specific infrastructure for over 355K square feet of light/flex industrial space.
The Developer has identified over $6.41 million of infrastructure costs, which are identified in Table
3.1.
TABLE 3.1: TOTAL INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Mobilization $56,773
SWPPP $60,950
Earthwork $217,675
Site Work $191,764
Concrete & HMA $220,648
Waterline Extension $341,815
Storm Drain $200,007
Dry Utilities $118,950
Hydro Seed $42,000
Site Wide - Import Fill $747,938
Storm Drain Easement $1,600,307
Land Dedication $608,685
$829,715
$88,268
Insulated Sandwich Panels $776,754
Solar N/A
TOTAL INFRASTRUCTURE COSTS $6,412,487
The infrastructure costs are comparable to other construction projects within the Wasatch Front.
Additional information regarding the infrastructure costs can be found in the Developer’s TIR
Narrative at the end of this document and included in Appendix B.
EFFORTS MADE TO MAXIMIZE PRIVATE INVESTMENT
Private investment in the Northwest Quadrant CRA and specifically within the proposed Phase IV of
the development will be significant. Based on the information provided by the Developer, the private
investment for the system-wide improvements and the Phase IV Development will be between $63
and $71 million.
RATIONALE FOR USE OF TAX INCREMENT FUNDS
The site requires remediation and infrastructure investment. Additionally, the Developer is investing
over $6.41 million of infrastructure costs including a full stormwater management system,
incorporating engineered swales and detention facilities to meet the City’s standards and applicable
environmental regulations. “But for” the use of tax increment, the necessary system-wide
infrastructure investment would not be feasible and the land within the [Northwest Quadrant CRA or
Page 8 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
Phase IV of the development] would remain in its underutilized state and continue to generate
minimal benefit to the City and its residents.
The parcel that makes up Phase IV is part of a parent parcel that is 838 acres that will be subdivided
into 25 acres by the end of 2025. Phase IV’s full parcel of the Development area was generating $1,433
in annual property tax revenue for the City on $155,080 mostly vacant/agricultural land. For the
purposes of this analysis, it was assumed that the subdivided 25-acre parcel, or three percent of the
total parent parcel, has a base value of $4,644 and generates $43. Through the investment of tax
increment funds, the property within Phase IV of the development is projected to generate up to
$226,257 in annual property tax increment for the City on $71,154,556 of assessed value. This
substantial increase would not be realized without public participation. Table 3.2 breaks out these
projections by the phase of development.
TABLE 3.2: ASSESSED VALUE (13 YEARS)
DEVELOPMENT PHASE SQ FT NEW ASSESSED VALUE
ODERATE CENARIO
NEW ASSESSED VALUE
IGH CENARIO
Building 1 164,988 $29,341,602 $33,053,044
Building 2 190,188 $33,823,191 $38,101,512
TOTAL 355,176 $63,164,792 $71,154,556
ESTIMATE OF TOTAL AMOUNT OF PROJECT AREA FUNDS THE AGENCY ESTIMATES
TO SPEND ON DEVELOPMENT
The Agency has not yet negotiated tax increment participation with the Developer for Phase IV of the
development. This public benefit analysis will help guide the negotiation. The Agency has entered into
an interlocal agreement (Appendix C) with the City whereby the City will pass through 75% of the tax
increment generated in the NWQ. In addition, the City, Agency, and Developer may enter into a
development agreement which provides that the Developer is eligible to receive 70% of the tax
increment received by the Agency pending the successful completion of an application, review, and
approval process. The Development is projected to generate between $1,958,280 and $2,206,003
during the remaining 13-year life of the CRA (20-year life for the entire CRA but 13-year life for Phase
IV of development). Table 3.3 outlines the tax increment projections.
TABLE 3.3: AGENCY TAX INCREMENT PROJECTIONS (13 YEARS)
ASSUMPTION MODERATE CENARIO
IGH CENARIO
Development Assessed Incremental Value $63,164,792 $71,154,556
2025 City Tax Rate
Total City Tax Increment $2,611,041 $2,941,337
Participation Rate 75% 75%
TOTAL AGENCY TAX INCREMENT $1,958,280 $2,206,003
NPV (4.75%) $1,436,560 $1,618,285
The Developer has requested 70% of the Agency’s portion of tax increment related to Phase IV of the
Development, which is projected to be between $1,370,796 and $1,544,202. Table 3.4 depicts an
estimate of how much TIF will be generated within Phase IV and an allocation of how the Agency has
determined to utilize the tax increment under the Interlocal Agreement.
Page 9 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
TABLE 3.4: USES OF TAX INCREMENT
USE PERCENTAGE MODERATE SCENARIO HIGH SCENARIO
TOTAL NPV (4%) TOTAL NPV (4%)
Tax Increment Reimbursement 70% $1,370,796 $1,005,592 $1,544,202 $1,132,799
CRA Housing 10% $195,828 $143,656 $220,600 $161,828
CRA Administration and Operations 10% $195,828 $143,656 $220,600 $161,828
Shared Costs 10% $195,828 $143,656 $220,600 $161,828
TOTAL SES OF AX NCREMENT
ANTICIPATED PUBLIC BENEFIT FROM THE PROPOSED DEVELOPMENT
REVENUES
PROPERTY TAX
Using the City’s 2025 certified tax rate, the Development will generate between approximately $2.6
and $2.9 million of property tax revenue for the City during the 13-year life of the CRA, or an annual
average of between $200,849 and $226,257. This is a significant increase over the $588 of base year
taxes generated during the same period. Table 3.5 summarizes the City’s property tax revenue.
TABLE 3.5: CITY PROPERTY TAX REVENUE (13 YEARS)
The Development is projected to generate between $2.54 and $2.86 million of property tax revenue
for the other taxing entities within the Development. Under HB 433, the Utah Inland Port Authority is
authorized to collect these revenues. Table 3.6 outlines the property tax revenues of the other taxing
entities.
TABLE 3.6: TAXING ENTITY PROPERTY TAX REVENUE (13 YEARS)
TAXING ENTITY MODERATE CENARIO
ALUE
IGH CENARIO
ALUE
SLC School District $3,093,016 $3,484,282
Salt Lake County $1,028,816 $1,158,961
Salt Lake City $652,760 $735,334
Salt Lake City Library $0 $0
Metro Water Salt Lake $268,494 $302,458
Salt Lake City Mosquito Abatement District $133,836 $150,767
Central Utah Water Conservancy District $328,433 $369,980
Multicounty Assessing & Collecting Levy $11,495 $12,949
County Assessing & Collecting Levy $111,667 $125,793
13-YEAR NEW DEVELOPMENT PROPERTY TAX TOTAL $2,535,501 $2,856,242
SALES TAX
ASSUMPTION MODERATE CENARIO
ALUE HIGH SCENARIO VALUE
2025 City Tax Rate 0.003180 0.003180
Base Year Value $4,644 $4,644
Annual Base Year Property Tax Revenue $43 $43
13-year Base Year City Property Tax Total $192 $192
13-Year Base Year Property Tax Total $558 $558
New Development Value $63,164,792 $71,154,556
Average Annual New Development City Property Tax Revenue $200,849 $226,257
13-YEAR NEW DEVELOPMENT CITY PROPERTY TAX TOTAL $2,611,041 $2,941,337
Page 10 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
While industrial users typically do not generate sales of goods, some large industrial spaces have
cafeterias to serve employees. However, for the purposes of this analysis, it is assumed that any
annual gross taxable sales within their cafeterias will be negligible and no sales tax revenue is
included.
FRANCHISE TAX
The City charges a municipal energy (“franchise”) tax on all taxable electric and natural gas sales within
the City. Estimated average electric and natural gas usages were estimated via information from the
U.S. Energy Information Administration (EIA). Average prices were determined using information from
the EIA and Enbridge Gas. The actual franchise tax benefit will increase or decrease with the
performance of the solar infrastructure. Table 3.7 summarizes the City’s projected franchise tax
revenue.
TABLE 3.7: CITY FRANCHISE TAX REVENUE (13 YEARS)
ASSUMPTION MODERATE IGH
ALUE
Average Industrial Consumption (kWh) per SF 5.8157
Average Industrial Price (Dollar/kWh) $0.08
Average Industrial Natural Gas Use (Dth) per SF 0.01930
Average Industrial Price per Dth $6.45
Average Annual Franchise Tax $14,217
13-YEAR FRANCHISE TAX REVENUE TOTAL $184,824
CLASS B/C ROAD FUNDS
Utah Department of Transportation (“UDOT”) distributes road funds to cities based on both a
population distribution and a weighted road mile distribution. The Development will not increase the
City’s population but includes 0.108 miles of new roads, which equates to 0.54 weighted miles.2 The
Development is projected to generate $8,238 in Class B/C Road Funds Table 3.8 depicts the Class B/C
Road Fund revenues.
