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HomeMy WebLinkAbout04/14/2026 - Meeting Materials    Board of Directors of the SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY AGENDA April 14, 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: 09:11:40 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 December 9, 2025. 2.Resolution: Housing Development Funding Strategy Annual Priorities Fiscal Year 2026-27 ~ 2:10 p.m.  30 min. The Board will receive a briefing and consider adopting a resolution that would approve the Fiscal Year 2026-27 priorities for the Housing Development Funding Strategy. These priorities include: deeply affordable housing, affordable family housing with amenities for children, wealth-building opportunities, expanding opportunities, and neighborhood services and commercial spaces. 3.Resolution: Pickle and Hide Mixed-Use Development Tax Increment Reimbursement Request Term Review ~ 2:40 p.m.  30 min. The Board will receive a briefing and consider adopting a resolution that would approve modifications to the terms of a Tax Increment Reimbursement Agreement with Mountain West Development, LLC, for the Pickle & Hide development in the 900 South Housing and Transit Reinvestment Zone (HTRZ). On March 18, 2025, the Board adopted a resolution approving the original Tax Increment Reimbursement Agreement. After obtaining the necessary permits, the developer demolished the Utah Pickle Co. building, prompting reconsideration of the previously approved agreement.  4.Straw Poll: Rio Grande District Public Improvements ~ 3:10 p.m.  20 min. The Board will receive a briefing and consider a straw poll that would allocate an unbudgeted $3,705,316 from the Depot District Infrastructure Improvements Program to the Depot District Infrastructure, Design, Construction, and Site Work Project. The project budget was created through Budget Amendment No.2 of Fiscal Year 2023-24, which allowed the CRA to begin implementing plans for public improvements in the Rio Grande District.  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. 6.Report of the Chair and Vice Chair TENTATIVE  5 min. 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.   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 July 1, 2025 and December 31, 2025 •Remaining amount available in the existing portfolio •Outstanding principal for the Commercial Loan Fund •Any delinquencies Adjournment     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 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, April 9, 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. MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY Tuesday, December 9, 2025 1 PENDING MINUTES – NOT APPROVED The Board of Directors of the Community Reinvestment Agency (CRA) of Salt Lake City met on Tuesday, December 9, 2025. The following Board Members were present: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano, Eva Lopez Chavez The following Board Members were absent: Alejandro Puy Present Agency Leadership: Mayor Erin Mendenhall, Danny Walz – Community Reinvestment Director Present City Staff: Mark Kittrell – City Attorney, Keith Reynolds – City Recorder, Jill Love – Chief Administrative Officer Stephanie Elliott – Minutes & Records Clerk, Matthew Brown – Deputy City Recorder, Taylor Hill – District Liaison/Policy Specialist, Scott Corpany – Staff Assistant, Rachel Otto – Chief of Staff, Mary Beth Thompson – Chief Financial Officer Director Mano presided at and conducted the meeting. The meeting was called to order at 2:06 p.m. MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY Tuesday, December 9, 2025 2 A. Comments: 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: Written comments submitted to the CRA Board offices: 451 South State Street, Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476. 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. Resolution: Ballpark NEXT Community Design Plan Follow-Up ~ 2:05 p.m. 20 min. The Board will receive a follow-up briefing and consider approving a resolution that would adopt 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. Summary: Danny Walz introduced the item and thanked the City Attorney's Office for their collaboration on the resolution. Director Mano thanked Salt Lake City staff for their hard work and expressed excitement about the plan's future. Motion: Moved by Director Dugan, seconded by Director Wharton to adopt Resolution 20 of 2025, to approve the Ballpark NEXT Community Design Plan. AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano, Eva Lopez Chavez ABSENT: Alejandro Puy Final Result: 6 – 0 Pass MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY Tuesday, December 9, 2025 3 2. CRA Audit Review and Approval for Fiscal Year 2024-25 ~ 2:25 p.m. 20 min. The Board will review and consider approval of the Fiscal Year 2024-25 CRA Audit, which shows the Agency's financial conditions as of June 30, 2025. Summary: Mary Beth Thompson introduced the item. Paul Skeen (CPA and EideBailly Audit Partner) presented the audit, reported no findings of concern, and delivered an overall clean audit decision. Paul Skeen clarified to the Board that all municipal audits must be submitted to the State Auditor’s Office annually and was available for public review. Motion: Moved by Director Dugan, seconded by Director Petro to approve the CRA Fiscal Year 2024-2025 Final Audit. AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano, Eva Lopez Chavez ABSENT: Alejandro Puy Final Result: 6 – 0 Pass 3. 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 or announcements from the Executive Director. 4. Report of the Chair and Vice Chair TENTATIVE 5 min. Report of the Chair and Vice Chair. Summary: Director Dugan thanked Director Mano for serving on the CRA Board. Director Mano thanked the City and staff for the opportunity to serve as CRA Chair. MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY Tuesday, December 9, 2025 4 5. 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: Staff Announcements, Project Updates, and Scheduling Items. Summary: Danny Walz presented updates on the Notice of Funding Availability applications for the Housing Development Loan and the Residential Wealth Building Programs, and highlighted that the Aster Apartments won the 2025 Urban Land Institute Award for their mixed-income model. Danny Walz thanked Directors Dugan and Mano for their service and leadership on the CRA 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: 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; MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY Tuesday, December 9, 2025 5 (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. Summary: Closed Session started at 2:30 p.m. Directors in attendance: Dugan, Wharton, Petro, Young, Mano, Lopez Chavez, Erika Carlsen Directors absent: Puy Staff in attendance: Keith Reynolds, Matt Brown, Jennifer Bruno, Mark Kittrell, Danny Walz, Jennifer Huntsman, Lauren Parisi, Cindy Lou Trishman, Lehua Weaver, Nick Tarbet, Jill Love, Kate Werrett, Marcus Lee, Browne Sebright, Makena Hawley, Allison Rowland, Nick Norris, Kristina Harold, Taylee Foulger, Eric Holmes, Michael Sanders, Meghan Fenton, Miranda Johnson Closed Session ended at 3:14 p.m. Motion: Moved by Director Wharton, seconded by Director Petro to enter into Closed Session for the purposes of d. strategy sessions to discuss the purchase, exchange, or lease of real property. AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano, Eva Lopez Chavez ABSENT: Alejandro Puy Final Result: 6 – 0 Pass Motion: Moved by Director Wharton, seconded by Director Lopez Chavez to exit Closed Session and return as the City Council. AYE: Victoria Petro, Daniel Dugan, Sarah Young, Chris Wharton, Darin Mano, Eva Lopez Chavez ABSENT: Alejandro Puy Final Result: 6 – 0 Pass G. Adjournment MINUTES OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY Tuesday, December 9, 2025 6 Meeting adjourned at 3:14 p.m. Minutes Approved: [Date will be added upon Approval] _______________________________ 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, December 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. Item C2 MOTION SHEET SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY TO:CRA Board Members FROM:Allison Rowland Budget & Policy Analyst DATE:April 14, 2026 RE: RESOLUTION: AFFORDABLE HOUSING FUNDING PRIORITIES FOR FISCAL YEAR 2026-27 MOTION 1 – ADOPT ORDINANCE I move that the Board adopt the resolution adopting Affordable Housing Funding Priorities for Fiscal Year 2026-27. MOTION 2 – NOT ADOPT I move that the Council not adopt the resolution adopting Affordable Housing Funding Priorities for Fiscal Year 2026-27, and proceed to the next agenda item. SALT LAKE CITY 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 SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY TO:CRA Board Members FROM Allison Rowland Senior Budget & Policy Analyst DATE:April 14, 2026 RE: RESOLUTION: PROPOSED HOUSING DEVELOPMENT FUNDING PRIORITIES FOR FISCAL YEAR 2026-27 ISSUE AT-A-GLANCE This briefing is designed as a follow-up discussion of the CRA’s proposed Fiscal Year 2026-27 (FY27) Housing Development Funding Strategy, which the Board considers each year for any potential modifications. In its latest transmittal (March 27, 2026), CRA staff has changed the proposal slightly from the previous one (transmittal dated February 20, 2026), to reflect a suggestion from a Board Member in the March meeting to base the “Expanding Opportunity” priority on the data source cited in Utah Housing Corporation’s Draft Qualified Allocation Plan for 2027, rather than CRA’s previous recommendation to incentivize new affordable housing in areas where deed-restricted affordable housing is not currently available. If the Board agrees to this change, the Fiscal Year 2026-27 (FY27) Housing Development Funding Strategy would essentially adopt the same priorities as in FY26, with only one substantive change, rather than the two proposed in the transmittal from February, as noted further below. Thus, as recommended in the March 27 transmittal, the proposed priorities for FY27 are: FY27 Threshold Priorities Deeply Affordable Housing Family Housing with Amenities for Children Additional FY27 Priorities Wealth Building Opportunities Expanding Opportunity (see #2 below) Neighborhood Services and Commercial Space The February transmittal proposed: 1. In the Housing Development Loan Program, increasing the share of units required in a proposed development for it to qualify as either “Deeply Affordable Housing” or “Affordable Family Housing,” from 10% to 20%, and Schedule: Page | 2 2. Renaming the “Expanding Opportunity” priority to “Expanding Affordable Housing Availability,” shifting the focus from “high opportunity areas,” and instead incentivizing new affordable housing in areas where deed-restricted affordable housing is not currently available. Now, in the March transmittal, CRA staff proposes to maintain the Expanding Opportunity priority as-is, and change only the source of data, from the CRA’s High Opportunity Area map to the Utah Healthy Places index/map. This reflects a suggestion from a Board Member in the March meeting to use the same data source as the Utah Housing Corporation’s Draft Qualified Allocation Plan for 2027. Next Steps. CRA staff will present their specific funding allocations among the Housing Activities this year as a part of the annual budget discussions in May, along with projected revenue for allocations to each of the four CRA Housing Funds (see the Process, below). Both the proposed total funding dedicated to affordable housing projects, and the allocation of this amount among different program categories are subject to Board approval as part of the CRA’s annual budget process. Goal of the briefing: Discuss and consider adopting the proposed Fiscal Year 2027 Housing Priorities. POLICY QUESTIONS 1.Does the Board wish to be informed of updated balances in each of the four Housing Funds before making decisions about allocations? The Board also may wish to ask about the plan for dealing with any surpluses or shortfalls in actual revenue compared to the revenue estimates. Will the CRA staff return to the Board for authorization to make changes to the amounts allocated to each Activity, for example, through budget amendments? 2.The Board may wish to ask for an update from CRA staff on guiding policies for the Westside Community Initiative. BACKGROUND AND ADDITIONAL INFORMATION The Process. The guiding polices for the annual Affordable Housing Strategy are the Housing Allocation Funds Policy and the Housing Development Loan Program (HDLP) Policy, which were adopted by the Board in 2021. As outlined in these policies, CRA staff prepares a proposed Strategy—including a resolution and funding allocations—for the Board’s consideration and approval each spring. During the broader City budget discussions (typically in May) the Board finalizes the funding amounts in the Strategy, based on estimated revenue for the coming year. The Housing Development Funding Strategy guides three steps, which are completed as part of the annual CRA budget process: Selecting annual Housing Priorities. Allocating funding for each Housing Activity [for example, the Housing Development Loan Program (HDLP), Assistance for Accessory Dwelling Units (ADUs), and Land Acquisition]. Allocating projected CRA revenue to each of four Housing Funds (Primary Housing Fund, Secondary Fund, Westside Community Initiative Fund, and Housing Development Loan Fund). Page | 2 Page | 3 Housing Priorities. Updated definitions of the five Housing Priorities are as follows: - Deeply Affordable Housing (Threshold Priority): Expand the availability of units for extremely low- income households, thereby providing housing options for individuals or families who are homeless or at risk of homelessness. Deeply affordable housing is generally defined as housing affordable to those earning 30% of the area median income (AMI) or below. - Family Housing with Amenities for Children (Threshold Priority): Provide opportunities for families to enjoy the benefits of urban living by encouraging the development of housing that supports larger household sizes that have at least three bedrooms, and includes family-oriented amenities. - Wealth Building Opportunity: Facilitate the development of residential units targeting low-to moderate income households earning up to 120% of the AMI to build wealth through different pathways such as homeownership, supplemental income opportunities, stipends for renters, cooperative housing, and other wealth-building models. - Expanding Opportunity: Provide affordable housing in areas with positive social conditions that drive health. - Neighborhood Services and Commercial Spaces: Promote an array of neighborhood services and commercial spaces that support the community, such as daycares, restaurants, and retail 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. Does the Board wish to modify any items on the proposed list of FY27 Priorities? If not, a strawpoll may be in order. Housing Activities. The CRA has identified three “housing activities” that will be used to further the priorities: the Housing Development Loan Program (with its annual Notice of Funding Availability, NOFA); a Wealth-Building NOFA, and Land Acquisition and Disposition. Housing Fund Balances and the Housing Allocation Funds Policy. As noted earlier, Housing Fund balances will be discussed as part of the May Board meeting. The Housing Allocation Funds Policy sets up four housing funds: Primary; Secondary; Housing Development Fund; and Westside Community Initiative. CRA staff account for the revenues, expenditures, interest, payments, and repayments for each fund source separately. The annual budgeting process laid out in the policy includes the Housing Development Funding Strategy. Per policy, the Strategy includes: Limitations of the HDLP Project Scoring Process. In the past, some Board Members have noted that the HDLP scoring process may inadvertently skew funding to larger project sizes and more experienced developers. As CRA staff noted in a 2023 discussion, this is in part a reflection of “other important review standards besides the priorities that projects are evaluated against, such as having other sources of financing secured.” CRA staff also report that the FY26 HDLP guidelines include a section in the evaluation criteria titled “Emerging Developers and Housing Models” which aims to prioritize smaller developers and their projects. The Board may wish to discuss whether it would make sense to have a separate pool of funding and/or scoring criteria that would be available and potentially more appropriate for smaller projects (particularly those that may be eligible based on the City’s recent Affordable Housing Incentives Ordinance). Annual HOUSING Funding Priorities Fy 2026-27 CRA Board Meeting April 14, 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. To be included in CRA budget For your approval today To be included in CRA budget $ $ $ $ WEALTH BUILDING OPPORTUNITY FY27 recommended annual housing priorities Seeking Board approval today FAMILY HOUSING w/ AMENITIES for CHILDREN DEEPLY AFFORDABLE HOUSING EXPANDING OPPORTUNITY HOUSING FUND ALLOCATIONS ANNUAL HOUSING PRIORITIES HOUSING ACTIVITIES ANNUAL HOUSING FUNDING STRATEGY NEIGHBORHOOD SERVICES AND COMMERCIAL SPACES 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 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 Summary MARCH BOARD DISCUSSION Align CRA’s housing availability map with UHC’s use of the Utah Healthy Places Index/Map Continue to push for mixed-income neighborhoods through the city Evaluate tradeoffs of various policies: Maximize affordable units in the city Focus on smaller-scale developments Develop affordable