TABLE 3.8: CLASS B/C ROAD FUNDS (13 YEARS)
ASSUMPTION MODERATE IGH
FY 2025 Weighted $ per Mile $1,039
Miles of Road (Weighted) 0.540
Growth Rate 2.00%
Average Annual Class B/C Road Funds $634
13-YEAR CLASS B/C ROAD FUNDS TOTAL $8,238
TOTAL CITY REVENUES
The Development is projected to produce between approximately $2.80 and $3.13 million of total City
Revenue during the 13-year life of the CRA. This is a substantial increase over the $588 that would be
produced if the NWQ remained in its current underutilized state. Table 3.9 summarizes the City’s total
Development revenues.
2 Based on Class B and C Roads Apportionment Formula (Utah Code 72-2-108)
Page 11 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
TABLE 3.9: TOTAL CITY REVENUES (13 YEARS)
REVENUE TYPE MODERATE CENARIO
VALUE
HIGH CENARIO
VALUE
Property Tax $2,611,041 $2,941,337
Franchise Tax $184,824 $184,824
Class B/C Road Funds $8,238 $8,238
13-YEAR REVENUE TOTAL $2,804,102 $3,134,399
EXPENDITURES
The Development will also create additional General Government, Public Safety and Public Works
expenses for the City. These expenses are calculated by multiplying the City’s total cost per $ assessed
value by the Development’s projected assessed value. Additionally, the analysis factors in the cost to
service the projected land uses within the Development.
GENERAL GOVERNMENT
TABLE 3.10: TOTAL GENERAL GOVERNMENT EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
IGH CENARIO
2024 Salt Lake City Assessed Value $56,932,846,081 $56,932,846,081
2024 General Government Expenditures $8,173,277 $8,173,277
Cost per $ Assessed $0.00014 $0.00014
Development Assessed Value $63,164,792 $71,154,556
Inflation 3.0% 3.0%
13-YEAR GENERAL GOVERNMENT TOTAL $9,482 $10,681
PUBLIC SAFETY
TABLE 3.11: TOTAL PUBLIC SAFETY EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
ALUE
IGH CENARIO
ALUE
2024 Salt Lake City Assessed Value $56,932,846,081 $56,932,846,081
2024 Public Safety Expenditures $182,524,975 $182,524,975
Cost per $ Assessed $0.00321 $0.00321
Development Assessed Value $63,164,792 $71,154,556
Inflation 3.0% 3.0%
13-YEAR PUBLIC SAFETY TOTAL $211,741 $238,524
PUBLIC WORKS
TABLE 3.12: TOTAL PUBLIC WORKS EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
VALUE
HIGH CENARIO
VALUE
2024 Salt Lake City Assessed Value $56,932,846,081 $56,932,846,081
2024 Public Works Expenditures $51,201,349 $51,201,349
Cost per $ Assessed $0.00090 $0.00090
Development Assessed Value $63,164,792 $71,154,556
Inflation 3.0% 3.0%
13-YEAR PUBLIC WORKS TOTAL $64,905 $73,114
Page 12 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
TOTAL CITY EXPENDITURES
TABLE 3.13: TOTAL CITY EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
VALUE
HIGH CENARIO
VALUE
Estimated Budget (TIF Estimates) $1,958,280 $2,206,003
General Government $9,482 $10,681
Public Safety $64,905 $73,114
Public Works $211,741 $238,524
13-YEAR CITY EXPENSE TOTAL $2,244,407 $2,528,322
NET BENEFIT
Phase IV of development are projected to have a total City net benefit of up to $606,077 during the
13-year life of the CRA. Any tax increment reimbursement up to this amount will still provide a net
benefit to the City. Table 3.14 outlines the net benefit of the Development assuming both a moderate
and high scenario valuation.
NET BENEFITS SUMMARY ANALYSIS (REVENUES COMPARED TO EXPENSES)
TABLE 3.14: TOTAL DEVELOPMENT NET BENEFIT (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
ALUE
IGH CENARIO
ALUE
Total Revenues $2,804,102 $3,134,399
Total Expenses ($2,244,407) ($2,528,322)
NET BENEFIT $559,695 $606,077
THE ASSOCIATED BUSINESS AND ECONOMIC ACTIVITY THE PROPOSED
DEVELOPMENT WILL LIKELY STIMULATE
FULL-TIME JOB CREATION
It is anticipated that Phase IV of development will produce nearly 309 jobs. This is calculated by taking
the average industrial job per square foot in Salt Lake City and multiplying it by the square footage of
Phase IV of the development. This analysis assumes the average salary will be $80,808 3, which
represents the average salary of various industrial wages within Utah. Table 3.15 depicts the full-time
jobs created by Phase IV of development.
TABLE 3.15: FULL-TIME JOBS
ASSUMPTIONS VALUE
Total Square Feet 355,176
Job Per SF 0.0009
Total Projected Employees 309
Average Manufacturing Wage $80,808
Growth Rate 2.00%
Average Annual Salaries $29,084,991
13-YEAR SALARY TOTAL $378,104,878
3 Average annual wages for Manufacturing jobs in Salt Lake City. See Utah Department Of Workforce Services, Workforce
Research & Analysis, Annual Report Of Labor Market Information, 2023
Page 13 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
These wages will be reinvested into the local economy through purchases of goods, services, home,
etc. Additionally, these wages will create additional jobs within the community.
CONSTRUCTION BENEFIT
Phase IV will also create a significant number of construction jobs and investment over the absorption
period. The average construction wage is $90,600 4 per year. The analysis assumes during the
construction period, there will be 170 construction workers in the Project. This will produce an average
additional $15.42 million in annual wages. Table 3.16 depicts the Development construction wages.
TABLE 3.16: CONSTRUCTION JOBS
ASSUMPTIONS VALUE
Construction Workers 170
Average Annual Wage $90,600
Absorption Period 1 Year
TOTAL CONSTRUCTION SALARIES $15,418,394
In addition to the construction jobs, construction materials and supplies will also be purchased within
the community. This could be a significant benefit, depending on the amount of materials and supplies
purchased within the City.
WHETHER TAX INCREMENT PARTICIPATION IS NECESSARY AND APPROPRIATE
Our review and analysis has concluded that Tax Increment participation is necessary and appropriate
for the following reasons:
Extraordinary Site and Location Improvements Necessary for Development: There are
significant extraordinary infrastructure impediments in the Northwest Quadrant CRA and
particularly within Phase IV of the Development, including import fill and environmental
mitigation.
Tax Increment Participation Mitigates Several System-Wide Infrastructure
Impediments: Public participation in the form of Tax Increment reimbursement will assist the
developer and the Agency in removing several impediments and system-wide infrastructure
investments that based on our professional opinion will lead to substantial development with
the remaining Northwest Quadrant CRA and specifically within Phase IV of the development.
Tax Increment Participation will lead to Significant Growth in the Area’s Tax Base: Phase
IV of development has the potential to create millions in new assessed value within an
underutilized area that has generated very little tax revenue historically for the City and other
taxing entities.
Current Capital Markets are not Sufficient to Cover the Extraordinary Costs: With the
increases in construction costs and significant increase in interest rates over the past 2-4 year
period, access to capital investment in Phase IV is significantly limited by virtue of these two
factors. In essence, capital markets are likely to be able to cover the traditional “private”
investment costs of Phase IV of Development but not the entire system-wide and project
4 Average annual wages for Construction jobs in Salt Lake City. See Utah Department Of Workforce Services, Workforce
Research & Analysis, Annual Report Of Labor Market Information, 2023
Page 14 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
specific infrastructure needed to support the over 355K square feet of development. “But for”
the Tax Increment Reimbursement to the Developer, we believe Phase IV will remain
underutilized and vacant for the foreseeable future.
Page 15 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX A: TIR APPLICATION
Project Name
Total Project Cost Estimated Financial Gap
Estimated Project Start Date Estimated Project Completion Date
Project Street Address City State Zip
Contact Name Contact Phone Contact Email Address
Business Name Tax ID Number
Street Address City State Zip
Entity Type:☐ LLC ☐ 501(c) 3 ☐ Partnership ☐ Joint Venture
☐ C Corp ☐ Other:
% Ownership
☐ Yes ☐ NoAre there any judgments or liens outstanding against the applicant?
Name, Title
☐ Sole Owner
451 South State Street, Room 418, PO Box 145518, Salt Lake City, Utah 84114 I 801-535-7240 I www.slcrda.com
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Ownership - Provide the following information for officers and shareholders owning 10% or more of the
entity.
☐ S Corp
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Date of Application
Role in Proposed Project
PART A
APPLICATION
The Part A Application for the Tax Increment Reimbursement Program ("Program") is the first
part of a two-part process to request tax increment reimbursement ("Reimbursement") from the
Redevelopment Agency of Salt Lake City ("RDA"). Please complete the application in full and
provide supplemental documentation as indicated in section VIII: Attachments . Within 10
business day of submission, RDA staff will notify the applicant if the Part A application is
approved. Once Part A is approved, the applicant will be invited to submit the Part B application.
RDA TIR PROGRAM PART A APPLICATION PAGE 1
38.2 LP
18.1 LP
36.1 Manager
GLC Phase 4a 8/6/202
$64,350,000 $5,000,000
Sept 2025 October 2026
7588 W 700 N SLC UT
841116 801.842.2608 baron@slc-glc.com
NWQ, LLC 82-1888568
6628 W 700 N Ste:501 SLC UT 84116
4
Blue Field NWQ, LLC
MEWF 3 NWQ, LLC
NWQ GP, LLC
4
☐ Other:
☐ Yes ☐ No
☐ Yes ☐ No
☐ Renovation/Rehabilitation of Existing Structure(s)☐ Addition to Existing Structure
Does the project require a zoning change or variance, conditional use permit, subdivision, or other planning
or zoning approval (including historic preservation)?
What is the current and proposed zoning and use of the site?
☐ Yes ☐ No
If yes, will the proposed project displace residents or businesses?
Building area, (sq feet)
☐ Energy Efficiency Upgrades
Land area (acres)
If the applicant does not currently own the site, explain how site control has been or will be obtained,
including timing of acquisition.
☐ New Construction, Undeveloped Site ☐ New Construction, Demolition of Existing Structures
Construction Type:
Project Summary: Provide a brief summary of the project.
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Is the site occupied?
RDA TIR PROGRAM PART A APPLICATION PAGE 2
4
25.1 Approx 375k sqft
The project will consist of 2 warehouse buildings and a road to be constructed and
dedicated to Salt Lake City
M-1
4
4
4
☐ No
☐ West Temple Gateway
If a planning or zoning approval is required, indicate if this process has been initiated and provide a
timeline.
Option II: Single-Property Community Reinvestment Area ("CRA")
Option I: Existing Project Area
Project is located in an existing Project Area and meets a corresponding Project Area Objective.
Describe how the proposed project aligns with the Objectives as provided through the most recent Project
Area Strategic Plan as adopted by the RDA Board of Directors.
Which RDA Project Area is the proposed project located?
☐ Central Business District
If Yes, please only fill out "Option I: Existing Project Area" fields in Section V
Is the project located within an existing RDA Project Area?☐ Yes
III: DEVELOPMENT OVERVIEW
V.
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Refer to the RDA Tax Increment Reimbursement Program Policies & Guidelines for more information on Project
Objective Requirements.
If No, please only fill out "Option II: Single-Property Community Reinvestment Area" field in Section V
IV
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1) Explain how the proposed project will result in a minimum of a $12 million investment of private capital
and expenditures.
Project is not located in an existing Project Area, but will fulfill economic development objectives as described in the
answers to the five questions below:
☐ Central City
☐ Depot District
☐ Granary District
☐ North Temple
RDA TIR PROGRAM PART A APPLICATION PAGE 3
NWQ is not listed above.
4
☐ Transit Alternatives
☐ Economic Impact
☐ Affordable Housing: AMI Targets
☐ Affordable Housing: Special Populations
☐ Affordable Housing: Neighborhood Opportunity
Does the proposed project include a Public Benefit that may qualify it for increased incentives?
Check all that apply.
☐ Architecture & Urban Design
☐ Historic Preservation
☐ Permanent Job Creation
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☐ Sustainability
☐ Public Amenities
☐ Adaptive Reuse
Describe how the proposed project will meet the criteria for each of the Public Benefits selected above.
5) Explain how the proposed project employs sustainable construction practices consistent with a
reputable sustainable building program.
V.
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2) Demonstrate how the proposed project as a single-property CRA results in job retention/expansion
and/or job creation.
3) Describe how the tax increment reimburement is necessary for the proposed project to succeed.
4) Confirm that the business is an existing Salt Lake City-based business, and describe how the tax
increment reimbursement will result in the business remaining or expanding in Salt Lake City.
RDA TIR PROGRAM PART A APPLICATION PAGE 4
Role Years of
Experience
Architect
Contractor
Developer
Owner
Property
Manager
/Marketing
Agent
Other
Other
Check if Complete
☐
☐
☐
• 4: Preliminary plans (include renderings if available)☐
• 5: Market study (if available) *ONLY for Single-Property CRA ☐
The applicant must attach the following to assist in verficiation of the funding gap.
(please label accordingly)
• 1: Sources and uses (template may be utilized)
• 3: Operating pro forma (template may be utilized)
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Development Team: Please provide the following information for each relevant development team member.
Firm/Organization Contact Name, Email
• 2: Appraised project value
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RDA TIR PROGRAM PART A APPLICATION PAGE 5
AEUrbia
Tom Stuart
NWQ, LLC
NWQ, LLC
CBRE Tom Dischmann
By (signature)
Title Date
I/We hereby certify that all statements in this application are true and complete and are made for the purpose of
obtaining credit. I/We fully understand that it is a federal crime punishable by fine or imprisonment or both to
knowingly make any false statements concerning any of the above facts, as applicable under the provisions of Title
18, United States Code, Section 101.
Applicant (print)
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Applicant Certification
Tax Increment Reimbursement Calculation
A sample Tax Increment Reimbursement calculation is attached to this application as Exhibit A. The formula below
is to calculate the potential maximum total tax increment reimbursement generated from the proposed
improvements and available to a developer shall be as follows:
IX
:
T
I
R
C
A
L
C
U
L
A
T
I
O
N
a. Step 1: Calculate the Total Annual Tax Increment
The difference between the base taxable value of the proposed project prior to improvements and the
estimated new growth in taxable value resulting from the improvements. (New Growth – Base Value)
Multiplied by the current Salt Lake County effective tax rate.
(New Growth – Base Value) x (Effective Tax Rate) = Total Annual TI
b. Step 2: Calculate the Annual Tax Increment Collected by the RDA
Total Annual TI multiplied by the percentage of TI collected from the taxing entities by the RDA
(Total Annual TI) x (% of TI collected by the RDA) = Annual TI Collected by the RDA
c. Step 3: Calculate the 1 st Year Developer Allocation
(Annual TI Collected by the RDA) x (Developer’s Reimbursement Split [defined below]) = Estimated Year 1 TI
Reimbursement to Developer
(Refer to Section 2.4: Reimbursement Split for more information on calculating the split between the RDA and
the developer.)
d. Step 4: Calculate the Maximum Amount of Tax Increment Available to the Developer Over the Term of the
TI Reimbursement Agreement.
(Estimated Year 1 Tax Increment Reimbursement to Developer) x (the Term of the Reimbursement
Agreement*) = Total Developer Tax Increment Available Over the Term
*Note: An annual growth multiplier based on current economic conditions may be applied to this calculation.
RDA TIR PROGRAM PART A APPLICATION PAGE 6
Baron Gajkowski
Project Manager 08.26.25
Page 22 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX B: TIR NARRATIVE
Qualification & Analysis Narrative
Narrative Request for Phase 4 Development – Northwest Quadrant, Salt Lake City
We respectfully submit this narrative in support of the proposed development of Phase 4,
a 25.1-acre parcel located within the Northwest Quadrant of Salt Lake City and newly annexed
into the NWQ, LLC Master Development Agreement. The site currently faces substantial
barriers to development due to unresolved environmental and infrastructure constraints.
Site Challenges and Conditions
The subject parcel is characterized by poor subsurface conditions, including low-lying
topography and previously disturbed soils, which render the site undevelopable without
significant import fill to achieve buildable elevations and meet required grades for drainage and
building foundations. Additionally, no existing stormwater conveyance infrastructure is available
to serve the site. To enable any meaningful development, a comprehensive storm drain solution
must be implemented, including engineered roadside swales and detention features to manage
on-site runoff and protect downstream waterways in accordance with City standards and
applicable environmental regulations. Furthermore, the site is subject to legacy environmental
concerns, including the potential for contamination stemming from historic land uses and
adjacent disturbed properties. This requires the installation of an environmentally rated vapor
barrier to be installed across building footprints to properly mitigate risks of environmental
exposure.
Burdened Cost Narrative
Understanding the current challenges and conditions that exist for the Northwest
Quadrant, development encounters significant hurdles that impede growth and the future build
out of the area. If not for tax increment reimbursement, these hurdles of import fill,
environmental mitigation, and necessary infrastructure improvements would burden the project
to the point that financial feasibility is greatly impacted.
Page 25 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX C: INTERLOCAL COOPERATION AGREEMENT
Page 78 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX D: MASTER DEVELOPMENT AND
REIMBURSEMENT AGREEMENT
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Item C6
COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLC.GOV/COUNCIL
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:Community Reinvestment Agency Board
FROM: Kate Werrett
Budget & Policy Analyst
DATE:March 10, 2026
RE: MOTION SHEET – USA CLIMBING AT RIO GRANDE DISTRICT – SALT LAKE
MATTRESS COMPANY BUILDING
MOTION 1 – ADOPT
I move that the Board adopt a resolution amending and restating the lease rate and terms for USA Climbing
Headquarters and Training Facility at approximately 500 West and 300 South.