housing in high-cost areas Avoid concentrating affordable housing in communities with fewer resources Updated map for expanding opportunity Priority: UTAH HEALTHY PLACES INDEX MAP FY27 Housing Activity IMPACT HOUSING PRIORITIES Wealth Building Opportunity Family Housing w/ Amenities for Children Deeply Affordable Housing Neighborhood Services & Commercial Spaces Residential Wealth Building NOFA Land Acquisition/ Disposition Housing Development Loan Program HOUSING ACTIVITIES Expanding Opportunity recommended housing ACTIVItIES Highlights and Policy Implications Housing Development Loan Program NOFA Funding priorities receive higher weighted score and interest rate reductions Ideal for rental housing developments seeking gap financing to leverage LIHTC Results in high number of affordable units for amount of CRA investment Can more effectively support deeply affordable housing than other CRA programs HOUSING FUND ALLOCATIONS ANNUAL HOUSING PRIORITIES HOUSING ACTIVITIES ANNUAL HOUSING FUNDING STRATEGY Residential Wealth Building Pilot Program Incentivizes homeownership/wealth building residential units not currently being acheived through the HDLP NOFA Effectively supports smaller-scale developments and family-sized units Suitable for neighbhorhoods in the city that have limited vacant/developable property Yields lower number of total affordable units for amount of CRA investment Typically requires greater subsidies/flexibility for CRA funding HOUSING FUND ALLOCATIONS ANNUAL HOUSING PRIORITIES HOUSING ACTIVITIES ANNUAL HOUSING FUNDING STRATEGY recommended housing ACTIVItIES Highlights and Policy Implications Property Acquisition/Dispositions Provides the CRA the most control to establish what is built on properties Allows CRA to achieve multiple housing goals on CRA properties Provides most flexibility out of all the CRA housing activities HOUSING FUND ALLOCATIONS ANNUAL HOUSING PRIORITIES HOUSING ACTIVITIES ANNUAL HOUSING FUNDING STRATEGY recommended housing ACTIVItIES Highlights and Policy Implications housing ACTIVItIES to achieve housing priorities Require affordable family housing and/or deeply affordable housing as threshold in Housing Development Loan Program NOFA Increase threshold from 10% to 20% Utilize interest rate reduction benchmarks (Alignment with CRA's Guiding Framework) Provide higher ranking weight when achieving annual priorities HOUSING FUND ALLOCATIONS ANNUAL HOUSING PRIORITIES HOUSING ACTIVITIES ANNUAL HOUSING FUNDING STRATEGY HOUSING DEVELOPMENT FUND SECONDARYPRIMARY WESTSIDE COMMUNITY INITIATIVE FUND ANNUAL HOUSING PRIORITIES HOUSING DEVELOPMENT LOAN PROGRAM RESIDENTIAL WEALTH BUILDING NOFA housing fund allocations FY27 ANNUAL HOUSING FUNDING STRATEGY HOUSING ACTIVITIES NEIGHBORHOOD SERVICES & COMMERCIAL SPACES WEALTH BUILDING OPPORTUNITY DEEPLY AFFORDABLE HOUSING FAMILY HOUSING w/ AMENITIES for CHILDREN LAND ACQUISITION/ DISPOSITION EXPANDING OPPORTUNITY $ $ $ $ next steps The CRA Board may consider approval of the FY27 housing annual housing priorities CRA staff will present proposed funding allocations to housing activities as part of the FY 27 budget discussion 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: 03/27/2026 Date Sent to Council: 03/30/2026 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 03/30/2026 Chief of Staff's Signed Date 03/30/2026 Subject: FY 2026-27 Housing Development Funding Strategy - Annual Priorities 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 Resolution Budget Impact? Yes No Recommendation: Consider approving the FY2026-2027 Annual Housing Funding Priorities 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. At this meeting, the Board may wish to adopt the Funding Priorities for FY2026-2027. 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 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: March 27, 2026 PREPARED BY: Tracy Tran, CRA Senior Project Manager Browne Sebright, CRA Project Manager RE: FY 2026-27 Housing Development Funding Strategy - Annual Priorities REQUESTED ACTION: Consider adoption of a resolution to establish the FY 2026-27 Housing Funding Priorities POLICY ITEM: Affordable Housing BUDGET IMPACTS: N/A EXECUTIVE SUMMARY The Salt Lake City Community Reinvestment Agency (“CRA”) Housing Development Loan Program (“HDLP”) policy requires that the CRA Board of Directors (“Board”) approve housing funding priorities (“Funding Priorities”) on an annual basis. These Funding Priorities guide the upcoming fiscal year’s housing activities, including the requirements of the HDLP's competitive, affordable housing notice of funding availability (“NOFA”). At the March 10, 2026, meeting, the Board reviewed and discussed the housing development funding strategy, which included potential Funding Priorities for the upcoming fiscal year 2026-2027 (“FY 27”). More details regarding the information presented at this meeting can be found in the March CRA Board materials. The Board provided feedback on the proposal and seemed aligned on most of the proposed priorities, with additional discussion focused on the proposed Expanding Affordable Housing Availability priority. Based on the feedback and staff analysis, CRA proposes the same priorities as FY2025-2026, with an update that will use the Utah Healthy Places index/map used for the Expanding Opportunity priority. The proposed FY 27 Funding Priorities include: • Deeply Affordable Housing • Family Housing with Amenities for Children • Wealth Building Opportunity • Expanding Opportunity • Neighborhood Services and Commercial Spaces This memo outlines the intent of each of the five Funding Priorities. A resolution is included under Attachment A for the Board’s consideration to approve the FY 27 Funding Priorities. Based on the Board’s feedback, this memo also includes additional details on how the housing activities the CRA uses to achieve its Funding Priorities to address a variety of policy goals and trade-offs. 1 BOARD DISCUSSION At the March 10, 2026 Board meeting, Board members provided the following feedback on the FY 27 proposed housing development strategy: • Align CRA’s housing availability map with Utah Housing Corporation’s use of the Utah Healthy Places Index/map • Continue to push for mixed-income neighborhoods throughout the city • Evaluate tradeoffs of various policies with limited funds: o Maximizing affordable units in the city versus focusing on smaller-scale developments versus focusing on developing affordable housing in high-cost areas • Avoid concentrating affordable housing in “stressed-out” communities with fewer resources Based on the data and discussion at the March Board meeting, CRA staff is proposing the same Funding Priorities, with an update to the map for the Expanding Opportunity priority. The Board’s discussion primarily focused on the housing activities that will take place to meet the priorities. The CRA has provided additional details below on how the various activities address the Board’s feedback. ANALYSIS Staff has determined that the Funding Priorities, and the programs and activities introduced in the last two fiscal years are still relevant in addressing the city’s current housing needs. The proposed FY27 Annual Housing Funding Priorities are similar to those of previous years. FY 27 Annual Housing Funding Priorities. The intent of each priority used to guide housing decisions throughout the upcoming fiscal year is described below. When evaluating and scoring projects for various CRA housing activities, points awarded to projects meeting one or more of the Funding Priorities will be weighted higher than points received for other project priorities. 1. Deeply Affordable Housing – Expand the availability of units for extremely low-income households, thereby providing housing options for individuals or families who are homeless or at risk of homelessness. Deeply affordable housing is generally defined as housing affordable to those earning 30% of the area median income (AMI) or below. 2. Family Housing with Amenities for Children – Provide opportunities for families to enjoy the benefits of urban living by encouraging the development of housing that supports larger household sizes that have at least three bedrooms, and includes family-oriented amenities. 3. Wealth Building Opportunity – Facilitate the development of residential units targeting low-to- moderate income households earning up to 120% of the AMI to build wealth through different pathways such as homeownership, supplemental income opportunities, stipends for renters, cooperative housing, and other wealth-building models. 4. Expanding Opportunity – Provide affordable housing in areas with positive social conditions that drive health. 2 5. Neighborhood Services and Commercial Spaces – Promote an array of neighborhood services and commercial spaces that support the community, such as daycares, restaurants, and retail 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. FY 27 Housing Activities The proposed FY 27 Housing Activities address various Funding Priorities as well as a range of other Board-identified goals, from maximizing the number of affordable units with CRA funds, providing opportunities for smaller-scale development, incentivizing residential wealth building/homeownership opportunities, and focusing on creating amenities and promoting affordable housing in amenity-rich neighborhoods. Below is a chart that conveys how different housing activities may meet our Funding Priorities: 1. Housing Development Loan Program – Competitive NOFA. The CRA releases a competitive Notice of Funding Availability (“NOFA”) for the Housing Development Loan Program (“HDLP”) annually. This program provides low-cost, gap financing to the best projects that meet the city’s housing goals. To utilize the competitive HDLP (“NOFA”) to promote the Funding Priorities, deeply affordable housing and/or affordable family housing with amenities for children will be threshold requirements for a project to be eligible for funding: 3 • To meet the family housing threshold, at least 20% of a project’s units must have three or more bedrooms and be affordable to households earning 60% of the area median income as established by the U.S. Department of Housing and Urban Development (“HUD”). • To meet the deeply affordable housing threshold, at least 20% of a project’s units must be affordable to those earning 30% AMI or below as established by HUD. Highlights/Policy Implications: • Projects meeting Funding Priorities receive higher weighted score • Projects meeting Funding Priorities and other public benefits are eligible for interest rate reductions • Provides gap financing loans, historically focused on rental housing developments that use low-income housing tax credits (LIHTC) • Yields high number of affordable units for amount of CRA investment • Can more effectively support deeply affordable units than other CRA programs 2. Residential Wealth Building Pilot Program - Competitive NOFA. The CRA’s Wealth Building Pilot Program incentivizes the development of homeownership/wealth building units throughout the City. This pilot program has provided great flexibility to promote the development of units that bridge the gap between rental and homeownership. To utilize the competitive Residential Wealth Building (“RWB”) Pilot Program to promote the Funding Priorities, the following will be threshold requirements for a project to be eligible for funding: • For projects with owner-occupied units: At least 20% of a project’s wealth-building ownership units must be affordable to those earning 120% AMI or below as established by HUD. • For projects with renter-occupied units: At least 20% of a project's wealth-building rental units must be affordable to those earning 80% AMI or below as established by HUD. Highlights/Policy Implications: • Focuses on incentivizing homeownership/wealth building residential units, which are not currently being achieved through the HDLP NOFA • Can effectively support smaller-scale developments and family-sized units • Suitable for neighborhoods in the city that have limited vacant/developable property • Yields lower number of total affordable units for amount of CRA investment • Typically requires greater subsidies/flexibility for CRA funding 3. Property Acquisition/Disposition. The CRA owns and plans to redevelop certain property. Additionally, the CRA can acquire property for the purpose of meeting the CRA’s affordable housing goals. The intent of housing-related property acquisitions and dispositions is to achieve our housing priorities. The CRA staff can require specific types of requirements for the development of 4 our properties. For example, the CRA’s West Montrose property could provide family housing with amenities for children, residential wealth-building, and neighborhood commercial space; the Sugar House former Deseret Industries (“DI”) and Fire Station property could provide deeply affordable housing units, and neighborhood commercial space in a neighborhood with positive health outcomes (Expanding Opportunity). Highlights/Policy Implications: • Provides CRA the most control to establish what is built on properties • Allows CRA to achieve multiple housing goals on CRA properties • Provides most flexibility out of all the CRA housing activities FY 27 Housing Fund Projections. CRA staff will share the housing fund projections for the upcoming fiscal year when it becomes available. NEXT STEPS: • Pursuant to the Housing Development Loan Program Policy, the Board may wish to consider the adoption of the attached resolution to approve the Funding Priorities for FY 27. • CRA staff will present proposed funding allocations to housing activities as a part of the FY 27 budget discussion. ATTACHMENTS: • Attachment A – Utah Healthy Places Index Map • Attachment B - Resolution Options: FY 2026-27 Affordable Housing Funding Priorities Resolution 5 ATTACHMENT A: UTAH HEALTHY PLACES INDEX MAP 6 Utah Healthy Places Index Map 7 ATTACHMENT B: RESOLUTION 8 SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY RESOLUTION NO. _______________ FY 2026-27 Affordable Housing Funding Priorities RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR 2026-27 WHEREAS, the Board of Directors of the Salt Lake City Community Reinvestment Agency (Board) has adopted the Housing Funds Allocation Policy and the Housing Development Loan Program Policy, which provide that the Salt Lake City Community Reinvestment Agency (CRA) will annually present to the Board an overall funding strategy and specific funding priorities (Funding Priorities) for how housing monies should be allocated to the housing funds and housing loan program for the upcoming fiscal year. WHEREAS, the Housing Development Loan Program Policy provides that the specific Funding Priorities shall be subject to approval by the Board. WHEREAS, the Board desires to adopt the Funding Priorities identified in this resolution to direct resources for the development of affordable housing for fiscal year 2026-27. NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the Salt Lake City Community Reinvestment Agency hereby adopt following Funding Priorities for fiscal year 2026-27: Funding Priority Objective Deeply Affordable Housing* Expand the 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 Family Housing with Amenities for Children* benefits of urban living by encouraging the development of housing that supports larger household sizes, that have at least three bedrooms, and include family-oriented Wealth Building Opportunity targeting low to moderate income households earning up to 120% of the AMI to build wealth through various pathways such as 9 opportunities, stipends for renters, cooperative housing, and other wealth building models. Expanding Opportunity social conditions that drive health as identified in Neighborhood Services and Commercial Spaces Promote an array of neighborhood services and commercial spaces that support the community, such as daycares, restaurants, and *These represent threshold requirement for Housing Development Loan Program application. Deeply Affordable Housing requires at least 20% of units to be affordable at 30% of the AMI or less. Family Housing with Amenities for Children requires that at least 20% of the units be affordable to households earning 60% of the AMI. Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency, this _______ day of ________________, 2026. ________________________________ Dan Dugan, Chair Approved as to form: __________________________________ 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 10 This page has intentionally been left blank Item C3 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 MOTION SHEET SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY TO:CRA Board of Directors FROM:Kate Werrett, Budget & Policy Analyst DATE:April 14, 2026 RE: PICKLE AND HIDE MIXED-USE DEVELOPMENT TAX INCREMENT REIMBURSEMENT REQUEST TERM REVIEW MOTION 1 – ADOPT AT 90% PARTICIPATION WITH $5,078,545 REIMBURSEMENT CAP I move that the Board adopt a resolution approving the Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications, which acknowledges the demolition and reconstruction of the Utah Pickle Co. building and modifies the maximum property tax reimbursement amount to 90% and reduces the Maximum Reimbursement Amount to $5,078,545. MOTION 2 – ADOPT AT 75% PARTICIPATION I move that the Board adopt a resolution approving the Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications, which acknowledges the demolition and reconstruction of the Utah Pickle Co. building and modifies the maximum property tax reimbursement amount to 75% and reduces the Maximum Reimbursement Amount to $5,078,545. MOTION 3 – ADOPT AT 60% PARTICIPATION I move that the Board adopt a resolution approving the Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications, which acknowledges the demolition and reconstruction of the Utah Pickle Co. building and modifies the maximum property tax reimbursement amount to 60% and reduces the Maximum Reimbursement Amount to $4,062,836. MOTION 4 – ADOPT AT 80% PARTICIPATION I move that the Board adopt a resolution approving the Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications, which acknowledges the demolition and reconstruction of the Utah Pickle Co. building and modifies the maximum property tax reimbursement amount to 80% and reduces the Maximum Reimbursement Amount to $5,417,115. MOTION 5 – ADOPT AT 86.7% PARTICIPATION I move that the Board adopt a resolution approving the Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications, which acknowledges the demolition and reconstruction of the Utah Pickle Co. building and modifies the maximum property tax reimbursement amount to 86.7% and reduces the Maximum Reimbursement Amount to $5,870,798. 