MOTION 2 – NOT ADOPT
I move that the Board proceed to the next agenda item.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
CITY COUNCIL of SALT LAKE CITY
tinyurl.com/SLCFY26
TO:CRA Board Members
FROM:Kate Werrett, Budget and Policy Analyst
DATE:March 10, 2026
RE:USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
________________________________________________________________________________
ISSUE AT-A-GLANCE
This staff report includes a request from the Community Reinvestment Agency (CRA) staff for guidance regarding
potential modifications to Resolution No. 13 of 2024, which authorizes the lease rate and terms for the USA
Climbing Headquarters and Training Facility located at approximately 500 West 300 South. Under this resolution,
the CRA agreed to support USA Climbing (USAC) in the rehabilitation of the historic Salt Lake Mattress Company
(SERTA Building) Building by providing $6 million in rehabilitation funding. Subsequent construction cost
estimates exceeded initial projections, and USAC is unable to cover the additional expenses.
Two potential options have been identified for consideration to determine the path forward. CRA staff is seeking
guidance from the CRA Board regarding these options and direction on how to proceed.
Goal of the briefing: Receive details regarding changes to the existing resolution, discuss the proposed
modifications, and provide direction to CRA staff.
ADDITIONAL & BACKGROUND INFORMATION
USA Climbing is developing construction plans for its headquarters, which will be located at approximately 500
West 300 South. This location is within the CRA’s Rio Grande District and is located within the expired CRA Depot
District as well as the SL Central Housing and Transit Reinvestment Zone (HTRZ) project area. To support catalytic
development within the CRA’s project area, the CRA is collaborating with USA Climbing on the headquarters
project, which is anticipated to draw visitors, spur investment, and contribute to a more active and well-utilized
surrounding area. The attached resolution includes the details of the term sheet and of the USAC agreement. The
project’s public benefits included in the resolution include:
Equitable and inclusive programming
Transportation demand management strategies
Activation of the historic Salt Lake Mattress Company Building
Design, construction, management, and participation in the maintenance of an outdoor plaza
The SERTA Building rehabilitation was anticipated to save the shell of the building, not the interior. USAC received
a $7.3 million cost estimate to complete this renovation work. USAC does not have the capacity to contribute the
additional $1.3 million required for the rehabilitation and has therefore proposed two options for moving forward:
Page | 2
Option 1: The CRA provides an additional $1.3 million to support the rehabilitation of the building shell.
To fund this request, the CRA would need to reallocate resources from other projects or programs.
Option 2: USAC has proposed taking the building down and rebuilding the structure with concrete
masonry brick walls and the original brick used as both interior and exterior facades throughout. The
building would be more structurally sound and would be built to meet the CRA’s Sustainable Development
Policy. NOTE: If this option is selected, USAC will need an additional $250,000 to move forward with this
option. The CRA could use contingency funds to cover this additional cost.
Additional details on the proposed adaptive reuse and the reconstruction options are located within the CRA
transmittal.
ATTACHMENTS
1.CRA Transmittal: USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
2.Resolution No. 13 of 2024 Authorizing Lease Rate and Terms for USA Climbing Headquarters and Training
Facility at Approximately 500 West 300 South
3.Rio Grande District Vision and Implementation Plan
USA Climbing at Rio Grande
CRA Board of Directors
March 10, 2026
Salt Lake Mattress Co. Building
Background
On January 13, 2026, the CRA outlined cost increases associated with USA
Climbing’s planned adaptive reuse of the Salt Lake Mattress Company Building,
and put forth a less expensive option to reconstruct the Building using its historic
materials.
On February 10, 2026, the Board requested that the CRA explore other options
for site development/treatment of the Building, including construction of a
smaller/more contemporary structure.
Considerations
USA Climbing is nearing completion of a design that meets all of their needs while
satisfying the requirement to incorporate the Salt Lake Mattress Building in a
meaningful way.
Necessary uses are spread across both buildings.
Changes to the Mattress Building could require changes to the larger facility. This
would add significant redesign costs to the project and delay construction.
Reconstruction would support the Board’s original goal of retaining the structure,
and related components of the Board-endorsed Rio Grande District Plan.
Given financial realities, proposal could be a good middle ground: not true
preservation, but design matches historic conditions as closely as possible, and
materials would be original to the building.
Proposed Term Amendment
Proposed Language:
USA Climbing shall expend all reasonable efforts to reconstruct the Salt Lake Mattress
Company Building to match historic conditions, including building placement, massing, and
fenestration patterns, with exceptions subject to approval by CRA staff. The building shall
be carefully deconstructed, and the historic bricks cleaned, safely stored, and reappointed
to clad the interior and exterior of the structure. USA Climbing will take on the responsibility
of paying the up-front costs of design, demolition, and reconstruction, and the CRA will
reimburse USA Climbing a maximum of up to $6,250,000 for these costs.
Current Language:
“As part of the construction of the project, USA Climbing will take on the responsibility of
paying the up-front costs of rehabilitating the historic Salt Lake Mattress Building. The [CRA]
will reimburse USA Climbing up to $6 million for design and construction costs associated
with seismic upgrades and building improvements needed to meet minimum building code
requirements, unless a greater amount is approved by the [CRA] Board of Directors.”
Next Steps
If the Board chooses to adopt the resolution with amended term sheet:
USA Climbing will advance the design of a reconstructed Mattress Building in accordance
with the approved terms.
The additional funding (up to $250,000) is allocated to the Rio Grande District Property
Disposition & Site Work Project and will be made available for the design, demolition, and
reconstruction of the Mattress Building.
Salt Lake Mattress Co. Building
Graphics from the Rio Grande District Vision & Implementation Plan (2024)
1907 2020 (post earthquake)2020 (post reinforcement)
Salt Lake Mattress Co. Building
USA Climbing HQ & National Training Center
310 S. 500 West development site and vicinity
USA Climbing HQ & National Training Center
On July 9, 2024, CRA Board approved term sheet
for ground lease of Rio Grande site.
Three (3) primary project components:
New construction of primary climbing training
facility
Outdoor plaza
Rehabilitation and activation of Salt Lake
Mattress Co. Building
CRA committed to reimburse USA Climbing up to
$6 million for costs associated with rehabilitating
Mattress Building.
Approximate lease area
Proposed Design
Northern (front) facade
Interface between Mattress Building and new construction
Eastern facade
Northeast corner Southern (rear) facade
Challenges
Eastern facade
Northeast corner Southern (rear) facade
Challenges
Adaptive Reuse - $7.3 million
Reconstruction - $6.25 million
Considerations
Consider proposed options for incorporation of the historic Salt Lake
Mattress Company building into the USA Climbing project. Options
include adaptive reuse OR reconstruction using historic materials.
Both options would result in an aesthetically similar end product.
Both options require additional funding (at different scales).
Both options involve removal/reappointment of large swaths of
historic brick.
Reconstruction would minimize safety concerns during construction.
Reconstruction would result in a more energy efficient building that
supports USA Climbing’s goal to achieve on-site net zero status.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
01/23/2026
Date Sent to Council:
01/27/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
01/25/2026
Chief of Staff's Signed Date
01/27/2026
Subject:
USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
Additional Staff Contact:
Ashley Ogden, Senior Project Manager ashley.ogden@slc.gov
Presenters/Staff Table
Ashley Ogden, Senior Project Manager ashley.ogden@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
$250,000
Recommendation:
Review the amended term sheet and consider approving via attached resolution.
Background/Discussion
At the January 13, 2026, CRA Board Meeting, CRA staff provided an overview of two (2) options for incorporating the Mattress Building into the USA Climbing project: adaptive reuse or reconstruction. Based on discussion during the meeting, CRA sta ff have amended the Approved Terms to clarify that USAC will reconstruct the Mattress Building, with an increased reimbursement allowance of up to $6.25 million. Attachment A includes a redlined version of the amended terms. If the CRA Board chooses to adopt the amended term sheet, a draft resolution is included as Attachment B.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: January 23, 2026
PREPARED BY: Ashley Ogden, Senior Project Manager
RE: USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
REQUESTED ACTION: Review the amended term sheet and consider approving via attached
resolution
POLICY ITEM: Real Property Disposition, Budget
BUDGET IMPACTS: Use of $250,000 that is allocated to the Rio Grande District Property
Disposition & Site Work Project
EXECUTIVE SUMMARY:
On July 9, 2024, the Community Reinvestment Agency Board of Directors (“CRA Board”) approved
Resolution No. 13 of 2024 authorizing terms (“Approved Terms”) associated with the disposition of
CRA-owned property for the development of USA Climbing’s (“USAC”) headquarters and national
training center. Per the Approved Terms, the project is to include a) the new construction of the
primary climbing training facility, b) the rehabilitation and activation of the historic Salt Lake Mattress
Company building (“Mattress Building”), and c) the new construction of an outdoor plaza. The CRA
committed to reimbursing USAC up to $6 million for design and construction costs associated with
rehabilitation of the Mattress Building. USAC committed to activating the Mattress Building with
publicly accessible food, beverage, and retail uses for the duration of the ground lease term.
After bringing a contractor on board and further evaluating what it will take to adaptively reuse the
Mattress Building, it was determined that additional structural reinforcement will be necessary to
maintain a safe work environment during construction. In addition, large swaths of the historic brick
are unstable and will need to be removed and reappointed, further compromising the building’s
stability. These factors result in a higher-than-anticipated project cost of $7.3 million. USAC has
indicated that the organization is unable to absorb any costs beyond the $6 million being provided by
the CRA.
As an alternative, USAC proposed to reconstruct the Mattress Building using concrete masonry block
(CMU) that is clad with the historic brick on the interior and exterior. Aesthetically, the end result
would be similar to what would be achieved via adaptive reuse: same building placement, elevations,
fenestration patterns, etc. Benefits of this option include safer working conditions during construction
(a key concern for all parties), a safe and efficient building that meets modern seismic and energy
building codes, and a lower project cost at an estimated $6.25 million.
At the January 13, 2026, CRA Board Meeting, CRA staff provided an overview of two (2) options for
incorporating the Mattress Building into the USA Climbing project: adaptive reuse or reconstruction.
Based on discussion during the meeting, CRA staff have amended the Approved Terms to clarify
that USAC will reconstruct the Mattress Building, with an increased reimbursement allowance
of up to $6.25 million. Attachment A includes a redlined version of the amended terms. If the CRA
Board chooses to adopt the amended term sheet, a draft resolution is included as Attachment B.
ANALYSIS:
Notable proposed amendments to the Approved Terms include:
• Replacement of all references to the Redevelopment Agency of Salt Lake City (RDA) with the
Salt Lake City Community Reinvestment Agency (CRA).
• Addition of the following language regarding reconstruction of the Mattress Building: USA
Climbing shall expend all reasonable efforts to reconstruct the Salt Lake Mattress Company
Building to match historic conditions, including building placement, massing, and fenestration
patterns, with exceptions subject to approval by CRA staff. The building shall be carefully
deconstructed, and the historic bricks cleaned, safely stored, and reappointed to clad the
interior and exterior of the structure. USA Climbing will take on the responsibility of paying
the up-front costs of design, demolition, and reconstruction, and the CRA will reimburse USA
Climbing up to $6,250,000 for these costs.
NEXT STEPS:
If the Board chooses to adopt the resolution with amended term sheet:
• USA Climbing will advance design of a reconstructed Mattress Building in accordance with the
approved terms.
• The additional funding (up to $250,000) is allocated to the Rio Grande District Property
Disposition & Site Work Project and will be made available for the design, demolition, and
reconstruction of the Mattress Building.
PREVIOUS BOARD ACTION:
• On September 29, 2020, the CRA Board conducted a straw poll releasing $865,000 to stabilize
the Mattress Building, which had sustained serious damage from the March 2020 earthquake.
• On April 16, 2024, the CRA Board adopted a resolution approving FY2024 Budget
Amendment #2, which allocated $8,100,000 to the Rio Grande District Property Disposition &
Site Work Project.
• On July 9, 2024, the CRA Board adopted a resolution authorizing the lease rate and terms for
the USA Climbing headquarters and training facility at approximately 500 West 300 South.
•On December 10, 2024, the CRA Board adopted a resolution endorsing the CRA’s utilization
of the Rio Grande District Vision & Implementation Plan.
ATTACHMENTS:
A.Redlined version of amended term sheet
B.Draft resolution to adopt amended term sheet
1
ATTACHMENT A
USA CLIMBING AT RIO GRANDE DISTRICT
Development and Ground Lease Agreement Term Sheet
Purpose
The purpose of ground leasing RedevelopmentCommunity Reinvestment Agency property to USA
Climbing is to help facilitate the construction of their national headquarters and training facility as well as
establish an exciting and catalytic anchor tenant for the Rio Grande District.
Parties
The RedevelopmentSalt Lake City Community Reinvestment Agency (CRA)of Salt Lake City (RDA) and
USA Climbing. USA Climbing is the national governing body of the sport of competition climbing in the
United States. USA Climbing is a non-profit entity that promotes the disciplines of bouldering, lead and
speed climbing, as well as collegiate and paraclimbing series.
Property to be Leased
A portion of property near the southwest corner of 500 West 300 South, Salt Lake City, Utah 84101. The
lease area shall encompass building footprints, setback areas between buildings and adjacent rights-of-
way, and the outdoor plaza. An approximate depiction of the real property to be leased is shown in Exhibit
1 of this document and will be referred throughout as “Lease Area.”
Project Description
The project involves the construction of a headquarters and training facility for USA Climbing, which will
include:
1. New construction of a primary structure that is about 65-75 feet tall with a roughly 45,000 sf
footprint (exact specifications subject to further stakeholder engagement). This structure will
include bouldering, lead, and speed climbing walls, as well as other support uses that are typical
of a climbing facility. Most areas of the facility will be accessible by the community; some spaces
will be reserved for the U.S. National Team’s exclusive use. The exterior building facades will
include climbing walls.
2. RehabilitationReconstruction and activation of the historic Salt Lake Mattress Company building,
anticipated to include publicly facing and accessible food, beverage, and retail uses, as well as
private spaces for USA Climbing offices.
3. New construction of an outdoor plaza that will be utilized for USA Climbing-hosted competitions
as well as other non-USA Climbing events (will be designed to accommodate 3,500 – 5,000
spectators).
Lease Terms
1. Term: 99 years, to commence upon execution of a ground lease agreement. Execution of a
ground lease agreement is contingent on both parties satisfying the conditions outlined in the last
section of this document. Ownership of the improvements constructed on the Lease Area will
revert to RDACRA ownership at the end of the term. In the last five years of the term, USA
Climbing may exercise an option to renew the lease for an additional 50 years. The lease rate for
the additional lease period will be fair market value, unless otherwise negotiated and approved by
the administration and legislative body.
2
2. Lease Rate: As set forth in more detail below, the lease rate will be based on a portion of the fair
market value of the Lease Area and will be increased incrementally over time. The outdoor plaza
space shall not be included in the calculation of the lease rate. Stated another way, the outdoor
plaza shall be leased at no cost.
a. The annual lease rate will be the fee simple, fair market value of the Lease Area (not
including the outdoor plaza space, as determined by an RDACRA-commissioned
appraisal) multiplied by 5% (Annual Lease Rate). If a ground lease agreement is not
executed within 12 months of the approval of this term sheet by the RDA Board of
Directors, the RDA shall reserve the right to commission an updated appraisal on which
the Annual Lease Rate will be based.
b. The Annual Lease Rate will be increased, or escalated, every five years. This escalator is
based on the average consumer price index (CPI) rate over the previous five years, with a
minimum escalation rate of 2% and a maximum escalation rate of 5%. The first
escalation will take place at the start of the 6th year of the lease and be based on the
average CPI rate calculated for the first 1-5 years of the lease. The Annual Lease Rate,
inclusive of the escalation, shall be referred to as the “Escalated Annual Lease Rate.”
c. The Escalated Annual Lease Rate shall be reduced according to the following schedule:
i. Years 1-6: USA Climbing will not make any lease payments during the first six
years to account for construction and stabilization.
ii. Year 7: USA Climbing shall make a payment that is equal to 45% of the
Escalated Annual Lease Rate.
iii. Year 8: USA Climbing shall make a payment that is equal to 50% of the
Escalated Annual Lease Rate.
iv. Year 9: USA Climbing shall make a payment that is equal to 55% of the
Escalated Annual Lease Rate.
v. Years 10-99: USA Climbing shall make annual payments that are equal to 60% of
the Escalated Annual Lease Rate.
3. Common Area Maintenance (CAM) Fees: CAM fees will be collected from Rio Grande District
property lessees to contribute to the cost of maintaining public spaces in the neighborhood. The
annual CAM fee for USA Climbing will be $1.50 per square foot of the gross floor area of their
project, inclusive of the new structure and the reconstructed Salt Lake Mattress Company
Building (Annual CAM Fee). Gross floor area shall be interpreted to mean the sum in square feet
of all floors of the building, measured from the exterior face of the exterior walls. The Annual
CAM Fee will be assessed upon USA Climbing receiving its occupancy permit, be charged at the
same reduced rate as the schedule provided in 2.c.i-v, and escalated in the same manner as
outlined in 2.b.
4. Community Benefits: During the term of the lease, USA Climbing is committed to providing the
community benefits described below. The lease rate outlined above is tied to USA Climbing
providing these benefits, and as such, should USA Climbing not provide these benefits, the lease
rate will increase as specified in more detail in the agreements.
a. Equitable and inclusive programming that may include offerings such as youth
programming, workforce development opportunities, and access to the facility for
community members who may not otherwise have access to the sport of climbing, based
on income or other key measures.