2 7 0 5 3 MOTION 6 – ADOPT WITH NO REDUCTION I move that the Board adopt a resolution approving the Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications, which acknowledges the demolition and reconstruction of the Utah Pickle Co. building. I move that the Board proceed to the next agenda item. NOTE: These two conditions may be considered for any adoption option: 1.URC PARTICIPATION: I move that all community and commercial spaces within Phases I, II, and any future phases participate in the Utah Renewable Community program for all community and commercial spaces inside and outside the buildings, including but not limited to: shared hallways and services, structured parking, community and/or building amenities, and exterior features. The only project elements not required to participate would be the individual residential units. 2.NEW WAIVER: I move that, in addition to the waiver for the Phases I and II designated restaurant spaces gas stovetops, Section 3.a.b of the CRA Sustainable Development Policy be waived for designated residential amenity spaces. This is limited to three community fireplaces and two community grills. 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 BOARD STAFF REPORT COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY TO:CRA Board Members FROM:Kate Werrett Budget and Policy Analyst DATE:April 14, 2026 RE:PICKLE AND HIDE MIXED-USE DEVELOPMENT TAX INCREMENT REIMBURSEMENT REQUEST TERM REVIEW ________________________________________________________________________________ ISSUE AT-A-GLANCE The Board will receive a briefing and consider adopting a resolution that would approve modifications to the terms of a Tax Increment Reimbursement Agreement with Mountain West Development, LLC (Developer), also known as Blaser Ventures, for the Pickle & Hide development in the 900 South Housing and Transit Reinvestment Zone (HTRZ) located at approximately 739 South 400 West (see background section for information on the HTRZ, which was the first approved in SLC). On March 18, 2025, the Board adopted Resolution No. 5 of 2025 approving the original tax increment reimbursement agreement term sheet. After obtaining the necessary permits, the developer demolished the Utah Pickle Co. building which the application and term sheet identified for adaptive reuse. This prompted reconsideration of the previously approved tax increment reimbursement term sheet. This staff report includes a request from the Community Reinvestment Agency (CRA) staff for guidance regarding potential modifications to Resolution No. 5 of 2025. Under this resolution, the CRA agreed to support the developer via a tax increment reimbursement agreement by contributing up to 90% of the tax increment collected from the development within the HTRZ. Due to the demolition, CRA staff is seeking guidance from the CRA Board on how to proceed with the tax increment reimbursement agreement (Agreement). Goal of the briefing: Receive details regarding changes to the existing resolution, discuss the proposed modifications, and provide direction to CRA staff. The CRA Board may take action at its discretion. POLICY QUESTIONS 1. Should the CRA Board require modifications to the waivers previously granted under the Sustainable Development Policy, given the original basis was granted due to the preservation and adaptive reuse of the demolished Pickle Building? Waivers include: o Sustainable Development Policy Section 3.a.b: The emission-free building operation requirement was waived to accommodate restaurant gas stovetops. As proposed and originally approved, the rest of the project must comply with this requirement and have no on-site fossil fuel combustion. Schedule: Page | 2 o Sustainable Development Policy Section 4.a.ii: The on-site net zero building requirement was waived and adjusted to require “off-site next zero” standards as part of the original approval. 2. Should the CRA Board allow partial reimbursement, considering some construction materials were incorporated into the project? 3. How should the city balance partial compliance (e.g., material reuse, other redevelopment benefits) against the loss of the community valued building? 4. What safeguards can the CRA impose to guarantee that future term sheets for HTRZ tax increment reimbursements won't also change after board approval? 5. Should the CRA establish financial or legal consequences for developers who fail to meet project commitments or for changing project plans when applying for incentives after board approval? 6. Should there be a formal mechanism to prevent similarfailures in future tax increment reimbursement projects? 7. Should the CRA require CRA Board approval for any significant demolition in future projects receiving tax incentives or establish a requirement for formal board discussion/straw poll as was the case in the USA Climbing development? ADDITIONAL & BACKGROUND INFORMATION Housing and Transit Reinvestment Zone Tax Increment Reimbursement Program In December 2023, the CRA Board adopted Resolution 16 of 2023 - Housing and Transit Reinvestment Zone Tax Increment Reimbursement Policy (HTRZ Policy). The HTRZ policy outlines the purpose of the program, threshold requirements, general terms for base level reimbursement, and options to receive increased reimbursement incentives. The purpose of the program is to provide developers tax increment for the development of qualifying improvements. The base level program participation provides a 60% property tax reimbursement from the application parcels. The program allows for an increased reimbursement rate by incorporating the following: - Additional Qualifying Livability Benchmarks - Increased affordable housing percentage - Inclusion of family-sized units - Incorporating CRA Annual Housing Funding Strategy priorities By incorporation of the above items, applicants may be eligible to receive up to a 90% property tax reimbursement, the program’s maximum participation rate. Mountain West Development, LLC Program Participation In January 2025, the developer, Mountain West Development, LLC, submitted a tax increment reimbursement application for its Pickle & Hide development. In the original application, the Developer requested and was granted by the CRA Board three program and policy waivers: 1. HTRZ Policy Section 2.c.i: A reduction in the affordable housing deed restriction from 30 years to 15 years. 2.Sustainable Development Policy Section 3.a.b: The emission-free building operation requirement was waived to accommodate restaurant gas stovetops. As proposed and originally approved, the rest of the project must comply with this requirement and have no on-site fossil fuel combustion. 3.Sustainable Development Policy Section 4.a.ii: The on-site net zero building requirement was waived and adjusted to require “off-site next zero” standards as part of the original approval. Page | 3 The Developer requested the maximum property tax reimbursement and was approved to receive a 90% reimbursement by the CRA Board due to the inclusion of Increased Reimbursement Incentive elements in the application. The application materials included the following Increased Reimbursement Incentive elements: Revised Application/Reconsideration of Program Participation ATTACHMENTS Redevelopment Agency of Salt Lake City RESOLUTION NO. _16_ Housing and Transit Reinvestment Zone Tax Increment Reimbursement Program Policy RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ADOPTING THE RDA HOUSING AND TRANSIT REINVESTMENT ZONE TAX INCREMENT REIMBURSEMENT PROGRAM POLICY WHEREAS, the Utah Housing and Transit Reinvestment Zone Act (HTRZ Act) was enacted to further a number of objectives including promoting a higher utilization of public transit and increasing the availability of housing including affordable housing. WHEREAS, pursuant to the Act, the Redevelopment Agency of Salt Lake City (RDA) administers the tax increment, including entering into reimbursement agreements (also known as tax increment reimbursement agreements) with project developers or property owners associated with an HTRZ Committee approved Housing and Transit Reinvestment Zone (HTRZ) for the purpose of utilizing the funds as allowed by the HTRZ Act. WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City Board) supports the distribution of tax increment associated with an HTRZ pursuant to the process outlined below. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that we do hereby establish policy guidelines for the RDA HTRZ Tax Increment Reimbursement Program to include the following: 1. GENERAL a. Purpose The RDA HTRZ Tax Increment Reimbursement Program (Program) may provide project developers or property owners a tax increment reimbursement Reimbursement) for the development of improvements in or associated with an HTRZ that meet the goals and objectives of the HTRZ Act, the executed interlocal agreement between the RDA and Salt Lake City, and the RDA’s Mission and Values, and provides significant public benefit. The Program is designed to provide reimbursements that are calculated using Salt Lake County’s assessed property value. The developer or property owner will receive a percentage of the tax increment generated from its project for a specified timeframe, and the RDA will receive the residual tax increment generated by the project. b. Authorization The RDA shall determine whether a project meets the goals and objectives of the HTRZ Act, the executed interlocal agreement between the RDA and Salt Lake City, the approved HTRZ, and the RDA’s Mission and Values. As provided in the HTRZ Act, a Reimbursement can only be authorized pursuant to a Reimbursement Agreement (Agreement), the terms of which are approved by the Board. The Board reserves the right to modify or deny a tax increment reimbursement application at any time for any reason. The Board’s approval of an Agreement shall be made by resolution and include a description of the development the applicant will undertake, the amount of funds the applicant may receive, and the terms and conditions under which the applicant may receive the funds. c. Tax Increment Calculation The formula to calculate the Reimbursement generated from the proposed improvements shall be as follows: i. Step 1: Estimate the Total Annual Tax Increment. o Determine the property's taxable value as shown upon the assessment roll last equalized prior to the construction of improvements on the property. This value is referred to as the property’s Base Taxable Value. o Calculate the difference between the Base Taxable Value of the property prior to improvements and the property’s estimated taxable value after the improvements have been made. This difference is referred to as New Growth. o Multiply New Growth by the current effective tax rate. New Growth) x (Effective Tax Rate) = Total Annual Tax Increment TI) ii. Step 2: Estimate the Annual TI Received by the RDA. o Total Annual TI multiplied by the percentage of TI received by the RDA. (Total Annual TI) x (% of TI received by the RDA) = Total Annual TI Received by the RDA. iii. Step 3: Estimate the Annual Reimbursement Payment. o Using the developer/property owner reimbursement rate Reimbursement Rate) established in the Agreement, calculate the estimated annual reimbursement payment. o (Total Annual TI Received by the RDA) x (Reimbursement Rate) = Estimated Annual TI Reimbursement Payment. Refer to Section 2 for more information on calculating the participation rate between the RDA and the developer. iv. Step 4: Calculate the Maximum Amount of Tax Increment Available to the Developer or Property Owner Over the Term of the Agreement. o (Estimated Annual TI Reimbursement Payment) x (the Term of the Reimbursement Agreement) = Total TI Available to Developer or Property Owner Over the Term. An annual growth multiplier based on current economic conditions may be applied to this calculation, at the RDA’s sole discretion. Actual Reimbursement is dependent on the increment being generated by the project. d. Eligible Costs The tax increment reimbursement will be limited by state law as indicated by Section 63N-3-607(4) of the HTRZ Act and Section 11-41-103 of the Prohibition on Retail Facility Incentive Payments Act. The RDA may determine, in its sole discretion, if the entire project or only specific project elements are eligible. e. Design Review Projects approved for Reimbursement must follow the RDA’s administrative design review process. Projects will be required to be in conformance with all Salt Lake City policies, ordinances, and codes. 2. REQUIREMENTS AND STRUCTURE a. Threshold Requirements of Projects that Incorporate Housing i. Projects must meet all applicable standards and objectives of the HTRZ Act and the approved HTRZ; and, ii. At least 10% of housing units within a project must be affordable to those earning 60% the Area Median Income (AMI) and below, or, 20% of units must be affordable to those earning 80% AMI and below. Income averaging of units within a single project may be utilized to achieve AMI thresholds; and, iii. Projects must include activated, ground floor space if not a private residence. Activated, ground floor space means a minimum of 50% of all ground floor, street-facing building facades must contain an active (commercial, retail, or office) use that is not exclusive to the tenants of the building; and, iv. Projects must comply with the RDA’s Sustainable Development Policy; and, v. The applicant must provide sufficient evidence (including, but not limited to the project pro forma, senior lender agreement(s), equity investor agreements, etc.) that tax increment funding is necessary for the project to succeed and to verify that the request is reasonable. b. Threshold Requirements of Projects that Do Not Incorporate Housing i. Projects must meet all applicable standards and objectives of the HTRZ Act and the approved HTRZ; and, ii. Projects must meet at least two (2) of the RDA’s qualifying livability benchmarks: permanent job creation; affordable commercial spaces; ownership; transportation opportunities; neighborhood safety; community engagement and support; public art; public space; walkability; and building preservation, rehabilitation, or adaptive reuse (collectively, Qualifying Livability Benchmarks). iii. Projects must include activated, ground floor space; and, iv. Projects must comply with the RDA’s Sustainable Development Policy; and, v. The applicant must provide sufficient evidence (including, but not limited to the project pro forma, senior lender agreements, equity investor agreements, etc.) that the Reimbursement is necessary for the project to succeed and to verify that the request is reasonable. c. Affordable Housing Requirements. i. Deed Restriction – If the project qualifies for a Reimbursement based on the incorporation of housing, prior to executing an Agreement, a restriction shall be recorded against the property that requires continued use of the specified units as affordable housing for at least 30 years. Both rent and income restrictions shall be included to limit the maximum rent that can be charged for a unit and to require that the unit be made available only to households with qualifying incomes. ii. Bedroom Count Mix – The affordable units shall be located on different floors of the building and spread among bedroom counts (1-bedroom, 2- bedroom, 3-bedroom, etc.) in the same proportion as the units available within the rest of the project. d. Eligible Project Locations Eligible projects shall be located in or associated with an active HTRZ that allows tax increment reimbursements pursuant to the HTRZ Act. e. Maximum Reimbursement Term The Reimbursement term will be negotiated based upon a project’s level of public benefits and demonstrated financial need and shall be consistent with the HTRZ Act. f. Maximum Reimbursement Rate i. Base Level Reimbursement – The maximum reimbursement rate for Projects that only meet the Threshold Requirements is 60%. ii. Increased Reimbursement Incentives – Projects may be eligible to receive an additional 10% increase in the reimbursement rate for meeting elements listed below, with each element being worth an additional 10%. The possible total maximum reimbursement rate is 90%. The elements are: 1. Incorporating Qualifying Livability Benchmarks in the project beyond the Threshold Requirements. 2. Providing an additional 10% of total affordable units at 60% AMI and below beyond the Threshold Requirements. 3. The inclusion of 3- and 4-bedroom units in projects that incorporate housing. 