3
b. Transportation demand management strategies to reduce auto dependency of employees
and visitors and encourage the use of alternative modes of transportation. This may
include discounted day passes for those that utilize public transit, and inclusion of
shower, locker, and bicycle storage facilities.
c. Activation of the historicreconstructed Salt Lake Mattress Company Building, anticipated
to include – at ground level - food and beverage and retail components that are open and
clearly accessible by the general public during regular operating hours. The second floor
will house private USA Climbing offices. and the basement may be utilized for storage.
d. Design, construction, and management of the outdoor plaza, which will primarily be used
for USA Climbing-hosted events and made available for use by other entities for
additional events.
i. Design – USA Climbing shall work collaboratively with the RDACRA to
develop the design for the outdoor plaza, which shall be incorporated into the
construction drawings for the larger project at USA Climbing’s sole expense.
ii. Construction – The plaza shall be constructed by USA Climbing and built at the
same time as the rest of the project. Prior to construction, USA Climbing and the
RDACRA will determine a cost-sharing formula and the RDACRA will
reimburse USA Climbing for agreed-upon plaza construction costs, in an amount
not to exceed $1 million, unless a greater amount is approved by the RDACRA
Board of Directors.
iii. Management – USA Climbing will be responsible for managing the use of the
plaza, for both USA Climbing and non-USA Climbing-hosted events. It is
anticipated that USA Climbing will host six (6) multi-day competition events per
year, in addition to smaller events associated with their programming. USA
Climbing events may take precedence over other plaza uses but when there is no
scheduling conflict, USA Climbing shall allow all reasonable requests by outside
parties to utilize the plaza for special events. USA Climbing shall not charge the
City or RDACRA for the use of the plaza. Other Rio Grande District property
lessees that contribute to the CAM fund will be charged a reduced rental rate for
the use of the plaza.
iv. Maintenance – USA Climbing shall contribute to a CAM fund that will be
utilized to fund maintenance of the outdoor plaza, as well as other publicly
owned parks, plazas, park strips, public art, alleyways, parking facilities, etc.,
within the neighborhood. CAM fees will also be used to fund enhanced street and
sidewalk maintenance beyond the baseline City maintenance level. The
RDACRA shall be responsible for implementing maintenance activities funded
by the CAM assessment.
e. Tracking and Reporting. Some of the community benefits described above are physical
improvements that will be memorialized in construction drawings, development
agreements, cost-sharing agreements, and/or use agreements. Others are programmatic
and ongoing in nature and shall be memorialized in a 5-year community benefits plan that
is provided by USA Climbing to RDACRA Staff for their approval, and which may be
amended from time to time with prior Staff approval. RDACRA Staff will present USA
Climbing’s informational progress report to the RDACRA Board of Directors at the
conclusion of each 5-year plan period.
5. Additional Terms:
4
a. Parking: The RDACRA is exploring the feasibility of financing and developing a shared
parking structure on the south block of the neighborhood.
i. If developed, the RDACRA will lease parking privileges to interested property
owners and tenants, including USA Climbing, based on operational needs,
estimated demand, and parking management best practices.
ii. If the parking structure is not completed by the time the USA Climbing project is
operational, the RDACRA shall lease adjacent RDACRA-owned property to
USA Climbing at no cost for a temporary surface parking lot. USA Climbing
shall be responsible for funding and constructing all site improvements necessary
for the surface parking lot. The planned location of the parking structure and
temporary surface parking lot (if needed) is shown in Exhibit 2.
iii. Should the parties need surface parking for an extended period, or if the proposed
temporary parking location becomes unavailable for this use, the parties will
work together to negotiate a solution to accommodate USA Climbing’s parking
needs within one block of their facility, with the goal of ultimately eliminating
the surface parking lot.
b. Salt Lake Mattress Company Building: USA Climbing shall expend all reasonable efforts
to reconstruct the Salt Lake Mattress Company Building to match historic conditions,
including building placement, massing, and fenestration patterns, with exceptions subject
to approval by CRA staff. The building shall be carefully deconstructed, and the historic
bricks cleaned, safely stored, and reappointed to clad the interior and exterior of the
structure. As part of the construction of the project, USA Climbing will take on the
responsibility of paying the up-front costs of rehabilitatingdesign, demolition, and
reconstruction, and the historic Salt Lake Mattress Building. Tthe RDACRA will
reimburse USA Climbing up to $6,250,000 for these costs. million for design and
construction costs associated with seismic upgrades and building improvements needed
to meet minimum building code requirements, unless a greater amount is approved by the
RDA Board of Directors.
c. Demolition of Existing Buildings: The Lease Area currently contains multiple existing
structures that are currently being leased to the State of Utah and will be demolished to
accommodate the project. USA Climbing will take on the responsibility of paying the up-
front costs of demolition. The RDACRA will reimburse USA Climbing up to $120,000
for these costs, unless a greater amount is approved by the RDACRA Board of Directors.
d. Contaminated Soil Disposal: It is possible that USA Climbing will encounter soils
contaminated with semi-volatile organic compounds (SVOCs) during excavation for their
building. Potentially contaminated soils should be screened and stockpiled during
excavation and disposed of in accordance with applicable laws. USA Climbing will take
on the responsibility of paying the up-front costs of disposing of contaminated soils, and
the RDACRA will reimburse USA Climbing for the cost differential associated with
transporting and disposing of contaminated soil versus non-contaminated soil. It is
anticipated that the cost differential will not exceed $200,000.
e. RDACRA to Develop Certain Adjacent Public Improvements: As part of the planned
redevelopment of the neighborhood, RDACRA will design and install utilities with
increased capacity to support increased density, reconstruct 300 South between 500 West
and 600 West, and extend the City grid by building out new midblock street connections,
as illustrated in Exhibit 3. It is the RDACRA’s intent to coordinate with USA Climbing,
the design consultants, and pertinent City divisions when developing plans for the public
improvements adjacent to USA Climbing’s lease area.
5
i. Accessible Parking Spaces – The RDACRA recognizes that USA Climbing
works with paraclimbing athletes who may require special accommodation. As
such, the RDACRA commits to working with USA Climbing to identify
opportunities to incorporate accessible on-street parking spaces near the project,
along the planned Market Street alignment.
Conditions to Execution of Lease and Development Agreements
USA Climbing to receive approval of these development agreement and lease terms by the
RDACRA Board of Directors.
Compliance with all applicable laws and regulations, including any applicable RDACRA policies
such as the Sustainable Development and Public Art policies. If any waivers of RDACRA
policies are requested, such waivers must be considered by the RDACRA Board of Directors.
The Project shall align with the RDACRA’s administrative design review process, which shall
require RDACRA’s review and approval to ensure the design and development plans are
consistent with the term sheet.
USA Climbing to receive all City approvals required to construct the Project, including obtaining
any necessary zoning approvals from the City’s Planning Division and a will-issue demolition
and building permit from the City’s Building Services Division.
USA Climbing to provide evidence of insurance in such amounts and coverage as deemed
necessary by the RDACRA.
RDACRA to review USA Climbing’s projected operating pro forma to ensure that future ground
lease payments are supported and the Project will be maintained, during the term, consistent with
the RDACRA Board-approved term sheet.
Parties agree on the form of a Development Agreement, which shall include, but is not limited to:
o USA Climbing’s commitment to construct the Project consistent with the RDACRA
Board-approved term sheet, all City approvals, and a schedule of development.
o An RDACRA-approved community benefit plan/strategy.
o RDACRA to approve USA Climbing’s financial sources and uses and firm financial
commitments for sources of funding and donations consistent with the schedule of
development.
o USA Climbing’s commitment to comply with all applicable laws and regulations.
o An obligation for USA Climbing to provide the RDACRA quarterly progress reports on
the construction of the Project.
o Remedies should USA Climbing not comply with the terms of the Development
Agreement may include, but not be limited to, filing a breach of contract claim,
terminating the ground lease, damages, injunctive relief, or any other remedies available
at law.
Parties to agree on the form of a Lease Agreement, which shall include, but is not limited to:
o USA Climbing’s obligation to pay the applicable Lease Rate and CAM fees.
o USA Climbing’s commitment to maintain the Project, during the term, consistent with the
RDACRA -Board approved term sheet.
o USA Climbing shall not be permitted to assign the lease to an unaffiliated entity without
the RDACRA’s consent, which may be withheld at the RDACRA’s sole discretion.
o Submission and approval of the community benefits plan.
6
o An obligation for USA Climbing to provide the RDACRA annual progress reports on the
performance of the public benefits.
o Continual operation of USA Climbing’s headquarters, outdoor plaza, and activation of the
reconstructed Salt Lake Mattress Company Building consistent with the term sheet and
the community benefits plan.
o Remedies should USA Climbing not comply with the terms of the Lease Agreement may
include, but not be limited to, filing a breach of contract claim, terminating the ground
lease, increasing the Lease Rate, damages, injunctive relief, or any other remedies
available at law.