4. Meeting a priority identified in the RDA’s Annual Housing Funding Strategy established pursuant to the Housing Allocation Funds Policy. g. Maximum Reimbursement Amount The maximum Reimbursement amount will be negotiated based upon a project’s eligible costs, level of public benefits, and demonstrated financial need, and shall be consistent with the HTRZ and HTRZ Act. 3. EVALUATION AND APPROVAL PROCESS a. Applications that meet the requirements detailed in Section 2 will be evaluated and processed as detailed below. i. Step 1: Application Processing and RDA Staff Review. All applications shall be made to RDA staff, on standard RDA forms. All applications must be complete to be evaluated, and if either the applicant or proposed project fails to demonstrate the ability to meet application requirements, RDA staff may deny the application. ii. Step 2: RDA Finance Committee Review. RDA staff shall forward complete applications that meet the threshold requirements to the RDA Finance Committee. The RDA Finance Committee shall evaluate applications, supplemental materials, and other documentation necessary to thoroughly review the application and formulate a recommendation to the Board. iii. Step 3: Board Consideration of the Tax Increment Reimbursement Agreement Terms. Upon review of the application and supporting material, the Board may consider for approval a resolution detailing the Agreement terms. iv. Step 4: Agreement Finalization. Once the terms of an agreement have been authorized by the Board through an approved resolution, the RDA and developer will execute an Agreement consistent with the terms approved by the Board, and any other legal agreements (including an affordable housing restriction) deemed necessary by the City Attorney’s Office. 4. AGREEMENT TERMS a. Participation and Reimbursement Agreement Terms In addition to any other terms as recommended by legal counsel, the following terms shall be included in the Agreement: i. Reimbursement to Benefit Owner: RDA Discretion The RDA intends that the beneficiary of the Reimbursement will be the owner of the project for the life of the Agreement. In the event of a transfer or sale of the project or property, the Agreement and all benefits conferred under the Agreement shall benefit the project and be recorded against the property to run with the land, with the intent that all Reimbursements will remain with the owner of the real property and project. In the event that the ownership of the real property and improvements are severed, the RDA will have sole discretion to determine the beneficiary of the tax increment. If the Agreement is executed and the real property and project are conveyed to a third party while the improvements are still being constructed, the RDA will retain the right to consent to the transfer the Agreement to the new owner, in order to ensure that the benefits the RDA anticipated receiving under the original Agreement with the original developer are consistent with the new developer. If RDA does not consent to the transfer of the Agreement, the Reimbursement will cease and the Agreement will terminate. ii. Tax Appeals All reimbursement recipients shall be required to notify the RDA if they have applied for a property tax appeal with Salt Lake County. In the event that any such appeal results in a reduction in property taxes, the percentage share of the Reimbursement payable by the RDA to the recipient will decrease, and the percentage share of the tax increment received by RDA shall be increased, so that the dollar amount received by the RDA is the same as if no appeal of the assessed value had been made. iii. Recapture Provisions in the Event of Default Agreements shall require the recapture of Reimbursement funds allocated to a project that fails to meet the requirements as provided in the Agreement. iv. Participant Reporting Requirements Agreements shall require the following reporting from Reimbursement recipients as per the following: 1. Project Completion: Upon project completion, Reimbursement recipients shall provide a report that includes, but is not limited to, the total cost of improvements, a summary of completed improvements, and outcome metrics relating to project-specific requirements. 2. Annual Pre-Reimbursement: Contingent upon receiving an annual Reimbursement, Reimbursement recipients shall provide a report that includes a notification of any tax appeals and outcome metrics relating to project-specific requirements. As applicable, the report shall include relevant data that is certified by a financial officer or public accountant. b. Interest Interest will not accrue against the RDA on the anticipated or projected tax increment to be reimbursed to the developer. 5. REPORTING REQUIREMENTS a. Reporting The RDA shall provide a written briefing to the Board once per fiscal year, which contains an update on the RDA’s Reimbursement portfolio. Such briefing shall include a summary of new Agreements, anticipated budget impacts, and project metrics. 6. EXCEPTIONS The Board, by a majority vote of those present, may waive requirements or make exceptions to the foregoing criteria and procedures with a finding that the RDA’s mission and values will be furthered by such waiver or exception. RDA staff will prepare a written recommendation and statement regarding the waiver or exception. The statement will be placed in the project file. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this day of December 12th, 2023. Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Allison Parks Date:____________________________ The Executive Director: does not request reconsideration requests reconsideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Attest: City Recorder Allison Parks (Dec 15, 2023 10: 51 MST) Dec 15, 2023 Daniel Dugan (Dec 20, 2023 13:09 MST) Erin Mendenhall (Dec 20, 2023 14:01 MST) 4 Granary District Alliance (GDA) Granary District, Salt Lake City Granarydistrictslc@gmail.com March 31, 2026 To: Salt Lake City Council and Mayor’s Office and CRA Director Danny Walz Re: Pickle Building Demolition and Revised Development Plans Dear Mayor Mendenhall, City Council Members and Mr. Walz, We at the Granary District Alliance (GDA) as well as many community members, are deeply saddened by the loss of the historic Pickle Co Building which has been an iconic and important historic structure in our community. As mentioned in our previous letter, The GDA endorsed the original plan in 2023 as it was an adaptive reuse for the building, preserving a portion of the front facade and retrofitting the rest of the building preserving its original character. We understand that Blaser Ventures was within their rights to demolish the building as a revised demolition permit was issued by Salt Lake City building services. The developer has expressed regret and apologized for the lack of transparency with the GDA board with the change in plans and the demolition carried out last week. After discussions with the Blaser team and witnessing their development of the site, we applaud the new building that is currently being built with similar architectural elements (namely the arched windows and parapet), constructed reusing the bricks from the original Pickle building, and believe it is the best path forward for the site. This revised development also includes publicly accessible open space in the form of a pocket square behind the rebuilt building.This revised plan dovetails with the developer’s plans for the Kilby development parcels east of the site. This will create a walkable, connected space with existing buildings that maintain the original character of the Granary district, something the GDA highly values. www.thegranarydistrict.com @thegranarydistrict Our formal recommendation, as voted on and approved unanimously by our board on May 28th, 2025, and again on March 23, 2026 is to support the new concept of the Blaser Pickle Building rebuild including the proposed open space. We encourage the City Council and CRA to follow through with their agreement with the developer to issue the $6M in tax increment reimbursement funding previously allocated to the project. We also support including a stipulation in this agreement to ensure that the public open space or pocket square in the current plan gets constructed as a condition of the agreement for public benefit. We understand that these funds are required for the project's financing and future feasibility. As a board, we would like to see the site thrive. We believe it is the best solution moving forward to avoid blight to the neighborhood that such a stalled or abandoned project would cause. We encourage the CRA and City Council to support this new vision of the Pickle Co building and issue the CRA funding agreement. This funding will facilitate the reconstruction of the building and the proposed public space as the best case scenario for this site. Please reach out if you have any questions or would like to engage in additional discussions on this matter. Thank you for your time and consideration. Sincerely, The Granary District Alliance Board Annastasia Kaessner, Granary District Alliance, Chair 2026 www.thegranarydistrict.com @thegranarydistrict EXHIBIT A Mountain West Development, LLC Tax Increment Reimbursement Agreement TERM SHEET Parties: Mountain West Development, LLC (“Developer”) and the Salt Lake City Community Reinvestment Agency (“CRA”) Scope: The Pickle and Hide development is a mixed-use project located in the CRA’s 900 South HTRZ to be constructed in two phases located at approximately 739 S. 400 West. Phase I includes the renovation of the Bissinger Co. Hides building, including the preservation of its front façade and a portion of its side walls for a total of 40% of the exterior, to accommodate 5,500 square feet of commercial space and a multifamily addition to the rear. The residential addition will include 141 units, 28 of which are affordable at 60% of the area median income AMI) and below and 26 of which are affordable at 80% AMI. Phase II includes the demolition and reconstruction of the Utah Pickle Co. building to accommodate 17,000 square feet of commercial space as well as the renovation of the existing building known as Ed’s Restaurant located at 345 W. 700 South for additional commercial space. Each of the buildings include an activated ground floor use where at least 50% of the ground floor, street- facing building facades contain an active use not exclusive to building tenants. The Developer has provided sufficient evidence that tax increment is necessary for the project to succeed to subsize a portion of revenue loss from affordable rental rates and increased buildings costs associated with adaptive reuse projects. Property: Developer desires to carry out development activities on three existing parcels including P.I.N.s: 15-12-130-037, 15-12-130-034, and 15-12-130-03. Legal descriptions to be included within final agreement. CRA Participation: The CRA will agree to reimburse the Developer 90% of the annual tax increment (“ TI”) the CRA is entitled to receive from the taxing entities, subject to the terms of the Reimbursement Agreement, for a term of 15 years or the sum of the remaining collection years of the Housing and Transit Reinvestment Zone, whichever is less. To obtain this 90% reimbursement, the project has included three additional public benefits above and beyond the CRA HTRZ Tax Increment Reimbursement policy’s thresholds, each worth an additional 10% reimbursement including: 1) Building Preservation, Rehabilitation, and Adaptive Reuse Walkability 2) Neighborhood Commercial and Services (FY25 annual housing funding priority) Maximum Reimbursement The maximum amount available for reimbursement shall be $6,094,254 (“Maximum Reimbursement”). The annual TI Payment may be lower or higher than the projected amount based on actual increment generated from the Property, provided, however, the maximum total amount of the Reimbursement shall not exceed the Maximum Reimbursement. CRA Policy Waivers 1. Section 2.c.i. of the CRAs HTRZ Tax Increment Reimbursement Program Policy that requires a deed restriction be recorded against the property to ensure housing affordability for a minimum term of 30 years may be waived and reduced to a minimum term of 15 years. 2. Section 3.a.b. of the CRA’s Sustainable Development Policy that requires emission-free building operation for all adaptive reuse projects receiving over $900,000 in CRA funding may be waived for the designated restaurant spaces in Phase I and Phase II of the project to accommodate gas stovetops. The rest of the project must comply with the policy and operate without on-site fossil fuel combustion. 3. Section 4.a.ii. of the CRA’ s Sustainable Development Policy that requires projects to achieve on-site net zero” operation may be waived; however, the project must achieve “off-site net zero” standards in this requirement’s place at the level described as part of the conditions of approval. Conditions for Agreement Execution: 1. CRA approves all terms of the agreement. 2. Developer must submit a Statement of Energy Design Intent for both the “Pickle” and “Ed’ s Restaurant” buildings achieving a score of 90 or higher, or, provide evidence the buildings achieve an Energy Use Intensity (EUI) value corresponding with this score. 3. Developer must participate in Rocky Mountain Blue Sky renewable energy program at a level to cover energy needs for the commercial space, common areas, and parking garage as part of Phase I of the project for a minimum contribution of $350 a month. 4. Developer must utilize water-wise landscaping, smart irrigation systems, and, to the extent possible, zero-emission landscaping equipment in installation and maintenance of development landscaping. 5. Developer must submit a copy of the executed easement granting public access to the midblock walkway between the Pickle and Hide building. 6. Developer obtains all required City approvals. 7. Developer and CRA execute legal documents as deemed necessary by the CRA and its legal counsel. 8. Developer receives approval from the CRA and its legal counsel of all matters pertaining to title, legality of the request, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the transaction. 9. Such other terms as recommended by the CRA’s legal counsel and staff. EXHIBIT B Legal Description Parcel 1: Parcel 2: Parcel 3: Pickle & hide Tax increment reimbursement APRIL 2026 Original project scope Phase I Renovation of “Hide” building •5,500 sf commercial •141 units of residential (38% at 60-80% AMI) Phase II Renovation of “Pickle” building •14,500 sf of commercial Renovation of “Ed’s Restaurant” •2,500 sf of commercial Activated ground floor use: 50% of the ground floor, street- facing building facades contain an active use not exclusive to building tenants. Salt Lake City Community Reinvestment Agency Policy WAIVERs & Conditions HTRZ Tax Increment Policy 1.Affordability minimum term reduced from 30 years to 15 years 2. Emission Free Building •Waived for designated restaurant spaces 3. “On site net zero” a.RMP Blue Sky Participation at $350/mo for Phase I energy needs b.SEDI for Pickle and Ed’s Restaurant c.Water-wise landscaping, smart irrigation, zero emissions landscaping equipment d.Easement for midblock walkway Salt Lake City Community Reinvestment Agency Approved reimbursement terms Reimbursement Rate: 90% Base Rate (60%) + Public Benefits (10% each) 1.Building Preservation, Rehabilitation, and Adaptive Reuse 2.Walkability 3.Neighborhood and Commercial Services (FY25 Housing Funding Priority) 15 years $6,909,585 $6,094,254 Salt Lake City Community Reinvestment Agency Modified project scope •Risk and uncertainty •$1 million in project costs •Shotcrete and steel stabilization Building demolished on May 21, 2025 Salt Lake City Community Reinvestment Agency Modified project scope 40% of materials salvaged for reuse •50,000 bricks + 70,000 bricks from Granary District •Star anchors •Sandstone for fireplace •Timber for site furnishings •Roof trusses +28 parking spaces for 192 total parking stalls Salt Lake City Community Reinvestment Agency Policy WAIVERs & Conditions HTRZ Tax Increment Policy 1.Affordability minimum term reduced from 30 years to 15 years 2. Emission Free Building •Waived for designated restaurant spaces •Requested waiver for common area amenities (3 community fireplaces and 2 grills) 3. “On site net zero” a.RMP Blue Sky Participation at $350/mo for Phase I energy needs b.SEDI for Pickle and Ed’s Restaurant c.Water-wise landscaping, smart irrigation, zero emissions landscaping equipment d.Easement for midblock walkway Salt Lake City Community Reinvestment Agency Approved reimbursement terms Reimbursement Rate: 90% Base Rate (60%) + Public Benefits (10% each) 1. 