Receive approval from the RDACRA and City Attorney’s Office on all matters pertaining to the
legality, sufficiency, and form and substance of all other documents that are deemed reasonably
necessary for the execution of the transaction.
7
Exhibit 1: Lease Area
8
9
Exhibit 2: Proposed Future Parking Areas
Temporary Surface
Parking Lot
Shared Parking
Structure
10
Exhibit 3: Planned Neighborhood Midblock Street Connections
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. __________
Amending and Restating Lease Rate and Terms for USA Climbing Headquarters and
Training Facility at Approximately 500 West 300 South
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY AMENDING AND RESTATING THE LEASE
RATE AND TERMS FOR THE USA CLIMBING HEADQUARTERS AND TRAINING
FACILITY AT CRA-OWNED PROPERTY AT APPROXIMATELY 500 WEST 300 SOUTH
IN THE DEPOT DISTRICT PROJECT AREA.
WHEREAS, on July 9, 2024, the Board of Directors (Board) of the Salt Lake City
Community Reinvestment Agency (CRA) passed Resolution No. 13 of 2024 authorizing the
lease rate and terms (Approved Terms) for the development of a USA Climbing (USAC)
headquarters and training facility (Project) at CRA-owned property at approximately 500 West
300 South in the Depot District Project Area (Property).
WHEREAS, the Approved Terms include provisions for USAC to incorporate the
historic Salt Lake Mattress Company Building (Mattress Building) into the Project.
WHEREAS, the Approved Terms indicate that USAC will rehabilitate and activate the
Mattress Building for the duration of the 99-year ground lease term.
WHEREAS, the Approved Terms indicate that USAC will pay the up-front costs of
rehabilitating the Mattress Building, and the CRA will reimburse USAC up to $6,000,000 for
qualifying design and construction costs associated with the rehabilitation, unless a greater
amount is approved by the Board.
WHEREAS, following more detailed due diligence, the cost of Mattress Building
rehabilitation is now estimated to be $7,300,000. USAC has indicated it is unable to pay
additional costs beyond the $6,000,000 allocated in the Approved Terms. USAC has proposed an
alternative option to reconstruct the Mattress Building utilizing its historic materials for an
estimated cost of $6,250,000.
WHEREAS, based on discussion during the informational briefing provided to the Board
at the January 13, 2026, meeting, CRA staff has amended the Approved Terms (Amended and
Restated Term Sheet) to clarify that CRA will provide an additional $250,000 in
reimbursement for USAC’s reconstruction of the Mattress Building for a total maximum
reimbursement allowance of $6,250,000.
NOW, THEREFORE, BE IT RESOLVED by the Board that the Board approves the
Amended and Restated Term Sheet attached hereto, and that the Board authorizes the CRA
administration to negotiate the final agreements consistent with the Amended and Restated Term
Sheet or more beneficial to the CRA, and execute the ground lease and any other relevant
ATTACHMENT B
documents consistent with this Resolution and incorporating such other terms and agreements as
recommended by the City Attorney’s office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency
on this day of , 2026, to be effective upon adoption.
________________________________
, Chair
Approved as to form: /s/ Jennifer Huntsman___________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
EXHIBIT A
AMENDED AND RESTATED TERM SHEET
1
USA CLIMBING AT RIO GRANDE DISTRICT
Development and Ground Lease Agreement Term Sheet
Purpose
The purpose of ground leasing Community Reinvestment Agency property to USA Climbing is to help
facilitate the construction of their national headquarters and training facility as well as establish an
exciting and catalytic anchor tenant for the Rio Grande District.
Parties
The Salt Lake City Community Reinvestment Agency (CRA) and USA Climbing. USA Climbing is the
national governing body of the sport of competition climbing in the United States. USA Climbing is a
non-profit entity that promotes the disciplines of bouldering, lead and speed climbing, as well as
collegiate and paraclimbing series.
Property to be Leased
A portion of property near the southwest corner of 500 West 300 South, Salt Lake City, Utah 84101. The
lease area shall encompass building footprints, setback areas between buildings and adjacent rights-of-
way, and the outdoor plaza. An approximate depiction of the real property to be leased is shown in Exhibit
1 of this document and will be referred throughout as “Lease Area.”
Project Description
The project involves the construction of a headquarters and training facility for USA Climbing, which will
include:
1. New construction of a primary structure that is about 65-75 feet tall with a roughly 45,000 sf
footprint (exact specifications subject to further stakeholder engagement). This structure will
include bouldering, lead, and speed climbing walls, as well as other support uses that are typical
of a climbing facility. Most areas of the facility will be accessible by the community; some spaces
will be reserved for the U.S. National Team’s exclusive use. The exterior building facades will
include climbing walls.
2. Reconstruction and activation of the historic Salt Lake Mattress Company building, anticipated to
include publicly facing and accessible food, beverage, and retail uses, as well as private spaces
for USA Climbing offices.
3. New construction of an outdoor plaza that will be utilized for USA Climbing-hosted competitions
as well as other non-USA Climbing events (will be designed to accommodate 3,500 – 5,000
spectators).
Lease Terms
1. Term: 99 years, to commence upon execution of a ground lease agreement. Execution of a
ground lease agreement is contingent on both parties satisfying the conditions outlined in the last
section of this document. Ownership of the improvements constructed on the Lease Area will
revert to CRA ownership at the end of the term. In the last five years of the term, USA Climbing
may exercise an option to renew the lease for an additional 50 years. The lease rate for the
additional lease period will be fair market value, unless otherwise negotiated and approved by the
administration and legislative body.
2
2. Lease Rate: As set forth in more detail below, the lease rate will be based on a portion of the fair
market value of the Lease Area and will be increased incrementally over time. The outdoor plaza
space shall not be included in the calculation of the lease rate. Stated another way, the outdoor
plaza shall be leased at no cost.
a. The annual lease rate will be the fee simple, fair market value of the Lease Area (not
including the outdoor plaza space, as determined by a CRA-commissioned appraisal)
multiplied by 5% (Annual Lease Rate).
b. The Annual Lease Rate will be increased, or escalated, every five years. This escalator is
based on the average consumer price index (CPI) rate over the previous five years, with a
minimum escalation rate of 2% and a maximum escalation rate of 5%. The first
escalation will take place at the start of the 6th year of the lease and be based on the
average CPI rate calculated for the first 1-5 years of the lease. The Annual Lease Rate,
inclusive of the escalation, shall be referred to as the “Escalated Annual Lease Rate.”
c. The Escalated Annual Lease Rate shall be reduced according to the following schedule:
i. Years 1-6: USA Climbing will not make any lease payments during the first six
years to account for construction and stabilization.
ii. Year 7: USA Climbing shall make a payment that is equal to 45% of the
Escalated Annual Lease Rate.
iii. Year 8: USA Climbing shall make a payment that is equal to 50% of the
Escalated Annual Lease Rate.
iv. Year 9: USA Climbing shall make a payment that is equal to 55% of the
Escalated Annual Lease Rate.
v. Years 10-99: USA Climbing shall make annual payments that are equal to 60% of
the Escalated Annual Lease Rate.
3. Common Area Maintenance (CAM) Fees: CAM fees will be collected from Rio Grande District
property lessees to contribute to the cost of maintaining public spaces in the neighborhood. The
annual CAM fee for USA Climbing will be $1.50 per square foot of the gross floor area of their
project, inclusive of the new structure and the reconstructed Salt Lake Mattress Company
Building (Annual CAM Fee). Gross floor area shall be interpreted to mean the sum in square feet
of all floors of the building, measured from the exterior face of the exterior walls. The Annual
CAM Fee will be assessed upon USA Climbing receiving its occupancy permit, be charged at the
same reduced rate as the schedule provided in 2.c.i-v, and escalated in the same manner as
outlined in 2.b.
4. Community Benefits: During the term of the lease, USA Climbing is committed to providing the
community benefits described below. The lease rate outlined above is tied to USA Climbing
providing these benefits, and as such, should USA Climbing not provide these benefits, the lease
rate will increase as specified in more detail in the agreements.
a. Equitable and inclusive programming that may include offerings such as youth
programming, workforce development opportunities, and access to the facility for
community members who may not otherwise have access to the sport of climbing, based
on income or other key measures.
b. Transportation demand management strategies to reduce auto dependency of employees
and visitors and encourage the use of alternative modes of transportation. This may
include discounted day passes for those that utilize public transit, and inclusion of
shower, locker, and bicycle storage facilities.
3
c. Activation of the reconstructed Salt Lake Mattress Company Building, anticipated to
include – at ground level - food and beverage and retail components that are open and
clearly accessible by the general public during regular operating hours. The second floor
will house private USA Climbing offices.
d. Design, construction, and management of the outdoor plaza, which will primarily be used
for USA Climbing-hosted events and made available for use by other entities for
additional events.
i. Design – USA Climbing shall work collaboratively with the CRA to develop the
design for the outdoor plaza, which shall be incorporated into the construction
drawings for the larger project at USA Climbing’s sole expense.
ii. Construction – The plaza shall be constructed by USA Climbing and built at the
same time as the rest of the project. Prior to construction, USA Climbing and the
CRA will determine a cost-sharing formula and the CRA will reimburse USA
Climbing for agreed-upon plaza construction costs, in an amount not to exceed
$1 million, unless a greater amount is approved by the CRA Board of Directors.
iii. Management – USA Climbing will be responsible for managing the use of the
plaza, for both USA Climbing and non-USA Climbing-hosted events. It is
anticipated that USA Climbing will host six (6) multi-day competition events per
year, in addition to smaller events associated with their programming. USA
Climbing events may take precedence over other plaza uses but when there is no
scheduling conflict, USA Climbing shall allow all reasonable requests by outside
parties to utilize the plaza for special events. USA Climbing shall not charge the
City or CRA for the use of the plaza. Other Rio Grande District property lessees
that contribute to the CAM fund will be charged a reduced rental rate for the use
of the plaza.
iv. Maintenance – USA Climbing shall contribute to a CAM fund that will be
utilized to fund maintenance of the outdoor plaza, as well as other publicly
owned parks, plazas, park strips, public art, alleyways, parking facilities, etc.,
within the neighborhood. CAM fees will also be used to fund enhanced street and
sidewalk maintenance beyond the baseline City maintenance level. The CRA
shall be responsible for implementing maintenance activities funded by the CAM
assessment.
e. Tracking and Reporting. Some of the community benefits described above are physical
improvements that will be memorialized in construction drawings, development
agreements, cost-sharing agreements, and/or use agreements. Others are programmatic
and ongoing in nature and shall be memorialized in a 5-year community benefits plan that
is provided by USA Climbing to CRA Staff for their approval, and which may be
amended from time to time with prior Staff approval. CRA Staff will present USA
Climbing’s informational progress report to the CRA Board of Directors at the conclusion
of each 5-year plan period.
5. Additional Terms:
a. Parking: The CRA is exploring the feasibility of financing and developing a shared
parking structure on the south block of the neighborhood.
i. If developed, the CRA will lease parking privileges to interested property owners
and tenants, including USA Climbing, based on operational needs, estimated
demand, and parking management best practices.
4
ii. If the parking structure is not completed by the time the USA Climbing project is
operational, the CRA shall lease adjacent CRA-owned property to USA Climbing
at no cost for a temporary surface parking lot. USA Climbing shall be responsible
for funding and constructing all site improvements necessary for the surface
parking lot. The planned location of the parking structure and temporary surface
parking lot (if needed) is shown in Exhibit 2.
iii. Should the parties need surface parking for an extended period, or if the proposed
temporary parking location becomes unavailable for this use, the parties will
work together to negotiate a solution to accommodate USA Climbing’s parking
needs within one block of their facility, with the goal of ultimately eliminating
the surface parking lot.
b. Salt Lake Mattress Company Building: USA Climbing shall expend all reasonable efforts
to reconstruct the Salt Lake Mattress Company Building to match historic conditions,
including building placement, massing, and fenestration patterns, with exceptions subject
to approval by CRA staff. The building shall be carefully deconstructed, and the historic
bricks cleaned, safely stored, and reappointed to clad the interior and exterior of the
structure. USA Climbing will take on the responsibility of paying the up-front costs of
design, demolition, and reconstruction, and the CRA will reimburse USA Climbing up to
$6,250,000 for these costs.
c. Demolition of Existing Buildings: The Lease Area contains multiple structures that are
currently being leased to the State of Utah and will be demolished to accommodate the
project. USA Climbing will take on the responsibility of paying the up-front costs of
demolition. The CRA will reimburse USA Climbing up to $120,000 for these costs,
unless a greater amount is approved by the CRA Board of Directors.
d. Contaminated Soil Disposal: It is possible that USA Climbing will encounter soils
contaminated with semi-volatile organic compounds (SVOCs) during excavation for their
building. Potentially contaminated soils should be screened and stockpiled during
excavation and disposed of in accordance with applicable laws. USA Climbing will take
on the responsibility of paying the up-front costs of disposing of contaminated soils, and
the CRA will reimburse USA Climbing for the cost differential associated with
transporting and disposing of contaminated soil versus non-contaminated soil. It is
anticipated that the cost differential will not exceed $200,000.
e. CRA to Develop Certain Adjacent Public Improvements: As part of the planned
redevelopment of the neighborhood, CRA will design and install utilities with increased
capacity to support increased density, reconstruct 300 South between 500 West and 600
West, and extend the City grid by building out new midblock street connections, as
illustrated in Exhibit 3. It is the CRA’s intent to coordinate with USA Climbing, the
design consultants, and pertinent City divisions when developing plans for the public
improvements adjacent to USA Climbing’s lease area.
i. Accessible Parking Spaces – The CRA recognizes that USA Climbing works
with paraclimbing athletes who may require special accommodation. As such, the
CRA commits to working with USA Climbing to identify opportunities to
incorporate accessible on-street parking spaces near the project, along the
planned Market Street alignment.
5
Conditions to Execution of Lease and Development Agreements
• USA Climbing to receive approval of these development agreement and lease terms by the CRA
Board of Directors.
• Compliance with all applicable laws and regulations, including any applicable CRA policies such
as the Sustainable Development and Public Art policies. If any waivers of CRA policies are
requested, such waivers must be considered by the CRA Board of Directors.
• The Project shall align with the CRA’s administrative design review process, which shall require
CRA’s review and approval to ensure the design and development plans are consistent with the
term sheet.
• USA Climbing to receive all City approvals required to construct the Project, including obtaining
any necessary zoning approvals from the City’s Planning Division and a will-issue demolition
and building permit from the City’s Building Services Division.
• USA Climbing to provide evidence of insurance in such amounts and coverage as deemed
necessary by the CRA.
• CRA to review USA Climbing’s projected operating pro forma to ensure that future ground lease
payments are supported and the Project will be maintained, during the term, consistent with the
CRA Board-approved term sheet.
• Parties agree on the form of a Development Agreement, which shall include, but is not limited to:
o USA Climbing’s commitment to construct the Project consistent with the CRA Board-
approved term sheet, all City approvals, and a schedule of development.
o An CRA-approved community benefit plan/strategy.
o CRA to approve USA Climbing’s financial sources and uses and firm financial
commitments for sources of funding and donations consistent with the schedule of
development.
o USA Climbing’s commitment to comply with all applicable laws and regulations.
o An obligation for USA Climbing to provide the CRA quarterly progress reports on the
construction of the Project.
o Remedies should USA Climbing not comply with the terms of the Development
Agreement may include, but not be limited to, filing a breach of contract claim,
terminating the ground lease, damages, injunctive relief, or any other remedies available
at law.
• Parties to agree on the form of a Lease Agreement, which shall include, but is not limited to:
o USA Climbing’s obligation to pay the applicable Lease Rate and CAM fees.
o USA Climbing’s commitment to maintain the Project, during the term, consistent with the
CRA Board approved term sheet.
o USA Climbing shall not be permitted to assign the lease to an unaffiliated entity without
the CRA’s consent, which may be withheld at the CRA’s sole discretion.
o Submission and approval of the community benefits plan.
o An obligation for USA Climbing to provide the CRA annual progress reports on the
performance of the public benefits.
o Continual operation of USA Climbing’s headquarters, outdoor plaza, and activation of the
reconstructed Salt Lake Mattress Company Building consistent with the term sheet and
the community benefits plan.
o Remedies should USA Climbing not comply with the terms of the Lease Agreement may
include, but not be limited to, filing a breach of contract claim, terminating the ground
lease, increasing the Lease Rate, damages, injunctive relief, or any other remedies
available at law.
6
• Receive approval from the CRA and City Attorney’s Office on all matters pertaining to the
legality, sufficiency, and form and substance of all other documents that are deemed reasonably
necessary for the execution of the transaction.
7
Exhibit 1: Lease Area
8
Exhibit 2: Proposed Future Parking Areas
Temporary Surface
Parking Lot
Structure
9
Exhibit 3: Planned Neighborhood Midblock Street Connections
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UPDATES TO THE BOARD OF DirEctors
march 2026
Sugar house S-line Extension
The Sugar House S-Line extension design is moving forward with
construction anticipated to begin by the end of April. The CRA is working to
finalize a funding agreement with UTA that will lay out CRA’s contribution of
funds towards the demo and utility work associated with CRA-owned
properties, which will be completed as part of the extension. Additionally, the
CRA in conjunction with UTA and the City, anticipate bringing to the CRA
Board and City Council on March 24, an interlocal agreement for this S-Line
extension that will outline management policies and provide license
agreements for the use of City-owned property for the project. This interlocal
agreement needs to be approved for UTA to execute its construction
contract.
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
THANK YOU