2.Walkability 3.Neighborhood and Commercial Services (FY25 Housing Funding Priority) Term: 15 years $6,909,585 $6,094,254 Salt Lake City Community Reinvestment Agency Building preservation, rehabilitation, adaptive reuse “To acknowledge a neighborhood’s history and maintain its unique character through preservation, rehabilitation, or repurposing of historic or underutilized structures. The project will preserve, rehabilitate, or repurpose an existing structure for a land use that contributes positively to the surrounding neighborhood.” Pickle Building was one of three buildings considered in this public benefit, along with the preservation of the Hide Building’s facades and the full adaptive reuse of Ed’s Restaurant. Salt Lake City Community Reinvestment Agency Modified Scope & Term revisions Salt Lake City Community Reinvestment Agency •Requested policy waiver for Sustainable Development Policy •Possible reduction of Tax Increment Reimbursement Rate o Pro rata share of Pickle building (3.3% = $223,456) o Full reduction of Public Benefit (10% = $677,139) o No reduction Next steps Salt Lake City Community Reinvestment Agency Amended Term Sheet and Resolution Tax Increment Reimbursement Agreement SALT LAKE CITY TRANSMITTAL To:  Community Reinvestment Agency Chair Salt Lake City Council Chair Submission Date: 03/27/2026 Date Sent to Council: 03/30/2026 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 03/30/2026 Chief of Staff's Signed Date 03/30/2026 Subject: Tax Increment Reimbursement Request for Pickle & Hide Mixed-Use Development at 739 S. 400 West in the 900 South Housing and TransitReinvestment Zone Additional Staff Contact: Kristina Harrold, kristina.harrold@slc.gov Ashley Ogden, Ashley.Ogden@slc.gov Presenters/Staff Table Kristina Harrold, kristina.harrold@slc.gov Ashley Ogden, Ashley.Ogden@slc.gov Document Type Resolution Budget Impact? Yes No Recommendation: Staff requests that the CRA Board consider adoption of the draft resolution andamended term sheet that incorporates known changes to the project scope. Background/Discussion On March 18, 2025, the Community Reinvestment Agency Board of Directors approved Resolution No. 05 of 2025 authorizing terms associated with the approval of a HTRZ Tax Increment Reimbursement Agreement with developer Blaser Ventures, operating as Mountain West Developer, LLC for its Pickle & Hide development. The terms of the agreement included the renovation of the Utah Pickle Co. building (the “Pickle Building”) to accommodate commercial space as part of Phase II of the development. On May 21, 2025, after obtaining necessary permits, the Developer caused the Pickle Building to bedemolished. The demolition of the Pickle Building calls into question the terms of the Tax IncrementReimbursement previously approved by the CRA Board; specifically; the 10% increase in thereimbursement rate provided through the delivery of the Building Preservation, Rehabilitation, andAdaptive Reuse public benefit. Staff requests that the CRA Board considers the issue and providesdirection on the potential clarification or modification of terms associated with the TIRA. 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 1 SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY RESOLUTION NO. ___________ Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY APPROVING MODIFICATIONS TO THE TERMS OF A TAX INCREMENT REIMBURSEMENT AGREEMENT WITH MOUNTAIN WEST DEVELOPMENT, LLC FOR THE PICKLE AND HIDE DEVELOPMENT WHEREAS, the Utah Housing and Transit Reinvestment Zone Act (HTRZ Act) was enacted to further a number of objectives including promoting a higher utilization of public transit and increasing the availability of housing, including affordable housing. WHEREAS, on November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the state’s Housing and Transit Reinvestment Zone Committee conditionally approved the CRA’s 900 South Housing Transit Reinvestment Zone (Project Area). WHEREAS, pursuant to the Act, the Salt Lake City Community Reinvestment Agency (CRA) administers the tax increment, including entering into reimbursement agreements (also known as tax increment reimbursement agreements) with project developers or property owners associated with an HTRZ Committee approved Housing and Transit Reinvestment Zone (HTRZ) for the purpose of utilizing the funds as allowed by the HTRZ Act. WHEREAS, pursuant to CRA Resolution No. R-16-2023, the CRA has established a tax increment reimbursement policy for Housing and Transit Reinvestment Areas (TI Policy) that establishes the policies and procedures for entering into an Agreement with Developer. WHEREAS, Mountain West Development, LLC (Developer) is in the process of developing land at approximately 800 South and 400 West within the Project Area (Property) and more particularly described in Exhibit B, with a mixed-use affordable housing development known as Pickle & Hide. WHEREAS, based on a prior application for tax increment reimbursement submitted by Developer for its Pickle & Hide project and a prior determination by CRA that it meets the TI Policy’s threshold requirements, the Board passed Resolution 5 of 2025 on March 27, 2025, approving a term sheet for tax increment reimbursement in the maximum amount of $6,094,254 between the CRA and Developer. WHEREAS, the Board finds that subsequent events, including events related to the demolition of the Pickle building as part Developer’s construction of the Pickle & Hide development, are inconsistent with certain aspects of the approved term sheet. 2 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY, that the modified term sheet for the tax increment reimbursement between the CRA and Developer which is attached hereto as Exhibit A is hereby approved to replace the term sheet approved by the Board’s Resolution 5 of 2025. The Board hereby authorizes the Executive Director to negotiate and execute a tax increment reimbursement agreement with Developer pursuant to the terms of the attached 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 April 2026. ________________________________ Dan Dugan, Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Jennifer Huntsman Date:____________________________ 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 Term Sheet 4 EXHIBIT B Legal Description 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: March 27, 2026 PREPARED BY: Kristina Harrold, Project Manager RE: Tax Increment Reimbursement Request for Pickle & Hide Mixed-Use Development at 739 S. 400 West in the 900 South Housing and Transit Reinvestment Zone (“HTRZ”) REQUESTED ACTION: Review the amended term sheet and consider options for the further modification of terms for the Tax Increment Reimbursement Agreement for Pickle & Hide POLICY ITEM: HTRZ Tax Increment Reimbursement Policy BUDGET IMPACTS: Maximum Reimbursement Amount of $6,094,254 of 900 South HTRZ Tax Increment EXECUTIVE SUMMARY: On March 18, 2025, the Community Reinvestment Agency Board of Directors (“CRA Board”) approved Resolution No. 05 of 2025 (Attachment B) authorizing terms associated with the approval of a HTRZ Tax Increment Reimbursement Agreement (“TIRA” or “Agreement”) with developer Blaser Ventures, operating as Mountain West Developer, LLC (“Developer”), for its Pickle & Hide development. The terms of the agreement included the renovation of the Utah Pickle Co. building (the “Pickle Building”) to accommodate commercial space as part of Phase II of the development. After subsurface investigation and structural analysis, it was found that retaining the standing portions of the Pickle Building carried a high degree of risk and additional cost. The Developer resolved that demolishing and reconstructing the Pickle Building would be the most feasible path forward. On May 21, 2025, after obtaining necessary permits, the Developer caused the Pickle Building to be demolished. The demolition of the Pickle Building calls into question the terms of the Tax Increment Reimbursement previously approved by the CRA Board; specifically; the 10% increase in the reimbursement rate provided through the delivery of the Building Preservation, Rehabilitation, and Adaptive Reuse public benefit. Staff requests that the CRA Board considers the issue and provides direction on the potential clarification or modification of terms associated with the TIRA. BACKGROUND: Original Project Scope and Approved Terms On March 18, 2025, the CRA Board approved a resolution authorizing the terms of a TIRA for the Pickle & Hide mixed-use project at 739 S. 400 West, which involves two (2) phases of construction: • Phase I includes the renovation of the Bissinger Co. Hides building (“Hide Building”), including the preservation of its front façade and a portion of its side walls for a total of 40% of the exterior, to accommodate 5,500 square feet of commercial space and a multifamily addition to the rear. The residential addition includes 141 units, 28 of which are affordable at 60% of the area median income (AMI) and below, and 26 of which are affordable at 80% AMI. • Phase II of the project, as originally proposed, included the renovation of the 1894 Utah Pickle Co. building (“Pickle Building”) to accommodate 17,000 square feet of commercial space, as well as the renovation of the building known as “Ed’s Place” for additional commercial space. Each of the buildings were proposed to include an activated ground floor use where at least 50% of the ground floor, street- facing building facades contain an active use not exclusive to building tenants. Approved terms included the following policy waivers: • Section 2.c.i. of the CRAs HTRZ Tax Increment Reimbursement Program Policy that requires a deed restriction be recorded against the property to ensure housing affordability for a minimum term of 30 years may be waived and reduced to a minimum term of 15 years. • Section 3.a.b. of the CRA’s Sustainable Development Policy that requires emission-free building operation for all adaptive reuse projects receiving over $900,000 in CRA funding may be waived for the designated restaurant spaces in Phase I and Phase II of the project to accommodate gas stovetops. The rest of the project must comply with the policy and operate without on-site fossil fuel combustion. • Section 4.a.ii. of the CRA’ s Sustainable Development Policy that requires projects to achieve on-site net zero” operation may be waived; however, the project must achieve “off-site net zero” standards in this requirement’s place at the level described as part of the conditions of approval. Approved terms also included the following conditions of approval: • Developer must submit a Statement of Energy Design Intent for both the “Pickle” and “Ed’ s Restaurant” buildings achieving a score of 90 or higher, or, provide evidence the buildings achieve an Energy Use Intensity (EUI) value corresponding with this score. • Developer must participate in Rocky Mountain Blue Sky renewable energy program at a level to cover energy needs for the commercial space, common areas, and parking garage as part of Phase I of the project for a minimum contribution of $350 a month. • Developer must utilize water-wise landscaping, smart irrigation systems, and, to the extent possible, zero-emission landscaping equipment in installation and maintenance of development landscaping. • Developer must submit a copy of the executed easement granting public access to the midblock walkway between the Pickle and Hide building. At the time of approval, the Pickle & Hide project was deemed eligible to receive a reimbursement of 90% of the CRA’s tax increment (vs. the baseline 60%) by providing additional public benefits beyond minimum requirements of the HTRZ Tax Increment Reimbursement Program Policy. These additional benefits, which are each worth an additional 10%, include: 1. Building Preservation, Rehabilitation, and Adaptive Reuse 2. Walkability 3. Neighborhood and Commercial Services, which was a FY 2025 Annual Housing Funding Priority. Based upon the taxable value of the proposed development, the CRA is projected to receive approximately $6,909,585 in tax increment from the development of Phases I and II over a 15-year period. The Developer would receive 90% of the CRA’s collected increment reimbursement (less CRA administrative costs), set at a cap of $6,094,254 over a 15-year period. Modified Project Scope After completing subsurface investigation and structural analysis, the Developer determined that retaining the façade carried a high degree of risk and an additional cost of approximately $1 million. Additionally, retaining the façade would have required stabilization with an interior shotcrete and steel system, which would lower the aesthetic appeal of the project, as opposed to a fully exposed brick design. The Developer resolved that rebuilding the Pickle building would be the most feasible path forward for safety, cost-effectiveness, and quality of experience. On May 21, 2025, after obtaining necessary permits, the Pickle Building was demolished. When the Pickle building was demolished, approximately 40% of original materials were salvaged to be used in the project. The Developer intends to reuse the salvaged materials throughout the site in the following ways: • Approximately 50,000 original bricks from the Pickle & Hide Buildings will be incorporated throughout the interior and exterior of the development, along with an additional 70,000 bricks from elsewhere in the Granary District for a total of 120,000 bricks reused on site. • Salvaged star anchors will be reinstalled in their original façade locations. • Salvaged sandstone will be used for an exterior fireplace, low retaining walls, and crushed for use as landscaping material. • Original timber from the Pickle Building will be milled and fabricated into site furnishings, including benches and bollards. • Original roof trusses salvaged from the former Lotus building on 700 South will be utilized for future architectural integration. A letter from the Developer is included as Attachment C, which addresses the findings that preceded Pickle building demolition and the plans for the reuse of salvaged materials. An updated site plan is included as Attachment D. Since the Board last reviewed the project, the Developer has added an additional 28 parking spaces to the project (including 3 ADA stalls) bringing the total count to 192 parking spaces on site. ANALYSIS: Aside from the demolition of the Pickle Building and other, associated scope changes, the project has not deviated from the original CRA Board-approved terms. The Developer maintains the request for policy waivers; as such, CRA staff recommends the maintenance of the conditions of approval. The demolition of the Pickle Building calls into question one of the public benefits that was proposed by the Developer, Building Preservation, Rehabilitation, and Adaptive Reuse, which represents 10% of the Developer’s proposed 90% reimbursement rate. The description and criteria for this public benefit are as follows: To acknowledge a neighborhood’s history and maintain its unique character through preservation, rehabilitation, or repurposing of historic or underutilized structures. The project will preserve, rehabilitate, or repurpose an existing structure for a land use that contributes positively to the surrounding neighborhood. The Pickle Building was one of three buildings considered in this public benefit, along with the preservation of 40% the Hide Building’s facades and the full adaptive reuse of Ed’s Place. CRA Staff has attached a draft resolution and redlined term sheet that includes known changes to the scope of the project. CRA Staff requests that the CRA Board consider the information provided in this memo and provide direction for the potential further modification of the previously approved terms. The following options are being provided for the CRA Board’s consideration: 1. Pro-rata reduction: the tax increment reimbursement rate could be reduced by the Pickle building’s pro-rata one-third share of the Building Preservation, Rehabilitation, and Adaptive Reuse public benefit, resulting in a reduction of 3.3% for an overall Developer tax increment reimbursement rate of 86.7% 2. Full reduction: the Building Preservation, Rehabilitation and Adaptive Reuse public benefit could be removed entirely from consideration, resulting in a Developer tax increment reimbursement rate of 80%. 3. No reduction: Developer tax increment reimbursement rate could remain as originally proposed. NEXT STEPS: Staff requests that the CRA Board – at minimum – consider adoption of the attached resolution and amended term sheet that incorporates known changes to the project scope (Attachment A). If the CRA Board chooses to further amend the term sheet, CRA Staff will incorporate the CRA Board’s direction. Amended terms will be included in the TIRA between the Developer and CRA. PREVIOUS BOARD ACTION: On March 18, 2025, the CRA Board adopted a resolution authorizing the terms and conditions of the TIRA with Mountain West Developer, LLC, for the Pickle & Hide project, which is eligible for a reimbursement of up to $6,094,254 in tax increment reimbursement from the 900 South HTRZ. ATTACHMENTS: A.Draft resolution and redlined term sheet with known project scope changes B.Resolution 05 of 2025 Mountain West Development, LLC, Tax Increment Reimbursement Term Sheet C.Letter from Developer outlining findings that led to demolition and planned reuse of salvaged materials D.Updated project site plans 1 SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY RESOLUTION NO. ___________ Pickle & Hide Tax Increment Reimbursement Agreement Term Sheet Modifications RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY APPROVING MODIFICATIONS TO THE TERMS OF A TAX INCREMENT REIMBURSEMENT AGREEMENT WITH MOUNTAIN WEST DEVELOPMENT, LLC FOR THE PICKLE AND HIDE DEVELOPMENT WHEREAS, the Utah Housing and Transit Reinvestment Zone Act (HTRZ Act) was enacted to further a number of objectives including promoting a higher utilization of public transit and increasing the availability of housing, including affordable housing. WHEREAS, on November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the state’s Housing and Transit Reinvestment Zone Committee conditionally approved the CRA’s 900 South Housing Transit Reinvestment Zone (Project Area). WHEREAS, pursuant to the Act, the Salt Lake City Community Reinvestment Agency (CRA) administers the tax increment, including entering into reimbursement agreements (also known as tax increment reimbursement agreements) with project developers or property owners associated with an HTRZ Committee approved Housing and Transit Reinvestment Zone (HTRZ) for the purpose of utilizing the funds as allowed by the HTRZ Act. WHEREAS, pursuant to CRA Resolution No. R-16-2023, the CRA has established a tax increment reimbursement policy for Housing and Transit Reinvestment Areas (TI Policy) that establishes the policies and procedures for entering into an Agreement with Developer. WHEREAS, Mountain West Development, LLC (Developer) is in the process of developing land at approximately 800 South and 400 West within the Project Area (Property) and more particularly described in Exhibit B, with a mixed-use affordable housing development known as Pickle & Hide. WHEREAS, based on a prior application for tax increment reimbursement submitted by Developer for its Pickle & Hide project and a prior determination by CRA that it meets the TI Policy’s threshold requirements, the Board passed Resolution 5 of 2025 on March 27, 2025, approving a term sheet for tax increment reimbursement in the maximum amount of $6,094,254 between the CRA and Developer. WHEREAS, the Board finds that subsequent events, including events related to the demolition of the Pickle building as part Developer’s construction of the Pickle & Hide development, are inconsistent with certain aspects of the approved term sheet. 2 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY, that the modified term sheet for the tax increment reimbursement between the CRA and Developer which is attached hereto as Exhibit A is hereby approved to replace the term sheet approved by the Board’s Resolution 5 of 2025. The Board hereby authorizes the Executive Director to negotiate and execute a tax increment reimbursement agreement with Developer pursuant to the terms of the attached 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 April 2026. ________________________________ Dan Dugan, Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Jennifer Huntsman Date:____________________________ 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 Mountain West Development, LLC Tax Increment Reimbursement Agreement TERM SHEET Parties: Mountain West Development, LLC (“Developer”) and the Salt Lake City Community Reinvestment Agency (“CRA”) Scope: The Pickle & Hide development is a mixed-use project located in the CRA’s 900 South HTRZ to be constructed in two phases located at approximately 739 S. 400 West. Phase I includes the renovation of the Bissinger Co. Hides building, including the preservation of its front façade and a portion of its side walls for a total of 40% of the exterior, to accommodate 5,500 square feet of commercial space and a multifamily addition to the rear. The residential addition will include 141 units, 28 of which are affordable at 60% of the area median income AMI) and below and 26 of which are affordable at 80% AMI. Phase II includes the renovation demolition and reconstruction of the Utah Pickle Co. building to accommodate 17,000 square feet of commercial space as well as the renovation of the existing building known as Ed’s Restaurant located at 345 W. 700 South for additional commercial space. Each of the buildings include an activated ground floor use where at least 50% of the ground floor, street- facing building facades contain an active use not exclusive to building tenants. The Developer has provided sufficient evidence that tax increment is necessary for the project to succeed to subsize a portion of revenue loss from affordable rental rates and increased buildings costs associated with adaptive reuse projects. Property: Developer desires to carry out development activities on three existing parcels including P.I.N.s: 15-12-130-037, 15-12-130-034, and 15-12-130-03. Legal descriptions to be included within final agreement. CRA Participation: The CRA will agree to reimburse the Developer 90% of the annual tax increment (“ TI”) the CRA is entitled to receive from the taxing entities, subject to the terms of the Reimbursement Agreement, for a term of 15 years or the sum of the remaining collection years of the Housing and Transit Reinvestment Zone, whichever is less. To obtain this 90% reimbursement, the project has included three additional public benefits above and beyond the CRA HTRZ Tax Increment Reimbursement policy’s thresholds, each worth an additional 10% reimbursement including: 1) Building Preservation, Rehabilitation, and Adaptive Reuse 2) Walkability 3) Neighborhood Commercial and Services (FY25 annual housing funding priority) Maximum Reimbursement The maximum amount available for reimbursement shall be $6,094,254 (“Maximum 4 Reimbursement”). The annual TI Payment may be lower or higher than the projected amount based on actual increment generated from the Property, provided, however, the maximum total amount of the Reimbursement shall not exceed the Maximum Reimbursement. CRA Policy Waivers 1. Section 2.c.i. of the CRAs HTRZ Tax Increment Reimbursement Program Policy that requires a deed restriction be recorded against the property to ensure housing affordability for a minimum term of 30 years may be waived and reduced to a minimum term of 15 years. 2. Section 3.a.b. of the CRA’s Sustainable Development Policy that requires emission-free building operation for all adaptive reuse projects receiving over $900,000 in CRA funding may be waived for the designated restaurant spaces in Phase I and Phase II of the project to accommodate gas stovetops. The rest of the project must comply with the policy and operate without on-site fossil fuel combustion. 3. Section 4.a.ii. of the CRA’ s Sustainable Development Policy that requires projects to achieve on-site net zero” operation may be waived; however, the project must achieve “off-site net zero” standards in this requirement’s place at the level described as part of the conditions of approval. Conditions for Agreement Execution: 1. CRA approves all terms of the agreement. 2. Developer must submit a Statement of Energy Design Intent for both the “Pickle” and “Ed’ s Restaurant” buildings achieving a score of 90 or higher, or, provide evidence the buildings achieve an Energy Use Intensity (EUI) value corresponding with this score. 3. Developer must participate in Rocky Mountain Blue Sky renewable energy program at a level to cover energy needs for the commercial space, common areas, and parking garage as part of Phase I of the project for a minimum contribution of $350 a month. 4. Developer must utilize water-wise landscaping, smart irrigation systems, and, to the extent possible, zero-emission landscaping equipment in installation and maintenance of development landscaping. 5. Developer must submit a copy of the executed easement granting public access to the midblock walkway between the Pickle and Hide building. 6. Developer obtains all required City approvals. 7. Developer and CRA execute legal documents as deemed necessary by the CRA and its legal counsel. 8. Developer receives approval from the CRA and its legal counsel of all matters pertaining to title, legality of the request, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the transaction. 9. Such other terms as recommended by the CRA’s legal counsel and staff. 5 EXHIBIT B Pickle & Hide Development – Legal Description PARCEL 1: A PARCEL OF LAND LOCATED IN LOT 6, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 6, AND RUNNING THENCE NORTH 89°56'38" EAST 121.00 FEET ALONG THE NORTH LINE OF SAID LOT 6; THENCE SOUTH 0°01'22" EAST 212.00 FEET; THENCE SOUTH 89°58'39" WEST 121.01 FEET TO A POINT ON THE WEST LINE OF SAID LOT 6; THENCE NORTH 0°01'09" WEST 211.93 FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING. PARCEL 2: A PARCEL OF LAND LOCATED IN LOTS 4, 5 & 6, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 4, SAID POINT ALSO BEING THE SOUTHWEST CORNER OF SAID LOT 5, AND RUNNING THENCE SOUTH 89°56'39" WEST 5.42 FEET ALONG THE WEST EXTENSION OF THE COMMON LINE OF SAID LOTS 4 AND 5 TO THE EAST RIGHT OF WAY LINE OF 400 WEST STREET; THENCE NORTH 0°00'58" WEST 147.30 FEET ALONG SAID RIGHT OF WAY LINE; THENCE NORTH 89°54'38" EAST 170.43 FEET TO A POINT ON THE EAST LINE OF SAID LOT 5, SAID POINT BEING SOUTH 0°01'09" EAST 185.22 FEET ALONG SAID EAST LINE FROM THE NORTHEAST CORNER OF SAID LOT 5; THENCE SOUTH 0°01'09" EAST 29.21 FEET ALONG THE EAST LINE OF SAID LOT 5; THENCE NORTH 89°58'39" EAST 121.01 FEET; THENCE NORTH 89°56'38" EAST 44.00 FEET TO A POINT ON THE EAST LINE OF SAID LOT 6, SAID POINT BEING SOUTH 0°01'21'' EAST 212.00 FEET ALONG SAID EAST LINE FROM THE NORTHEAST CORNER OF SAID LOT 6; THENCE SOUTH 0°01'21" EAST 118.11 FEET ALONG SAID EAST LINE TO THE SOUTHEAST CORNER THEREOF; THENCE SOUTH 89°56'39" WEST 190.31 FEET ALONG THE COMMON LOT LINES OF SAID LOTS 4, 5 & 6; THENCE SOUTH 0°00'05" WEST 30.11 FEET; THENCE NORTH 76°31'25" WEST 67.50 FEET; THENCE SOUTH 80°00'58" WEST 75.23 FEET TO A POINT ON THE WEST LINE OF SAID LOT 4; THENCE NORTH 0°00'58" WEST 27.29 FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING. PARCEL 3: A PARCEL OF LAND LOCATED IN LOTS 3 & 4, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS: BEGINNING AT A POINT ON THE WEST LINE OF SAID LOT 4, SAID POINT BEING SOUTH 0°00'58" EAST 27.29 FEET ALONG SAID WEST LINE FROM THE NORTHWEST CORNER OF SAID LOT 4, AND RUNNING THENCE NORTH 80°00'58" EAST 75.23 FEET; THENCE SOUTH 76°31'25" EAST 6 67.50 FEET; THENCE NORTH 0°00'05'' EAST 30.11 FEET TO A POINT ON THE NORTH LINE OF SAID LOT 4; THENCE NORTH 89°56'39'' EAST 107.80 FEET ALONG THE NORTH LINE OF SAID LOTS 3 & 4; THENCE SOUTH 0°01'15" EAST 165.06 FEET; THENCE SOUTH 89°56'40" WEST 247.54 FEET TO A POINT ON SAID WEST LINE OF LOT 4; THENCE NORTH 0°00'58" WEST 137.76 FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING. 1 COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY RESOLUTION 5 of 2025 Pickle & Hide Tax Increment Reimbursement Agreement RESOLUTION OF THE BOARD OF DIRECTORS OF THE COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY APPROVING A TAX INCREMENT REIMBURSEMENT AGREEMENT WITH MOUNTAIN WEST DEVELOPMENT, LLC FOR ITS PICKLE AND HIDE DEVELOPMENT WHEREAS, the Utah Housing and Transit Reinvestment Zone Act (HTRZ Act) was enacted to further a number of objectives including promoting a higher utilization of public transit and increasing the availability of housing including affordable housing. WHEREAS, on November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the state’s Housing and Transit Reinvestment Zone Committee conditionally approved the CRA’s 900 South Housing Transit Reinvestment Zone (Project Area). WHEREAS, pursuant to the Act, the Salt Lake City Community Reinvestment Agency CRA) administers the tax increment, including entering into reimbursement agreements (also known as tax increment reimbursement agreements) with project developers or property owners associated with an HTRZ Committee approved Housing and Transit Reinvestment Zone (HTRZ) for the purpose of utilizing the funds as allowed by the HTRZ Act. WHEREAS, pursuant to CRA Resolution No. R-16-2023, the CRA has established a tax increment reimbursement policy for Housing and Transit Reinvestment Areas (TI Policy) that sets forth the policies and procedures for entering into an Agreement with developers. WHEREAS, Mountain West Development, LLC (Developer) intends to develop land at approximately 800 South and 400 West within the Project Area (Property) and more particularly described in Exhibit B, with a mixed-use affordable housing development known as Pickle & Hide which incorporates affordable housing and adaptive reuse of historic buildings. WHEREAS, Developer submitted an application for tax increment reimbursement for its Picke & Hide project which CRA staff determined meets the TI Policy’s threshold requirements. WHEREAS, on February 12, 2025, the CRA Finance Committee evaluated Developer’s application materials and other documentation, and based on that evaluation, recommended to the Board that the Board approve a reimbursement of HTRZ increment from the Property to Developer in the maximum amount of $6,094,254. 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 between the CRA and Developer which is attached hereto as Exhibit A is hereby approved. 2 The Board hereby authorizes the Executive Director to negotiate and execute a tax increment reimbursement agreement with Developer pursuant to the terms of the attached 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 18th day of March 2025. Darin Mano, Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Jennifer Huntsman Date:____________________________ The Executive Director: does not request reconsideration requests reconsideration at the next regular Agency meeting. Erin Mendenhall, Executive Director Attest: City Recorder 0 ) / . ( ) — - AFvA ? AD@Ew@G ˜ 0HQQLIHU . XQWVPDQ Mar 27, 2025 Darin Masa* Man* (r 1, 2025 11: 50 MDT) Darin Masao Mano rin Men en#a'' (r 1, 2025 16:21 MDT) n 3 EXHIBIT A Mountain West Development, LLC Tax Increment Reimbursement Agreement TERM SHEET Parties: Mountain West Development, LLC (“Developer”) and the Community Reinvestment Agency of Salt Lake City (“CRA”) Scope: The Pickle and Hide development is a mixed-use project located in the CRA’s 900 South HTRZ to be constructed in two phases located at approximately 739 S. 400 West. Phase I includes the renovation of the Bissinger Co. Hides building, including the preservation of its front façade and a portion of its side walls for a total of 40% of the exterior, to accommodate 5,500 square feet of commercial space and a multifamily addition to the rear. The residential addition will include 141 units, 28 of which are affordable at 60% of the area median income AMI) and below and 26 of which are affordable at 80% AMI. Phase II includes the renovation of the Utah Pickle Co. building to accommodate 17,000 square feet of commercial space as well as the renovation of the existing building known as Ed’s Restaurant located at 345 W. 700 South for additional commercial space. Each of the buildings include an activated ground floor use where at least 50% of the ground floor, street- facing building facades contain an active use not exclusive to building tenants. The Developer has provided sufficient evidence that tax increment is necessary for the project to succeed to subsize a portion of revenue loss from affordable rental rates and increased buildings costs associated with adaptive reuse projects. Property: Developer desires to carry out development activities on three existing parcels including P.I.N.s: 15-12-130-037, 15-12-130-034, and 15-12-130-03. Legal descriptions to be included within final agreement. CRA Participation: The CRA will agree to reimburse the Developer 90% of the annual tax increment (“TI”) the CRA is entitled to receive from the taxing entities, subject to the terms of the Reimbursement Agreement, for a term of 15 years or the sum of the remaining collection years of the Housing and Transit Reinvestment Zone, whichever is less. To obtain this 90% reimbursement, the project has included three additional public benefits above and beyond the CRA HTRZ Tax Increment Reimbursement policy’s thresholds, each worth an additional 10% reimbursement including: 1) Adaptive Reuse 2) Walkability 3) Neighborhood Commercial and Services (FY25 annual housing funding priority) Maximum Reimbursement The maximum amount available for reimbursement shall be $6,094,254 (“Maximum Reimbursement”). The annual TI Payment may be lower or higher than the projected amount based on actual increment generated from the Property, provided, however, the maximum total amount of the Reimbursement shall not exceed the Maximum Reimbursement. 4 CRA Policy Waivers 1. Section 2.c.i. of the CRA’s HTRZ Tax Increment Reimbursement Program Policy that requires a deed restriction be recorded against the property to ensure housing affordability for a minimum term of 30 years may be waived and reduced to a minimum term of 15 years. 2. Section 3.a.b. of the CRA’s Sustainable Development Policy that requires emission-free building operation for all adaptive reuse projects receiving over $900,000 in CRA funding may be waived for the designated restaurant spaces in Phase I and Phase II of the project to accommodate gas stovetops. The rest of the project must comply with the policy and operate without on-site fossil fuel combustion. 3. Section 4.a.ii. of the CRA’s Sustainable Development Policy that requires projects to achieve on-site net zero” operation may be waived; however, the project must achieve “off-site net zero” standards in this requirement’s place at the level described as part of the conditions of approval. Conditions for Agreement Execution: 1. CRA approves all terms of the agreement. 2. Developer must submit a Statement of Energy Design Intent for both the “Pickle” and “Ed’s Restaurant” buildings achieving a score of 90 or higher, or, provide evidence the buildings achieve an Energy Use Intensity (EUI) value corresponding with this score. 3. Developer must participate in Rocky Mountain Blue Sky renewable energy program at a level to cover energy needs for the commercial space, common areas, and parking garage a part of Phase I of the project for a minimum contribution of $350 a month. 4. Developer must utilize water-wise landscaping, smart irrigation systems, and, to the extent possible, zero-emission landscaping equipment in installation and maintenance of development landscaping. 5. Developer must submit a copy of the executed easement granting public access to the midblock walkway between the Pickle and Hide building. 6. Developer obtains all required City approvals. 7. Developer and CRA execute legal documents as deemed necessary by the CRA and its legal counsel. 8. Developer receives approval from the CRA and its legal counsel of all matters pertaining to title, legality of the request, and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the transaction. 9. Such other terms as recommended by the CRA’s legal counsel and staff. 5 EXHIBIT B Pickle & Hide Development – Legal Description PARCEL 1: A PARCEL OF LAND LOCATED IN LOT 6, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 6, AND RUNNING THENCE NORTH 89°56'38" EAST 121.00 FEET ALONG THE NORTH LINE OF SAID LOT 6; THENCE SOUTH 0°01'22" EAST 212.00 FEET; THENCE SOUTH 89°58'39" WEST 121.01 FEET TO A POINT ON THE WEST LINE OF SAID LOT 6; THENCE NORTH 0°01'09" WEST 211.93 FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING. PARCEL 2: A PARCEL OF LAND LOCATED IN LOTS 4, 5 & 6, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 4, SAID POINT ALSO BEING THE SOUTHWEST CORNER OF SAID LOT 5, AND RUNNING THENCE SOUTH 89°56'39" WEST 5.42 FEET ALONG THE WEST EXTENSION OF THE COMMON LINE OF SAID LOTS 4 AND 5 TO THE EAST RIGHT OF WAY LINE OF 400 WEST STREET; THENCE NORTH 0°00'58" WEST 147.30 FEET ALONG SAID RIGHT OF WAY LINE; THENCE NORTH 89°54'38" EAST 170.43 FEET TO A POINT ON THE EAST LINE OF SAID LOT 5, SAID POINT BEING SOUTH 0°01'09" EAST 185.22 FEET ALONG SAID EAST LINE FROM THE NORTHEAST CORNER OF SAID LOT 5; THENCE SOUTH 0°01'09" EAST 29.21 FEET ALONG THE EAST LINE OF SAID LOT 5; THENCE NORTH 89°58'39" EAST 121.01 FEET; THENCE NORTH 89°56'38" EAST 44.00 FEET TO A POINT ON THE EAST LINE OF SAID LOT 6, SAID POINT BEING SOUTH 0°01'21'' EAST 212.00 FEET ALONG SAID EAST LINE FROM THE NORTHEAST CORNER OF SAID LOT 6; THENCE SOUTH 0°01'21" EAST 118.11 FEET ALONG SAID EAST LINE TO THE SOUTHEAST CORNER THEREOF; THENCE SOUTH 89°56'39" WEST 190.31 FEET ALONG THE COMMON LOT LINES OF SAID LOTS 4, 5 & 6; THENCE SOUTH 0°00'05" WEST 30.11 FEET; THENCE NORTH 76°31'25" WEST 67.50 FEET; THENCE SOUTH 80°00'58" WEST 75.23 FEET TO A POINT ON THE WEST LINE OF SAID LOT 4; THENCE NORTH 0°00'58" WEST 27.29 FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING. PARCEL 3: A PARCEL OF LAND LOCATED IN LOTS 3 & 4, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS: BEGINNING AT A POINT ON THE WEST LINE OF SAID LOT 4, SAID POINT BEING SOUTH 0°00'58" EAST 27.29 FEET ALONG SAID WEST LINE FROM THE NORTHWEST CORNER OF SAID LOT 4, AND RUNNING THENCE NORTH 80°00'58" EAST 75.23 FEET; THENCE SOUTH 76°31'25" EAST 6 67.50 FEET; THENCE NORTH 0°00'05'' EAST 30.11 FEET TO A POINT ON THE NORTH LINE OF SAID LOT 4; THENCE NORTH 89°56'39'' EAST 107.80 FEET ALONG THE NORTH LINE OF SAID LOTS 3 & 4; THENCE SOUTH 0°01'15" EAST 165.06 FEET; THENCE SOUTH 89°56'40" WEST 247.54 FEET TO A POINT ON SAID WEST LINE OF LOT 4; THENCE NORTH 0°00'58" WEST 137.76 FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING. 386 W 500 S, Suite 100, Salt Lake City, UT 84101 • Blaser Ventures • blaser-ventures.com February 27, 2026 Dear Salt Lake City- Community Redevelopment Agency, Re: Pickle & Hide – Fulfillment of HTRZ Commitments: Salvage, Adaptive Reuse, and Historic Material Integration This letter supplements our January 31, 2025 Housing and Transit Reinvestment Zone (HTRZ) application and final submission and is intended to formally document how Blaser Ventures is fulfilling the preservation, adaptive reuse, and sustainability commitments made therein. As represented in our HTRZ materials, the Pickle & Hide project prioritizes preservation over demolition and incorporates substantial reuse of original building materials to reduce embodied carbon, maintain historic character, and deliver meaningful public benefit. The following outlines, with specificity, how those commitments are being executed under our Re-Use, Recycle, and Rebuild framework. RE-USE (Direct reintegration of original historic materials) Consistent with our HTRZ commitment to preserve historic fabric and reuse original materials wherever feasible, we have prioritized direct material reuse throughout the project. To date, the following materials have been salvaged and reintegrated: • Approximately 50,000 original bricks from the Pickle and Hide buildings are preserved and being incorporated throughout the interior and exterior of the development. • Original brick installed on first-floor restaurant walls within the Pickle building. • Original brick integrated throughout second-floor office spaces in the Pickle building. • Original brick paving installed throughout Pickle Alley, extending to the stage and lawn area. • Original brick prominently featured at the Hide leasing desk and reused as transitional flooring elements in the Hide lobby. • Original brick reused as pavers at the Hide apartment and restaurant entries. • Salvaged star anchors reinstalled in their original façade locations to preserve structural authenticity and historic rhythm. 386 W 500 S, Suite 100, Salt Lake City, UT 84101 • Blaser Ventures • blaser-ventures.com • Salvaged sandstone will be repurposed not only for the exterior fireplace surround, but also as low retaining walls within landscape beds. • Remaining sandstone will be crushed and repurposed into smaller stone used in landscape beds and planters throughout the site to ensure no viable material was discarded. • Original timber from the Pickle building milled and fabricated into site furnishings, including benches and bollards. • Original roof trusses salvaged from the former Lotus building (700 South) preserved for future architectural integration. • Exploration of additional salvaged timber for custom fabrication of frames and interior design elements between the buildings. These efforts reflect our continued commitment to reusing original brick, timber, sandstone, and structural components wherever feasible, consistent with the intentions outlined in our HTRZ application. RECYCLE (Responsible repurposing to minimize landfill impact) Where materials could not be structurally reused in their original configuration, they have been responsibly recycled or creatively repurposed to minimize landfill impact and honor the industrial history of the site. These efforts include: • Railroad metal rails recovered during site work and repurposed to edge brick paving in Pickle Alley. • Additional rail elements integrated into landscape areas in front of the Pickle building. • Railroad ties cleaned and transformed into decorative art pieces throughout both buildings. • Additional ties repurposed as gifts, with excess metal components recycled responsibly. • Construction materials sorted and diverted from landfill wherever feasible through organized material recycling efforts. This approach aligns with our commitment to reduce construction waste and preserve embodied carbon through adaptive reuse strategies. REBUILD (Preserve what matters. Reconstruct responsibly. Deliver public benefit.) As outlined in our HTRZ submission, demolition and conventional new construction would have been materially less expensive than preservation and adaptive reuse. 386 W 500 S, Suite 100, Salt Lake City, UT 84101 • Blaser Ventures • blaser-ventures.com Despite this economic reality, we elected to absorb substantial additional costs in order to preserve historic fabric and deliver the public benefits envisioned. Pickle Building At the time of our HTRZ application submittal in January 2025, and during initial meetings throughout 2024, we articulated our intent to preserve as much of the Pickle façade “as possible.” Based on the information available at that time, we believed approximately 13% of the façade could potentially be retained. As construction progressed and additional subsurface investigation and structural analysis were completed, it became clear that preserving even that 13% carried significant uncertainty. Field conditions revealed that portions of the existing slab were non-existent, and in other areas measured no more than approximately eight inches in thickness. These conditions introduced substantial structural risk and made it increasingly uncertain whether reinforcement efforts—estimated at over $1 million—would successfully stabilize the retained façade. Continuing down that path risked expending significant resources without a reliable structural outcome. Given those findings, we ultimately concluded that pursuing a full structural rebuild was the most responsible and feasible course of action. Importantly, through deliberate demolition, salvage, and material recovery efforts, we have been able to preserve and reincorporate approximately 40% of the original building materials into the reconstructed Pickle building. Rather than retaining a limited façade supported by a steel and shotcrete interior system (similar to Hide’s preserved interior facade), this approach has allowed us to construct a new structural shell that replicates the original design and proportions, while rebuilding the interior using a substantial amount of salvaged brick and historic material. As a result, the public will continue to experience the distinctive and historic character of the Pickle building. In many respects, visitors will be stepping into a space that contains more original material than would have been possible under a façade-only preservation strategy. As documented in the HTRZ application, restoration and replication of the Pickle Building was projected to cost approximately $1.8 million more than demolition and new construction. With work now fully priced and underway, the cost premium associated with salvage and rebuild efforts is approximately $2 million above a conventional demolition scenario. While the structural approach evolved based on field conditions, the underlying 386 W 500 S, Suite 100, Salt Lake City, UT 84101 • Blaser Ventures • blaser-ventures.com intent—to preserve the building’s historic character, reintegrate original materials, and maintain its presence within the Granary District—remains unchanged. This was an inevitable path of last resort, as we had exhausted years of effort to save the original structure. We do believe though the end product will do more to honor the original building, and allow generations to come to know and experience the Pickle building as originally built. We have matched our intent and ethos, if not letter of initial intent, by intentionally recycling and reconstructing the Pickle Building, preserving and reincorporating 15,000 original bricks on the interior of the first floor restaurant, façade elements, sandstone, star anchors, and timber beams into a revitalized 14,500-square-foot commercial structure that maintains its industrial character while activating the block with restaurant and office uses, while honoring the history of the building and the Granary neighborhood. Hide Building Consistent with our HTRZ commitment to preserve 100% of the front façade and 40% of the exterior, we retained the historic street presence, preserved the iconic signage, and rebuilt the structural base to support new residential density above. This required substantial structural reinforcement investment to maintain preserved façade elements while accommodating 141 mixed-income units, 38% of which are rented at 60–80% of Area Median Income, as committed in the HTRZ agreement. The new construction was intentionally designed around the historic Hide structure, ensuring that preservation was not decorative—but foundational to the project’s identity. Ed’s Place We are undertaking 100% adaptive reuse of Ed’s Place, preserving the existing brick structure and restoring the historic façade. The deteriorating overhang and canopy will be removed to reveal and reactivate the original storefront. This approach is consistent with our HTRZ representation that Ed’s Place would be preserved and revitalized rather than demolished and ensures that this beloved neighborhood café space is brought back to life as an active commercial destination. Embodied Carbon & Sustainability Alignment As outlined in our HTRZ submission and accompanying carbon avoidance analysis, adaptive reuse significantly reduces embodied carbon compared to demolition and SE E S E P A R A T E S T R E E T S C A P E D R A W I N G P A C K A G E PROPOSED PICKLE BUILDING EXISTING CHAPEL BUILDING EXISTING HIDE BUILDING EXISTING BUILDING EQ U A L E Q U A L XXXX X X SS CO CO CO CO CO CO CO CO CO CO CO COCO EK EKSN EK EK SN SN H H H H EKEKEK SNSN EK EK EK EK SN SN SN BG BG BG BG BG BG BG BG BG L L L L L L L L L L L L L LL L L L BG BG BGBG BG L L LL L L L EK EK EK EK G GG G GG G G G SA SA SA SA SA TD TD TD SA SA SA SA SA SA BG TD RW TD RW TD TD VN VN VN VN VN VN RW VNVN VNVN L L VN RWTD TD TD TD VN VN VN VN VN VN VN VN VN RW RW RW RW RW RW LLLL L RW RW RW VNVNVNVN VN VNVNVN LLLLLBS BS BS BSBS BS BS BS BS SN SN SN L L L L LL L L L VNVNVN H H H SN SN L MR MR SN SN SN L L L L EK H HHH VN VNVNVN VNHHHH VN H HHH VN VN VN H VN VN VN VN VN VN VN VN EK EK EK EK EK VN VN H HHH VN VN VN H HHH VN VN VNHHHVN VN VN H HHH VN VN VN L L LL GG TD VN G G L L TD L L L L RWG G G G G L L L G GG SNSNSN SN H H H H H H H H H HH HH VN VN H H G G L L S GBG L L L L G G G G G G S S S SSS S S S L L L L LL L L L L L L L BG LL BG BG LL BSBSSN SN SN SN SN BS BS BS BS BS BSBS BS BS BSBS BS BS L L L L L LL L BG L TDTD TDTD L L RWG G G G G G RW RW RWVNVNVNVNVNG G G L L L LL H VN VN H H H H H H H BS BS ST L H ST STBGBS H H H BG BG LL L ST BSBS BS BS STHH ST ST LL L BG ST BS BS ST ST BS BSL L L H H H BS BG BG BG BG BG BG BG BG BG BG SN SN SN SN EK VN VN VN VN H HHH VN VN VNHVN VN VN SN SN EK SN SN SN SN VNVNVN H HVNHH HSNSNSN G G L G BG L G BGBGBG VNVNVNMR SN MR VN SN SN VN VN VN MR MR MR LLL S S S L L H H H L VN VN GG GG L L L L H H H H VN VN L L L L L L L LL LLHHH MR SN SN L PM PM YF YF YF YF YF G1 BA BA G G BA BA HP HP HP PM PM YC YC PM PM PM G1 G1 G G G1 G1 G YF YF YF PM PM G1 G1 G1 G1 PM PM PM BA BA BA G1 BA G G G G1 G1 HP YC G1 G1 BA BA G1 G1 G PM YC YC YC YC YC YC HP HP YC YC YC YC G1 G1 G1 G1 G1 G1 YC YC YC G1 G1 G1 HP HP YC YC YC YC YC YC YC BA BA BA BA BA HP YC YC YC BA BA PM PM G G G PM G G G1 PM PM YF YF YF YF YF G1 BA BA G G BA BA HP HP HP PM PM YC YC PM PM PM G1 G1 G G G1 G1 G YF YF YF PM PM G1 G1 G1 G1 PM PM PM BA BA BA G1 BA G G G G1 G1 HP YC G1 G1 BA BA G1 G1 G PM YC YC YC YC YC YC HP HP YC YC YC YC G1 G1 G1 G1 G1 G1 YC YC YC G1 G1 G1 HP HP YC YC YC YC YC YC YC BA BA BA BA BA HP YC YC YC BA BA PM PM G G G PM G G G1 VN G G BG BG BG BG BG BGBG BG BG BG BG BG BG HT HT HT HT HT HT HT HT HT BG VN VN VN VN VN VN VN BG PICKLE SITE SALVAGED/REPURPOSED MATERIALS EXHIBIT 02 | 27 | 26 SALVAGED BRICK SALVAGED TIMBER STAGE SALVAGED BRICK - CRUSHED ROCK MULCH SALVAGED BRICK SALVAGED TIMBER BENCHES SALVAGED RAIL SALVAGED STEEL RACKS - BOLLARDS SALVAGED STEEL RACKS - BOLLARDS PA C K A G E PROPOSED PICKLE BUILDING EXISTING CHAPEL BUILDING EXISTING HIDE BUILDING EXISTING PARKING GARAGE 40 0 W X XXXX X X X SS CO CO COCO BGLL EK EK EK EK G GG G GG G G G SA SA SA SA SA TD TD TD SA SA SA SA SA SA TD RW TD RW TD TD VN VN VN RW VNVN VNVN L L VN RWTD TD TD TD VN VN VN VN VN VN VN VN VN RW RW RW RW RW RW LLLL L RW RW RW VNVNVNVN VN VNVNVN LLLLLBS BS BS BSBS BS BS BS BS SN L L L L LL GG TD VN G G L L L L L L RWG G G G G G GG L L L L LL L L L L L L BSBSSN SN SN SN SN BS BS BS BS BS BSBS BS BS BSBS BS BS L L L L L LL L TDTD TDTD L L RWG G G G G G RW RW RWVNVNVNVNVNG G G L L L LL BS BS ST L H ST STBGBS H H H BG BG LL L ST BSBS BS BS STHH ST ST LL L BG ST BS BS BS L L VN VN GG GG L L L L PM PM YF YF YF YF YF G1 BA BA G G BA BA HP HP HP PM PM YC YC G G G G1 G1 HP YC G1 G1 BA BA G1 G1 G1 G1 G1 YC YC YC YC BA BA BA BA BA HP YC YC YC YC BA BA PM PM G G G PM PM G G G1 G1 G1 G PM G PMG G G PM G YC YC HP HPPM G1 G1G1 G1 PM G1 G1 G1 BA BA BA BA BA BA PM PM YF YF YF YF YF G1 BA BA G G BA BA HP HP HP PM PM YC YC G G G G1 G1 HP YC G1 G1 BA BA G1 G1 G1 G1 G1 YC YC YC YC BA BA BA BA BA HP YC YC YC YC BA BA PM PM G G G PM PM G G G1 G1 G1 G PM G PMG G G PM G YC YC HP HPPM G1 G1G1 G1 PM G1 G1 G1 BA BA BA BA BA BA VN VN VN VN VN VN VN VN VN HP HP S S S S S S S S S HPHPHPVNVNVN VN G G BG BG BG BG VN BG BG BG BG BG BG BG BG BG BG BG BG BG BG HT HT HT HT HT HT HT HT HT HT HT HT BG BG BG BG BG BG BG BG BG HT HT HT HT HT HT HT HT HT HT HT HT VN BG BG BG BG BG VN VN VN VN VN VN HT HT HT HT HT HT HT HT BG HT BG BG BG BA FA FA FA FA BA BA BG BG BG BG BG BG BA BA BA BA BA BA FA FAS S S S S S SS BG VN VN VNHP HPHP VN VN BG BGBGBG VN VN VN VN VN TDTDTDTDTDTDTDTDTDTDTD VNVNVN VN VN HT HT HT S S S S S S S S BG FA FA FAS VNVNVN VN VN VN HP HP HP VN VN VN VN VN VN VN VN VN VN VN VN VN VN VN VN TD TD BG BG HT HIDE SITE SALVAGED/REPURPOSED MATERIALS EXHIBIT 02 | 27 | 26 SALVAGED BRICK SALVAGED SANDSTONE WALL - PATIO WALL SALVAGED STEEL RACKS - BOLLARDS Pickle & Hide Granary District, Salt Lake City, UT 33 SALT LAKE CITY, UT | 25001 | MAY 27, 2025 GRANARY MASTER PLAN © Nelsen Partners, Inc. 2025 CONCEPT PACKAGE PICKLE BUILDING West Elevation 32 SALT LAKE CITY, UT | 25001 | MAY 27, 2025 GRANARY MASTER PLAN © Nelsen Partners, Inc. 2025 CONCEPT PACKAGE PERSPECTIVE_13 View from 400W RENDER | EAST ALLEY PICKLE BUILDING Outdoor Patio 35 SALT LAKE CITY, UT | 25001 | MAY 27, 2025 GRANARY MASTER PLAN © Nelsen Partners, Inc. 2025 CONCEPT PACKAGE RENDER | PARK PICKLE BUILDING Perspective from Park 34 SALT LAKE CITY, UT | 25001 | MAY 27, 2025 GRANARY MASTER PLAN © Nelsen Partners, Inc. 2025 CONCEPT PACKAGE 6300 WEST PERSPECTIVE 7MIDBLOCK WALKWAY 2OVERALL SITE PLAN 3ENLARGED SITE PLAN Granary District Alliance (GDA) Granary District, Salt Lake City Granarydistrictslc@gmail.com May 29, 2025 To: Salt Lake City Council and Mayor’s Office and CRA Director Danny Walz Re: Pickle Building Demolition and Revised Development Plans Dear Mayor Mendenhall, City Council Members and Mr. Walz, We at the Granary District Alliance (GDA) as well as many community members, are deeply saddened by the loss of the historic Pickle Co Building which has been an iconic and important historic structure in our community. Following the unexpected demolition of the Pickle Co. building on May 21st, the GDA was surprised and disappointed by the lack of communication from the developer. The GDA endorsed the original plan in 2023 as it was an adaptive reuse for the building, preserving a portion of the front facade and retrofitting the rest of the building preserving its original character. . We understand that Blaser Ventures was within their rights to demolish the building as a revised demolition permit was issued by Salt Lake City building services. The developer has expressed regret and apologized for the lack of transparency with the GDA board with the change in plans and the demolition carried out last week. After meeting with the Blaser team and reviewing their revised plans for the site, we understand that the revised plan to build a new stand alone building envelope similar to the original building, with similar architectural elements (namely the arched windows and parapet), constructed reusing the bricks from the original Pickle building, is the best path forward for the site. This revised plan also includes publicly accessible open space in the form of a pocket square behind the rebuilt building.This revised plan dovetails with the developer’s plans for the Kilby development parcels east of the site. This will create a walkable, connected space with existing buildings that maintain the original character of the Granary district, something the GDA highly values. We have attached the renderings provided by Blaser Ventures during our meeting which describes the intent for both the building and the public space. www.thegranarydistrict.com @thegranarydistrict Our formal recommendation, as voted on and approved unanimously by our board on May 28th, 2025, is to support the new concept of the Blaser Pickle Building rebuild including the proposed open space. We encourage the City Council and CRA to follow through with their agreement with the developer to issue the $6M in tax increment reimbursement funding previously allocated to the project. We also support including a stipulation in this agreement to ensure that the public open space or pocket square in the current plan gets constructed as a condition of the agreement for public benefit. We understand that these funds are required for the project's financing and overall feasibility. As a board, we would like to see the site developed under this new plan swiftly. We believe it is the best solution moving forward to avoid blight to the neighborhood that such a stalled or abandoned project would cause. We encourage the CRA and City Council to support this new vision of the Pickle Co building and issue the CRA funding agreement. This funding will facilitate the reconstruction of the building and the proposed public space as the best case scenario for this site. Please reach out if you have any questions or would like to engage in additional discussions on this matter. Thank you for your time and consideration. Sincerely, The Granary District Alliance Board Attachments: Pickle Building Site Renderings from Blaser Ventures from May 28th Meeting with the GDA. www.thegranarydistrict.com @thegranarydistrict ATTACHMENT D – UPDATED PROJECT SITE & LANDSCAPING PLANS This page has intentionally been left blank 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 POLL SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY TO:CRA Board of Directors FROM:Kate Werrett, Budget & Policy Analyst DATE:April 14, 2026 RE: RIO GRANDE DISTRICT PUBLIC IMPROVEMENTS The Community Reinvestment Agency of Salt Lake City is requesting the CRA Board’s support to allocate an unbudgeted $3,705,316 from the Depot District - Infrastructure Improvements Program to the Depot District Infrastructure, Design, Construction & Site Work Project. A public hearing is not required for this request. Yes No 1. Does the CRA Board support allocating $3,705,316 from the Depot District - Infrastructure Improvements Program to the Depot District Infrastructure, Design, Construction & Site Work Project? Straw Poll: Rio Grande District Public Improvements Meeting of the CRA Board of Directors April 14, 2026 Request The CRA requests a straw poll to allocate an unbudgeted $3,705,316 from Depot District - Infrastructure Improvements Program ---> PRJ000098 Depot District Infrastructure, Design, Construction & Site Work Project Project funds may be used to support the following activities in the Rio Grande District: Public improvements design Site work to prepare properties for construction Public improvements construction SALT LAKE CITY TRANSMITTAL To:  Community Reinvestment Agency Chair Salt Lake City Council Chair Submission Date: 03/30/2026 Date Sent to Council: 03/30/2026 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 03/30/2026 Chief of Staff's Signed Date 03/30/2026 Subject: Straw Poll - Rio Grande District Public Improvements Additional Staff Contact: Ashley Ogden, Senior Project Manager Presenters/Staff Table Ashley Ogden, Senior Project ManagerKristina Harrold, Project Manager Document Type Information Item Budget Impact? Yes No Budget Impact: 3,705,316 Recommendation: The CRA requests a straw poll to allocate an unbudgeted $3,705,316 from the Depot District - Infrastructure Improvements Program to the Depot District Infrastructure, Design, Construction & Site Work Project. Background/Discussion The Salt Lake City Community Reinvestment Agency (“CRA”) requests a straw poll to allocate an unbudgeted $3,705,316 from the Depot District – Infrastructure Improvements Program to the Depot District Infrastructure, Design, Construction & Site Work Project (“Project Budget”). This Project Budget was created through Budget Amendment #2 of FY 2023-24 to enable the CRA to begin implementing plans for public improvements in the Rio Grande District. Project funds may be used to support the following activities:• Public improvements design;• Site work to prepare Rio Grande District properties for construction; and• Public improvements construction. If approved by the CRA Board of Directors (“CRA Board”), the total Project Budget would increase to $7,817,756. Of that amount, $1,890,000 is appropriated to the Infrastructure Property Acquisition Program and intended to fund a specific property acquisition that will accommodate a planned right-of-way. The remaining $5,927,756 would fall under the Infrastructure Improvements Program and be used to support public improvements design, site work, and construction within the Rio Grande District. 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 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 SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY STAFF MEMO DATE: March 27, 2026 PREPARED BY: Ashley Ogden, CRA Senior Project Manager RE: Rio Grande District Public Improvements REQUESTED ACTION: Straw Poll to support Rio Grande District Public Improvements POLICY ITEM: Depot District Project Area Budget BUDGET IMPACTS: $3,705,316 from the Depot District - Infrastructure Improvements Program EXECUTIVE SUMMARY: The Salt Lake City Community Reinvestment Agency (“CRA”) requests a straw poll to allocate an unbudgeted $3,705,316 from the Depot District – Infrastructure Improvements Program to the Depot District Infrastructure, Design, Construction & Site Work Project (“Project Budget”). This Project Budget was created through Budget Amendment #2 of FY 2023-24 to enable the CRA to begin implementing plans for public improvements in the Rio Grande District. Project funds may be used to support the following activities: • Public improvements design; • Site work to prepare Rio Grande District properties for construction; and • Public improvements construction. If approved by the CRA Board of Directors (“CRA Board”), the total Project Budget would increase to $7,817,756. Of that amount, $1,890,000 is appropriated to the Infrastructure Property Acquisition Program and intended to fund a specific property acquisition that will accommodate a planned right-of- way. The remaining $5,927,756 would fall under the Infrastructure Improvements Program and be used to support public improvements design, site work, and construction within the Rio Grande District. BACKGROUND INFORMATION: On December 10, 2024, the CRA Board adopted Resolution No. 21 of 2024, an endorsement of the CRA’s utilization of the Rio Grande District Vision & Implementation Plan (“District Plan”). A major component of the District Plan is the design and construction of new and/or improved public improvements, including a reimagined 300 South, new mid-block streets, plazas, and upgraded utilities. Since the endorsement, CRA Staff has worked with a consultant team to design the public improvements, which are currently at a schematic level of completion. In the coming months, CRA Staff plan to provide a briefing to the CRA Board regarding the current public improvements design and potential options for construction funding and maintenance. 2 CRA Budget Amendment #2 of FY 2023-24 reappropriated and allocated $4,067,583 in Infrastructure Improvements Program funds to create the Depot District Infrastructure, Design, Construction & Site Work Project (“Project Budget”). This Project Budget supports the CRA’s implementation of the District Plan. Funds may be used to support the following activities: o Public improvements design; o Site work to prepare Rio Grande District properties for construction; and o Public improvements construction. Subsequently, the Project Budget has been amended in the following ways: • The CRA FY 2025-26 Budget appropriated an additional $44,857 to the Project Budget. • CRA Budget Amendment #2 of FY 2025-26 reappropriated $1,890,000 from the Infrastructure Improvements Program to the Infrastructure Property Acquisition Program, within the Project Budget (i.e., the total amount of funding within the Project Budget was not changed). This change in program was necessary to support the acquisition of property to construct a planned public right-of-way within the Rio Grande District. ANALYSIS & ISSUES: The CRA requests a straw poll to allocate an additional $3,705,316 from the Depot District – Infrastructure Improvements Program to the Project Budget. This amount is not currently budgeted for a specific project but is comprised of Depot District tax increment, meaning that the funds must be spent in the Depot District Project Area. The current Project Budget includes a total of $4,112,440. Of that amount, $1,890,000 is appropriated to the Infrastructure Property Acquisition Program and intended to fund a specific property acquisition. The remaining $2,222,440 is appropriated to the Infrastructure Improvements Program and intended to support public improvements design, site work, and construction within the Rio Grande District. If the straw poll is positive, the Infrastructure Improvements Program allocations within the Project Budget would increase to a total of $5,927,756. FUNDING HISTORY FOR DEPOT DISTRICT INFRASTRUCTURE, DESIGN, CONSTRUCTION & SITE WORK PROJECT Unbudgeted Appropriations Budget Total Project Budget $3,705,316.00 Existing Project Budget Appropriations Budget 3 CRA-FY26-DD- Infrastructure Property Acquisition-DD [Capital Reserves] $44,857.00 RDA-FY24-DD-Infrastructure Improvements-DD [Capital Reserves] $518,411.80 RDA-FY24-DD-Infrastructure Improvements-DD [Capital Reserves] $1,684,527.00 RDA-FY23-PIF-Infrastructure Improvements-DD [Capital Reserves] $19,501.20 Total Project Budget $4,112,440.00 STRAW POLL REQUEST Proposed Changes to Unbudgeted Appropriations Budget Straw Poll Request Amount Remaining Reserves] Total $3,705,316.00 $3,705,316.00 $- Revised Project Budget Appropriations      Existing Proposed Reserves] Total Revised Project Budget $7,817,756 4 PREVIOUS BOARD ACTION: • On December 10, 2024, the CRA Board adopted Resolution No. 21 of 2024, an endorsement of the CRA’s utilization of the Rio Grande District Vision & Implementation Plan. • CRA Budget Amendment #2 of FY 2023-24 reappropriated $4,067,583 in Infrastructure Improvements Program funds to create the Depot District Infrastructure, Design, Construction & Site Work Project. • The CRA FY 2025-26 Budget appropriated an additional $44,857 to the Depot District Infrastructure, Design, Construction & Site Work Project. • CRA Budget Amendment #2 of FY 2025-26 reappropriated $1,890,000 from the Infrastructure Improvements Program to the Infrastructure Property Acquisition Program, within the Depot District Infrastructure, Design, Construction & Site Work Project. This page has intentionally been left blank UPDATES TO THE BOARD OF DirEctors april 2026 Following regulatory approval, the CRA is preparing to begin cleanup at 22 South Jeremy Street in summer 2026 The project will address legacy ground contamination and prepare the site for future reuse Cleanup supports continued reinvestment and activity along the Folsom Trail corridor A virtual public meeting will be held April 28 at 6:00 p.m. to share information and gather community input Salt Lake City Community Reinvestment Agency 22 South Jeremy Street Parry Block RFP The CRA released an RFP for Parry Block, a 2.33-acre city-owned site near the Rio Grande District The project aims to deliver a mixed-use development with a strong residential component, including for-sale housing Plans also include ground-floor ar ts and cultural space Proposals are due June 12 Down Payment Assistance Loan Program On March 26, 2026, CDCU and the CRA formalized an agreement to create a Down Payment Assistance Loan Program (DPA) The program is funded through the FY24–25 Residential Wealth Building (RWB) Pilot Program Designed to help low- to moderate-income individuals and families access affordable housing and build wealth Expected to support ~20 first-time homebuyers earning ≤80% of Area Median Income (AMI) Includes Westside Community Initiative funds for eligible households west of I- 15 The CRA Board allocated a total of $2M to support the program UP D A T E S SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY Japantown Art Work Over the past 6 weeks, the Japanese community, CRA, and Arts Council collaborated to select a mural artist The mural will be located on the Multiethnic Senior Highrise tower facing Japantown Street (approx. 100 S and 200 W) Four artists from the Prequalified Artist Pool were invited to submit proposals by the Japantown Art Committee The Committee (community members + Arts Council reps) selected the final artist based on proposals The artist and design will be revealed at the April festival opening ceremony The mural will span ~3,000 sq ft, cost $72,000, and reflect key community- identified themes The Board is invited to attend the festival to see the final design reveal UP D A T E S SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY 10 eligible wall applications have been received; 6 have been selected The final number moving forward will be 5–6, depending on the budget Artists are being chosen from the Public Art Program’s Pre-Qualified Artist Pool Selected artists will complete the murals Installation is expected during the summer months Salt Lake City Community Reinvestment Agency North Temple Mural Update The UTA Board approved interlocal and funding agreements, along with change orders, at the April 8 Board of Trustees meeting These approvals finalize the construction contract for the S-Line Extension Execution of the agreements is the next step before construction begins Initial work will include civil construction and demolition of CRA’s Sugar House buildings Construction is expected to start in the coming weeks, pending permit issuance S- L I N E E x t e n s t i o n SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY THANK YOU SALT LAKE CITY TRANSMITTAL To:  Community Reinvestment Agency Chair Salt Lake City Council Chair Submission Date: 03/27/2026 Date Sent to Council: 03/30/2026 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 03/30/2026 Chief of Staff's Signed Date 03/30/2026 Subject: Status Report on CRA Commercial Loan Portfolio Additional Staff Contact: Baylee White, baylee.white@slc.gov Presenters/Staff Table Written Briefing Document Type Information Item Budget Impact? Yes No Recommendation: None Background/Discussion Semiannually, the CRA provides an update to the Board on the status of the CRA’s commercial loan portfolio. This is the first update of 2026. 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.COM 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: March 18, 2026 PREPARED BY: Baylee White RE: Status Report on CRA Commercial Loan Portfolio REQUESTED ACTION: Written Briefing RECOMMENDATION: N/A BUDGET IMPACTS: None EXECUTIVE SUMMARY: Semiannually, the CRA provides an update to the Board on the status of the CRA’s commercial loan portfolio. This report identifies the following: • New loans approved between July 1, 2025, and December 31, 2025 • Remaining amount in the existing portfolio • Outstanding principal for the Commercial Loan Programs • Any delinquencies ANALYSIS & ISSUES: During the period under review, no new loans were approved by the Board. New Loans Approved July 1, 2025 – December 31, 2025 Fund Borrower Resolution Date Approved Amount Between July 1, 2025, and December 31, 2025, the Board approved Budget Amendment 1 of FY2026, which reallocated funds between the existing commercial programs and created the Disaster Relief Loan Program (DRLP). Five property owners are eligible to request loan funds through this program. As of March 18, two property owners have submitted funding requests. CRA staff are evaluating these requests and will present them to the Board for review and approval in the coming weeks. Available to lend as of December 31, 2025 Fund Program Amount Funds from the Commercial Revolving Loans, Adaptive Reuses, and Commercial Assistance Reserves were consolidated into the Commercial Development Loan Program (CDLP) in Budget Amendment 2 of FY2026, resulting in the available lending balances below. Available to lend as of December 31, 2025 Fund Program Amount One loan was paid off during the reporting period, resulting in a decrease in the overall balance and number of outstanding loans. Outstanding Loan Balances as of December 31, 2025 Fund Number of Loans Balance There are no loan delinquencies during the current fiscal year in the commercial loan portfolio. PREVIOUS BOARD ACTION: N/A ATTACHMENTS: None This page has intentionally been left blank